The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-12-30
ALEXANDRIA BANK
CLOSES ITS DOORS
Trust Company and
Branches Suspend.
COURT APPOINTS RECEIVERS
Midnight Session of Corporation
Court Results in Closing of In
stitution on Application of Di-
rectOrs-InabiIity to Meet With
drawaIs One of Causes.

SPECIAL % Inc Washington Herald.
Alexandria, Va, Dec. 29.-Following a
midnight session Of the Corporation
Court. when receivers were appointed
at the request of the directors. the Vir-
ginia Safe Deposit and Trust Company
closed its doors this morning. Eight
branch Offices. located in Virginia, closed
at the same time.
inability TO meet large Withdrawals of
deposits, 70 be made soon, is one OF the
reasons for the banks closing. Judge
J. X. NJ. Norton. of Alexandria. and
John S. Barbour. OF Fairfax. were ap-
pointed receivers, giving a joint bond of
$4,000
Tho news Of the closing spread about
the ciB' win lightning rapidity this
morning. A long typewriter notice OF
the suspension Of business was tackled
on the doors of the building, and was
read by hundreds.
There vas no demonstration. however,
and other banks of the city did not seem
70 tel any effects Of the action.
President Rixey III.
c. J. Rixey. president Of the bank Is
seriously i'll at his home in Washington.
As a further security to depositors and
creditors, Mr.. RiXey recently conveyed
realty holdings valued at 10000 TO the
bank. The paid-up capital stock is $500
900 and the authorized capital is Sl.00 600
AT 1905 o'clock this morning Judge l.. c.
Barley appointed receivers for the insti-
tuition. The following notice was posted
on the bank door:
The directors. finding that they would
be- unable TO meet certain large with
drawals OF deposits. of which they had
been notified in advance. without what
appeared TO be unwarranted sacrifices Of
the securities OF the bank and in order TO
serve what appeared To be the best inter-
est OF all dcpositors and creditors. and to
keep them on an equal footing. last night
applied for the appointment of receivers.
The court appointed Judge j X, NJ. Nor
ton and John 5 Barbour as receivers.
They have executed the bond required
by the court and are now in charge Of all
the property OF the company.
The receivers have not been able 10
make shch an examination of the affairs
OF the company as will Justify them in
stating definitely its condition. As soon
as this Information can be ascertained II
viii be furnished to those interested.
President Transfers Property.
I'm addition to the other assets of the
company. its president Mr.. c. J. Rixey,
several days ago conveyed directly TO il
4 large quantity of very valuable prop
erty. real and personal. believed 20 be
worth about S200.o00 as a special security
for all depositors and creditors. and il is
the expectation Of the directors and re-
ceivers that the assets viii prove more
than sufficient to pay all depositors and
creditors
This step was made necessary az this
time by the continued illness OF Mr.. J. c.
Rixey and his inability TO give the bank
his personal attention.
Besides the institution here. the com
pany had branches in the following
places: Dilwyn. Culpeper Herndcn Cor
louisville. Basic City, Lovington. REM
ington. and Charlottesville.
The officers and directors are; J. c.
RfXey, president; G. c. Leadbeater, secre-
tary. The directors are J. c. Rixey, J.
p. Robinson. G. s. French. H. Baader, c.
c. Leadbeater, IT. X. Field. and T, J.
Fannon, all of whom are well known and
prominent business men of this city. II
is said that most OF the stock OF the con-
Germ is held by AleXandrians.
NC llNA liAloAlAAll clfAlilllillt VI lllF AUll-
Germ was issued November 10 last, and
showed the assets and liabilities 10 be
SS21, Jg25S- The individual deposits We're
given as $3s2. 5S5.27; due to national State,
private banks. and trust corporations.
$50, 70S16; bills payable, sl4.224 30; demand
certificates of deposits, S49sS416.
Organized in 1901.
The trust company was organized here
in 1904 on a small scale. A few years ago
a handsome and commodious building
was built. It's branches sprung up in a
few years, and. it is said, had a large
throughout the State
The announcement of its closing was
received with much surprise at it's vari-
Gus agencies. Many of the local deposit
Ors had small amounts of money in the
savings department hearing interest at
per cent. Others carried much heavier
accounts, it is reported.
President Rixey came here from Cul-
pepper and was we'll known in financial
circles