Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1910-12-29
BANK CLOSES ITS DOORS.

Norton. of Alexandria, Appointed.
For the first time in a third of q
century notice announcing the clos
! ing of banking Institution has been
placed upon the doors OF one OF Alex
andria's financial institutions. The
placard was conspicuousIy posted on
| the building of the Virginia Safe De-
post and Trust Corporation, on King
street, between Royal and Fairfax, this
morning.
While the necessity for this is re-
GREETED by the entire community, it is
stated by those in position to know
that no one interested in the institution
will lose anything, as the assets OF the
corporation are believed to be sufficient
to meet all demands. The applicants
for the appointm ent OF receivers give
business reasons why the company
should not continue business under
present conditions.
The application for the appointment
of receivers was presented to Judge l..
G. Barley, of the Corporation Court,
this morning, and he subsequently ap-
pointed Messrs, John S. Barbour, OF
Fairfax, and ]. X. NJ. Norton, OF this
city, to take charge Of the affairs OF the
corporation, They gave bond IN the
sum OF $50, 900.
The receivers this morning entered
upon the discharge OF their duties.
The complainants-Thomas ]. Fan
non, Henry X. Field, George S. French,
J. P. Robinson and Henry Bladder d.
rectors and stockholders set forth
that the assets of the company are
sufficient at present to meet all claims
that may be made, but that IN conse-
quence of the continued indisposltlon
of Mr.. C. ]. Rixey, president OF the
corporation, they do not feel themselves
warranted in assuming the responsible
ties incident to continuing the opera
tons OF the company, as certain de-
mands are liable to be made upon the
institution which might result IN liablli-
ties, the responsibility OF which they 40
not desire to assume.
The fourth paragraph Of the bill OF
complainants reads as follows:
"Complainants further state that
while there are ample assets, they
believe, to meet all the obligations OF
the defendant, as above set forth, yet,
as there will be calls, in the near future,
for large sums Of money, they doubt
their ability to arrange for the same,
deprived as they are, by illness, OF the
assistance OF their president; nor can
they see any hope Of successfully con-
Quoting the business OF the defendant,
in the future"
The Eighth section of the bill sets
forth That in order to secure all do
positors and other creditors against any
possible loss in any event, G. j. Rixcy,
the president OF the defeudadt has con-
veyed to it large properties, mostly val
liable real estates, ofan estimated value
OF 100000.
This action will, OF course, close the
different branches OF the Virginia Safe
Deposit and Trust Corporation at
Dillwyn, Culpeper, Herndon, Gordons-
vile, Basic City, Lovingston, Reming-
ton and Charlottesville.
AS is stated above, the closing OF
this institution will cause no loss to any
one having business with it, nor is it
thought that it will have any effect
upon the commercial interests OF the
community.
The directors and officers Of the Vir-
GINA Safe Deposit Il Trust Corporation
are as follows: Directors j. c. Rixcy,
J. P. Robinson, G. S. French, Fl.
Baader, G. G. Leadbeater, H. X. Field
and T. ]. Fannon. Officers: J. c.
Rixey, president; J. P. Robinson and
H. K. Field, vice presidents, and G. G.
Leadbeater, secretary-all among the
best and most responsible men in the
community.
The last statement of the financial
condition Of the corporation was issued
on November 10, which showed assets
and liabilities OF 1921, 592, So. The in
dividual deposits at that time were
given as $685., 535. 81; due TO national,
state, private banks and trust corpora
tons, $50, 70S. 16; bills payable, $l4,-
o24. 90; demand certificates OF deposit,
49,9S4.16.
The reports on the street arc to the
effect that there was not a large sum Of
local money on deposit and that the
loss will be entirely borne by the stock
holders.
1t il also reported that the first ex-
animation made recently under the new
state law brought out the true condi-
ton of the affairs Of the corporation.
The directors seeing this, yesterday de-
cidsd to close the affairs of tho corpo-
ration.
No statement as to the direct cause
of failure has been given out, nor is 1t
yet known to the directors and receiv-
ers.
The bonding department of the cor
poration will also be wound up. This
is considered valuable asset and the
affairs will probably be disposed OF to
another company in that line OF bust
ness.
The receivers say that the present in
tention is to close up tho affairs of the
corporation and all its branches.
The failure, it is stated positively
among those who know, will not in the
slightest degree affect any OF the other
banks OF the city.
Mr.. Rixey is said to be seriously ill
ct his residence in Washington.
The receivers at noon today issued
the following statement:
Tpr-sT