Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-12-29
BANK CLOSES DOORS.
Alexandria Corporation in the
Hands of Receivers.
VIRGINIA CITY SURPRISED
President Rixey Turns Over Real
Estate to Protect Creditors-His
Illness Given as Reason.
;neci.1 correspopdence Of The Star

Special Correspondence of The Star.
ALEXANDRIA, Va. December 20. 1910.
The Virginia Safe Deposit and Trust
Corporation. with a paid-up capital stock
of $3OO.OOO and an authorized capital
stock of $1.OOO,OOO. closed its doors this
morning. following the appointment OF
John s. Barbour of Fairfax and Judge
]. K. M. Norton of Alexandria as re-
| ceivers to wind up its affairs. They gave
! joint bond in the sum of $50,0O
A simple notice. written with lead pencil.
was tackled on the doors of the bank this
morning reading: "Closed-In charge of
receivers; all notes due can be paid to
any bank in town.
This was the first intimaton that there
was any trouble During the morning
hours many depositors gathered in small
groups and read the notice.
No Hint of Trouble.
The news came as a distinct surprise
In banking circles. From what can be
learned not the slightest intimation was
given that the bank contemplated wind
ing up it's affairs
The appointment of receivers was
made in corporation court here by Judge
l.. c. Barley exactly five minutes after
midnight last night upon application of
the stockholders and directors of the
company. all except the president, c. ].
Rixey, who is i'll at his home in WASH
ingtOn.
Their names as appended to the papers
filed in the equity suit for the appoint
ment Of a receiver appear as follows:
Thomas j. FannOn, Henry K. Field, c. &.
Leadbeater, George s. French, John p.
Robinson and Henry Bladder. All are
we'll known business men.
No One to Run Bank.
Owing to illness Of the president of
the defendant company the applica-
ton reads "ahd being without reasonable
assurance that he will be able to person
ally conduct the affairs of the company
find themselves unable to carry on the
business.
"Complainants further state that while
there are ample assets. they believe, to
meet all the obligations of the company,
yet, as there will be calls. in the near
future, for large sums of money, they
doubt their ability to arrange for them.
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
company in the future
THAT, because of the conditions, the
purposes for which the company was
formed have failed, and it cannot be
longer conducted profitably or to serve
Rixey Turns Over Realty.
THAT in order to secure all depositors
and other creditors against any posi-
bility of loss in any event. c. ]. Rixey.
the president of the defendant company,
has conveyed to it large properties, most
" valuable real estate, for an estimated
value of 100000"
The Virginia Safe Deposit and Trust
Corporation has eight branch agencies
scattered at the following places through
out the state: Gordonsville. Dillwyn, Low
ingston, Remington, Culpeper, Chariottes-
Vile, Basic City and Herndon.
Judge j. X. NJ. Norton. one of the re-
ceivers representing the stockholders,
when seen this morning regarding the
affairs of the company, said the de-
positors would not lose anything. NO
further statement was, however, made by
him.
Receivers at Work.
It is understood that the receivers are
this morning arranging as rapidly as pos
sible to wind up affairs. 1t is not yet
known. however, when the depOsitors will
be paid of.
Many people in Alexandria had reg
ular banking accounts at this institu-
ton. A number had deposits in the saw
inss department. which paid per cent
interest. It's branches all did a good
business. 1t is said.
The bank was established here several
years. Only few days ago 1t erected
a modern banking house on the north
side of King street between Fairfax and
Royal streets.
c. J. Rixey, president Of the concern.
is from Culpeper, and is we'll known in
banking circles throughout the state and
also in Washington.