Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1910-12-30

tors and deposisors, who feel the blow
moro seriously, are by no means slow
IN making their exhibits.
But little can be added TO what was
published in yesterdays Gazette. The
reasons given by the board OF directors
to the court for the appointment OF a
receiver, the public statement OF the d.
rectors, together with the last exhibit
of the corporation published in the Ga
zette Yesterday were read and reread
by all owning stock or having money
in the bank. There are still manlfes-
tations Of optimism upon the part OF
some. but that the closing of the bank
has caused decided depression upon
many is apparent, while nobody sup
poses for moment that it will affect
in marked degree the business inter-
ests of the community nor in any way
cause trouble in other Alexandria
banking institutions.
Bank Examiner Coates, OF the U. >.
Treasury Department, will be IN this
city early next week and make thor
ough investigation and examination in
to the affairs OF the corporation. Until
he completes his work, which, it is said,
will require about weeks time, no
statement can be given out.
1t is still asserted that. all deposltors
will be paid in full and that any losses
will be borne by the stockholders.
Reports received here from the sew
eral branches of the corporation scat
tered throughout the state state that all
the depositors in these branches Will be
paid in full.
1t is said that the receivers are ar
ranging rs rapidly rs possible to wind
ND the affairs Of the corporation. 1t is
not yet known, however, when the de-
positors will be paid off.
Many people in Alexandria had reg
uIar banking accounts at this institu-
ton. A number had deposits in the
savings department, which paid per
cent. interest. It's branches all did a
good business, it is said.
There are rumors in circulation that
some OF the depositors and stockholders
may ask Judge Barley to revoke his
appointment OF one OF the receivers. so
rs TO reduce the cost of winding up the
affairs OF the corporation, but this re-
port could not be verified.
Anunber of county officials through
ont the state we're bonded with the cor
poration, and sthey will have to renew
their bonds with other companies.
On December 8, it is stated, the
state bureau OF insurance issued an or
der reyoking the license OF the corpora
ton TO do business as trust company
in Virginia. The order directed the
concern to write no new bonds, to re-
new no former bonds, and to not
qualify as executor or administration oil
estates. This action resulted from an
examination made by the state bank
examiner, which apparently disclosed
exceedingly unsatisfactory conditions:
The company did both banking and
a surety business.
Since the issuance of the order OF
December s, the representatives OF the
institution have been busy in endeayor-
ing TO secure its revocation. This the
department refused to do.
The receivers this evening received
information that Mr.. Coates considered
one OF the best bank examiners IN the
country will be here tomorrow and will
at once take charge Of the accounts Of
the corporation for strict examina'
ton. He is now in Richmond secur-
ing all the data possible in connection
with the corporation.
Representatives of several OF the
branches OF the corporation came tC
this city today and all expressed th'
utmost satisfaction with the actor
which has been taken by the director
and receivers.
The receivers stated this evening tina
the farther they have looked into tn
affairs Of the corporation and the NOR
thew have learned, more and more ar
they convinced that the deposltors vii
be paid dollar for dollar for their money