Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1911-01-19

the position at the solicitation OF the
directors. Mr.. Barbour had fought
against the appointment OF receivers a.
the meeting OF tho directors, while nc
| Judge Nortou) had urged such course:
| II majority OF the interests represented
desired him to retire, no was ready &c
do go. The Judge stated that he had
been working night and day in attempts
to ssraighten out the affairs OF the in,
stitution, which he had found in a
deplorable condition, and had been
laboring in the interests OF all vitality
concerned, but he and Mr.. Barbour
had been hampered by the pending
motion for the appointment OF CO.
receiver.
There are, he said, eight branches. and
It takes time and work to Investigate
all their affairs. The speaker said he
had been looking after the bonding de-
psrtment Of this institution previously
to its collapse, and knew nothing up to
that time OF the banking department.
When the deplorable condition OF the
latter was shown to the directors it was
( n question as to who should be appoint
ed receivers. Az an attorney he could
have benefited more by not being one
OF the receivers. The speaker had
suggested to the directors that no and
Mr.. Barbour be made temporary re-
ceiyers. but the directors had insisted
that they be made permanent. The
Judge said he was ready to stand aside
il it we're deemed advisable to appoint
other receivers, as he regretted having
accepted the responsibility.
Mr.. Edmund W. Hubbard, OF Buck
ingham, spoke in favor OF the appoint
ment OF other than the present re-
ceiyers
Mr.. Hubbard argued that a receiver
should be appointed for each branch OF
the corporation and that each branch
should be wound up separately.
Mr.. Barbour asked permission to
make q personal statement. The
commemorative attorney had intImat-
ed that something was being with
held" Mr.. Barbour told OF having
been called to Mr. Rixey's home by
Mr.. Rixey's son, when ne was shown q
letter dated December from the State
Corporation Commission directing the
closing OF the bonding department. OF
the Virginia Safe Deposit and Trust
Corporation.
Mr.. Rixey was i'll, he said, but de-
clared that some serious mistake had
been made and that his personal for
tune was at the disposal OF tho institu-
ton.
Dir. Barbour told OF conferences with
the State Corporation Commissioners
leading up to The appointment OF re-.
ceircrs. He road the assignment made
by Alr. Rixey OF approximately $780,
900 and said that whom demands were
made toward the last for large sums
that had been on deposit relatives OF
Mr.. Rixey had pledged between s45,
900 aud $50, 900 to meot such demands
but wanted the endorsement Of the di-
rectors.
Mr.. Barbour read lettor from Com
missioner Wing1eld expressing entire
satisfaction at the manner in which it
was finally determined 10 ask for re-
ceiver and defended his position, though
he said he had not sought the appoint
ment. At 2 O'Clock the grand jury
was given an hour for luncheon and all
witnesses we're excused until tomorrow
except Mr., Barksdale and Mr.. Wilson.
Mr.. Coates, the bank examiner, then
appeared in court and read state
ment of the condition OF the Virginia
Safe Deposit and Trust Corporation.
This statement he had sent to Messrs.
John 8. Barbour and J. Z. N. Norton,
receivers to the corporation and showed
the condition OF the corporation in so
far as bis limited investigation OF its
affairs will admit" Mr.. Coates in the
exhibit says the confused and incom-
plete resources OF the corporation at the
home Office in Alexandria as well as in
its eight branches and the general
chaotic condition and constant inter-
ruptions to the receivers have made it
impossible to complete the investiga-
ton. Mr.. Coates states in his report that
be has merely verified the visible assets
OF the bank which have come into bis
possession.
The resources OF the institution, YER
flied, in process OF verifcstion and I'M
verified, are placed at 1856, 4S5. 25; the
| liabilities at S484, 712.48. Mr.. Coates
says: Practically all the loans opened
on the discount register 80 being I'M
paid have been accounted for. There,
however, exists discrepancy OF ap-
proximataly 1887 900. In the resour-
ces is the item of s203, 751.57 securi-
ties turned over to the corporation: by
Mr.. C. J. Rixey.
The grand jury than took recess
for lunch.
The grand jury reconvened at S:15
when Mr.. Wilson took the stand.
ng. BARBOUR REaovED.
Later Judge Barley removed Mr..
Barbour in doing 80 said he intended
no reflection whatever upon him, but
as he is not resident of this city. he
could not give his undivided time and
attention to the affsirs of tie corpora
ton.
The judge also said the depositors
should have representative as one Of
receivers. He then directed the attor-
neys to prepare decree appointing
another receiver, leaving the name
blank, the judge saying he would name
! another receiver later.
HOWARD n, sM1N APPOINTED