The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-01-03
MERCHANTS ARE
|NCONvEN|ENCED
HAD DEPOSITED CHRISTMAS
SALES PROCEEDS IN BANKS
WHICH FAILED-DELAY
RECEIVING NOTICE
DATED DEC. y.

BUCKINGHAM, VA. January a.
The failure IF the Virginia Safe De-
post and Trust Corporal ton has caus-
ed great Inconvenience here, Mr.. An
derson and Mr. Carter, the manager
and assistant manager OF the Buck
iRgham branch of this corporation,
had and still have the confidence of
the people and the affairs Of this
branch bank are sold to be in good
condition, but when the head bank
at Alexandra was put into the hands
of receivers all the available assets
OF the bank here were ordered to be
sent to Alexandria, which was done.
In the package which was shipped
by express was included the unopen-
ed mail of the day and thus IL came
about that funds mailed after the
Dillyn Bank has closed We're sent to
the home office the orders that the
managers here received TO send all
Unopened mail and one letter address
ed to James L. Anderson individually
which contained checks not endorsed
payable to the corporation, was sent
unopened TO the concern In Aiex6n-
dria.
The merchants had entire confidence
in the bank here and they had made
large deposits of cash that they had
taken during the Christmas holidays
/ anu LuSy very seriously CONSIDERED tnH
/ feasibility of taking out an injunction
to prevent the assets OF the hank being
sent away from here.
The closing of the Dillwyn Bank
took place at IL O'Clock on THURSDAY
the twentyninth, and was done on
telegram sent from the home office in
Alexandria and the news came like a
bolt out of clear sky Not among
the least of the inconvenience to be
] NJ
4 had sent checks on this bank to pay
their bills to the wholesale merchants
II the six other branch banks are
in rs good condition as was this one
/ the receivers should have plain sailing
in settling up the affairs. A notice
sent to the clerk of the circuit cour-
to the effect that the Virginia Safe
Deposit and Trust Corporation should
no longer be taken as surfty on bonds
came too late to give an inkling that
there was anything wrong with the
concern. This notice was dated the
eighth day of December. but did not
reach the hands Of the clerk until
after the twenty-ninth.
Great sympathy is felt for the man
ayers OF the Buckingham branch Of
the corporation. because It Is the gem
eral belief here that no mismanage-
ment on their part had anything to
hands of receivers but they were re-
CURED to send all money away from
here over and above a certain amount
every day, and thus 1t came about
that at the time of the failure there
was not much ready cash in the bank
ing house, although at this time Of
the year large deposits are made.
Mr. w. Fl. McGeehee. one of the
tobacco buyers. got a considerab bic
amount of ready cash tied up in this
failure, but wants il understood that
this in no way impairs his ability TO
handle and pay for all the tobacco he
may purchase and he has ordered a
large amount of currency shipped to
him by express to be used In paying
for tobacco and II Is presumed that
the buyer for the American Tobacco
Company will take the same precau-
ton since there is no bank operating
here.