Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1911-08-30
THE MERCANTILE FAILURE.

since the Mercantile Railway Building
and Loan Association closed its doors,
bringing sorrow to many of all ages
who had entrusted their all to the man
agement Of that institution. The stock
holders and depositors were, in the
main, people who could i'll afford to
lose the savings of a lifetime, and the
distress which the collapse cau'ei IN
this community was more FERROUS than
that produced when the people arose on
the morning OF December 20 and found
the doors Of the Virginia Safe Deposit
and Trust Corporation closed. The
stockholders in the latter institution, as
we'll as the depositors, represented
many people outside the city OF Alex
andria and who were scattered over a
great part OF the state Of Virginla The
slosses in the Mercantile Company were
confined mostly to AleSandrlans,
many of whom we're children who had
denied themselves many things 10 or
der to have bank account. Apart
from this class, widows and orphans
had entrusted their all to this lnstitu-
ton which promised much in the way
~ returns. For months people inter-
ested have made dilisent inquiry as
to what will be the outcome
Of the examination into the al
fairs Of the concern, but the
on,y answer which can BIO obtained,
il substantially, that the affairs
Of the association are in such
taneIe that it is impossible to tell when
a satisfactory exhibit OF the liabilities
and assets can be made.
The receiver and commissioner nave
at times stated that their laoors are
approaching point when report can
be made. 1t was stated that such a
ranort would be ready on the first OF
August aud again by September
lat but it is now said that they
must be allowed further time. The
same stereotyped answer is given all
ohio make inquiries, aud, so far as the
nnblic konws, several more months
NAV pass away before any one interest
ed will ascertain whether or not ne or
.be will recover any percentage OF de-
nosits or realize anything on the STOCK.
II has been stated more than once by
those now in charge OF the assoc'a'
80, tba, there has been nothing criml-
81 IN connection with the operations
80 The concern. II this be so, 1t IS
time the community was knowing why
s.hose who have brought such disaster
an the many in this city can escape
rho responsibility of making some ex-
,,,apatiop of the manner in which they
made away with SO much OF the peoples
money in what they may consider
,a6;t;noate manner. Hardly had the
ink on the paper announcing tue close OF
the Virginia Sale Deposit & Trust Co.,
dried before a grand jury had been
summoned and within short time Z.
Jones Rixey, who is held responsible
for the collapse, was indicted. 1t seems
that the time has arrived when the
commonwealth should take some steps
towards accelerating the production OF
an exhibit from those in charge OF the
affairs of the Mercantile Association,
and that such an axhibit will shortly
he demanded is not unlikely.
The commonwealth attorney has
been devo,ipg considerable time to the
affairs OF the Mercantile iu an endeavor
70 locate the responsibility for the
failure but owing to the tremendous
burden OF work placed on his shoulders
sLy the state in settling its affairs With
the trust company and preparing for
the prosecution Of. Rfxey, it is said,
he has been unable up to the present
time to 90 into the Mercantile failure as
tully SIS be intends to do. The state
gives the commonwealth attorney no
assistance in the way OF extra help no
matter how urgent may be the need
and allows him no expense account.
Reference is made above to many peo-
ple whose sole nest eggs we're the small
amounts they had in this institution
which we're being held for rainy days
or periods When their little savings
would defer their Grips to the poor
honse. 1t is cruel to keep anyone in
SUSPENSE. but more especially people
whose all ia tied up in this concern.
This is the third building and loan
association which has collapsed in
Alexandria within a short period.