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ALEXANDRIA BANK CLOSES ITS DOORS Virginia Trust Company and Branches Suspend. COURT APPOINTS RECEIVERS Midnight Session of Corporation Court Results in Closing of Institution on Application of Directors-Inability to Meet Withdrawals One of Causes. Special to The Washington Herald. Alexandria, Va., Dec. 29.-Following a midnight session of the Corporation Court, when receivers were appointed at the request of the directors, the Virginia Safe Deposit and Trust Company closed its doors this morning. Eight branch offices, located in Virginia, closed at the same time. Inability to meet large withdrawals of deposits, to be made soon, is one of the reasons for the bank's closing. Judge J. K. M. Norton, of Alexandria, and John S. Barbour, of Fairfax, were appointed receivers, giving a joint bond of $50,000. The news of the closing spread about the city with lightning rapidity this morning. A, long typewritten notice of the suspension of business was tacked on the dogrs of the building, and was read by hundreds. There was no demonstration, Lowever, and other banks of the city did not seem to feel any effects of the action. President Rixey III. C. J. Rixey, president of the bank, is seriously ill at his home in Washington As a further security to depositors and creditors, Mr. Rixey recently conveyed realty holdings valued at $200,000 to the bank. The paid-up capital stock is $300.000 and the authorized capital is $1,000,000 At 12:05 o'clock this morning Judge L. C. Barley appointed receivers for the institution. The following notice was posted on the bank door: "The directors, finding that they would be unable to meet certain large withdrawals of deposits, of which they had been notified in advance, without what appeared to be unwarranted sacrifices of the securities of the bank, and in order to serve what appeared to be the best interest of all depositors and creditors, and to keep them on an equal footing, last night applied for the appointment of receivers. The court appointed Judge J. K. M. Norton and John S. Barbour as receivers. "They have executed the bond required by the court and are now in charge of all the property of the company "The receivers have not been able to make such an examination of the affairs of the company as will justify them in stating definitely its condition. As soon as this information can be ascertained it will be furnished to those interested. President Transfers Property, "In addition to the other assets of the company, its president, Mr. C. J Rixey, several days ago conveyed directly to It a large quantity of very valuable property, real and personal, believed to be worth about $200,000, as a special security for all depositors and creditors, and it is the expectation of the directors and receivers that the assets will prove more than sufficient to pay all depositors creditors. "This step was made necessary at this time by the continued illness of Mr. J. C. Rixey and his inability to give the bank his personal attention.' Besides the institution here, the company had branches in the following places: Dillwyn. Culpeper, Herndon Gordonsville, Basic City, Lovington, Remington, and Charlottesville, The officers and directors are: J. C. Rixey, president: C. C. Leadbeater, secretary. The directors are J. C. Rixey, J. P. Robinson, G. S. French, H. Baader, C. Leadbeater, H. K. Field, and T. Fannon, all of whom are well known and prominent business men of this city. It is said that most of the stock of the concern is held by Alexandrians The last financial statement of the concern was issued November 10 last, and showed the assets and liabilities to be $821,592.58. The individual deposits were given as $392,535.27; due to national, State, private banks, and trust corporations, $30,708.16; bills payable, $14,224.90; demand certificates of deposits, $49,984.16. Organized in 1904. The trust company was organized here in 1904 on a small scale. A few years ago a handsome and commodious building was built. Its branches sprung up in a few years, and, it is said, had a large patronage throughout the State. The announcement of its closing was received with much surprise at its various agencies. Many of the local depositors had small amounts of money in the savings department bearing interest at 3 per cent. Others carried much heavier # accounts, it is reported. President Rixey came here from Culpeper and was well known in financial circles.