Farmers and Mechanics' Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 1, 1876*
Location: Alexandria, Virginia (38.818, -77.082)

Metadata

Model: gpt-5-mini
Short Digest: f7c417e4

Response Measures

None

Description

The bank failed (ceased business) on December 7, 1876, a trustee/receiver was appointed and assets were wound up; no newspaper text describes a depositor run prior to suspension — legal actions and receivership proceedings continued into the 1880s. Judgment issues and appeals mentioned in 1886–1887.

Events (4)

1. December 1, 1876* Receivership

Newspaper Excerpt: shortly thereafter appointed a trustee to wind up its affairs. ... Mr. Leonard Marbury, who is the receiver of the defunct bank, says he is in favor of appealing the case.
Source: newspapers

2. December 7, 1876 Suspension

Cause Details: Bank failure due to insolvency: assets far less than debts (heavy indebtedness to depositors).
Newspaper Excerpt: The Farmers and Mechanics' Savings Bank of this city on the 7th day of December, 1876, failed, and shortly thereafter appointed a trustee to wind up its affairs.
Source: newspapers

3. November 30, 1886 Other

Newspaper Excerpt: A decree is therefore ordered in favor of the directors and overruling the commissioner's report. ... Col. F. L. Smith, who is Mr. Marshall's attorney is not in the city to-day, so the course he will pursue in the matter could not be learned, but it is generally believed he will take the case to the Court of Appeals. Mr. Leonard Marbury, who is the receiver of the defunct bank, says he is in favor of appealing the case.
Source: newspapers

4. May 18, 1887 Other

Newspaper Excerpt: The affairs of the Farmers and Mechanics' Savings Bank, which failed in this city some ten years ago, have not yet been finally wound up. The receiver has a suit pending in Baltimore against some sureties on a bond, and the suit of Mr. Marshall against the directors ... has now been admitted on appeal into the docket of the Court of Appeals at Richmond.
Source: newspapers

Newspaper Articles (2)

1. November 30, 1886 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, November 30, 1886

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Article Text

THE SAVINGS BANK CASE.-The Farmers and Mechanics' Savings Bank of this city on the 7th day of December, 1876, failed, and shortly thereafter appointed a trustee to wind up its affairs. It was heavily indebted, owing the depositors $53,063 G3, and its assets were far less than its debts. Some. time after it ceased business, a suit was brought by John A. Marshall to have a receiver appointed to take charge of the assets of the bank, administer them as far as they would go, and then to charge the di rectors of the bank with the worthless assets upon the ground of negligence on their part in not seeing that the money of the bank was better secured. The assets were administered and paid 61 per cent. of the in lebtedness. And, thereupon, much evidence having been taken pro and con, Commissioner Armstrong reported that Messrs. Robert Bell, jr., Emanue! Francis, William Cogan, Andrew Jamieson and the estate of John W. Stewart were severally liable for $38,574.32, they having been directors of the bank from its organization until the appointment of a receiver." That Lewis Stein, John P. Agnew, and John C. Graham's estate were severally liable for $5,917.09, they having been directors from May 13th. 1873, to the receiver's appointment. And that L. McKenzie and Jefferson Ta ey's estate are severally liable for $21,682.71 The ground of the report was that the dis counts were negligently made, or that there was gross negligence in not collecting or exacting further security for them. Of course many of the items making up the several sums above named, run through the account against all the parties. The cause was argued at the September term last, of the Circuit Court, upon exceptions to Commis sioner Armstrong's report, by Col. F. L. Smith for the bank and by Messrs. S. F. Beach, G. A. Mushbach, John M. Johnson, and A. and C. E. Stuart, for the directors. To-day Judge Keith's opinion was received here, saying: "That degree of negligence is not proven, which, under the decision, is necessary to make the directors liable." A decree is therefore ordered in favor of the directors and overruling the commissioner's report. Col. F. L. Smith, who is Mr. Marshall's attorney is not in the city to-day, so the course he will pursue in the matter could not be learned, but it is generally believed he will take the case to the Court of Appeals. Mr. Leonard Marbury, who is the receiver of the defunct bank, says he is in favor of appealing the case.

2. May 18, 1887 Evening Star Washington, DC

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Article Text

Alexandria Affairs. Reported for THE EVENING STAR. EPISCOPAL COUNCIL.-The 92d annual council of the Protestant Episcopal Church of the diocese of Virginia opened its session at St. Paul's church here this morning. Rt. Rev. Bishop Whittle presiding, assisted by Bishop Randolph. Some two hundred members of the council were present. and as a large number of the members have brought their families, there are some five hundred visitors in town. The religious services, which comprised the morning prayer of the prayer-book, occupied the early hours of the council, and business was not begun until after noon. The reception of reports was begun in the afternoon. THE SAVINGS BANK.-The affairs or the Farmers and Mechanics' Savings Bank, which failed in this city some ten years ago, have not yet been finally wound up. The receiver has a suit pending in Baltimore against some sureties on a bond, and the suit of Mr. Marshall against the directors to make them personally liable, which Judge Keith decided adversely last March, has now been admitted on appeal into the docket of the Court of Appeals at Richmond, and will be heard in a few months. A COLORED ENTERPRISE.-A number of colored Alexandrians have for sometime been engaged in the endeavor to establish an Aged Colored People's Home here. The Friends meeting house, adjoining the Washington public school grounds, was selected for this purpose, and a small sum paid down in order to bind the bargain for its purchase. The raising of funds has, however, proceeded with great difficulty, and the managers are trying to interest the general public in the project. THE ARNOLD FUND.-T raising of money in aid or the family of the late Officer Julian Arnold, killed in the discharge of his duties, is going on here, and some $300 have been raised so far for this purpose, and in July the city council will doubtless give further assistance. NOTES.-The Sunday school children of the M. E. Church South are preparing for children's day, and had a pleasant meeting for instruction last night. A considerable class of candidates were confirmed as members of the church by Bishop Randolph at Grace church last night.-The straightout republican leaders here have decided not to nominate a ticket at the coming municipal ejection. -Justice Drummond has sent Eli Butler to jail for the grand jury on the charge of stoning the A. & W. R. R. train.- Alexandria Light Infantry has received its new uniforms from New York, and its belts, canteens, &c., from Richmond, and is now prepared to give a good account of its capacities at the Washington Drill.-Superintendent Richard L. Carne, of the public schools, has gone to Richmond to attend the educational convention that meets there this morning.Oscar Johnson, who killed Williamson in Prince William County, was carried through here yesterday en route to the penitentiary.The Arrow Co. has contracted with Mr. Jas. Reid, of Prince William County, for timber to make the foundation on which the Pocahontas is to be built.- Wm. B. Gregory is lying quite ill at the home of his youth on Washington street. Dr. G. graduated at the University or Edinburg, and then practiced medicine in this city for some time, but retired from practice in consequence of his health several years since.-The County independents held a meeting at Wooll's Hall, in North Alexandria, last night. accordance with the order of council the mayor has offered a reward of $500 for the murderer of Officer Arnold.- is understood that some iproposals have been made for the revival or the Capital Brick Works, on Hunting Creek, south of the town. Senator Sawyer, who is largely interested in the works, has paid several visits to this city lately.- is understood the May term of the City Circuit Court will be immediately adjourned over until the 27th of next June.-The work of paving the west end of Prince street has been resumed.- Thomas Zimmerman's family suffered some time ago a sore affliction from scarlet fever, and several of his children died. One, Miss Maggie, who recovered from the fever, died yesterday of Bright's disease, which was produced by the fever.-There has never or jail by been any any masked attack man upon "or jall any other entrance man," to the to lynch Curran, and there is no probability of such lynching.