Farmers' and Mechanics' Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 7, 1876
Location: Alexandria, Virginia (38.818, -77.082)

Metadata

Model: gpt-5-mini
Short Digest: 542c2aa3

Response Measures

None

Description

Board of directors resolved to suspend business and to collect debts and distribute assets pro rata. Language indicates a suspension for liquidation rather than a temporary suspension; no run is reported. Date of resolution is inferred as 1876-12-07 (meeting 'last night' reported in newspaper dated 1876-12-08).

Events (1)

1. December 7, 1876 Suspension

Cause: Voluntary Liquidation
Cause Details: Board resolution to suspend business and collect debts and distribute assets pro rata; appears to be voluntary winding up rather than a suspension caused by panic or government action.
Newspaper Excerpt: Resolved, That the business of the Farmers' and Mechanics' Savings Bank be suspended, and that the Board of Directors will proceed with the least possible delay to collect the debts due the bank, and from time to time to divide the assets among the depositors pro rata as often as the funds collected shall warrant.
Source: newspapers

Newspaper Articles (1)

1. December 8, 1876 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, December 8, 1876

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Article Text

COMPANY For the Middle States, increasing cloudiness, northwest to southwest winds, with falling ba rometer during the day, followed to-night by lower temperature and possibly light snow. LADIES' UNION RELIEF.-There was a full attendance of the members of the Ladies' Union Relief at their first meeting for this winter at the Orphan Asylum, on Thursday, Dec. 7th. The election of officers for the ensuing year was proceeded with immodiately upon organization. The efficient president for the past three years, Mrs. George Y'. Worthington, declining re-election, the names of several other ladies were put in nomination, and an animal ed discussion ensued. Mrs. P. G. Uhler finally accepted the office of president pro tem. The vice president, secretary and treasurer of last year were re-elected in their respective offices. The executive and visiting committees will be appointed by the president and announced it the next weekly meeting. It was proposed and unanimously decided 10 hegia the active work of the society with S 'pound party," and the secretary was directed to send notices of time and place to the several puipits and schools of the city. We rejoice to believe that "The Relief' has VOB a place in the confidence and sympathies of the people of Alexandria, which makes it only necessary to announce that we are ready 10 commence work. For the information of any who may be ig morant of our plan of work, we would state that the city is divided into four wards, and comwittees appointed in each to visit and relieve every case of actual destitution that may be sound. In this way the impositions 50 often practiced upon kind hearted people are avoid ed, at the same time that few. if any, who need assistance are overlooked. The meetings of the society will be held as heretofore on Wednesday of each week is the Orphan Asylum, and we again most cordially invite all who can to unite with us. By order of Ladies' Union Kelief, THE FARMERS' AND MECHANICS SAVINGS BANK.-A meeting of the Board of Directors of the Farmers' and Mechanics' Savings Bank was held last night, Messr3. J. W. Stewart, R. Bell, jr., John P. Agaew, William Cogan, Emanuel Francis, Lewis McKenzie, John C. Grabam, Andrew Jamieson. Jefferson Tacey and Lewis Stein-the full board-being present. A full and elaborate statement of the affairs of the bank had been prepared and wis submitted to the board, which they decline to make public at present. After some conversational debate among the directors, the following resolutions were adopted : Resolved, That the business of the Farmers' and Mechanics' Savings Bank be suspended, and that the Board of Directors will proceed with the least possible delay to collect the debts due the bank, and from time to time 10 divide the assets among the depositors pro rata as ofien as the funds collected shall warrant. Resolved, That Jefferson Tacey be appointed to attend to the collections and disbursements under the directions of the board. The meeting then adjourned until next Tuesday eight. It is proper to state that the officers of the bank are confident that unless they have law suits to defend they will be able to pay the de positora off in full. SALUTE AND ACCIDENT.-The 040000 tiring heard in this city last night, and which excited much comment and many enquiries, was caused by 3 salute of 185 guas fired in Washington by order of Secretary Chandler, 10 honor of the alleged election of Hayes and Wheeler. The salate was fired in the Judiciary Square, and ended in a terrible accident. A young man named Fries was employed as a rammer. and was standing in front of one of the guns when the order to fire was given, without noticing him. He received the whole charge, throwing him 20 the ground, destroying both eyes, and, it is ead, breaking both arms and otherwise mangling him. He was immediately removed to 8 drug store near by, from which he af after wards removed to bis residence, on Eighth street. His physicians have no hope of hisremovery. The salute was stopped at this point, only 110 guns having been fired, but may be continued to-night. THE CANAL.-The Cumberland papers state