21493. Mercantile Railway Building and Loan Association (Alexandria, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 12, 1911
Location
Alexandria, Virginia (38.818, -77.082)

Metadata

Model
gpt-5-mini
Short Digest
cf9a3d33

Response Measures

None

Description

The association closed its doors and directors asked the court to appoint receivers (Douglas Stuart and Lewis Hooff) on/around Jan 12, 1911 after the Virginia Safe Deposit and Trust Corporation collapsed and notes discounted there came due. There is no description of a depositor run; the institution remained defunct under receivership and later paid dividends, so this is a suspension that resulted in permanent closure/receivership.

Events (1)
1. January 12, 1911 Suspension
Cause
Correspondent
Cause Details
Failure/collapse of the Virginia Safe Deposit and Trust Corporation: Mercantile had discounted notes at the trust corporation which were rediscounted and became due, forcing closure; also some stockholders signified intention to withdraw funds, prompting directors to seek receivership. (Articles state collapse of Trust Company precipitated the building association's closing.)
Newspaper Excerpt
the directors of the Mercantile Railway Building and Loan Association had asked Judge Thorton for the appointment of receivers for the association and that Douglas Stuart and Lewis Hooff had been appointed receivers. The doors of the association ... were closed this morning
Source
newspapers

Newspaper Articles (15)
1. January 13, 1911 The Washington Times Washington, DC
Article from The Washington Times, January 13, 1911

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Special Grand Jury Will Probe Failure WASHINGTON TIMES BUREAU. ALEXANDRIA, VA., JAN. 13. At the request or Commonwealth's Attorney S. G. Brent, Judge Louis C. Barley, of the corporation court, this morning ordered the summoning of a special grand jury to convene next Thursday when the matter of the closing of the Virginia Safe Deposit and Trust Corporation will be investigated. Mr. Brent, when seen this morning, stated that he had been unable to get certain information from the receivers of the trust corporation and had asked for a grand jury, SO that the matter could be sifted to the bottom. Great surprise was created in Alexandria yesterday afternoon when it became known that the directors of the Mercantile Railway Building and Loan Association had asked Judge Thorton for the appointment of receivers for the association and that Douglas Stuart and Lewis Hooff had been appointed receivers. The doors of the association at the corner of Prince and Fairfax streets were closed this morning and a notice telling stockholders and depositors to cali at the office of Mr. Stuart was posted on the door. Attorney G. L. Boothe, who represents the association, stated this morning that he had nothing yet to give out beyond the statemen issued yesterday by him. The closing of the doors of the Safe Deposit and Trust Corporation forced the Building Association to close, according to the statement given out yesterday afternoon by Attorney Boothe. In the circuit court for the city in vacation the following business was transacted today: The will of James Downey was admitted to probate his daughter, Mrs. Margaret Breen, qualifing as executrix without bond. Mr. Downey leaves his entire estate to his daughter, Mrs. Margaret Breen. The will of J. Hanson Price was admitted to probate. He leaves his entire estate to his brother, E. F. Price, who qualified as executor without bond. The German Co-operative Building Association. No. 5, met last evening and elected these officers: President, Isaac Eichberg: secretary and treasurer, Justus Schneider: directors for three years, E. E. Downham and John T. Nalls; trustees, John D. Normoyle, Henry Baader, and P. M. Bradshaw. A meeting of the Westminster League of the Second Presbyterian Church will be held at that church this evening, when officers will be elected for the ensuing year.

2. January 13, 1911 The Times Dispatch Richmond, VA
Article from The Times Dispatch, January 13, 1911

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SEQUEL TO RECENT FAILURE OF BANK Receivers Appointed for an Alexandria Building and Loan Association. MONEY STRINGENCY FEARED Action Taken by Directors to Protect Interests of Stockholders. [Special to The Times-Dispatch.] Alexandria, Va., January 12.-A second bank failure within a period of two weeks occurred this afternoon, when the Mercantile Railway Building and Loan Association went into the hands of receivers. The application for the receivership was made hu the

3. January 13, 1911 The Richmond Virginian Richmond, VA
Article from The Richmond Virginian, January 13, 1911

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GRAND JURY TO PROBE TRUST COMMONWEALTH'S ATTORNEY MAKES MOVE TO GET INFORMATION DESIRED BY HIM. ALEXANDRIA, VA., January 13.At the request of Commonwealth's Attorney S.G. Brent, Judge Bariey in the corporation court this morning ordered the summoning of a special grand jury for next Thursday when the affairs of the Virginia Date Deposit and Trust Corporation will be investigated. Mr. Brent this morning stated to a reporter for The Virginian that he had been unable to get certain information for the receivers appointed by the court and had therefore asked for the grand jury. Al though much excitement has been created here caused by the closing of the Mercantile Rallway Buildin gand Loan Association yesterday, there has been no attempt made to make a run on any of the other banks here. In a statement issued shortly after Douglas Stuart and Lewis Hooft had been appointed receivers of the association by Judge Thornton, Attorney G. L. Boothe issued a statement. in which he said that the closing of the Trust Corporation effected the building association. as several notes had been discounted at the Trust Corporation by the association. and these notes had been rediscounted, and were now. due, and the holders were demanding payment. This, coupled with the fact that several stockholders had signified their intention of withdrawing from the association. caused the directors to ask for the appointment of receivers. The Mercantile Association had no branches in the State, although It had a number of out of town depositors.

4. January 18, 1911 Evening Star Washington, DC
Article from Evening Star, January 18, 1911

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ALEXANDRIA AFFAIRS Grand Jury Will Probe Trust Company Tomorrow. CITY LICENSES FOR AGENTS Justice Caton Holds Insurance Solicitors Subject to New Law. Other News. Special Cerrespondence of The Star. ALEXANDRIA. Va., January 18, 1911. Everything is in readiness for the work of examining into the affairs of the Virginia Safe Deposit and Trust Corporation, which institution is now in the hands of receivers. and it will be begun at 10 o'clock tomorrow morning in the corporation court by a special grand jury summoned for that purpose. Judge L. C. Barley will preside. Fifteen witnesses have been summoned. among them state bank officials and clerks and receivers for the trust company. It is generally believed that the work will require several days. Application will also be made in the corporation court tomorrow for the appointment of a co-receiver by Attorneys Moncure, Wampler and Gloth. This matter has been up in court before, although action was deferred. Receiver Douglas Stuart, together, with his assistants, is still engaged in the task of going over the affairs of the Mercantile Railway Building and Loan Association. He expects to be able to make his report at an early date.

5. January 18, 1911 The Times Dispatch Richmond, VA
Article from The Times Dispatch, January 18, 1911

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COURT RELIEVES RECEIVER HOOFF Resignation Favorably Acted On-Douglas Stuart in Full Charge. [Special to The Times-Dispatch.| Alexandria, Va., January 17.-The resignation of Lewis Hooff, as one. of the receivers for the Mercantile Railway Building and Loan Association, was accepted to-day by Judge .1. B. T. Thornton, of the Circuit Court for this city. The court named Douglas Stuart as sole receiver. Mr. Stuart was already a receiver for the concern, having been named jointly with Mr. Hooff by the court when the bank closed its doors January 12 last. Mr. Hooff was secretary and general manager of the building association. he having been Identified with that institution since it began operations several years ago. Receiver Stuart will now continue with his work of going over the affairs of the concern, and as soon as he completes his task, he will make a report to the court. No New Developments. There are no new developments today in the affairs of the Virginia Safe Deposit and Trust Corporation, which institution Is now in the hands of receivers. The principal talk on the streets is as to what will be done by the grand jury. This is a matter of considerable speculation and the jury report is awaited with interest not only here. but in other parts of the State as well.

6. August 16, 1911 The Richmond Virginian Richmond, VA
Article from The Richmond Virginian, August 16, 1911

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MAY GET TWENTY CENTS ON DOLLAR STOCKHOLDERS IN ALEXANDRIA CONCERN HEAR OF SPECIAL COMMISSIONER'S REPORT. (Special to The Richmond Virginian.) WASHINGTON, August 15.-Special Commissioner H. Noel Garner to-day started upon the work of preparing his report to Judge Barley. of the corporation court. in connection with the failure of the Mercantile Railway Building and Loan Association of Alexandria, Va., which went into the hands of a receiver shortly after the failure of the Virginia Safe Deposit and rust Corporation. The affair of the Mercantile Association are in such a shape that It will require several weeks to formulate the report, but Commissioner Garner stated to-day that he expected to be able to file It by the first of September, 80 that the court could act on it when it convenes September 11. It is said that the affairs of the building and loan association are in a more tangled shape even than were the affairs of the trust corporation and that the largest amount the depositors and stockholders can hope for, after the commissioners report 18 filed, will be 20 per cent., if even this can be paid after the other liabilities are met. It is expected that Commissioner Garner's report will be quite voluminous, as it will include all the loans made which are now outstanding as well as the assets and liabilities of the concern as they have so far been ascertained.

7. September 5, 1911 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 5, 1911

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ALEXANDRIA, VA., TUESDAY EVENING, SEPTEMBER 5, 1911. BEATTIE COMPLETES HIS TESTIM FAILURE OF COMPANY ON JURY GO TO WILL JURY. CASE BY GRAND heard Paul say 'You W month. At the time of the failure of Judge Stops Cross-Examination of Responsibility for Failure Will Be at Short and Main stree the latter concern it was stated that the Prisoner. Nothing New DevelopPlaced by Jury Who Will I'll be there.' cause of its failure was that its funds ed Under Prosecution's Grill. Ascertain Facts. Mrs. Houchens said t had been tied up in the trust company. went out. Douglass Stuart was appointed receiver STICKS TO HIS STORY. TO MEET ONMONDAY and afterwards H. Noel Garner was ap"When he returned, pointed special commissioner to prepare ued, "he called up a State Introduces Witnesses in Rebutal. Failure to Secure Information as to a statement of the liabilities and assets Decision In Reference to Beulah Bin(Beulah Binford)." Affairs of the Company. will Meet of the concern. Since that time the Mrs. Houchens decla ford's Testimony Not Yet Reached. With Prompt Action of Authorities. silence of the tomb has enveloped everysaw Paul come home Eight Months Since Failure. thing and everybody connected with the Chesterfield Courthouse, Va.-Win an automobile and sai former institution, and the only answer or lose, life or death, Henry Clay the car: that was made to repeated questions The failure of the Mercantile RailBeattie, jr., calmly and confidentially was that the affairs were in such a "Good night, Henry. way Building and Loan Association knew the die of his fate and gamely "What time did Pau trangled condition that it was imposwhich took place last January, leaving sible to make any statement. stepped back today to await the deruin and misery to many hundreds of that next Saturday ni It was stated that a report would be cision. Alexandrians in the wake, is at last to Wendenburg. produced in August and again Sepbe investigated. A special grand jury A few unimportant questions con"Just at 11 o'clock. tember first was named as the time has been summoned for next Monday cluded the ordeal of the youth awaitclock strike." when some light would be thrown morning at the opening of the Septeming liberty or death for the murder Under cross examin upon the failure but both of these ber term of the Corporation Court and of his wife. Then after seven hours endeavored to show th dates passed without a word. In the it is said that while the grand jury has of grilling examination that failed of Paul has been actin meanwhile many rumors have been beeen called for the purpose of considerto shake his story, he sat down withthe case from a desir spread over the city in regard to the ing two cases of murder their principal company but they only brought forth business will be an investigation of the out having departed a hair breadth Paul. He and Wender a general denial that there had been affairs of the Mercantile Railway Buildfrom his original story. over this point and the no criminal action on the part of any ing and Loan Association. Then the relentless prosecution betered at the thin little The one connected with the company. The grand jury will consist of W. E. stand in an effort to u gan to batter with other witnesses at The Gazette in an editorial a few Bain, George Young, E. E. Lawler, C. the story which Beattie told yesterSmith's cross-examir days agopointed out the fact that the failB. Marshall, Thomas W. Robinson, to shake Mrs. Houcher day. ure of the Mercantile was a more seriCharles H. Callahan, John D. Nor. The particular point of attack was John Josephs, a Syrian ous matter to Alexandria than that of moyle, T. Clifton Howard and W. B. Beattie's declaration that he did not fruit stand and confec the Trust Company. While the crediSmcot. tors of the latter institution were scatsee Paul Beattie the night Paul deat Short and Main stre The failure of the Virginia Safe Detered all over the state those of the clares he was commissioned to buy the stand. He said P posit and Trust Corporation occurred Mercantile were confined to this imlast December and the Mercantile his store on the Thurs the fatal gun. Half a dozen witmediate vicinity. closed its doors during the following and flatly contradicted the accused. fore the killing.

8. September 6, 1911 The Washington Times Washington, DC
Article from The Washington Times, September 6, 1911

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WASHINGTON TIMES BUREAU, ALEXANDRIA, VA., SEPT. 6. The body of James E. Whitlock, who died at Alexandria Hospital last night as a result of a railroad accident yesterday near Manassas, Va., was sent to his home in Elkwood, Culpeper county, this morning, where funeral services will be held tomorrow. For the last six months Mr. Whitlock lived with his brother, John Whitlock, on North Payne street. It is believed the affairs of the Mercantile Railway Building and Loan Association will be investigated by the special grand jury suinmoned by Judge Louis C. Barley to appear in Corporation Court next Monday. When the concern failed last January it was stated that its funds had been tied up in the Virginia Safe Deposit and Trust Corporation precipitating the closing of the building association, although it was admitted that the company had been losing money steadily and its failure was only a matter of time. Since the appointment of Douglas Stuart as receiver, and H. Noel Garner as special commissicner, no direct statement of its condition has been made. Three months on the road gang Wils the sentence imposed on Henry Saunders, colored, in police court today for the theft of clothes and shoes from John

9. November 7, 1911 The Times Dispatch Richmond, VA
Article from The Times Dispatch, November 7, 1911

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RECEIVER SOON WILL MAKE REPORT Stockholders of Defunct Association Will Not Receive Much Money. NO INTEREST IN ELECTION Nearly Every Office-Holder in Alexandria County Has Opposition. Alexandria, Va., November 6.-A report on the affairs of the defunct Mercantile (Railway Building and Loan Association will be completed shortly was the statement made this morning by Receiver Douglas Stuart. He stated that he did not think the stockholders of the defunct concern would receive any great amount of their money. In his opinion if there are any preferred creditors they will be the depositors of the savings accounts. The Institution carried a large number of such accounts, It is said. The report on the financial affairs is now being made by James Bayne, Thomas H. Bayne and Harry D. Kirk, expert accountants. who were employed by Special Commissioner H. Noel Garner. These experts are rapidly closing up their work, and their report will, upon its completion, be submitted to the Corporation Court. Shareholders in the concern are eagerly awaiting the report. Probable Delay in Hooff Trial. It was learned this morning that the delay in the report will be the principal ground for asking a postponement of the trial of Lewis Hooff, former sec. retary and general manager of the association. The trial is fixed for November 14 next, and It is regarded as more than probable that the request for postponement will be granted. It was rumored that Attorney John L Jeffries. of Norfolk, one of the best known lawyers in the State of Virginia, will be retained to assist Attorney Lewis H. Machen in the defense of Hooff. Mr. Jeffries was the leading counsel in the defense of C. Jones Rixey, head of the Rixey chain of banks, which collapsed in December last. Nine indictments are pending against Hooff in connection with the failure of the building association. No Interest in Election. There is absolutely no interest here over to-morrow's election, and the indioations are that a very light vote will be polled. The saloons here closed at 6 o'clock this evening, and will remain closed until sunrise Wednesday morning. The contest here is between State Senator R. Ewell Thornton and Alexander J. Wedderburn for a seat in the State Senate from the Fourteenth Senatorial District. Mr. Wedderburn has made a very active canvass. This district embraces the counties of Alexandria, Fairfax and Prince William, together with this city. The indications are that Senator Thornton will be re-elected, although Mr. Wedderburn will poll a large vote here. Much interest is manifested over the fight in Alexandria county, where every office-holder, with two exceptions, has opposition. The curtain on the most bitter political campaign ever before waged in Alexandria county was drawn to-night with an address by R. C. L. Moncure, candidate for Commonwealth's attorney, at the county courthouse. Mr. Moncure is opposing Captain Crandal Mackey, who has held the office for the past eight years. The other office-holders are also making a hot fight. It is expected that an unusually large vote will be polled in the county to-morrow

10. December 21, 1911 Evening Star Washington, DC
Article from Evening Star, December 21, 1911

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ALEXANDRIA AFFAIRS Defunct Building Association Report Near Completion. REGAINS VALUABLE WATCH Timepiece Lost Two Years Ago Again in Hands of Owner-Holiday Social Functions. Special Correspondence of The Star. ALEXANDRIA, Va., December 21, 1911. The finishing touches on the report of the finances of the defunct Mercantile Railway Building and Loan Association are today being made by H. Noel Garner, special commissioner. Mr. Garner said this morning that he expects to complete his report tomorrow. The report will at once be submitted to the circuit court for this city for action. There have been many rumors as to what the report will show, but no official figures in connection with it have as yet been announced. There is considerable speculation among the depositors in the association as to what amount they will receive. One of the most salient points which will, it is thought, be brought out will be regarding the distribution of the proceeds of the concern. The question will be whether or not the shareholders or depositors will be placed on the same footing with the stockholders. This point will undoubtedly be raised, and in all probability result in additional litigation before the matter is finally determined upon by the courts. The Mercantile Railway Building and Loan Association closed its doors January 12, 1911, about two weeks fóllowing the collapse of the Virginia Safe Deposit and Trust Company. Recovers Lost Watch. After being lost for nearly two years, during which time the owner had given up all hope of ever recovering it, William F. H. Fink, tie and lumber inspector of the Southern Railway Company, who lives at 200 Duke street, last night recovered his handsome gold watch, valued at $100. January 27, 1909, Mr. Fink attended a banquet given by the chamber of commerce, and after leaving Armory Hall, where it was held, discovered that his watch and fob were gone. He notified the police, and they in turn notified the Washington authorities. Mr. Fink also advertised for it in the newspapers. He was uncertain, however, whether it was lost or had been stolen. All trace of the watch vanished, and nothing was heard from it until yesterday morning. A colored man yesterday morning, entering the jewelry store of R. C. Acton & Sons, laid the timepiece on the counter and asked its value. Richard E. Acton, senior member of the firm, at once recognized the watch as the property of Mr. Fink. He told the man to call later in the day, and he would examine the watch and ascertain its value. The man did as requested, and in the meantime Mr. Fink was notified and identified the watch as his property. Upon the return of the colored man he was informed of the ownership and given a reward of $5 for his trouble. The colored man explained that he found the watch only yesterday morning on Oronoco street near St. Asaph street, and knew nothing of its past history. The watch was in perfect order and the only thing missing was the fob.

11. June 13, 1912 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, June 13, 1912

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DIVIDEND OF ill PER CENT. To Creditors of Mercantile Railway Building and Loan Association In the Corporation Court today Judge Barley ordered Douglass Stuart, receiver of the Mercantile Railway Building and Loan Association, to pay to the creditors of that institution a dividend of thirty per cent out of the funds now in his hands. The decree was in the case of F. F. Marbury et al. vs. the defunct association. This will be the first distribution since the concern closed its doors, Janary, 1910. The class of depositors who will participate in the dividend are those having savings accounts with the institution, who used the small banks into which they made their deposits. The aggregate amount is $15,000. Among the other creditors who will participate are several banks who loaned money to the Mercantile.

12. June 25, 1912 The Washington Times Washington, DC
Article from The Washington Times, June 25, 1912

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INVESTMENT BUYING CONFINED TO BONDS WITHSTOCKS SLOW Prices Generally Firm-Gas Easier-Money Close. Gossip. There was a fairly good investment demand on 'change this afternoon, but stocks were slow throughout practically the entire list. The attendance of brokers was not large, and orders were not numerous. Traction 5's, 1111/2; Columbia 5's, 102, Steamboat 5's, 1041/2; Potomac Consolidated, 103, snd Railway 4's, on. Gas was easier, & sale being made at 85%. Very little stock comes out at the lower prices, investors apparently being satisfied with their investment. Railway common sold at 913/8. Commercial Insurance at 10: Lanston at 52% and Eastern Light and Fuel at 122. A. K. Parris, one of the leading brokers, was absent having gone with wife and family to Atlantic City. Money is rather close, some operators finding trouble in obtaining loans. Eome of the banks have not rehabilitated themselves since the withdrawal of tax money. Easier conditions are promised by July 1. Army officers have expressed great satisfaction at the unselfish proposition of the Union Trust Company to advance the pay of officers, should Congress fail to make provision therefor before July 1, when the pay rolls will be due. The bank does not make any discount, exact interest or in anyway profit by the proposition, other than as it may make friends for the institution. It is safe to say that scores of officers will take advantage of the Trust company's generosity should Congress be derelict in its duty. George W. White, president of the National Metropolitan Bank was stopped last evening en route to the theater Mrs. White and escorted by Commissioner Rudolph to Rauschers' where he found the directors of his bank awaiting his presence. In addition to the directors, George O. Walson, cashier, and J. Gales Moore, auditor, were seated with the officials around the table. It was a complete surprise to Mr. White, but none the less enjoyable. Commissioner Rudolph, who 18 also a vice president of the bank, presided, and complimentary and congratulatory addresses were made by all present. The occasion was a compliment to Mr. White and a farewell dinner, prior to his departure with Mrs. White for a European trip. Henry H. Flather, cashier of the Riggs Bank, is back from Los Angeles, where he was a witness in the Darrow case. He made the trip at the expense of the great State of California, and made it a point to stop over in Chicago, where he enjoyed the racket and other addenda of the two conventions. Douglass Stuart, receiver for the defunct Mercantile Railway Building and Loan Association of Alexandria, Va., has been permitted by the court to declare a dividend, the court also holding that the banks should be considered as preferred creditors. The payment today was 83½ per cent of claims. Another and like dividend is expected soon, the assets being appraised to liquidate at about 60 to 70 per cent.

13. October 15, 1912 The Times Dispatch Richmond, VA
Article from The Times Dispatch, October 15, 1912

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SUIT AGAINST DIRECTORS. Order by Judge to Receiver of Defunct Alexandria Concern. [Special to The Times-Dispatch.] Alexandria, Va., October 14.-According to an order issued by Judge L. C. Barley in the Corporation Court. Howard Smith, receiver of the defunct Virginia Safe Deposit and Trust Corporation. is instructed to enter suit against the directors of that concern to collect any liabilly, if there be any. He is empowered to employ counsel to represent him and to take such action as may be necessary for the enforcement and collection of such claims. In the Corporation Court to-day a continuance was granted in the case of C. Jones Rixey, former head of the defunct Virginia Safe Deposit and Trust Corporation, against whom several indictments are pending in connection with the collapse of that concern, until the January term of court. The court directed Commonwealth's Attorney Brent to write to Dr. De Jarnette, superintendent of the asylum at Staunton, where Rixey is a patient, and ascertain his mental condition and report same to the court. A continuance until November 12 was granted in the case of Lewis Hooff. former secretary and general manager of the defunct Mercantile Railway Building and Loan Association. against whom a number of indictments are pending in connection with the collapse of that concern. A special grand jury was ordered by the court for October 23. Several criminal cases will be presented to the jury. and It is expected the personal State tax returns will be investigated.

14. January 6, 1913 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, January 6, 1913

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SECOND DIVIDEND FOR MERCANTILE Court Instructs Receiver to Pay Additional Twenty Per Cent. 30 PER CENT PAID. Checks Will Be Mailed Within Few Days-Creditors are Banks and Depositors in Savings Department. - The creditors of the MercantileRailway Building and Loan Association, composed of several hundred residents of Alexandria and vicinity, who had small savings accounts in the banking department of the defunct association and the banks of Alexan_ dria, who had loaned money to the institution, will, within the next few days, receive a second dividend, amounting to 20 per cent of their claims. A decree ordering the payment of this dividend was signed by Judge J. B. T. Thornton, of the Circuit Court in the suit of F. F. Marbury and others VS. the Mercantile Judge Thornton at the same time directed the payment of two small claims amounting to $562 and authorized the reduction of the bond of the receiver from $25,000 to $10,000. The dividend of twenty per cent is the second which has been paid. The first dividend was paid on June 15th, 1912, and consisted of thirty per cent. The dividend will be paid on approximately $50,000 which was found due the banks and deposited by H. Noel Garner, special commissioner, who was appointed to ascertain the assets and liabilities of the association. About $15,000 was required to pay the first dividend and $10,000 will be the amount of the second. It is believed by those who are familar with the affairs of the Mercan_ tile that another dividend will be paid to the creditors but that not a cent will be realized by the stockholders who invested more than $200,000 in the concern. Most of the stockholders were persons of small means who had purchased stock as a means of saving money to be converted into a home. The Mercantile elched i its doors on January 12th, 1911, two weeks after the failure of the Virginia Safe De_ posit and Trust Corporation.

15. January 6, 1913 Evening Star Washington, DC
Article from Evening Star, January 6, 1913

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ALEXANDRIA AFFAIRS Dividend to Creditors of Collapsed Loan Association. CASES BEFORE U. S. COURT Grand Jury Considering Charges. Suits Scheduled for Hearing. General and Personal. Special Correspondence of The Star. ALEXANDRIA, Va., January 6, 1913. A second dividend of 20 per cent to the creditors of the defunct Mercantile Railway Building and Loan Association was ordered paid by Judge J. B. T. Thornton in the circuit court for this city today, making a total of 50 per cent paid since the collapse of the company. The dividend, the court directs, is to be paid by Receiver Douglas Stuart, and the style of the suit is F. F. Marbury and others against the Mercantile Railway Building and Loan Association. The creditors of the association include a number of banks in the city and those who carried savings accounts in that institution. The creditors of the association are designated in a report of Special Commissioner H. Noel Garner filed some time ago. In the decree the court also orders that Rose E. Forsyth be paid the sum of $2.50 and Mrs. C. R. Sherwood be paid the sum of $3.12, the same being 50 per cent of their accounts, it appearing in the report filed. that they have been inadvertently omitted from he report of the comm ssioner filed in the cause. The court directed that the bond of Douglas Stuart as receiver for the concern be now reduced from $25,000 to $10,000.