21494. 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
7c023fa2

Response Measures

None

Description

The association closed its doors January 12, 1911 and a receiver (Douglass/Douglas Stuart) was appointed; articles from May 1914 report dividends paid by the receiver. No run is mentioned. The closure appears tied to the collapse of the Virginia Safe Deposit and Trust Corporation two weeks earlier, so the cause is classified as distress among local banks.

Events (3)

1. January 12, 1911 Suspension
Cause
Local Banks
Cause Details
Closed January 12, 1911, two weeks after collapse of the Virginia Safe Deposit and Trust Corporation; closure appears triggered by distress among local banking institutions.
Newspaper Excerpt
The Mercantile Railway Building and Loan Association closed its doors January 12, 1911, two weeks following the collapse of the Virginia Safe Deposit and Trust Corporation.
Source
newspapers
2. May 6, 1914 Receivership
Newspaper Excerpt
A decree has been entered in the Circuit Court ... authorizing Douglass Stuart, receiver of the concern, to pay the dividend. ... A third dividend of 7 per cent will be paid to the creditors of the defunct Mercantile Railway Building and Loan Association within a few days by Receiver Douglas Stuart. Creditors ... have received dividends amounting to 30 per cent and this, therefore, will bring the total to 57 per cent. The Mercantile Railway Building and Loan Association closed its doors January 12, 1911, two weeks following the collapse of the Virginia Safe Deposit and Trust Corporation.
Source
newspapers
3. * Other
Newspaper Excerpt
Two previous dividends, one of 30 per cent, and one of twenty per cent, have already been made, and Receiver Stuart stated today that there will be another small dividend to the creditors before the affairs of the association are wound up.
Source
newspapers

Newspaper Articles (3)

Article from Alexandria Gazette, May 6, 1914

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Article Text

Depositors in Mercantile Association to Be Beneficiaries By Order of Court The creditors of the Mercantile Railway Building and Loan Association, consisting of several hundred small depositors who had savings accounts with the defunct concern and the banks who had loaned money on its stock as collateral, will within the next few days receive a dividend of seven per cent. A decree has been entered in the Circuit Court by Judge J. B. T. Thornton, in the suit of F. F. Marbury and others against the loan company authorizing Douglass Stuart, receiver of the concern, to pay the dividend. Two previous dividends. one of 30 per cent, and one of twenty per cent, have already been made, and Receiver Stuart stated today that there will be another small dividend to the credit'ors before the affairs of the assoctation are wound up. The stockholders will lose ail the money they invested. The Mercantile failed three years ago during Alexandria's black financial perio following the closing of the doors of the Virginia Safe Deposit and Trust Corporation.


Article from Evening Star, May 6, 1914

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Article Text

ALEXANDRIA AFFAIRS Loan Company Receiver to Pay Third Dividend. MAKES TOTAL 57 PER CENT Jury in Damage Suit Fails to Agree. Odd Fellows to Attend Grand Lodge. Special Correspondence of The Star. ALEXANDRIA. Va., May 6.-Creditors of the defunct Mercantile Railway Building and Loan Association early next week will receive a third dividend of 7 per cent from Receiver Douglas Stuart. The creditors include those who had money in the savings department of that inst!tution and also include the banks of the city. A decree declaring this dividend has just been entered in the circuit court for this city in the suit styled F. F. Marbury and others against the Mercantile Railway Building and Loan Association. None of the stockholders of the concern will, of course, receive a dividend from this distribution. Since the failure of the loan association the creditors have received dividends amounting to 30 per cent and this, therefore. will bring the total to 57 per cent. The Mercantile Railway Building and Loan Association closed its doors January 12. 1911, two weeks following the a collapse of the Virginia Safe Deposit and Trust Corporation.


Article from The Washington Herald, May 7, 1914

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Article Text

THIRD DIVIDEND WILL BE PAID TO CREDITORS Receiver for Mercantile Railway and Building and Loan Association to Award 7 Per Cent. MRS. NORA BARKER LOSES SUIT Alexandria, Va., May 6.-A third dividend of 7 pe ent will be paid to the ereditors of e defunct Mercantile Railway Bulle g and Loan Association within a few days by Receiver Douglas Stuart. A decree for this dividend has just been entered in the Circuit Court for this city in the case of F. F. Marbury and others against the Mercantile Railway Building and Loan Association. Creditors of the concern include those who had money on deposit in the savings department of that institution. together with several banks in the city This distribution will not include stockholders of the defunct concern. The first dividend paid to the creditors was 30 per cent and the second was 20 per cent. The Mercantile Railway Building and Loan Association closed its doors January 12. 1911, which was two weeks following the collapse of the Virginia Safe Deposit and Trust Corporation. After deliberating an hour this morn- in ing in the Circuit Court for this city the suit of Mrs. Nora Barker. of Washington, against the Potomac and Chesapeake Steamboat Company. the jury and again announced it could not agree was discharged by Judge B. T. Thornton. The object of the suit was to recover $10,000 damages for injuries alleged to have been received while a passenger on the steamer St. Johns, July 25. 1912. A number of people from this city have and arranged to go to Manassas Friday participate in the placing of a Confederflag on the spot where Gen. Bee was ate killed in battle. The ceremonies will the be under auspices of the Daughters of Confederacy, of Prince William County. and the flag. a handsome Confederate of emblem. is the gift of the Daughters Confederacy, of Texas. There will be an all-day picnic in connection with the affair, and also public speaking. Representative C. C. Carlin. of this city: Representative Sisson, ted of to Mississippi. and others are make addresses. Announcement is made that between $1,200 and $1,400 was realized by the Alexandria Motor Boat Club from its recent bazaar. The proceeds will be used in improving the clubhouse and its grounds. Preparations are being made for the annual meeting of the Mount Vernon Ladies' Association, which will begin its annual session May 14 at Mount Vernon. 0 It is expected the session will last ten days or two weeks. The regents will room at Mount Vernon during the progress of the meeting. T A list of the subscribers to the proposed new building fund of the Alexandria Hospital will be announced tomorrow morning. Total contributions to date amount to $23,300. It is expected this will be considerably Increased before noon tomorrow. for C R. H. Cox, city sergeant, was apC administrator of the estate of L pointed Anna E. Gibson, deceased, in the CirS cuit Court for this city today. M C Jonathan Matthews has sold to R. H. th Massie a house and lot on the south side a of Queen street between Columbus and b) Alfred streets. A deed of conveyance was recorded today. T th Depew T. Chauncey, son of Council5 Thomas Chauncey, who has been li employed man in the Pension Office, has been m transferred to the Interior Department. New Mexico, and has left for his new post. J. R. Mansfield, of this city, has been F granted a patent on an improved design for a fraternal emblem. Ernest Simpson, a bricklayer. was inI. jured yesterday afternoon while at work sh on the new building, the Second Baptist W Church in upper King street. or Mrs. William A. Moore, Mrs. F. J. di Paff. Miss Lucy M. Graves, Henry K. pl Field. and N. S. Greenaway have gone to fo Newport News, Va., to attend the annual meeting of the grand chapter, O. E. S., de in session in that city. St pr The hospital workers are jubilant over in the fact that in two and one-half weeks there remains less than $500 to be added ia to the score of $25,000 (half of all needed un and asked) that they have been working Is and hoping for to place in the "Quick Givers' Club," and It looks as, though re the amount will be exceeded. m W The Malay states have a coin worth ne one ten-thousandth part of an English de penny.