gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a036251c2f24841d
Response Measures
None
Description
Closure/receivership followed closely after failure of Virginia Safe Deposit and Trust Corporation.
Events (2)
1.January 12, 1911Receivership
Newspaper Excerpt
Douglas Stuart and Lewis Hooff had been appointed receivers. The doors of the association ... were closed ... a notice telling stockholders and depositors to call at the office of Mr. Stuart was posted on the door.
Source
newspapers
2.January 12, 1911Suspension
Cause
Government Action
Cause Details
Directors petitioned the court and judge ordered receivership; association closed by court action, precipitated by failure of Virginia Safe Deposit and Trust Corporation.
Newspaper Excerpt
the directors of the Mercantile Railway Building and Loan Association had asked Judge Thorton for the appointment of receivers for the association ... The doors of the association ... were closed this morning and a notice telling stockholders and depositors to call at the office of Mr. Stuart was posted on the door.
Source
newspapers
Newspaper Articles (17)
1.January 13, 1911The Washington TimesWashington, DC
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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, 1911The Times DispatchRichmond, VA
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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, 1911Alexandria GazetteAlexandria, VA
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THE MERCANTILE RAILWAY COMPANY. There are no developments today in the matter of the closing of the doors yesterday of the Mercantile-Railway Building and Loan Association. The receivers and the attorney are at work preparing a statement of the affairs of the association which they will submit as soon as possible. The affairs of the association extended over a considerable territory and many persons are interested to a more or less extent, a large number of whom are of limited means. The list annual statement of the financial condition of the association on December 31, 1909, published on January 28, 1910, showed: RESOURCES. Loans on real estate and stock of association and accrued $286,966 98 Office payments building, furniture and 6,102 00 fixtures, auxiliary banks 9,243 48 Cash in bank and office $302,312 46 LIABILITIES. Due stock class A-1, $59,304.04 6,053.28 $53,247 76 Less dividend paid. 15,597 00 Due stock class A-2 " " " 29,454 41 B " " 12,113 29 C 91,900 00 Due paid-up stock and bank $302,312 46 All dividends payable semi-annually in cash, save in class A-1 comulative.
4.January 13, 1911The Richmond VirginianRichmond, VA
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RECEIVERS NAMED FOR ASSOCIATION BANK FAILURE IN ALEXANDRIA EMBARRASSES THE MERCANTILE RAILWAY BUILDING AND LOAN. ALEXAND RIA, VA., January 13.The Mercantile Railway Building and Loan Association of this city was placed in the hands of receivers yesterday afternoon. upon application made to Judge Thornton, in the circuit court, by F. F. Marbury, Lewis, Hooff, John P. Robinson and Laurence Stabler, directors. The court appointed Douglass Stuart and Lewis Hooff receivers. Following the failure of the Virginia Safe Deposit and Trust Corporation, which was placed in the
5.January 14, 1911The Free LanceFredericksburg, VA
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ALEXANDRIA CONCERN GOES INTO HANDS OF RECEEIVERS Sequel to Bank Failure. Following close upon the heels of the collapse of the Virginia Safe Deposit and Trust Corporation, Alexandria investors received another shock Thursday, when they learned that Judge J. B. T. Thornton, of the circuit court, had signed a decree placing the Mercantile-Railway Building and Loan Association in charge of Douglas Stuart and Lewis Hooff, as receivers. The proceedings resulting in the appointment of receivers were instituted by F. F. Marbury, Lewis Hooff, John P. Robinson and Laurence Stabler, directors of the association. The receivers appeared before Judge Thornton and qualified by giving joint bond of $25,000. Attorney Boothe gave out the following statement: "The placing of the Mercantile-Railway Building and Loan Association in the hands of receivers, is, to a certain extent, a sequel to the appointment of receivers for the Virginia Safe Deposit and Trust Corporation.
6.January 18, 1911Evening StarWashington, DC
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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.
7.January 18, 1911The Times DispatchRichmond, VA
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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.
8.September 6, 1911The Washington TimesWashington, DC
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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.September 13, 1911Alexandria GazetteAlexandria, VA
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HOOFF INDICTED BY GRAND JURY Nine True Bills of Grand Larceny Brought Against Manager of Mercantile. Lewis Hooff, general manager of the Mercantile-Railway Building and Loan Association, was indicted by the grand jury this morning on nine counts of grand larceny. The grand jury, which is composed of John W. May, foreman, Courtney Actor:- C. Page Waller, T. C. Howard; W. B. Smoot, Charles H. Callahan, W. E. Bain, C.B. Marshall and A. S. Doniphan, has been in session since last Monday making an investigation of the affairs of the Mercantile, which closed its doors last January, following of the the failure Virginia Safe Deposit have and Trust Corporation. They had number of and this them, a large morning witnesses Harry before Kirk, of the and Trust bookkeeper posit Corporation, Virginia and Safe Doug- Delass were Stuart, cloistered receiver with of the the grand Mercantile, jury for several hours. The indictments were returned to one o'clock and at the same the of the jury the court time, at report the grand Mercanthe upon tile was were a upon presented. condition There only had few persons in court when the jury completed its labors and Mr. Hooff was not present. The indictments against Mr. Hooff are as follows: Feloniously stealing $600 of the funds of the Virginia Safe Deposit and Trust Corporation. Feloniously stealing $700 of the funds of the Virginia Safe Deposit aud Trust Corporation. Felonously stealing $1,500 of the funds of the Virginia Safe Deposit and Trust Corporation. Felonously stealing $250 of the funds of the Virginia Safe Deposit and Trust Corporation. Felonously stealing $500 of the funds of the Virginia Safe Deposit and Trust Corporation. Folonously stealing six shares of the stock of the Mercantile Company. Feloniously stealing nine shares of the stock of the Mercantile Company. Feloniously stealing thirty-three shares of the Mercantile Company. Feloniously stealing three shares of the stock of the Mercantile Company. The result of the investigation of the affairs of the concern is contained in the following report, presented by the grand jury "The grand jury finds that the 18th annual statement of the Mercantile Railway Building and Loan Association of Alexandria to the stockholders from 1909, the examined directors and dated approved December by Joseph 31, L. Durkin actuary of Philadelphia dated January 19th, 1910, based on information, furnished by the officers of said association and approved by the trustee was misleading and deceptive, as the evidence before the grand jury shows that the association was insolvent at the time said report was made. We also find the system of bookkeeping was entirely inadeuqate and confusing. We furthermore find that the directors were ignorant of the operations of the institution and the methods applied. relying entirely upon data furnished by the secretary from which they made their reports." Mr. Hooff has been summoned to appear in court tomorrow morning. when the date of his trial will be set. It is expected that it will take place on or about the 14th of November. It was stated today that Mr. Hooff was bonded in the United States Fidelity Co., of Baltimore, Md., for $20,000 to fulfill his obligations as manager of the Mercantile.
10.December 21, 1911Evening StarWashington, DC
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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.December 26, 1911The Washington TimesWashington, DC
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WASHINGTON TIMES BUREAU, ALEXANDRIA, VA., DEC. 26. Preparations now are being made for the trial of Lewis Hooff, indicted by a grand jury in connection with the failure of the Mercantile-Railway Building and Loan Association in this city nearly a year ago, which is set for January 16, in corporation court. Hooff at present is at his home in Theological Seminary, he being at liberty under $10,000 monds furnished by his wife and sister. When the building association suspended last January it was announced that its failure was brought about princiaplly because of its lack of business, but was precipitated by the failure of the Virginia Safe Deposit and Trust Corporation, with which its affairs were closely involved, It was not until last August, after an exhaustive examination by the receiver, Douglass Stuart, and Special Commissioner H. Noel Garner, that Hooff, who was secretary and general manager of the concern, was suspected. His arrest and subsequent indictment followed. Just what portion, If any, of their savings will be recovered, will not be known to the depositors and shareholders until Commissioner Garner's report is filed with the court. This is expected in the course of the next few days. Mayor F. J. Paff stated this morning. that he had not taken action on the annexation ordinance, approved by both boards of the city council, and now in his hands for his signature. It is regarded as certain that the mayor will eventually sign the ordinance. Tomorrow will mark the first anniversary of the failure of the Virginia Safe Deposit and Trust Corporation. Since the concern was placed in the hands of receivers, 20 per cent of their accounts have been recovered by depositors. Another payment of 10 per cent will be made January 16. An unusually orderly Christmas celebration here was reported by the police. Practically no disorder resulted, and but four cases were heard in police court this morning. On a charge of disorderly conduct and resisting arrest by Officer Frederick Garvey, Frederick White received a fine of $10. Joseph Carroll, colored, was sentenced to six months in jail for an assault on Gertrude Jones. Fines of $2.50 each were imposed on Frank Ward and Frank Ford, both colored, for fighting. Funeral services for Lewis Edelen will be held from St. Mary's Catholic
12.December 29, 1911Alexandria GazetteAlexandria, VA
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BANK CLOSED YEAR AGO. Trust Corporation's Affairs Placed in Hands of Receivers a Year Ago Today. One year has elapsed since people while on their way down King street early on a frosty morning in December bad their attention directed to a placard upon the frent door of the Virginia Safe Deposit and Trust Corporation announcing that the affairs of the concern had been placed in the hands of receivers. While many who read the ominous words of the placard, having no funds in the institution and holding no stock, were not vitally interested in the announcement, it was not long before others with more serious visage appeared on the scene and eagerly asked questions. It was for a time like talking to the Sphynx, as the door was locked and no one was passing in nor out. Later, however, the receivers appeared and occasionally a member of the board of directors. all of whom were kept busy ittempting to assure depositors that there was apparently no need of apprebension. Although roseate statements concerning alleged assets of the corporation were made, most of the interested ones manifested a spirit of uneasiness. which the sequel has shown was well-founded. The arrest of the president of the concern and the legal proceedings of the twelve months form recent history, a recapitulation of which now is unnecessary. The receivers, as soon as possible, declared a dividend of 20 per cent. to depositors and recently declared another of 10 per cent., checks for which will be sent out during the next few days. No one seems to be in a position to say positively when another dividend will be declared. But a few days elapsed before a similar placard was placed upon the door of another Alexandria institution-the Mercantile Railway, Building and Loan Association. The head of this
13.June 13, 1912Evening StarWashington, DC
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ALEXANDRIA AFFAIRS Mercantile's Preferred Creditors to Receive Dividend. AMOUNT, THIRTY PER CENT Deposit Checks to Be Sent at Once. The Abramson Case Delayed. Special Correspondence of The Star. ALEXANDRIA, Va., June 13, 1912. Preferred creditors of the defunct Mercandile Railway Building and Loan Association will receive a dividend of 30 per cent on their. deposits in that institution. This dividend was declared today by Receiver Douglass Stuart in the case styled F. F. Marbury and others against the Mercantile Railway Building and Loan Association, which has been in the courts for a long time. Receiver Stuart said this morning that he expects to send out deposit checks for the dividend tomorrow morning and they are being prepared today. Preferred creditors consist of those who had deposits on account with that institution in the small savings banks which were distributed for that purpose. The dividend among this class of depositors means a distribution, it is said, of about $15,000.
14.June 13, 1912Alexandria GazetteAlexandria, VA
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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.
15.June 14, 1912The Times DispatchRichmond, VA
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DIVIDEND DECLARED. Alexandria, Va., June 13.-Preferred creditors of the defunct Mercantile Rallway Bu'lding and Loan Association will receive a dividend of 30 per cent., which was declared to-day by Receiver Douglas Stuart. This means a distribution of about $15,000. The preferred creditors of the nssociation consist mainly of those who had small savings banks in the concern, among whom were many women and children. The stockholders of the concern have not yet received any dividend on their deposits, and they are in the majority. This will be the first dividend which has been declared since the failure of this institution. January 12, 1911, two weeks following the failure of the Virginia Safe Deposit and Trust Corporation.
16.October 15, 1912The Times DispatchRichmond, VA
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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.
17.January 6, 1913Alexandria GazetteAlexandria, VA
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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.
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Mercantile Railway Building & Loan Association · UID 683826291333
