Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1875-10-23


TloNAL BANK.-As heretofore stated in the
Gazette, the Charlottesville National Bank
closed its doors on Tuesday last, if reports be
true, owing to outside spCculations, ADD an ap.
prehension OF complications, arising from the
supposed cnbarrassmeuts OF individuals, caused
a run on the institution during the Tuesday,
which it was found impossible to resist.
The Charlottesville Chronicle says that n
II. Massie, the president Of the bank, left Tor
Washington on the express train Tuesday night,
with the hope, it is said, OF making such ar.
raugemeuts as would enable the bank to resume
operations 10 the course of ten days. Should
he fail in this the assets Of this institution will,
OF course, 20 into the hands Of a receiver, and
the affairs of the bank be wound up. The gen
eral impression is that depositors are safe. and
will only suffer the Inconvenience of delay.
The stockholders may not be secure, standing
as they do, at least to the amount OF their
ock, as security to the dcposltors; but what
wll be the extent Of their losses depends on
the real condition Of the bauk, which is, Of
course, yet unknown 20 the outside public.
The suspension Of the bank locks up, tempo
rariy at least, large amount of money, and
to that extent crpples the operations of trade
10 view Of this suspension the following cir
cuiar was issued by the president of the Farm
ers and Merchants Bank of the same place on
Wednesday morning:
The suspension OF the National Bank in no
uffI No Eo~-, I'D = R.
except so far aS to Cause it to spprehen1 need
less run upon Its currency. As out few banks
can withstand TIA: constant drain upon It's re.
sources which ensues from panic, We deem it
proper, IN the interest OF our customers to guard
against such a contingency. To this end we will
continue, rs usual, TO transact the regular daily
business OF the community rs far rs IL is entruSt-
ed to Us, bit ,ctH not pay out currency to depOSi-
tors ~hom zee reasonably believe to be engaged
s"tety M maktng run; nor tor the present Will
we pay checks Tor over 8 hundred dollars.
CHECKS upon new deposits will be paid to the
full amount.
The condition Of the bank and its reserve Of
currency are stronger than they have been since
The panic OF 1873. With u reasonable forbear-
ancc upon the part OF the people, AMI restora-
ton Of conhceace, we confidently hope that busl-
ness Will be entirely restored in few days to its
usual course. JOHN L COCHRAN, President.
The business men of the town, perceiving
the necessity Of sustaining the Farmers and
Merchants Bank, held meeting on Wedues-
day morning and adopted the following rcsolu-
tlons
Whereas the suspension of the Charlottesville
National Bank has produced, and is likely to
produce an agitation and want of confidence in
the community, that is likely to react mi lrious-
~ upon the only other bank ir the town, VIZ
the Farmers and Merchants Bank; therefore,
be it y
Resoteed Thatwe, citizens of the town in IN eet-
ing ASSEMBLE d declare our confidence in the in
tegrlty OF the management Of that institution.
"a. That we approve the course proposed TO
be pursued by the bank, as ordered in their
printed circular of this morning.
MIR. Massie returned from Washington on
Wednesday, and government official will in a
few days take charge of the bank for investiga-
ton into its affairs.
The following statement Of the President
and Cashier is published:
At q meeting of tho Board of Directors of the
Charlottesville National Bank, every member
thereof being present, they directed the officers
to make and publish statement 10 the follow
ing effect, viz In view of the luct that the state
ment fsrly and correctly made out from the
books shows that the assets are considerably
more than double tho amount of the deposits
the directors are unable to see why there should
be the least uneasi.ess on the part of depositors
as to the safety OF their money. The eli ectors
can only express, as they do without hesitation,
the belief that the deposits will all certainly be-
paid. n. FL. MAss!E, President
w W. FLANAGAN, Cashier
October 2lst, 1915.