The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-03-07
CHARLOTTESVILLE.
ANOTHER BANK FAILURE.
ANol Hhh DAM
. -. :. J,,.., ~ ,y,a pichp,cpd Disp1;cl

49,. '.... MARCH 5, 1877.
VIC have been subjected to another Of
those terrible calanities which have afflicted
orr people in the failure Of the Farmers and
Merchants Bank. Without any intimation
TO the people whatever the following notice
was printed OH Saturday night and dis
tributcd Sunday morning. The notice ex-
plains Itself: -.as -. -
" Notice.-Tbe directors Of the Farmers
and Merchants Bank have unanimously
concluded that it is advisable for the bank
to suspend business and go into liquidation.
The Immediate cause OF this determination
is that the heavy demands for currency
which have been made in the last few weeks
have so reduced the cash on hand that fur
Their efforts to meet the checks of deposltors
will but delay temporarily result which
cannot be avoided in the present financial
condition OF our community. The capital
OF the bank has been toe small: and owing
to the failure OF our New York CORE
spondents some TWO years ago, 10 the
failure OF the chesapeake and Ohio raft
road. and to the recent suspensions OF
several Of our debtors, the capital OF the
bank has been so locked up AZ to cripple its
resources at time when the demands OF the
community for money have been SO press
Ing that bank deposits have been drained
10 the lowest point and debtors to the bank
have failed to meet their Obligations.
For the last twelve months the officers
of the bank have strained every nerve to
meet the demands OF the customers OF the
bank, with a hope OF relief to the commu-
nity and OF return Of better times. Whilst
the directors cannot promise that the assets
will Weld anyl hing to the stockholders, they
vet hope that il the assets can be held for
awhile, and not sacrificed by forced sale, the
depositors Will be made safe.
"The affairs Of the bank will be wound
up by Messrs. j. M. Goodwin and c. d..
FiShburne in whose integrity and business
capacity the utmost confidence l. reposed.
a statement OF the bank will be pub
lished as soon us it can be made up.
"By order OF the President and Direc-
tors" ......'. .s... ~ ~ -.- -
1t appears that the bank has been in an
embarrassed condition for couple OF years
past. but the officers hoped to weather the
storm. and would probably have succeeded
but FOR the failure of the Chesapeake and
Ohio railroad and several New York cor
respondents. There has been no wild
speculation in this case. II there is error
it has been in the judgment OF its officers.
This failure falls heavily upon the laboring
classes and the small moneyed men. OF the
community, auu VIII pc iuolS iooot III Aeo
effects. To say that:it has cast dark cloud
Of dependency over this people but poorly
describes the condition OF things. Surely
we are an afflicted people. 1t isImpossible
at this time to give statement OF its affairs.
- ..,.-. p, QU1P.
COUNTY couRT-THE BROKRNIe BANK---4aPER-
soSAL-CBURCH. IAiPRoyEAEGT-THE POST
MAsTERsHP-TIE LATE FIRE-MEETING OF
DEPosIToRs. -
correspondence OF the Richmond Dispotch.1
-s.-. "a" MARCH 6, 1877.
The County Court held its sitting yester-
day. No business OF public Importance
was transacted. The grand Jury brought
in several indictments OF a minor character,
and condemned the Moore's Creek bridge.
Notwithstanding the rough weather there
was good attendance at court, and great
deal of whiskey destroyed.
At 4 O'Clock q meeting OF the depositors
OF the Farmers and Merchants Bank was
called to consider their interests in connec-
lion with its failure. Having no data upon
which to operate the meeting was adjourned
70 10 O'Clock this morning, when it is eX-
pected that the President will give state
ment Of its condition. ,.r2-, ...;le.. ,
Rev. X, B. Topper left yesterday for seve-
ral weeks at the South, accompanied by bis
lady,. .8 .., = o.. 81. .st ~ tassasstE
General Joseph e, Johnston arrived here.
this morning, and Is the guest OF Colonel
Venable. taanat.i" = <9u.ssr Gsa"r;if
The Methodist church is undergoing ex.
tensive internal improvements in fresco-.
painting, &C., which is being done BY ANA:
tive artist, and is quite crealtable.l g..a Ii
1t is currently reported that Mrs. General
Long has received the appointment OF post
master at this place. The report is not fully,
confirmed. The present officer has held the
position for ten or twelve years, and has
given satisfaction to the people. Yet the
appointment, of Mrs: Long would NOT be i'll
received. @E,Et ,., q = 1%:ai-t'it'ff 49,
The sufferers by the late fire contemplate
rebuilding Immediately. Brick houses will
take the places of those burned, The safes
OF hessrs. Daniel; and Blakey 81 Fry were
opened, and Athe,icentents found to be in
tact. g ~ .sstsss 5 - :, - 6 l * .
At 1Gs O'Clock the meeting Of bank de-
positors was called to order by, Colonel
Duke, chairman OF the previous meeting.
Judge Cochran syas called upon to give
some information / in gard to, the best
means OF the liquidation OF the affairs OF
tue bank. He stated the reasons Tor
assigning The affairs OF the bark into stlie
the hands OF Messrs. Fishburne 81 GodWin
as protectors of the bank Interests, and
thought u that the aepesitors should
appoint a co-trustee. He could not fur
nish statement or the affairs at present:
but spoke OF the personal staIfding OF the