The Washington times., 1914-02-13
MODERN REFORM BY
i CENTURY-OLD BANK
Farmers and Mechanics Ma
tionaI Opposed to InterIOCk-
| ing Directorates 100 Years
! Ago.
By GEORGE H. GALL.

A claim TO be The original institu-
ton of the United States to take Il
stand against interIocking dircctOrates
is put forward by the Farmers and
Mechanics National Bank, of this city,
in a souvenir history OF the bank TO
Ue issued tomorrow in commemoration
OF the l00th anniversary Of its found
ing.
The charter Of the Farmers and Me-
Chanics' Bank OF Georgetown, when
was the original style of the present
uentury-uld financial house, contained
the following provision, the history
relates: THAT no person, dlrecIo[
Of another bank, shall be a director Oh
this bank" The provision is pointed
out b. Charles II. Cragin, attorney iof
the bank, who IS the historian: 70 pe
against what is now called 1nterlock-
ing directoratcs.'
The booklet, which will be ready for
distribution at the open house Whlch
tho directors and officers OF the banks
will hold from l. to O'Clock tomorrow
afternoon, Is an deliberately printed and
illustrated volume, containing pictures
ar the first president, William MarburE,
the first and present bank buildings,
page from the banks first IedSer,
memorandum of some OF the baIlk i., 5
loans to the Government during the war
OF 1872. Il letter from James Monroe,
and other interesting things connected
with the long history of the bank
According TO the record, company or
limited partnership met on February IA,
1874. at which the following directors
were present: William Marbury,
Thomas Turner. John Lee, James Mel
vim, Rumulus Riggs, Leonard II. Johns,
George C Washington. Thomas Is.
Beall, Thomas Robertson, !r:, ana
Charles w. GoIdsbOrough. Mr.. Marbury
was elected president at an annual sal
AIRY of 500.
Bridge and Congress streets, now
Thirty-first and NJ streets. was bought
the following month for $4,000 and it
since been the home of the institution.
Fro mthe banks first lodges is shown
that from June l TO September i, lSl3,
deposits of Sl152.192.10 had been made
Those were the days when Georgetown
was an important port and mad an eN-
tensive trade with the West Indies and
Europe, when ships from afar brought
their car-oeS I'D the Potomac S1d un-
loaded them at the docks along Water
street. Just in .car of the bank build
ing.
Given First Charter.
THE Farmers and Mechnics' Bank
OF ,GeorS SetoWn" was given 2 charter BY
Congress on March 3, 1917, to continue
Until January l, 1872. The capital stock
was SJ00O0O in shares of S25 each. This
was the charter. given directly by Con-
grress. which contained The provision
about iuterlocking dirsctorates. This
charter was extended in iS2i to March A
1856 Then in its petition for another
extension the bank TeCites its services
to the Government during the war of
lSl2-l4. The banks existence was con-
tlnued TO different dates until finally
or January y, 1872 it became THE
Farmers and Mechanics National
Bank of GEORGETOWN.
In all its century of existence the
bank points out that IL has never
closed its doors or declined to honor
promptly when presented every check
drawn against It. The bank now has
total resources of S2.l+6-SiS-6S and de
posits. on January l., 1914. Of SI,222 057.44.
The present officers are William King.
PRESIDENT Robert d. Weaver. first vice
president: J. Henry Small, jr.. second
vice president: Charles II. CraGin, at
icrncy. and Charles w. Edmonston.
"ashier. The following constitute the
board OF directors: Joseph II. Bradley.
charles H EraSin. J. Edward Dyer.
Henry w. Fisher. William King. George
- Nicholson. Robert D. Simms, J.
Henry Small. ,ir.. and Robert d.
Weaver.
Because OF his extended banking in
'erests in New York Eldridge L. Jor-
dan, first vice president of the Real
Estate Trust Company has resigned
from that office, but has been retained
as "a director OF the company. The di-
rectOrs have passed a resolution ex-
Pressing their regret at the decision Of
Mr.. Jordan TO continue not to hold Of
ice.
Who.eS Produce Market