Exchange National Bank (Norfolk, VA)

View Charter #1137 on SPMC View balance sheet

Episode Information

Episode UID
113701024
Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
11370 national
Charter Number
1137
Start Date
April 2, 1885
Location
Norfolk, Virginia (36.847, -76.285)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3ff8f7c987a5fc11

Response Measures

None

Receivership Details

Depositor recovery rate
72.0%
Date receivership started
1885-04-09
Date receivership terminated
1894-06-23
OCC cause of failure
Fraud
Share of assets assessed as good
34.9%
Share of assets assessed as doubtful
39.4%
Share of assets assessed as worthless
25.7%

Description

Failure tied to large indebtedness to Bain & Bro.; Comptroller examiners found insolvency and receiver appointed.

Events (4)
1. May 13, 1865 Chartered
Source
historical_nic
2. April 2, 1885 Suspension
Cause
Correspondent
Cause Details
Inability of Bain & Bro., bankers of Portsmouth, to meet indebtedness to the Exchange National (initially ~$800,000, later reduced), producing insolvency and forcing suspension.
Newspaper Excerpt
The Exchange National Bank of this city closed its doors this morning.
Source
newspapers
3. April 9, 1885 Receivership
Source
historical_nic
4. April 10, 1885 Receivership
Newspaper Excerpt
The controller of the currency yesterday appointed William H. Peters to be receiver for the Exchange National Bank of Norfolk.
Source
newspapers

Newspaper Articles (24)
1. April 3, 1885 Savannah Morning News Savannah, GA
Article from Savannah Morning News, April 3, 1885

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A FINANCIAL WHIRLWIND VIRGINIA BANKS HURLED INTO INSOLVENCY. The Crash Started by the Slamming of the Doors of the Exchange National, of Norfolk-Bain Bros., of Portsmouth, Follow Suit-Norfolk's Franklin Sayings Dragged Down in the Debris. NORFOLK, va., April 2.-The Exchange National Bank of this city closed its doors this morning. This is the severest financial scock that Norfolk has ever experienced. The bank was regarded as absolutely sound. and never has a breath of suspicion been heard as to its stability. It did the largest business in the State and practically built up the cotton trade of this port. Its officers are: John B. Whitehead, President. James G. Bain, Vice President. George M. Bain, Jr., Cashier. James H. Toomer, Assistant Cashier. The report of the condition of the bank made on March 29 puts the capital stock at $300,000. the surplus fund and undevided profits at $278,319, the loans and discounts at $2,755,993, the deposits at $2,422.621, and the total resources at $3,978.674 23. The cause of the suspension was the inability of Bain & Bro., bankers of Portsmouth. to meet their indebtedness to the Exchange Bank, amounting to $800,000. This amount was reduced to about $230,000, but the $300,000 necessary to put the bank upon a proper footing under the law, as required by the Comptroller of the Currency, could not be obtained. A bank examiner was here about March 12, who, in his report, stated that the bank was largely exceeding the legal limits in the line of discounts and was ficient in its reserve fund. The Compreoller of the Currency wrot to the bank offic TS stating thatant SS this was rectifi in April 25, when the charter of the bank xpues. the charter would be cancelled. Efforts were made by Bain & Bro. to reimburse the bank, but a shrinkage 10 the value of their real estate and general securities, and a threatened run upon ID m yesterday and to-day forced them to suspend. Their liabilities are roug Tv estimated at $1.600,000, and their ass TS at $1,900,000. Vice President Orson Adams, of the National Bank of the R public, of New York city, was telegraphed to for consultation by the officers of the Exchange Bank. and is said to have given as his opinion that with $300,000 the bank would be on a good basis in three years, and would pay dividends. A receiver will arrive from Washington in the morning. Mr. Bain, the cashier, is quoted as saying that, with careful management and indulgence the bank would pay all its liabilities and have a surplus. Bain Bros., bankers at Portsmouth, Va., and the Franklin Savings Bank of this city, have also closed their doors. THE COMPTROLLER'S ACTION. WASHINGTON, April 2.-When the Comptroller of the 11 rency was to-day informed of the BUS casion of the Exchange National Bank of Norfolk, Va., he detailed James C. Brown, of his office, to take charge of the bank and examine its affairs, and directed Bank Examiner B. U. Keyser to assist in the examination. EMBEZZLING BANK OFFICIALS. SPRINGFIELD, ILL., April 2.-James E. Chandler, President, ani John B. Clemings. Cashier, of the First National Bank at Bushnell were arrested and brought here yesterday, charged with having embezzled $60,000 or more of the bank's funds They have been held in bonds of $5,000. An investigation of the bank's affairs has not yet been completed, but it is expected that the shortage will exceed the amount named. A RESPITE ASKED. NEW ORLEANS, April 2.-Minnigerod ECo, deal I'S 111 railroad supplies hav isked for a respite from their creditors Their assets are $45,000 and the liabilities $33,000. FLIGHT OF A LONDON SOLICITOR. LONDON, March 2.-The St. James Ga. zette this atternoon reports that Benjimen Davis, a Solicitor of No. 6, Cork street, Bond street, west, has failed. His liabilities are placed at $1,000,000, and it is stated that he has fled to Spain.

2. April 5, 1885 Savannah Morning News Savannah, GA
Article from Savannah Morning News, April 5, 1885

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BUSINESS BREAKS. The Nerfolk Bank's Bond Deposit in Excess of the Government's Claims. WASHINGTON, April 4.-The Comptroller of the Currency said to-day in speaking of the affairs of the suspended Exchange National Bank of Norfolk, Va., that there is a margin of about $50,000 in United States bonds deposited in the Treasury to secure the public moneys which may have been deposited with the bank over and above the amount due to the govern ent and disbursing agents according to the books of the bank at the time of its suspension. A RAILROAD'S LOSSES. PETERSBURG, Va., April 4.-The Ex. change National Bank of Norfolk was the depository of the Norfolk and Western Bailroad Company, and the latter bad a burge sum of money on deposit up to the time of the suspension. A day prior to the suspension the employes on the Eastern division of the road were paid off with checks on this bank, but they will lose nothing, as the authorities of the railroad have telegraphed their agents to cash these checks. The same company bad several thousand dollars deposited in the Planters and Mechanics' Bank of this city when it failed last May.

3. April 8, 1885 Savannah Morning News Savannah, GA
Article from Savannah Morning News, April 8, 1885

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MONETARY MSFORTUNEES. Prohibitionist McDonald a Heavy Loser by the Norfolk Bank Failure. SAN FRANCISCO, April 7.-Dr. R. H. McDonald, President of the Pacific Bank of this city, and who was a Presidential candidate before the Prohibition-Convention last year. is a creditor of the Exchange National Bank of Norfolk for nearly $200,000. He owned 1,000 shares of its capital stock, besides having about $70,000 on deposit in it. His son, when interviewed last night, admitted these facts, adding that should the amount prove a total loss his father could stand it without complaining. Dr. Me Donald is possessed of immense wealth, so the loss does not cause him the slightest embarrassment. ANOTHER NORFOLK CRASH. NORFOLK, VA., April 7,-Wallace & Son, planters, merchants and lumber dealers, of Norfolk county, to-day deeded property amounting to $151,000 to Bain & Bros. The same firm have assigned their interest in the Richmond Cedar Works in favor of Bain Bros. MUST PAY HIS OVEEDRAFT. MONTREAL, April 7.-In 'the suit of the Exchange Bank against Thomas Craig, late President of tye bank, for the amount of his overdrafts, judgment was to-day rendered for $183,000.

4. April 8, 1885 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, April 8, 1885

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The Broken Norfolk Bank. ASHINGTON, April 8.-The Comptroller of the Currency is informed by the examiners in charge of the suspended Exchange National Bank of Norfolk that the bank is insolvent and will have to be placed in the hands of a receiver. The amount due to depositors alone is over $3,000,000. A committee representing the depositors waited on Comptroller Cannon to day and requested the appointment of a resident of Norfolk as receiver of the bank.

5. April 9, 1885 Savannah Morning News Savannah, GA
Article from Savannah Morning News, April 9, 1885

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$3,000,000 DUE DEPOSITORS. The Bank Failure at Norfolk, Va., an Exceedingly Serious One. WASHINGTON, April 8.-The Comptroller of the Currency is informed by the examiners in charge of the suspended Exchange National Bank of Norfolk, Va., that the bank is insolvent and will have to be placed in the hands of a receiver. The failure of this bank is regarded as a most serious one. The amount due to depositors alone amounts to over $3,000,000. A committee representing the depositors waited on Comptroller Cannon to-day and requested the appointment of a resident of Norfolk as receiver of the bank. Mr. Brown, of the Comptroller's office, who is examining the affairs of the bank; has been summoned to Washington for the purpose of conferring with the Comptroller on the subject of the receivership.

6. April 9, 1885 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, April 9, 1885

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A BAD FAILURE. The Exchange Bank of Norfolk Owes Depositors Over $3,000,000. W ASHINGTON, April 8.-The Comptroller of the Currency is informed by the examiners in charge of the suspended Exchange National Bank of Norfolk that the bank is insolvent and will have to be placed in the hands of a receiver. The failure of this bank is regarded as a most serious one. The amount due to deA positors alone amounts to over $3,000,000. committee representing the depositors waited upon Comptroller Cannon today and requested the appointment of a resident of Norfolk as a receiver of the bank. Mr. Brown, of the Comptroller's office, who i. examining the affairs of the bank, has been summoned to Washington for the purpose of conferring with the Comptroller on the subject of the receiverhip.

7. April 9, 1885 The Waco Daily Examiner Waco, TX
Article from The Waco Daily Examiner, April 9, 1885

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THE NORFOLK BANK INSOLVENT. A Receiver to be Appointed--Some Official Changes. Washington, April 8,-The comptroller of the currency is informed by the examiners in charge of the suspended Exchange National bank of Norfolk, Va., that the bank is insolvent and will have to be placed in the hands of a receiver. The failure of the bank is regarded as most serious, and the amount due depositors alone amounts to $300,000. A committee representing depositors waited on Comptroller Connor to-day, and requested the appointment of some resident of Norfolk as receiver. e It is expected that Chas. H. Overman will be appointed superintendent of construction of a public building at Pensacola, in place of George Garfield, a cousin of the late President Garfield, who 18 to be transferred to a similar position in charge of a public building at Columbus, Ohio, the present superintendent of hich will be retained there as master mechanic.

8. April 9, 1885 The Valley Virginian Clifton Forge, Staunton, VA
Article from The Valley Virginian, April 9, 1885

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Four Virginia Banks Suspend. The Exchange National Bank of Norfolk, Virginia. closed its doors on Thursday morning. A few minutes afterwards the doors of the Franklin Saving Bank were closed, the reason given being the closing of the Exchange National. Bain Bros., of Portsmouth, one of the largest private banking concerns in the State, next displayed a notice that they were unable to meet their liabilities. The news of these suspensions spread rapidly and depositors filled the streets, but the presence of a squad of police had the effect of keeping them qniet. The Exchange Bank was the deposit bank of the city and wowed the State about $13,000 in taxes and deposits. Runs on nearly all the other banks in the city occurred, but demands were promptly met. Rumors of all kinds are rife, one of which is to the effect that the Bank Examiner. who has been there for some days by order of the Comptroller of the Currency, found a serious shortage in the reserve fund and that efforts to raise the needed amount, said to be $300,000, were futile.

9. April 9, 1885 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, April 9, 1885

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General Washington News. [By telegraph to the Dispatch.] WASHINGTON, April 8.-The Secretary of the Navy has directed the commandants of the various navy-yards to take an inventory of all the Government property in their charge. No inventory has been taken since 1878. The Comptroller of the Currency is informed by the examiners in charge of the suspended Exchange National Bank of Norfolk that the bank is insolvent and will have to be placed in the hands of a receiver. The failure of this bank is regarded as a most serious one. The amount due to depositors alone amounts to over $3,000,000. A committee representing the depositors waited on Comptroller Cannon to-day and requested the appointment of a resident of Norfolk as receiver of the bank. Mr. Brown, of the Comptroller's office, who is examining into the affairs of the bank, has been summoned to Washington for the purpose of conferring with the Comptroller on the subject of the receivership. John R. McDowell, postmaster at Rossville, Tenn., has been suspended for a violation of the postal laws. The office is in charge of his sureties. The acting Secretary of the Treasury has requested all persons having preferred claims against the New Orleans Exposition, payable from the appropriation made from the sundry-civil act of March 3, 1885, to transmit the same by mail to the Secretary of the Treasury at the earliest practicable date. in order that proper steps may be taken for their liquidation. The Director-General of the Exposition has also been requested to furnish a detailed statement of the indebtedness of the Exposition outstanding at the date of the passage of the act.

10. April 10, 1885 Evening Star Washington, DC
Article from Evening Star, April 10, 1885

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THE NORFOLK EXCHANGE BANK FAILURE.The controller of the currency yesterday appointed William H. Peters to be receiver for the Exchange National Bank of Norfolk, and T. F. Garnett, jr., to be attorney for the receiver. Both appointees are residents of Norfolk.

11. April 16, 1885 The Democrat Scotland Neck, NC
Article from The Democrat, April 16, 1885

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We are indebted to Mr. James N. Smith for the weekly reports of the weather. Junior girl's definition of reapillary ats tachment: Falling in love with a mouss tache. We gladly place the our exchange list. A good paper ably edited and published weekly. Mr. Noah Biggs has had made a buggy to suit the size of his pony. and now he has the most unique little turn out in town We return thanks to Col. R. R Bridgers, President of the W. & W. Railroad. for courtesies extended to the DEMO CRAT. Report of weather for the week ending April 11, 1885. Highest Thermometer 740 Lowest Thermometer 31Β°. Amount of rain fall 70. We learn that our friend R. J. White, formerly of this town, is now in Savannab, Ga. We subscribes to the DEMOCRAT. Mr. Walter Gray had the misfortune some days ago to get arm badly cut in a corn sheller, but We are glad to see that it is getting well. From the Smithfield 'Herald' we learn that a Literary Society is on a boom there and is quite a success. Scotland Neck can't appreciate it. In Home Items you notice work table advertised by Edmondson & osey. This something that has never been in this community before. It IS a real novelty. We still want a number of The Comonwealth' bearing date March 14, 1884 Please sen lit to us if you have it, and if your neighbor has it borr DW it and send it to us. Mr. J. A. Perry is meeting with much success in selling the new bed spring which he is unanufacturing. The spring is a good one and is said to please all who have used it. The oldest deed on record in North Carolina, is at Hertford, Perquimans Co., given by Kuscatenaw. an Indian King, to George Durant, a Quaker, date 1 March 1st. 1661.-Ex. The Farmers Bank of Norfolk has failed. The National Exchange Bank, of Norfolk has failed. Bam Bros., bankers of Portsmouth have failed. Norfolk never before has ha such a shock. Dr. Boddle's horse made quite a violent effort at running away Thursday morning. but the doctor being strong and skillful as a driver prevented any seriousness from the matter. The Wadesboro 'Intelligencer' wegladly add to our list of exchanges. S. W. Henley is the editor. It IS a good, ably edited, bold, and spicy weekly. It desers ves success. Luck to it. The *Falcon* has changed hands. Mr. F. E. Vaughan, the former editor retires and Messrs. Lamb and Ferebee will continue the enterprise. We hope them much success. The 'Falcon' is a good weekly. The Kinston *Free Press' has entered upon its fourth year of usefulness. Charles C. Daniels is its editor. and a good, newsy able weekly does he give his readers. May it continue in success, such as its present worth demands. We saw Mr. C. J. Lassiter. of Northampton. in town last Saturday. He had just returned from Norfolk. He was fortunate to draw out his money from the last bank that failed the ovening before the doors were closed the next morning. In last issue we failed to call the attens tion of our readers to the new advertisements of Messrs. Dennis & Horn, of Enfield. and of Messrs. E. T. Whitehead & Co, of Scotland Neck. The former deals ers in buggies, earts, &c., the latter druggists. 'Spell chicken.' said the Professor. 'Do you mean a little chicken asked the boy. 'Well-any chicken,' responded the Professor, somewhat amused at the lad's query. The pupil reflected a moment, and then said. 'Wouldn't & hen do?' He could spell hen and he knew a hen was a chicken. The Baptist Church of this place sent out from its Sunday-school workers on the first Sunday in this month. members to organize Sunday-sehools for the suminer at Hill's X Roads, White's x Roads Mullen's x Roads, Braswell's x Roads and Staton's school house The outlook for the year is favorable. We remember that once upona time we saw a white rabbit up town one moonlight night, and we made and effort to let 30me one else see him, not knowing that there was such a rabbit near us. Some one accused us of being inclined to believe in ghosts. We knew what it was. But now there is a young man in town who does not believe in ghosts any more than

12. May 13, 1885 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, May 13, 1885

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VIRGINIA NEWS. The residence of Philip Eastham, in Rappahannock county, was burned last week. Harrisonburg has voted by a large majority in favor of a water supply system not to exceed $25,000 in cost. Tbe fine barn of Jacob Masemer, of Warren county, was burned last week, with its contents of hay and farming implements. The flags on the capitol at Richmond were placed at half-mast Monday in respect to the memory of the late ex-Governor Gilbert C. Walker. The receipts of cotton at Norfolk for the eight months ending May 1 were 546,127 bales, against 572,130 bales same month previous year. The Abingdon Standard says it has never seen a better prospect for a fruit crop. The peach bloom is very heavy, and the apple crop promises to be very fine. The Exchange National Bank of Norfolk has paid its entire indebtedness to the State due by reason of deposits remaining in the bank at the time of its collapse. An Accomac letter says the recent raius have greatly improved the prospects for a good crop the coming season, and reports from all sections of the peninsula represent the sweet potato beds as being very fine. It is reported that W. W. Flannagan, the present cashier of the People's National Bank of Charlottesville, has been offered and has accepted the position of cashier in a New York city bank at a very liberal salary. The Postmaster General yesterday appointed Charles O. Carpenter postmaster at Gaines's cross Roads, Rappahaunock county, and Miss Ida T. Tardy, at Elba, Pittsylvania county. He also commissioned William G. Moore, at Garfield, Fairfax county. and Thomas F. Herndon, at Pleasant Gap. Mrs. Alice Burns, who claims to be a daughter of a wealthy Virginia planter, is now a prisoner in the Tombs in New York charged with intoxication and subsequent attempt to bang herself. She declines to give her father's name. She said he disowned her for marryinga circus rider named Burns, who died a year ago leaving her with an infant. Despair brought her to her present condition. W. C. Robinson, proprietor of a jewelry store at Black's and White's Station, on the Norfolk and Western Railroad, left yesterday for Nottoway Court House, leaving his clerk, Hayden, in charge of the store. Shortly after Robinson's departure Hayden, it is charged, packed up about $500 worth of Robinson's jewelry and left town on a west bound passenger train. He was arrested at Appomattox Station with the jewelry in his possession. The preliminary motion of the receiver of the Exchange National Bank of Norfolk before the United States Circuit Court, Chief Justice Waite presiding, to remove the trustees of Bain & Bros.' deed, and appoint a receiver to take charge of that firm's assets, was denied yesterday. The plaintiff's attack was made on the ground of fraud and conspiracy to defraud the Exchange Bank. Immediately upon the decision of the court warrants of arrest were sworn out by B. U. Keyser, U. S. bank examiner, against John B. Whitehead, late president; James G. Bain, vice president; George M. Bain, jr., cashier, and R. T. Bain, director. They were bailed by the United States commissioner in the sum of $10 000 each for their appearance at the July term of the court.

13. May 15, 1885 South Branch Intelligencer Romney, WV
Article from South Branch Intelligencer, May 15, 1885

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A young man blackened his moustacke with a lead comb and then took his girl out for a moonlight stroll. When the fair one appeared in the bright light of the family circle a couple of hours later, her face looked like a railroad map. A Mormon editor at Salt Lake City bad the following in a recent number: The unknown woman who was killed at this place three months ago by the cars, proves to be one of the wives of the editor of this paper.' ARREST OF FOUR BANK OFFICERS.The motion of the receiver of the Exchange National Bank before the United States Circuit Court, at Nor. folk, Va., on the 12th inst., to appoint a receiver to take charge of Bain & Bro.'s assets was denied. The plaintiff's attack was made on the ground of fraul and conspiracy to efraud the Exchange Bank. Warrants of arrest were then sworn ontby Bank Examiner Keyser against John B. Whitehead, late president of the bank; James G Bain. vice-president; Geo M. Bain, Jr., cashier, and R. T K. Bain, director. They were bailed In the sum of $10,000 each. | Tomatoes, cymblings and cabbage from the far South made their appearance in the Winchester market last week. Mr. William Montgomery, of this place, went to Cumberland last Mon. day in charge of two cans of young trout from Fish Commissioner Capt. C. S. White, which be shipped to Commissioner Miller, of Wheeling. An Englishman, looking down a list of American towns, came to those bearing the well-known names of Pawtneket, Shetucket and Nantucke 'Haw! haw !' ha exclaimed. 'Bless me, if the whole family didn't take it !'

14. November 14, 1885 Savannah Morning News Savannah, GA
Article from Savannah Morning News, November 14, 1885

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NORFOLK'S BROKEN BANK. NORFOLK, VA., Nov. 13.-In the United States Circuit Court to-day, Judge Hughes presiding, the grand jury presented bills of indictment for misapplying the funds of the suspended Exchange national bank against the following parties: John B. Whitehead, president; George M. Bain, Jr., cashier; Thos. A. Bain, and R. T. K. Bain. Indictments for false entry were presented against John B. Whitehead, Geo. M. Bain, Jr., Orlando Windsor, and C. E. Jenkins.

15. November 14, 1885 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, November 14, 1885

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VIRGINIA NEWS. The New York Tribune says "Senator Mahone has in preparation a statement showing that the republicans of Virginia were 'counted out' and just where and how it was done." The democratic club of Wytheville has passed resolutions thanking the colored men of Wythe county who voted the democratic ticket at the late election, and assuring them of the hearty support of their white democratic friends. At the session of the Baptist Association in Richmond yesterday Rev. J. A. Speight, of Norfolk, announced his intention to print in Norfolk a Baptist paper to be known as the Baptist Pilot. The session was occupied with routine business. In the United States Circuit Court in Norfolk yesterday the grand jury presented bills of indictment, for misapplying the funds of the suspended Exchange National Bank, against the following parties: John B. Whitehead, president; George M. Bain, jr., cashier; Thomas A. Bain and R. T. K. Bain. Indictments for false entry were presented against John B. Whitehead, George M. Bain, jr., Orlando Windsor and C. E. Jenkins. The Richmond correspondent of the Norfolk Ledger writes: It is said that Mr. W. C. Elam, the editor of the Whig, has been offered an important place on the editorial staff of the National Republican, of Washington. It is not improbable that the Whig will be purchased by some enterprising person and converted into a staunch democratic journal. The names of several prominent democrats have been connected with such a project. A demonstration was held in Danville last night in honor of the recent democratic victory. The day was gloomy, but in spite of the rain a large crowd was present from the surrounding country. A procession was formed and paraded the streets between buildings brilliantly illuminated, and cheer after cheer went up as the procession moved. Speeches were made at the Star Warehouse by several speakers of prominence, and the occasion was full of enthusiasm.

16. November 14, 1885 Evening Star Washington, DC
Article from Evening Star, November 14, 1885

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# NORFOLK BANK OFFICERS INDICTED In the United States circuit court in Norfolk yesterday, Judge Hughes presiding, the grand jury presented bills of indictment for misapplying the funds of the suspended Exchange National bank against the following parties: John B. Whitehead, president; George M. Bain, jr., cashier; Thomas A. Bain and R. T. K. Bain. Indictments for false entry were presented against John B. Whitehead, George M. Bain, jr., Orlando Windsor and C. E. Jenkins.

17. November 20, 1885 Shenandoah Herald Woodstock, VA
Article from Shenandoah Herald, November 20, 1885

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In the United States Circuit Court in Norfolk last week, Judge Hughes presiding, the grand jury presented bills of indictment for misapplying the funds of the suspended Exchange National bank against the following parties: John B. Whitehead, president; George M. Bain, jr., cashier; Thomas A. Bain and R. T. K. Bain. Indictments for false entry were presented against John B. Whitehead, George M. Bain, jr., Orlando Wind. sor and C. E. Jenkins." It has been some months since the defaults for which these men are now indicted were made public, but all of them being of the best people they could not be touched ill after election.

18. February 27, 1886 Evening Star Washington, DC
Article from Evening Star, February 27, 1886

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anect public education and not with petty matters. One trustee told him that during his three years' service no great educational question was ever discussed. The time was taken up entirely with petty matters. Gen. Hovey spoke in favor of the bill. SENATOR INGALLS said it was admitted that the educational system here is excellent. That being the fact he thought reasons should be given for a demand for radical changes in the system. The public school system of the District was, added Mr. Ingalls, declared to be second to none. MORE FROM COMMISSIONER WEBB. Commissioner Webb said the advice given by the trustees will always have the force, if not the character, of legislation. COMMISSIONER EDMONDS spoke of confusion that bad arisen by the trustees displacing and appointing teachers without even notifying the superintendent, and he said that after Mr. Wilson's resignation the Commissioners did their best to get the most competent successor for him. Rev. Dr. Domer expressed himself in favor of the citizens' bill. TO BE SUBMITTED TO THE FULL COMMITTEE. Chairman Ingalls said the sub-committee would be glad to receive any statements, documents or opinions bearing on the question, and that very soon the matter would be submitted to the full committee for consideration. Dr. Reyburn thanked the sub-committee and the meeting was declared adjourned. Judge Merrick's Nomination. NO DECISION YET REACHED BY THE SENATE JUDICIARY COMMITTEE. So far as can be ascertained the Senate judiclary committee have not decided upon Judge Merrick's nomination. There has been some objection to his confirmation because of his age, but, as under the law he could not be retired until having served ten years, the question of early retirement cannot weigh. The objection on the committee, it seems, is against putt ng in the benen men whose advanced age might in the course of several years incapacitate them for the active discharge of judicial duties. The Case of Solicitor General Goode. INVESTIGATION BEGUN BY THE SENATE SUBCOMMITTEE. Senators Hoar and Jackson, of the sub-committee on the judiciary, appointed to investigate the charges against Solicitor General Goode were in session this morning in the room of the Senate committee on privileges and elections. The following named gentlemen from Norfolk are here under subpΕ“na: C. W. Grandy, commission merchant; W. H. White and Judge T. S. Garnett, lawyers; W. H. Peters, bank receiver, and Charles Sharp. They are all prominent citizens of Nortolk, and are understood to be personal friends of Mr. Goode. The investigation is to be a secret one. The witnesses are closeted in the adjoining committe room, and are brought in one at a time before the subcommittee. The examination lasted about an hour and a half. The charges against General Goode were not made known to the witnesses, but the inquiries made of them related to the appointment of Mr. Peters to be receiver of the Exchange National bank, and so tar as their replies went they were emphatically in vindication of Gen. Goode, who is said to have been charged with receiving a fee for his services in securing the appointment. The witness said the appointment was made in compliance with the wishes of the business men of Nortolk. They had a hundred thousand dollars in the institution and wished to have a man appointed as receiver in whose ability and integrity they had confidence. Treasury Department Appointments. Under the civil service law, rules and regulations, Mr. Jas. F. Barrett, of North Carolina, has been appointed a clerk of class one in the office of the first auditor, and Mr. Frederick Casady, of New York, has been appointed a clerk of class one in the office of the second auditor. The Secretary of the Treasury to-day appointed Byron J. Holt, inspector of hulls at Burlington, Vt., and Andrew Reitz inspector of hulls at Wheeling W. Va

19. February 28, 1886 The Memphis Appeal Memphis, TN
Article from The Memphis Appeal, February 28, 1886

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and Elections. The following gentlemen from Norfolk are here under subpΕ“na: C. W. Grady, commission merchant; W.H.White and Judge T.S.Garrett, lawyers; W. Peters, bank receiver, and Charles Sharp. They are all prominent citizens of Norfolk, and are understood to be personal friends of Mr. Goode. The investigation is to be a secret one. The witnesses are closeted in the adjoining committee-room, and are brought in one at a time before the subcommittee. The examination lasted an hour and a half. The charges against Gen. Goode were not made to the witnesses, but the inquiries made of them related to the appointment of Mr. Peters to be receiver of the Exchange National Bank, and so far as their replies went, they were emphatically in vindication of Gen. Goode, who is said to have been charged with receiving a fee for his services in securing the appointment. The witnesses said the appointment was made in compliance with the wishes of the business men of Norfolk. They had a hundred thousand dollars in the bank, and wished to have a man appointed receiver in whose ability and integrity they had confidence.

20. March 1, 1886 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, March 1, 1886

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# THE CHARGES AGAINST MR. GOODE.- As stated in Saturday's GAZETTE, Senators Hoar and Jackson, of the sub-committee on the judiciary appointed to investigate the charges against Solicitor General Goode, were in session Saturday morning. The examination lasted about an hour and a half. The charges against Mr. Goode were not made known to the witnesses, but the inquiries made of them related to the appointment of Mr. Peters to be receiver of the Exchange National Bank, and so far as their replies went they were emphatically in vindication of Mr. Goode, who is said to have been charged with receiving a fee for his services in securing the appointment. The witnesses said the appointment was made in compliance with the wishes of the business men of Norfolk.

21. March 6, 1886 Peninsula Enterprise Accomac, VA
Article from Peninsula Enterprise, March 6, 1886

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It is said that Receiver Peters. of the Exchange National Bank, will shortly declare another dividend of ten per cent. -Norfolk Virginian. So small a pittance even will doubtless be received with thanks by the Eastern Shore depositors of the "busted" bank.

22. March 19, 1886 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, March 19, 1886

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with any Chief Executive to lock the door upon the House and Senate and defeat all investigation. Mr. Spooner did not mean to imply that President Cleveland would abuse that power. It was no part of his argument to impeach the good faith of the President but he warned the Democratic side of the chamber that we were not dealing with this question for a day. The issue was one that would outlive us. As to the tenure-of-office law, Mr. Spooner criticised the President's exprΓ©ssion " innocuous desuetude." The term always provoked a smile, Mr. Spooner said; but there was nothing to smile at. This was a Government of law, and he was sorry the Chief Executive of the republic should have used such words of any law that stood on the statute-books. It was a dangerous time when the President of the United States, with an oath registered in Heaven to take care that the laws should be faithfully executed," should send a message to the Senate saying that the statute had fallen into harmless disuse, though the statute remained on the books. If ever there was a time when there was need of respect for law, it was now when in many States thoughtful men were turning blanched faces to the future. How could the people be expected to yield cheerful obedience to the statutes when the first citizen of the republichimself charged with their executionwas heard asserting that the statute could harmlessly fall into disuse? But, Mr. Spooner said, the President did not believe his own statement. His acts had been better than his words. For he had sent in a large number of nominations of men to take places of officers suspended by him under authority of the very act to which reference had been made. At 5 o'clock. Mr. Spooner still having the floor, the Senate went into executive session, and in about half an hour, on the doors being reΓΆpened, adjourned. House of Representatives. Mr. Negley, of Pennsylvania, asked unanimous consent to put upon its passage the bill to reimburse the National Home for Disabled Volunteers for losses incurred through the failure of the Exchange National Bank of Norfolk. Before the title of the bill was read, Mr. Beach, of New York, objected. Mr. Negley became indignant, but was helpless. The following committee reports were presented : By Mr. Harris, of Georgia, from the Committee on Ways and Means: Au. thorizing the establishment of exporttobacco manufactories and providing for drawbacks on imported articles used in manufacturing export tobacco. Referred to the Committee of the Whole. By Mr. Collins, of Massachusetts, from the Committee on the Judiciary To establish a uniform system of bankruptcy throughout the United States. Placed on the calendar. At the expiration of the morning hour the House again went into Com mittee of the Whole on the Indian appropriation bill. The consideration of the bill dragged drearily along, no amendments of any importance being offered. and such as were offered being usually ruled out on points of order after a long and uninteresting discussion. After finishing forty-two of the forty-eight pages of the bill the committee rose, and the House at 5:55 P. M. adjourned.

23. January 29, 1887 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, January 29, 1887

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# THE SOUTHERN TELEGRAPH SUIT In the case of Mahone vs. the Southern Telegraph Company, touching $80,000 of Southern Telegraph bonds held by W. H. Peters, receiver of the Exchange National Bank of Norfolk, and a claim for advances made thereon by Bain & Bros., and the exceptions to said report filed by John S. Wise, attorney for certain bondholders, the United States District Court at Norfolk has ordered that the exceptions be sustained, and that Bain & Bros. or their assignees have no claim whatever upon said bonds for any advances made by them; and the court also ordered that Receiver Peters surrender to Charles T. Barry, commissioner, the $80,000 bonds aforesaid, to be cancelled as invalid issues by said company. An appeal from that decree was granted. The court allowed a rehearing of a petition of C. C. Brown & Co., which had been denied last July, and it was argued at length by Col. Ingersoll, counsel for the petioners, and again the motion was overruled. Judge Hughes filed an elaborate opinion, showing that the $376,000 of bonds sought to be set up were never legally issued. An appeal was taken.

24. February 2, 1889 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, February 2, 1889

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PUSHING THE WORK. THE CHOWAN SOUTHERN RAILROADGREAT EXPECTATIONS. General News Notes in Norfolk and Portamouth-The Broken Home BankPersonal. Correspondence of the Richmond Dispatch.] NORFOLK, February 1, 1889. The Chowan Southern railroad is 80 tar completed that trains are expected to run through from Norfolk to the Roanoke river by the 1st of March, and then the work will be concentrated on that portion of the road between the Roanoke and Tarboro', N. C. The bridge across the Chowan river was finished several days ago, and work going ahead rapidly on the extensive drawbridge across the Roanoke, with its five granite piers and 1.200 feet of trestle-work. Not a day is lost in the construction of the road, and the contractors will all get through on time. The warehouses and wharves here willall be ready in time. Great things are expected of this new feeder by the businessmen of Norfolk. The depositors of the collapsed Home Bank have appointed a committee to take legal steps against the officers of the bank for making false statements and obtaining money under false pretences. The report of the experts stated that the various entries made in the last published statement of the officers were not justified by the facts brought out in the investigation of the books of the bank. The cashier is in Boston. It IS freezing cold here to dar and there WAS a flurry of snow last night. The change is to a certain extent desirable. Mr. Jordan B. Blackburn, a popular merchant of Norfolk. and Miss Fannie B. Spindle, daughter of C-ptain Joseph C. Spir die, of Essex county, were married here last eve. sing. and left on the Chesapeake and Ohio line for the West. Commodore A. E. Bateman is president of the new company organized to operate the Gosport cotton-docks and the Seaboard compress-works. in this city, All this property sold for less than half of what it was valued at when the Exchange National Bank failed. Mr. Charles H. Johnston, a popular busi. ness- and hotel-man of this city, has been appointed manager of the Ocean House. in Portsmouth, for the Atlantic and Danville railroad. During last month there were thirty-one marriages in this city: in Norfolk county twenty-six, and in Portsmouth nine. William Mitchell (colored), of this city, has been arrested and committed to jail in Suffolk for a forgery committed here. This morning Detective W. Wilbern left for Lynchburg with a twelve-year-old runaway named Harvey Miller, who has been at work in a feed store here for three months. During last month there were thirty-one deaths in Portumouth. The city is thronged with strangers and the hotels are all full. R. T. K. Bain and L. W. Buskey are on their way to the Albany peuitentiary. This morning United States Commissioner C. T. Barry sent on for trial a negro man named Andrew Wright, charged withfalsely representing bimself at the post-office and obtaining possession of A letter belonging to another party and containing $58, which money Wright spent in spreeing. Captain Mordecai, of the police department, arrived to-night from Wilmington, N. C., with the forger Barnes. The captain and crew of the disabled teamer Rescue arrived here to-day from North Carolina. The rescue will be towed LO Philadelphia for repairs.