18781. Exchange National Bank (Norfolk, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
1137
Charter Number
1137
Start Date
April 2, 1885
Location
Norfolk, Virginia (36.847, -76.285)

Metadata

Model
gpt-5-mini
Short Digest
8100f1b9cf14e95c

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

The Exchange National Bank of Norfolk suspended/closed in early April 1885 and examiners found it insolvent; a receiver was appointed in April 1885. Causes cited include large indebtedness to Bain & Bro. (about $800,000) and excessive discounts/deficient reserve. There is mention of public uneasiness and runs on other local banks, but no clear, described depositor run on the Exchange that left it open prior to suspension—articles describe closure/suspension first, followed by appointment of a receiver and later indictments.

Events (6)

1. May 13, 1865 Chartered
Source
historical_nic
2. April 2, 1885 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability of Bain & Bro. to meet roughly $800,000 indebtedness to the bank; examiner reported excessive discounts and deficient reserves; comptroller warned charter cancelation if not rectified.
Newspaper Excerpt
The Exchange National bank of Norfolk, Va, closed its doors yesterday... The Exchange National bank of Norfolk, Va., has suspended.
Source
newspapers
3. April 9, 1885 Receivership
Source
historical_nic
4. April 9, 1885 Receivership
Newspaper Excerpt
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 Comptroller of the Currency has appointed Wm. H. Peters to be receiver for the Exchange National Bank of Norfolk, and T. F. Garnett, jr., to be attorney for the receiver.
Source
newspapers
5. September 8, 1885 Other
Newspaper Excerpt
Receiver Peters... will commence to pay out $555,000 the first dividend to the depositors.
Source
newspapers
6. November 14, 1885 Other
Newspaper Excerpt
Grand jury presented bills of indictment for misapplying the funds of the suspended Exchange National bank against John B. Whitehead, George M. Bain, jr., Thomas A. Bain and R. T. K. Bain.
Source
newspapers

Newspaper Articles (24)

Article from Evening Star, April 3, 1885

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Norfolk's Financial Crash. THE EXCHANGE NATIONAL BANK CLOSES DOORS, FOLLOWED BY THE SA VINGS BANK The Exchange National bank of Norfolk, Va, closed its doors yesterday, as announced in THE STAR'S dispatches, and this was followed by the suspension of the Franklin Savings bank and the Bain Bros., bankers, in Portsmouth, Va. The Clearing House association metand passed a resolution to the effect that the banks will stand together, and in order to prevent a rush, no check over $50 will be paid by any of the banks. The closing of the Exchange bank was the severest financial shock Norfolk has ever experienced. The bank was regarded us absolutely sound, and did the largest business in the state, and practically built up the cotton trade of that port. A bank examiner was there about March 12th who in his report stated that the bank was largely exceeding the legal limits in the line of discounts and was deficient in its reserve fund. The comptroller of the currency wrote to the bank officers, stating that unless this was rectio fied by April 25th, when the charter of the bank expires, the charter would be cancelled. Efforts were made by Bain & Bro. to reimburse the bank, but the shrinkage in value of their real estate and general securities, and a threat ened run upon them Wednesday and yesterday forced them to suspend. Their liabilities are roughly estimated at $1,600,000, and their assets at $1,900,000. Vice President Ormon A dams, of the National Bank of the Republic of New York city, was telegraphed to for sultation by the officers of the Exchange bapk and is said to have given as his opinion the with $300,000 the bank would be on a good basis in three years, and would pay dividends. The receiver will arrive from Washington day. Mr. Bain, the cashier, is quoted as that with careful management and the bank would pay all its liabilities surplus


Article from The Democratic Leader, April 3, 1885

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SPARKS FROM THE WIRES. Jay Gould has resigned from the Wabash directory, and E. E. Clarke has been chosen in his place. The nomination of Henry G Pearson to be postmaster of New York city, was confirmed without contest or division. Bain Bros., brokers, at Portsmouth, Va., and the Franklin Savings bank at Norfolk, Va., have closed their doors. The Exchange National bank of Norfolk, Va., has suspended. Causes and consequences cannot yet be ascertained. John T. Sullivan and Dominick McCaffery advertised to fight last night in Philadelphia, were arrested yesterday morning, charged with conspiring to create a breach of the peace. Jailed. The senate has adjourned sine die, after confirming all the nominations sent in by the president, excepting Alexander R. Lawton, of Georgia, to be minister to Russia, whose case was suspended at the request of President Cleveland, until papers in connection with the removal of his disabilities can be found. It is understood that the suspension IS only temporary.


Article from Morning Journal and Courier, April 3, 1885

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A Financial Panic at Norfolk. NORFOLK, Va., April 2.-The city seems to be on the verge of a financial panic and there is considerable uneasiness in both financial and commercial circles. Following close on the heels of the suspension of the National Exchange bank to-day came the news of the closing of Franklin's bank of this city, while a despatch from Portsmouth brought the announcement that Tain Bros., prominent financiers of that city, had been dragged down by the closing of the National Exchange bank, with whom they are said to have had large dealings. There is great excitement throughout the city and a run on the other banking institutions is expected to-morrow.


Article from Richmond Dispatch, April 4, 1885

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HAMPTON. Losses by the Norfolk Disaster-The Town Bank An Right. [Correspondence of the Richmond Dispatch.] APRIL 3, 1885. The failure of the Exchange National Bank of Norfolk on yesterday created much uneasiness here. The people gathered in small crowds on the streets and gloomily discussed it. It was some time before it was believed. Such was the confidence in the institution they seemed to think it impossible that the news could be true. The citizens of the town and county were heavy depositors, the amount of their deposits being estimated at $150,000. This does not include Old Point depositors, the citizens and others at that place being interested to the extent of some sixty thousand dollars. All sorts of rumors have been in circulation. It was reported at Old Point and the Soldiers' Home that the Hampton Bank had closed, but that was purely imaginary, as the bank here is firm and not affected by the Norfolk disaster. To-day the feeling is better, more having been learned of the failures, and those interested feel that they stand a reasonable chance of getting nearly all, if not all, of their deposits. There was quite a run on the bank here this morning, mostly by small depositors; but the bank has met all demands with promptness, and the officers do not anticipate any danger, and the run seems on the wane. A colored man by the name of Armistead Curry has been arrested. charged with shooting his wife, in Warwick county, a few days ago. Judge Booker still continues quite sick. HAMPTON.


Article from The Rock Island Argus, April 4, 1885

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NOT A BAD FAILURE, If the Assets and Liabilities Are Cor. rectly Stated. NORFOLK, Va., April 4.-The Exchange National bank, of this city, closed Thursday. It did the largest business of anys bank in the state. Its March report puts the capital stock at $300,000; surplus funds undivided profits, $278 319: loans and discounts, $2,755,903; deposits, $2,422,621; and total resources, $3,978,674. The cause of suspension was the inability of Bain & Bro., bankers. of Portsmouth, Va., to meet an $800,000 indebtedness to the bank. A bank examiner who was here about March 12 stated that the bank was largely exceeding the legal limits in the line of discounts and was deficient in its reserve fund. The comptroller of the currency wrote to the bank officers, stating that unless this was rectified by April 25 the charter of the bank would be canceled. Efforts were made by Bain & Bro. to reimburse the bank, Lut a shrinkage in their real estate and genoral securities and a threatened run upon them Wednesday and Thursday, forced them to close. Their liabilities are roughly estimated at $1,000,000, and the assets at $1,900,000.


Article from The Indianapolis Journal, April 4, 1885

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Government Funds in a Broken Bank. PETERSURG, Va., April 3.-The United States gveronment had on deposit in the Exchange National Bank of Norfolk, which suspended yes. terday, between $400,000 and $500,000. These funds are it ternal revenue collections made in the Second district of Virginia, of which Captain Asa Rogers, of this city, is collector. Since the last day of March, there has been forwarded by express from the collector's office here, for deposit in the Norfolk bank, about $7,000, which was returned by the express company to-day to collector Rogers, it not having been delivered at the bank. Collector Rogers to-day received a telegram from the Secretary of the Treasury, instructing him to deposit the government funds collected in this district in Richmond hereafter. The funds will be deposited in the First National Bank of that city.


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.


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.


Article from National Republican, April 9, 1885

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The Bursted Norfolk Bank. 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 yesterday 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 sumI moned to Washington for the purpose of conI ferring with the comptroller on the subject of the receivership. r


Article from The Evening Critic, April 10, 1885

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Departmental News. The Comptroller of the Currency has appointed Wm. 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. The First Comptroller of the Treasury has given an opinion that Mr. Emory Speer is entitled to the fees earned by the assistant district attorney during his authorized leave of absence from the 20th to the 31st of January.


Article from The Bad Lands Cow Boy, April 16, 1885

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Exchange National Bankof Norfolk, Va, will be placed in the hands of a receiver. Over $3,000,000 are due depositors alone.


Article from Weekly Chillicothe Crisis, April 16, 1885

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MISCELLANEOUS The grain in sight in the United States and Canada according to reports received by the secretary of the Chicago board of trade was wheat, 47,567,318 bushels, a decrease of 521,669 bushels as compared with the preceding Saturday; corn, 8,885,963, an increase of 994, 757; oats, 2,664,498, a decrease of 135,433; rye, 357,941, a decrease of 7,361; barley, 856.434, a decrease of 16,070. The stocks of grain in storein Chicago at the same were: Wheat, 15,881,150; corn, 207,385; oats, 533,163; rye, 135,353; barley, 5,038. At the stock-growers' convention at Cheyenne the secretary reported that the Wyoming association holds property valued at $100,000,000: that cattle from Texas are dangerous only for sixty days from the time of leaving their native ranges; that the reduction in freight rates secured from the Union and Northern Pacific roads benefits the association to the amount of $72,000 per annum, and that grain can never be raised on about SO per cent of the public lands now grazed upon. Death has clain.ed another member of the Illinois legislature, the victim this time being J. Henry Shaw, of Beardstown, Cass county. The deceased had been ailing during the whole session, but not 80 that he could not attend to his duties most of the time. He was over 60 years of age, and had served in the Thirtysecond general assembly, this being his second term. He had been an unswerving democrat, and thus there occurs another break in the ranks of that party. The estimated loss by fires during March was $9,000,000 in the United States and Canada. This is in excess of any previous entries during the corresponding month for the past ten years, the average fire loss reported for March having been less than $7, 000,000. The total loss by fire in the first three months of 1885 was $275,000,000, at which rate if kept up the result will be $110,000,000 for the year even if no extraordinary conflagrations occur. t At the Church of the Holy Trinity, in New York, Mrs. Tom Thumb was Monday married S to Count Primo Magis. Thousands of people gathered about the street corners, and there were many leaders of society who witnessed 0 the ceremony. The count presented his wife with a valuab'e estate in Italy, and they will y cross the Atlantic next month. h d The Exchange National bank of Norfolk, Virginia, owes its depositors over $3,000,000. , The examiner makes a gloomy report of its n condition. A committee of depositors has f gone to Washington to request the appoint1. ment of a resident of Norfolk as receiver. g General Dent was recently permitted by , Ithe physicians to see a reflection from General Grant's throat. He says no one can imagine n the progress made by the cancer, and that y n death at an early date is certain to result from the giving way of an artery. e Thomas Butterworth, an old and influential citizen of Rockford, Illinois, died in North d Carolina of heart disease. Judge John D. of Robertson, 94 years of age, a relative of Genh, eral Winfield Scott, passed away at South e Bend, Indiana. n e. The new police commissioners of Cincinnati have ordered the immediate closing of gambling houses, the expulsion of confidence men, h, be and the arrest of street-walkers for vagrancy and of sidewalk loafers for loitering. ris The Colombus Coal company has posted e notices at all its mines in the Hocking valley that it will issue no more orders for mery is chandise, but will pay its employes in cash e every Tuesday. Reports come from the mountain counties , of West Virginia that the suffering among the 8 people has been greatly exaggerated, but some animals have perished for lack of food. , e The commission appointed by the legislature 0 of Wisconsin to puachase a residence for the n governor secured the house and grounds forh merly owned by Ole Bull. for $20,000.


Article from Little Falls Transcript, April 17, 1885

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Exchange National Bank of Norfolk, Va., will be placed in the hands of a receiver. Over $3,000, 000 are due depositors alone.


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 !'


Article from Alexandria Gazette, September 8, 1885

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On Thursday, Receiver Peters, of the broken Exchange National Bank, of Norfolk, will commence to pay out $555,000 the first dividend to the depositors.


Article from Alexandria Gazette, November 12, 1885

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VIRGINIA NEWS. The Southside Farmers' Club, of Albemarle, propose to build a club house at Scottsville. Thomas N. Pace, son of Mr. James B. Pace, died at the residence of his parents in Richmond Tuesday night, in the twentythird year of his age. A suit for libel brought by Louis C. Wilson, of Fredericksburg, against the New York Herald, claiming $50,000 damages, was terminated yesterday, the Herald's counsel offering to settle at once. It is reported that the Lynchburg Virginian has been purchased by Mr. John Sherman, the local editor of that journal. Ever since Mr. Button's appointment as postmaster there have been negotiations to purchase the paper by a joint stock com pany, but it is understood that a price could not be agreed on. In the United States Circuit Court of Norfolk yesterday, after hearing argument on a motion of the receiver of the Exchange National Bank for the appointment of a special master to examine the books of Bain & Bro. in connection with the booksof the Exchange Bank, an order was entered appointing Charles T. Barry special receiver. The charges against the officers of the Exchange National Bank are still in the hands of the grand jury.


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.


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.


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.


Article from The Memphis Appeal, February 28, 1886

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and Elections. The following gentlemen from Norfolk are here under subpœna: 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.


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.


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 expréssion " 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 reöpened, 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.


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.


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.