Franklin Savings Bank (Norfolk, VA)

Episode Information

Episode UID
3930384891024
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
393038489 hash
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
7d08f10fc60bed61

Response Measures

None

Description

Franklin Savings closed because its deposits were placed in the Exchange National; later articles describe dividend payments during liquidation.

Events (1)
1. April 2, 1885 Suspension
Cause
Correspondent
Cause Details
All deposits of Franklin Savings were placed in the Exchange National Bank; when the Exchange suspended the Franklin Savings closed as well.
Newspaper Excerpt
The Franklin Savings Bank of this city has closed its doors.
Source
newspapers

Newspaper Articles (11)
1. April 3, 1885 The Democratic Leader Cheyenne, WY
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.

2. April 3, 1885 New-York Tribune New York, NY
Article from New-York Tribune, April 3, 1885

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TELEGRAPHIC NOTES, BANK FAILURES IN VIRGINIA. NORFOLK, Va., April 2.-The Exchange National Bank of this city closed its doors this morning. The paid up capital of the bank is $300,000, and its surplus, according to the last statement issued, is $150,000, with undivided profits of $182,727. The Franklin Savings Bank of this city has closed its doors, and Bain & Brothers, bankers, of Portsmouth, have also suspended. METHODIST CONFERENCE DOINGS. POUGHKEEPSIE, April 2.-The New-York Methodist Episcopal conference opened- its session here to-day. Nearly 300 members were present. The routine business was interrupted by the sending of telegrams of condolence and sympathy to General Grant's family, and by the preparing of protests to be sent to the Assembly against the passage of the Freedom of Worship bill. DECISION IN A TELEGRAPH CASE. HARTFORD, April 2.-A decision has been rendered by Judge Shipman in the case of the Gold and Stock Telegraph Company against the Commercial Telegram Cornpany, declaring the patents of the latter company to be an infringement of the Callahan patents, which are controlled by the Gold and Stock Company. The latter company will therefore be able to obtain a permanent injunction restraining the Commercial Telegram Company from using its instruments, with a decree for accounting of damages for past service. The motion for the injunction and decree will come up on Saturday. BOILER EXPLOSION IN A SAW-MILL. CINCINNATI, April2.-The boiler in David Hulse's sawmill, near Scipio, Ind., exploded yesterday, killing Anthony Cleaver, the engineer, and fatally injuring David Morton and Alfred Hulse. ARRESTED FOR EMBEZZLEMENT. MILWAUKEE April 2.-James White, charged with having embezzled $8,000 of Milwaukee city bonds, was arrested at Niles, Mich., yesterday while on his way to Canada. A Milwaukee detective is on the way to bring him to this city. BANK OFFICERS ARRESTED. SPRINGFIELD, III., April 2.-James E. Chandler, president, and John B. Clemings, cashier, of the First National Bank at Bushnell, were arrested and brought here yesterday, charged with having embezzled about $60,000 of the bank's funds. They have been held in bonds or $50,000. LIGHTNING EXPLODING A POWDER MAGAZINE. ST. LOUIS, April 2.-A dispatch to The Post-Dispatch from St. Joseph says: At 4 o'clock this morning the powder magazine of the Hazard Powder Company was struck by lightning and eight and a half tons of powder were exploded. All of the houses in the vicinity was partially wrecked, but no one was seriously injured. TO BE IMPRISONED FOR LIFE. NEW-LONDON, Conn., April 2.-The trial of John P.

3. April 8, 1885 The Farmer and Mechanic Raleigh, NC
Article from The Farmer and Mechanic, April 8, 1885

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THREE BANKS BROKEN - GREAT EXCITEMENT IN NORFOLK.-Norfolk. April, 2. - The suspension of the Exchange National bank this morning has caused great excitement and almost paralyzed business. Crowds have thronged Main street and gathered about the bulletin boards even women have paraded the streets in great excitement. Not long after the Exchange bank closed, it was announced that Bain & Bro., bankers in Portsmouth, had suspended and the excitement increased. Then the Franklin Savings which had its deposits in the Exchange, closed doors. This bank is owned by Mr. Jno. B. Whitehead, president of the Exchange National. Mr. Geo. M. Bain, of Bain & Bro., Portsmouth, is cashier of the Exchange bank and Mr. S. Bain, of the same concern, is vice-presidert. For some time past their affairs have not been regarded as in good condition. It is said that they had real estate assessed at $250,000 which was not worth near as much as that amount, and the impression is that the troubles of the Exchange bank grew out of Bain & Bro's. embarrassments. Comptroller Orson Adams came to the city several days ago and people who knew of his presence here were quite anxious to know what his business was, but nobody found out until to-day, when the Exchange bank was closed by his instructions. Indeed I have it, on authority, that the officers of the bank were moving heaven and earth up the last minute to continue business, and it must be said to their credit that as soon as they found that the suspenion of the bank was a mere matter of time, they closed doors at once, without any sort of delay. The bank is one of the oldest in the city and had a capital stock of $300,000. It is a national bank and is the depository for United States funds. The internal revenue moneys in this district are deposited in this bank, as also custom house collections, postoffice moneys, etc. It is not known how much money of this character the bank had on deposit, but the post office aud custom house here had only about $1.100 in the vaults. Of course all this is secured by government bonds It can hardly be that the depositors will lose much if anything of their deposits, as the officers of the bank are all sound and honorable men, and Mr. Whitehead alone is said to be worth $300,000. D. B. Dugger is here. and says that no Petersburg bank is involved. The bank of Franklin, Va., suspended this morning.

4. 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.

5. April 10, 1885 The Magnolia Gazette Magnolia, MS
Article from The Magnolia Gazette, April 10, 1885

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Kansas City, Mo., on the condition of the winter wheat crop in Kansas, Western Missouri and Southern Nebraska are anything but encouraging as to prospects. PROMINENT officials of the Amalgamated Association emphatically pronounce false danthe reports that the organization is in Wiehe ger of disintegration. President as says the association is inherently strong as ever it was, and yearly becom- ining stronger, both in membership and fluence. QUEEN VICTORIA and her daughter, Princess Beatrice, arrived at Aix-les-Bains on the 1st. The depot was handsomely decorated in their honor. As had been arranged by M. erry, a guard of honor, composed of dragoons and the Parisian Garde Mobile, met Her Majesty at the station and acted as escort for the royal party. THE extra session of the United States Senate adjourned sine die on the 2d. THE Cree Indians at Manitoba have put on their war paint. THE Court-house at Minneapolis, Minn., burned on the 2d. EARL CAIRNS died suddenly at Bourne. mouth, Eng., on the 2d. ICE gorges in the Allegheny River are reported to be doing great damage. BENN DAVIS, a London solicitor, failed on the 2d with $1,000,00) liabilities. THE Government has decided to send an armed force to Aspinwall at once. THE Senate confirmed the nomination of Henry G. Pearson to be Postmaster at New York. RUSSIA is taking active steps to place her navy on a better war footing. GENERAL GRAHAM'S army advanced to L Tamai on the 2d. The enemy are reported B few in number and to have scattered. THE reign of terror continues in Rowan , e County, Kentucky. It is the result oi election rivalry. THE exile of the Orleans Princes, it is d thought, will be a feature of Da Freycinet's programme at Paris. THE Ohio Legislature passed bills to reS e organize Cincinnati and Cleveland. Republicans are not in a good humor over the measures. THE Chinese Legation at Berlin confirm r the report that China has accepted the peace proposals made by Ferry. THE Exchange National and the Frankit lin Savings banks of Norfolk, Va., and Bain Brothers, bankers, of Portsmouth, d Va., suspended on the 2d. e A STRANGER giving the name of M. M. Smith presented a check at a Madison -(Iowa) bank on the 2d. Banker Richards suspected forgery and called an officer. The man escaped and was pursued, shots to n being exchanged, killing one of the pursuers' horses. The stranger wrote in a momorandum book that he would die before being taken, and drawing a revolver h shot himself through the head. Papers & found on the body gave his name as Ard thur Muller. PETER JOSEPH SCHROEDER, the exd Alms-house attendant at Philadelphia, it Pa., who was arrested on a charge of murader, growing out of the recent fire at the Alms-house, by which twenty-two live hwere lost, was discharged by the Court or g the ground that there was not sufficient es evidence to hold him. THE boiler of David Hulz' saw-mills in near Scipio, Ind., exploded on the 2d and up nkilled Anthony Cleaver, engineer, and fa tally injured David Hulz, Morton Hul and Alfred Hulz. hdNEAR Alexander, Genesee County, N its Y., on the 2d, Mrs. D. S. Spring, in a fit o passion, saturated her bedding with kero tsene, applied a match, and herself an two children perished in the flames. er JAS. S. WHITE, charged with embezzle ment of $8,000 in Milwaukee city bonds i was arrested at Niles, Mich., on the 2d he while on his way to Canada.

6. April 11, 1885 The Osceola Times Osceola, AR
Article from The Osceola Times, April 11, 1885

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MISCELLANEOUS. THE Pall Mall Gazette thinks that Russia's reply is an acceptance of England's proposals, but some other papers take a different view. THE extra session of the United States Senate adjourned sine die on the 2d. THE Cree Indians at Manitoba have put on their war paint. REPORTS to the Live Stock Indicator at Kansas City, Mo., on the condition of the winter Western Missouri wheat and Southern crop in Nebraska Kansas, are anything but encouraging as to prospects. THE Government has decided to send a force of marines to Aspinwall at once. IT is announced M. Do Freycinet hasas. sumed the task of forming a new French ministry. It is stated that M. De Frey cinet will act as Minister of the Interior in the new Cabinet, and that the post of Minister of Foreign Affairs, which had been occupied by M. Jules Ferry, will be filled by the present French Ambassador to Germany, Baron de Courcel. RUSSIA is taking active steps to place her navy on a better war footing. THE reign of terror continues in Rowan County, Ky. It is the result of election rivalry. THE Chinese Legation at Berlin confirm the report that China has accepted the peace proposals made by Ferry. THE Treasury Department decided that a Chinaman who has embraced the Christian religion can not bring his wife over from China. THE French attacked and secured occupation of Phong Hoo situated in the channel between Formosa and the China main land. Chinese loss, 800: French, three killed and twelve wounded. ON the 2d the Exchange National and the Franklin Savings banks of Norfolk Va., and Bain Brothers, bankers, of Ports. mouth, Va., suspended. ICE gorges in the Allegheny River are reported to be doing great damage. THE entire train service of the Pennsylvania Railroad is to be reorganized and faster trains are to be put on. The time between St. Louis and New York will be twenty-eight hours. ANOTHER important meeting of railway managers was held at Chicago on the 2d, and resolutions were offered looking to the holding of a convention in Philadelphia in July to consider matters of transportation affecting bo h the public and the railways. It was also decided to take no business below tariff rates until after the meeting of the committee April 15th. THE Canadian Government is taking active precautions against a Fenian invasion. THE New Jersey House ot Representatives passed a compa'sory education bill. A PARIS newspaper declares that 10,000 mea stand ready to sweep away the French Senate if it refuses to vote for dis. solution. THE season of lake navigation promises to open much late this year than usual, owing to the extraordinary accumulations of ice. IT is again asserted that the Chinese Government has decided to accept Ferry's peace proposals. THERE were 231 failures throughout the United States and Canada reported for the seven days ended the 31, as against 277 for the previous week. This is the smallest number of failures chronicled during any week for this year so for. ASEVERE snow storm prevailed throughout Canada on the 3d. Trains were blockaded in many places, and there were no arrivals at Montreal. THE Government at Ottawa has ordered heavy supplies of rifles and cartridges. THE British flag has been hoisted over a part of Hamilton, an island in the Corean Archipelago. were arrested at Madrid ou with the FIVE 3d charged persons complicity in a plotto assassinate King Alfonso. United States Government had on in the Exchange of deposit THE National Bank the Norfolk, Va., which suspended on 2d, between $400,000 and $500,000, placed there by the revenue collector. AN American Association base ball meeting was held at Pailadelphia on the 3d. As no communication was received from Mr. Lucas, of St. Louis, no action was taken regarding the reinstatement of some of his players.

7. April 11, 1885 St. Landry Democrat Opelousas, LA
Article from St. Landry Democrat, April 11, 1885

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MISCELLANEOUS. THE Government has decided to send a force of marines to Aspinwall at once. IT is announced M. De Freycinet has assumed the task of forming a new French ministry. It is stated that M. De Frey cinet will act as Minister of the Interior in the new Cabinet, and that the post of Minister of Foreign Affairs, which had been occupied by M. Jules Ferry, will be filled by the present French Ambassador to Germany, Baron de Courcel. RUSSIA is taking active steps to place her navy on a better war footing. ON the 2d General Graham's army advanced to Tamai. The enemy arereported few in number and to have scattered. THE reign of terror continues in Rowan County, Ky. It is the result of election rivalry. THE Chinese Legation at Berlin confirm the report that China has accepted the peace proposals made by Ferry. THE Treasury Department decided that a Chinaman who has embraced the Christian religion can not bring his wife over from China. THE French attacked and secured occupation of Pheng Hoo situated in the channel between Formosa and the China main land. Chinese loss, 800; French, three killed and twelve wounded. ON the 2d the Exchange National and the Franklin Savings banks of Norfolk, Va., and Bain Brothers, bankers, of Portsmouth, Va., suspended. THE entire train service of the Pennsylvania Railroad is to be reorganized and faster trains are to be put on. The time between St. Louis and New York will be twenty-eight hours. ANOTHER important meeting of railway managers was held at Chicago on the 2d, and resolutions were offered looking to the holding of a convention in Philadelphia in July to consider matters of transportation affecting both the public and the railways. It was also decided to take no business below tariff rates until after the meeting of the committee April 15th. THE Canadian Government is taking active precautions against a Fenian invasion.

8. April 11, 1885 Peninsula Enterprise Accomac, VA
Article from Peninsula Enterprise, April 11, 1885

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Bank Failures in Norfolk. The Exchange National Bank of Norfolk failed on Thursday 2d inst. Until the morning of its failure the bank was negotiating for the money to assist it out of its dificulties. The moment those negotiating miscarried it closed its doors. The Franklin Savings Bank, located on Bank street, also closed its doors owing to the fact that all of its deposits are placed in the vaults of the Exchange Bank. Closely following the closing of the Exchange Bank, the banking house of Bain Bro., in Portsmouth, closed its doors This house was regarded as one of the strongest in the State. The closing of the Exchange Bank is the severest financial shock Norfolk has ever experienced. The bank was regarded as absolutoly sound. and did the largest business in the State, and practically built up the cotton trade of this port. Its officers are: John B. Whitehead, president; Jas. G. Bain, vice. president; Geo. B. Bain, Jr.; casher. A report of the condition of the bank, made on March 29. puts the capital stock at $300,000; surplus fund and undivided profits, $279,319, loans and discounts, $2,755,903; deposits, $2,422,621, and total resources, $3,978,674,28. The immediate 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 about March 12. in his report, stated that the bank was largely exceeding the legal limits in the line of discounts and W as deficient in its reserve fund The comptroller of the courrency wrote the bank officers; stating that unless this was rectified by April 25, when the charter of the bank ex pires, the charter would be canceled Efforts were made by Bain & Bro. to reemburse the bank, but the shrinkage in value of their real esrate and general securities, and a threatened run on them forced them to suspend. Their liabilities are roughly estimated at $1,600,000, and their assets at $1,900,000.

9. April 24, 1885 Wessington Springs Herald Wessington Springs, SD
Article from Wessington Springs Herald, April 24, 1885

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LIGHTNING on the 2d exploded the Hazard Company's magazine, containing eight and a-half tons of powder, at St. Joseph, Mo. The detonation partially wrecked all the houses in the vicinity. THREE banks at Norfolk, Va., closed their doors on the 2d-the Exchange National Bank, thei Franklin Savings Bank and the banking and broking firm of Bain Brothers. The concerns were closely connected with one another. THE Macon County (W. Va.) Gazette stated on the 3d that hundreds of people in that county were in a destitute condition and suffering for food. THE lowlands on the west side from Wilkesbarre, Pa., to Kingston were submerged on the 3d, the overflow being nearly a mile wide. JOHNSON PYLE, a farmer, his son, aged ten years, and two farm-hands were drowned in the Wabash River near Merom, Ind., on the 3d by the upsetting of their boat. The three men were intoxicated, and left the management of the boat to the boy. WHEAT fields in Virginia that were about to be plowed up have sprouted in such fine condition since the advent of warm weather that crop prospects are materially changed. AT various cities in the United States, as reported to Bradstreet's, there was a general improvement in trade during the seven days ended on the 3d. FELIX CONSTANT and a man named McDonald, notorious horse-thieves, were hanged on the 3d near Benton, M. T. THREE men enter ed the house of Jacob Miller, near Lancaster, o., the other night and demanded money. He felled one robber with a chair, when another of the thieves killed him with a navy revolver. The family were threatened with death while the house was being robbed of $600. INTERNAL revenue collections to the amount of over $400,000 were on deposit in the Exchange National Bank of Norfolk, Va., which suspended a few days ago. A STATEMENT was issued on the 3d by the United States Treasury at Washington showing an excess of available assets over demand liabilities of $16,418,092. IN the United States and Canada there were 249 business failures during the seven days ended on the 3d, against 242 the previous seven days. The distribution was as follows: Middle States, 44; New England States, 31; Western, 64; Southern, 55; Pacific States and Territories, 31; Canada, 24. ALL news from the seat of war in the Northwest Territory was cut off on the 3d by the interruption of telegraphic communication. United States troops were being concentrated at Fort Assinaboine to enforce neutrality and to restrain the Fenians.

10. May 14, 1886 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, May 14, 1886

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NORFOLK. BODY OF A WELL-DRESSED MAN WASHED ASHORE. Heavy Rain-Storm-New Line of Steamers-Practically AcquittedNavy-Yard Notes. [Correspondence of the Richmond Dispatch] NORWOLK, May 13, 1886. The body of a man dressed in a suit of blue clothing came ashore at Cape Henry last night, and is in a good state of preservation. It is believed to be one of the ship's company of the steamer Acadia, of Baltimore, bound from the West Indies to Baltimore with fruit, and now supposed to have foundered off the coast of North Carolina during the late series of gales. The body will be interred where found and the grave marked. A tremendous rain- and thunderstorm, with some hail, passed over this section this morning, but no damage is reported from the country up to this time. The Franklin Savings Bank, one of the four banks that went under in the Exchange-National crash, is paying another dividend of 20 per cent. to-day, making 70 per cent. paid the depositors. The Virginia-Beach Railroad Company has determined to run its hotels this summer, instead of leasing out the property. The New York, Philadelphia and Norfolk Railroad Company (Eastern Shore route) is preparing here to put a line of steamers in the North Carolina waters in opposition to the Baltimore lines. The United States training-ship Portsmouth arrived at the navy-yard last night from Hampton Roads to refit for the summer cruise of the apprentices to the Madeira Islands. A. W. Cassell, of Portsmouth, the young man who so desperately shot a dance-house keeper in Norfolk a month ago, was practically acquitted at a late hour last night in the Corporation Court. He was fined one cent and costs. The ferry company commenced today the erection of new docks and houses on their property in Norfolk, which, when completed, will be of great comfort and benefit to the travelling G. public.

11. February 18, 1887 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, February 18, 1887

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# NORFOLK FIRES. TWO IN ONE DAY, BUT VERY LITTLE DAMAGE. Died of Her Injuries-Paid Dollar for Dollar-The Truckers Happy-Railroad Meeting. [Correspondence of the Richmond Dispatch.] NORFOLK, February 17, 1887. There were two fires here this morning-one in the Norfolk Savings Bank building and the other on the Boston steamship wharf. The damage was slight in both instances. The colored woman Caroline Butler, who was so fearfully burned about the body yesterday by the explosion of a can of kerosene oil, died of her injuries last night at her home in Atlantic City. The Franklin Savings Bank, which went down in the Exchange National crash two years ago, is now paying the last dividend, which will make dollar for dollar paid to the creditors of that institution. The schooner Annie F. Clarke, from this port, is badly leaking and in distress in the Potomac river. A wrecking tug went to her assistance last night. The county truckers say everything is looking green and prosperous on the truck farms. Peas are well up and Irish potatoes all in, and the kale and spinach crops for spring shipment the finest ever known. A large fleet of guano-laden vessels is arriving. The fertilizers are for shipment south by rail. The steam-yacht Meteor, belonging to Mr. A. S. Bateman, a prominent Wall-street banker, arrived in port this morning with a party on board. The yacht is one of the largest and handsomest of her class ever in the harbor. She will take on coal and supplies while here, and then proceed south. Dr. H. C. Duerson has removed from Spotsylvania and located in Portsmouth. A regular meeting of the directors of the Roanoke and Tar-River railroad was held at Boykin's depot yesterday. Mr. John M. Robinson, of the Seaboard and Roanoke railroad and the Bay Line, is president of this line, and the Seaboard road is building it for the company. Arrangements were completed last night by the officials of the New York, Philadelphia and Norfolk railroad and the Norfolk Southern road for starting a daily freight line from the Albemarle-sound fisheries to New York, making an eighteen-hours' run, and so scheduled that the fish will reach New York during the night before the opening of the morning markets. City-Collector Leroy H. Shields is in Washington. All Chesapeake-bay steamers were several hours behind time to-day on account of heavy fogs. Miss Blanche Jones, who was so terribly burned by a kerosene explosion last Monday, is thought to be better, and may recover. G.