Show The Great Failure in Virginia NORFOLK Va April 3The closing of the doors of the Exchange National Bank of this city is the severest financial shock Norfolk has ever experienced The bank was regarded as absolutely sound It did the largest business in the State The cause of suspension was the inability of Bain Brothers bankers of Portsmouth to meet their indebtedness to the Exchange Ex-change Bank amounting to 800000 This amount was reduced to 230000 but the 300000 necessary to put the bank upon a proper footing could not be obtained The bank examiner was here March 12th and in his report stated it was largely exceeding the legal limits in i the line of discounts and was deficient in reserve fund The Comptroller of Currency I Cur-rency wrote to the bank officers I offi-cers stating that unless this was rectified by April 25th the charter of the bank would be cancelled Efforts were made by Bain Bro then to reimburse re-imburse the bank but a shrinkage in their real estate and general securities and the threatened run upon them yesterday yes-terday and today forced them to close Their liabilities were roughly estimated at 1600000 and the assets at 1900000 |