18829. Peoples Bank (Portsmouth, VA)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
state
Start Date
November 1, 1907
Location
Portsmouth, Virginia (36.835, -76.298)

Metadata

Model
gpt-5-mini
Short Digest
eb8ace9fba99ccb8

Response Measures

None

Description

A heavy run during the 1907 financial crisis forced People's Bank (Portsmouth, VA) to close its doors Nov 1, 1907. Initially described as solvent but unable to meet withdrawals, examiners later found large embezzlements by the cashier; the bank was placed in receivership Nov 11, 1907 and permanently closed. Bank type inferred as state bank from naming (no 'National' or 'Trust'). Dates taken from contemporaneous newspaper reports.

Events (3)

1. November 1, 1907 Run
Cause
Macro News
Cause Details
Unusually heavy withdrawals during the 1907 financial crisis; inability to secure sufficient cash to meet depositors' demands.
Measures
Closed doors to the public; only receiving claims owed to the bank while awaiting funds and collection on outstanding claims.
Newspaper Excerpt
Stating that they have not been able to secure sufficient cash on outstanding claims to meet the recent heavy run made by depositors, the board of directors of the People's Bank, Portsmouth, ordered the doors of that Institution closed to-day.
Source
newspapers
2. November 1, 1907 Suspension
Cause
Macro News
Cause Details
Suspended payment because it could not secure sufficient cash to meet heavy withdrawals amid the wider 1907 panic.
Newspaper Excerpt
the People's Bank, of Portsmouth, suspending business through the fact that it could not secure sufficient cash at the time to meet an unusually heavy run of creditors.
Source
newspapers
3. November 11, 1907 Receivership
Newspaper Excerpt
went into the hands of a receiver tonight on petition of directors who gave out a statement that the bank had been made insolvent through defalcations of the cashier
Source
newspapers

Newspaper Articles (22)

Article from The Times Dispatch, November 2, 1907

Click image to open full size in new tab

Article Text

PORTSMOUTH BANK SUSPENDS. Unable to Secure Enough Ready Cash, But Entirely Solvent. [Special to The Times-Dispatch,] NORFOLK, VA., November 1.-Stating that they have not been able to secure sufficient cash on outstanding claims to meet the recent heavy run made by depositors, the board of directors of the People's Bank, Portsmouth. ordered the doors of that Institution closed to-day. Little alarm is felt, however, as the bank is declared to be perfectly solvent, the only difficulty being the delay in securing claims that are said to be absolutely good. According to President Franklin D. Gill and other officials, It will be but a short time before the bank will resume regular business. At present. however, the only business transacted will be that of receiving claims owed to the bank. The People's Bank is capitalized at $50,000, and is said to have a surplus of $74,000. It is regarded as one of the most solvent banking institutions in this section of the State, its largest


Article from The Times Dispatch, November 4, 1907

Click image to open full size in new tab

Article Text

THE BANK SOLVENT Portsmouth Institution Expected to Resume Business Soon. [Special to The Times-Dispatch.] NORFOLK, VA.,- November 3.-Beyond the slight flurry of interest always occasioned by a banking institution closing its doors, there has been no excitement as a result of the Peoples' Bank, of Portsmouth, suspending business through the fact that it could not secure sufficient cash at the time to meet an unusually heavy run of creditors. The bank is believed absolutely solvent, with a credit that cannot be questioned, and the depositors are calmly waiting the time for the institution to resume business. Nobody doubts that every depositor will receive dollar for dollar, and the slight financial storm is expected to blow over within a few days.


Article from The Daily Morning Journal and Courier, November 12, 1907

Click image to open full size in new tab

Article Text

CASHIER WRECKS BANK. Norfolk, Va., Nov. 11.-The People's bank of Portsmouth, which suspended several days ago, went into the hands of a receiver to-night on petition of directors who gave out a statement that the bank had been made insolvent through defalcations of the cashier


Article from The Times Dispatch, November 12, 1907

Click image to open full size in new tab

Article Text

ng ns. d. PORTSMOUTH BANK IN RECEIVER'S HANDS; ge g FALSIFICATION OF ACCOUNTS CHARGED NORFOLK, VA., November 11.-At consequent insolvency necessitates "By order of the board of directors." the permanent closing of the bank the request of a depositor of the Pooand the application to the courts The directors of the bank were in ple's Bank, of Portsmouth, Judge Bain to for the appointment of a receiver. session nearly all day. They would at 7 o'clock to-night appointed John T. add nothing to the notice issued. Griffin receiver of that institution. The A. B. Butt was cashier of the bank, It application for and appointment of a the capital stock of which is $200,000. D. receiver followed the posting on the Deposits are heavy, but no statement Cold Wave for South. is door of the bank the following notice: as to the amount was made. at The report of the examiners The bank suspended payment ten 10 made this day, although not comWASHINGTON, November 11-The days ago. CO Weather Bureau to-night Issued the plete, is sufficient in our opinion Butts is under a bond of $15,000. Ho is following special forecast: Cold to disclose that there has been a had bene interested in some exposition 111 wave or front warnings have been falsification of accounts and a misenterprises, and It Is said to-night that III issued for the Southern Staten genfailure of these to be profitable may appropriation of the funds of the d erally. be R cause of the bank's condition. No bank by the cashier and that the arrests have been made to-night.


Article from Waterbury Evening Democrat, November 12, 1907

Click image to open full size in new tab

Article Text

RECEIVER THERE Cashier of Virginia Bank Which Closed Several Days Ago Misappropriated Funds. Norfolk, Va., Nov. 12.-The Peo. ple's Bank of Portsmouth which closed its doors temporarily several days ago following a run on it during the financial crisis went into a receivers hands last night after an inspection of examiners developed the fact that Cashier Alex Butt had misappropriated funds and falsified accounts. A meeting of the directors was called and the permanent closing of the bank on account of insolvency was posted on its doors. John T. Griffin, of the Merchants & Farmers bank of Portsmouth was appointed as receiver.


Article from Arizona Republican, November 12, 1907

Click image to open full size in new tab

Article Text

THE CASHIER TO BLAME. Norfolk, Va. Nov. 11.-The Peoples' Bank of Portsmouth, which suspended several days ago, went into the hands of a receiver tonight on the petition of the directors, who gave out a statement that the bank had been made insolvent through the defalcation of the cashier.


Article from The News-Democrat, November 12, 1907

Click image to open full size in new tab

Article Text

Cashier Went Wrong Norfolk, Va., Nov. 12.-The People's Bank of Portsmouth, which closed its doors temporarily several days ago following a run on It during the financial crisis, went into a receiver's hands Past night after an inspection of examiners developed the fact that Cashier Alexander Putt had misappropriated funds and falsified accounts. A meeting of the directors was called and the permanent closing of the bank on account of Insolvency was posted on its doors. John T. Griffin, of the Merchants and Farmers Bank of Portsmouth, was appointed as receiver.


Article from The Times Dispatch, November 13, 1907

Click image to open full size in new tab

Article Text

TO WIND UP ITS AFFAIRS. Cashier Butt III Ever Since the Bank Was Closed. [Special to The Times-Dispatch.] PORTSMOUTH. VA., November 12.Mr. John T. Griffin. appointed last night receiver of the People's Bank of Portsmouth. will at once proceed to wind up the affairs of that institution. Mr. Griffin's bond was placed at $250.000. Mr. A. B. Butt. cashier of the bank. which suspended payment ten days ago. was under a $15,000 bond with the Fidelity and Casualtv Company. of Maryland as surety. Mr. Butt has been ill at his home ever since the doors of the bank were closed.


Article from The Washington Herald, November 14, 1907

Click image to open full size in new tab

Article Text

VIRGINIA AND WEST VIRGINIA. Portsmouth, Nov. 13. - -Three saloons and a tenement house were destroyed by fire, entailing $15,000 loss. Danville, Nov. 13.-The Virginia Baptist Association, in convention here, held three sessions to-day. Warsaw, Nov. 13.-A fire destroyed two business buildings and injured several people, causing a loss of $8,000. Chase City, Nov. 13.-The State Medical Society is in convention here. The sessions will continue for several days. Richmond. Nov. 13.-Three murderers now have before the governor petitions for commutation of sentence to life imprisonment. Bristol, Nov. 13.-The Twin City Law and Order League will aid the city officials in detecting and prosecuting violators of the local option laws. Staunton, Nov. 13. - -The decomposed body of Henry Miller. an aged negro who has been missing for several days, was found on the banks of Sandy River. Wheeling, Nov. 13.-The 100 miners of the Red Mud Mine at Rayland, who were out on strike over the discharge of a blacksmith, have returned to work. Norfolk, Nov. 13.-At to-day's session of the American Federation of Labor, President Samuel Gompers denounced those who have made attacks upon him. Roanoke, Nov. 13.-John Scott, a Norfolk and Western Railroad conductor. is under arrest for padding payrolls on the Queen and Crescent Railway in Tennessee. Norfolk, Nov. 13.-C. W. Tyus fell in front of an approaching street car and was saved from injury by being dragged from the rails by his father, just as the car struck him. Bristol, Nov. 13.-The mayors of the two Bristols have issued an appeal, calling on citizens of the twin towns to attend the Jamestown Exposition on November 20, Bristol Day. Norfolk, Nov. 13.-Actor Jack Herman, who is accused of abducting a seventeen-year-old girl from Frederick, Md., will be held until a Maryland officer arrives with extradition papers. Portsmouth, Nov. 13.-A. T. Butts, cashier of the People's Bank. which suspended payment ten days ago, is sick at his home. where he has been ever since the institution's doors were closed. Richmond, Nov. 3.-Money has been appropriated by Floyd County for the purpose of an analysis of the stomach of J. Merritt Underwood, who, it is believed. died from poison administered by Charles A. Bennett, three days prior to his marriage with Underwood's widow-


Article from The Washington Herald, November 14, 1907

Click image to open full size in new tab

Article Text

Portsmouth, Nov. 13.-A. T. Butts, cashier of the People's Bank. which suspended payment ten days ago, is sick at his home. where he has been ever since the institution's doors were closed.


Article from Edgefield Advertiser, November 20, 1907

Click image to open full size in new tab

Article Text

Late News In Brief d MINOR MATTERS OF INTEREST Grover Cleveland spend the day out hunting. The German Emperor was delayed by fog on his arrival in England. The third Douma will begin its sessions at St. Petersburg next Thursday. Five new companies of the coast artilleryy are to be organized at Fort Monroe, Va. Former Secretary of the Treasury Shaw made an address advocating "currency reform. A member of the Russian Absolutist party announces that the plan is to destroy the Duma. The steamer Minnetonka brought B stowaway, who traveled as a passenger, though without money. The ferry sale made by Anthony N. Brady, in New York, is to be investigated by the grand jury. Marconi is experimenting with the wireless system to find if power cannot be transmitted in the same way. Henry Farman made a complete circle with his aeroplane, though the performance is not regarded as offieial. President Roosevelt has invited Dewey, Brownson and other admirals to review the fleet on its departure for the Pacific. A Baltimore firm has filed a. proposed whiskeylabel, which Attorney General Bonaparte regards as in line with his decision. President Gompers submitted an interesting report at the annual meeting of the Federation of Labor, which began at Jamestown. William Davis, a negro criminal, is held by the Richmond police in the belief that he is the man who almost murdered and assaulted Miss Mamie Conners. The People's Bank, of Portsmouth, :S in the hands of receivers. It is said to be insolvent because of defalcations of the cashier. Wholesale frauds on the part of distillers are said to have been unearthed by government agents at Danville. The trial of Col. A. S. Hudson, on the charge of embezzlement was postponed by Judge Black at Charleston, W. Va. Delaware liquor dealers are expected to contest the constitutionality of the law under which the recent local option election was held. The appeal of the county of Philadelphia in the 2-cent rate case was argued before the Pennsylvania Supreme court. William Jennings Bryan is to make another tour of New York State before deciding as to the Presidential nomination. President Roosevelt, it is understood, is greatly disappointed at the results in Maryland, New Jersey and Ohio, and may change his attitude toward the Presidential nomination. Charles S. Mellen, president of the New York, New Haven and Hartford Railroad had a conference with Mr. Roosevelt. Warning was issued to army officers that "round robins" or any form of criticism of officials or policies will be promptly punished. Latest returns indicate that the Democrats have elected 117 members of the Virginia Legislature, while the Republicans elected 23. Internal revenue officers haye seized 16 distilleries in Lower Virginia for alleged revenue frauds. Chicago will charge a 3 per cent. tax on the telephone company's gross receipts. Bishop Ferguson, the negro prelate, is said to have attended Governor Swanson's reception at the Executive Mansion. Latest returns in New Jersey reverse the earlier result, and give the State to the Republicans. Other re sults are practically as previously announced. Raymond Hitcheock, the actor, reappeared in New York and was arraigned on one of the charges against him. Official steps were taken to declare the telegraphers' strike off. The arrival of gold shipments and the decision to stand by the trust companies eased things in Wall street, The steamer Lusitania broke her best provious record for a day's run. A plan 10 on foot to place Grover Cleveland At the head of a depositors' all ska


Article from The L'anse Sentinel, November 23, 1907

Click image to open full size in new tab

Article Text

Bankers and merchants in session of Sloux City, Ia., adopted a system agreed at checks which it was The should grain be accepted as currency. Portland, Merchants National bank of the California bank of Oakland, Ore.; the Farmers and Merchants RavensCal.; bank of Sapulpa, I. T., and the Chicago wood Exchange bank in a Motor suburb suspended. The Royal and the Car company of Cleveland, O., house of wholesale grocery hands of Gary Selma, Ala., went into the receivers. leading New York banks were meet exerting The themselves actively to corredemands of their country currency. the spondents and depositors for suggestions They declared that the sources from several western legitimate made they were not meeting west demands that for currency from the that entirely unfounded and taking were were, on the contrary, aid the every they practicable measure to west and south. first direct reports from Kara- the The of the great earthquake at the vicscene Russian Turkestan, say the city tagh, number about 14,000; and tims many villages were destroyed. The Peoples bank of Portsmouth, receiver went into the hands of a gave Va., petition of the directors, bank who has on statement that the defalcaout been a made insolvent through tions of the cashier. Photographs and official data the repa summer's work of in- in resenting ternational boundary commission capAlaska were lost when a canoe sized in the Bradfield river. was proposed in the Michigan to inIt constitutional convention obligastate an article making voting sentence sert tory, with a fine and prison as penalties. Senator Haines' bank of doors ForState Grove, Ore., did not open its obest business because it could not for its balances from the Merchants susNational tain Bank of Portland, which pended payment. total equalized assessment of in The property, lands, and lots personal Illinois for the year 1907 aggregates by $1,138,622,398, according to reports of committees of the state board equalization. Checks and currency to the amount $22,000, intended to pay the wages of of the Carbon Coal & Coke company's lost miners at Cokedale, Col., were stage. or stolen while in transit in a Former Gov. James E. Campbell, of said that he is a receptive can- to didate Ohio, for United States senator succeed Senator J. B. Foraker. Kansas City, Mo., the grand jury returned At 149 additional indictments violatagainst persons charged with labor ing the state law which forbids Sunday. on boiler at the ginhouse on the Trulock .A plantation, near Pine Bluff, J. B. Ark., exploded killing the owner, Trulock, and five negroes. The confession of Steve Adams, of in the office of the warden made the Idaho state penitentiary February 1906, was introduced in evidence murder 27, the trial of Adams for the murder It told of and Boule and of at of Fred Tyler Tyler. Pettibone. the involved Moyer, Haywood and The engine and tender of a Balti- at& Ohio train to which was Vice more tached a private car bearing President Fairbanks and a party returning from the funeral of Judge McComas was derailed at Weverton Junction, Md. Immediately following the closing Pa., bank of Examiner Bynns, L. P. of by the State Peoples California, Oliver Piper, the cashier, and William Lenhart, a business man who lives in Brownsville, Pa., were arrested, charged with conspiracy to defraud the bank. A report reached Durango, Col., that occurred at McElmo canyon, a Ute Indians and between battle Indians United States troops, in which six killed were killed. No soldiers were or wounded. in the basement of the new dormitory at East wich I.) academy Eastman A boiler (R. exploded Green- Three and partly wrecked the structure. young women students were severely but not seriously injured. hall of St. at King Windsor In the historic Castle, Edward George and Queen Alexandra gave a state banquet in honor of the emperor and empress of Germany and their suite. A state convention of Democrats at Nashville, Tenn., started a movement for the nomination of a southern man as Democratic candidate for the presidency in 1908. Ray Bricker fell 115 feet down a mine near Boone, Ia., landed on his feet and was unhurt. Asserting that the cold weather has caused untold suffering on account of of the scarcity of coal, the residents Somerset, Neb., appealed to the state railway commission for relief. Charles Howard, 60 years old, a convict in the Jollet penitentiary, made his escape while working in the stone quarry. Six nersons were injured when


Article from New-York Tribune, December 19, 1907

Click image to open full size in new tab

Article Text

VIRGINIA BANKER ARRESTED. Portsmouth, Va., Dec. 18.-Alexander - B. Butt, cashier of the People's Bank of Portsmouth, which suspended recently, was arrested to-day upon a warrant charging falsification in one count to the extent of $24,000.


Article from Daily Press, December 21, 1907

Click image to open full size in new tab

Article Text

BOOKS FALSE FOR YEARS Suspended Portsmouth Banking In. stitution Was Apparan!ly Looted. REPORT MADE ON ITS AFFAIRS Receivery Reports Assets of $225,029 and Liabilities of $600,000. Cannot Guarantee Correctness of the Figgures, Howeven-Books Tangled. NORFOLK, VA., Dec. 20.-A preliminary report on the condition of the People's Bank of Portsmouth, charged with the wrecking of which Alexander B. Butt, cashier, was placed under arrest, has been filed by Receiver John T. Griffin. The total assets turned over to the receiver, including items of doubtful value and those that are good, amount to $225,029. The total liabilities of the bank, including deposits, capital stock and surplus, are upward of $600,000. The receiver "fears that considerable part of the assets cannot be collected." The report made by the auditing company, which is filed by the receiver, concludes as follows: "This report and accompanying figurea are preliminary, and, owing to the conditions under which they have been completed, may be altered as de_ velopments occur in the work. Following the many years of apparent deliberate and willful falsification and misappropriation of the bank's funds together with the incomplete records and data found, We cannot guarantee the correctness of the figures presented."


Article from Virginia Gazette, February 29, 1908

Click image to open full size in new tab

Article Text

BUTTS PLED GUILTY: GIVEN THREE YEARS Defaulting Cashier of Portsmouth Bank Threw Himself on Mercy of the Court and Was Given the Minimum Sentence. PORTSMOUTH. va- Special. Ajexander B. Butt. defaulting eashier of the Peoples Bank. of this city, pleaded guilty in the Hustings Court today to three indictments, charging him with receiving funds when be knew the bank was insolvent and falsifying accounts. Colonel William H. Stowart. Commonwealth's Attorney. asked Judge Pain to impose the minimum sentence and maximum time. Captain Happer, legal representative of the prisener. stated to the court that friends of Butt had settled as b st they could with the receiver of the bank. It is understood that $40,000 was paid over to the receiver. Happer stated that the prisoner la penniless. Attorne, Howard G. Avery. representing t a Depositors Bank. concur red in the recommendation of Colonel Stewart. and Judge Pain then sen teneed the prisoner to three years It the penitentiary and fined him $7,184 There were twenty-two indictment against the defaulting cashier charg Ing him with falsifying accounts grited lareery, and false statements All these are dropped by the Com monwealth. Hutt's shortage in th bank in apwards of $290,900. ร€ bareuche in waiting took the pr soner 10 the city jail after he was ser tenced. This in the first time since his arre that be has seen the inside of th institution. The Butt ease furnishes a starting comparison in its termination wit that of a negro boy trind in the Hu tings Court a few days ago. R Robinson. an illiterate lad. was se teneed to serve two years in the per tentiary for raising a trivial order e fifteen cents to fifty-one cents.


Article from The Times Dispatch, March 10, 1908

Click image to open full size in new tab

Article Text

Petition in Bankruptcy. [Special to The Times-Dispatch.] NORFOLK, VA., March 9.-W. W. White, a Portsmouth grocer, filed a petition in bankruptcy to-day. Liabilities $1,469.50, assets $1,250. The petitioner, who had $200 deposited in the bank, declared that the suspension of the People's Bank is responsible for his embarrassment.


Article from The Times Dispatch, March 11, 1908

Click image to open full size in new tab

Article Text

Virginia Brevities LYNCHBURG, VA., March 10.-A. Lee Beasley has just let the contract to Hancock & Sons for the erection on Church Street of a three-story apartment house to contain six apartments, and work will be commenced as soon as the weather permits. The building, after plans by Aubrey Chesterman, will have all modern appliances, and will cost about $15,000. NEWPORT NEWS, VA.-At is probable that within a few days active work will be begun toward the construction of a Junior temple in this city, and It will, when compieted, be made the home of the five councils of the Junior Order of United American Mechanics. The five councils now have a membership of 787 in this city. NORFOLK, VA.-John T. Griffin, receiver for the defunct People's Bank, of Portsmouth, has entered suit against former Cashier Butt, now in prison: W. J. Davis and Fannie 1. Davis, his wife, for the reccvery of $30.000, which, it is alleged, was improperly and unlawfully obtained from the bank. BLACKSBURG, VA.,-A banquet, celebrating the third anniversary of the foundIng of the Rebekah Lodge in Blacksburg was niven in Odd-Fellows' Hall Monday evening. My Byrd Anderson acted as toustmaster. There were several speeches by members of the allied order of Odd-Feliows and the ministers of the town. The hall was elaborately decorated in the national colors, interwoyen with the purple and green of the order, and the supper was served by a committee or ladies. LYNCHBURG, VA.-A concert was given at the Academy of Music to-night by local talent for the benefit of the relief fund of the Salvation Army, a crowded house witnessing the performance. Among the partleipants were Mrs. Patillo, of the Woman's College; Mr. James Roberts, Mrs. W. M. Strother, Mrs. Mitchell Humphries, of Swaet Briar Institute: Mrs. Adkerson, Mrs. A. Lynch Ward, Dr. W. A. Barr, Mr. Jerry Desmond, the Misses Roberts, Mrs. John M. Otey, Miss Burton and Miss Horner.


Article from The Montgomery Advertiser, October 28, 1908

Click image to open full size in new tab

Article Text

Shortage of Cashier Butt. Norfolk, Va., Oct. 27.-The report of Receiver Griffin of the People's Bank at Portsmouth shows a shortage in the accounts of Cashier Alexander B. Butt, of $549,884. Butt is now serving a sentence of three years in the penitentiary upon a plea of guilty of misapplying the bank's funds.


Article from The Farmville Herald, October 30, 1908

Click image to open full size in new tab

Article Text

Bank Cashier's Account Short $549,884 Norfolk, Va., Oct. 28.-The report of Receiver Griffin, of the People's bank, of Portsmouth, shows a shortage in the accounts of Cashier Alexander B. Butt of $549,884. Butt is now serving a sentence of three years in the penitentlary upon a plea of guilty of misapplying the bank's funds. Commonwealth's Attorney Stewart has been petitioned by the depositors of the bank to have Butt returned upon the expiration of his term and prosecuted upon nineteen remaining indictments.


Article from The Free Lance, October 31, 1908

Click image to open full size in new tab

Article Text

# VIRGINIA NEWS T. C. McConchie has been appointed postmaster at Remington, Fauquler county. The Culpeper Bryan and Kern Club has contributed $106 to the National campaign fund. The Bryan-Kern-Lamb Club, of Richmond, has contributed $250 to the National Democratic campaign fund. The last speech of the campaign in Richmond was delivered Thursday night to a large audience at the Academy of Music by ex-Gov. A. J. Montague, supporting Bryan. Mr. and Mrs. Richard Hunter Dulany, of Grafton Hall, Fauquier county, have announced the engagement of their daughter, Miss Rebecca Anne Dulany, to Frederick Ferguson McElhone, of Washington. The report of Receiver Griffin of the People's Bank, Portsmouth, shows a shortage in the accounts of Cashier Butt of $549,884. Butt is now serving a sentence of three years in the penitentiary for misapplying the bank's fund. Corporation Commission has issued a charter to Culpeper Grocery Company (Inc.). Culpeper; S. E. Booker, president; J. C. Smith, vice-president; L. F. Smith, secretary and treasurer-all of Culpeper. Capital: Maximum, $25,000; minimum, $10,000. Objects: Wholesale grocery business. Matthew Morton, deposed clerk in the water department of Manchester, who was to have gone to the Corporation court to testify against the former superintendent, C. H. Sharpe, charged with many peculations, stabbed himself four times with a big knife and died within an hour of the time for him to go on the stand to testify. The grand jury had indicted Sharpe on several counts, but there were no charges against Morton.


Article from The French Broad Hustler, November 5, 1908

Click image to open full size in new tab

Article Text

Bermuda to Celebrate Ter-Centenary. Hamilton, Bermuda, By Cable.- An influential committee of leading citizens has been elected for the purpose of celebrating the ter-centenary of Bermuda. The proposed program, which will occupy six days, commences April 12th next. Among the distinguished guests it is proposed to invite are the Prince of Wales, President Roosevelt, Earl Grey, the Governor General of Canada; Admiral Sir John Fisher, Sir Archibald Allison, at one time Colonial Secretary of Bermuda; Lieut. Gen. Sir Henry Geary, of the British army; Claude A. Swanson, the Governor of Virginia, who is a descendant of Sir George Somers, the Governor of Jamaica; the Commissioner of Turks island, Samuel L. Clemens (Mark Twain), James Gordon Bennett, H. H. Rogers and St. George Tucker. Cashier Butt Short a Half-Million. Norfolk, Va., Special. The report of Receiver Siffin, of the Peoples Bank at Portsmouth, shows a shortage in the accounts of Cashier Alex B. Butt of 549,884. Butt is now serving a sentence of three years in the penitentiary under a plea of guilty of misapplying the bank's funds.


Article from Deseret Evening News, August 20, 1909

Click image to open full size in new tab

Article Text

RECEIVER GRIFFIN SUES ON DEPOSITORS' BEHALF Norfolk, Va., Aug. 20.-John T. Griffin, receiver of the wrecked People's bank of Portsmouth, has brought suit, on behalf of the depositors, to recover from the directors of the failed institution all losses insofar as the personal wealth of these officials will go. Among the defendants is Alexander B. Butt, cashier, now serving two years in the penitentiary for wrecking the bank, the deposits of which amounted to more than $400,000.