21646. Savings Bank (Newport News, VA)

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: May 22, 1906
Location: Newport News, Virginia (36.979, -76.428)

Metadata

Model: gpt-5-mini
Short Digest: 7344fd5a

Response Measures

None

Description

The Savings Bank of Newport News closed in May 1906 after discovery of a large shortage and the president Irwin/Irvin Tucker's suicide; a receiver was appointed and the bank remained defunct (receivership, dividends paid later, depositors' suits). No run or depositor crowding is described in the articles. Bank type not explicit from name; treated as unknown.

Events (4)

1. May 22, 1906 Receivership

Newspaper Excerpt: Judge Martin ... appointed J. A. Willett, of Newport News, receiver for the Savings Bank of Newport News ... Mr. Willett is cashier of the First National Bank of Newport News. Tucker's shortage is now placed at $23,000.
Source: newspapers

2. May 22, 1906 Suspension

Cause: Bank Specific Adverse Info
Cause Details: President Irwin/Irvin Tucker had embezzled/gambled bank funds; a shortage initially reported around $23,000 and later larger shortfalls ($36,000-$45,000) were discovered, prompting closure and receiver appointment.
Newspaper Excerpt: Judge Martin, of Norfolk, yesterday appointed J. A. Willett, of Newport News, receiver for the Savings Bank of Newport News, whose president, Irvin Tucker, killed himself Saturday as he was about to be arrested upon the charge of defaulting with funds of the bank
Source: newspapers

3. June 27, 1906 Other

Newspaper Excerpt: Depositors of the Defunct Savings Bank of Newport News Hold a Meeting. VERY DELAY OVER IMPATIENT Resolutions Adopted Demanding an Accounting of Assets and Liabilities in Detail-Receiver Willett Says He is Settling Up Business as Quickly as Possible.
Source: newspapers

4. December 8, 1906 Other

Newspaper Excerpt: In case the administrator gets judgment against the company, the money will be applied to the assets of the Savings Bank of Newport News to cover the defalcation to about $40,000 and as a result the bank has been able to pay only 25 per cent. of its deposits and debts. The depositors are now suing the bank and its officers and directors. Attorney Allan D. Jones, receiver for the bank, acting under an order from Judge Barham, has paid to Captain C. C. Berkeley and Mr. A. C. Braxton, counsel for a majority of the depositors, $7,650 ... Mr. Jones has In hand about $1,400 which he will pay to depositors not represented by counsel ... (dividend/payment of 25% to depositors).
Source: newspapers

Newspaper Articles (12)

1. May 22, 1906 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, May 22, 1906

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Virginia News. Destructive forest fires are raging on Massanutten Mountain, in Page county, and thousand of dollars worth of timber and bark are being destroyed. Col. George C. Cabell, jr., of Norfolk, has made official announcement of his candidacy for the democratic congressional nomination in the Second district. Chester Harding, aged 23 years, of Ryan, Loudoun county, and Miss Ora Haws, aged 20 years, of Mountsville, were married in Rockville, Md., yesterdry. The first green peas shipped from the Rappahannock Valley this season went from Middlesez county to Baltimore May 12 and brought $3 per half barrel. Green peas went in Fredericksburg Saturday from King George county. Mrs. Mary McPherson died at her home, near Vienna, Fairfax county, on Saturday evening, aged about 70 years. She was the widow of William McPherson, of Loudoun, and daughter cf the late Charles Davis, of the same county. John Michael Wilt, a native of Germany, died Sunday night at the home of his daughter, Mrs. Margaret M. Mil. ler, in Winchester, aged 81 years. For 40 years Mr. Wilt had been boss weaver at Griffith's woolen factory near that city. Smallpox has broken out afresh in the western section of Frederick county. Many cases are reported in the vicinity of Hinckle, Rock Enon and Reynolds Store, several of the most prominent residents having the disease in their homes. Its +pread was caused by disregard of quarantine regulations. T. D. Campbell, the penitentiary guard who shot himself Saturday morning, in Richmond, died Sunday and the body was shipped yesterday to Amherst, his home. He told Dr. Carrington, the prison physician, that he had a terrible dream, and, waking suddenly, shot himself. He begged Dr. Carrington to save his life Judge Martin, of Norfolk, yesterday appointed J. A. Willett, of Newport News, receiver for the Savings Bank of Newport News, whose president, Irvin Tucker, killed himself Saturday as he was about to be arrested upon the charge of defaulting with funds of the bank Mr. Willett is cashier of the First National Bank of Newport News. Tucker's shortage is now placed at $23,000.

2. May 23, 1906 Daily Press Newport News, VA

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NOTICE. To whom it may concern: As assignee and receiver of the assets of the Savings Bank of Newport News. I hereby inform all persons owing money to said bank that I am authorized to receive payment of same, and. until further notice, the bank's room will be open for that purpose the same hours as Turnierty. J. A. WILLETT. 5-22-3t Assignee and Receiver. DTC

3. June 27, 1906 Daily Press Newport News, VA

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WANT TO KNOW ABOUT AFFAIRS OF THE BANK Depositors of the Defunct Savings Bank of Newport News Hold a Meeting. VERY DELAY OVER IMPATIENT Resolutions Adopted Demanding an Accounting of Assets and Liabilities in Detail-Receiver Willett Says He is Settling Up Business as Quickly as Possible. A large number of the depositors of the defunct Savings Bank of Newport News held a meeting last night at the Central Labor Union hall for the purpose of forming an organiza tion to look after their interests William Gath was elected temporary president and G. W. Meadows secretary. There was a great deal of discus sion, all of the speakers declaring it their opinion that the depositors should take steps toward having the affairs of the defunct bank closed up without delay. Resolutions Adopted. The following resolutions were adopted: "Resolved that time sufficient hav ing elapsed since the closing of the doors of the Savings Bank of New port News, we, depositors and credit ors, pledge ourselves to secure our rights "Resolved, that having lost contidence in the banking fraternities of Newport News we shall withdraw cur business and influence from the same unless proper measures are at once taken to protect our interests. "Resolved that we demand the strict accounting of the assets and liabilities of the said bank in detail: also we demand to be informed of the status of the incorporators, directors and stocksholders of said bank. "Resolved that if the banking laws and powers are to ignore depositors in the way experienced. all confidence in banks and banking is lost. "Resolved that we, the victims of advertised fraud and confidence, pro pose to immediately take steps both legally and locally to protect our rights. "Resolved that these resolutions be published in the local papers. (Signed) 'WILLIAM GATH, president pro tent. "G. W. MEADOWS, sec. pro tem." Mr. Willett's Statement, When seen by a Daily Press re porter last night. Mr. J. A. Willett, receiver for the Savings Bank of Newport News, stated that he was closing up the affairs of the bank as rapidly as possible; that loans could not be collected until they were due and that the business of the in stitution could not be closed up 1111 til the loans were in Mr. Willett did not seem to be at

4. July 15, 1906 Daily Press Newport News, VA

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NOTICE. On and after July 16th the office of the Savings Bank of Newport News will be in the banking room of the First National Bank. corner of Washington Avenue and 28th Street, where all notes will be due and payable. J. A. WILLETT. Assignee and Receiver. 7-15-2t.

5. August 5, 1906 Daily Press Newport News, VA

Article from Daily Press, August 5, 1906

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SPECIAL NOTICE.-ALL PARTIES indebted to the Savings Bank of Newport News will make settle. ment of their obligations at the of fices of Allan D. Jones. second floor, First National Bank Building, Newport News, Va. ALLAN / D. JONES. Assignee and Receiver of Savings Bank of Newport News. 8-5-3t

6. August 7, 1906 Daily Press Newport News, VA

Article from Daily Press, August 7, 1906

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SPECIAL NOTICE. SPECIAL NOTICE.-AL PARTIES indebted to the Savings Bank of Newport News will make settle ment of their obligations at the of fices of Allan D. Jones. second floor. First National Bank Building, Newport News, Va. ALLAN D. JONES. Assignee and Receiver or Savings Bank of Newport News. 8-5-3t

7. December 8, 1906 Daily Press Newport News, VA

Article from Daily Press, December 8, 1906

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ADMINISTRATOR SUES INSURANCE COMPANY Policies Carried by the Late Irwin Tucker Many Bring $20,000 for Depositors. Mr. J. A. Willett, administrator of the estate of the late Irwin Tucker, yesterday entered suit against the Mutual Life Insurance Company for $20,000, the amount of the ni/miums on two policies carried by Tucker at the time of his death. Insurance policies aggregating nearly $50,000 were found among the effects of Mr. TuckUS but all of them except two for $10,000 each, in the Mutual Company, had lapsed and were worthless. The company refused to pay the policies and, it is understood, will dofend the suit. on the ground that a suicide clause relieves it of responsibility. Messrs. R. G. Bickford and Ashby & Rend are counsel for the plaintiff. In case the administrator gets judgment against the company, the money will be applied to the assets of the Savings Bank of Newport News to cover the defalcation to about $40,000 and as a result the bank has been able to pay only 25 per cent. of its deposits and debts. The depositors are now suing the bank and its officers and directors to recover tho full amount. Attorney Allan D. Jones, receiver for the bank, acting under an order from Judge Barham, has paid to Cap tain C. C. Berkeley and Mr. A. C. Braxton, counsel for a majority of the depositors, $7,650 and Captain Berkeley began disbursing this money among his clients yesterday. Mr. Jones has In hand about $1,400 which he will pay to depositors not represented by counsel at his office next Wednesday between the hours of 9 o'clock a. m. and 3 o'clock p. m.

8. December 13, 1906 Daily Press Newport News, VA

Article from Daily Press, December 13, 1906

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DEPOSITORS GET 25 PER CENT. Money Paid Out Yesterday By Re. celver for Defunct Bank. Attorney Allan D. Jones, receiver of 'the defunct Savings Bank of Newport News paid a dividend of 25. ped cent to a number of depositors of the defunct institution not reresented by counsel at his office in the First National Bank building yesterday. This dividend was recently authorized by Judge Barham in the Corporation Court. The depositors who have not yet received a dividend of 25 per cent upon their deposits in the bank can do so by applying to the receiver Saturday.

9. June 29, 1907 Daily Press Newport News, VA

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Receiver for Sage & Co. Claims to Hold Deposit Certificates for $8,361.13. "NEWS" TO RECEIVER JONES. Total Shortage Was Believed to Be $36,000, But This New Claims Runs Amount Up to $45,000-Taking Depositions In Suit of Depositors is Resumed. Attorney Allan D. Jones, receiver for the defunct Savings Bank- of Newport News, has received a letter from Attorney Henry A, Gaede, of Hoboken, N. J., receiver for M. J. Sage & Company, bankrupt brokers of New Jersey, in which the writer states that he holds certificates of deposits aggregating $8,361.13 issued by the defunct bank to Sage & Company, and requests to be informed when he may expect dividends. The books of the bank show no entries of such deposits and Receiver Jones knew nothing of them until the letter arrived from Mr. Gaede. On later examination, however, he found that the deposit certificates were missing, but the stubs do not show to whom they are issued nor do these certificates appear as a liabilitw in the bank's statéments. Mr. Jones stated yesterday that c aims of Sage & Company would be contested. Sage & Company leased a wire to the alleged "bucket shop" which was being operated in the rear of the Savings Bank at the time the late President Irwin Tucker committed suicide, and it carried a large account with the bank. When the doors of the institution were closed the books of the bank showed that the account

10. August 3, 1907 Daily Press Newport News, VA

Article from Daily Press, August 3, 1907

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Messrs. J. M. Curtis, H. J. Lewis and W. H. Sears Cross-Examined In Bank Case. # ALL TESTIFIED TO SOME FACT Witnesses Are Said to Have Sworn That Board Did Not Meet After December 9, 1902—Evidence May Not Go to Judge Ingram Until Early in Winter. City Treasurer J. M. Curtis and Messrs. H. J. Lewis and W. H. Sears, directors of the defunct Savings Bank of Newport News, were recalled to the stand yesterday for cross-examination by Captain Charles C. Berkley, counsel for the depositors in their suit against the officers and directors of the wrecked bank to recover the full amount of their deposits. All of the witnesses are said to have testified that no meeting of the directors of the bank were held after December 9, 1902, but beyond that no important evidence was given by them. The attorneys for the plaintiffs expect to finish taking depositions by next Friday and will file the testimony taken up to that time in the clerk's office of the Corporation Court. After the depositions are filed, the expert accountants employed by Attorney Allan D. Jones, receiver for the defunct bank, to go over the books of the institution and compile statements regarding the condition of the bank during the past two or three years, will submit their reports and be examined by the attorneys for both the depositors and the directors and officers. It is expected that the attorneys for the defendants will begin examining witnesses the latter part of the month. The taking of the depositions of those witnesses probably will require several months and the complete testimony of both sides probably will not be submitted to Judge Ingram, who is setting in the case, before early this winter.

11. September 5, 1907 Daily Press Newport News, VA

Article from Daily Press, September 5, 1907

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Testifes Concerning Certain Trans. action With the Late Ir. win Tucker. PLAINTIFFS READY TO CLOSE Last Evidence for the Depositors Will be Taken Next Tuesday; Then the Defendants' Witnesses Will be Examined-Case Goes to Judge In About Three Months. Former Postmaster Fred Read was the principal witness yesterday in the sult of the depositors of the Savings' Bank of Newport News against the officers and stockholders of that institution, his testimony relating to a certain controversy between the late president of the bank, Mr. Irwin Tucker, and the Postoffice Department over a shortage in Mr. Tucker's accounts with the department. Mr. Read was called to the stand in the trial of this suit several times, but declined to testify until instructed to do SO by the Postoffice Department. Mr. Read's Testimony. In reply to questions from Attorney C. C. Berkeley, counsel for the plaintiffs, Mr Read said on the stand yesterday that at one time Mr. Tucker had been short in his accounts at the local postoffice to the amount of $650 and that for sometime he refused to settle the account, claiming that the shortage resulted from a stamp robbery at the postoffice. After the matter had been In dispute for some time the department ordered the bill collected and it finally was paid by Mr. Tucker. The only witness heard yesterday was Mr. Arthur Lee, assistant cashier of the First National Bank, who testifled that Mr. J. W. Ayler, Jr., who has been examining the books of the defunct institution, is an expert bookkeeper Mr. Ayler was on the stand sometime ago, but was not recalled yesterday, counsel for the defense announcing that they had no desire to cross-examine the witness. Continued to Tuesday. Yesterday afternoon the taking of depositions in this case was continued until Tuesday, when the plaintiff will close their case so far as the taking of depositions is concerned. Among the witnesses who will be examined Tuesday will be Miss Lillie C. Stewart. who was bookkeeper in the wrecked bank: Messrs, E. R. Vaughan and E. W. Milstead. stockholders of the bank, and Receiver Allan D. Jones. The defendants probably will be. gin taking the depositions of its wit. nesses next week This will " la

12. October 26, 1910 Daily Press Newport News, VA

Article from Daily Press, October 26, 1910

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Judge Keith, President of Virginia Suprdme Court, Notifies Plaintiffs' Counsel. MEFTING OF DEPOSITORS SO BE HELD THIS WEEK Record of Case Has Been Made Up and It Can Get Before Court Without Delay-Proceedings Have Been Pending For the Past Four Years. Judge James Keith, president of the Virginia Supreme Court of Appeals, yesterday granted the plaintiffs an appeal irom that portion of the decree of Judge John H. Ingram, of Richmond, releasing former City Sergeant E. W. Milstead, City Treasurer J. M. Curtis, Dr. Noah Jackson and Manley M. Barnes from liability as directors in the case of Vaughan against the Savings Bank of Newport News for the recovery by the depositors of the defunct bank of the full amount of their deposits. Captain Charles C. Berkeley, of counsel for the depositors, is now arranging for a meeting of the depositors to transact certain necessary bus. iness matters in connection with the apeal. The meeting probably will be held this week and the appeal will be taken at once. The entire record in the case has been made up and there will be no delay in getting the matter before the Supreme Court. Gambled Bank's Money Away. This case has been in the courts for the past four years. In May, 1906, the Savings Bank of Newport News closed its doors and Irwin Tucker, its president, whose gambling in "bucket" shops caused the wreck of the bank, blew his brains out a new hours after the bank was closed and while officers were searching for him to arrest him on the charge of embezzlement A few months after the bank went into the hands of a receiver, the depositors, through Attorneys A. Caperton Braxton, of Staunton. and C, C Berkeley, of this city, brought suit in the Corporation Court to recover their deposits, aggregating $45,000. Judge Ingram Tries Case. Owing to the fact that some of the parties to the suit were close personal friends of his, Judge T. J. Barham requested Governor Swanson to ap point a judge to try the case. Judge John H. Ingram. of the Law and Chancery Court of Richmond was named. Immediately afterwards the taking of depositions was begun and Judge Ingram rendered his decision in the case several months ago. He held that Messrs. Milstead, Curtis and Barnes and Dr. Jackson were not directors of the bank and were not liable. His decree held the di rectors Dr. Clarence Porter Jones, Dr. Carter Perkins and A. T. Pulliam liable to the depositors. At that time it was generally believed that the depositors would be unable to recover a cent from these men and subsequently all of them filed petitions in voluntary bankruptcy and were adjudged bankrupts. Receiver Allowed to Appeal. However, before that was done, counsel for the depositors sought to