21647. Savings Bank (Newport News, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
May 25, 1906
Location
Newport News, Virginia (36.979, -76.428)

Metadata

Model
gpt-5-mini
Short Digest
d3701be2

Response Measures

None

Description

The institution closed (suspended) in May 1906 after its president Irwin Tucker embezzled funds and committed suicide. A receiver was appointed and the bank remained defunct; subsequent coverage concerns receivership and long litigation by depositors. No contemporaneous articles describe a depositor run/withdrawal as the proximate event.

Events (4)
1. May 25, 1906 Receivership
Newspaper Excerpt
A receiver for the bank was appointed, Mr. J. A. Willett being named by the court. Later Mr. Willet resigned and Attorney Allan D. Jones was appointed.
Source
newspapers
2. May 25, 1906 Suspension
Cause
Bank Specific Adverse Info
Cause Details
President Irwin Tucker had misappropriated bank funds (short about $20,000 to $37,289.35) and then committed suicide, leading to the bank being forced to close.
Newspaper Excerpt
The doors of the bank were closed on the 25th day of that month
Source
newspapers
3. September 8, 1908 Other
Newspaper Excerpt
Argument in the suit of the depositors against the officers and directors of the wrecked Savings Bank of Newport News... This suit grew out of the wrecking of the Savings Bank by its late president, Irwin Tucker, who blew out his brains on the morning the bank was forced to suspend in May, 1906.
Source
newspapers
4. April 28, 1910 Other
Newspaper Excerpt
Judge John H. Ingram... to hear argument of counsel on a motion for an order of the court authorizing the receiver for the defunct Savings Bank of Newport News to appeal to the Supreme Court of Virginia
Source
newspapers

Newspaper Articles (10)
1. September 8, 1908 Daily Press Newport News, VA
Article from Daily Press, September 8, 1908

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Article Text

Judge Ingram Allows Each Side Two Days In Which to Address Court. READ DEPOSITIONS LATER Distinguished Counsel, In All Twelve Lawyers, Engaged In the Proceedings Instituted by Depositors of the Wrecked Savings Bank of Newport News. Argument in the suit of the depositors against the officers and directors of the wrecked Savings Bank of Newport News will be opened in the Corporation Court at 10 o'clock this morning before Judge Ingram. of the Richmond Law and Chancery Court. Judge Ingram. and several out-of-town lawyers who are interested in the case, arrived in this city yesterday morning. The judge held a brief session of the court yesterday morning to discuss the mode of procedure. After a lengthy conference with the attorneys in the case, Judge Ingram announced that he would have the argument commence this morning and would give each side two days in which to present its case. After the argument, Judge Ingram will return to Richmond to read the voluminous record of the depositions that have been taken here during the past eighteen months. Also the attorneys will submit written argument to the court and that will be read along with the depositions. Distinguished Counsel. Some of the' foremost attorneys of Virginia have been retained in this case and when court convened yesterday morning an unusually brilliant array of legal talent was present. Representing the plaintiffs are Captain Charles C. Berkeley, of this city, leading counsel, Hon. Allan Caperton Braxton. of Staunton. Attorney John S. Eggleston. of Richmond. and Attorney Allan D. Jones, receiver for the defunct institution. The defense is in the hands of Attorneys R. G. Bickford, C. Aylett Ashby, J. Winston Read, R. M. Lett and O. D. Bachelor. of this city. David S. Pulliam. of Richmond, William H. White, of Norfolk and S. Gordon Commings, of Hampton. Capt. Berkeley Speaks. Captain Berkeley will open the argument for the defense this morning. His address probably will consume the entire morning session. One of the attorneys for the defense will answer and Hon. A. C. Braxton probably will be the next speaker. When Judge Ingram will hand down his decision in the case cannot be foretold at this time. He probably will require several weeks to examine the depositions and the written argument. Cause of Suit. This suit grew out of the wrecking of the Savings Bank by its late president. Irwin Tucker, who blew out his brains on the morning the bank was forced to suspend in May. 1906. The depositors are suing for the full amount of their deposits on the ground that the wrecking of the bank resulted from the gross negligence of the officers and directors. The case has attracted considerable attention throughout the state. and its outcome will be watched with great interest in this and other cities of Virginia.

2. September 9, 1908 Daily Press Newport News, VA
Article from Daily Press, September 9, 1908

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Article Text

Captain Berkeley Opens Argument In Bank Case. MR. CUMMING WILL REPLY TODAY Attorney For Plaintiff Argues That Wrecking of Bank Was Result of Negligence on Part of Directors of the Institution. Before Judge J. H. Ingram. of Richmond, in the Corporation Court yester. day morning. Captain Charles C. Berkeley began the argument for the plaintiffs in the suit of the depositors against the officers and directors of the wrecked Savings Bank of Newport News for the recovery of the full amount of their deposits. Captain Berkeley's address consumed the entire day, concluding just before the court adjourned in the afternoon. This morning Attorney S. Gordon Cummings, of Hampton. will open the argument for the defense. He probab. ty will be followed for the defense by Attorney R. G. Bickford. Hon. A. Caperton Braxton, of Staunton, will close the argument for the defense Friday. In the meantime Attorney John S. Eggleton, of Richmond, and Atorney Alian D. Jones, receivers for he defunct bank, will speak for the plaintiffs. Besides Attorneys Bickford and Cummings, Messrs. Ashby, Read, Lett and Batchelor, of this city, and Messrs. Pulliam, of Richmond, and White, of Norfolk, will speak for the defense. In his address yesterday Captain Berkeley took up the affairs of the Savings Bank from a period about three years before the institution was forced to close its doors, and gave a recital of them up to the time that the bank's president, Irwin Tucker. committed suicide by firing a bullet into his brain. Captain Berkeley's argument was along the line that the wrecking of the bank resulted from the alleged gross agligence of the officers and directors in failing to hold meetings and at. tend to the affairs of the institution. It is said that the evidence in the case shows that the directors had not held a meeting during the two years preceding the closing of the doors of the bank.

3. September 16, 1909 Daily Press Newport News, VA
Article from Daily Press, September 16, 1909

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Article Text

Richmond Jurist Ready to Make Known Findings in Savings Bank Case. SUIT IN UNUSUAL INTEREST Depositors of Wrecked Institution Are Endeavoring to Recover Full Amount of Their Deposits From Officers and Directors-History of Case Recalled. Judge Ingram, of the Law and Chancery Court of Richmond, has written to Judge Barham that he will come here in October to announce his decision in the suit of the depositors against the officers and directors of the wrecked Savings Bank of Newport News to recover the full amount of their deposits. In his letter to Judge Barham, Judge Ingram does not name the date on which he will render the decision, but he probably will come early in October. He requests that Judge Barham notify the attorneys in the case that he will come here next month. No civil suit ever brought in a court in this city has attracted as much local interest as this one and Judge Ingram's decision will be anxiously awaited by the several hundred depositors in the defunct bank as well as by attorneys and bankers and the public generally. That the case will not end with Judge Ingram's decision is a foregone conclusion, for it will be appealed to the State Supreme Court by the losing side, whether that side be the officers and stockholders or the depositors. About $40,000 Involved. The suit involves about $40,000 and is the outgrowth of the wrecking of the bank by its former president, Irwin Tucker, in May, 1906. The doors of the bank were closed on the 25th day of that month and an examination of the bank's affairs the same day disclosed the fact that Mr. Tucker was about $20,000 short in his accounts. He had left a note to the of ficers, saying that he was going abroad to recuperate his fortunes and that he would pay the money back as quickly as possible. After reading the note, the officers of the institution swore out a warrant for Tucker's arrest and placed It in the hands of Chief Reynolds. Although the cashier had been seen on the streets early that morning it was thought that he had left the city. Hoping to find some clue by which he might trace the missing man, Chief Reynolds went to Tucker's room on an upper floor of the bank building. Just as the chief unlocked the door, Tucker, who was inside, blew his brains out with a revolver. Receivers Appointed. A receiver for the bank was appointed, Mr. J. A. Willett being named by the court. Later Mr. Willet resigned and Attorney Allan D. Jones was appointed. Following an examination of the bank books, the deposttors, through their atteronys, Captain C. C. Berkeley, of this city and Hon. A. Caperton Braxton, of Staunton, brought suit against the officers and stockholders to recover the full amount of their deposits. Owing to his close personal relations with some of the defendants in the case, Judge Barham declined to sit in the case, and Governor Swanson appointed Judge Ingram, of Richmend, as the trial judge. Took Depositions For Nearly a Year, The taking of depositions in the case consumed upwards of a year and the depositions were filed in the clerk's office of the Corporation Court last winter. Judge Ingram then came here to hear the argument in the case The attorneys afterwards submitted written arguments to the court and since that time Judge Ingram has been going over the evidence and the argument. In their suit, the depositors alleged that the wrecking of the bank was brought about by gross negligence on the part of the directors and stockholders.

4. April 28, 1910 Daily Press Newport News, VA
Article from Daily Press, April 28, 1910

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Article Text

# FOUR OFFICERS HELD # LIABLE ARE BANKRUPT If Receiver Jones is Authorized to Carry Case to Supreme Court He Probably Will Direct Appeal Against Milstead, Curtis, Barnes and Dr. Jackson. Judge John H. Ingram, of the Law and Chancery Court of Richmond, will sit in the Corporation Court of this city this morning to hear argument of counsel on a motion for an order of the court authorizing the receiver for the defunct Savings Bank of Newport News to appeal to the Supreme Court of Virginia for a writ of error in the case of the depostiors against the officers of the wrecked institution. Captain C. C. Berkeley, of counsel for the depositors, made a motion for this order before Judge Barham ten days ago and Judge Barham notified Judge Ingran, who was the trial judge in the case, and the latter decided to come here to hear the argument on the motion. It is understood that if Judge Ingram issues the order granting the appeal, the receiver, Allan D. Jones, will direct the appeal against former City Sergeant E. W. Milstead, City Treasurer J. M. Curtis, L. F. Barnes, of Richmond, and Dr. Noah Jackson, of Norfolk, who were relieved of any responsibility for the wrecking of the bank by Judge Ingram's decision in this case last year. Judge Ingram held Dr. Carter Perkins, cashier of the bank: Dr. Clarence Porter Jones, A. T. Pulliam and L. C. Bristow, directors, liable to the depositors for the full amount of their deposits, which aggregated something like $45,000. All Four Bankrupt. The four officers and directors held liable have since filed petitions in bankruptcy in the United States District Court at Norfolk and have been declared bankrupts. In the case of each of the directors the liabilities more than offset the assets and the depositors will receive practically nothing from the directors held by the court. Appeal May be Costly. Should Judge Ingram grant the appeal from his own decision, Receiver Allan D. Jones will be authorized to apply for a writ of error and to defray the expenses of the appeal by the use of any moneys he may now hold as the receiver for the bank. The costs of the application for a writ of error will not be very large, but should the writ be granted several thousand dollars will have to be expended in preparing and printing the evidence and the briefs in the case. The evidence covers hundreds of typewritten pages and the argument made in the lower court was very lengthy. Attorney O. D. Batchelor, counsel for City Treasurer J. M. Curtis, will appear before Judge Ingram today to oppose the granting of the motion for the appeal, and Captain Berkeley will press the motion.

5. April 29, 1910 Daily Press Newport News, VA
Article from Daily Press, April 29, 1910

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TWO JUDGES SIT IN THE SAME COURTON SAME DAY Unusual Sight Seen in Corporation Court of This City Yesterday. The rather unusual sight of two judges sitting in the same court on the same day was witnessed in the Corporation Court yesterday. Judge Barham convened the court at 10 o'clock and passed on the applications for liquor licenses and later Judge John H. Ingram, of Richmond, sat in the court to hear the motion for a decree to allow the receiver for the Savings Bank of Newport News to appeal to the Supreme Court of Virginia for a writ if error. Deputy Clerk of Courts Marable said yesterday afternoon that in all his long experience with courts he had never before seen two judges sitting in the same court in one day nor had he ever before heard of such a thing being done.

6. April 29, 1910 Daily Press Newport News, VA
Article from Daily Press, April 29, 1910

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Bank Receiver Can Go to Supreme Court. DEFENDANTS GET COSTS Judge Ingram Decrees That Messrs. Milstead, Curtis and Barnes and Dr. Jackson Shall be Refunded Defense Expenses. After hearing argument of counsel for both sides, Judge John H. Ingram, of the Law and Chancery Court of Richmond, sitting for Judge Barham in the Corporation Court, yesterday entered a decree allowing Allan D. Jones, receiver for the defunct Savings Bank of Newport News, to appeal to the Supreme Court of Virginia for a writ of error on Judge Ingram's decision holding Dr. Carter Perkins, Dr. Clarence Porter Jones, A. T. Pulliam and L. C. Bristow responsible to the depositors of the wrecked bank for the full amount of the losses of the depositors. The decree allows the receiver to employ counsel to appeal the case against four of the defendants in the origina] suit, City Treasurer J. M. Curtis, Former Sergeant E. W. Milstead, Dr. Noah Jackson, of Norfolk, and L. F. Barnes, of Richmond. Captain Charles C. Berkeley, of this city, and Hon. A. Caperton Braxton, of Richmond, counsel for the depositors, in all probability will be retained by the receiver to appeal the case, Should the Supreme Court grant the writ, the evidence and briefs in the case will be presented to that court and the attorneys for the defendants and appellants will argue the case before the court. Must Pay Defendants' Costs. In his decree, Jpdge Ingram orders the receiver to first pay to the exonerated defendants in the first suit-Curtis, Milstead, Jackson and Barnes-their costs expended in defending themselves against the action brought by the depositors. This money will be taken out of the funds now held by the receiver and the cost of the appeal will be defrayed out of the same funds. Judge Ingram arrived in this city from Richmond yesterday morning and convened the Corporation Court about noon. Captain Berkeley ap peared as counsel for the receiver and depositors and opened the argument, explaining the reasons for the request for the motion to allow the receiver to appeal. Attorney O. D. Batchelor, counsel for City Treasurer J. M. Curtis, argued against the granting of the motion. As Captain Berkeley started to reply, Judge Ingram announced that he had decided to grant the appeal and that further argument was unnecessary. Depositors Are Jubilant. When the news that Judge Ingram had decided to grant the appeal became known, the several hundred deposittors of the wrecked institutions

7. April 29, 1910 The Times Dispatch Richmond, VA
Article from The Times Dispatch, April 29, 1910

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SUIT TO RECOVER $40,000. Case of Depositors Against Directors Appealed to Supreme Court. [Special to The Times-Dispatch.] Newport News, Va., April 28.-Judge John H. Ingram, of Richmond, sitting in the Corporation Court here to-day. granted Allen D. Jones, receiver of the defunct Savings Bank, of Newport News, authority to appeal the case of the depositors against the defunct bank. its officers and directors. The object of the suit is to recover $40,000 in deposits. Judge Ingram, sitting as the trial judge, held four of the defendants liable to the depositors, and released six others from liability. As the four against whom judgment was given are bankrupts, the depositors will get practically nothing, in addition to the 25 per cent. paid them by the receiver, unless they win in the Supreme Court.

8. October 25, 1910 The Richmond Virginian Richmond, VA
Article from The Richmond Virginian, October 25, 1910

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MAY RECOVER FROM DIRECTO Supreme Court Grants Writ Newport News Bank Case. The suit brought by the receit of the Savings Bank of Newport against the directors, in which it charged they had "abandoned" bank to the plundering of its dent, who killed himself when amination of the books was de and which was decided in fave the directors by the lower court be given a new trial by the Sur Court of Appeals, which grant writ of error Tuesday. afternoon Records filed with the clerk higher tribunal show that the was organized in 1901 with authorized capital, and open doors the following year with $20,000 of its stock subscribed just $1,890 had been actually The bank was for the poor norant of Newport News, and care for their small savings, The career of the institutio record declares, "presents a systematic and continuous rob its present, Irwin Tucker, heartless, shameful and gross by its directors." Kills Himself. In May, 1909, Tucker killed self. and an examination of showed that he had illegally ed $37,289.35. leaving the wreck, owing $44,530, while any assets remained. Dr. Carter Perkins, rushier bank, so the record viátou, notoriously aband opened an office in away (where other acted), leaving an whom he had hired onten to take charge of his as cathier." The receiver sues directors, charging neglect: E. W. MI D. Barnes, Noah Latimer. Each, however, lower court that he a director just prior elde, giving different to how their to an end. cult Court the

9. December 16, 1910 Daily Press Newport News, VA
Article from Daily Press, December 16, 1910

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# RAISING FUNDS TO # APPEAL BANK CASE Depositors Hold Meeting and Half of Required Sum is Raised. Many of the depositors of the wrecked Savings Bank of Newport News met at Rosenbaum's hall last night to discuss ways and means of carrying the now famous bank case to the Supreme Court of Appeals of Virginia. About $1,700 will be necessary to print the record of the case for presentation to the Supreme Court and this money is being raised by depositors. Attorney Allan D. Jones, receiver for the defunct institution, told the depositors that from communications which he has from depositors and from the statements of the depositors present, he estimated that more than half of the necessary money to make the appeal is in sight. It was decided to hold another meeting of the depositors on the night of January 10 at the same place for the purpose of completing all arrangements for perfecting the appeal. Attorneys Charles C. Berkeley, of this city, and Braxton and Eggleston, of Richmond, have been retained to represent the receiver in the appeal.

10. February 22, 1911 The Times Dispatch Richmond, VA
Article from The Times Dispatch, February 22, 1911

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WILL COMPROMISE IF COURT AGREES Litigation Growing Out of Failure of Newport News Bank Nears Settlement. [Special to The Times-Dispatch.] Newport News, Va., February 21.Agreeing to pay $8,900 in settlement for the full amount of the claims against them, City Treasurer J. M. Curtis, former City Sergeant E. W. Milstead and Manley H. Barnes have effected a compromise which probably will finally end litigation in the famous case of the depositors of the Savings Bank of Newport News against that institution, its officers and directors. If the court confirms the agreement entered into by the receiver and counsel for the parties, the depositors will get an additional 15 per cent. of their money, making a total of 40 per cent. that they will receive of the $42,000 they had on deposit in the Savings Bank of Newport News at the time the doors of that institution were closed, following the suicide of its president, Irwin Tucker. Irwin Tucker blew out his brains in May. 1906, after losing nearly the whole of the funds of the bank in speculation. He left a note in which he said that he hoped his life insurance policies would help to pay on the depositors. However, nothing has ever been recovered on the policies. At the time the bank closed there was hardly enough actual cash in the vault to pay off the janitor. Suit was filed by the depositors, through Charles C. Berkeley, of this city, and A. C. Braxton, of Staunton, against the bank and its officers and directors for the full amount of their deposits. Judge John Ingram, of Richmond, was appointed by Governor Swanson to sit for Judge Barham, of the local Corporation Court, in the case. After a long drawn out trial, during which much bitter feeling was engendered by the attacks of counsel for the depositors upon the defendants, the court handed down an opinion holding Dr. Clarence Porter Jones, Dr. Carter Perkins, A. T. Pulliam and A. C. Bristow, directors and stockholders, liable for the full amount of the deposits. Bristow was not within the jurisdiction of the court, but is said to have been practically bankrupt, and the judgment threw the other three against whom the verdict was rendered into bankruptey. The plaintiffs received practically nothing from the judgment. In the meantime, Allen D. Jones, receiver for the defunct bank, had been realizing on the outstanding paper of the institution, and had refunded to