21680. Traders & Truckers Bank (Norfolk, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 9, 1909
Location
Norfolk, Virginia (36.847, -76.285)

Metadata

Model
gpt-5-mini
Short Digest
5c6648d5

Response Measures

None

Description

The bank closed its doors on Aug 9, 1909 and an assignment to a trustee was made; a receivership was then pursued. Articles describe liquidation due to unwise loans made during the Jamestown Exposition and inability to realize on paper. There is mention of a crowd and excitement, but no clear independent bank run (mass withdrawals) causing the closure — the bank suspended/closed and entered liquidation/receivership.

Events (4)
1. August 9, 1909 Other
Newspaper Excerpt
The closing of the bank's doors caused much excitement among depositors. A large crowd gathered about the bank's doors.
Source
newspapers
2. August 9, 1909 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to realize on bad/unwise loans discounted during the Jamestown Exposition period; forced into liquidation and closed doors.
Newspaper Excerpt
The Traders and Truckers' Bank ... closed its doors today, announcing that owing to its inability to realize upon its paper the institution had been forced into liquidation.
Source
newspapers
3. August 10, 1909 Other
Newspaper Excerpt
James Winston, named as trustee in the deed of assignment ... applied to Judge Hanckel for appointment as receiver under bond to wind up the affairs of the bank by the court's direction.
Source
newspapers
4. August 11, 1909 Receivership
Newspaper Excerpt
At a meeting ... a resolution was adopted asking the court for the appointment of a receiver for the institution; charge made that the failure of the bank was due to the mismanagement and inefficiency of the bank's officers.
Source
newspapers

Newspaper Articles (11)
1. August 9, 1909 Evening Star Washington, DC
Article from Evening Star, August 9, 1909

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Article Text

EXPOSITION LOANS BREAK BANK NORFOLK INSTITUTION UNABLE To REALIZE ON PAPER. Closes Doors-Expected to Pay Depositors in Full-Mayor Riddick Is Officer. NORFOLK, Va., August 9.-The Traders and Truckers' Bank, doing a large banking business here among "up-town" merchants and county truckers, closed its doors today. announcing that owing to its inability to realize upon its paper the institution had been forced into liquidation. The bank's officers are Terry B. Gordan. president: James G. Riddick and C. N. Whitehurst, vice presidents, and A. Newton Cruzer, cashier. Vice President Riddick is mayor of Norfolk. The closing of the bank's deors caused much excitement among depositors. A large crowd gathered about the bank's doors. A statement issued by President Gordan says that the institution has been struggling since the financial panic to place itself on a firm footing, but unwise loans made during the Jamestown exposition period and inability to realize sufficiently to meet demands caused the board of directors to direct a course of liquidation. To this end, he added, an assignment was made to James H. Winston, trustee. President Gordan and Vice President Riddick both express belief that the deposits, amounting to less than $80,000, will be paid in full. The bank's paid-in capitalization was $40,000. The failure is understood to affect no other banking institution in Norfolk.

2. August 10, 1909 Daily Press Newport News, VA
Article from Daily Press, August 10, 1909

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Article Text

NORFOLK BANK CLOSES DOORS TO LIQUIDATE Bad Paper Discounted During Exposition Period the Undoing of Traders' and Truckers.' NORFOLK, VA., Aug. 9.-The Traders' and Truckers' bank, doing a large banking business here among "up-town" merchants and county truckers, closed its doors today, announcing that owing to its inability to realize upon its paper the institution had been foreed into liquidation. The bank's officers are Terry B. Gordon, president; James G. Riddick ane C. N. Whitehurst, vice-presidents, and A. Newton Cruser, cashier. Vicepresident Riddick is mayor of Norfolk A statement issued by President Gordan, of the failed bank, says that the institution has been struggling since the finnacial panic to place itself on a firm footing, but unwise loans made during the Jamestown exposition period and inability to realize sufficiently to meet demands caused the board of directors to direct a course of liquidation and to this end an assignment was made at noon to James H. Winston, trustee. President Gordan and Vice-president Riddick both express the belief that deposits amounting to more or less than $80 000 at this time will be paid in full. The bank's paid in capitalization was $40,000. The failure affects no other banking institution in Noriolk.

3. August 11, 1909 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, August 11, 1909

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Article Text

Receiver Not Appointed. Norfolk, Va., August 10:-James Winston, named as trustee in the deed of assignment made yesterday by the Traders and Truckers bank today applied to Judge Hanckel for appointment as receiver under bond to wind up the affairs of the bank by the court's direction. Mayor Riddick, vice president of the bank, said he had no objection to the creation of a receivership, but requested a. continuance until tomorrow, which was granted.

4. August 11, 1909 Bluefield Evening Leader Bluefield, WV
Article from Bluefield Evening Leader, August 11, 1909

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Article Text

WNTS TO BE RECEIIVER. Norfolk, Va., Aug. 11.-James Winston, named as trustee in deed of assignment of the failed Traders and Truckers Bank, today applied to Judge Hanclel for appointment as receiver under bond to wind up the affairs of the bank by the court's direction. Mayor Riddick, vicepresident of the bank, said The had no objection to the creation of a receivership, but requested a continuance until tomorrow, which was granted.

5. August 12, 1909 The Washington Herald Washington, DC
Article from The Washington Herald, August 12, 1909

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Article Text

STOCKHOLDERS ASK RECEIVER. Charge Made that Traders and Truckers' Bank Was Mismanaged. Norfolk, Va. Aug. 11.-At a meeting this evening of the stockholders of the Traders and Truckers' Bank, which closed its doors Monday, a resolution was adopted asking the court for the appointment of a received for the institution, and the charge was made that the failure of the bank was due to the mismanagement and inefficiency of the bank's officers.

6. August 13, 1909 The Washington Herald Washington, DC
Article from The Washington Herald, August 13, 1909

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Article Text

UPHOLDS TRUSTEE WINSTON. Judge Refuses to Remove Him for Appointment of Receivers. Special to The Washington Herald. Norfolk, Va., Aug. 12.-Judge Hanckel to-day denied the petition of 300 depositors of the failed Traders and Truckers Bank for the removal of Trustee Winston of the institution, and the appointment of receivers in his stead. There was nothing before the court to show Trustee Winston is incompetent, and the court held that the affairs of the bank should be administered at a minimum of cost, which could be best done by the trustee. The court will to-morrow be asked to enjoin Winston from acting further. The petition of the depositors declared that the affairs of the bank are in a chaotic condition.

7. October 26, 1909 The Washington Herald Washington, DC
Article from The Washington Herald, October 26, 1909

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Article Text

BANK FAILURE TO BE PROBED Grand Jury Will Investigate Affairs of Norfolk Institution. Commonwealth's Attorney Wishes to Know Causes of Traders and Truckers Closing Doors. Special to The Washington Herald. Norfolk, Va., Oct, 25.-Scenting alleged misconduct in the recent failure of the Traders and Truckers' Bank, Commonwealth's Attorney John G. Tilton has instituted an investigation into the affairs of the bank. To testify in the matter before the grand jury in November, Tilton has directed the summoning of Tench F. Tilghman, B. A. Banks, and James H. Winston, receivers of the bank; A. E. Letch, Bailey Atwood, and L. H. McCaleb, expert accountants, and the entire board of directors. T. B. Gordon is president of the bank and J. G. Riddick and C. N. Whitehurst vice presidents. Riddick is mayor of Norfolk. The bank was a comparatively small one, so far as capital stock goes, but many poor people lost most of their savings in it. Commonwealth's Attorney Tilton said of the investigation: "I propose to ask the grand jury that sits on Monday to inquire if any false statements as to the bank's condition have been made to the State corporation commission; if there have been any false entries made in the bank's books; if any of the bank's funds have been embezzled, and if any money has been received from depositors when it was well known that the concern was insolvent. If It was an honest failure, the investigation can result in harm to nobody. If it was a criminal one, the parties guilty should be in jail."

8. April 14, 1910 Evening Star Washington, DC
Article from Evening Star, April 14, 1910

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Article Text

RIGHTS OF DEPOSITORS. May Sue Bank Directors to Make Losses Good. NORFOLK, Va., April 14.-Judge Hanckel has decided that the depositors of the failed Traders and Truckers' Bank could sue the directors of that institution upon their personal estates to make good losses that assets collectible by the receivers of the bank will not meet. The court dismissed the action, however, in so far as it was against the estates of deceased former directors, holding that whatever liability may have rested against the directors ceased with their death.

9. April 14, 1910 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, April 14, 1910

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Article Text

Virginia News. It is learned that the "wats" will shortly circulate petitions for signatures calling for a local option election in Winchester. Winchester has been dry for two years. the majority against license at the last election being ninety-six. James Myrick, formerly ofKing George county, died at his home at Dobb's Ferry, N Y., 8 day or two ago, aged 60 years. Some years ago be married Miss Blanche Colton, of King George county, who, who with two daughters and one son surviveshi A marriage license was issued in Biltimore on Monday to Mrs. Dorothy Henry Henderson of Albemarle county and Mr. Henry W. Frost, jt. Mr. Frost is a resident of South Carolina, but has & large ranch in Oalifornia, and It is said that the couple will make their home in that state. The residence on Olover Dale farm In King George county owned by Mr. James Aroold, was burnad a few days ago. It is thought the fire originated from a defective flue. The house was built during colonial days, and was a valued relie at the past. A destru tive forest fire has been raging in Stafford county for several days, but is at last under control. It burned over hundreds of acres of timber land and destroyed thousands of dollars' worth of young growing timber, cordwood and sawed timber. It is believed that Congressman W. A. Jones of the Fourth district will be nominated this year without opposition. An authoritive statement has been made that Congressman Jones will not accept a berth on the Federal beach, which many politicians believed would be offered him should be desire the plum. Measrs. Davis & Davis, Washington paient attorneys, report the grant this week t) citizens of this etsts of the following patents : Edward W. Gray, of Windsor, metallio window shatter; William A. Mooney, of Richmond, doorlatch; Lena R. Nidermaier, I Abingdon, stick horse; Walter Sachs, of Rosnoke, trunk; William D. Trimble, of Hampton, toy projectile. Judge Henckel, in Norfolk, decided yesterday that the depositors of the failed Traders andTruckers' bank could sue the directors of that institation upon their personal estates to make good losses that assets collectable by the receivers of the bank will not mest. The court dismis. sed the action in 80 far as it was against the estates of deceased former directors, holding that wbatever liability may have rested against the directors ceased with their death.

10. April 14, 1910 The Richmond Virginian Richmond, VA
Article from The Richmond Virginian, April 14, 1910

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DUB MIOTIONI aux TO way, has been appointed roadmaster of the Dry Fork branch of that road. DANVILLE, VA., April 14.-In the United States Court here Wednesday, Judge Henry C. McDowell presiding, Dolly Spangle, white, of Patrick county, was given thirty days in jail and fined $100 for selling liquor without a license. Sentence was suspended until November 16 owing to her child needIng the care of a mother and In order to allow the woman time to harvest her crop. The woman is alleged to have operated the "blind tiger" at her home. FREDERICKSBURG VA., April 14. A destructive forest fire has been raging in Stafford county for several days, but is at last under control. It burned over hundreds of acres of timber land and destroyed thousands of dollars' worth of young growing timber, cordwood and sawed timber. ROANOKE, VA., April 14.-George A. Kent, chief engineer of the Virginia Iron, Coal and Coke Company, was brought here Wednesday and taken to the Jefferson Hospital for a surgical operation as a result of injuries received on Toms creek by a car running back on him. NORFOLK, VA., April 14.-Judge Hanckel has decided that the depositors of the falled Traders and Truckers' Bank could sue the directors of that institution upon their personal estates to make good losses that assets collectable by the receivers of the bank will not meet.

11. April 28, 1910 The Mathews Journal Mathews, VA
Article from The Mathews Journal, April 28, 1910

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Article Text

DIRECTORS ARE HELD RESPONSIBLE FOR DEPOSITS NORFOLK, VA.- Special.-Reversing a former decision made by himself, Judge Hanckel Friday held that the estates of dead directors of the defunct Traders' and Truckers' Bank could be subjected to action by depositors for recovery of losses sustained as a result of the failure of the institution. Judge Hanckel, since deciding that the right of action by depositors of the bank for recovery of losses against the personal estates of directors became extinct with the death of the directors, found that the weight of authority law in favor of the depositors. Application for appeal was filed by the defendants on the ground that the suit could be brought only by the receivers of the insolvent bank, and that the right of action did not lie with the depositors.