1.
November 2, 1907
The Times Dispatch
Richmond, VA
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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
2.
November 4, 1907
The Times Dispatch
Richmond, VA
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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.
3.
November 12, 1907
The Daily Morning Journal and Courier
New Haven, CT
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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
4.
November 12, 1907
The Times Dispatch
Richmond, VA
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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.
5.
November 12, 1907
Bismarck Daily Tribune
Bismarck, ND
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CASHIER DID IT I VIRGINIA BANK IN HANDS OF RECEIVER BECAUSE OF,DEFALCATIO Norfolk, Va., Nov. 11-The People's Bank of Portsmouth, which suspended several days ago, went into the hands of a receiver tonight on petition of the directors, who gave out a statement that the bank has been made insolvent through the defalcations of the cashier.
6.
November 12, 1907
Waterbury Evening Democrat
Waterbury, CT
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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.
7.
November 12, 1907
The News-Democrat
Providence, RI
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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.
8.
November 13, 1907
The Times Dispatch
Richmond, VA
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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.
9.
November 14, 1907
The Washington Herald
Washington, DC
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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-
10.
November 14, 1907
The Washington Herald
Washington, DC
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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.
11.
November 20, 1907
Edgefield Advertiser
Edgefield, SC
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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
12.
December 19, 1907
New-York Tribune
New York, NY
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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.
13.
December 21, 1907
Daily Press
Newport News, VA
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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."
14.
February 27, 1908
The Mathews Journal
Mathews, VA
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News of Virginia BUTT GETS THREE YEARS. Norfolk (Special).--Alexander B. Butt, cashier of the wrecked People's Bank, of Portsmouth, plead guilty to three of the twenty-two indictments against him, making restitution to the depositors to the extent of $47,500 of the total bank shortage of $252,066. He was sentenced by Judge Bain to three years in the penitentiary at Richmond and to pay a fine of $7,184. The defendant, out under bond of $25,000, was at once placed into the custody of the sheriff and will immediately begin his sentence. The sentence was made up as follows: For making false return to the Virginia corporation commission, one year and a fine of $5,000; for receiving a deposit of $300, knowing the bank to be insolvent, one year and a fine of $600; for receiving a deposit of $792, knowing the bank to be insolvent, one year and a fine of $1,584. The fine in each case was double the amount of the deposit. All other indictments against the defendant were dropped. With good behavior, Butt will be paroled under a conditional pardon at the end of eighteen months, or twenty-one months if the $7,184 fine is not remitted. No person can be held in prison in Virginia for more than three months for nonpayment of any fine. In addition to the property surrendered by the wife of the convicted man, a Mr. Stupp, of Washington, a cousin of Mrs. Butt, turned over to Receiver Griffin, of the People's Bank, $20,000 to be credited to the account of the defaulting cashier.
15.
March 10, 1908
The Times Dispatch
Richmond, VA
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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.
16.
October 28, 1908
Daily Press
Newport News, VA
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RECEIVER FINDS BUTT'S SHORTAGE IS ENORMOUS Portsmouth Cashier, Now Serving Prison Sentence, Was Short In Accounts Over Half Million. (By Associated Press). NORFOLK, VA., Oct. 27.-The report of Receiver Griffin 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 upon a plea of guilty of misplaying the bank's funds.
17.
October 28, 1908
The San Francisco Call
San Francisco, CA
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CASHIER'S ACCOUNTS SHORT 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 Butt of $549,884. Butt is now serving a three years' sentence in the penitentiary. The commonwealth's attorney has been petitioned by the depositors to have Butt returned upon the expiration of his term and prosecuted upon 19 remaining indictments.
18.
October 31, 1908
The Free Lance
Fredericksburg, VA
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# 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.
19.
November 5, 1908
The French Broad Hustler
Hendersonville, NC
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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.
20.
August 20, 1909
Deseret Evening News
Salt Lake City, UT
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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.
21.
August 21, 1909
Los Angeles Herald
Los Angeles, CA
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Sue Directors of Wrecked Bank NORFOLK, Va., Aug. 20.-John T. Griffin, receiver of the wrecked Peoples bank of Portsmouth, has brought suit. on behalf of the depositors, to recover from the directors all losses in SO far as the personal wealth of these officials will go. Among the defendants is Alexander B. Butt, cashier, now serving two terms in the penItentiary for wrecking the bank.
22.
June 10, 1910
The Washington Herald
Washington, DC
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Decides Against Directors, Portsmouth, Va., June 9.-Judge Bain in the Court of Hustings to-day overruled the demurrers by directors of the failed People's Bank to the proceedings instituted against them for the recovery of losses through the failure, amounting to about $500,000. The receiver entered suit against the directors on the ground that the failure was due to their negligence, and that the losses are recoverable from them.