21722. Portsmouth Dime Savings Bank (Portsmouth, VA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
November 16, 1903
Location
Portsmouth, Virginia (36.835, -76.298)

Metadata

Model
gpt-5-mini
Short Digest
a1a3f6ab

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Other: Directors posted public statement assuring depositors; large depositors made deposits to restore confidence.

Description

Cashier John H. Downing absconded in early November 1903 causing a deficiency and a run of small depositors (demands met initially). Continued drain and inability to realize securities led the bank to suspend/close in January 1904 and go into liquidation; a receiver was appointed later in January. Dates: run reported Nov 16, 1903; suspension/closure in January 1904 (articles give Jan 10 and Jan 16 references); receiver appointed Jan 22, 1904.

Events (3)
1. November 16, 1903 Run
Cause
Bank Specific Adverse Info
Cause Details
Cashier John H. Downing absconded with several thousand dollars, leaving a deficiency discovered on books; depositors rushed to withdraw funds.
Measures
Bank posted statement assuring depositors funds secured; deficiency said to have been paid or secured; large depositors made deposits to restore confidence; demands were met.
Newspaper Excerpt
When the defalcation became known today, a small run was inaugurated on the bank, but all demands were met.
Source
newspapers
2. January 10, 1904 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Continued drain on deposits after the cashier's defalcation and inability to realize on securities to meet calls forced suspension and liquidation in January 1904.
Newspaper Excerpt
The Portsmouth Dime Savings Bank has closed its doors and gone into liquidation... being unable to realize on its securities so as to meet the continued calls of its depositors, the bank finds it necessary to close its doors and go into liquidation.
Source
newspapers
3. January 22, 1904 Receivership
Newspaper Excerpt
R. Emmet Crump was yesterday appointed receiver of the defunct Portsmouth Dime Savings Bank, under bond of $100,000. It is now hoped that the assets will be sufficient to pay the depositors and stockholders in full.
Source
newspapers

Newspaper Articles (13)
1. November 16, 1903 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, November 16, 1903

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Article Text

TELEGRAPHIC BREVITIES. Four men are reported to have been blown to pieces while blasting stumps with dynamite on the farm of Dr. S. B. Hartlan, south of Columbus, Ga. The Standard Oil Company, of New Jersey, has declared a dividend of $12 per share. This is an increase of $2 from the dividend declared at this time a year ago. This dividend will cause a disbursement of $12,000,000 to the stockholders. Oil has risen two cents a gallon in the last few weeks. John H. Downing, cashier of the Portsmouth, Va., Dime Savings Bank, is missing, and also from $12,000 to $25,000 of the bank's funds. When the defalcation became known today, a small run was inaugurated on the bank, but all demands were met. While visiting the home of friends in Chicago yesterday, Charles Rogers, 33 years old, committed suicide by swallowing earbolic acid. Worry following the death of his wife about a month ago is believed to have prompted the suicide. Seven hundred and fifty men who were laid off at the Illinois Steel Works, in South Chicago, three weeks ago, returned to work last night. Many of the men-believe that a general cut of 10 per cent. is to be made in the wage scale. Mrs. Susan Bayly, aged 84, living alone at New Brunswick, N. J., was fatally burned last night. Her clothing caught fire from a table cloth which had been ignited by a taper with which she had attempted to light a lamp. The steamer Norwalk reports having sig IFed an unknown steamer on fire in Lake Huron, above Sand Beach, Mich. The steamer did not pass close enough to the blazing craft to make out its identity. The socialists will nominate a straight ticket when the contest over the election of officers comes up in the American Federation of Labor convention at Boston this week. The worst storm of the season is now prevailing in the vicinity of Ballston, N. Y. Snow is falling at the rate of an inch an hour.

2. November 17, 1903 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, November 17, 1903

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spend Sunday with friends in Suffolk. Failing to appear the following Monday, inquiries were made, and it was found that he was not in Suffolk. Investigation of his books was made, with the result that a deficiency of several thousand dollars was discovered. When the bank opened today the following statement was posted: "John H. Downing. late cashier of this bank, has defaulted and left the city. Since his shortage was discovered, a thorough examination has been made of the books and affairs of this bank by Messrs. Frank W. Onycott, George W. Onycott and W. E. Owen, Jr., and a report male by them to the board. The amount of the deficiency, as shown by said report, has been paid or absolutely secured to be paid, and the depositors of the bank have been secured from any and all loss by reason of his defalcation." Downing was bonded for $15,000. There are about 10,000 depositors of the Portsmouth Dime Savings Bank and their deposits range in amounts from $1 up. A panic was threatened today. Scores of creditors rushed to the bank fearing they had lost every cent. They were assured that all was safe. Many of them, however, withdrew their deposits. As the morning advanced, the uneasiness subsided. Large depositors came forward with their usual Monday morning deposits and did much to allay fears.

3. November 17, 1903 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, November 17, 1903

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CASHIER IS GONE LEAVING SHORTAGE RUN OF SMALL DEPOSITORS ON THE PORTSMOUTH, VA., DIME SAVINGS BANK IS NARROWLY AVERTED. Norfolk, Va., November 16.-John H. Downing, cashier of the Portsmouth Dime Savings bank, is missing, and with him has gone several thousand dollars of the bank's money. He left the city Sunday night, November 7, telling A. J. Phillips, president of the bank, that he was going to spend Sunday with friends in Suffolk. Failing to appear the following Monday, inquiries were made and it was found that he was not in Suffolk. Investigation of his books was made with the result that a deficiency of several thousand dollars was discovered. When the bank opened today, the following statement was posted: "John H. Downing, late cashier of this bank, has defaulted and left the city. Since his shortage was discovered, a thorough examination has been made of the books and affairs of this bank by Messrs. Frank W. Oneycott, George W. Oneycott and A. E. Dwen, Jr., and a report made by them to the board. The amount of deficiency as shown by said report has been paid or absolutely secured to be paid, and the depositors of the bank have been secured from any or all loss by reason of his defalcation." Downing was bonded for $15,000. There are about 10,000 depositors of the Portsmouth Dime Savings bank, and their deposits range in amounts from $1 up. A panic was threatened today. Scores of creditors rushed to the bank fearing they had lost every cent. They were assured that all was safe. Many of them, however, withdrew their deposits. As the morning advanced the uneasiness subsided. Large depositors came forward with their assistance and did much to allay the run.

4. November 17, 1903 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, November 17, 1903

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CASHIER SKIPS WITH HIS BANK'S FUNDS. John H. Downing Left Sorrowing Hearts at Portsmouth. Norfolk, Va., Nov. 16.-John H. Downing, cashier of the Portsmouth Dime Savings Bank, is missing, and with him went several thousand dollars of the bank's money. He left the city Saturday night, Nov. 7, telling A. J. Phillips, president of the bank, that he was going to spend Sunday with friends in Suffolk. Failing to put in an appearance at his desk the following Monday, inquiries were made and it developed that he was not in Suffolk. Investigation of his books was made, with the result that a deficiency of several thousand dollars was discovered. This morning, when the bank's doors were opened, the following statement was posted: "John H. Downing, late cashier of this bank, has defaulted and left the city. Since his shortage was discovered a thorough examination has been made of the books and affairs of this bank by Messrs. Frank Wonycutt, George Wonycutt and A. E. Owen, Jr., and a report made by them to the board. The amount of deficiency as shown by said report has been paid or absolutely secured to be paid and the depositors of the bank secured from any or all loss by reason of his defalcation." Downing was bonded for $15,000. There are about 1,000 depositors of the Portsmouth Dime Savings Bank, and their deposits range in amounts from $1 up. A panic was threatened this morning. Scores of creditors rushed to the bank, with fears that they had lost every cent. At the bank they were assured that all was safe. Many of them, however, withdrew their deposits. As the morning advanced the uneasiness subsided. Large depositors came forward with their usual Monday morning deposits and did much to allay fears.

5. November 17, 1903 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, November 17, 1903

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CASHIER IS MISSING. Stole from the Dime Savings Bank of Norfolk, Va. Norfolk. Va., Nov. 16.-John H. Downing. cashier of the Portsmouth Dime Savings Bank, is missing and with him went several thousands of the bank' money. He left the city. Saturday night. Nov. 7, telling Mr. A. J. Phillips, president of the bank. that he was going to spend Sunday with friends in Suffolk. Failing to put in an appearance at his desk, the following Monday. inquiries were made and it developed that he was not in Suffolk. An investigation of his books showed a deficiency of several thousand dollars. This morning, when the bank's doors were opened, the following statement was posted: "John H. Downing, late cashier of this bank, has defaulted and left the city. Since his shortage was discovered a thorough examination has been made of the books and affairs of this bank and a report made to the board. "The amount of defiçiency as shown by said report has been paid or absolutely secured to be paid, and the depositors of the bank are secured from any or all loss by reason of his defalcation." Downing was bonded for $15,000 in a thoroughly reliable company. There are about 1000 depositors of the Portsmouth Dime Savings Bank and their deposits range in amount from one dollar up. A panic was threatened, this morning. Scores of creditors rushed to the bank with fears that they had lost every cent. At the bank they were assured that all was safe. Many of them were dubious. however, and withdrew their deposits. As the morning advanced the uneasiness subsided The large depositors came forward with their usual Monday morning deposits and did much to allay fears.

6. November 17, 1903 The Times Dispatch Richmond, VA
Article from The Times Dispatch, November 17, 1903

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MANN LAW VINDICATED aloon Keepers Who Defied the New Instrument Have Licenses Taken From Them. A DEFAULTER CASHIER ohn H. Downing, Portsmouth Dime Savings Bank, Has Disappeared. (Special to The Times-Dispatch.) VA., NORFOLK, November Court 16.-The of the indication by the Supreme whose ann law, constitutionality tribunal by was two estioned before that orfolk liquor dealers, has been followed drastic action here. Guy Johnston and who were fined $50 each r to minors, on R. selling Fapps. liquor law appealed did 10 ground that the Mann not otect minors. The decision that the law vered selling or giving liquor to minors the old law, was tofully as followed liquor ay by the revocation of the 11nses of the two convicted dealers. All offenders will be similarly treated future. CASHLER DEFAULTS. John outh H. Dime Downing, Savings cashier Bank, of is the missing, Portsnd the Board of Directors of the instition are in possession of his own conssion to defalcations variously estiated at from $15,000 to $30,000. extending ver comparatively recent period. a small run on small depositors, when 10 of the lany There news a was cashier's disappearance they the bank. heard his morning, appeared at the bank and are promptly paid. Many of the largest depositors, however, ade a special point of being there at e opening with heavy deposits, and this estored the confidence of the public to large extent. It is officially stated that the bank is which very The was circumstances creditor. cashier amply of bonded protect Balthe Fidelity Deposit Company, more, for $15,000. The business of the institution is proseding. and there will positively be no terruption. The shortage of Mr. Downing was first two weeks ago He was uspected on was made. confronted and investiga- with 10 facts and acknowledged having used 00 bank's money DOWNING LEAVES. left the city Sunay, to go to Downing ostensibly about Suffolk last to of raise unds with which to pay off part his debtedness. He has not been seen since he left here n that mission, nor is there any evience that he went to Suffolk at all. He and young a consistand two an. as 1g of a He a very wife leaves quiet family little reserved here boys. of the mornng the bank is a stronger it ever was osition An that official than bank to-day said before. in this The ituation, he declared, is entirely safe. Lny prosecution of the missing cashier will be in the hands of the trust comany. The directors have dealt frankly with he and this notice was issued, ation following public, with the attorney morning for after the early consul- bank: the H. Downing. inhas defaulted titution, "John cashier and made left of this town. The directors have met and good he amount of the defalcation. Mr. Downng was bonded in $15,000. " PHENOMENAL SUCCESS. The Chesapeake Transit Company, runing to Cape Henry and Virginia Beach, S to quadruple its capital stock at once. The road has been a phenomenal success, ind of to e here present of to capital held at the meeting $630,000 December will will the be 1st, stockholders double increased the tracked, 2,500,000. The road be the rolling stock greatly increased and nany other improvements made. The exraordinarily heavy equipment used on the original track gave rise to the impresion the road was to between an here :onnection that and extensive railroads deep be water the centering future termi1al system at the Capes. The latest move on the part of the road has revived the rumor. MAKES HIM WEALTHY

7. November 18, 1903 The News & Observer Raleigh, NC
Article from The News & Observer, November 18, 1903

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THE DEFAULTING CASHIER FOLDS HIS TENT AND FLIES. Downing's Evanishment Threatens a Panic at the Portsmouth Dime Savings Bank, But it is Averted. (By the Associated Press.) Frank Wonycott, George Wonycott and Norfolk, Va., Nov. 16.-John H. DownA. E. Bowen, Jr., and a report made to ing, cashier of the Portsmouth Dime Savthe board. ings Bank is missing and with him went The amount of deficiency as shown by several thousand dollars of the bank's said report has been paid or absolutely money. He left the city Saturday night, secured to be paid and the depositors of the bank secured from any or all loss November 7, telling Mr. A. J. Phillips, by reason of his defalcation. president of the bank, that he was going Downing was bonded for $15,000 in a to spend Sunday with friends in Suffolk. thoroughly reliable company. Failing to put in appearance at his desk Monday, inquiries were made and it deThere are about 1,000 depositors of the Portsmouth Dime Savings Bank and their veloped that he was not in Suffolk. Feardeposits range in amounts from $1 up. ing a defalcation, investigation of his books was made with the result that a A panic was threatened this morning. Scores of creditors rushed to the bank deficiency of several thousand dollars was discovered. with fears that they had lost every cent. This morning when the bank's doors At the bank they were assured that all were opened the following statement was was safe. Many of them dubious how. ever, drew their deposits and carried posted: "John H. Downing, late cashier of this them elsewhere. As the morning advanced the uneasiness subsided. The bank, has defaulted and left the city. Since his shortage was discovered a thorlarge depositors came forward with their ough examination has been made of the usual Monday morning "deposits and did books and affairs of this bank by Messrs. much to allay fears.

8. November 20, 1903 The Semi-Weekly Messenger Wilmington, NC
Article from The Semi-Weekly Messenger, November 20, 1903

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BANK CASHIER DEFAULTS PORTSMOUTH BANK THREATEN ED WITH A PANIC. The Cashier Disappeared Last Week, and an Examination Reveals a Shortage of Several Thousand Dollars on the Books. Norfolk, Va., November 16.-John H. Downing, cashier of the Portsmouth Dime Savings Bank, is missing and with him went several thousand dollars of the bank's money. He left the city Saturday night, November 7th, telling Mr. A. J. Phillips, president of the bank, that he was going to spend Sunday with friends in Suffolk. Failing to put in appearance at his desk the following Monday inquiries were made and it developed that he was not 'in Suffolk. Fearing a defalcation investigation of his books was made, with the result that a deficiency of several thousand dollars was discovered. This morning when the bank was opened the following statement was posted: "John H. Downing, late cashier of this bank, has defaulted and left the city. Since his shortage was discovered, a thorough examination has been made of the books and affairs of this bank by Messrs. Frank Wonycott, George Wonycott and A. E. Owen, Jr., and a report made by them to the board. The amount of deficiency as shown by said report has been paid or absolutely secured to be baid and the depositors of the bank secured from any or all loss by reason of his defalcation. Downing was bonded for $15,000 in a thoroughly reliable company. There are about one thousand depositors of the Portsmouth Dime Savings Bank and their deposits range in amounts from $1 up. A panic was threatened this morning. Scores of creditors rushed to the bank with fears that they had lost every cent. At the bank they were assured that all was safe. Many of them. dubious, however, drew theeir deposits and carried them elsewhere. Ase the morning advanced the uneasiness subsided. The large depositors came forward with their usual Monday morning deposits and did much to allay fears.

9. January 17, 1904 New-York Tribune New York, NY
Article from New-York Tribune, January 17, 1904

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BANK GOES UP; 500 CAUGHT. Virginia Institution Had Hung on Since November, When Cashier Skipped Out. [BY TELEGRAPH TO THE TRIBUNE.] Norfolk, Va., Jan. 16.-The Portsmouth (Va.) Dime Savings Bank, unable to realize on securities to meet the loss occasioned by the defalcation of the cashier, Downing, was forced to-day to suspend, and five hundred depositors were caught in the crash. Last November Downing skipped, but the amount he absconded with was not made known. There was a run on the bank at that time, but some five hundred depositors kept their accounts, being assured that the money taken by Downing would be made good. The bank was organized two and a half years ago with a capital of $25,000. and had on deposit up to the time Downing skipped $115,000.

10. January 17, 1904 The Times Dispatch Richmond, VA
Article from The Times Dispatch, January 17, 1904

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BANK GLOSES ITS DOORS (IA Constant Drain on Its Deposits Made It Necessary to Go Into Liquidation. NEVADA'S GUNS IN PLACE The Building Trades Council of Norfolk Enraged at the Election of Charles G. Kiser. (Special to The Times-Dispatch.) NORFOLK, VA., Jan. 10.-The Portsmouth Dimo Savings Bank has closed its doors and gone into liquidation. The public was notified of this action following a meeting of the Board of Directors this morning, by the following notice posted on the doors of the institution: "It Is with regret that the Portsmouth Dime Savings Bank has to announce to the public that, being unable to realize on its securities so as to meet the continued calls of its depositors, the bank finds It necessary to close its doors and 80 into liquidation." The notice did not cause any excitement. nor did it attract the attention It would on any other day save Saturday, hen all the banks except the Dime Savings institution close at noon. SUDDEN COLLAPSE. It is understood that the bank was in excellent condition up to this morning, and the failure to receive certain funds which it confidently expected caused it to take the action described. Ever since the defalcation of Cashier Downing last November the directors have been doing everything in their power to make the institution a success. It looked as though they had gotten clear of the shoals and were on the way to retrieve all their losses, and the confidence among the five or six hundred depositors who remained with the bank after the November run was restored. The end came to the directors, as to the public, with startling suddenness. The hard work of those identified with the intitution to prevent its going to pieces is well known here, and the public was

11. January 19, 1904 The Times Dispatch Richmond, VA
Article from The Times Dispatch, January 19, 1904

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NO RECEIVER APPOINTED Cashier of the Dime Savings Bank Choice of the Stockholdcrs and the Creditors. A NEW ELECTRIC LINE Proposed to Build one to Elizabeth City by Richmond and Baltimore Capital. (Special to The Times-Dispatch.) NORFOLK, VA., Jan. 18.-No receiver has as yet been appointed for the Portsmouth Dime Savings Bank, although Emmett Drump, cashier of the institution. is stated to be the choice both of the stockholders and creditors. With carefub management, it is said, the bank will pay out dollar for dollar. NEW ELECTRIC LINE. An electric line, backed by Baltimore and Richmond capital, is to be Inaugurated between here and Elizabeth City, N. C. The travel between the two points is great, and It is believed that the new route will pay. Work on the line to Elizabeth City will begin at once.

12. January 22, 1904 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, January 22, 1904

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VIRGINIA NEWS. Smallpox is reported in the camp of railroad employes engaged in doubletracking the Richmond, Fredericksburg and Potomac Railroad near Chappawamsic creek. In Wytheville yesterday Judge Fulton refused to give Chesley Peoples, who murdered John Seagle December 3, a new trial, and sentenced him to be executed March 25. The grand jury of Charlottesville, has been sitting since Monday and has made a partial report. More than 100 indictments have been returnéd thus far against liquor dealers for selling on Sunday, to minors and students, R. Emmet Crump was yesterday appointed receiver of the defunct Portsmouth Dime Savings Bank, under bond of $100,000. It is now hoped that the assets will be sufficient to pay the depositors and stockholders in full. Brantley Carter, of Lynchburg, who was on Monday shot by George Ball, of Danville, at the Hotel Bennett, at Chatham, died yesterday. His 15-yearold wife was at his bedside when the end came. She is prostrated with grief. Max Guggenheimer, who for 11 years has been president of the Lynehburg Cotton Mill, resigned yesterday at the annual meeting, and the directors elected H. L. Moorman, who has been secretary and treasurer for nine years, to succeed him. The canning business was overdone in Northern Neck last season, and it is thought there will not be so many canneries in operation this season. The fish factories also did a poor business and the oyster-sh ucking house have had an unprofitable winter. H. D. Garrett. of Chicago, reported to represent a syndicate of capitalists, has purchased for $50,000 the Van Wyck farm on the Chesapeake bay front not very far from Ocean View, and another summer resort, it is said, will be established on the farm. Mrs. Mary Button, widow of Charles Button, died yesterday at her home in Appomattox. Her death was caused by pneumonia. Mrs. Batton's husband was for many years editor and proprietor of the Lynchburg Virginian. She was the mother of Joseph Button, secretary of the State Sena te. In the Hustings Court at Roanoke, yesterday Fannie Hodges was sent to the State penftentiary for fifteen months and Mary Foutz was given four months in jail as accessory, both pleading guilty to the charge of robbing Hiram Jones, of Craig county, of money and certificates of deposit amounting to $6,840 while he was visiting a house kept by the Hodges woman a month ago. Jones was Intoxicated. "Wood Park," the home of Mr. and Mrs. Blair Johnson, near New Baltimore, Fauquier county, was destroyed by fire Wednesday night about 10 o' clock. Originating in the kitchen, the flames spread with such rapidity as to make difficult and dangerous the escape of the family, who had just retired for the night. With the exception of some furnishings in the rooms, the destruction of personal efforts was equally as complete as that of the dwelling. The loss is estimated at $1,500. The insurance covers only a portion of this loss. Mr. and Mrs. Johnson are well-known members of the Hunt Club in Warrenton.

13. January 22, 1904 The Wisconsin Tobacco Reporter Edgerton, WI
Article from The Wisconsin Tobacco Reporter, January 22, 1904

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Dime Savings Bank Suspends. Norfolk, Va., Jan. 19.-The Portsmouth Va. Dime Saving bank, unable to realize on securities to meet the loss occasioned by the defalcation of Cashier Downing, has been forced to suspend. The bank had a capital of $25,000, and deposits of about $15,000.