Daily press. [volume] (Newport News, Va.) 1896-current, 1907-02-03

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duties. prevented or found out and
corrected the conduct of the officers
of said hank whereby It's assets were
wasted or made away with, except
that Mrs. Vaughan having been a
director of said lank since Dec. 9th,
1902 hae departed this life about
Dec.-191H. That on May 10Th. 1906.
Irwin Tucker was president Of said
| bank, and that Carter Perkins was
cashier. That after The death of the
president, WHO committed suicide. the
bank forthwith closed its doors, and
ceased to do business and has never
resumed nor attempted TO resume,
since. That shortly after the death
of President Tucker 1t became gen-
orally known that said bank was
overwhelmingly insolvent, that subse-
quent developments have brought to
light the fact that the assets of said
bank had been for number Of years
past. beginning with the first month
OF the banks existence, deliberately
aud Systematically plundered by be-
| Ing loaned. without adequate security
therefor, either to It's insolvent dlrec-
wi o. anu OillCClS vi W lHSOlNtDI CUT
porations which the officers and d..
rectors Of said bank were largely in
terested In, or controlled, or to the
insolvent personal friends of said of.
Ulcers and directors or to all of such
borrowers and by insolvent persons
and corporations being knowingly
permitted to overdraw their accounts
Mt said bank until such unsecured
loans and over drafts amounted to
some S37.000.00. and consumed nearly
all of said banks assets, for much
| Of which said loans and overdrai,s
there was no form or pretencc of Sc
| curity and for none of which was
there any adequate security: that by
reason Of such loans to, and such
loans to, and such overdrarts by said
insovcnts II had become and remain
ed wholly insolvent for at least four
years or moro, next before its final
collapse on May 10th, 1906 all of
which was well known to some Of
| said directors, and could have been
known TO all Of them had they made
even the most casual examination of
the affairs of said bank or exercised
| ordinary care or diligence in the per.
Torrance of their duties as such d.
rectors.
THAT from tho organization of
said bank In 1902. until its collapse
on May 10, 1906. the said directors of
said bank were guilty of the grossest
and most reckless neglect in the per-
Torrance Of their duties as such d.
rectors and in fact, did not, nor did
| any of them perform any of their said
duties whatsoever, but ncgligently
and recklessly left them wholly I'M
performed In every respect That
never at any time have said direc
tors either as a board, or as com
mittee or committee of board. or
otherwise. paid any attention what
ever to the business and affairs of
said bank. bit have continuously
! throughout the existence of said bank
abandoned its affairs and business
entirely to the unbondel officers
thereof or to one unbonded officer
alone without exercising or attempt
ing to exercise the slightest authori-
ty supervision or control over said
OFFICERS or officer or to make even
: the most casual Investigation or cx.
animation into the affairs and bust
| ness vi said hank at any time, on the
! other hand they for over two years
before the 10th. of May, 1906, rock.
lcssly and with the grosscst negli
! gcnce deserted and abandoned said
bank and left it. and all of its hisi
ness and assets utterly and entirely
In the hands and absolute control of
the said irwin Tucker. an unbonded
officer Of said bank when all the di.
rectors knew, or by the exercise of
ordinary care or diligence I'm the per-
torrance of their duty as such direc-
tors could have learned and therefore
are chargeabe with knowing, was a
man given to and constantly engaged
In speculation, having bad reputa-
ton for integrity, who had few
years previous settled out of court an
| Indictment against himself for en-
hezzlement and who was steadily
making away with and disDosing of
the assets of said bank as hereinbe.
fore set forth: none of which matters
were however known to or suspected
by petitioner Tor as he believes by
more than very few, if any. of the
depositors in said bank), who was
lnlled into security by the confidence
he reposed in said directors. whom
he believed as he had right to be.
iieve, were properly performing their
duties as directors of said bank. That
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