The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-02-22
WILL COMPROMISE.
If COURT AGREES
Litigation Growing Out of Failure
Of Newport News Bank
Nears Settlement.
Especial to The Times-Dispat ch.l

H.
Newport News, Va, February I'll
Agreeing TO pay $500 in settlement
for the full amount of the claims
against them. City Treasurer j. 81 Cur
It's former City Sergeant E. W. Mil
stead and Marley II. Barnes have eff
fected q compromise which probably
viii. finally end litigation in the famous
case of the depositors OF the Savings
Bank OF Newport News against that in
stitution, its officers and directors II
the court confirms the agreement en-
tered into by the receiver and counsel
for the parties. the depositors will get
an additional 10 per cent. Of their
money, making total OF 80 per cent
that they will receive of the $4,000
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 it's president,
| Irwin Tucker
Irwin Tucker blew out mis- brains in
May. 1905, 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 or the depositors How
ever. 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
c. Berkeley. OF this city. and A. c..
Braxton. of stanton. against the bank
and It's officers and directors for the
full amount OF their deposits Judge
John Ingram, of Richmond, was ap-
pointed by Governor Swanson to sit
for Judge Barham, OF the local Cor
poration Court, In the case After a
long drawn out trial. during which
muc1 bitter feeling was engendered by
tho attacks Of counsel for the demos
itors upon the defendants. the court
handed down an opinion holding Dr.
Clarence Porter Jones. DR.. Carter Per
kins, A. T. PuHiam and A. c. Bristow.
directors and stockholders. liable for
the full amount OF the deposits Bris-
tow 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 bank
ruptcy. The plaintiffs received prac-
tically nothing from the Judgment
In the meantime, Allen D. Jones' re-
cciver for the defunct bank, had been
realizing on the outstanding paper OF
the Institution, and had refunded TO
the depositors % per cent Of the total
OF their money.
Counsel for The plaintiffs appealed
from the decision OF Judge ingram, in
which the court held that Milstead,
curtis anu barnes were not directors
of the defunct bank at the time the
doors closed, and recently n writ OF
crro. as to these three was granted
The contention Of the plaintiffs was
that while Curtis, Milstead and Barnes
were not actively participating in the
banks affairs. had not attended a di-
rectors' meeting in years. If st ALL
and did not consider themselves direc-
tors, their names were being usnd on
the nanks stationery, and the fact that
they had never had their designations
as directors accepted made them liable
This was the contention the Supreme
Court would have heard had the COM
promise not been effected.
The ltigatnon has been very costly
to all parties concerned. and the de-
positors have spent a consid cradle mart
Of the money that has been returned
to them in prosecuting tho suit