Mechanics Savings Bank (Richmond, VA) was closed by order of the State Corporation Commission in mid-July 1922 and receivers (J. R. Tucker and James W. Gordon) were appointed (receivership). The closure appears to have been a government-ordered suspension tied to problematic assets (obligations of the Bonded Realty Co., Inc.) rather than a depositor run. The bank remained under receivership; auditors later reported a large shortage (~$200,000) and depositors recovered a partial dividend via a depositors' committee in 1926. There is no clear article reporting the bank resumed normal operations as a bank, rather assets were liquidated/managed and dividends paid — so classify as suspension leading to closure/receivership.
Events (4)
1.July 15, 1922Suspension
Cause
Government Action
Cause Details
Closed by order of the State Corporation Commission because assets included $83,500 obligations of the Bonded Realty Co., Inc., not secured to plaintiff's satisfaction.
Newspaper Excerpt
closed last Saturday afternoon by order of the State Corporation Commission.
Source
newspapers
2.July 18, 1922Receivership
Newspaper Excerpt
APPOINTS RECEIVERS J. R. Tucker and James W. Gordon Named by Judge Moncure. ... receivers gave bond in the sum of $50,000. Moncure Issues Decree ... return of the assets of said Mechanics' Savings Bank ... to its proper authorities.
Source
newspapers
3.March 1, 1923Other
Newspaper Excerpt
certified public accountants ... completed their labors February 3, 1923. They report the shortage to be about or over ($200,000) Two Hundred Thousand Dollars. They ... report ... without making references to responsibility for the alleged shortages.
Source
newspapers
4.March 20, 1926Other
Newspaper Excerpt
The money for the depositors of the Mechanics Savings Bank is now ready and a dividend of 40 per cent has been declared. ... depositors' Protective Committee ... took over the bank building ... making $75,300 available to assist in paying this dividend.
Source
newspapers
Newspaper Articles (25)
1.July 18, 1922Richmond Times-DispatchRichmond, VA
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RALLY TO AID OF MECHANICS' BANK Richmond Institutions Ready to Advance Up to $100,000. APPOINTS RECEIVERS J. R. Tucker and James W. Gordon Named by Judge Moncure. With the banks of Richmond ready to advance any amount up to $100,000 with which to meet the temporary needs, on condition that adequate collateral be given-and the officials of the institution are ready. they say, to give the required security promptly-indications - are that the Mechanics' Savings Bank. colored Institution at 214 East Clay Street. that was closed last Saturday afternoon by order of the State Corporation Commission. will shortly reopen for business. The Richmond Clearing-House Association, in meeting yesterday with officials of the banking division of the State Corporation Commission. discussed plans for reopening the bank and, as evidence of confidence in the colored banking institution, it was agreed to advance the necessary amount for the operation of the bank If proper security is deposited for the loan. Harry M. Smith. Jr., attorney for the Mechanics' Savings Bank stated last night that his clients. are ready to put up the necessary collateral and that all conditions will be met without delay. He said affairs will be put in such shape that the bank may be reopened as soon as the recelvers appointed yesterday by Judge Moncure, in Chancery Court, make their report. The receivers named by Judge Moncure were J. R. Tucker and James W. Gordon. They gave bond in the sum of $50,000. Moncare Issues Decree. The decree issued by Judge Moncure, 1r. appointing the receivers, follows: "And it being represented to the court that the closing of said bank by the plaintiff was because of the presence in its assets of obligations of the Bonded Realty Co., Inc., amounting to the sum of $83,500. which are not secured to the satisfaction of the plaintiff, and it being further represented to the court that there is a reasonable prospect of the defendant being able, within Q short time, of satisfying the plaintiff as to said obligations of the Bonded Realty Co., Inc., and as to the entire solvency of said bank, it in further ordered that said receivers be authorized and instructed to report to the court, at the earliest possible date, together with a statement of the assets 2nd liabilities of said bank, such offers and plans as may be submitted to them by the defendants, or others on (Continued on Page 2, CoL 6.)
2.July 29, 1922Richmond PlanetRichmond, VA
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THE DECREE. The following extract from Judge William A. Moncure's order will explain itself and give an accurate insight into the general situation: "And it being represented to the Court that the closing of said bank by the plaintiff was because of the pres ence in its assets of obligations of the Bonded Realty Company Inc., amount ing to the sum of $83,500.00, which are not secured to the satisfaction of the plaintiff and it being further represent ed to the Court that there is a reason able prospect of the defendant being able, within a short time, of satisfying the plaintiff as to said obligations of the Bonded Realty Company, Inc., and as to the entire solvency of said bank, it is further ordered that Sale receivers be authorized and instructed to report to the Court, at the earliest possible date, together with a statement of the assets and liabilities 07 said bank, such offers and plans as may be submitted to them by the ao fendants, or others on its behalf, with a view of satisfying the requirements of the plaintiff and effecting a prompt discharge of said receivers, and the return of the assets of said Mechanics Savings Bank of Richmond, Va., to its proper authorities." BAPTIST PREACHERS UNANIMOUS ( The Baptist Ministers' Conference 9 of Richmond and vicinity met Tuesday, July 25, 1922 on call of its President, Rev. Evans Payne, D. D., pastor of the Fourth Baptist Church to take action relative to the matter. The meeting was called to order shortly before 12 o'clock. President Payne reviewed the situation and announced that when he heard of the affair, he immediately warned his people to sus pend judgment assuring them that their money was safe. He gave his reasons for his belief.. At the conclu sion of his remarks, Rev. Z. D. Lewis, D. D., moved that a committee of five be appointed to draft resolutions concerning the matter. This was seconded by Rev. T. J. King, D. D., pastor of the Fifth St. Baptist Church, and the following committee was appointed by the chair: Rev. Dr. Z. D. Lewis, Rev. C. A. Cobbs, Rev. I. H. Hines, Rev. W. B. Ball, Rev. T. J. King. , COMMITTEE REPORTED. The committee retired and after con
3.August 26, 1922Richmond PlanetRichmond, VA
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that they do not ques nesty and integrity, for a large majority of t have refused and de turn over their books While it is tru are strangers to rough the Court, they confidence and re receivers because, the the said receivers a the Court and that t1 not be lost or mis yet they feel that tl keeping the eviden debtedness of the Bank t own possession, they have no reason suspect that there is with their accounts Bank. Your petitioners further the depositors of the anxious that the Ban fairs be returned to, it the same may be open rliest practicable momen the condition he ferred to; that a large 1 depositors are with-hol from the receive that, they verily ould the more than the depositors give their receivers to be audited Bank (will be closed they believe it will ta onths for the receivers sebooks. three thousand and In order that the rece pedite their work and, 11 rtial or full report to the end that the Ban -opened, they have dec decline to deliver the said receivers; that they informed of any law . to give up their boo the only receipt they ha said Bank; that they eans of knowing how lon to audit and state ousand, and more acc een the said Band and positors; that some of positors were depositor vings Bank of the Grand nited Order of True Refo they had been requir their books and the those in charge of t unable to close these make a final report to nearly ten years, dur a large number of t departed this life, and the further reason wh sitors -of the Mechanic are unwilling to tur oks unless they are for by law; that it is not t to complain of those arge of the Savings Ba rand Fountain United Reformers but simpl matter to show so why the said de₁ Mechanics Savings "B fused to deliver their bo ceivers of the said Mech Bank. That your petitioners (rmed, had the Preside ochanics Savings Ban greeing to give securities 00.00, not refused to pa said securities at t1 (6) Percent, the Bank been closed and that to sign the obligation ca terest at the rate of Six aforesaid, was the p the
4.September 9, 1922Richmond PlanetRichmond, VA
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THE COLORED PEOPLE OF VIRGINIA OWN PROPERTY, REAL AND PERSONAL VALUED AT $56,297,007. This spirit of thrift and ability to accumulate is not only the result of their own efforts, but those of the White People of this Commonwealth, who wish them well and who have encouraged them along all lines of industrial progress. They have become the leading factors in the Economic and Financial Life of the State. The Mechanics Savings Bank has been the Citadel of Negro Finance and a monument to the encouragement of the White Citizens of this Commonwealth. The Receivers of that Institution, who are pledged to return this Bank again to its Owners, when satisfactory arrangements have been made are authoritatively reported as saying that with the present assets of the Institution and those pledged, the Depositors will not lose a dollar. If they will not lose a dollar with the Bank closed, they will not lose a dollar with the Bank open. There is no reason then why it should not function again. The White Folks want the Bank re-opened. The Colored Folks want it re-opened. Every State Official, SO far as we know, from the Governor, the Members of the State Corporation Commission, the Banking Division, and the Receivers, express themselves as wanting the Bank reopened. The Bankers of Richmond want it re-opened and have offered help in re-opening it. Last but not least the Depositors want it re-opened and have offered to co-operate in re-opening it. Then why not reach an agreement in re-opening the Bank? Let the present investigation and balancing of pass-books go on under the present Receivers but let them not act as Receivers, but as counsel for the Bank, but let the Bank re-open, SO that the funds tied up may be released and people who wish to do business with the Bank will be permitted SO to do. This will prevent the killing of the Bank and the saving of the financial life of the Institution should be paramount. We believe that reason will be paramount in this matter and we call upon all classes of citizens and the white press, which has SO nobly assisted us and the colored press, which has never swerved in its duty to repeat the slogan, -Let us re-open the Bank. Let us save the Institution and not destroy it.
5.September 23, 1922Richmond PlanetRichmond, VA
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ACTION IS HARMONIOUS AND UNITED-PRESIDENT AND THE BOARD OF DIRECTORS ARE COMMENDED. The Fifth St. Baptist church was crowded last Monday night with the depositors of the Mechanics Savings Bank. Many were unable to secure admission. The Fifth Street Baptist church choir under the leadership of Leader Joseph Matthews was at its best. After prayer by Rev. Jacob Turn er, the chairman, Rev. W. E. Brown introduced President John Mitchell Jr., who gave an account of the situation and told just what had been done towards the re-opening of the bank. He urged every one to send in their pass-books to the receivers, and there by endeavor to comply with their ro quirements. At this stage, this would give all an opportunity to present their claims and would assure the offlcers of the court that every thing had been done to do as they had been ask ed to do.
6.December 23, 1922Richmond PlanetRichmond, VA
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But how much more is needed? The Receivers assert that they cannot determine this amount until all the pass-books of the depositors have been turned in and balanced. To meet this condition the depositors, in meeting assembled, by unanimous vote, decided to share in any liability in excess of the amount already ascertained. This relieves the situation and enables the Receivers to strike a balance and submit the same to the Court with such a recommendation as may, in their judgment be fair to the people whom they represent. This then will necessarily end the delay as the Receivers have been unofficially reported to be in favor of re-opening the Bank and willing to do all in their power to help the colored people of this community. The issue is plain. Personal feeling and animosities should not figure in this matter. Let us re-open the Mechanics Savings Bank in order that those depositors who are urgently in need of some of their money may be able to get it and those who wish to deposit their savings may be permitted SO to do. The depositors stand pledged not to make any run on the Bank Other issues and conditions can be met as they are presented The primary purpose at this time is to do business again. Let us ascertain the approximate amount of liability, put up the assets necessary and with the aid and support of the good white people and the self-sacrificing colored ones, backed by an abiding faith in the Almighty God, let us re-open the Bank. JOHN MITCHELL, JR.
7.February 3, 1923Richmond PlanetRichmond, VA
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But how much more is needed? The Receivers assert that they cannot determine this amount until all the pass-books of the depositors have been turned in and balanced. To meet this condition the depositors, in meeting assembled, by unanimous vote, decided to share in any liability in excess of the amount already ascertained. This relieves the situation and enables the Receivers to strike a balance and submit the same to the Court with such a recommendation as may, in their judgment be fair to the people whom they represent. This then will necessarily end the delay as the Receivers have been unofficially reported to be in favor of re-opening the Bank and willing to do all in their power to help the colored people of this community. The issue is plain. Personal feeling and animosities should not figure in this matter. Let us re-open the Mechanics Savings Bank in order that those depositors who are urgently in need of some of their money may be able to get it and those who wish to deposit their savings may be permitted SO to do. The depositors stand pledged not to make any run on the Bank Other issues and conditions can be met as they are presented The primary purpose at this time is to do business again. Let us ascertain the approximate amount of liability, put up the assets necessary and with the aid and support of the good white people and the self-sacrificing colored ones, backed by an abiding faith in the Almighty God, let us re-open the Bank. JOHN MITCHELL, JR.
8.March 10, 1923Richmond PlanetRichmond, VA
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Over $200,000 Worth of Assets Available to Meet Bank Officers' Accountants Now Examining Institution No Rea Bank Should Not Reopen and Function Again..Responsibi Not Stated in the Receivers' Report. The certified public accountants, employed by the Receivers of the Mechanics CALVIN IS DISMISSED NEGROES ARE DRIVEN Savings Bank, who have been in that institution since July 18, 1922, have filed their report. They completed their labors February 3, 1923. They report the shortage to be about or over ($200,000) Two Hundred Thousand Dollars. They OUT GEORGIA TOWNS FROM MESSENGER go into considerable detail in this report without making references to responsibility for the alleged shortages. STAFF FOR POLICY BY KLAN, IS REPORT ASSETS ARE AVAILABLE. (By Floyd J. Calvin.) The National Association for the Ad There are more than Two Hundred Thousand Dollars worth of assets available On February first, I was Assistant vancement of Colored People, 70 Fifth Editor of The Messenger Magazine. which can be nlaced to the credit of the institution and in the face of this report. Avenue, New York today made public On March first, I am not. Why? I think it is because that between those portions of a letter received from a there is no valid reason, with the co-operation of the Receivers, who now seem person actively connected with the two dates I gave utterance to the fo Methodist Episcopal Church in Chatto be friendly, the State Corporation Commission, the officers and directors and lowing words: "The fight between the National Association for the Advancetanooga Tennessee, in which startthe depositors, why the Mechanics Bank should not be re-opened and function ling charges are made of the driving ment of Colored People and the U. N. I. Association has reached such out of Negroes from Georgia towns. again. and confiscation of their property in a stage that it might not be unwise to cluding houses, automobiles, crops, impartially review both groups and and the death of numbers of the fugiPRESIDENT PAID TAXES FOR BANK. see what should be preserved and tives from exposure and hardships suf what destroyed in each organization fered on the flight. The name of the for the best interests of the public at writer which is signed to the letter is large." This was spoken not in the colThe chief examiner of the auditors called up President John Mitchell, Jr. more withheld because it is feared the perumns of The Messenger, but indepenly than a month ago and enquired if he had paid the taxes for the Mechanics Bank son's safety would be endangered dently in the general Negro press. were the name made public. The Editors of The Messenger have last year. He told him that he had done so with his personal check. The examThe letter says in part: the unquestioned right to dictate just For the last month or two the white what should be expressed into the iner replied that the amount had never been charged against the Bank. This people have been putting the Negro to pages of their magazine. They are also would have meant that amount of loss to the President of the Bank and showed flight out of several towns in Georgia justified in eliminating any factor about the time their crops were ready which tends to create an outside imthat the expenses of the Bank had been charged to his personal account. for gathering they began-some were pression that all is not well within run away from home with their crops their ranks. Therefore, to drop me from their editorial staff--fot whatstanding in the fields ready to gather OTHER SIDE WILL HAVE INNING. -hence white people went to their ever reason-both logical and correct. houses and gave them notices to leave ANOTHER POINT RAISED. in so many days and on other instanc The certified public accountants employed by the officers and directors of the es notes were written and signed by, But the settling of this point gives Mechanics Savings Bank will now proceed to examine the Bank and when their as indicated. K. K. K., and intimida:rise to another equally as important. ed them SO that lots of them left their Why should I. after some months of report is completed, it will be compared with the one made by the Receivers' achomes furnished just as they were association, wilfully provoke such unavoidable action? while they were at home. Some with countants. In the meantime an effort will be made to reach an agreement with First, as Assistant Editor I was in their houses cleaned up, beds made up the Receivers in accordance with the original decree entered in this case and in no way responsible to the public for and everything done as though they F what appeared in the magazine. Even were at home-they left their homes s this manner safeguard the deposits of from three thousand to ten thousand dethough I believed every word that with nothing but what they were wear positors, who have funds in this institution. was written. or not a single word it ing and a suit case and sometimes not
9.April 28, 1923Richmond PlanetRichmond, VA
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But how much more is needed? The Receivers assert that they cannot determine this amount until all the pass-books of the depositors have been turned in and balanced. To meet this condition the depositors, in meeting assembled, by unanimous vote, decided to share in any liability in excess of the amount already ascertained. This relieves the situation and enables the Receivers to strike a balance and submit the same to the Court with such a recommendation as may, in their judgment be fair to the people whom they represent. This then will necessarily end the delay as the Receivers have been unofficially reported to be in favor of re-opening the Bank and willing to do all in their power to help the colored people of this community. The issue is plain. Personal feeling and animosities should not figure in this matter. Let us re-open the Mechanics Savings Bank in order that those depositors who are urgently in need of some of their money may be able to get it and those who wish to deposit their savings may be permitted SO to do. The depositors stand pledged not to make any run on the Bank Other issues and conditions can be met as they are presented The primary purpose at this time is to do business again. Let us ascertain the approximate amount of liability, put up the assets necessary and with the aid and support of the good white people and the self-sacrificing colored ones, backed by an abiding faith in the Almighty God, let us re-open the Bank.
10.June 9, 1923Richmond PlanetRichmond, VA
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When the auditors for the receivers of the Mechanics Savings Bank took charge of that institution, the shortage was $65,839.15. When they concluded their labors, the reported shortage was $203,013.15, but this was brought about by throwing out negotiable paper, amounting to $13,832.79.
They also threw out as worthless stock of the Pythian Calanthe Industrial Association, which represented ownership in the three story brick Pythian Castle, steam heated, located at 727 North Third Street, Richmond, Va. For confirmation of this, see report of auditors as made to the Chancery Court of the City of Richmond. In this report there is nothing criminally alleged against John Mitchell, Jr., the President and nothing to show that he was charged with any criminal conduct in the premises. This statment is made upon the authority of the American Audit Co., Mr. Allan Tolbott, resident manager.
11.June 23, 1923Richmond PlanetRichmond, VA
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But how much more is needed? The Receivers assert that they cannot determine this amount until all the pass-books of the depositors have been turned in and balanced. To meet this condition the depositors, in meeting assembled, by unanimous vote, decided to share in any liability in excess of the amount already ascertained. This relieves the situation and enables the Receivers to strike a balance and submit the same to the Court with such a recommendation as may, in their judgment be fair to the people whom they represent. This then will necessarily end the delay as the Receivers have been unofficially reported to be in favor of re-opening the Bank and willing to do all in their power to help the colored people of this community. The issue is plain. Personal feeling and animosities should not figure in this matter. Let us re-open the Mechanics Savings Bank in order that these depositors who are urgently in need of some of their money may be able to get it and those who wish to deposit their savings may be permitted so to do. The depositors stand pledged not to make any run on the Bank Other issues and conditions can be met as they are presented The primary purpose at this time is to do business again. Let us ascertain the approximate amount of liability, put up the assets necessary and with the aid and support of the good white people and the self-sacrificing colored ones, backed by an abiding faith in the Almighty God, let us re-open the Bank. JOHN MITCHELL, JR.
12.June 30, 1923Richmond PlanetRichmond, VA
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' ' And it being represented to the Court that the closing of said bank by the plaintiff was because of the presence in its assets of obligations of the Bonded Realty Company, Inc., amounting to the sum of $83,500.00, which are not secured to the satisfaction of the plaintiff and it being further represented to the Court that there is a reasonable prospect of the defendant being able, within a short time, of satisfying the plaintiff as to said obligations of the Bonded Realty Company. Inc., and as to the entire solvency of said bank, it is further ordered that said receivers be authorized and instructed to report to the Court, at the earliest possible date, together with a statement of the assets and liabilities of said bank, such offers and plans as may be submitted to them by the defendants, or others on its behalf, with a view of satisfying the requirements of the plaintiff and effecting a prompt discharge of said receivers, and the return of the assets of said Mechanics' Savings Bank, of Richmond, Va. to its proper authorities.''
13.July 14, 1923Richmond PlanetRichmond, VA
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But how much more is needed? The Receivers assert that they cannot determine this amount until all the pass-books of the depositors have been turned in and balanced. To meet this condition the depositors, in meeting assembled, by unanimous vote, decided to share in any liability in excess of the amount already ascertained. This relieves the situation and enables the Receivers to strike a balance and submit the same to the Court with such a recommendation as may, in their judgment be fair to the people whom they represent. This then will necessarily end the delay as the Receivers have been unofficially reported to be in favor of re-opening the Bank and willing to do all in their power to help the colored people of this community. The issue is plain. Personal feeling and animosities should not figure in this matter. Let us re-open the Mechanics Savings Bank in order that those depositors who are urgently in need of some of their money may be able to get it and those who wish to deposit their savings may be permitted SO to do. The depositors stand pledged not to make any run on the Bank Other issues and conditions can be met as they are presented The primary purpose at this time is to do business again. Let us ascertain the approximate amount of liability, put up the assets necessary and with the aid and support of the good white people and the self-sacrificing colored ones, backed by an abiding faith in the Almighty God, let us re-open the Bank. JOHN MITCHELL. JR.
14.August 4, 1923Richmond PlanetRichmond, VA
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THE BANK WILLING. They are willing to accord to the Mechanics Savings Bank every oppor tunity to settle its acounts. Upon the payment of the expense, the sale was postponed, John Mitchell, Jr., having paid the expense. The property at 816 N. ih street was also advertised for sale by a leading real-estate firm, on account of the failure to pay one of the interest notes. Editor John Mitchell Jr. took the matter up with the firm and they agreed to cancel the sale if the interest note was paid or the rents were assigned to take care of same. One of the receivers was consult ed and he stated that he saw no reas on why this could not be done.
15.September 1, 1923Richmond PlanetRichmond, VA
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STATEMENT. The Mechanics Savings Bank was opened by sixteen colored men, each one paying One Hundred Dollars, making a total capital of Sixteen Hundred Dollars. This grew to an institution with gross assets of Seven Hundred Thousand Dollars. There was not enough commercial business to main ta n a bank and recourse was had to real estate transactions, in order to make enough money to carry on the business. The charter of The MechanCS Savings Bank permitted it to hold and own ten acres of real estate. Despite this fact, with the establishment of the State Corporation Commission. the Banking Division of that Department of the Government held that it could not hold real-estate. For five years, the officers of the institution have been handicapped by this ruling. It was only possible for the bank to live with deposits aggre. gating a half-million dollars and it had just reached the goal when the institution was closed. In order to help and save the institution, the President turned over his savings of a lifetime to the institution and with this additional asset, there S no reason why the bank should not function again and eventually pay dollar for dollar. Certainly, there is enough financial ability in Richmond to enable these trusting colored people to save their earnings. The depositors are making a supreme sacrifice in order to make this possible. Hundreds of them have already signed the waiver of fity per cent and hundreds of others are hurrying so to do, in order not only to save their own earnings, but to protect the good name of the colored people of Virginia. They believe that the white people will eventually come to their assistance as they once before offered to do. The churches and club are passing resolutions endorsing this course and the action of the clergy in this city is deserving of high praise. The time has come for us to Help ourselves. The depositors have conducted themselves in a manner winning high praise from every source. The thing to do is to vacate the receivership. If this can be done, all will be well. The Strand Theatre is in volved. The Order of Knights of Pythias is deeply concerned and the savings of every person, who has money in the Mechanics Savings Bank are in danger. If the depositors will heed the legal advice given, the Strand Theatre will be saved, their deposits secured and a new day will dawn for the colored people of this community. Should they-fail to do this, they will bring dis aster upon themselves and upon every body else with money in the institution. Act now, before it is too late. The American National Bank has suspended action for a reasonable time to see what will be done by the depositors. The Chancery Court of Richmond has carried the case over and the final outcome rests with the depositors. They can re-open the Mechanles Bank or they can keep it closed with the consequent disaster to themselves and all others interested. We have sounded the warning. Act before it is too late. Should the de positors fail to act, do not blame the court, the receivers or the American National Bank. The warning has been given.
16.October 20, 1923Richmond PlanetRichmond, VA
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But how much more is needed? The Receivers assert that they cannot determine this amount until all the pass-books of the depositors have been turned in and balanced. To meet this condition the depositors, in meeting assembled, by unanimous vote, decided to share in any liability in excess of the amount already ascertained. This relieves the situation and enables the Receivers to strike a balance and submit the same to the Court with such a recommendation as may, in their judgment be fair to the people whom they represent. This then will necessarily end the delay as the Receivers have been unofficially reported to be in favor of re-opening the Bank and willing to do all in their power to help the colored people of this community. The issue is plain. Personal feeling and animosities should not figure in this matter. Let us re-open the Mechanics Savings Bank in order that those depositors who are urgently in need of some of their money may be able to get it and those who wish to deposit their savings may be permitted so to do. The depositors stand pledged not to make any run OR the Bank Other issues and conditions can be met as they are presented The primary purpose at this time is to do business again. Let us ascertain the approximate amount of liability, put up the assets necessary and with the aid and support of the good white people and the self-sacrificing colored ones, backed by an abiding faith in the Almighty God, let us re-open the Bank. JOHN MITCHELL, JR.
17.November 3, 1923Richmond PlanetRichmond, VA
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' 'And it being represented to the Court that the clesing of said bank by the plaintiff was because of the presence in its assets of obligations of the Bonded Realty Company, Inc., amounting to the sum of $83,500.00, which are not secured to the satisfaction of the plaintiff and it being further represented to the Court that there is a reasonable prospect of the defendant being able, within a short time, of satisfying the plaintiff as to said obligations of the Bonded Realty Company. Inc., and as to the entire solvency of said bank, it is further ordered that said receivers be authorized and instructed to report to the Court, at the earliest possible date, together with a statement of the assets and liabilities of said bank, such offers and plans as may be submitted to them by the defendants, or others on its behalf, with a view of satisfying the requirements of the plaintiff and effecting a prompt discharge of said receivers. and the return of the assets of said Mechanics' Savings Bank, of Richmond, Va. to its proper authorities.''
18.December 22, 1923Richmond PlanetRichmond, VA
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MECHANICS SAVINGS BANK CASE NEARS ADJUDICATION The Mechanics Savings Bank case is now in the hands of the special attorney having charge of the matter and it is understood that the State Corporation Commission and the Chancery Court will be approached in conjunction with the final settlement of the matter by the vacating of the Receivership and in coopera-
19.January 19, 1924Richmond PlanetRichmond, VA
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But how much more is needed? The Receivers assert that they cannot determine this amount until all the pass-books of the depositors have been turned in and balanced. To meet this condition the depositors, in meeting assembled, by unanimous vote, decided to share in any liability in excess of the amount already ascertained. This relieves the situation and enables the Receivers to strike a balance and submit the same to the Court with such a recommendation as may, in their judgment be fair to the people whom they represent.
This then will necessarily end the delay as the Receivers have been unofficially reported to be in favor of re-opening the Bank and willing to do all in their power to help the colored people of this community. The issue is plain. Personal feeling and animosities should not figure in this matter. Let us re-open the Mechanics Savings Bank in order that those depositors who are urgently in need of some of their money may be able to get it and those who wish to deposit their savings may be permitted so to do. The depositors stand pledged not to make any run on the Bank
Other issues and conditions can be met as they are presented The primary purpose at this time is to do business again. Let us ascertain the approximate amount of liability, put up the assets necessary and with the aid and support of the good white people and the self-sacrificing colored ones, backed by an abiding faith in the Almighty God, let us re-open the Bank.
JOHN MITCHELL JR
20.February 2, 1924Richmond PlanetRichmond, VA
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But how much more is needed? The Receivers assert that they cannot determine this amount until all the pass-books of the depositors have been turned in and balanced. To meet this condition the depositors, in meeting assembled, by unanimous vote, decided to share in any liability in excess of the amount already ascertained. This relieves the situation and enables the Receivers to strike a balance and submit the same to the Court with such a recommendation as may. in their judgment be fair to the people whom they represent. This then will necessarily end the delay as the Receivers have been unofficially reported to be in favor of re-opening the Bank and willing to do all in their power to help the colored people of this community. The issue is plain. Personal feeling and animosities should not figure in this matter. Let us re-open the Mechanics Savings Bank in order that those depositors who are urgently in need of some of their money may be able to get it and those who wish to deposit their savings may be permitted SO to do. The depositors stand pledged not to make any run on the Bank Other issues and conditions can be met as they are presented The primary purpose at this time is to do business again. Let us ascertain the approximate amount of liability, put up the assets necessary and with the aid and support of the good white people and the self-sacrificing colored ones, backed by an abiding faith in the Almighty God, let us re-open the Bank. JOHN MITCHELL. JR.
21.March 1, 1924Richmond PlanetRichmond, VA
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But how much more is needed? The Receivers assert that they cannot determine this amount until all the pass-books of the depositers have been turned in and balanced. To meet this condition the depositors, in meeting assembled, by unanimous vote, decided to share in any liability in excess of the amount already ascertained. This relieves the situation and enables the Receivers to strike a balance and submit the same to the Court with such a recommendation as may, in their judgment be fair to the people whom they represent. This then will necessarily end the delay as the Receivers have been unofficially reported to be in favor of re-opening the Bank and willing to do all in their power to help the colored people of this community. The issue is plain. Personal feeling and animosities should not figure in this matter. Let us re-open the Mechanics Savings Bank in order that those depositors who are urgently in need of some of their ToHey may be able to get it and those who wish to deposit their savings may be permitted SO to do. The depositors stand pledged not to make any run on the Bank Other issues and conditions can be met as they are presented The primary purpose at this time is to do business again. Let us ascertain the approximate amount of liability, put up the assets necessary and with the aid and support of the good white people and the self-sacrificing colored ones, backed by an abiding faith in the Almighty God, let us re-open the Bank. JOHN MITCHELL. JR.
22.June 7, 1924Richmond PlanetRichmond, VA
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authorities But how much more is needed? The Receivers assert that they cannot determine this amount until all the pass-books of the depositors have been turned in and balanced. To meet this condition the depositors, in meeting assembled, by unanimous vote, decided to share in any liability in excess of the amount already ascertained. This relieves the situation and enables the Receivers to strike a balance and submit the same to the Court with such a recommendation as may, in their judgment be fair to the people whom they represent. This then will necessarily end the delay as the Receivers have been unofficially reported to be in favor of re-opening the Bank and willing to do all in their power to help the colored people of this community. The issue is plain. Personal feeling and animosities should not figure in this matter. Let us re-open the Mechanics Savings Bank in order that those depositors who are urgently in need of some of their money may be able to get it and those who wish to deposit their savings may be permitted SO to do. The depositors stand pledged not to make any run on the Bank Other issues and conditions can be met as they are presented The primary purpose at this time is to do business again. Let US ascertain the approximate amount of liability, put up the assets necessary and with the aid and support of the good white people and the self-sacrificing colored ones, backed by an abiding faith in the Almighty God, let us re-open the Bank. JOHN MITCHELL, JR.
23.March 20, 1926Richmond PlanetRichmond, VA
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The money for the depositors of the Mechanics Savings Bank is new ready and a dividend of 40 per cent ha been declared. This has been brought about by the action of the Depositors Protective Committee in co-operation with the receivers. Mrs. Adelaide G. Thompson is chairman of the committee and the late Mrs. Lucie E. C. Scott was secretary. This committee took over the bank building at Third and Clay streets, paying cash for the same and thereby making $75,300.00 available to assist in paying this dividend. Money for Grown
24.July 10, 1926Richmond PlanetRichmond, VA
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K. OF P. IN STAUNTON I STAUNTON, VA., June 26-In diacussing here the situation concerning the affairs of the Mechanics Savings Bank of Richmond, Mr. John Mitch ell, Jr. said that his only interest was to secure every penny possible for the depositors of the bank. With the aid of his white friends and the support of the colored, ones, he hoped and expected to be able to pay in full ultimately the amount on de posit in that institution. He had villingly assigned enough of his property to protect the interest of the Grand Lodge, Knights of Pythiaa and the Grand Court. Order of Ca lanthe. DID NOT RECEIVE BENEFIT. While he did, not benefit himself in any way from the money, it having been taken away from him by clerical errors or worse, he did not shirk responsibility. It was for this reason that he took active interest in the affairs of the bank and the Order. When persons, who had no fraternal interest in the Order were profiting by these misfortunes, he was forced to protest The startling disclosure that W. H. C. Brown, of Newport News, Va., J. R. Pollard of Richmond, and Levi C. Brown were on record as being the promoters of the scheme to purchase the $170.000 worth of the assets for $25,000. and had actually entered into competition with the depositors themselves. bidding as high as $31,250 for the same, made it necessary for him to protest against this action. GRAND CHANCELLOR INVOLVED. It was something more than a surprise. when Attorney W. H. C. Brown announced to the Grand Lodge, as reported, that Grand Chance'lor W. B. F. Crowell was also interested in the effort. Mr. Mitchel] stated that some white speculators at Richmond had willingly gotten out of the way when they found that the colored depositors wanted the assets Here is a copy of the letter sent to Grand Chancellor Crowell THE BROWN-BYRD LETTER. "Richmond. Va.. April 7. 1926 "W. B F. Crowell, Grand Chance! for Grand Lodge. K. of P. of Virginia, 14 N. Henry Street. Roanoke, Va. Dear Brother:- members of the Grand Lodge we are bringing to your attention matters that seem serious to us. "We are informed that the Mechanics Savings Bank owed the Grand Lodge about $70,000 and the Grand Lodge of course, like the balance of the depositors wants and should get back the most they can out of the assets so as to reduce its loss. We are informed that the attorneys of the Grand Lodge are, W. H. C. Brown, of Newport News and J. R. Pollard, attorney of this city, and as attorneys for the Grand Lodge it should be their sole duty to get all they can out of these assets for the Grand Lodge, but we are informed that W. H. C. Brown and Levi C. Brown and J. R. Pollard have organized a corporation among themse'ves for the purpose of buying about $170.000.00 of assets of the Mechanics Savings Bank for the low dollar mark. to Day as little as they can for them. The least they huv them for the more they will individnally make and the more the accord
25.November 13, 1926Richmond PlanetRichmond, VA
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# TIDEWATER KNIGHTS
(Continued from page 1)
the following resolutions:
Whereas. There is widespread unrest, dissention and discussion among the Knighthood thruout the State of Virginia, occasioned by a series of articles appearing in the columns of the Richmond Planet, a colored newspaper published and edited in the city of Richmond Virginia, by Past Grand Chancellor John Mitchell, Jr., which said article purports to disclose certain gross irregularities in the management of the affairs of the Grand Lodge of Virginia, Knights of Pythias in a general way and specifically allege that Hon Jos. R. Pollard, Grand Master of Exchequer, and Hon. W. H. C. Brown, Grand Attorney, with the connivance of Grand Chancellor W. B F. Crowell, grossly mismanaged the funds received from the Receiver of the Mechanics Savings Bank and that all of said funds have never been fully accounted for to our said Grand Lodge; and that the said W. H. C. Brown, is not a regular qualified attorney at law in accordance with the statutes of the State of Virginia, for such cases made and provided, and
Whereas, said publicity has done and is doing our beloved order much harm by lowering the same and its Grand Officers, in the estimation of the general public, and
Whereas a careful investigation and perusal of the records of the Clerks' Offices of the Virginia Board of Law Examiners and the Virginia Supreme Court of Appeals, tends to substantiate the allegation that the said W. H. C. Brown, is not a regularly qualified practitioner of law, and,
Whereas because of present chaotic conditions that exist in the order throughout the state, and our small membership as well as the present condition of our treasury, the salaries of ($1800.00) eighteen hundred dollars per year for our Grand Chancellor and ($1000.00) one thousand dollars per year for our Grand Attorney, are too great a burden upon our present limited resources
Therefore Be It Resolved, first; that we go on record as condemning the practice of airing the internal affairs of our beloved order in the public press.
Be It Also Resolved, that we call upon our Grand Chancellor to require our said Grand Master of Exchequer and Grand Attorney to prepare and submit to him an itemized accounting of the receipts and disbursements of the funds received and handled by them from the Receivers of the Mechanics Savings Bank of Richmond, Va., and that we use our best efforts to have a special auditing committee of three members including at least one regular practicing attorney at law, created at our next Grand Lodge session to audit and report on said accounts, and that the services of a certified public accountant be obtained to assist said committee if necessary
Be It Also Resolved, that we use our best efforts to bring about the abolition of the office of Grand Attorney as it is now constituted and that we urge the Grand Chancellor to demand the resignation of W. H. C. Brown, as Grand Attorney by not later than November 10th, 1926, and that said office remain vacant until our next Grand Lodge session.
Be It Further Resolved that we use our best efforts to bring about a substantial reduction in the present salary of ($1800.00) eighteen hundred dollars per year, now paid our Grand Chancellor,
Be It Further Resolved. that these resolutions be printed in circular form and a copy of same be sent to each subordinate lodge in the State
Respectfully submitted
Norfolk Chapter Past Chancellors,
THROMAN CLARK, President.
W. L. CUSTIS, Secretary.
NOTE: The above reso'ution expressed the sentiment of our chapter, if same meets your approval, let us hear from you
Address: W. L. CUSTIS. Secretary.
1021 Carrolton St. Norfolk, Va.
