21674. Metropolitan Bank & Trust Company (Norfolk, VA)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: trust company
Start Date: January 5, 1931
Location: Norfolk, Virginia (36.847, -76.285)

Metadata

Model: gpt-5-mini
Short Digest: 33762738

Response Measures

Capital injected, Full suspension, Books examined

Other: Receiver appointed; reorganization committee solicited stock subscriptions and depositors signed agreement (5% committee fee controversy).

Description

A run (heavy withdrawals/long lines) threatened the bank in early January 1931; state banking authorities ordered the bank to fail to open and a receiver was appointed (early January). The bank was reorganized and reopened July 14, 1931. Suspension was ordered by the state auditor due to 'frozen' assets and large depreciations in property values. OCR errors in articles corrected (e.g., dates and judge's name Allan/Allen R. Hanckel).

Events (4)

1. January 5, 1931 Run

Cause: Bank Specific Adverse Info
Cause Details: Large withdrawals by depositors in response to impaired/'frozen' assets and reported depreciations in property and capital; heavy withdrawals by larger depositors in days prior to closing.
Measures: No emergency suspension measures prevented the run; bank was later placed in receivership and reorganization was pursued.
Newspaper Excerpt: That run threatened the institution... long line of young and old people stood for hours waiting for the bank to open.
Source: newspapers

2. January 6, 1931 Suspension

Cause: Government Action
Cause Details: State auditor ordered the bank to close / fail to open because a large portion of its assets were 'frozen' and heavy withdrawals were occurring.
Newspaper Excerpt: Metropolitan Bank and Trust Company failed to open for business here Monday morning. The closing of the bank was ordered by the state auditor... to protect depositors in the face of heavy withdrawals.
Source: newspapers

3. January 7, 1931 Receivership

Newspaper Excerpt: Willis Fentress... was appointed receiver for the Metropolitan Bank and Trust Company. M. E. Bristow... conferred with Judge Hanckel in the matter of appointing the receiver for the bank. receiver appointed by Judge R. Hanckel, gave $100,000 bond as receiver for the bank.
Source: newspapers

4. July 14, 1931 Reopening

Newspaper Excerpt: The Metropolitan Bank and Trust Company was scheduled to re-open Tuesday, July 14... Receivership of the Metropolitan Bank and Trust Company was vacated Friday afternoon by decree of Judge Allan R. Hanckel... the bank had fully met requirements... and was to re-open July 14.
Source: newspapers

Newspaper Articles (15)

1. January 7, 1931 The Virginian-Pilot Norfolk, VA

Article from The Virginian-Pilot, January 7, 1931

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Metropolitan Bank Receiver Is Named On the petition of the State CorWillis Fentress, Norfolk attorney, yesterday was appointed receiver for the Metropolitan Bank and Trust Company, Negro institution was closed State bank examiners the interest of depositors. Mr. by Judge R. Hanckel, of the Circuit Court, and gave $100,000 bond receiver for the bank. M. E. Bristow, State Commissioner of Insurance and Banking, was here and conferred with Judge Hanckel in the matter of appointing the receiver. DEATHS Mrs. Mattle Lavenia Little. aged 68, died at local hospital last night. She by son, Earnest L. Hewlett. of Norfolk. The body was taken to the Funeral Home, pending funeral arrangements.

2. January 10, 1931 The Afro-American Baltimore, MD

Article from The Afro-American, January 10, 1931

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NORFOLK BANK SUSPENDED MONDAY Metropolitan Bank and Trust Company Fails to Open Va. With a NORFOLK, large amount of its assets "frozen,' and a run impending, the Metropolitan Bank and Trust Company failed to open for business here Monday morning. The closing the bank was ordered by the state auditor, who took this action, was said, protect depositors in the face of heavy with- Twenty Years Old. The Metropolitan institution was established twenty years ago regarded one of the largest most substantial colored banking institutions in On Dece.nber 31 the bank had on deposit $375,000 Its capital was $55,000 reported $32,000 surplus profits resources of $525,000. M. Rich was president and Alvin Lee, cashier. President Rich told representative of the that the board of directors were confident that every depositor would be paid in full "We are hopesaid, "that an immediate re-organization and of the bank would arranged. For several days has been known that many the larger depositors were drawing funds out of the bank. That run threatened the institution, was indicated Monday when, spite downpour of rain, long line young old people stood for hours waiting for the bank to open. Last year bank had on deposit $429,060 At that time it loans and discounts to and $36,300 cash and due from banks Other officers listed that time were Strong, Brooks, and Williams, Lee, secretary, and T. P. Turner Jr., assistant cashier

3. January 10, 1931 New Journal and Guide Norfolk, VA

Article from New Journal and Guide, January 10, 1931

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Metropolitan Bank Here May Reorganize (continued from Page One) shopping. these disburseIn spite the bank had vaults 830. after doors were 000 in cash rare cases on one bank had more on ord where hand the required legal ordered to suspend busiwhen was ness. Bank Years Old Metropolitan ago and pany started has figured life Its William Rich. has been the 21 years, officers of the bank William Brooks, and Williams, prestreasurer. Receiver Appointed On Judge Allen R Hanckel Court apWillis pointed folk attorney. receiver for the bank Fentress qualified at Mr. began Efforts to man appointed as not successful. officials of the bank will available assist the receiver helpful capacity. any Rich the statement When Mr. announcing the suspension of bustness Tuesday morning the bank filled the usual large Monday crowd of clients transacting business There was no and although small of the all stood part of Tuesday, they Monday the calmly. feeling apparently that the igencies the present and not faulty of the bank responsible for the action it was forced take. reported that about banks country 1,000 permanently temporarily during 1930 and the dozen of these 1931 Not have been colored banks.

4. January 10, 1931 New Journal and Guide Norfolk, VA

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Metropolitan Bank Here May Reorganize continued from Page one) mas shopping. these heavy disburseIn ments the bank had in its vaults $30 000 cash rare on is cash on ord where hand the legal ordered to business. Bank Years Old Bank Combusiness years ago and started largely in develophas figured life of Norfolk Its business William has been the bank 21 starting teller officers of the bank are William M. Rich Strong. Abner E. secretary treasurer. Receiver Appointed On Allen R Hanckel the Court apfolk attorney, receiver for the bank Mr. Fentress qualified immediately began forts to have colored ed as not successful. However. officials the bank will be available assist the receiver in any helpful capacity. When Rich the announcing the busi the was Tuesday the usual Monday filled crowd of business There was and although of people stood the all Monday of Tuesday, they accepted the seem apparently that the the present and igencies the not faulty responsible for the action it was forced to take. It reliably reported that about 1,000 banks throughout the closed temporarily 1930 and the first days dozen of these have colored banks

5. January 10, 1931 The Afro-American Baltimore, MD

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NORFOLK BANK SUSPENDED MONDAY Metropolitan Bank and Trust Company Fails to Open NORFOLK. Va. With a large amount of its assets "frozen," and a run impending, the Metropolitan Bank and Trust Company failed to open for business here Monday morning. The closing the bank was dered by the state auditor, who took this action, it was said, to protect depositors in the face of heavy withdrawals. Twenty Years Old. The Metropolitan was established twenty years ago and was regarded one of the largest and most colored banking institutions in the South. On December 31 the bank had on deposit $375,000 Its capital was $55,000. reported $32,000 surplus and undivided profits and resources of W. M. Rich president and Alvin cashier. To President Rich told representative the that he and the board of directors were confident that every depositor would be paid in full. "We are also hopesaid, "that an immediate re-organization and re-opening of the bank would be arranged. For several days it has been known that many of the larger depositors drawing funds out of the bank That run the institution, was indicated Monday when, despite downpour of rain long line of young and old people stood for for the bank to open Last year the bank had on deposit $429,060. At that time it had loans and discounts to and $36,300 in cash due from banks Other officers listed that time were Strong, J. Brooks, and W. Williams, Lee, secretary, and T. Turner Jr., assistant cashier.

6. January 15, 1931 The Northwest Enterprise Seattle, WA

Article from The Northwest Enterprise, January 15, 1931

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'Frozen' Assets Forces Virginia Bank To Close NORFOLK, Va., Jan. 13.-With a large amount of its assets Stozen" and a run impending, the Metropolitan Bank and Trust Company failed to open for business here Monday morning. The closing of the bank was ordered by the state auditor, who took this action, it was said, to protect depositors in the face of heavy withdrawals. Twenty Years Old The The Metropolitan institution was established twenty years ago and was regarded one of the largest and most substantial colored banking institutions in the South. On December 31 the bank had on deposit $375,000. Its capital was $55,000. It reported $32,000 surplus and undivided profits and resources of $525,000. W. M. Rich was president and Alvin Lee cashier. To be Paid President Rich told a representative of the Associated Negro Press that he and the board of directors were confident that every depositor would be paid in full. "We are hopeing," he said, "that an immediate reorganization and re-opening of the bank would be arranged." For several days it has been known that many of the larger depositors were drawing funds out of the bank. That a run threatened the institution was indicated Monday when, despite a downpour of rain, a long line of young and old people stood for hours waiting for the bank to open. Last year the bank had on deposit $429,060. At that time it had loans and discounts amounting to $181,940 and $36,300 in cash and due from banks. Other officers listed at that time were A. J. Strong, J. C. Brooks, and F. W. Williams, vice presidents; A. E. Lee, secretary, and T. P. Turner Jr., assistant cashier.

7. January 15, 1931 The Northwest Enterprise Seattle, WA

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'Frozen' Assets Forces Virginia Bank To Close NORFOLK. Va., Jan. large amount assets and the Metrorun politan Bank and Trust Company failed to open for business here Monday morning. The closing of the bank was dered by the state auditor, who took this action, was said, to protect depositors in the face of heavy withdrawals. Twenty Years Old The The Metropolitan institution established twenty years ago and was regarded one of the largest most substantial colored banking the South. On December 31 the bank had on deposit capital was It reported surplus and undivided profits and resources of $525,000. M. Rich was president and Alvin Lee cashier. To be Paid President Rich representative the Associated Negro Press that he and the board of directors were that every depositor would be paid in full. are hopeing, he said, "that an reorganization and of the would be arranged. For several days has been known that many the larger depositors drawing funds out of the bank. That run threatened the institution was indicated Monday when, despite downpour of rain, long line young and old people stood for hours waiting for the bank to open. Last year the bank had on deposit At that time had and discounts amounting and $36,300 in cash and due from banks. Other officers listed that time were Strong, Brooks, and Williams, vice presidents; Lee, and ner Jr., assistant cashier.

8. April 4, 1931 New Journal and Guide Norfolk, VA

Article from New Journal and Guide, April 4, 1931

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BANK COMMITTEE REPORTS ALL BUT 350 OF 6,000 DEPOSITORS SIGNED UP Reorganization Committee Optimistic Over Chances To Re-Open; Outside Aid Indicated; Meeting This Week In answer to many inquiries coming from both and out-ofdepositors Trust Company. Rev. Richard Bowling. chairman the committee made the following statement this prospects for the reopenare steadily result of the persistent labors of Committee One less than three hundred and fifty of the depositors to be seen and influenced to sign the agree"Some of these individuals and ornot reached yet by reason of faulty addresses. depositors having the city without they As soon these persons can reached by committee and persuaded of the feasibility of the proposed the way be opened for the actual work of reorganization. will include the tion new board of directors and new staff of executive officers Outside Aid Promised Rev. Bowling also stated to the Jouranl and Guide that group of North Carolina business headed by of the for conference the bank's Atty. Willis Fentress and some of the members of the reorganization committee "In making an offer of financial 85from certain with which affiliated Mr. Spaulding said that their dependent upon the bank's depositors giving dence of their confidence by signing the agreement. Bowling added. He declared further that the rehabilitation of this bank would not only benefit the depositors themselves but would be tonic to racial enterprise in the that Negroes could get together in spite of any difficulties involved Speaking along the same Rev. Bowling continued, L. McDougald. vice the Mutual Life Insurance said see no reason why this bank's reorganization could not effected. Almost one to three North Carolina banks are reopening under similar agreements. Our people are no different from peoAll they need assured that the plan is fair to and that it Another meeting of the Citizens" Committee of One Hundred being called for this week This will be urged to make final effort to sign up the remaining depositors. Outof-town depositors persons living nearby who not been seen with reason in their address are asked by the committee write for information to Rev. Richard H. Bowling the MetBank Trust Company. 700 Church Services were well attended last Sunday. The school followed by the pastor p.m. the pastor and the church worshipped the First Baptist Church on Boulevard Terrace at which time sermon delivered to the Missionaries of that church. TO HOLD The Choir House of Prayer will have Golden Jubilee and Anniversary during Easter week which musical rendered. Bishop M. Grace present on Thursday April CCESSFU UNION CLOSED The Union the of Christ which progress the Philadelphia Church Christ was brought successful close last SunRev. E. Penny is pastor of this church.

9. July 11, 1931 Ledger-Star Norfolk, VA

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REOPEN Court Issues Order Following Rehabilitation Of Capital Judge Hanckel. on recomof State Commissiontoday entered turning the Bank Trust Company back leading colored citizens the city, and the tution will formally open for businext Tuesday morning with its capital rehabilitated excellent condition, according commissioner The bank. located on Church street. resume with capital and surplus more than $112,000. the date for the reopening the bank made and stocknight John's where several hundred and the plan, had been by ComBristow, the and others. Sevdollers capital subscribed meeting. pledges given by white colored citizens. Mr. Bristow declared that closing of the bank months was due the officers directors clean praising their the affairs the "This bank has great future opportunity for service," said Mr. next Tuesday night expect get report that have been openshould have the united port community. You efficient officials charge. with and they your co-operation. Other speakers included Representative Menalcus whose made audit of the bank, and who praised which its affairs been Rev. rector Paul's church; Willis receiver for the bank: editor the Journal and Guide, and PresRich Other directors and executive committee duced. Abner former desk Tuesday Letters were received from Mayor Richmond Girl and other city of ficials, bankers. business pasof white churches and other Arrested After citizens pledging in habilitating the bank. The Metropolitan closed last Drowning Scare winter application its board directors because the "frozen" condition its assets due Richmond, July 11, search off the real estate market started Tuesday for the body of principally. girl thought have here ended to. park in the arrest Miss Marjorie Retired Federal who say admitted the reported to have she was person Civil Engineer Miss Buchanan was taken to for arrested. will be Killed Fall By hearing court. Police said the young woman was other of automobile Winchester, Va., July 11, which recently was wrecked Dabney retired Federal street, here, the Civil weas dead today death Miss Sallie the result fall leap from Police roof his dwelling telephone call Wedafter receiving found neighthe effect that the owner nesday bor, went the left in locker thinking that might bathing lake was not drowned. after seeing bottles of

10. July 14, 1931 Ledger-Star Norfolk, VA

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Colored Institution Resumes Receiver Turns Back Property Many accounts were opened customers their deposits reopening today the Metropolitan Bank Trust colored Church which has closed January. deposits noon indicated that more would placed the bank the time the doors close for the President W. M. Rich reported shortly before noon that just taken account for that there others in numfor smaller amounts. spirit shown by people white friends President Rich the expectations support being realized. We the and given all and believe munity has support without the positors of signed bank and 1042 today issued for the per the support the MetDr. Murray said: think mistaken the the depositors have signed Metropolitan Bank and Trust which tht only shown their not, assist great enterprise, the pride our race great need, ment to the thrift our people, light our path and inspiration unborn generations, well and our children. "Since reopening of the bank dispelling doubt, feel that ranks with the faithful will join cent let go forward 100 cent strong. rebirth per and the Bank and Trust indeed state that individual told me she had ready done have that others will folreason for square our ences signing the keep money there with the and by and out the pride of our our which per that all business and pro white well who their living. and educate their from sweat of the should contribute the great necessary by depositing reasonable terprise money this part their depart the next day only to stay there check route You know me that deposit. matter for bank which business through Not only simply passes should deposit money should Willis Fentress, who has been receiver for the bank, formally keys to President over present to this the reopening. ended, The receivership by Judge fective Hanckel city circuit court Friday.

11. July 18, 1931 New Journal and Guide Norfolk, VA

Article from New Journal and Guide, July 18, 1931

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Metropolitan Bank Reopens spirited citizens thoughtful and public Norfolk vicinity stockholders of directors and late the officers, and Trust Company upon Metropolitan Bank conditions the remeeting the successfully Chief Examiner approved by organization plan the institution M. E. Bristow, recovering from receivership. business; has been bank now open for going concern, restored community considerable for gratification and this is cause witness the unusual thing to pride. very are closed. bank its doors of once reopening the Negro That friends, have done of white cordial support many in Norfolk something thing here that will take note whole no doubt, the than ordinary interest. with more and reopening successful reorganization Company denotes Bank and Trust Metropolitan all other factors which stand out above things unmistakable First there has been involved. directors from of of officers absolvence any the findof irregularities; the suspicion of the bank auditors of the condition ing the was thought to being better than suspension conclusively the reopening proves be. Secondly, that the colored not bankrupt masolvent in spiritual terial values and is highly stock subscriptions, expressed in values, side, and confidence, the material on spiritual side. Any the faith and courage these things in reserve that still has community good shape. said for the patient, perseword should be the reorganization persistent chairman vering, Richard H. Bowling, the Rev. committee, reopening movement quietly steered the he had assistance consummation. course cessful but was the indomitable will the grim dethe leader, that put of the chairman, termination inspiration and power in the group. No man in floored often, only Norfolk has ever been attack. He won because and renew the again feet the last time he and staid on his regained floored. It been and needs the bank. has Norfolk the lives of the factor an and the Negroes in the city proper 45,000 The in Norfolk trading area. more the order save the made sacrifice positors have annals of banking that in the institution rare relations. This saccourse of human and the is up to the people must not be vain. rifice living as glorious memory themselves to keep in racial and intertremendous achievement and racial progress. Mr. Fentress, the retiring last word for most careful conserving ceiver. He has the bank. His counassets and rehabilitating the he discharged his been invaluable and has benefit to the credit to himself and duties with community.

12. July 23, 1931 The Northwest Enterprise Seattle, WA

Article from The Northwest Enterprise, July 23, 1931

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NORFOLK BANK REORGANIZES TO OPEN DOORS NORFOLK, Va.- Receivership of the Metropolitan Bank and Trust Company was vacated Friday afternoon by decree of Judge Allan R. Hanckel in City Circuit Court. Formal anouncement that the bank had fully met requirements of the State Banking Departments in executing its re-organization plan was made by M. E. Bristow, chief bank examiner of Virginia, at a mass meeting Friday in St. John's A.M.E. Church. Much Applause Following speeches by U. S. Representative Menalcus of Virginia, A. Lee Rawlings, president of A. Lee Rawlings and Co., certified public accountants; P. B. Young, editor of the Journal and Guide; Willis V. Fentress, receiver for the bank, and the Rev. H. H. Covington, white, rector of St. Paul's P. E. Church, the huge gathering cheered William M. Rich for two minutes when he was introduced. Mr. Rich, president of the institution, has been in the banking business for 22 years, working his way up from teller to president. He thanked the people of Norfolk for their expression of confidence and pledged the utmost of his energies and ability in making the bank a success. Subscribe for Stock Several citizens at the close of the meeting gave subscriptions for stock in the Metropolitan Bank. The Rev. Richard H. Bowling, pastor of First Baptist Church, and chairman of the re-organiaztion committee, presented the officers and directors and read numerous letters and telegrams of 1 congratulations. The Metropolitan Bank was scheduled to re-open Tuesday, July 14, after having been closed since Jane uary 6, when it voluntarily suspended busines to protect its depositors, following large depreciations in its property and fixtures, as assessed by h the State Banking Department. 1. It is an outgrowth of the Brown e Savings Bank which started 22 years e ago. It also merged with the Tided water Bank and Trust Company 1e about eight years ago.

13. July 23, 1931 The Northwest Enterprise Seattle, WA

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Digesting the News The news of the past week must ability of having to have certainly made serious thinking markets with a 1 throughout the land. parasites we call Some good, some bad, and all inthe privileged class teresting. The National Benefit Life waters And the news' fro become more muddied. Somebody ical front is not may have to tell a judge something. week. The politica A mysterv killing unfolded at TusHoover gained by kegee which may rip the lid off the plan will make his e biggest scandal of the year. All of our politicians and this provides enough for domestic consumption. If even Congre could capture the b On the other hand there comes delegates from the news of the reopening of the Metappealing to the ropolitan Bank and Trust Company voters there, he mig of Norfolk. There are still enough in the next nationa people working and drawing salaries to run banks and open up new busiWith its House o nes enterprises if we will just keep voting 58 to 14 aga steady our heads, hearts and souls. "Monkey Statutes" the teaching of evo This is certainly no time either to and colleges unde become panicky or fail to fully realwith an orgy of con ize that this old world of ours needs government which serious attention. Six million people State's outstanding out of work; thirty-five million wards prison doors working harder. brought about the its governor, the co Germany on the verge of finacial nessee ought to m collapse with France standing by, macy adherents a 1 at least. Shylock like. demanding the pound of flesh. Whatever ripple is started by what happens in Germany will For, why should reach John Smith in every city, ham"white supremacists let, big street, and small alley. No some of their pur country, no race, no man, no woman steal, and plunder fi liveth unto itself, himself or herself ments just like it in this economically closely knitted of the darker hue world. did? I don't believe th Big news, too, concerning Africa. a deliberative body Not big news as news goes, but white colored men down i men and women meet in Geneva in would vote almo an international conference on Afriagainst the scienti can children. What interest brings evolution. It is be titled white women from England of the outstanding and other parts of the world to ponexcept those, perha the State law. der how they can help the black mothers whom they will never see or know? Instinct perhaps. Or perA partial explana haps it is the unalterable forces of bound mentality of nature which keeps womankind of all ers in Tennessee s races fighting for a better world. the fact that many They can no more help it than can from ultra-Souther the caterpillar help spinning its own sissippi and Arkans shroud about itself that the beautiful these States there butterfly may emerge in the spring. teach white youth t ignorant, they hav Over at Geneva they discus infant even educated color mortality among African mothers; enjoy. they discuss adolescence and the proIn Mississippi the tection of brown skinned children at white man to vote work. Perhaps. nature is telling ignorant, while a e European white women that five know the intricacies hundred or a thousand years from tion. This kind of now those native children will play fruit for Nordic su a big part in the lives of the children of the children they are bringing inIn snite of his al to the world. pressure. former Se tary of the Interior And you will be interested in news go to prison for tak from Russia this week. Stalin has $100,000 and hand found that it is necessary to let some lion or 80 of the p human individuals go faster than Doheny. others. Not exactly a survival of I am sorry for the fittest. but the fitting of all to would be sorry for survive. But some will be fitted as to sell his soul faster than others. That will not but why should on for him than Natha keep America and other capitalistic instance, whom t nations from shuddering at the prob-

14. January 9, 1932 New Journal and Guide Norfolk, VA

Article from New Journal and Guide, January 9, 1932

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Reopening Of Met. Bank Outstanding Feat Of Past Year An event that eventually became of the reopening on Tuesday July 14, of the Metropolitan Bank and after had been closed since Monday uary on order of the State Banking This was the achievement among Negro during the tire year. the reopening that evidences of mismanagement embezzlement had been apparent any As result of his efforts along this William M. Rich, elected president of the National Negro Bankers Association at the anin Philadelphia in September The the Metropoltotal well over The behind the moveto the bank was the Rev. Richard H. pastor of the First Baptist succeeded in getting 99 per cent of the depositors to an agreement let their funds remain in for stated stability the the close including Christmas Savings depositors. Rev. Mr Bowling's successful compleappreciated when this fact In this connection note that article Rev. Mr. We Reopened Our Bank, appeared in the November issue of The Southern Workman. Cause of Closing The cause suspension of in capital stock funds investments of the same, and charge-off in the appraised value of the building cluding the of $150,000 which the Banking marked down to $90,000 action virtually wiped bank's $55,000 capital and the law could be made in the reorganization formed with the Rev Mr. Bowling chairman. There cash in the when was closed the rare cases on had cash on legal was ordered busiThe the Guarantee and Trust Company white) also The Metrohad $25,000 of its reserve Guarantee real bonds. was on the day and there was not women fraternal leaders inKelley, grand the Mrs president the Mark Mutual Society: and Mrs. M. executive Continued on Page 16)

15. April 14, 1934 New Journal and Guide Norfolk, VA

Article from New Journal and Guide, April 14, 1934

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About Bank TORTURE More Demands Leibowitz Jail TreatJust For Them ment (Continued from page increasing stand the that they cannot opinion punishment any crack or they "Either they or tortured will murdered, death.' recalled This latest the militant stand when the ago soners them with guards threatened them the and gave food. the boys refused At that time protest in the jail, defying crying that they guards than submit further rather die heinous treatment. the tragically Remembering tacties resorted last during the state Alabama the defendants, trials of two to death, were twice stayed whose execution observers point pending fear state's desperation which based losing the case, frameup charges vious upon white female of the regardless the merits cause the the mined to courts no Scottsboro boys, trials, fair trials no courts, foul. ASKS FIVE PER CENT COMMITTEE (Continued from page the preamble of the named which those the committee represents White, Diggs, Cook, Joseph Nellie Jacox, Archer, all Dillard, and citizens the city prominent former depositors in the bank. This committee's enters binds any depositor into such depositor by the paid ceiver. of the agreeParagraph reads follows: committee shall The not entitled to compensation for their service hereunder, but expenses disbursements the expense payment nature whatsoever any the expedient, the sole shall paid by agreement, as hereinafter provided. hereby expressly the said commitagreed further tee best efforts secure for the relief of the de- positors of said bank withany on the said its individually "Every depositor hereunder agrees pay his portion the committee, proportion exceed (5%) centum any paid to him by the receiver the Under this contract depositors would the receiver five percent pay committee five percent. The Journal and Guide was able, to time going to press, procure from the depositors represented committee. two public meetings held general committee, which Ernest Cook chairman, have largely tended, has not yet disclosed who the signers of are All efforts obtain such names from depositors list between 200 and 300 names, and $25,000 deposits, according attorney for the 5,000 depositors the total deposits $165,000. ASSAILS RICH William Rich, who was president Metropolitan the bank went into receivership, severely criticised the out-oftown newspaper article, as having closed his account bank the exception of Christmas account and having notes in the the bank. The Rev. Richard H. Bowling, rector, Strong, president, also came in for much criticism. When asked by the Journal Guide his Mr. Rich produced records to show original purchase of stock shares total of $12,750. later dividend of 34 shares brought total number of shares up 136, value $125 per share. June 18th, 1926, records of the bank show, Mr. Rich voluntarily 108 shares with value along with shares surrendered by other officand stockholders, to offset lossers the bank had sustained from securities and bad loans preciated The records that January 5th, 1931 when on the bank first into Mr. Rich owed the $2,555, note $95, his $40 insurendorsed by of $125 secured ance deed note by first deed trust for second $800, and his stock holdtrust Since the receivership ings. reduced having paid When June the bank its second and final ceivership, Mr. Rich had balance his which seized the receiver and applied on his notes. The amount he now owes, the former president the Journal and Guide, the balance he owes his purchase of stock the bank, and does money advanced to him for any other purposes.