gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6a723282447e43ee
Response Measures
None
Description
Closed by the state bank examiner after a run; remained in receivership with later asset disposition and dividend rather than full reopening.
Events (3)
1.July 16, 1922Receivership
Newspaper Excerpt
The two deputy examiners ... presented their credentials ... instructed State Corporation Commission ... appointment of a receiver for the affairs of the bank will probably be asked for tomorrow in one of the courts of this city.
Source
newspapers
2.July 16, 1922Run
Cause
Rumor Or Misinformation
Cause Details
Unfounded rumors that the institution had failed spread through Jackson Ward, prompting large withdrawal attempts.
Measures
Police detail called to disperse crowd; depositors attempted withdrawals.
Newspaper Excerpt
Rumors that the bank had failed spread ... a crowd of several hundred people gathered in front of the building in an effort to withdraw their savings.
Source
newspapers
3.July 16, 1922Suspension
Cause
Government Action
Cause Details
State bank examiner (by order of the State Corporation Commission) ordered suspension of operations and instructed examiners/receivers to take charge.
Newspaper Excerpt
MECHANICS' SAVINGS BANK IS CLOSED BY EXAMINER ... The order to suspend operations ... was received by John Mitchell, Jr., president.
Source
newspapers
Newspaper Articles (24)
1.July 16, 1922Richmond Times-DispatchRichmond, VA
Click image to open full size in new tab
Article Text
MECHANICS' SAVINGS BANK IS CLOSED BY EXAMINER Rumors That Institution Had "Failed" Spread Through Jackson Ward, Where Majority of 10,000 Depositors Live, and Detail of Police Called to Scene. The Mechanics' Savings Bank, a morrow or Tuesday. It was shortly after 3 o'clock that colored institution, at 214 East Clay the two deputy examiners under orStreet, was closed yesterday afterders from Mr. Richardson, presented noon by Chief State Bank Examiner their credentials to Albert V. Norrell F. B. Richardeon. by order of the Jr., cashier of the bank. instructed State Corporation Commission. The Detective Captain Alexander S. appointment of a receiver for the AfWright and Detective Sergeants fairs of the bank will probably be Wilshire and Organ to clear The asked for tomorrow in one of" the place of its customers, and closed the courts of this city. doors. The order to suspend operations Rumors that the bank had "failed" was given late in the afternoon and spread like wildfire through old was received with surprise by John Jackson Ward. where the majority of Mitchell, Jr., president of the Instithe more than 10,000 depositors live. tution. Mitchell declared last night In a few minutes a crowd of several that the bank was solvent and that hundred people gathered in front of the eavings of the depositors were the building in an effort to withdraw seoure. He also said that the bank their savings. A detail of police probably will reopen for business to(Continued on Page 8, Coi. 1.)
2.August 26, 1922Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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
3.September 2, 1922Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
It can be done. The Colored People of Richmond, Virginia own ($3,670,307) Three Million, Six Hundred and Seventy Thousand, Three Hundred and Seven Dollars worth of Property, Real and Personal. This credit will open the Bank without one dollar's worth of cash. The Bank's Deposits aggregate approximately Four Hundred Thousand Dollars. With the Assets of its affiliated corporations and that of the Directors of the Institution, aided by the patriotic Depositors, it can again function and its doors thrown wide to the public. The liberal-minded white people are watching the outcome and have pledged support. The Clergy, under the leadership of Dr. Evans Payne, are a unit. Let us re-open the Bank and prosecute the alleged guilty afterwards. The Receivers of the Bank are doing their whole duty. No one denies that. We are authoritatively informed that Hon. John Randolph Tucker, attorney for the State Corporation Commission and Attorney James W. Gordon are favorable to any proper method of rehabilitating and re-opening the Bank. Both are willing to waive their fees (which will not be necessary), in order to aid the people of this community in any such movement. Then why not re-open the Bank? The State Corporation Commission is friendly. The Attorney General is outspoken and His Excellency, the Governor, is vitally interested in the financial prosperity of the Colored People, while the white press and the colored press are as one in support of the movement. As for the allied colored banks, they are also a unit. The movement is feasible and we are now bending our efforts to re-opening the Mechanics Savings Bank. There is plenty of money available for this purpose and there is plenty of property to safeguard the movement. Let us re-open The Mechanics Savings Bank. To keep it closed would be to reflect upon Colored Richmond, while the white people would be ashamed of our ability to do business. IT CAN BE DONE. Let us re-opén the Bank. When the Receivers ascertain just the amount of credit necessary to safe-guard the deposits, let us proceed to business. Raising Two Hundred Thousand Dollars would be a mere bagatelle in the face of the millions of dollars which would be saved by the operation, outside of the prestige to this community, which boasts of having the best Colored People in the world. LET US RE-OPEN THE MECHANICS SAVINGS BANK. JOHN MITCHELL, JR.
4.September 9, 1922Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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 30, 1922Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
The unofficial information given was that the Mechanics Savings Bank would be returned to its owners in ten days. Instead, it has been more than two months. The Receivers insist that the pass-books must be turned in before they release their hold on the Bank. Let us deliver to them the pass-books and remove this basis of complaint. The white people of this community have cordially co-operated with the colored people both with their sympathy and offer of money.
The Depositors have come forward and offered to share in the liability should that liability exceed the amount approximated by the Receivers. This removes the necessity for the return of all the pass-books. The leading white financial institution, which is the largest and only creditor of the Bank except the Depositors, offers to aid and will not embarrass the institution. Then why not re-open the Bank. The Depositors have agreed not to make a run on the Bank and they will accept a limited amount of cash on their deposits in order to aid the Bank.
Winter is here and the people need some of their money in order to ward off suffering. It seems to us then that there is no excuse for keeping the Bank closed. The cost of keeping it closed is approximately from fifty to one hundred dollars per day. It is essentially necessary that it be opened. One pull, a strong pull and a pull all together should accomplish this feat since the Receivers themselves are reported to be anxious to get out.
6.January 20, 1923Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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.March 10, 1923Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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
8.April 21, 1923Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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.
9.June 9, 1923Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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.
10.June 30, 1923Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
' ' 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.''
11.July 28, 1923Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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.
12.August 4, 1923Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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.
13.September 22, 1923Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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.October 20, 1923Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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.
15.October 27, 1923Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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.
16.December 22, 1923Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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-
17.January 19, 1924Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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
18.February 2, 1924Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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.
19.March 1, 1924Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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.
20.March 29, 1924Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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. Te 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 oH 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. LOHN MITCHELL B
21.June 7, 1924Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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.
22.March 20, 1926Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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
23.July 3, 1926Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
# THAT BANK DIVIDEND.
It was reported that the questions propounded by John T. Taylor, of Richmond, concerning the failure to report in the financial statement the amount received from the receivers of the Mechanics Savings Bank on account of the 40 per cent dividend caused something of a flurry. It was announced that it would come in a report from the Finance Committee, but it did not do so. Then it was explained that the money did not go into the "and Lodge treasury, only two thousand dollars of the total sum of twenty thousand dollars was reported in the Grand Lodge treasury. What became of the other eighteen thousand dollars?
# SUPREME LODGE GETS MONEY.
It was finally explained that John Mitchell, Jr., had notified Supreme Chancellor S. W. Green at New Orleans as early as last December that the money would be available. That official lost no time in communicating with Supreme Attorney S. A. T. Watkins at Chicago and he in turn took the matter up at Richmond. The result was that when the money was actually paid over in March, arrangements had been made to send a certified check for the amount of thirteen thousand dollars with interest to the Supreme Lodge. It was computed that the amount was around $16.000. This left about $4,000, only $2,000 of which was put into the treasury.
It was rumored here that although the Grand Lodge paid its Grand At-
24.July 10, 1926Richmond PlanetRichmond, VA
Click image to open full size in new tab
Article Text
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
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
