Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1897-11-20
FACTS AND
FIGURES.
More About the Mort
cages.
THE ORDERS TREAS
URY.
Surprising ExtraVagance-
Surprising Extravaganza
A Halt Demanded,

The discussion of the question rs to
whether or not the money OF the de-
positors of the Savings Bank, U. .. OF
True Reformers had been used in the
purchase OF the buildings of the organ
ization brings to the surface far grav-
er and important query.
The Cashier reported at the 18th an
nual session, September, '96 that there
we're forty five thousand dollars loaned
out on mortgages.
Rev. Browne is quoted on page ~,
commencing at the 1lth line OF the
minutes of the 18th Annual Session
And again, where you have it in
bank and anything should happen, look
at these buildings, look at the ground,
isn't that good for your money!"
And again, on page oS of the minutes
of the 18th Annual Session, he is
quoted:
Again, by limiting the loan fund
will give you more money for building
purposes,
But Cashier r. T. Hill referred to
this same subject. for on page lac of
the minutes OF the 18th Annual Ses-
sion he says:
"If with this one bank, we have been
able to purchase seventeen buildings
yielding more than $4,000 annual
ly, ="
THE BALANCE IN HAND.
At the time that Cashier Hill made
this statement, according to the Off
cial report on page 1853, there were
only ($5, ,738 63) FIVE thousand, seven
hundred and thirty eight dollars and
sixty three cents TO the credit Of the
order. What other money was in the
bank belonged to the depositols.
Cashier Hill reported on page 154
- a a .-sa - 81,
bank was ($9I 973 O4) ninety one thOus
and, nine hundred and seventy-three
dollars and four cents.
THE BANKS CONDITION.
or this amount he reported on the
same page. only ($25 o29.l7) twenty
FIVE thousand, nine hundred and TWEEN.
ty-nine dollars and seventeen cents in
the bank, showing that ($66 ,s43 81,
sixty-six thousand, eight hundred anC
forty three dollars and eighty-sever
cents were loaned out either in th'
form of mortgages or on notes.
OF this amount. he reported on tn,
same page of the minutes of the 15tl
Annual Session mortgages to thl
amount of ($5O, ,42S. .e9) tifty thousand
four hundred and twenty-eight dollar
and ninty-nine cents.
WHICH ARE sEoURE7
Were these mortgages on the build
ings of the order and if so, were the
entered as such in court of record
IL not. then the depositors Of the ban
are not secure.
Another thing. If the money used t,
purchase the buildings Of the order be
longed to the deposItOrs. then th
buildings must stand liable for thi
amount, and it raises q very impol
tant question.
1t is not at all surprising that Rev
W. W. Browne should be quoted O
page 80 of the Minutes of the 10th Al
nual Session: Il THINK you have Il
100000 worth of property. You ow
on thatproperty $14 ,OOo."
QUESTION OF QUESTIONS.
What did he mean, or did he mes
what ne said7
he mad paid the people from who
he had bought the ground. He ht
paid the contractors who had built Il
buildings
Had he not paid them with the mo
ey of the depositors of the bank al
not with the money belonging to Il
Order?
If he had not done this. on who
property does re hold these fifty thou
why is it shat they are not recorded
q court of record?
THE MORTGAGES.
Our point is that while these bull
.fngs were paid for there was an ol
standing indebtedness due the depo
tors of the bank and that by rights, I
buildings virtually belonged to the
depositOrs instead OF to the Order
whose name they stand.
If then the buildings are quoted
worth one hundred thousand dolls
and the depositors are owed fl
thousand dollars and the Order vo
to pay Rev. Browne fifty thonsand d
lars, will some one tell us whether
not any of those buildings are lef
the Order itself?
The organization had accordin
voted away all of its property in a
hours TO Browne the individual in
ment for his one dollar copyright.
We have shown that these hnan
statements made to the brotherh
was for the purpose of impressing u
them false idea of their prosperit,
COULD NOT AFFORD 1T.
Gould the Grand Fountai afl
then to do as it did dor Was the
der able to give away so much o
revenues, and were the delegates
vised OF the true condition of afl
when they took step which has
the organization hundreds of its m
bers and caused dismay TO be ev
where manifest as a result of this
astrous bargain
The following extract from the
utes> of the 18th Annual Session,
81, reads like prophecy:
Brother IF. D. Banks stated
the proposition which he was goiI
offer was to the effect that from
time the Grand Worthy Master b
lowed a raise of his salary to $8(
year, and by this means accom-
the same end, and save The G
Fountain from criticism.
1.-THE Grand Worthy Master 8,
that he did not want another cent
ed to his salary. Adjourned ul
p. M"
The more this matter is probed
the worse it appears. Truly dark
have come to the organization.
Who will step into the breacl
"a