The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-10-27
TRUE! REFOR|MER.S
INVOLVED IN RUIN

CONTINUED From, First Page.)
prises as three branches Of the same
concern. 81
Can't pay Claims.
AsAto the insurance order itself, IL 4
has been found in the examination
Just made by the Bureau OF insurance
that tlA bank lis holding $4,000 worth
OF checks drawn by the order to pay
insurance claims. which the bank has
been unable to honor. In addition, 30
tar az can be learned, the True Re-
formers owc other unpaid claims to the
amount OF 100000. The figures given
above indicate clearly that It could pay
these without the slightest trouble if ]
itacould use the money which belongs
to It In tho bank. But when the banks
affairs are wound up by the receiver
the salvage may or may not BIO suns
debts. II 1t Is. the order may yet get
on It's feet by pocketing It's losses.
which are certain to be heavy, by pro-
fccedlng to do business on It's current
income. and by forever eschewing all
combinations OF any sort with any
fothor kind OF business enterprise what
ever.
The application for receiver for
the Savings Bank Of True Reforlners
in the family, with the same officers
and the same interests, there was no
resistance. Judge Daniel Grinnan at
once appointed William "A. Moncure OF.
tho law firm OF Smith, Moncurc &
HGordo.. counsel for the order, as re-
cetver. He gave bond at once In the
sum OF $50. 900. with the Virginia Trust
Company as surety. and began an tn
ventory OF the property OF the insti-
tuition
Was Popular order.
For nearly thirty years the True Re-.
formers has held a leading place In
the admiration and affection OF the
colored people OF this part OF the
country. It's home office. withits bank
and It's printing ONCE. are located on
Second street near Leigh, in Rich
mond; Only few weeks ago the BIZ
enntal session Of the Grand Fountain
was held here. at which time, on de-
mand OF the Bureau OF Insurance, w.
L. Taylor was ousted from the presi-
dency and "A. W. Homes was elected IL
his place.
It was hoped at that time that the
order would be placed on a sounderi
basis. but the real condition Of affairs
!! in the bank was not then known and
| has apparently precluded such happy
/, issue out OF all its troubles.
| The orders success was phenomenal
from the start. Thousands OF members
| hocked to Its standard. and there are
now nearly $500 subordinate lodges
scattered over the Southern and Middle
States and In the Middle West.
In 1888 the Savings Bank was char
tered. Stock was subscribed to by
individual members of the order. The
charter OF the bank provides that its
board Of directors shall be the board
of directors OF the True Reformers.
Stock was sold on the condition that
at the death of the stakeholder It
should revert to the bank, and no pro-
vision was made for its reinsurance.
Checks Held UP.
For some time complaints have been
coming to the Bureau of Insurance as
to the non-payment OF insurance claims
by the True Reformers. AS long as a
year ago officials OF the department
warned the officers OF the allied instt-
tutions that unless they dropped the.
bank 1t would sooner or later involve,
1.-THE entire enterprise in disaster. But
nothing was done. However. last:
spring. prompted by many complaints.