The Nashville globe. [volume] (Nashville, Tenn.) 1906-193?, 1910-12-30

The receivers OF the savings bdnh,
Grand Fountain, United Order OF
True Reformers, are ready to report
to the Chancery Court of the City OF
Richmond, and the delay in so report
ing is for other reasons. The report
will, however, be made early in the
new year. 1t is also ascertained that
the failure is a bad one. Where 1t
was expected that the assets would
amount to from two hundred to three
hundred thousand dollars, the actual
proceeds will not reach one hundred
thousand dollars.
This will be a serious blow to the
Order itself, and unless the members
agree to assume the Indebtedness and
forward money to Richmond for the
purpose, there is little doubt but what
the license to 10 business will be re-
voked absolutely, instead of being
merely suspended as is the situation
at present. One Of the most embar-
RAISING handicaps is the fact that the
management mortgaged several of the
largest buildings of the Order before
the present troubles, and a second
mortgage is a most difficult PROPOSE
ton with which to deal when it comes
to raising money.
1t is also an open question as to
whether the Order or Grand Fountain
in its own right had any money of
any consequence on deposit in the
Savings Bank at the time of its fail
ure.
Grand Worthy Master A. w. Holmes
has not taken any definite action in
the alleged shortage of ex-Superin-
tendent ThOs. W. TAYLOR 1t Is plain
ly evident that Mr. Taylor intends to
insist that he does not owe the
amount charged against him by the
committee and that he will contest
the matter in the courts. There were
some reports that Mr.. Taylor threat
ened to tell all that he knows" if
they press him in this or any other
matter, but he strenuously denies hay
ing made any such assertion.
The Fountains are sending in as
sessments as usual, although some Of
them have declined so to do. The
money now being received is exceed
ing to a limited xXtent the expenses,
but the entire corp of officers are liv-
ing in suspense, not knowing what
will take place next The factional
feeling existing with seme of the
members of the Order crops out occa-
sionally. but not sufficiently seci-
ously einbarrass the present manage
ment. There is no further taft of
calling Il session of the Grand F NJ
tain, and affairs may well be said to
be drifting. The call for five-dollar
loans is being feebly answered, but
rot enough to materially affect the
situation one way or the other.
Grand Worthy Secretary W. p. Bur
rell is not in the limelight anymore
and he is as "dumb as the proyerbial
oyster" on all matters affecting the
organization, seeking information in
stead of imparting any. Grand Wor-
thy Master Holmes is also non-com-
municative but effable- The failure
of the Nickel Savings Bank has not
improved the situation, although it
has shaken the confidence of people
most who have no money in colored
institutions. The Mechanics Savings
Bank and the st. Luke Penny Savings
Bank have not been affected by the
failures. People who had money in
these banks have in most cases moved
to the one or the other colored banks
and thus demonstrated their faith in
the ability of their own people to ride
the waves of financial disaster.
The Mechanics Savings Bank is
now offering to loan mUney to any