The Nashville globe. [volume] (Nashville, Tenn.) 1906-193?, 1910-12-23

compiler or Bank Directory Pre-
diets That Their Bank Will "Come
Back as Factor in the Financial
World.
There has been no serious loss, no
shaking of confidence, and no run
whatever on the Negro banks scatter
ed throughout the great Southland.
all Of which are doing a magnificent
business in the financial world: some
of the stock of which has advanced
rapidly, as a result of the failure of
the True Reformers ard its DEPART
ments which was the direct cause of
their bank going into the hands OF
a receiver some months ago, not even
in Richmond, Va, has one of the re-
naming three substantial financial
institutions, been affected or embar-
rassed by this misfortune to the old
est Negro bank In the United States.
This information was gained this
week from Mr.. TT. A. Boyd, who is
compiling the National Bank Directo-
ry and special guide of Negro banks
and financial concerns owned and
operated by the race throughout the
United States, and who no doubt Is
in possession of any array of facts
and information not generally known
by the masses. It was learned from
him that instead Of there being a run
on the Negro banks" of Richmond.
since the closing of the True Reform
ers. there has been "a run to the
banks"
He has heen in close touch with the
directors and officers of the Nickel
Savings Bank the St Luke Bank and
the Mechanics Bank, all of Richmond,
hence speaks with assurance. Not
withstandiaG Mrs. Walker, the only
nv members Of the race. is at the head
of one of these institutions it Is
claimed thev are standing like the
Rock of Gibraltar as financial insti-
tutions in Richmond. 1t was also
learned that there were some things
connected with the MANAGEMENT OF
the Reformers' Bank that almost re-
moved it from the direct public, as
a regular bank The fact develops
that it was principally a depository,
a treasury, of the Grand United Or
der Of True Reformers. 1t seems that
no stock Of this bank was held hy
outsiders, as everv dollars worth Of
stock, all of which was subscribed
and maid up, was owned by members
OF this secret organization, making 1t
in the true sense a real family affair,
hence the business men of the race
could not be affected IN any way.
lust like a misfortune in any secret
order is overcome, wiDed out or
erased; inst as thev start ont anew
and build up ont of the fragments
more progressive order. Just 50 is It
predicted that the Grand United Or
der of True Reformsrs. who have nm
told resources tn draw unon from its
membership, win overcome this mis-
fortune and failure
It is nointed ont by the COMPILER
Of the National Bank Directory that
no check whatever has been made IN
the progress of institutions that are
heing organized and started by the
Negroes-in fact. not howl nor an
accusation against otha1 hanks any
where in the United States has been
made on account Of this failure. which
he saws is going to he overcome as
speedily as possible. at might be
information said Mr. Bovd. "to the
public to know that this bank, being
long a depository Of the order, was
really as much the order itself as
the law could make II. Many years
ago the True Roformers succeeded in
securing from the State Legislature
charter for a bank. It appears that
the charter provided that the sans
directors of the Order OF True Re
formers were to govern the affairs OF
(Continued on Page a.