The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-27
DENY ORDER OWES
REFORMERS' BANK
Officers Of colored Society Make
Statement Of Their
Contention.

Earnestly claiming that II ts impos-
sible that the Grand Fountain of True
Reformcrs can owe the defunct True
Reformers' Bank anything, the officers
OF the order yesterday Issued a state
ment asking its members and the pub
lie to suspend Judgment until the
Grand Fountains side of the matter
can be presented TO the Chancery
Court. AS stated in Tho Times Dispatch
yesterday, should the contention of tho
receivers of the bank that the Grand
Fountain and Its officers BIO held re-
sponsible for the buns due the bank
from the auxiliary enterprises, is sus-
tanned, tho True Reformers as such
would BIO compelled to discontinue
business.
However, it Will DO contended by tho
order that the receivers cannot hold II
for these amounts. and fight will BIO
waged before the court against tho
claims of the receivers rho outline
of the argument of the Grand Foun-
tain. prepared yesterday, is as follows:
THE report of the receivers for the
one sided statement. and mado by the
representatives of the defunct bank. IT
is not judicial In any sense, and the
real relation of tho Grand Fountain
to the bank must be ascertained By
the court.
I'VE claim that instead of the Grand
Fountain being Indebted to the bank.
the bank IS Indebted to tho Grand
Fountain. In October, 1910, the Grand
Fountain, acting under the advice OF
counsel. filed q bill in the Chancery
Court of Richmond, setting up that the
hank was insolvent and owed the
Grand Fountain upwards of $4,000.
The bank answered and admitted an
Indebtedness to the Grand Fountain.
Wherefore the court. upon the claim of
the Grand Fountain and the admission
OF the bank. appointed receivers for
the bank. This was done on October
20, 1910.
When, some months afterwards. the
receivers of the bank indicated that
they would claim an Indebtedness from
the Grand Fountain to the bank, which
was the first intimation We had that
the receivers would make any such
claim. thus reversing the situation
upon which the receivership was
granted, the Grand Fountain employ
ing Hon. r. e. Byrd and the firm of
Montague & Montague TO look after Its
interest.
shy Bank Made 30 Money.
I'VE have not yet been able TO get the
report from the clerks Office In order
to make an examination of 1t. Never
theless we claim that 1t is impossible
that tho Grand Fountain can owe the
bank anything The bank made no
money It's only source OF revenue
was its individual depositors. Its auXil-
larry departments and the Grand Foun-
tain The Grand Fountain deposited
constantly large sums OF money in the
bank. The bank admitted the liability
to the Grand Fountain. The stock of
the Reformers' Industrial Association
the Grand Fountain. The Industrial
Association is Indebted to the bank.
but not the Grand Fountain.
THE stock OF the bank WAS owned
by a number OF individuals The on
cials of the Grand Fountain. with one
exception. are different from those
under whom the mismanagement is
alleged TO have occurred.
1.-THE Grand Fountain is now getting
on it's feet doing a. strictly insurance
business. and Will tight to the bitter
end any attempt to bring 1t In debt
TO the bank.
I'VE sincerely hope that the friends
OF the order and the public generally
Will suspend judgment until the side
of the Grand Fountain can be set
forth.
"A. W. HOLMES,
&C. W. NJ
"w. P. BURRELL,
&C. W. Secretary.
JOHN MERIWEATHER Ell
&c. w. Treasurer.
Jos WARD.
Director.
w T. JOHNSON,
Director"