Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1922-07-29
MECHANICS BANK
Continued from First Pagc.)

the Moore Street Baptist Church. Tho
following arc tho resolutions:
We, your committee appointed at
a special meeting Of the Baptist Min
listers Conference Of Richmond and
vicinity held on call Of our President,
Kew. DR.. Evans Payne, Tuesday, July
70, 1922, at the Ebcnezer Baptist
Church to take some action in the
matter of the closing temporarily of
the Mechanics Savings Bank by the
Banking Division of the State Cor
poratlon Commission, beg leave to re-
port that we find that in all of our
churches, Sunday, July 16, 1922, the
pastors discussed the matter and cxs
pressed absolute confidence in the
president of the Mechanics Savings
Bank and its officers and urged their
hearers to suspend Judgment, assur-
ing them that the bank had ample
assets to meet all Of it's obligations
and to pay all Of it's dcpositors in
full.
We find that this had most quiet
ing effect, and that as a result, on
the following Monday, no excitement
was in evidence at the institution.
and the squad of police officers, who
had been stationed in the neighbour
hood, found that they had absolutely
nothing to do and were withdrawn.
Your committee found also that
the white press, the Richmond, Va,
Times Dispatch, the Richmond Even
ing Dispatch, the Richmond News
Leader, spoke in favor Of the bank
and gave out information that did n
"world of good" in restoring the con-
tidencc of our people.
Coupled with this was the friendly
attitude of the white people gen
orally in their homes, where they
employed servants, and in their mills
and factories and places of business,
which aided in this work.
The browning act came, when Col
onel Thomas B. McAdams, president
of the American Bankers Associa-
ton, of which our townsman, the
president of the Mechanics Savings
Bank, is the only active colored men,
Der, upon an appeal made to him,
directed that Colonel w. Nj. Addison,
president of the Clearing House AS
sociation of Richmond, be requested
to call Il meeting of that association
and, if the bank was solvent, to loan
it the amount necessary to relieve the
situation.
This was done and one hundred
thousand ($100,000.00) dollars were
pledged to relieve the situation. We
are glad to report that hundreds of
colored people are waiting impatient-
~ for the opening day to put money
into the Mechanics Savingc Bank, in
stead Of drawing it out.
We report also that the colored
>c{, f,,Is
fratcrnal bodies have expressed their
confidence in the Mechanics Savings
Bank and other banks, located in this
city, and that there is no evidence
Of any run" on any Of them as Il
result of this unfortunate occur
renee.
We therefore recommend that it
is the sense of this conference that n
vote Of thanks be extended to the
white people in general for their aid
and comfort and to Colonel Thomas
B. McAdams, president of the Ameri-
can Bankers Association; Colonel W.
M. Addison, president Of the Clear
ing House Association of Richmond;
the affiliated banks thereof, the spe-
cial committee appointed by the as
ISOLATION, and being advised that
Hon. Oliver j. Sands, president of
the American National Bank, has
done much for the Mechanics Savings
Bank and it's thousands Of deposi-
tors, we include him and his institu-
ton, the daily press, the colored
press, business organizations of our
people, insurance companies and fra
ternal orders and other bodies and
individuals, who have aided in this
work Of the regeneration of the
bank.
Learning that the completion of
the audit will bring about the re-
opening of the bank, we urge that
this be done at the earliest possible
moment, and to this end we ask the
Banking Division of the State Cor
poration Commission and the State
Corporation Commission to hasten
this much to be desired result.
We heartily endorse the proposal
lures Of the restoration Of the man
agement and control of the Me-
to make a rally day one of the fca-
chanics Savings Bank to our people,
when each individual will open an ac-
count with the institution and show
to the world that we have an abiding
confidence in the encouragement of
thrift amongst the colorcd people
generally.
(Signed) z. D. LEWIS,
G. A. COBBS,
l. II. HINES,
w. b. BALL,
II. j. KING,
Corroforu TO