Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1922-08-26

I NO NSiooo, thuI tilcS hoNo
: imparab!e injury in divers ways;
that they have been unable to meet
their obligations that have fallen
due; that, many OF their obligations
have been protested and, they have
been made to appear as defaulters,
because OF their inability TO have
tho use Of their money which is in
! said Bank.
Many of them have notes falling
due upon the purchase Of their homes
and they are being subjected to
threats and foreclosure because Of
their Inability to have the use Of
their money on deposit in the said
Mechanics Savings Bank; that a
large nunIber of secret organizations
represented by your petitioners, are
| put to great Inconvenience on ac-
| count Of their inability to check on
the funds in the said Mechanics Saw
4; ings Bank for the funeral expense
, and other indebtedness Of their
members; THAT they have been put
! to Inconvenience by reason of their
inability to draw OH the said Bank
! for sick dues, due the members of
the said organizations for weekly
sick dues; that, the members Of the
various organizations and beneficial
corporations are handicapped, be-
cause of their Inability to draw on
the Bank for the necessary funds to
meet their obligations.
That your petitioners further re-
}, present that they saw an item in the
, local columns Of one Of the daily
i papers in the City Of Richmond that
the receivers desired the ,depositors
| to turn in their books to said re-
ceivers but the depositOrS did not
understand why they should be re-
CURED to give up the only evidence
! Of the Indebtedness Of the Bank to
them and that they now and always
have entertained the utmost conf
dence in the President and Directors
=; Of the said Mechanics Savings Bank
and that they do not question their
honesty and integrity, for this reas-
on a large majority Of the deposit
tors have refused and doth refuse
to turn over their books to the re-
oeivcrs. While it is true the re-
ceivers are strangers to them but,
through the Court, they have the
utmost confidence and respect for
the receivers because, they are i'll
formed, the said receivers are officers
Of tho Court and that their books
could not DO lost or misplaced by
them yet they feel that thoy would
prefer keeping the evidence Of the
:; Indebtedness OF the Bank to them in
) their own possession, especially,
since they have no reason to believe
Or suspect that there is anything
wrong with their accounts with the
said Bank.
, Your petitioners further represent
that tho depositors Of the said Bank
are anxious that the Bank and its
affairs. be returned to- its officers,
that the same may be opened at the
earliest practicable moment to re-
love the condition hereinbefore
referred to; that large number Of
the depositors are withholding their
books from the receivers for the
reason that, they verify believe,
should the more than three thous-
and depositors give their books to
the receivers to be audited by them,
the Bank Will be closed indefinite;
that they believe it will take several
months for the receivers to audit
/ these three thousand and more Of
/ passbooks.
:; In order that the receivers may
, expedite their work and. make their
[ partial Or full report to the Court,
to the end that the Bank may be
, re-opened, they have declined and
i. doth decline to deliver their books
I to said receivers; that they have not
been informed Of any law compelling
, them to give up their books, which
, is the only receipt they have against
the said Bank; that they have no
means Of knowing how long it would
take to audit and state the three
thousand and more accounts be-
I iNtyn
depositors; that some Of the sal
depositors were depositors in tho
Savings Bank Of the Grand Fountain
United Order OF True Reformers ana
that they had been required TO de-
: liver their books and the receivers
9 Or those in charge Of the mattar
were unable to close these accounts
: and make a final report to the Court
for nearly ten years, during which
4 time 4 large number OF the deposit
tors departed this life, and that this
! Is the further reason why the de-
g., positors of the Mechanics Savings
Bank are unwilling to turn in their
0 books unless they are forced to do
so by law; that it is not their inten-
ton to complain Of those who had
charge OF the Savings Bank Of the
), Grand Fountain United Order of
True Reformers but simply refer to
the matter to show some Of the
:. easons why the said depositors in
the Mechanics Savings Bank have
refused to deliver their books to the
receivers Of the said Mechanics Say
ings Bank.
That your petitioners are in
II formed, had the President Of the
Mechanics Savings Rank after
T.. agreeing to give securities for $780,
!, 100000, not refused to pay interest
Q upon said securities at the rate OF
s Six co Percent, the Bank would not
= have been closed and that his refus-
d al to sign the obligation carrying the
n interest at the rate Of Six CO. Per-
], cent, aforesaid, was the prime cause
:, Of the closing Of the said Bank; that
- your petitioners are informed thai
f the President. Hon. John Mitchell
J., Jr., has, since the closing of the said