True Reformers’ Not a Real Bank, Court Says
August 12, 1905
Summary
A Virginia judge denies the legitimacy of the True Reformers’ Bank, citing the business’s “peculiar laws.”
Transcription
A decision of great interest to colored people of this and other cities has just been made by Judge Scott, in the suit of certain stockholders against the True Reformers. The decision was for the defendant, but in delivering his opinion the Judge said:
“The constitution and by-laws of this order are certainly at fault, but in my judgement I do not consider it a real bank. It is an organization with peculiar laws and those of you who have allowed yourselves to join it, as members, of course, you are subject to these laws. They have a right, as an order, to arrange laws to keep stock within their domain, no matter how inconsistent they are as long as it remains an organization as it is now. The law regarding their stockholders is certainly a silly one, but it is left to you whether you join or not.”
There are about twenty cases directed against the order of True Reformers that are already in the hands of lawyers. The stockholders are not satisfied with the decision and will seek relief elsewhere. One of the lawyers said that a large meeting of the stockholders will be held at his office and the case prepared to be taken before the legislature.
“The constitution and by-laws of this order are certainly at fault, but in my judgement I do not consider it a real bank. It is an organization with peculiar laws and those of you who have allowed yourselves to join it, as members, of course, you are subject to these laws. They have a right, as an order, to arrange laws to keep stock within their domain, no matter how inconsistent they are as long as it remains an organization as it is now. The law regarding their stockholders is certainly a silly one, but it is left to you whether you join or not.”
There are about twenty cases directed against the order of True Reformers that are already in the hands of lawyers. The stockholders are not satisfied with the decision and will seek relief elsewhere. One of the lawyers said that a large meeting of the stockholders will be held at his office and the case prepared to be taken before the legislature.
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Location on Page
Upper Right Quadrant
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Contributed By
Ryan Shah
Citation
“True Reformers’ Not a Real Bank, Court Says,” Black Virginia: The Richmond Planet, 1894-1909, accessed January 20, 2026, https://blackvirginia.richmond.edu/items/show/1242.