Colored Savings Banks in the United States
December 23, 1905
Summary
The Banking Law Journal recounts the participation of John Mitchell, Jr., at the American Bankers’ Association meeting, describing him as “a shrewd, modest and unassuming man, well posted in his business.”
Transcription
[The Banking Law Journal.]
We take much pleasure in presenting to our readers an article on Colored Savings Banks written for the Journal by Mr. John Mitchell, Jr., President of the Mechanics Savings Bank, Richmond, Virginia. Mr. Mitchell, as a delegate for his bank, attends the Conventions of the American Bankers’ Association, and has taken part in the debates for the past two years; he is a shrewd, modest and unassuming man, well posted in his business, and does not hesitate to speak his mind freely at the meetings. In Washington his remarks at the meeting of the Savings Bank Section were picturesque and quite apropos, and were well received. We are sure that our readers will be pleased to hear again from Mr. Mitchell.
Mr. Mitchell’s interesting communication shows that twelve savings banks whose depositors are solely colored people are now in operation in the South, a fact not generally known here, which is a very gratifying showing; it speaks volumes for the progress of our colored brethren, and we earnestly hope that they will persevere in the ways of self-denial and thrift; it is only through such and similar means that the ever-recurrent negro problem will be finally settled.
We take much pleasure in presenting to our readers an article on Colored Savings Banks written for the Journal by Mr. John Mitchell, Jr., President of the Mechanics Savings Bank, Richmond, Virginia. Mr. Mitchell, as a delegate for his bank, attends the Conventions of the American Bankers’ Association, and has taken part in the debates for the past two years; he is a shrewd, modest and unassuming man, well posted in his business, and does not hesitate to speak his mind freely at the meetings. In Washington his remarks at the meeting of the Savings Bank Section were picturesque and quite apropos, and were well received. We are sure that our readers will be pleased to hear again from Mr. Mitchell.
Mr. Mitchell’s interesting communication shows that twelve savings banks whose depositors are solely colored people are now in operation in the South, a fact not generally known here, which is a very gratifying showing; it speaks volumes for the progress of our colored brethren, and we earnestly hope that they will persevere in the ways of self-denial and thrift; it is only through such and similar means that the ever-recurrent negro problem will be finally settled.
About this article
Source
Location on Page
Lower Left Quadrant
Topic
Contributed By
Ryan Shah
Citation
“Colored Savings Banks in the United States,” Black Virginia: The Richmond Planet, 1894-1909, accessed February 14, 2026, https://blackvirginia.richmond.edu/items/show/1305.