BANKS, INSURANCE COMPANIES, ETC.
There has been an impression in the public mind that colored men had
not the ability to successfully conduct such enterprises as Banks,
Insurance Companies and Building and Loan Associations. But this
impression is an erroneous one. I have come in contact with a great
many of the men who have embarked in the Banking, Insurance, and
Building and Loan Associations, and I have positive proof that they are
as successful as the average white man who starts out in these lines of
business.
In Washington, D. C., the colored people are successfully running a
Savings Bank. It is known as the "Capitol Savings Bank." Hon. John R.
Lynch is its president. While this bank was established by colored men,
I am pleased to inform my readers that its patrons are not confined
to colored people. The building occupied by the bank belongs to the
company, and is situated in the central part of the city. Dr. Wilder,
Mr. Bailey, Mr. McCary, and Henry E. Baker were all connected with the
bank when I visited it in 1893. I found these men all able, reliable,
and cultured gentlemen. Dr. Wilder as a physician can boast of a large
practice among both white and colored. Mr. Bailey owns very fine
property in the city. Henry E. Baker is in my estimation one of the
ablest young men it has ever been my pleasure to meet.
[Illustration: CAPITAL SAVINGS BANK. _Washington, D. C._]
The True Reformers, of Richmond, Va., was started by W. W. Browne,
at his own residence; and while I fully believe that Mr. Browne knew
just what he wanted to do, I don't think that even he foresaw the
gigantic affair the True Reformers have turned out to be. They have
their headquarters at Richmond, Va., in a splendid building of their
own, which is three stories high. In the upper story they have a very
excellent opera house; in the second lodge rooms, and in the first the
largest bank in the world owned by colored people. I shall now give
an account of the work of the True Reformers furnished me by Mr. W. P.
Burrell, General Secretary of the society:
"The Grand Fountain, United Order of True Reformers, founded by Wm.
W. Browne in Virginia in January, 1881, now numbers 1500 Fountains,
400 Rosebud Societies and 1000 Class Circles. The total benefited
membership is 50,000. The order operates in twenty-two States and holds
forty pieces of real estate, valued at more than $2,000,000. It has
paid in death benefits over $500,000 and more than $1,000,000 in sick
dues.
"Besides the purely benevolent part of the order there is connected
with it their Savings Bank of the Grand Fountain, with a capital stock
of $100,000 and deposits exceeding $200,000. The Reformers' Mercantile
and Industrial Association, organized April, 1900, now does a business
of $1500 a week. The Old Folks' Home Department, organized for the
benefit of the old members of the race, is in good shape. A farm of
624 acres has been bought and paid for, and arrangements are now being
pushed to put about 100 old colored people at the Home.
"In 1881 Rev. Wm. W. Browne started the order, being assisted by one
clerk and boy of all work, Mr. W. P. Burrell. At the death of Rev.
Browne, in 1897, he was succeeded by Rev. W. L. Taylor, who had for
twelve years been connected with the work as an organizer. While under
Mr. Browne the work succeeded beyond expectations, yet the growth
under Rev. Taylor has been phenomenal. The plans as laid by Rev. Browne
have been more appreciated since his death than before. Many new
features have been introduced, and the order continues to increase.
"The management is divided into departments, and at the main office
there are over eighty clerks employed.
"The following are the general officers of the organization: Rev. W. L.
Taylor, Grand Master and President; W. P. Burrell, General Secretary;
R. T. Hill, Cashier; E. W. Brown, Editor of the _Reformer_; J. C.
Robertson, Attorney and Chief of Real Estate; T. W. Taylor, Chief of
Old Folks' Home; Edward Ellis, Jr., Accountant.
"Under Rev. Taylor there are a large host of deputies and field
workers, at the head of whom are Rev. E. T. Anderson, Vice Grand Master
and Deputy General of the Southern Field; Rev. J. T. Carpenter, Deputy
General of the Western Field; Mr. C. A. Puryear, Deputy General of the
Northern Field.
"Since the organization of the bank, in 1888, there have been handled
by it $6,000,000. The Reformers' Hotel is conveniently located, is
steam-heated, and has first-class accommodations for 105 guests. It is
at the corner of Sixth and Baker streets, and a line of street-cars
pass the door.
"The work of the main office is commenced with prayer each morning; the
clerks assemble at eight o'clock."
[Illustration: REV. W. W. BROWNE.
_Founder of True Reformers._]
I am sure that my readers will agree with me that the account given by
Secretary Burrell, showing what has been done by the True Reformers,
is worthy of more than passing comment. It is a matter that should
demand the greatest interest and consideration of the colored people
in all parts of our country. To me there is one grand lesson taught
in the success of this order that all may profit by if they will, and
that is that colored people can successfully manage a large business
enterprise without any assistance or advice on the part of the whites.
Now comes the question that doubtless many will ask. If the colored
people can organize and push on with great success the bank, hotel
and wholesale and retail grocery store, as Mr. Burrell's statement
proves beyond a doubt, then why cannot colored people in all parts of
this country organize societies and stock companies for the purpose of
getting members of the race into all kinds of business, which would
not only help those engaged in the different enterprises, but it would
give the colored people as a race dignity and standing among the
better class of the whites that would prove helpful beyond my power to
express? Let us hope that the time is not far distant when we may count
with pride many such grand societies as the True Reformers.
[Illustration: TRUE REFORMERS' BANK BUILDING.]
ALABAMA PENNY SAVING AND LOAN COMPANY, LOCATED AT BIRMINGHAM, ALA., AND
CONTROLLED ENTIRELY BY COLORED PEOPLE.
It was opened for business the 15th of October, 1890. Rev. W. R.
Pettiford was elected President, which position he now holds, being
elected seven consecutive times. Mr. B. H. Hudson as Cashier has held
his position from the first. Mr. Peter F. Clark is Vice-President; to
these are added as Directors--Rev. J. I. Jackson, Thomas Benford, Prof.
F. S. Hayel, Rev. T. W. Walker, T. D. Davis and Rev. J. Q. A. Wilhite
who has charge of the Institution. These men sold stock sufficient to
be incorporated Feb. 16th, 1894, with a capital stock of twenty-five
thousand dollars, ($25,000) with the privilege of increasing to one
hundred thousand. There is deposited from one hundred thousand to one
hundred and twenty-five thousand dollars per year. They carry $28,000
on deposit now. The bank owns its business house of three story brick,
which is well tenanted and from this and other Real Estate, it has a
rental income of one thousand two hundred and ninety-seven dollars,
($1,297) per year. The Real Estate is worth over ten thousand dollars.
The bank has made rapid progress under the present management and
is now regarded as a fixture. It has four persons in its employ, a
good safe vault and a neat set of oak finish fixtures which makes the
appearance attractive.
This bank pulling through the panic and buying a nice three story brick
building on 20th street, has greatly strengthened confidence in its
business.
WASHINGTON COMMISSION AND SUPPLY CO.
The Washington Commission and Supply Company of Washington, D. C.,
started in 1897, is a movement on the part of a number of Colored men
of this city to control much of the trade among the Colored residents
and to give the youth an opportunity in business pursuits. It is a
co-operative concern, but somewhat restrictive as to membership. Those
who started the enterprise decided, in order to insure success, it
should be self-supporting. Thirty men of families, fifteen of whom were
clergymen and fifteen laymen, joined heartily in the enterprise. It
was estimated that these families would spend from $20 to $40 each for
table supplies. If these men would patronize their own interests, the
store would do a business from $600 to $1000 per month independent of
outside trade.
The store has been in operation but three months. Three clerks are
employed and five agents are at work. The store has sold a little
over $1800.00 worth of goods in these three months. Indications are
flattering for a larger business.
The last week before writing this, was the best in its history. It
contemplates opening branch stores all over the city. The authorities
believe in moving continuously. They believe it is only a matter of
time when through the pastors connected with them and through their
many friends they will control much of the trade of the 85,000 colored
people in the District of Columbia. They will add a boot and shoe
business.