CHAPTER XXI.
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.
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."
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.
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.