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.