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.