Evidences of Progress Among Colored PeopleRichings, G. F.
History
Evidences of Progress Among Colored People
Richings, G. F.
African Americans
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.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account