The Negro at Work in New York City: A Study in Economic ProgressHaynes, George Edmund
History
The Negro at Work in New York City: A Study in Economic Progress
Haynes, George Edmund
African American businesspeople; African Americans -- Employment -- New York (State) -- New York; African Americans -- History
Another enterprise was a corporation of undertakers with a board of
eight directors, who held nearly all of the stock. In size they had
four employees, occupied a floor space of about 1,200 square feet at a
monthly rental of $150. The investments represented about $1,500 in
dead-wagon and fixtures and a stock on hand of about $1,000. The gross
business was between $9,000 and $10,000 in 1907, the first year of the
business; and over $20,000 in 1908. At its organization there were ten
corporators who subscribed about $300 each to float the enterprise. It
is interesting to note that a hotel-keeper, a minister, three men in
other lines of business and the manager of the concern were among
these ten.
Two other corporations were printing establishments, each with six
original incorporators. One firm did job printing. The other was a
publisher of popular songs and has produced several of New York's most
popular airs. They had two and ten employees, occupied about 158 and
3,000 square feet of floor space, respectively. The larger firm had a
plant valued at between $4,000 and $5,000, kept several hundred
dollars worth of stock on hand and did a gross business of about
$15,000 in 1907, and about $17,000 in 1908. The smaller firm had been
organized in 1909. The larger had run more than four years. The
corporators of the smaller concern included an editor, a messenger,
silk-factory employee, and laundry employee; those of the larger, a
liquor dealer, two actors and three composers of popular songs.
The four other corporations were real estate firms, a line of business
requiring considerable capital and attracting the higher grade of
business ability. In these instances, all except one firm was composed
of the few original incorporators, making the arrangement only a
little removed from a partnership. The one exception was a large
concern with a capital stock of over $500,000. The previous
occupations of the principal promoters of this company included a
lawyer, a pharmacist and two real estate brokers.
The stock of this concern was held by small investors in many parts of
the United States. The firm at one time employed over 200 people in
and out of New York, and claimed to have done an annual business of
over $200,000. At some period in its history it may have done so large
a business, but this was probably only for an exceptionally prosperous
year. This may have led to too sanguine attempts on the part of the
promoters. Because of other poor business methods and bad attempts at
investment the enterprise failed in the winter of 1910-11.
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