The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-01-15
AN AFRO AMERICAN BANK
Two Millions or Dollars We're Ham
died by 1t in Four Years
Time.
Tho Afro American at the Ma
tional Capital Has Become
Very Thrifty.
Solving tho Problem Of Hts Capacity AN q
Man and Il Citizen In the
Broader sense.

Especial Correspondence OF THE INDEPENDENT
W.T. A SHING TO N. JAN. LEW
cANIo people familiar with the habits of
ky the Afro-Americans living in Wash
ington prior to 1888 can realize the change
that has taken place in thor habits. At
that time most of the people employed in
the departments not only spent all that
they made but were habitual borrowers of
brokers who became widely known IA 80
per cente d" because for every $40 they sd-
vanced they got ST. rental for the thirty
days, or interest ut the rate of l2O per cent
per annum.
The 40 per %centers'' grew in numbers
and waxed exceedingly fat, while the de
partment employe appeared to grow leaner
and hunRrier every year until the time
came, ma it invariably did, when he found
Washington a good place to leave ION the
dead quiet" TIL brother in black here
seemed to live for pleasure and the 10 per
centers alone.
When Mr.. Cleveland was elected in 1883
there was a very rude awakening in the
FOOLS paradise. Men who had heretofore
spent every penny of the salary they re-
ceived from the government suddenly be-
~ W. pAicC ~
craze for saving money and buying prop
erty spread rapidly. All sorts of business
enterprises sprang up as if by magic; bank
ing, insurance., real estate and mercantile
ventures were projected on all sides. What
would be the outcome of all this was up
permost in the minds of thoughtful peo-
pie, who remembered how much injury the
collapse of the Freedman's Savings and
Trust company had exercised on the saving
habits of the blacks. and the inexperience
of those who had the management of the
new ventures.
Among the ventures projected in 1888
which attracted general attention and has
been watched with interest is the Capital
Savings bank, which numbers among it's
managers some Of the most competent Afro
Americans in the city. It's officers are Ex-
Congressman John Il. Lynch (the present
fourth auditor Of the treasury, PRESIDENT;
j. X. Wilder. vice-president; H. /. Baker,
secretary; l.. G. Bailey, treasurer; ID. b.
McCary, cashier; directors, John Il. Lynch,
J. A. Pierre, H. +. Baker. Whitstield Nc
Kinlay, jerome A. johnson. w. E. Mathews.
DR.. W. s. Lotion, M. Cole, j. Archie Lewis,
J. T. Bradford, DR.. A. w. Tancil. Or. j. Il.
Wilder. Prof. James Storum, l.. G. Bailey,
Prof. W.. 8. Montgomery.
The company nrst purchased a building
at the corner of New York avenue and
Ninth street, northwest, for the sum of
sd, 900. and intended to occupy it some day
In carrying on their business. The location
was not exactly suited to the present needs
of their business, and so when they were
notified last May that they would be re-
CURED to give up the rented quarters they
were then occupying they SGT about at once
to purchase e building in a more suitable
lOCRllty- THAR efFOrfa raoplfa1 in %ha ,rr-
chase of their present elegant building on
one OF the most prominent business streets
in the city of Washington, situated Just in
the heart of W~ashington's commercial and
financial activity, convenient to the de-
partments and midway between the CAPT
tol and the White house-F street, between
sixth and Seventh streets, northwest.
secretary Henry h. Baker, a graduate OF
the law department of Howard university,
and for many years a special examiner in
the patent office, was seen by me and fur
nished the following interesting and in
structive statement of the beginning and
progress of one of the most successful bust.
ness enterprises conducted by Afro-Ameri-
cans:
The history of the organization and de-
~velopment of this business ntet prise ia not
entirely free from some of the essential
features of a romance. Born into an al
most abject poverty. md growing into Wig
orous manhood amid the most unfavorable
surroundings is a feat that neither individ-
uals nor enterprises perform with fire.
quence. Banks are a commercial necessity
in all business %centers. They are the med.
individuals changes ownership. They
touch the money pulse of II community.
As q rule. therefore, the men
who organize banks are men of wide
business experience, with ample re-
sources at their command and enjoy
,pr n npvo uhpr Of ,,rLlta DnGln- IN
der ordinary circumstances. when these
conditions arc lacking, men either haven't
tine courage to organlze a bank or they
haven't tho luck to succeed at it. 1t would
appear from this. Therefore, tina when Il
set OF mon who have had absolutely no eX-
;e ienoe of the sort required in successfully
conducting q bank, and who are lacking in
the essential resources of means and credit.
undertake to Tut IN operation a business
enterprise under the preteutIous name OF y
bank surely the difficulties i'll the way of
their success would appear ~ell-nigh insur-
inountable. But such was lust the unfayor-
able condition under whioh this present EN-
terpriss had its birth. Oae point alone
stood out prominently as n hopeful indloa-
tion in organizing this enter II ise, and that
was the growing necessity for its existence.
Here We were, a people strong IL mum
hers. advancing RAPIDLY in every educational
requirement., entering here aud there into
the smaller business avenues and eager to
widen the field of our business operations,
but unaltc ably handicapped bv ,rejudicc
which we could neither modify nor control. |
WehAd an army Of salal led men and women
drawing from the government every month.
through the public schools and the de art
mental service, hunuj eds of thousands of
dollars, and u still larger army of honest,
earnest wage earncrs, week by week eceive
n larre mone retuvn tor their labor.
The a WAS absolutely no central ~railylug
point At which the monetary interest OF the
Culorco PEG ie could DO concentrated and
through which wa could prove tn the world
that we are capable of bhat sort of business
development That makes II people yospboln-
BILE aud lcHuuctGd. d
1T WIS uuder the impulse of sentiments
such MS thean that six colo cd men met one
October evening IL 1883 IN tho lib AIRY Of II. .
+. MontGomt ry's Residence III this city and
discussed tho proinct of opening IL bank.
They carefully weighed the TO,
and against il, and being filled with a4u-l
to do something, they decided then
present happened To know OF Il su3t-
onCo for our buaineRs. Wa agreed Go rent
money enough ON tho spot To pay Il
mouthSa rent IN adYsncs We had a plac,
then. hrt no business We hadn't Il aiug,,
no hooka, no tender of Dash f-onl
any source, no Offices. no clerk9-in short.
puythinG but ono months rent and one
yaHr's pluck. A few meetings followed III
quick succession. sud on WcdnesdQv morn.
,.I a. Au I p tGAA ~.