Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1901-12-12
FIRST NEGRO BANK.
1t Was Founded Recently in Pail.
deIpi1ia.

1t Was Founded Recently in 2ajl.
deIphia.
Philadelphia North American. /
! negro bank, the first Of it's kind nCrt1
of the Mason and Dixon line, uH!1arc
| by negroes, with negro stockholI IL
and depositOrs, is Philadelphia cor,
tribution to the solution of the Tex p
race question.
The negroes of the city are i'll
Ordinately proud of their ''F'ir3+
Colored Bank, North" it stauua Il;
No. 1922 S. Twentieth street, q -
every day since it's recent oDerra
crowds Of coIored folk gather IN the
pavement to admire its gaudy front
On the first day Of business pear'y
$1,000 was received in deposits, y.
the average deposit was considerably
under S.. Nearly 1000 cOlored people
attended the reception at the OpeniEg
Of the bank. They came from oil
parts Of Pennsylvania, New Terse !.
Delaware and New York and rep
resented practically the wealth and
standing of the negro community in
the north. One Old negro il Tel
nessee had read Of the proposed bank
and FASTENED all the way hither TO be
present, so he said, at so glorious
function.
The president of the bank, he
chartered name of which is the First
Northern Colored Cooperative Bar'y-
ing Association of Philadelphia i
John Clinton, Jr. The vice president
is J. B. Booker, and James W. Cali
we'll is cashier. The directors are
John Clinton, Jr., L L. Gould, J. j.
Brooks, Frank Robinson, R. P. Tones
and E. J, Mayo.
The capital of the bank is $4,000
1t placed $4,000 in the state repository
as preliminary TO securing its
charter Of incorporation; it has as IN
adjunct an insurance department. and
is also the owner of a newspaper.
issued III the interest of the negroes
THE Banking House." as ~
cClored population Uf the neighbO"-
hood proudly call it. was formerly
q
twC-story brick houses. Archi-
tecturalIy the building has not been
changed but in front glass of many
colors bearing the insignia and motto
Of the institution AND an invitation to
all to become depOsitors has been IT,
serted. On the grOund floor is thc
cashiers cage. The cashier is ais
paying teller, receiving teller and
boOkkeeper. Upstairs is the presi
dents office and the editorial office Of
the newspaper supported by the
bank. On the third floor is the broaf
room, where the directors meet aH5
where the president holds "explanl
tory classes" every Monday evening
These classes are the kindergarten "
finance to the negro population
They are designed to give an insight
into the complicated business ~
handling spare money to the best ad
vantage, a subject in which thC
average negro is but poorly versed.
Many colored cIergymen attera
these classes and preach the doctrines
Of thrift and cooperation among tht
blacks of America, So that at time
the meetings have all the significance
Of a determined political and econo
mic propaganda.
The first desire Of every depositO'
is to possess a check book, and It j;
difficult to persuade some of thea
that the possession of a number q
n nj
to draw without limit on the funds o.
the bank. Even those whose credit
balance falls perilOusIy near to tw
dollars sport a book Of check blanks
and in these days ordinary currency is
at a discount in the neighborhood {,
Carpenter and Twentieth streets
Everything is paid for by check an
the power Of making a piece of papl:
valuable by putting Your name to It 3
keenly appreciated not only by thOs,
who can do it, but sometimes ~
those not fortunate enough to owl :
running account,
Besides the First Colored bank
north there are seven other neg
banks in the United States. All the
others are located in the south AMI
look UP to the Philadelphia institute n
although It is the newest, as the en- .
one among them.
The First Colored bank. North. aims
to conduct its business on lines identi
cal with those followed by the leading
white banking students. Mr.. CJinc) II
Is a fnancfer Of ability ard k@s
already conducted a colored mans n
surance association with a capital Of
100000 very successfully. He is IL
puted to be a particularly shrewd in