New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-26
TO USE RACE PREJUDICE.
Leases, Bugs or Builds Houses for
COIOred Tenants.

With offices rivalling in richness of decoration
those of many Wall Street bankers. and with
S500oo0 capitalization, the AfroAmercan
Realty Company yesterday began business as
a corporation under the laws Of the state of
New-York The new corporation is the out
growth of a copartnership of coored real es-
tate men. and II is exclusively Afro-American
In every way. 1t will lease. buy and build flats
and apartments for rental to negroes In the
boroughs of Manhattan, The Bronx and Brook
lyn. and It's avowed object is 10 make II posi-
bic for negro to live anywhere he desires. II
he has the money with which to pay rent
The corporation got its start about a year
ago in the attempt of one of the we'll known
realty companies of this city 10 oust the negro
tenants of One-hundred- and thirty -nfthst.. he
tween Fifth and Lenox aves.. the object being
10 make il white street and raise rentals
Wealthy negroes who were interested in real
estate resented this attempt. got together, and
after vainly trying to get leaseholds on prop
erty IN that street bought outright two flat
houses tenanted by whites, dispossessed them
and rented the fats to negroes who had been
put out of the other houses.
The men who started the movement were
William Ten Eyck Winston Dabney. Walter
E Handy. James a. Garner Joseph II. Bruce.
Richard R Wilson. John Stevenson. Wnford
ton. jr. Most of them are negro property own
ers and Payton is a well known handler of col
ored rental properties who has done business
for some time with large white owners and es-
tates. They and Frank A. Steuart make up
the board Of directors OF the new corporation.
James c. Thomas is president: James T. Gar
ner is secretary and treasurer Philip 4. Pay
ton. Jr. IS vice-president and general manager
and wilford H. Smith is attorney
OF the corporations capitalization Of $500 600.
100000 has already been paid up the stock he
ing in the hands of the directors and a few
others The officers and stockholders are all
negroes. and the prospectus asking for sub
scriptions 10 the unissued stock appeals only to
colored people. 1t is even printed i'm chocolate
colored ink in a pamphlet with brown covers.
and with a negro's head in the design Of the
cover. II tells why negroes should identify
themselves with the company. as follows:
The lines along which the Afro-American
Realty Company can operate are many The
idea that negroes must be confined 10 certain
localities be done away with. The idea that
II is not practicable TO put coiorCd and white
tenants together in the same house can be done
away with The reason for the present con-
dition Of the cOored tenancy IN New-YOrk city
to-day is because of the race prejudice Of the
white owner and his white agent When the
owner becomes coored and his agent colored,
then there is compelled 10 come an Improvement
in the condition.
Race prejudice is luxury, and like all other
luXuries he made very expensive in New
York City. with a cash capital OF $JO0,000
the Afro-American Realty Company can turn
race prejudice into dollars and cents The very
prejudice which has heretofore worked against
be turned and used TO our profit. a re-
spectacle. law-abiding, negro will find conditions
so changed that he Will be able 20 rent where
ever his means will permit him to live.
The Afro-American Realty Company, beside
controlling ten hathOuses under five year
leases, now owns four five story fats valued
at $4,000. The company is going to prove
that there is executive and business ability in
the negro race, that his business capacity equals
that Of any other race, when given the neces-
sary capital TO work with.
The Offices of the corporation. in the Boreel
Building. at No. 115 Broadway consist of four
large the sixth floor. fronting on
Broadway. The general Office the directors
room and the Offices of the attorney and Of
the president all furnished with rich. heavy
mahogany tables chairs. desks and mahogany
leather settees. Every person the office STAFF
is colored, there being one male clerk and three
young women stenOgraphers and typewriter3.