Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1910-08-20


never before have the Negroes added
TO their wealth so rapidly as they are
at present. The Negroes of Georgia.
during the present year, added Az
O45 acres 10 their land holdings.
and increased the value Of their land
holdings $636,532. During the past
year the Negroes of Georgia bought
over S56O.O0O worth OF city and town
property. They paid taxes last year
on ,536,166 acres of land Through
their real estate purchases and other
means they added in twelve months
Sl.43O,COO to their taxable property.
Negro property in Georgia was as
sessed in 1909 at $2S.272.5SO.
The Negroes of Virginia also dur
ing the year 1909 added 53.452 acres
10 their land holdings and increased
their land values $1T5.74O. They
bought 100000 worth of city and
town property. and Increased the
total amount of their property hold
ings during the twelve months S971.
S94. The Negroes Of Virginia are
now paying taxes on 1.517.5OO acres
OF land and last year paid taxes on
S26,6OO,2S0 worth OF property. From
the recorded progress that is being
made in Georgia. North Carolina and
Virginia, where records are kent OF
Negro property owning. it is conserv-
atively estimated that the Negroes OF
the United States are adding from
twelve TO fifteen millions of dollars
10 their wealth each year. and that
their total wealth is now not far
from S6UO, 100000.
Besides. using a very conservative
figure. I think. il is safe TO say that
the colored people in New York and
Brooklyn own real estate valued at
more than three million dollars. and
I'm addition 20 this have over two
million dollars deposited In the bank
ing institutions OF Greater New York.
As indicating a very small proper
ton of the business enterprises that
have been started by our people with
I'm few months. I mention the in
corporation of the Lee Wholesale
Chemical and Drug Co. of Albany.
and Atlanta. Ga. In the same Connec-
ton / mention Ashburn Brothers of
Z Franklin. Va, who have recently
started a shirt manufacturing com
lnny with capital OF 100000 and
employing forty persons. with a daily
capacity OF fifty dozen shirts. At Dur
ham. y. G. textile mill for the man
AAtANtN VI NNrANAA mas nRRn SIAEIhu
with a capital OF $4,000. In Novem-
Der last the Rocky Mount Silk Man
utacturing Company. at Rocky Mount.
y. c.. with a capital of $4,000 be-
gan the business venture OF manu-
/ featuring silk.
Ten years ago. before the starting
J OF the Business League there was not
! e single Negro bank in the state of
Mississippi At the present time Mis-
sissippi has eleven Negro banks.
When this Business League was or.
/ ganized in Boston ten years ago
! there were only four Negro banks in
/ the United States: at the present time
there are fiftysix Negro banks. But.
while we are making progress. while
! We are organizing business enter
! prises of one kind and another. there
are not a few signs that indicate that
/ the time has come when We must
speak plainly regarding certain un-
holy practices which are too fast null
3 tiplying among our people in the or
sanitation OF these business enter
prises. I refer 90 the dispositions on
/ the part OF certain individuals and
( certain organizations TO try TO get
something for nothing. 10 try TO get
something without paying the price.
the price OF hard. earnest. honest
effort. The fundamental difficulty in
many cases is that individuals are
not satisfied TO begin IN a small.
humble, simple way and gradually
develop their business into something
that is larger, that is 20 grow natural
~ and logically. II Is many times
better TO start in the humblest way.
the simplest way. and gradually gath
er experience as one grows in bust
ness than II is 20 start with a big
flourish OF trumpets a complicated
business enterprise that can only
live few days for want of capital
or want of experience.
There are too many organizations
springing up here and there that
have for their object the deception
OF the public, the cheating OF the
public, and especially the common.
ignorant masses, out OF their hard
earned money. This deception is
usually practiced by individuals or
by organizations parading them
selves before the public as represent
ing business enterprises that are go
ing 20 make poor people rich people
within a day or year, that are. in
short, going TO make something out
of nothing
/ IL is practice that is too fast
growing. that of selling worthless
shares of stock and other securities
that have nothing back OF them ex-
, cept promises and talk II is a prac-
1 tice that should be condemned by
all honest people. Every time one
of these false and deceiving organi-
cations gets a dollar from the masses
which is either squandered, stolen. or
never returned 10 the investor. il is
made harder for legitimate business
, enterprises 10 succeed. That practice
of promising to pay large dividends
on money invested in these fake en-
, terprises should cease; IL IL does not
our people will be retarded many
years in their business and industrial
progress. We must make it under
stood from this time forth that the
members OF the Business League
will stand for nothing but that which
has an honest and straig htforward
purpose back of il.
AT our session held last year IN