Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1911-11-03
NEGRO BANK AND BANKING
DISCUSSED BY THE EMINENT r..
NANciER, Or. w. r.
PETTlFORD.

Dallas, Tex.-About 500 people, rep.
resentative of the negro population OF
Dallas, heard Or. w. r. Pettiford, pres
ident of the Alabama Penny Savings
bank, the pioneer OF negro banking n
situations, from Birmingham, Ala, de-
liver strong address at mass meet
ing at Evening Chapel G. M. e. church.
The mass meeting was held in the in
terest of the financial and commercial
life of the negro people of the south
and came at the close Of the meeting
of the committee on bank guarantee OF
the National Negro Bankers associa-
ton of which Mr.. Pettford is chair
man.
DR.. Pettiford urged his people to
save their money and to develop a
leadership In financial affairs equal to
that Of Booker T. Washington In edu-
cational matters. In the course Of his
address he said:
: Since we cannot assimilate in the
fabric Of business on the basis of
merit, which is in the interest of racial
distinction, and is the mutual desire
of both races, the white people owe
their moral support, and assistance to
the negro people In their struggle to
aggregate their money, build business.
entering agricultural pursuits to sup
plement the work given black men by
themselves.
I'VE have assisted the men building
khio ut %l0v opd prxu FOR ron aOna
stated, we cannot reap the best re-
suits of our long toll together with
the white man, 1t is only reciprocity
for them to lend us their support In
our efforts to help ourselves. The
work before the leaders Of the race Is
to build civilization peculiar to the
negro. For the same reason, the white
man owes his assistance.
1.-THE making of opportunities on
the farm, in manufacturing the raw
material from the clay, forest and
the soil, demands the cooperative ef-
fort of the whole race.
Building and maintaining banks Is
part Of that work. The Indian
could not hold place here, because
he could not make the soil bring forth
results by the touch Of his hand. The
nes~o in the south has great OPP
portunity but he has to profit by the
experience Of the American Indian"
Other addresses were made by DR..
G. ]. Jackson, who presided over the
meeting; w. e. King, editor of the
Dallas Express; Rev. J. s. Wyatt, pre-
siding elder Dallas district, M. E.
church; R. c. Houston, president
Provident Savings bank, Fort Worth,
Tex; and j. E. Johnson, cashier, Peo-
pies Bank and Trust company, Musko-
gee, Okla.
At the meeting of the guaranty
committee at Penny Savings bank,
all the details for working out and
conducting the guaranty plan for ne
gro banks was considered and finally
adopted. Each negro bank will con.
tribute $500 for the first year, the
same to be deposited In the Alabama
Penny Savings bank, Birmingham Ala
The officers and directorate, together
with the guaranty committee of the
National Negro Bankers association
will become the agents OF the fund,
which will be bonded and insured.
Loans to banks in need will be
made, graded according to the need.
and each signatory bank must make
monthly statements Of their condition
to the officers handling the fund. The
guaranty committee declares under
authority of the national association
that no more negro banks shall fail,
and signify their intention of throw
ing the whole strength of the Ma.
tional Negro Bankers association be.
hind any weak bank to prevent fail.
ure.
On the guaranty committee were
Dr. w. R. Pettiford, Alabama Penny
Savings bank, Montgomery, Ala; Vic
tor Tulane, Alabama Penny Savings
bank, Montgomery, Ala; J. J. Scott,
Fraternal Savings bank, Memphis,
Tenn; ]. E. Johnson, People Bank
and Trust company, Muskogee. Okla.
and G.. l. Johnson, Perry Savings