The broad ax., 1914-05-09

ing aEorded> young eolored men %
learn that branch OF business for which
the Chinese have been famed for CEN
turtles as the masters In the orient and
the branch OF business In which the
Jew In Europe and America Is almost
In supreme control.
New Chapter In Race DEVELOPMENT.
The entrance into and the success at
tanned by him In the banking business
constitute a chapter In the history of
the American Negro so marvelously
wonderful, so apparently utterly incon-
ceivable. considering his opportunities
TO learn IL. as to make IL read like a
bit OF fiction from the highly imagi-
native brain Of Hugo. a Dumas or q
De AaupaSsant. Still. banking bust
ness among Negroes Is but in its in
fancy. The next ten years. under the
lash OF race prejudice and inspired by
race pride and unity. many more banks
viii be Incorporated. some with still
greater capital. There are at least
twenty cities today whose Negro popu-
lation warrants the establishment OF a
bank.
Equally surprising and gratifying Is
the success the Negro has made in the
insurance business How he has sue
ceeded in this particular branch Of
business without previous experience
with a coach and even without the
semblance Of encouragement is real1
more surprising to white men than TO
the Negro himself So substantial has
been his success, so rapidly are color
ed insurance companies being organic
ed that the big white companies are be-
ginning to take them seriously. so seri-
Gus as to contemplate a recognition Of
the race as administrative employees
In some Of their companies into whose
business the Negro insurance com
panies are cutting.
In Philadelphia there are at least
three insurance companies controlled
and conducted by Negroes making In
roads on the big white companies and
registering a high average Of success.
One Of these was established a few
years ago by perhaps a half dozen
men. who each put in not to exceed
$50 plus a lot OF energy. sincerity and
confidence. and today the company
owns its own building and has re-
sources sufficient to satisfy the strin-
gent insurance laws Of the Keystone
State. One OF the other companies had
about the same beginning. and 1t, too.
has been a success and is wisely and
conservatively managed.
Notable Advancement In Atlanta.
At Atlanta. Ca. there is a 100000
paid up capital company controlled
and conducted by men Of the race and
two or three others. strongly establish
ed and efficiently managed. meeting
every requirement of the state insur-
ance laws. North Carolina, Mississip
pi. Texas. Oklahoma, the District OF
Columbia. Kentucky, Virginia and 9th
er states have chartered insurance
companies successfully and probably
managed by colored men. Recently
one Of the companies operating in the
District Of Columbia publicly distribut-
ed over 81 400 in dividends to its stock
holders.
That the colored insurance compa-
mics are being prottably conducted
proves the errOneOuSneSS Of the claim
made by most white - panies that
the Negro is bad risk. The success
which has followed the Negro incur
sion fnto fhp hankinp and insurance
business constitutes an encouraging
sign Of race progress, proves the adapt
ness Of the Negro for the two highest
forms OF business and clinches the ar
gument OF the Tuskegee leader. Is the
Negro fitted to become a hnancier?
His banks and insurance companies
are the answer.