Phoenix tribune., 1919-08-09
RACE MEN
LAUNCH 100000
BUSINESS CONCERN
Especial to the Tribune)


SAVANNAH, Ga, Aug. A Negro
business corporation capitalized at
half a million dollars. has just been
organized by men prominent in the
affairs Of the Wage Earners Savings
Bank and allied interests of Savan-
nah. Ga. A merger will be effected
at once by which the big corporation
will absorb the holdings Of smaller
I institutions at interest. The new con-
poration viii erect a modern hotel,
/ theatre and department store in sin
gle great structure, which with the
: present splendid bank building, will
occupy the entire block on West
Broad street opposite the Union STA
tion, between Alice aud Wayne
streets.
With the acquisition this week of
the remaining portion of the block
containing five stores at a cost OF
$75.OO00O. TO the total present valua.
tion of the property of the Wage
Farmers interests approximates $780,
10000.
The modern fre-proof hotel of one
hundred rooms. with its dining rooms.
parlors and public service appoint
ments. together with the department
store building. which will .adjoin it
Immediately south. will cost approxi-
mately $2OOoOOOO
The new Theatre Auditorium.
which will stand at the most com
manding point of the big property at
the southeast corner of West Broad
and Wayne streets. will eclipse all
former projects of its kind in quail.
ity. architectural design and equip.
ment. Ii is expected TO cmbody the
very latest ideas in every feature Of
its construction and design and its
furnishings and dramatic convent
houses south OF Washington. The
building and its appointments viii cost
about s1OO.OOOOO.
The promoters are already associ-
ated and interested in the big Theatri-
cal Syndicate recently launched by
Brown and Stevens, bankers OF Phila-
delphia. and the Savannah playhouse
will be put upon the Syndieates cir
cult and viii feature all prominent
Negro stage stars OF the country. in
cluding the famous Lafayette Players
and noted vaudeville actors.
The Department Store, which will
be one of the principals in the big
group. will embrace several lines Of
the mercantile business, including
dry goods. fancy groceries. shoes and
furniture departments. besides a drug
store and soda fountain.
As the property stands today. there
are eight stores embracing two laun-
deries. a grocery store. restaurant,
jewelry store. fruit store and real
estate Office and apartments. used as
hotel. besides the new bank build
ing erected six years ago.
The new buildings will be started
as soon as present pending leases ex-
pire.
II is planned to have the completed
structure conform IN architectural de-
! sign TO the present beautiful bank
building of bun brick and stone. and
the entire structure will present a
single Symmetrical unit in plan and
purpose.
II is stated by President l. z. VIII
liams. OF the Wage Farmers Savings
Bank. and promoter. that money for
financing the big deal represents cap
ital OF Savannah Negroes and is al
ready in sight Several prominent Ne
groes have subscribed for blocks of
stock in 100000 and $40 10000 lots.
The Wage Farmers Savings Bank.
with assets OF a million dollars, Is the
largest Negro banking institution in
the world. II began twenty years
ago with capital OF $1,000. and
I has paid an annual dividend Of II per
cent for the past fifteen years. AT
public outery several weeks ago the
stock OF this bank. with a par value
Of $1,000 per share. brought $1,000
per share. representing a premium OF
100 per cent.
Its officers and directors arc OF that
splendid line of self-made Negro busi-
ness men who are doing the pioneer
service OF Negro business in the South.
II has over 1000 deposltors.
The bank has made large invest
ments in modern residence and busi-
ness real estate in New York. Wash