Phoenix tribune., 1922-09-09
GIGANTIC TRUST CO.
To BE ORGANIZED BY
BLACK FOLKS. AYERS
Especial to The Tribunel

PHILADELPHIA, Pa, Sept S.@Ac-
cording to a statement issued herera
few days ago, there is we'll under Way
plans for organizing one of the larg-
est Trust Companies to be operated
by coloGd people in the country This
| is the Citizens and Southern Bank &
Trust Company of Philadelphia, Pa,
OF which Major R. R. Wright, former
president of the Georgia State Col.
lege, Savannah, Ca, is president and
prime mover A big meeting was re-
Gently held in Holy Trinity Baptist
Church, DR.. w. F. Graham, pastor,
and the best indications are that this
gigantic Negro trust company will for
mally open its doors to the public,
January 1, 1923, the Sfxtieth Ami
versary of Negro freedom in the
United Sattes. A large and enthusi-
astic crowd assembled.
Speakers were: R. R. Mckinley,
vice-president of the oldest bank in
the United States, the Bank of North
America, capital and surplus $4,000
600; Messrs. John Lynn and T. A.
Lynn, attorney and Philadelphia man.
ager of the largest insurance company
in the world, the Metropolitan Life In
surance Company, which has in force
over $3.50, 100000 of insurance ON over
100000 Negro lives; DR.. w. F. Gra-
ham, pastor; Major R. R. Wright,
president of the Citizens and South
ern Banking Co., also president of the
proposed trust company; DR.. R. R.
Wright, Jr., editor of the Christian
Recorder, and VIM. H. Ridley, attor-
ney.
The new trust company is an out
growth of the Citizens and Southern
Banking Co., started by Major Wright
two years ago. In this new venture
he has the backing of the best bank
ers and financiers of the country. On
the advisory committee are E. Pusey
Passamore, president of the Bank OF
North America Asa S. Wing, presi-
dent of the Provident Life and Trust
Co.; Elmer G. Parsly of the great
banking house of Parsly Brothers &
Co. The Public, Ledger, Philadelphia's
most influential morning paper, is
actively behind the Trust Co. Also
the Metropolitan Life Insurance Co.,
the largest insurance company in the
world, which recently gave luncheon
in it's palatial dining hall in New
York to the Bishops of the A. M. E.
Church, at the request of Major
Wright Vice-presiden CASTOR of the
Metropolitan said "Our company col
lects over thirty-three million dol-
lars a year from colored people. We
feel We should give some of this back
to aid them in their enterprises. Major
Wright has the most reasonable plans
ever brought to us, and through his
trust company, we will have millions
of dollars at your command Mr.. Nc
Kinley said: "The Oldest bank In
America greets you. The other day
when your board met in the Board
room of the Bank of North America,
you made history, for the Bank of
North America was organized when
the financial fortunes of the Ameri-
can soldiers in the Revolutionary War
were at low ebb. We financed Ameri-
can independence and won. You must
organize to finance real freedom of
your people," Dr. Graham said: "This
is an epoch. Major Wright has done
for the Negro what was never done
before, but we all know of white peO-
pie helping our churches and our
schools, but they don't pay much at
tention to our business. By getting
the best, the very best and biggest
white bankers in this town and the
leading insurance companies of this
country at his back, Major Wright
has business foundation for the
Citizens and Southern Trust Co. that
no other Negro financial institution
ever had, certainly in the North and
that means success to start with l
am for the Citizens and Southern, and
my church will follow me-" Major
Wright announced that progress is
being made. Over 100000 worth OF
stock has been sold and a quarter
million is expected by January 1st.