The northwestern bulletin., 1923-09-29

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Benefit Association was incorporated
in Washington, d. c. At that time
Its cash capital was $500. August
IL, 1923, the stockholders at a spe.
cial meeting authorized an increase
in capital stock to $250,000. Their
aim is to keep 1t the greatest finan-
cial organization created, owned and
managed by colored men in the in
terest of the race.
25 Years Old.
Twenty-Five years ago the company
was organized by Mr.. S. w. Ruth
erford of Lynchburg, Va, a young
man who came to the National Cap
ital to make his mark. His total
cash capital was $500, but he was
possessed of untiring energy and
faith. He gathered around himself
few loyal supporters and then
hustled out after business. His Office
furniture consisted of table and a
chair. His salary was $35 per month,
and he had to earn it by selling poll
cies and collecting premiums, which
he did by pedaling his way about the
city on an old bicycle.
1900 Employees.
But from that tiny beginning, by
means of hard, steady work, intelli-
gent organization and high-grade per-
sonnel, the National Benefit Life In
surance Company, officered, owned
and conducted entirely by colored
people and developed among the men
and women of the race, has grown
into the large and commanding posi-
ton which it occupies today, with an
unbroken record of twenty-five annu-
al dividends paid to stockholders,
with $4,000 benefited policy holders,
and $20.O00,000 of insurance in
force. Its assets are $750,00O, in
cluding several valuable real estate
properties in the District of Columbia
and in four states; a reserve fund of
$465.592; surplus of 100000, and
1t has on deposit $236.1OO for the
protection of policy holders. To car
ry on its present business the COM
pany has a force of 1900 employees,
including 110 district managers and
assistants, 40 local agents and $50
field agents.
Met Competition.
It's hope of becoming an old line
reserve company, with paid-up cap
ital of 100000, materialized in 1918
at which time it's name was officially
changed to The National Benefit Life
Insurance Company. 1t operates in
some states that no other colored
company has yet succeeded in enter
ing. On more than one occasion il
has successfully met competition Of
the largest companies; it issues a va
riety of Industrial and ordinary poll
cies calculated to meet practically
every need to which humanity is
heir. 1t is the only company of its
kind incorporated under laws enact
ed by the Congress of the United
States for the District of Columbia.
In Nine States.
The National Benefit Life Insur-
ance Company is now doing business
in the District of Columbia and in the
states of New Jersey, Rhode Island,
Kentucky, Virginia, Ohio, West vir-
ginia, Pennsylvania, Delaware and
Maryland, and within short time
will open Offices and establish an ad-
ministrative force in the state of Ten
nessee. Kansas, Arkansas, North Car
olina, Texas, Missouri and Alabama.
AS soon as the present stock issue is
sold, application will be made for a
license to do business in the states
Of Wisconsin, Indiana, Illinois and
Nebraska. The laws of some of the
latter states require a capitalization
OF not less than 100000 before IL
cense will be granted to do the sew.
eral kinds of business now written by
the company.
The company Is located in its owT
five-story building at 500 F street, N
W.-where, twenty-five years ago
young Rutherford had his table and
chair and paid $6 month as tenant
and which is only one of the prop
critics owned by the company.
The officers and directors of the
company are among the best knowr
and influential men of the nation.
capital, consisting OF r. H. Ruther
ford, president and treasurer; Dr. w
A. Warfeld, vice-president; s. w
Rutherford, secretary and manager;
]. H. Braxton, c. B. Lee, s. z. Cooper
and M. e. Lowery.