founded. It has grown from a collection of $840 in 1899
to over $5,000 a day. It is now operating in eleven states
and the District of Columbia, and has over 1,500 employees.
In 1914 the company began issuing ordinary policies based
upon the American Experience Table of Mortality. In 1919
it became mutualized. To-day it has $42,000,000 of insurance
in force and assets amounting to over $2,000,000. The company's office building is one of the ornaments of Durham's
business district. In this building there is another enterprise
of this group--the Mechanics and Farmers Bank, established
in 1908. It handles the bulk of the business of the insurance
company and has deposits amounting to $612,700. Its resources amount to $800,000. In 1920 this institution saved
more than 500 homes and farms being bought by Negroes by
lending the purchasers over $200,000. A branch has been
established in Raleigh.
True to the spirit and habits of modern business men, these men have undertaken other forms of enterprises wherever an opportunity to promote some form of productive enterprise appeared. We can count among their projects two drug stores and a real estate firm. A venture into industrial exploitation was the only unsuccessful enterprise of these men. The textile mill which they organized in 1914 was discontinued a year later, fortunately, without loss, because of the lack of technical assistance and the European war.
One of the more recent undertakings of this group is the Bankers Fire Insurance Company, which was organized in 1920. This company is now operating in five states and the District of Columbia. After the merger with another concern, this company had over $200,000 in paid in capital. Its strength was demonstrated in 1922 when it paid out $38,000 in the fire in New Bern. The assets of this company amount to $350,000.
The latest project to locate in this prolific center of Negro enterprise is the National Negro Finance Corporation with Dr. Moton as president and Mr. C. C. Spaulding as vice-president. Its purpose is to furnish working capital for individuals, firms and corporations. This corporation hopes by this means to foster the financial and commercial development of Negroes.
