Black Business in the New South: A Social History of the by Walter B. Weare

By Walter B. Weare

At the flip of the century, the North Carolina Mutual lifestyles coverage corporation turned the "world's biggest Negro business." situated in Durham, North Carolina, which was once referred to as the "Black Wall road of America," this enterprise got here to represent the tips of racial growth, self-help, and team spirit in the US. Walter B. Weare's social and highbrow background, initially released in 1973 (University of Illinois Press) and up to date the following to incorporate a brand new creation, nonetheless stands because the definitive historical past of black enterprise within the New South. Drawing on quite a lot of sources—including own papers of the company's leaders and oral background interviews—Weare strains the company's tale from its ideological roots within the eighteenth century to its monetary good fortune within the 20th century.

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Extra resources for Black Business in the New South: A Social History of the North Carolina Mutual Life Insurance Company

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R. Merrick, June 20, 1968. The Company tvith a Soul and a Service 35 Finally, in assessing individual responsibility for the founding of the North Carolina Mutual one has to look to the personal, rather than the ideological, influence of Booker T. Washington. Washington's great power and influence throughout the black South maintained itself through direct advice and assistance) letters of support, and the largesse of white philanthropy to those who adhered to his principles in business and education.

Also see clipping, Raleigh Times, January 11, 1929, in North Carolina Mutual clipping file. 41. Du Bois, Economic Cooperation, p. 98. This observation was not original with Du Bois; see Burrell, "The Negro in Insurance," p. 15. 42. Trent, "Development of Negro Life Insurance," p. 22; Du Bois, Economic Cooperation, p. 109. 16 Black Business in the New South tual aid being abused by black flimflam men and their ephemeral organizations. 43 These critics demanded bona fide black insurance companies, and at the very time when prominent white companies, following the lead of Prudential, were refusing to insure Negroes.

For a catalog of racist literature in this period, see Idus A. Newby, Jim Crow s Defense: Anti-Negro Thought in America, 19°0-193° (Baton Rouge: Louisiana State University Press, 1965). Of speCial significance here because of its connection with discrimination against Negro risks in white life insurance companies is Frederick Ludwig Hoffman's Race Traits and Tendencies of the American Negro (New York: Macmillan, 1896), esp. Chs. 2, 6. " (Harry Herbert Pace, "The Attitudes of Life Insurance Companies toward Negroes," Southern Workman, LVII [January, 192 8], 5).

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