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Scripto | Transcribe Page
Hampton Negro Conference. Number III. July 1899.
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as some one put it, "Colored people must buy wood, they must buy coal, they must buy food stuffs, and they must pay for them. So why not sell these things to them ourselves and receive the benefits of the profits which now go to other people?" This company employs from five to ten men and sells about 1000 tons of coal and 1200 cords of wood each year in addition to large quantities of feed stuffs. The paid up capital of this company is now over $4,500, and they own property and stock amounting to over $10,000. The net earnings of the organization for the thee years have been more than $2000. The complaint often made that Negroes will not patronize each other does not apply to this company, for while a few white people are among their patrons, by far the largest part of their business is among the colored people.
The Bay Shore Hotel Company was organized two years ago and is now in the midst of its second season. The paid up capital of this company is about $4000. They own one of the finest pieces of property on Chesapeake Bay, about two miles from Hampton and about the same distance from Old Point Comfort. The electric cars run within a short distance of the place and their facilities for surf bathing are excellent. The manager of the place says that the people have appreciated and patronized it liberally from the start and, while their buildings are not yet very commodious, they hope to make such enlargements in the near future as will enable them to accommodate all who may knock at their door.
When we consider that the Negro is shut out from all places of this kind in the South, the reason for establishing this company, and the necessity of maintaining such a resort are apparent.
The oldest of the business organizations among the Negroes of Hampton is the People's Building and Loan Association organized a little over ten years ago. Their business for the past year, larger, by the way, than that of any previous year of its existence, was in part as follows:
Total receipts for the year $36,620.27; net earnings $6,143.00; loans made to members $24,358.00. The business for the ten years and a quarter is represented by the following figures:—Total loans to members $132,097.58; of this amount $57,709.17 have been repaid, leaving a balance of loans outstanding at this date of $74,388.41; net profits earned during this period, $29,870.75, a large part of which has been paid to members as dividends, the balance remaining to the credit of their accounts, payable at the maturity of their stock; total receipts since organization $202,231.
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