Newspaper Page Text
12
A Short Aistory of Standard Life
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Beman E. Perry, President
N THIS PAGE TO.-DAY
is printed a true state.
ment of the finaneial
eondition of the Standard
Life Insurance Company, of
Atlanta, Ga. First glance, per
haps, reveals nothing more or
less than a good healthy con
ditién of a firmly established®
organization. Only a passing
interest in this statement
would be aroused were it not
for the fact that this statement
is made by a concern which
only seven short years ago
was but the germ of an idea in
the mind of Heman E. Perry.
On this page also is printed
a photograph of Heman E.
Perry as he looks to-day, seat
ed at the President’s desk in
the businesslike offices of the
Standard Life. This is the
man who coneeived the idea
of a solid, substantial life in
surance organization that
should be a benefit and a help
to the entire colored race,
Heman E. Perry is responsible
for the birth of the Standard
Life and Heman E. Perry is
responsible for the constant
and steady growth, through
the darkness of business de
pression and finaneial strin
geney, into the brightness of
solidarity. It stands to-day a
rock-built monument to the
genius of one man, a eredit to
his race and an example to all
of his people of what one man
with an idea and untiring en
ergy can do in the face of prej
udice and almost insurmount
able obstacles,
From out of the hroad ex
stnm of a Texas prairie came
eman E. Perry. Life insur
anceand its possibilities appeal
ed to him at an early age.
Every word written on the sub
ject was eagerly vead by Per
ry, until he knew life insurance
in its every phase. It was but
natural then that his efforts to
gain a livelihood should have
been along these lines. He sold
life insurance for the Manhat
tan Life, the Fidelity Mutual |
and the Equitable, and gained
many friends both among his
own race and the white people
with whom he came in contact.
As an employee in the offices of
some of these companies in
New York City, Perry gained
at first-hand the facts and in
formation which have stood
him in such gbod stead in
building up the business of the
Standard Life here in Atlanta.
After an almost unbelieva
ble struggle to form a one
hundred thousand dollar com
pany, Perry succeeded in se
euring a charter for the Stand
ard Life in January, 1909. He
traveled through the entire
Southland at his own expense
soliciting and securing stock
and subseriptions in the Stand
ard Life Insurance Company.
The State of Georgia said
when the charter was granted:
*“Should you fail to begin busi
ness within two years from the
date of issuance of this char
ter the money received for sub
seriptions shall be refunded to
the subseribers and this char
ter shall be revoked.”” Janu
ary 28, 1911, was the last day
on which the Standard Life In
surance Company conld begin
business under that charter.
After two vears of the hardest
kind of work and the greatest
of sacrifices, in the elosing
days of 1910, there was little
more than $60,000 in hand, and
it needed $40,000 more before
anything could be done. By
hereulean efforts within the
next thirty days another $lO,.
000 had been raised by this
man whose faith in his idea
had never been shaken. But
when January, 1911, dawned
and began to grow old it be
came apparent even to him
that the $30,000 needed could
not be raised from the sub
seribers themselves, so he be
gan to try to borrow the nee
esasry amount. From bank to
bank and from trust company
to trust ecompany he went with
inereasing agony of despair to
be met with a laugh and a
sneer — surely, this Negro
must be erazy, trying to bor
row $30,000 from a whie bank
~and finally, when they saw
the evident sincerity, the ear
nestness of intent and purpose,
the absolute integrity and hon
esty of the man, he was met
with kindly words of sympa
thy and pity, until finally, one
bank president agreed that he
would do what he eould, but
he needed time to consult his
lawyer and his board, and the
days were slipping rapidly to
ward the 28th, when either
business must be begun or the
charter be surrendered. And
80 a trip was made to New
York, where the whole project
was laid before about twelve
of the leading bankers of that
city, Mr, Pes"kins, o 4 F
Morgan & Co., being among
the number. He gave more en
couragement than the others;
all of them listened intently,
but the money was not forth
coming. And so with unusual
swiftness the days sped by to
ward the fateful day; toward
the shattering of a strong
man’s dream, and toward the
point which would have broken
a weak man’s heart. During
all those two years or more in
which Heman E. Perry had
been traveling through <the
South, selling stock in the
Standard Life Insurance Com
pany, enduring the abomina
tions of ‘“Jim Crow'' cars and
stations, and in which he had
collected $70,000 of other peo
ple’s money, he had used not
one cent of that money, but
had served without pay,
had defrayed his own ex
penses, - and had - hired
others to help him when his
own strength failed, and paid
office rent and printing bills,
had used every cent in the
world that he possessed and
had gone deep into debt that
he might build this institution
that he would be a financial
bulwark to the race. Then the
charter expired and there be
gan the sorrowful task of re
turning to hundreds of sub
seribers, scattered throughout
ten States, this big sum of
more than $70,000. The third
day in February saw every
subseriber with a check in his
hands for the amount which
he paid, with added interest of
t per cent, and SEEMINGLY
the end of the Standard Life
Insurance Company. ’
It would have been the end
Fpio prjgé‘;e.ss and Development
of an Institution of Inestimable
Benefit to the Race
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Seene in offices of The Standard Life Insurance Company, 200 Aubyrn Avenue
to an ordinary man. It would
have crushed a weak man. It
would have econvinced most
people that raising capital in
large amounts was a hopeless
thing among colored people,
that a SIOO,OOO company with
its capital all paid up and a
surplus on hand to write insur
ance on Negré lives was an
impossibility. But the man
who had worked for two years
making untold sacrifices was
made of sterner stuff. He was
made of the stuff that sue
ceeds. After the sting of the
crushing defeat had lost its
pain, he set about the task of
doing it all over again. Some
who had been connected with
the first company thought he
was erazy sure enough. Others
pitied him, and there were
some who marveled at his
nerve, who admired a game
man and the fellow who could
not be defeated. They sub
seribed, and sent back the
whole cheek they had just re
ceived. Then for nearly two
vears more he performed the
same kind of labor, made the
same kind of sacrifices, trav
eled days and nights, talked to
men and women in his quiet,
unassuming, earnest way, and
long before the time had ex
pired he had sold every one of
the 1,000 shares of stock at
$125 to $l5O per share, collect
ed over $50,000 in cash, had
taken notes for the balance of
80,000-odd dollars, and with
the co-operation of his associ
ates in the organization had
borrowed on the notes of the
stockholders $50,000 more
from a white bank in Atlanta,
Ga., and assured the future of
the Standard Life Insurance
(‘ompany by purchasing and
depositing with the treasurer
of the State of Georgia SIOO,-
000 in bonds. Ile had begun
the realization of the dream
which he had had years ago on
a Texas ranch. |
PERRY'S ABLE ASSIST
ANT, HARRY H. PACE,
The success of all men in
any line of business is depen
dent upon the ability with
which they seléet and sur
round themselves with other
men, capable of carrying out
ideas to a successful econclu
sion. :
In Harry H. Pace, Perry
found such a man. Young,
energetic and trustworthy, he
soon proved himself able and
willing to _follow in the foot
steps of \Perry. To grasp
and handle the ddeas that ema-
NEARST'S SUNDAY AMERICAN. ATLANTA. GA. SUNDAY. OCTOBER 24. 1015
nated from Perry, to relieve
Perry of the hundred and one
minor details of governing an
organization of the size of the
Standard Life.
As cashier of the Solvent
Savings Bank and Trust Com
pany of Memphis, Tenn., Pace
received a training in business
law that is proving itself of
exceptional value in enabling
him to eonduct the affairs of
the office of which he is now in
charge. Contact with some of
the shrewdest business men of
the eountry has made this se
rious young man a model to be
followed by every young ecol
ored man in the country.
DOES BUSINESS IN SEVEN
; STATES.
The Standard Life Insurance Com
pany has connections, policyholders
and agents in seven Southern States,
namely, Georgia, Alabama, Tennes
see, Kentucky, Missourl, Arkansas
and Texas.
Here is some comments from ex
aminations of the Standard Life
conducted by the Insurance Depart
ment of the State of Georgia:
“All expenses were found reason
anie and evidenced careful manage
ment."”
“Records show that clalms are
pald as promptly as consistent, and
the company evidences every desire
to treat the asstired with equity.”
“All records of the company were
found in excellent condition and its
affairs are carefully managed.”
THE DIRECTORS OF STAN
DARD LIFE.
The Directors of Standard
Life Insurance Company are
Statement of Condition as of June 30th, 1915, of
Standard Life Insurance Co.
Atlanta, Ga.
ASSETS
Bonds .........ivo .. 5100482.97
Cash on Hand and in
Banka .. ey IS
Premium Notes ...... 1,349.62
Accrued Interest ...... 2,008.43
Premiums Deferred and
~ Uncollected (Net)... 15,016.36
Total Admitted Assets $140,999.27
Total Amount of Insurance in Force .....$1,711,7560.00
OFFICERS
Heman E. Perry, President. Harry H. Pace, Secretary-Treasurer.
Dr. C. C. Cater, Jr, Medical Director.
DIRECTORS
A. L. Lewis Heman E. Perry R. L. Isaacs
Walter S. Sco't Sol C. Johnson H. C. Dugas
Wm. Driskell M. C. B. Mason B. J. Davis
J. O. Ross Henry A. Boyd L. J. Garth
N. B. Young . Toombs MclLendon Harry H. Pace
T. H. Hayes J. W. Huguley W. 8. Buchanan
A. D. Hamilton J. F. Dugas
twenty well.known and pro
gressive business men of the
race. While the majority of
them live in Georgia, there are
several from the neighboring
States. Their combined wealth
taken from the lowest figures
reported by Dun & Company is
considerably over half a mil
lion dollars. They are all large
holders of the company’s stock
for which they paid eash, and
are intensely interested in the
development of its business. A
short sketch concerning each
follows :
HENRY A. BOYD, Nash
ville, Tenn., Assistant Secre
tary of the National Baptist
Publishing Board, and the
brains behind that mammoth
organization. Mr. Boyd is a
man of many parts, and finds
time to ably edit The Nash
ville Globe, which he helped to
establish. He is secretary of
the National Negro Press As
sociation, which organization
owes much to his push and
original ideas. Mr. Boyd or
ganized the National Negro
Doll Company, and has made
negro dolls popular all over
the land. In addition to his
other duties, he is the chief
moving spirit in the Young
People’s Sunday School Con
gress.
WALTER S. BUCHANAN,
Normal, Ala., President Agri
enltural and Mechanical Col-
LIABILITIES
Legal Reserve ....... $31,091.00
Medical Examiners’
Fees and Bills Due
or Rodrued ... v 1,003.26
Taxes on Premium Due 72.15
Capital
Stock ......$100,000.00
Unassigned
Funds ...... 8,832.86
Net Surplus®to Policy
Holders ............$108,832.86
Total Liabilities ......$140,999.27
lege, Normal, Ala. This insti
, tution was for many years pre
sided over by Prof. W. H.
Councill, who enjoyed a nation
al reputation as an educator
and lecturer. Mr. Buchanan
was a teacher in the school,
and at Professor Counecill’s
death, he was chosento suecceed
him by the State Board of Con
trol. He married Professor
Couneill’s daughter. The
school is one of the land-grant
colleges which have been es
tablished in many of the
Southern States.
B. J. DAVIS, Atlanta, Ga.,
District Grand Secretary of
the Grand United Order of
Odd Fellows. Mr. Davis’ ae
complishments in handling the
affairs of the Georgia Odd Fel
lows are nationally known
and regarded. He became
Distriet Grand Secretary when
the Order was almost bank
rupt. In ten years’ time he
increased the membership
from ten to sixty thousand,
and the assets from nothing to
over Five Hundred Thousand
Dollars. The Odd Fellows’
block on Auburn avenue,
which is the finest building of
any sort owned by the race, is
a monument to his econstrue
tive ability. He has held high
office in the national Councils
of the Order, being Chief Jus
tice of the Supreme Court for
several years.
WM. DRISKELL, Atlanta,
Ga., Superintendent of Inspec
tion Department. Mr. Dris
kell founded the first health
and accident insurance com
pany operated by colored
people in Georgia. For many
vears he was Secretary and
Manager of the Union Mutual
Association, which he devel
oped from a company with
himself as its only agent to a
company covering the entire
State, with over two hundred
agents. At the Beginning of
Standard Life, he resigned to
become Manager of its Indus
trial Department. When that
department was abolished in
November, 1914, he became as
sociated with Mr. W. H. King
as State Agency Diregtor for
Georgia and Alabama.
H. C. DUGAS, Augusta, Ga.,
Cashier of the Penny Savings,
Loan and Investment Com
pany, the only colored bank in
Augusta. Mr. Dugas was one
of the founders of the Geor
gia Mutual Life and Health
Insurance Company and was
an officer in that company for
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a time, but subsequently with
drew to devote his whole at
tention to his banking busi
ness. Immediately after finish
ing school he engaged in Y. M.
C. A. work in New York City,
and later was called back to
his Augusta home to take
charge of Walker Baptist In
stitute. He has, however,
found his ecalling in the busi
ness world, and is one of the
most progressive young bank
ers of the race.
J. F. DUGAS, Augusta, Ga.,
undertaker. Mr. Dugas is a
member of the firm of F. M.
Dugas & Son, who conduct the
largest undertaking establish
ment in Augusta. They have
been eminently successful and
have aequired considerable
real estate, chief among which
is the two-story brick strue
ture on a prominent street in
which the business of the firm
is conducted. He is interested
in various race enterprises of
the city and is a capable and
energetic young business man.
L. J. GARTH, Decatur, Ala.,
coal and wood dealer. Mr.
Garth owns and operates the
largest coal and wood yard in
Decatur and supplies many of
the public buildings and small
manufacturing plants with
fuel. In addition to this busi
ness, he operates a clothing es
tablishment and handles a full
line of eclothing, both eunstom
and ready-made. He has made
rapid progress in the accumu
lation of this world’s goods
and is generally regarded as a
careful business man.
A. D. HAMILTON, Atlanta,
(Ga., Contractor and Builder.
Mr. Hamilton is one of the
most successful men in his line
in our race. The present busi
ness was established many
vears ago by his father, who
later took his son into part
nership. with him. Upon his
father’s death, Mr. Hamilton
continued the conducet of the
business along the same care
ful and conservative lines. Tt
is interesting to note that
many of his customers have
been with the firm since its
original establishment years
ago. He has erected many
beautiful homes in and around
Atlanta and a number of pub
lic buildings. He lives in a
beautiful home of his own de
sign and construction in an ex
cellent section of Atlanta.
THOS.H. HAYES, Memphis,
Tenn., Undertaker, Vice Presi
dent Solvent Savings Bank
and Trust Company. Mr.
Hayes began his undertaking
business after having failed in
the grocery business, losing
the® accumulations of years.
His success as an undertaker
has been phenomenal, the records
of the city showing that his busi
ness for many years was more than
all other Memphis colored under
takers combined. He owns valua
ble Memphis city property, includ
ing a two-story brick building
housing his business, and a hand
some residence in an excellent sec
tion of the city. He is interested
in a number of race enterprises in
various parts of the coundry. ;
J. W. HUGULEY, Americus, Ga., |
Physician and Surgeon. Dr. Hugu
ley represents the type of success
ful physician who was not afrdid to
go into the smaller city, apd who
have profited by their choice. He A
. is one of the founders and is at
_ present head of the Supreme Cir
cle of Benevolence, a fraternal or
' ganization which is very strong in
+ the southern portion of Georgla,
~ He has acquired considerable prop
erty and enjoys a very lucrative
' practice.
’ R. L. ISAACS, Prairie View,
' Texas, Professor of Mathematics,
. Prairie View Normal and Indus
* trial College. Mr. Isaacs has been
a very potent factor in the upbulid
" ing of this institution, which Is
one of the largest educational insti
tutions for our people in the South
west. He was also one of the or
ganizers and is now Cashier of the
College Bank and Trust Company,
conducted by the teachers and stu.
dents. He is local treasurer of the
school, and has shown marked-busi.
ness ability in his work.
SOL C. JOHNSON, Savannah,
Ga., Editor and Owner of The Sa
vannah Tribune. Mr. Johnson was
associated with the late Col. John
H. Deveaux in the establishment
of The Savannah Tribune. After
Colonel Deveaux's death he as
sumed complete control of the pa
per. He moved his plant into a
better section of town, erected a
two-story brick building and in
stalled new presses and linotype
machines. Aside from his publish
ing business, Mr. Johnson is an
officer and director in the Wage
Earners’ Bank, the Royal Under
taking Company, and other race en
terprises.
A. L. LEWIS, Jacksonville, Fila.,
Secretary and General Manager of
the Afro-American Industrial In
surance Company, the largest coh
cern of its kind in the Scate of Flor
ida, and with branches all over the
State. Mr. Lewis is identified with
various financial enterprises of the
race, and is one of the wealthiest
and most successful business men
in the South. He lives in an ele
gant home in a choice residence
section.
J. C. ROSS, Atlanta, Ga., Presi
dent Atlanta State Savings Bank.
Mr. Ross for a number of years con
ducted a large grocery store and
meat market, furnisiiing several of
the schools and colleges around At
lanta. He was instrumental in or
ganizing the Atlanta State Savings
Bank and became its president. He
retired from the grocery business
and now devotes all of his time to
his banking and farming interests.
He cultivates a large tract of land
near the city limits, supplying fresh
vegetables to hotels and' resi
dences. He owns considerable
property in the western portion of
Atlanta, and is one of the city's
most successful business men.
WALTER 8. BCOTT, Savannah,
Ga., President and General Mana
ger of the Guaranty Mutual Life
and Health Insurance Company,
which does a large sick and accl
dent business throughout Georgia.
Mr. Scott was for many years Seo
retary and Treasurer of the Wage-
Earners Bank, and was instrument
al in building that splendid insti
tution to its present high standing.
He 1s also associated ‘with his
brothers in the dry goods business,
conducting the only store of its
kind in Savannah.
N. B. YOUNG, Tallahassee, Fla.,
President of the Agricultural and
Mechanical College of Florida, one
of the land-grant colleges of the
Southern States. President Young
is widely known In educational cir
cles, and has been president of botk
State and national educational or
ganizations. He is interested in a
number of race enterprises, having
investments in several banks in the
South. His school is generally
spoken of as one of the most effi
ciently conducted of any college of
similar type in the country.
TOOMBS McLENDON, Washing
ton, Ga., General Merchant, Far
mer, and Minister. Mr, McLendon
conducts a general store from
which he furnishes the many ten
ants on his farms the various ar
ticles of food, clothing and imple
ments that they desi~e. He is one
of the largeswm in
Wilkes County, and is interested
in several lines of business
aside from those directly connected
with his farming interests. He is
a type of the progressive and
shrewd business man and farmer.
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