9-th, 2004 - 14: 1   (Posted By: Webmaster)
Charles Clinton Spaulding    

Charles Clinton Spaulding
FINANCIAL GENIUS AND INSURANCE MAGNATE (1874-1952)

CHARLES CLINTON SPAULDING, leading Negro financier and one of the most capable and successful insurance and banking executives of the United States, had a most inspiring career. Starting as a dishwasher, he became head of a business concern-The North Carolina Mutual Life Insurance Company--with assets of over $ I4 million.

Born in Columbus County, North Carolina, on a farm, and one of fourteen children, he started out under a great handicap, especially in the matter of education. Schooling for Negroes in the county was most elementary and crude. However, ambitious and eager to learn, he rapidly absorbed all that was available, supplementing it with other scanty reading matter.

With a vision of great things and with only the prospect of a wretched farming life before him, he decided to leave his native village and went to Durham, then a small town. Here he found Work as a dishwasher, deciding to use that as a stepping-stone to better things. Cheerfulness and willingness in this humble post soon bore fruit and he was promoted to head bellboy and still later to waiter. Ever before him, however, were thoughts of a better education, and by saving his meager earnings and working afternoons and evenings, he was able to enter the public schools of the town.

On graduating in 1898, he was appointed head of a grocery company that had been newly formed by Negroes. Lack of interest among the original supporters of the business handicapped progress to the extent that Spaulding had to take over the business alone. Under this new arrangement the business did better but it remained small. However, this venture served to develop in him such qualities as foresight and business integrity, which were later to play so important a part in influencing his career and winning him friends and the respect of the community.

His reputation was to be his making. John Merrick, a progressive barber, and A. M. Moore, a practicing physician, of the town, conceived the idea of establishing a life insurance company to be owned and operated by Negroes. However, since both these men were already actively engaged, it was necessary to secure for their newly-founded business an individual whose time could be devoted exclusively to its promotion and whose general qualifications measured up to the exacting standards of proficiency necessary. Both had been observing the young grocery man and were so impressed with him that they offered him the post, which

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