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North Carolina Mutual Life Insurance Company
The North Carolina Mutual Life Insurance Company (originally the North Carolina Mutual and Provident Association)〔Bloomberg Businessweek (“Company Overview of North Carolina Mutual Life Insurance Company” )〕 is an American life insurance company located in downtown Durham, North Carolina. Founded in 1898 by local black social leaders, its business increased from less than a thousand dollars in income in 1899 to a quarter of a million dollars in 1910.〔W. E. B. Du Bois, “The Upbuilding of Black Durham,” The World’s Work, January, 1912, 335. (primary 1)〕 It is one of the largest companies founded by African Americans, and it is the largest and oldest African American life insurance company in the United States today.〔North Carolina Mutual Life Insurance: About Us, (“North Carolina Mutual Life Insurance: About Us” ), Accessed November 2013〕
In fact, the company came to be known as the world’s largest African American business in only its first few years and is claimed by its home city of Durham as an important landmark. In the late 1800s and throughout the 1900s Durham was known as “The Black Wall Street of America.”〔Walter B. Weare, “Black Business in the New South: A Social History of the NC Mutual Life Insurance Company,” Durham: Duke University Press, 1993.〕 for the progress that African Americans were making within the town. The company’s founders, thought to be inspired by North Carolina business tycoon Washington Duke, included John Merrick and Aaron McDuffie Moore, two particularly influential men in Durham’s history. North Carolina Mutual and its prosperity brought many good things to Durham’s black community, and its founders and organizers were important contributors to social and economic progress in the city and particularly in its African American community.
==Origins==
North Carolina Mutual was the brainchild of black entrepreneur John C. Merrick〔Margaret Peters, “The Ebony Book of Black Achievement”, Johnson Publishing Company, Inc., 1974, 112.〕〔Bihm, Jennifer. (2014-02-06) (“Business in Black History: North Carolina Mutual Life Insurance” ) Los Angeles Sentinel〕 in the late 1800s. Merrick was born into slavery as the son of a white man and a former slave in 1859. He grew up in Raleigh and Chapel Hill, two cities near Durham, and he learned various skills such as bricklaying and barbering during his youth. He moved to Durham in 1880 and opened his own barber shop in 1882. His hair-cutting business grew to include several stores, three for whites and two for blacks, and Merrick himself cut hair for many people. The biggest influence came after John Merrick, along with four other partners, bought the Royal Knights of King David. The society was “a semi-religious fraternal and beneficial society for health and life insurance.” In buying it, Merrick learned about insurance and how to relate the insurance business to African Americans.〔Jean Bradley Anderson, “Durham County: A History of Durham County, North Carolina”, Durham: Duke University Press, 2011, 188.〕
Merrick knew that blacks had short life expectancies (around 32–34 years in 1900) and that they generally had poor health, largely due to their low income. These things made the idea of starting an insurance business for African Americans a very risky one, because many people would be expected to die before they could contribute to the success of the business. However they were also the reasons African Americans needed life insurance to begin with. Merrick decided that the opportunity to help blacks outweighed the risk, and he joined with investors Aaron Moore, Pearson, Watson, Shepard, Johnson, and Dawkins to found the North Carolina Mutual and Provident Society in 1898. In the first year, there was a terrible lack of business, and the company lost money overall. Because of this, many investors left North Carolina Mutual, and by the time the company was reorganized in 1900, only Merrick, Moore, and Moore’s young cousin Charles Clinton Spaulding remained. Spaulding was appointed General Manager with Merrick serving as President and Moore as his only other principal. Under this leadership, the growth of the company began.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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