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How rich were the Black Wallstreeters actually? What kind of business did they run? Were they high prestige, high margin businesses like finance and law, or low margin, low value ones like service? Did they own the buildings they did business in, or did they lease? Did they own their businesses outright, or were they leveraged? I want to know the truth so I can be angry at whitey.
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>>18516655
For the most part it was relatively modest businesses (barbershops, cafes, grocers, tailors, restaurants, hardware stores, etc) with approximately 7 attorneys, and 22 physicians, two local insurance companies, what appears to be a tax business, 4 real estate businesses, a kind of loan business, but there appears to have been some sort of financial company, "Bashear and Franklin Investments". Claims totaled to about 2 million dollars which adjusting for inflation is about 30 million dollars today. (Source: Oklahoma Historical society)
It wasn't the richest black district or even in the top 5 probably but it notable for per capita income. Hard to find anything else
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A spring of oil wealth in the region attracted black immigrants, their relatively high wages and segregation giving black-owned businesses a competitive advantage. The more prudent negros invested rather than squandered on hookers and liquor and their financial influence extended to black people in Tulsa, much of Oklahoma and beyond, black businessmen across the country could find a line of credit there. Though far from the international scale of New York the nickname wasn't wakanda tier hyperbole.
In general businesses were in debt to banks specializing in black clients which were mostly black owned, though these banks sometimes borrowed from mainstream banks, no doubt in increasing volume on the cusp of the 1920s with the Federal Reserve enjoying the powers granted it during the war. Most of the buildings were built by black-owned developers and businesses themselves. After the fires the money didn't go away, at least not until the great depression. The notoriety of the event tied the hands of white notables who could not evict black residents from areas with high land value and it was rebuilt. Desegregation and the postwar boom eventually drove customers away.