The Greenwood neighbourhood, located near Tulsa, Oklahoma, stood out among black neighbourhoods in that it flourished during the oil boom of the 1910’s. Its economic success led to the nickname “Negro Wall Street†(later to be known as black wall street) and was home to several black millionaires. Black Wall Street was also home to one of America’s worst race riots in 1921, causing roughly 300 deaths (mostly black) and nearly $1.5 million in property damage.
Below are excerpts from various sources about the life and death of Black Wall Street.
Origins of Black Wall Street
Oklahoma’s first African-American settlers were Indian slaves of the so-called “Five Civilized Tribes”: Chickasaws, Choctaws, Cherokees, Creeks, and Seminoles. These tribes were forced to leave the Southeastern United States and resettle in Oklahoma in mid-winter over the infamous “Trail of Tears.” After the Civil War, U.S.-Indian treaties provided for slave liberation and land allotments ranging from 40-100 acres, which helps explain why over 6000 African-Americans lived in the Oklahoma territory by 1870. Oklahoma boasted of more All-Black towns and communities than any other state in the land, and these communities opened their arms to freed slaves from all across the country. Remarkably, at one time, there were over 30 African-American newspapers in Oklahoma.
Tulsa began as an outpost of the Creek Indians and as late as 1910, Walter White of the NAACP, described Tulsa as “the dead and hopeless home of 18,182 souls.” Suddenly, oil was discovered and Tulsa rapidly grew into a thriving, bustling, enormously wealthy town of 73,000 by 1920 with bank deposits totaling over $65 million. However, Tulsa was a “tale of two cities isolated and insular”, one Black and one White. Tulsa was so racist and segregated that it was the only city in America that boasted of segregated telephone booths.
-Vaughan, Leroy. Black People and Their Place in World History. 2002.
Success through Self-Reliance
Tulsa’s saga promotes the best in self-reliance and talent that black Americans have to offer. These were universal and successful themes that would apply later in all businesses, including the securities industry. Ironically, what drew the best out of these individuals was the harsh reality of segregation. Restricted form hair salons, supermarkets, restaurants and other white-owned business establishments, the black residents of Tulsa built their own. Other black communities spent their dollars at white businesses, despite being viewed as inferior. In contrast, the people of Tulsa realized the power of ownership. Because black shop-owners provided all the needed services to cater to the black community, all monies and investment stayed within the community and it blossomed. In that 35-block span, there were 1500 black-owned businesses and houses, including 10 millionaires and many families with substantial savings.
-Bell, Gregory S. In the Black: A History of African Americans on Wall Street. John Wiley and Sons, 2002.
The Riot
[The] Riot began on May, 31,1921 because of an incident the day before. A black man named Dick Rowland, stepped into an elevator in the Drexel Building operated by a woman named Sarah Page. Suddenly, a scream was heard and Rowland got nervous and ran out. Rowland was accused of a sexual attack against Page. One version of the incident holds that Rowland stepped on Page’s foot, throwing her off balance. When Rowland reached out to keep her from falling, she screamed. The next day, Rowland was arrested and held in the courthouse lockup. Headlines in the local newspapers inflamed public opinion and there was talk in the white community of lynch justice.
On June 1,1921, a big cloud of smoke covered The northern region of Tulsa. Later that morning, the last stand of the conflict occurred at foot of Standpipe Hill. According to the Tulsa Tribune, the National Guard mounted two machine guns and fired into the area. The black groups surrendered and were disarmed. They were taken in columns to Convention hall, the McNulty Baseball Park, the Fairgrounds and to a flying field. Some survivors later alleged that planes were involved in the destruction of Greenwood City.
The African Americans, being outnumbered, begin to retreat back to their section of town. Mobs of whites began to drive around the streets, shooting any African American person they saw. Sometime near 1am, the mayor and the chief of police sent a message to the governor, informing him that the riot was out of control and requested assistance. The governor activated the Oklahoma National Guard and requested two companies of soldiers from Fort Sill. The first group of guardsmen arrived before 2:30am. By 5am, a mob of 10,000-15,000 whites gathered near First St. and Elgin then marched on Greenwood, setting fire to every building standing.
-NorthTulsa.com, “Little Africa 1921 Aftermathâ€
Final Comments
Black Wall Street did rebuild after the riots and flourished a few more decades before fizzling out - due to both a mass exodus after integration during the 1960’s and to urban renewal projects during the 1970’s. The most important lesson from Black Wall Street is that a cohesive community can be self-sufficient (if not prosperous) even under severe discrimination. However, that cohesiveness must come from within – it cannot be granted by a government or made efficient by outside charity. Too often it seems that the community leaders who should be building Black Wall Streets (or at least building a black presence in local economies) are too concerned with being on the 6:00 news or shaking down the government for another handout disguised as a program. One does not learn by having everything done for him. There is more than enough opportunity to acquire capital within the black community to transform a “disadvantaged†community like Rexdale or Flemingdon Park into a mini Black Wall Street – someone just needs to convince the local community that the cheap credit and social incentives available today would be better utilized for businesses and schools than bling and protests. It’s almost literally mind over matter.
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