The Booker T. Washington Papers, Vol.7, page 493, May 1904, U. of Illinois Press

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MAY 1 9o4 The company, however, was not as sound as its inflated claims indicated. Payton was a spendthrift as well as a shrewd investor, and many buildings that he claimed the company owned were actually heavily mortgaged. In 1906 Wilford H. Smith, representing a group of stockholders, sued Payton for fraud. Payton was acquitted since he was legally only one of the partners despite his virtual control of the company. The Afro-American Realty Co., however, was found guilty of -misrepresentation. The company floundered in 1907-8 as a recession caused a declining housing market. Payton continued to overspend and make inflated claims about the company's financial condition. Payton urged BTW to write him a letter of introduction to Andrew Carnegie, but BTW refused on the ground that it was not a philanthropic matter. In 1908 the company collapsed. Payton continued on in Harlem as a private real estate dealer, and never issued a statement concerning the company's downfall despite protestations from Emmett ]. Scott and others. To James Nathan Calloway tHotel Manhattan, New York City] 3 May, 1904 Dear Mr. Calloway: I think it would be a good plan for you to use one half of each day circulating in a quiet way among the white people of Macon County. I fear that in the past we have neglected too much the education of the white people, and that we should begin to let them know what we are doing. It would be a good plan to take them one by one in your buggy over the farm and through the shops. I hope that you will keep me informed from time to time of your accomplishments and plans. Very truly yours, tBooker T. Washington] TLc Con. 548 BTW Papers DLC. From Andrew B. Humphrey Personal New York. May 4, 1909 Dear Mr. Washington: I take pleasure in sending you the second dictated letter, issued from the first Official Headquarters of this League. The f rst letter was sent to The President. From our frequent conversations, I think you understand our proposed work fairly well. In brief, it is to maintain and enforce the 493