On Site-Coverage: African-American-Owned Co-Ops Traced Back to Civil War

BALTIMORE — The history of African-American owned cooperatives in the United States has been mostly undiscovered, but new research has shown that they were pivotal in helping create wealth during times of inequality.

Speaking this morning at the African-American Credit Union Coalition’s annual meeting here, Dr. Jessica Gordon Nembhard, assistant professor and economist at the University of Maryland, College Park, shared research she has uncovered on several successful African-American co-ops. Among them, the Chesapeake Marine Railway and Dry Dock Company formed in 1865 at the end of the Civil War. The co-op existed until 1883 and served stevedores and caulkers. At one point it raised $40,000 selling 8,000 shares at $5 a share and in 1871 was able to issue a $14,000 dividend to its members.