We honor Black History Month by learning a bit more about Black history in our industry. Last year, for Black History Month, we explored the history of several notable, history-making African-American economists. This year, we look at the groundbreaking work of Gregory S. Bell, In the Black: A History of African Americans on Wall Street.

The story starts with Gregory Bell’s father, Travers J. Bell Jr., who founded the first Black-owned member firm of the New York Stock Exchange. After earning degrees from Washington University and the New York Institute of Finance, Travers Bell got his start as a messenger at Dempsey-Tegeler & Co. in the Midwest, where he eventually worked his way up to vice president. In 1971, he struck out on his own and with only $175,000 in starting capital, he founded Daniels & Bell. The brokerage firm became the first Black-owned member firm on the New York Stock Exchange and grew rapidly, focusing on underwriting securities for minority-owned businesses and municipal bonds for small Southern towns. He eventually became chairman of the New York District of the Securities Industry Association.

Though Travers Bell passed away in 1988 at the age of only 46 (with his firm grown to a net worth of $15 million), he inspired his son Gregory S. Bell, who penned “In the Black,” which chronicles the story of Wall Street from a different perspective. How did Black Americans experience the world of finance and investing, and what was it like working to break social, political, and economic barriers to the seats of power and industry? He tells the stories of Black pioneers in the finance industry who went up against tremendous challenges to make incremental progress in penetrating the world of Wall Street trading. The story’s heroes are mostly not household names, yet were instrumental in opening the securities industry to Black businesses and brokers.

They say that those who don’t know history are doomed to repeat it. We are inspired by learning about these important aspects of our own history that are often overlooked or forgotten. You can find Bell’s book at https://www.amazon.com/Black-History-African-Americans-Street/dp/047140392X