▁a ▁major ▁brick maker ▁and ▁business man ▁of ▁Dur ham , ▁North ▁Carolina , ▁was ▁the ▁company ' s ▁first ▁president ; ▁Edward ▁A . ▁Johnson ▁its ▁first ▁vice - pres ident ▁( and ▁was ▁later ▁president ), ▁and ▁Warren ▁Clay ▁Cole man ▁of ▁Con cord ▁was ▁its ▁first ▁secretary , ▁tre as urer , ▁and ▁manager . ▁The ▁initial ▁board ▁of ▁direct ors ▁were ▁S . ▁C . ▁Thompson , ▁L . ▁P . ▁Ber ry , ▁John ▁C . ▁Dan cy , ▁federal ▁collect or ▁of ▁custom s ▁in ▁Wil ming ton ; ▁S . ▁B . ▁P ride , ▁C . ▁F . ▁Mes erve , ▁and ▁Robert ▁Mc R ae . ▁ ▁About ▁$ 5 0 , 0 0 0 ▁was ▁subscri bed , ▁which ▁soon ▁increased ▁to ▁$ 1 0 0 , 0 0 0 , ▁by ▁" se ver al ▁hundred " ▁African ▁Americans , ▁who ▁mainly ▁lived ▁in ▁the ▁Con cord ▁area . ▁A ▁few ▁white ▁phil anth rop ists , ▁such ▁as ▁Benjamin ▁N . ▁Duke , ▁who ▁subscri bed ▁$ 1 , 0 0 0 ▁( at ▁six - percent ▁interest ), ▁also ▁inv ested ▁in ▁the ▁capital ▁stock ▁of ▁the ▁company . ▁Washington ▁Duke , ▁a ▁to b acco ▁magn ate , ▁made ▁two ▁$ 1 0 , 0 0 0 ▁lo ans ▁to ▁the ▁company ▁to ▁get ▁construction ▁of ▁the ▁mill ▁under way . ▁ ▁The ▁mill ▁was ▁to ▁have ▁between ▁ 7 , 0 0 0 ▁and ▁ 1 0 ,