The Roanoker - March/April 2021 - 10

strange days of Roanoke

Shenandoah
Life Insurance
written by Nelson Harris How did a jaw-breaking, right-handed punch save
Shenandoah Life Insurance Company?

10 MARCH/APRIL 2021

TheRoanoker.com

COURTESY OF THE VIRGINIA ROOM

R

oanoke's remarkable
population boom in the early
1900s caught the attention
of Colonel John T. Boone of
Long Island, New York. Boone
was a professional promoter, who traveled
to growing towns and counties selling the
idea of raising capital for new, get-rich-quick
schemes.
The typical modus operandi was to organize
some new venture by selling stock, knowing
a hefty commission would be earned. The
promoter never troubled himself with the actual
development of the business venture, leaving that
to others. Instead, his main talent was to exude
affluence, be knowledgeable and have the gift
for easy conversation. Boone was such a man.
Boone's specialty was stock insurance
companies, raising local interest and then
undertaking the sale of stock necessary
to capitalize a new company prior to
its actually conducting business. Stock
insurance companies at the time were largely
unregulated, providing men like Boone the
flexibility they needed to operate.
Boone settled in at the Jefferson
Apartments on the corner of Jefferson Street
and Mountain Avenue, a very reputable
address that overlooked the city and conveyed
to others that Boone was a man of means and
taste, living within a few blocks of some of
the wealthiest citizens of the city.
For his proposal of organizing a stock
insurance company to succeed, Boone needed
a leading businessman to lend his name and
treasure to the effort. It would be upon that
person's shoulders that the eventual operation
of the company would rest, as Boone would
serve as a kind of fiscal agent selling the
stock to raise the capital. With this kind
of scenario, such a venture had the ring of
authenticity, legitimacy, and most important
profitability.
Boone approached a man of wide
reputation and proven ambition - Robert
Henderson Angell. Angell had run away
from home in Callaway at the age of 16 and
got his first job as a farmhand in Cave Spring



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The Roanoker - March/April 2021

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