The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-19
-Recapitulation.

Balance on hand Nov. 80 l9O3....s 81, log. 1875. 6s
One of the most interesting points to the
public touched upon by Secretary Wilson in
his report is the attitude OF labor organiza-
tions towards the directors of banks where
they have money deposited when one or
more OF the bank directors are represented
in a business firm which has been placed
on the unfair list by organized labor. Mr..
Wilson'S recommendations along this line
were a vindication OF the United Mine
Workers for withdrawing deposits from
such banks. He said relative to this Ques-
ton:
1--WE had to our credit in various banks in
this city Nov 80 1903 81. LIS, 137.4S. A short
time ago the fact was brought TO the atten-
ton of the Central Labor Union of Indian
apolis that one of the directors of a bank
in this city with which we do business was
also an official of firm that is and has been
antagonistic TO the molders' union, and it
was suggested that the withdrawal or
threatened withdrawal of the funds Of the
various national and International unions
doing business with said bank might be
used as a means of securing an adjustment
of the dispute with the firm of which the d.
rector mentioned was an official The Sug-
gestion created some stir and uneaSinesS in
financial circles at the time ii was made be-
cause of the effect that such policy would
have on banking affairs. Since that time
other officials of trade unions In this city
have called my attention to the fact that
directors or stockholders of two other banks
are unfriendly to organized labor and have
suggested that our funds be withdrawn from
these institutions. AS a means of protect
ing our own financial interests we should
go On record against any policy of this kind
except where a bank as such. is antago-
nistic to organized labor, and even in that
case our funds should be withdrawn in such
a manner as not to injure the interests of
other depositors by causing a run the
bank"
While touching on the relation OF labor
organizations to banks, Mr.. Wilson recon-
mended as the only sure course for the or
ganization TO follow is to organize a bank
of its own, in conjunction with the other
unions of the city, keeping control of the
directorate and selecting men 10 rule its af-
fairs who have had years of training and
experience. whether we go into the bank
ing business ourselves, continue our present
ments for our funds" he said, sit would be
radically wrong to permit any policy to be
thrust upon US which might imperil the in
terests OF depOsitors and have a disastrous
effect upon industrial affairs"
Secretary Wilson said that although $780,
their locals, the highest membership that
has ever been reported TO the national or
ganigation in one month is 2S9, $50. Accord
ing to these figures there Is a great loss of
revenue TO the national organization. As
the most advisable methods for getting
around this condition, Secretary Wilson
recommended that the stamp method be
adopted. BY this method the stamps would
be held by the national officers and would
be forwarded on the demand of the locals.
This would give the headquarters the
means OF keeping an exact count of the
paying membership Of the union.
Secretary Wilson also recommended that
the United Mine workers Journal. which
is now a weekly publication, be changed
to monthly paper. He said that he be-
lieved the change would improve the paper
as news organ.