The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1921-10-25
NEW BANK
PAYS 100
INTEREST
Peoples Cooperative State
Newly Organized Revolution
ICES Banking Methods
In Region

-Four per cent. interest on savings.
! Interests on deposits from date of
| deposit to dafe Of withdrawal
I Profits shafed with savings depos-
itors.
/ Shareholders profits limited to 10
I per cent.
( Absolute safety
/ Revolutionizing banking methods In
/ The Calumet region the newly found
cd Peoples Cooperative State Bank
following a re-onganization meeting
last night today announced the above
program which coming from Ham
mond's youngest and most enterpris-
ing banking institution is looked upon
BY local business men as the longest
stride forward taken by Hammond in
a long time.
About six weeks ago local railroad
Unions looking with envy upon the
phenomenal success OF the brotherhood
of Locomotive Engineers Cooperative
National Bank of Cleveland which af-
ter one years existence has paid per
cent dividend on It's first years busi-
ness, putting ten per cent. into sur
plus, and besides that paying It's de-
positors a bonus of one and one-half
per cent. in addition to the annual 4
per cent came to the conclusion that
the Brotherhood bank in Cleveland
could be duplicated with success on a
smaller scale right here in Ham
mond
Robert II. Harrington. representing
the unionized engineers. ". L. Stew
ems OF the trainmen. and H. Hedlinger.
Of the 1remen, conferred with A J.
Marko Of the Peoples state Bank.
Following trip to Cleveland where
the matter was Iaia before officials OF
the Brotherhood bank. who encouraged
the establishment Of a like lnstitu-
tion in Hammond. the Cleveland bank
after making survey of this district
became 50 enthused with he idea that
officials said their organization would
back the local establishment to the
limit and TO prove their faith agreed
to take 81 per cent. controlling in
terest. Of the contemplated $50. 900 cap
italizatIon.
Now Hammond's first cooperative
labor bank Is a realization.
At the reorganization meeting last
night the following officers were el
ected: President. Joseph G. Ibach
first vice-president, DR.. 0. 0. Melton:
second vice-president. Robert H. Har-
rington treasurer and cashier. A. J. !
Marko; assistant cashier. Donald f.
4avit. The eleven directors are J. G. i
Ibach, Henry c. Gabler. J. X Stinson. /
". E Futch W 3. Premier, Warren
S. Stone. F. Corrigan. II. P Daugher- +
ty. Robert II. Harrington. Dr.. o. 0
Melton and a Marko.
Legal steps to change the name Of
the bank from the Peoples state Bank I
TO the Peoples Co-Operative state +
Bank are now being taken The new /
Institution will make an especial APP
peal to reach all depositors Of what
yer station In life. Paving four per
cent. interest on savings and two per
cent on checking accounts with daily +
balance Of $500 or more the bank es-
tablishes a precedent unknown in nor
thern Indiana
One Of the bank officials this morn
ing voiced the sentiment and reasons
why the local bank has become a CO.
operative labor bank. the second of IT'S
kind in the United States. and why its
future. linked with the powerful
Cleveland brotherhood bank, is GER
tain Of wonderful growth. He said.
Banking and credit control the eco
nomic life not only OF individuals hut
q society The late P. Morgan
once stated IN hearing before a Sen
ate Committee that IF you will permit
me to control the finances of the coun-
try. care not who or what party
makes the laws" This is more true
today than 1t was when uttered. cred
it controls society The man with
out credit is almost helpless as a say
age In times of stress brought about
oy accident. sickness or misfortune. he
IS unable to help himself. The accum-
ulation Of capital trebles his product
I'VE power and establishes credit Bank
ing and credit enables him to venture
into new fields Il will enable him to
build house. Credit controls the simp-
lest and most complex operations