The labor world. [volume] (Duluth, Minn.) 1896-current, 1922-09-02
THEIR COOP BANK At CLEVELAND
RUN With HEART AND CONSCIENCE
Labor Bank First in America to Pay Both Interest and D
dends on Savings Accounts; Myth Of Banking Exploded.

to- come in with the cash, and, by
November 4, we had received ST.
100000, an Over-subscription of
100000. Deposits have been made
at the rate of 100000 a month for
Is months. The stream of money is
still flowing. Our depositors live all
over the United Sta es from Cali
fornia to Maine"
n Its Own Building.
The Brotherhood of Locomotive
Engineers is housed in its own A.
story building in Cleveland, a short
block north of the public square.
The bank occupies a building on the
opposite side also owned by the
brotherhood.
The bank occupies the basement
and first floor, while the upper
!! floors. are rented for offices. Event
:ually, this building will be removed
and a. History :: office and. bank
building erected.
Undoubtedly a. great deal of
money that had been hidden in OLD
tin cans has been called into activity
by this bank. People who were not
suspected of having a dollar have
opened accounts. Numerous business
and professional men, in no way
identified with labor organizations,
carry accounts with the Brotherhood
bank. The institution is open to all
and does a business similar to that
If onv national horly
"One day. a. queer specimen of
humanity entered and began making
inquiries. He was a typical tramp.
His clothes were old and baggy.
Hair stuck through holes in his hat,
and his face was covered with bris-
ties. Although he seemed a very
unpromising prospect, Mr.. Stone
talked with him pleasantly, and ans
Wered his questions carefully. Fin
ally he shot out the query, upper
most in his mind:
"Say, if should put some money
in this bank could I get it out
again?'
Yes" replied Mr.. Stone with a
smile, you can get it out any time
you want it,
"All right" was the response, II
guess I'll leave some with you."
Money From Hiding.
He began pulling out bills. He
had money hidden in every pocket,
in his shoes, in the lining of his coat,
and under his hatband. The bills
fwefe crumpted'and wadded, and had
,to, zbe carefully unfolded and
smoothed. Finally he counted the
pile: It. was: IN ore:thaa;nc "a foot high
and contained $762 in one-dollar
bills.
While the bank does a. good local
business, feature is made of "bank-
ing by mall" The fact that labor
| organization is back of the insti-
tuition inspires confidence and brings
deposits from all classes. Money is
!, PLACED in: small banks to aid wheat
growers, stock raisers. fruit. men,
and others who have difficulty in
getting credit. Cooperative eleva-
tor enterprises are often helped. In
one instance, the Brotherhood bank
| bought up an issue Of school war
rants in a Nebraska town, supplying
cash to teachers who had not re-
ceived pay for months.
A striking instance occurred re-
Gently. A customer approached Mr..
Stone and said:
IT want to borrow $4,000 on an
apartment house worth $25O,0O0. 1t
is a perfectly goodJ Joan as the. prop
erty is now paying IL per cent"
What are you going to do after
you get the $1oo,ooo?" inquired Mr.,
Stone.
"Oh, I'll raise the rent on the
apartments $50 all around, and then