The Connecticut labor news., 1923-08-11

and advised with them at length on | the problems that beset the institu- ton of bank and especially a Labor
 owned and operated bank Many of the pitfalls and difficulties that mes | the institution of Labor banks | throughout the country have now been overcome and these, he pointed
 out to the Connecticut men so that they will profit by the experiences of the pioneers and be able to avoid
 these difficulties. The keeping up of
 interest in the proposition until 1t IS
 fairly started IS one of the big prob
 lems that had to be met by the earlier banks, but this also has been over come, and as MT. Brady pointed out,
 once overcome 1t has no stopping as
 nowhere where Labor has opened bank or no matter which organiza- ton, it's members are now keen for it's success and their own profit. At the end of his address 1t was the unanimous opinion of the committee that the bank be established as soon
 as possible and to that end a perman-
 ent organization of the committee was affected with President P. F. O'Meara
 of the Federation as chairman and
 Secretary 1. M. Ornburn as secretary.
 The secretary was instructed to ar
 range for proper bonding by blanket
 bond of the committee so that any advance funds that may come in be
 poperly protected until the bank IS
 organized and its officers and direc- tors properly elected.
 The chairman and secretary were also appointed subcommittee to secure and study the banking laws of Connecticut and the nation and pre- pare a report to be submitted to an- other meeting to be held as soon as possible After that the proposition will be presented to the various locs unions in concrete form for their final decision.
 Discussion as to the price shares are to be sold at was also had but 1t was decided to defer action on that matter until the laws had been gone into,. the capital stock tentatively de cided upon and then the proportion ate cost of the shares could be figured out so that every Labor man in the state can have a chance to partici- pate.
 There isn't a shadow of doubt but that the bank will go over and go over big. Already the carpenters trough their state council and local unions have endorsed 1t and pledged moral and financial support. Many other individual unions have done the same and as soon as the proposition IS in concrete form 1t will be readily grasped by the union men who are tired of seeing their own money used against them in times of strife.
 The full committee and executive board was present at the meeting. The committee consists of President O'Meara and Secretary Ornburn, George Chandler of Greenwich. car penters; James P. Donohue of Water bury, painters; Thomas H. Russell of carpenters; Francis C. Everin of the Hartford trolleymen, and Carl Lang of the Bridgeport brewers. The executive board mem bers present were Vice Presidents Daniel German of the Dan bury matters, Frank J. Cooney of the Hartford plumbers, Edward M. Scott of the Stamford trolleymen, and John J. Egan of the Bridgeport machinists.
 The executive council met after ward and accepted the resignation of Treasurer Fred L. Neebe of Meriden who has gone into the furniture busi- ness and therefore temporarily at least dropped his active union con- nectionS.