The Elk Mountain pilot., 1923-12-27

more than twenty years, and William B. Premier, the
ton. These two the vision, the sound udg
ment and the unquestionabe integrity which constitutes
the foundation of all that the Brotherhood has DONE
A Million a Month
When the Brotherhood of Locomotive Engineers
founded the pioneer labor cooperative bank of America
in Cleveland years ago, the institution opened its
doors with paidin capital of s65O000 Then it began
to grow It grew because its principles were right and
faith and confidence in President Stone and Cashier
Premier.
establishing record in the history of national banking
in America At the end of the first year its assets to-
the bank continues like Jacks bean stalk But
its is not be measured simply in dollars and
cents. As its bank statement says:
This does not include those assets of frendliness
and hepfulness which this bank has in the personnel of
its officers board of directors and employees. The div
dends paid to patrons from these assets service
and satisfaction The idea of this bank is to lose
portunity of serving the people in those channels that
only bank them thereby helping to promote
prosperity and happiness"
A New Banking Ideal
The service ideal of the Brotherhood of Locomotive
Engineers Cooperative National Bank is slo-
gan show window advertisement. 1t through
everything that the bank does 1t invests its money
productive rather than exploative enterprises. 1t
shares its earnings with depostor having distributed
them four cooperative dividends and above the
per cent interest compounded quarterly from date of
deposit.
Ninety per cent. of the banks customers are small
depositors newsboy start account with dollar
He can add l5 cents day if he wants to- other
sum, and he is with the consideration
the merchant who deposits 81 900 day. In brief the
tremendous of the Brotherhood of Locomotive
Engineers Bank have been built out of the savings de-
posted by the workingman and not by huge
profits speculative investments.
1t be inferred from this that the Brother
hood of Locomotive Engineers Bank is class bank On
contrary serving professional
people few other banks in the nation A
cial checking account is accepted in matter
how SMALL long the depositor possesses ordinary
honesty If the balance commercial account exceeds
$500, cent interest is paid by the bank the
surplus.
The Brotherhood of Locomotive Engineers Bank has
prospered because is the bank of square DEAL Its
watchword is Service"
Colossal Opportunities
One wonders why more banks and industries have not
discovered the colossal opportunity of making the wage
and the with small savings partner in their
prosperity The Central Copper Company of Arizona
almost the first large corporation adopt this sound and
profitable policy And yet the of small is the
very backbone of whole banking and credit structure
The last report of the u. S. Comptroller of Currency
shows that 40000000 deposors put SS3 365S $4,000
in the 30S24 banks of the country This is than
thirds of the total banking of the nation
and farmers The bill of the country about
S22 900 100000 year. and the total value of farm
ducts is around S15000,000O00
If there opportunities for the of
terprise and to share equally in their prosperity with
the big investor the credit problem in this country
would be solved
There is another aspect to this matter which should
rot be overlooked When invests some of
his earnings in the business enterprise in which he him
interest in the business; he feels that he has
stake in it which is important than the weekly
envelope And when gets this feeling he settles
down and becomes dependable For he to feel that
he also has in the prosperity and of the
which him the obligation industry
Nf thrift and of good citizenship.