Twin city review. [volume] (Champaign, Ill.) 19??-1929, 1923-02-23
ENGINEERS START
II COOPERATIVE
BANKS IN N. Y.

Two years ago the biz bankers Of
Wall Street ridieuled the Idea OF labor
.eo-operatiye banks. Six months ago
they began TO grow anxious as the
chain Of successful cooperative banks
spread across the continent. To-day
they are confronted with plans just
announced by four powerful groups
of organized workers TO invade the
domain OF Wall Street with fourteen
cooperative banks, four Of which will
be large central banks with ten
branches throughout the city. From
y city Of no cooperative bAnks.
, New York has become overnight The
prospective home OF mere co-opsfative
institutions than In all the other cities
Of the country put together. AL these
banks will be operated ON the same
cooperative principles by which tho
Engineers Cooperative National
Bank In Cleveland has built up It's
resources from s650,000 TO almost
s2O,000,000 In slightly more than two
years.
The Brotherhood Of Locomotive
Engineers has already purchased
large interest In an existing New
York bank aud has made application
for charter 10 be granted 10 the
Locomotive Engineers Cooperative
Trust Company Of New York City
which will have three or four branch.
es TO take care Of the outlying seq
tions of the city.
Both the international Ladies' Gar.
ment Workers Union and the Anal.
gamated Clothing Workers of Ameri-
ca, including among thei. members In
New York over 100000 workers an.
nounee definite plans TO launch two
more cooperative banks In New York.
The bank Of the Ladies' Garment
Workers will be organized with
capital stock of 100000 and a SUBJ
stantial surplus. While most of the
funds will be contributed directly by
the international and lis II New York
City locals, all progressive labor or
ganizations and individuals will be
able to take out stock. A branch
bank IL also being talked OF for the
purpose Of providing safe, honest,
and economic service for the trans
mission Of funds by workers to their
needy friends and relatives in various
European countries.
The Amalgamated Clothing Work
ers of America, one Of the strongest
labor unions outside Of A. f. of L.,
which owns the successful Amalga-
mated Trust and Savings Company Of
Chicago, makes public It's plans for
another Amalgamated Bank In New
York City, TO be established inside Of
two months. One of the chief actlvi.
ties Of this bank will also be the
transmission of money TO relatives
of New York clothing workers who
are living In Europe at honest rates
of exchange.
The Central Trades and Labor
Council Of New York City Is pushing
work on the organization Of its co.
operative bank the Federation Trust
Company which will open for business
by the end of March. Approximately
$500 900 has already been subscribed
by trade unions and their members
for shares, and 1t Is definitely stated
that six branches in addition to the
main office, will be In operation with
In Is months.
Over twelve cooperative banks
have been established and are actual
ly in successful operation in this
country. Numerous others are being
organized with the phenomenal out
burst Of cooperative banking in New
York City, the whole country-wide
movement will have the benefit Of the
direction and facilities which monopo-
listic banking institutions enjoy in
the greatest financial city Of the
world.
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