Evening star., 1923-09-30
BY G. GOULD LINCOLN.

it's own ground-nnaaceS anu
credit. Eventually and inevitably
if the movement now started py
labor to mobilize it's monetary re-
sources continues, it means compe-
tition for the control of credit. which
carried to it's ultimate conclusion means
the control Of industry.
Since the early part of 1920 or
ganized labor has launched success
fully In various parts of the country
fourteen banks. and has bought sub
stantial interests in two other large
capitalist banks. Before the close of
October three other banks are to be
opened by labor, or at least to be
placed in a position to open within
a very short time.
Richard Boeckel in his newly pub
lished book, 'Labor's Money" de-
scribes the inception of this move
ment, it's causes, its results so far
obtained, and the. aim of the move
ment. Mr.. Boeckel has made care
full and thorough study of the move
ment, and h.1 analysis of the motives
actuating labor in the establishment
of banking houses is both clear and
interesting. "Labors Money" fur
thermore lays before the public for
the first time a complete picture OF
this movement.
Have Resources of $5O,OOO,0OO.
1t Is estimated by Mr.. Boeckel that
the total resources of the banks es-
tabiished by labor or in the process
of being established are not less than
s50.000,00O. Furthermore, he has In
formation, he said last week. that
leads him to the conclusion that be-
fore the close of the year 1924 the
number of banks owned and operated
by labor organizations in this coun-
try will be doubled and their re-
sources will approximate 100000
900.
The author of 'Iabor's Money" Is
Washington newspaper and maea-
zine writer Of long experience, who
has given his attention largely to in
dustrial questions. For several years
he was Washington correspondent OF
the Independent, New York. He has
contributed to many of the leading
magazines. including the Nation. Lon
don. In "Labors Money" Mr..
Boeckel gives his estimate of the
: movement now launched by organ
ized labor. He says in one para
graph:
"while the end sought in this
movement is as revolutionary as any
radical reformer could wish, the
means for Its achievement hold no
threat of industrial disruption or
public disorder. The movement does
not look to the overthrow of cap
italism.' On the contrary, 1T accepts
the institutions of capitalistic So
ciety and seeks to work through cap
ttalistic methods toward a new So
cial order"
First Bank in ID. c.
This sounds like large order. But
examine for a moment what organ
ized labor has been able to do In its
efforts to mobilize its money in Its
own interest The first OF the labor
banks was established here in the
National Capital. the Mount Vernon
Savings Bank, set up by the Inter-
national Association Of Machinists,
May Is, 1920. It's resources today are
approximately s3,oo0.ooo. Six months
later the Brotherhood of Locomo-
tive Engineers opened in Cleveland,
Ohio. the Brotherhood of Locomotive
Engineers Cooperative National
Bank. The development of this lat
ter institution has been enormous, un-
til today its resources are set down
at nearly $25,000,0o0.
In 1921 two more labor banks were
ppened, one the Tucson. Ariz., CO.
operative Bank and Trust Company,
resources estimated at 100000. es-
tablished by local unions, and the sec
ond. the Hammond, Ind, Peoples Co.
.peratiye State Bank, resources esti-
mated at $500,000, established by the
brotherhood of Locomotive Engi-
neers. In the following year, five
more labor banks were added to the
list. the Philadelphia Producers and
Consumers Bank, estimated resources
s1,222,33s, established by the Central
Trade Union of Philadelphia; the Chi
caeo Amalgamated Trust and Savings
Bank, resources $1,792,000; the Bir-
mingham, Ala, Federated Bank and
Trust Company, resources $750,0o0,
established by tho Alabama State
Federation of Labor; the San Ber-
nadino, Calf, San Bernadino Valley
Bank, resources $1,0o0.000, established
by local unions, and the Minneapolis
Transportation Brotherhoods National
Bank, resources $76,107, established
by the four railroad brotherhoods.
Five New Banks This Year.
Five more banks have already been
established this year, and three are to
be opened in October or soon there
after. Those already established are:
The Amalgamated Bank Of New York.
resources $2,212,834, established by
the Amalgamated Clothing Workers;
the Federation Trust Company of
New York, resources 100000, es-
fablished by the New York State Fed
GRAFTON of Labor, the Telegraphers'
Cooperative National Bank of st.
Louis, resources $4,000. .oo0, establish
ed by the Brotherhood of Railway
Telegraphers; the Brotherhood Co.
operative Bank of Spokane, Wash,
RESOURCES 100000. established by the
four train sstvice brotherhoods. and
the brotherhood Savings and Trust
Company of Pittsburgh, established
by the brbtherhoods and local unions
Three banks slated to be opened
in October are the Brotherhood of
Railway Clerks National Bank Of
Cincinnati, with a capital OF $780,
600 and a $4,000 surplus. and $780,
900 building; the international Bank
<f New York. established by the