The Elk Mountain pilot., 1923-12-27
Making Millions out of Pennies
By ALBERT F. coYLE

MANY mickle makes muckle" says the old
coch proverb, and the noted French economist Jules
Simon, adds, THE greatest banker of the world is he
who controls the pennies of the working class"
The 10000 engineers who constitute the Brotherhood
of Locomotive Engineers contribute only few pennies
day to their organization but these pennies the foun
dation of s20OOOOOO bank handsome seventeen-sory
bank building and fourteenstory office building in the
city of Cleveland, together with cooperative banks in
Hammond Indiana; San Bernardino Barstow and Needles
California; Minneapolis and Birmingham and in Noting
ham, suburb of Cleveland
In addition the pennies of these engineers fnanc-
ing the $10000000 Brotherhood Investment Company
auxiliary to their banks; they maintain an insurance
department handling S196OO0OOO worth business
paying out $4OOOOOO in premiums; and they have
Just adopted plans for the erection of twentone story
bank building for the parent bank in Cleveland which
viii give it home of the beauti-
full banking struc lures of America
These engineers have also bought a substantial in
terest in the Empire Trust Company of New York City,
s60o0o00c institution and have applied for charter for
central cooperative bank in the nations financial cap
tal with the prospect of establishing branches the
business develops. s
A Coal Company with Soul
These thrifty engineers do not stop here. They
printing shop in the city of Cleveland They
tribute to the support of home for aged railroad
oloyees and have taken such good care of their own
members by pension and accident insurance that today
not single engineer in Canada the United States is
public charge because of poverty
Besides these official undertakings the savings of the
engineers also financing national mail order house.
The HobertStone Company, with headquarters in the
ty of Cleveland which is building up its business
cooperative basis with instead OF profit the
primary aim.
Perhaps the remarkable achievement of these
engineers outside of the banking field however is the
Coal River Galleries, called the Goal Company With
Soul" in which the who pilot the nations locomo-
ves have just invested another and onehaH million
dollars of their savings
This coal company is operating and opening up
six big mines in West Virginia and Kentucky embracing
of the valuable coal property in the United
State, bordering the fields in which Henry Ford
investing immense fortune.
The first aimSaf this coal company is to mine coal eff
fcienty rather than to make huge profits Accordingly
1T provides high and comfortable homes its
ooyee and in it's miners establishing record
for the efficiency production of coal.
A Scotch Secret
Contrary to popular theory the financial achieve
ments of the locomotive engineers due exce
tionay high The last report of the United
States Railroad Labor Board that the daily
of the 136,952 engine service employees of the
United States is but $581 per day The highest paid
the group the freight engineers receive average
but S744 per day. This is far less than the wage
eecived by skilled workers in the building trades and
other crafts
In fact, the is dollar day less than
the scale just accepted in Cleveland by labores
and it is only &c day than the compensation of the
citys unskiled garbage collectors! A
The marvellous financial of the Brotherhood
of Locomotive Engineers is not due to luck high
1t rests upon much frmer foundation than this.
basis is nothing than the simple and
prosperity recommended by the Scotch people-thrift
and good management.
An engineer is naturally thrifty because his occupa
tion demands great responsibility of him, and this in
turn necessitaes sobrety and simple living. The
gineer his home and has a bank,
obvious the rounder the spendthrif
and the highiper could pass the strict examinations
required to become engineer maintain the position
f they got it.
The engineers have also had the good sense to select
exceptionally capable leaders. The second element
heir prosperity-good management-is largely due to
Warren s. Stone, Grand Chief of the Brotherhood