Southwest Washington labor press. [volume] (Hoquiam, Wash.) 19??-19??, 1924-06-06
FEDERATION BANK IN
ONE YEAR ROLLS UP
5 MILLION ASSETS
Continued from Page I,

are a great number, to the depositors
and to the cooperation Of the general
public.
Expansion Of the bank is looked
forward to. It is already serving a
national and local clientage.
The growing habit of banking by
mail and the development Of the prac-
tice of going to the bank for infor-
nation on all subjects which have to
do with finance is rapidly making
the Federation Bank of New York
a clearing house of information as
well as a depository for surplus
funds of many organizations. It's
strength and solidarity is testified to
by the additional fact that compliance
with the most rigid requirements
makes it guardian also of state, city,
county, court funds and U. S. postal
savings deposits.
Four Per Cent Paid.
Among services offered is the pay
ment of four per cent interest on
savings accounts from the date of
deposit to the date of withdrawal
return for use of depositors' money
not offered by commercialized bank
safeguarding in vaults of records and
securities for organizations and in
dividuals, a liberal loading policy to
those who want to build homes, trans
mission of funds abroad and finally
to keep watch of the financial hori-
zon to detect squalls that might af-
feet the labor movement.
While having in view the ideal of
building up socially controlled cred
it structure that will provide for the
diverting of the nations cash into
useful and humanitarian enterprises,
President Brady in his statement on
the banks anniversary stresses the
need for prudence and foresight in
the development of the labor banking
movement. He said:
Investments Sound.
Labor is rapidly becoming capital
conscious and is beginning to set
aside it's savings for the good of the
community, with the ultimate ideal
of obtaining a share in controlling
the credit of the nation, the bulk of
it supplied by the producers.
"In developing this bank, however,
we have never lost sight of the es-
sentials-soundness of our invest
ments and the liquid condition of the
institution so that an abundance of
cash will always be available to our
patrons.
"As a result of this policy our one
years experience in an entirely new
field for US has demonstrated the ca
pacity and the ability Of trade unions
to successfully conduct bank. There
is now no doubt that our success has
given the labor movement higher
standing and prestige than at any
time in its fifty years of Advance
ment.
Second Largest Loan Bank
"Our steady growth, at a rate of
approximately half a million dollars
a month has made the Federation
Bank of New York the largest labor
bank in the city and the second larg-
est in the nation, although we are
among the youngest.
at is big job to launch a labor
bank successfully but we have not
found it difficult with more than
four hundred unions and many civic,
political and religious organizations
in which workers predominant parti-
cipating.
Patronized by N. Y. Labor.
"ln one year we have accumulated
in deposits ten times our capital and
surplus, our record showing a volume
of business not equalled by the aver
age bank in five years. There can
no longer be any doubt that we are
launched permanently and that we are
here to stay.
"As a result of our achievement
we begin the second year Of our ex.