The Connecticut labor news., 1924-06-28
Shows Resources of Nearly $5,O00,OOO, and Establishes Record of Growth
 Unparalleled in History of Banking.


 A year ago, to be exact, On June 9, 1923, the Photographers National Bank opened it's doors for business. The Photographers National is St. Louis only labor bank and the first labor bank i'll the State Of Missouri June 9, 1923, was a memorable day for or ganized labor of the city of St. Louis, but we believe labor today should be inspired with even greater confidence than 1t was then, in the struggle that lies before 1t, on account of the re- markab1e success which has attended the banks operations in the year just ended. Great as had been the sue cess of the opening day of the bank, deposits aggregating $1,316,483.41, lit tie did labor or the founders of the institution foresee the progress this bank was ot make In the short space an increase of over 300 per cent az gregating over S4,0O0,000, and it's re- sources approximate the $5,000,000 mark. We believe this is a record un- paralleled in the banking history of the city of St. Louis and the state of Mis- souri.
 Now, what kind of a bank is this that has shown such a remarkable gain in deposits, gains that have at, tracted nationwide attention! What is< the reason for this remarkable growth? Surely it is not because the Photographers National Bank Is a na- tional bank or a member of the Fed eral Reserve System. No, other banks are as much, although the fact that this bank was organized as na- tional bank was conclusive evidence that this labor bank was ready to operate under the piercing scrutiny of national bank examiners, all for the. greater protection of it's desopitors. It was not because this banks capital and surplus were $6O0,O0O. Other banks had the same and more. It was be- cause these $6OO,OOO had been sup piled, not by the capitalist, but by a labor organization and it's members. It was because labor and the fair minded citizenry of St. Louis were convinced that this bank was devoted to the cause of common people, that this was a bank where the issue of labor woudl always be paramount, a bank not organized for proht-n1ak1ng only, but willing to share its profits with it's depositors.
 The official family of the bank in cludes the executive officers of the Order of Railroad Photographers, E. J. Manion, L J. Ross and the well-known St. Louis bankers, Otto J. Gossrau and H. B. Ofenbacher. It has been the aim of the officers and directors to consider safety of principal and liquidity of funds above high. interest yield in making investments. Presi- dent Manion states that the banks experience in labor banking has proved conclusively that, there are untold pos abilities for service in this national bank. MT. Manion points with a good
  with the July disbursement for savings interest this bank will have concluded the first time in the city of St. Louis ments to savings depositors. This is the first time in the city of s. Louis that savings depositors have received interest payments qquarterly. The Photographers National Bank is like wise the only bank in the city of St. Louis that pays inteerst on its savings deposits from date of deposit to date of withdrawal The Photographers Ma tiona1 Bank, therefore, has shown the way, and that it is appreciated by the savers of St. Louis is evidenced by hte' most remarkable progress the bank | has made'i in the first year of it's activ- i; ities It enters upon its second year under the most favorable auspices.