The Winslow mail. (Winslow, Ariz.) 1893-1926, 1924-10-24


brought about by the closing of The
Bank of Winslow and it's two branches
ON October 4, seems in a fair way
of solution by the entrance into the
local field of the Peoples Bank and
Trust company of Los Angeles. This
strong cooperative financial institu
ton readily decided, upon brief in
vestigation of local conditions to es
tablish branch bank in Winslow, and
take over, as trustee on behalf of the
depositors, the affairs of the defunct
bank Walter M. McCaleb, president
of the San Bernardino Valley bank,
one of the links in the Peoples Bank
and Trust company's chain, arrived
here Tuesday, spent that day and
Wednesday in conference with inter
ested people here, following which the
announcement was made that the Peo
Piles Bank and Trust company would
begin operations here within week
or ten days, or as soon as charter
can be secured from the state bank
ing department.
State Superintendent of Banks A. T.
Hammons spent the week in Winslow,
for the purpose of comforting with
Mr. McCaleb, and lending what as
sistance he could to make the trans
fer to the Peoples Bank and Trust
company with the least possible de-
lay. Mr.. Hammons has worked in
cessantly since taking over the Bank
of Winslow three weeks ago, to ar
rive at the best possible solution of
the difficult problem. He left with
Mr.. McCaleb Wednesday evening for
Phoenix where certain details of red
tape will be unwound before the state
banking department, prior to the
opening of the new institution.
The Peoples Bank and Trust COM
pany will also take over the bank
at Tucson, known as the Cooperative
Bank and Trust company, and this
will be converted into branch of the
brotherhood bank in this state. With
the taking over of the Bank of Wins
low and it's conversion into work
fngman's bank, the name of the Tue
son bank will, as soon as the neces-
sary bylaw amendments can be made,
will be changed to conform with the
Peoples Bank and Trust company.
1t is the plan of the brotherhood
organization to extend the system to
include all the important labor cir
cles of Arizona besides Tucson and
Winslow, namely, the Globe and Miami
district, Jerome, Yuma and any other
point in the state where there is suf
ficient patronage to support labor
bank. The plans include the estab
lishment of the headquarters bank at
Phoenix, from which point the other
banks will be operated
Mr.. McCaleb when asked about the
plan said:
''It is the hope to build in Arizona
a great bank dominated and controll-
ed by labor in keeping with the big
program which was launched four
years ago by the Brotherhood of Lo-
eomotive Engineers when their bank
was opened in Cleveland. The same
fundamental principles announced at
that time will underlie the Arizona
bank. These principles have been
spread throughout the length and
breadth of the United States. There
has been erected on them thirty odd
labor banks. To some of us these
principles mean vast deal, in as
much as we believe that the economic
destiny of this country will eventu-
ally be fixed by right ideals.
Let us stop for a minute to con-
slider some of the vital issues upon
which rests the new banking pro-
gram. One turns on the question of
square dealing with depositors Square
dealing means nothing more nor less
than a practical application of the
golden rule. In most banks in the
United States certain rules are set
up by clearing houses to which the
depositor must bend. For example,
in most institutions where a deposi-
tors checking account falls under
$4,000 any day in the month he is
taxed fifty cents or a dollar as ser
vice charge. Again, in the savings
department rules are so adjusted that
the depositor is caught going and
coming. Should he fail to make his
deposit in time or he withdraws his
deposit before the expiration of the
term fixed by the bank, it means that