The Connecticut labor news., 1924-03-08

The convention opened at Il o'clock with President Patrick F. O'Meara in the chair. President O'Meara read a lengthy report de- tailing the action of the regular con- vention in appointing the committee to investigate the bank proposition, how that committee had gone to work, what it had accomplished and what tis aims were in the report to be made for the committee as a whole by Secretary Ornburn. MT. OsMeara also reviewed the history of banking and was especially enlight- ening in his rehearsal of the phenom- inal advances made by Labor banks in this country in the four years that have passed since the establishment of the first of these institutions.
 His report was especially interest ing in showing the hostility of the old-line institutions to these Labor owned banks at the outset but their complete turn about when made to realize that labor banks were there to stay. During the first two years of existence of the Engineers bank in Cleveland it was beset on all sides by old line institutions and when it offered 4 % interest drive was made against it by other institutions who had fixed the rate at 3 #. The Engi- neers fought back and showed up the clearing house activities and it's de- posits trebled instead of being re- duced and the old liners then dropped the fight.
 Some of the old line banks in Con- necticut are already showing opposi- ton to the establishment of a Labor bank, MT. O'Meara said, their senti- ment being against the establish ment of any more banks in the state, one of the officers of an old institu- tion telling him the state is already "overbanked." On the other hand he pointed out many officers of old line institutions have proved just the contrary and have offered and given considerable aid in getting the new institution in the field. Those banks showing opposition are for the most part either jealous or in fear of their own safety with the addition of Labor bank to the fold but many of these are due for a reorganization as has taken place with like institu- itons in other states where Labor banks were opposed but were found able to carry on their own battle to the consternation of their foes. Not only have some bankers given great assistance but applications from skilled bank men have already been received asking that the new insti- tuition consider them for executive positions, so he pointed out exper- fenced banking men have no fear of the success of the proposed bank.
 The committee has also been de- luged with applications from all sorts of people seeking to sell supplies or otherwise offering service, these rum ming all the way from architects who submitted sketches for a new bank building, builders who would build it and even on down to proffer of service for removing the waste. People with sites to sell have also been insistent on their claims and al- together everybody is interested in the new bank and has offered to join in.
 MT. O'Meara called attention to the criticism of some over enthusias- tic members that the committee was not proceeding with the plans with advice of Peter H. Brady of the New York State Labor Bank are proceed ing slowly and avoiding all the ob- stacles that other Labor banks en-