The Winslow mail., 1924-11-07
LABOR BANKS WILL
TEND TO DECREASE
INDUSTRIAL LOSSES

A4vA< vi 4A4& AA A>0y4AO
The establishment of a branch of
the Peoples Bank & Trust company
in Winslow, which is temporarily op-
Grating under the name of The Co.
operative Bank, Winslow branch,
raises in the minds of many the ques-
tons of why labor bank?" whats
its purpose?" What's it's object?,
The following will give some figures
on what has been accomplished, what
it is hoped to accomplish, and the
great good expected to be derived
from the rapidly-growing chain of
labor-controlled banks:
Warren S. Stone, president of the
Brotherhood of Locomotive Engineers
and chief labor banker in the United
States, tells some big business truths
in the Worlds Work of October 30.
Mr.. Stones subject is "Labor's
Chain of Banks in the United States"
The main facts about these banks are
fairly familiar-reSources of $3.50, 000,-
600, twenty-eight institutions already
doing business and seven more or
ganiZing.
And there are sixty applications
on my desk" writes Mr.. Stone, ask
ing how to proceed and awaiting in
vestigation." For which reason, he
adds, 1--WE do not try to hurry this
process; we try to keep the brake on
it."
What is the special good that this
growing chain of banks is expected
to bring about? More thrift among
workingmen. That is Commonplace
More profitable use of WOrkingmen's
savings for the benefit of workingmen.
That, too, is a commonplace. A bet
ter understanding between working
men and business men; nearer CO.
operation between wOrkingmen'S cap
ital and employers capital; and,
therefore, less industrial warfare, few
er strikes and lockoutS; and, conSe-
quently, a decrease in the enormous
losses that cut down the incomes of
workers and business men whenever
the two groups fall out and shut up
the factories or close down the mines.
That is not so much of a common
place. In fact, it is new. 1t also is
the most important thing for capital
and labor that has come to pass since
the war. Why? The figures answer,
Last year was comparatively peace
full. Yet the estimate it that strikes
and lockouts cost the United States al
most three-quarters of billion in
dollars and 100000 days in produc-
ton.
For the eight years up to last Janu-
airy l, the loss from industrial dis
turbances" is estimated at more than
$4,000, 100000 OF this vast sum about
half a. billion was lost by employers,
about billion and three-quarters by
employees and about ten billions by
the nation at large. The figures seem
too big to be true, but they have good
authority behind them.
It is exactly this sort of waste that
the labor banks are expected to check
not wholly, but in part. That is Mr..
Stones main point. He quotes Pro-
lessor Carver of Harvard to prove 1t
and the president of 1.-The biggest Wall
Street bank" to prove it again.
AS bankers among bankers, the Of
ficers of the labor banks feel sure
that they can deal more fairly and
peaceably with the affairs of labor
and capital, can secure in advance of
threatened trouble a pleasanter re-
IdLlOIlSuIp duu CdA ACO0NO AoS e~b0A
ish but reduce-the so-called class
war in this country to minimum
without injustice to anybody and with
profit to all.
Besides all this the labor banks can
and do gather in the small capitals OF
the workers and build them up to d
level where they can compete with
the big capitals of the employers. A
corporation with a thousand stock
holders contributing $500 each is just
as strong as corporation with
hundred stockholders contributing So
600 each Money is money, and half
a million of labor's money, If got to-
gether under competent management,
can earn just as much profit as half
a million of employers money got to-
gether under competent management.
The problem is to get labor's money
together. That is the business OF the
chain of labor banks
But has labor enough money to
keep 100 or more of these banks go
ing throughout the country and to lift
millions of working people into the
ranks of small capitalists? 1t surely
has 1t has billions of it. In Europe
labor's capital is supposed to pass the
billion mark In the United States
labor's capital is supposed to pass,
far and away, the ten billion mark.
There is plenty of money to accomp-
lish the results hoped for by Mr..