The Connecticut labor news., 1924-03-01
Special Convention To Act Finally On Labor
 Bank Here On Sunday
Every Detail Now Complete for Establishment of Institution and Replies Already in Indicate Enthusiastic Gathering-Site and Stock
 Distribution to Be Decided


 | Delegates representing practically every Organized Labor body in Con- necticut, affiliated with the Connecticut
 Federation of Labor, will gather in special convention in Trades Council 1 Hall, New Haven, on Sunday morning i at II o'clock to discuss, and very likely authorize, the establishment of a Labor towned and controlled bank in Connec- | ticut. That the convention will be representative and rousing one is as- sured from the number of reports a1- ready sent in by local unions and cen tral bodies which have acted favorably on the plan and elected delegates to express their approval
 1 The bank has been under careful con- sideration since last June when the reg ular state convention of Connecticut Federation of Laoor appointed com mittee of seven to take he matter up and repor back when 1t was in such shape as to be presented formally. This
 
 convention for Sunday has therefore been duly called and has power to au- thorize the establishment of the bank.
 The committee consisted of President P. F. O'Meara and Secretary I. M. Ornburn, representing the state execu- tive council, Karl Lang of Bridgeport, James P. Donahue of Waterbury, Fran cis R. Everin sef Haftfovd. George Chandler of Greenwich and Thomas R. Russell of Hartford. It went inn mediately to work at meetings held in various parts of the state, not only se- cured the senimen of the organized workers towards the institution but gathered facts soficient to indicate the Labor Bank would be abundantly sup ported financially.
 In their deliberations ffey were as- sisted by Peter H. Brady, head of the New York State Labor bank, who aided greatly by pointing out the rough spots that this organization had to travel in its organization and which can now be avoided by the Connecticut bank. A special subcommittee consisting of President O'Meara and Secretary Orn- burn was appointed to gather the state banking laws and get instructions from the state banking commissioner as to all the legal requirements necessary to properly establish such a bank and at recent meeting these details were all attended to.
 To ensure that every legal require ment was in proper order, the com mittee then secured the aid of Attor- ney Thomas J. Spe1lacy of Hartford and with him so perfected every de- tail that there can be no possible legal entanglement in the future. Every thing in fact is now in such shape as to be ready for lnal action on Sunday.
 While the matter makes volumes, 1t has been condensed into such shape as to be readily presentable and under stood by every delegate to the conven- ton. The capital stock to be issued, the process of issue, price per share, method of distribution will be decided upon by the delegates. The election of directors will naturally fall to the stockholders but even there the Organ ized Labor movement will have its way and representation.
 The location of the bank when estab- lished will also be decided by the con- vention at large. The committee has gone into this phase thoroughly and has several recommendations to report every one of which carries features that appeal so the convention will have ann pie room to decide what and where will be the best for the institution.
 Contrary to views expressed by some delegates at the regular convention, the bank has been welcomed by other f. nancial institutions in the state, several bank men having given valuable sug- gestions to the committee and assured the members that instead of being looked upon as rival, it will instead be welcomed into the financial field. The success of Labor Banks in other states and their conduct, has been such as to make them valuable adjuncts to business generally and the bank men are the first to realize this fact.
 The stock will be placed within reach of every individual labor man as well