Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-06-13
Sketch of Life


s6rotherhood, Mr.. Stone took an active
port a the campaign of the railroad
employees organizations for the Ad-
amson law. In all negotiations he
armed reputation for always keep
ing his word and never losing his
femper, and although he became one
of the most prominent labor leaders
81 the country he had gained the
distinction of never having been
called upon to lead a strike. He was
. Quoted once as having said: TT Is
\ fundamental principle without which
10 labor organization can hope to ex-
81, that 1t must carry out its con-
tracts.
One Of Mr.. Stones early achieve
ments In behalf of the engineers
vas the erection Of the brotherhood
Z Il story ONCE building in Cleveland.
ItIaid for itself in 10 years, at the
end OF which time 1t was valued er
more than $3,0o0,000. Another fea-
fnre Of his administration was conn
nnlsory life insurance for all epgin-
1erR During more than 20 years as
rhief executive Of the brotherhood It
Increased from a membership OF IS,
j1oo with $4,000, COO insurance in ef-
1fect to nearly $4,000 members carry
Ing approximately $200,000.000 life
I1lckuess and accident insurance.
With wide experience in money
I&atters as a result of having ham
{tled millions of dollars of brother
hood dues and insurance and having
made an exhaustive study Of coop
hsatire banks throughout the world.
NJ. Stone presented plan for an
Engineers cooperative bank at the
6i-ennial convention in 1913 and was
authorized to start such a bank In
Cleveland. It was opened November
III 1920, with a capital OF 100000,
md . surplus of 100000. Three
years later it's resources were nearly
! Vi 100000, This was followed by
Tie estab lishment of several other
hanks throughout the country. con-
6olled by the brotherhood, and in
addition substantial interest was
acquired in the Empire Trust Co.,
fet New York.
& Because the brotherhood coopera-
fnse bank could handle only limit
"a amount of business under the re-
sMrictions of the national banking
Avs, the Brotherhood Holding Com
yany conceived by Mr.. Stone. was
Incorporated In 1922 Cor $1,000,000.
me stock being sold entirely to en-
tineers. A year later the Brother
mood Investment company was in
scorpofated with a capital stock of
4l9000, 900. The brotherhood retain
q 81 percent of the common stock
~ the enterprises. A 21-story build
mS Tor the bank was erected IN
gieveland and the Brotherhood
building Association acquired IT.
story building in the same city.
Uuder Mr.. Stones guidance the
Mgineers as individuals invested
more than 100000 in coal mine
Moperties in Kentucky and West
virginia and financed mail order
slore on profit sharing basis to
provide themselves with the necessi-
ues Of life.
M. Stone was born on a farm near
4nsWorth, Iowa, February I, 1860.
- boy he worked on the farm In
Me summer and attended a country
school three months in the winter.
e rounded out this preliminary ed
eeaticn with study at Washington
academy, Washington, Iowa, and at
WESTERN College, Iowa. He became q
@emner of the Brotherhood Of Loco
Muuve Engineers in 1884, six months
s., sSter being promoted to engineer.
~ ability and his interest in the
Ssssanization was recognized by his
s.ectlon as secretary treasurer OF his
Iai Division. The he was made
10 Of the local grievance commit
- ana later chairman of the central
uinittee Of adjustment for the
O!nerhood of the entire Rock Is
ma system.
Il uhen he became head Of the bro
S.s elnood ne made his home in Cleve-
su ana took an active part in all
civic enterprises, being especially
ested In educational affairs.
~ vctober, 1884, Mr.. Stone mar
A. Miss Carrie E. Newell OF
Asency, Iowa.