The Connecticut labor news., 1925-03-14
LABOR LEARNS THAT CREDIT IS GREAT
 WEAPON. BRADY
(From an Article in the New York Herald-Tribue by John Kimberly
 Mumford.)

| and arithmetic; nor in its loftier phases is it bounded by Latin, Greek and sci ences. The discovery that the moon is not made of green or any other kind of cheese oftentimes the full equivalent of la baccalaureate diploma.
 l Radio may have new marvey every morning The unfolding revelations of l the atom may open the door to un- dreamed of realms in industry-to re- sources that will keep everybody warm when all the coal shall have been used LID in super-power and when corned beef and pigs-knuckles are only hay and haunting traditions. We are uncover 1 ing the mysteries of matter at dizzy rate and making money from them, while the lonely and somber classicist laments that once cultured world has gone daft on technic and material ! things.
 He should indeed worry, even if he has to do it all by himself There is nevertheless solace, for him and every body else, in each succeeding proof that while knowledge comes i'll vast and con- fusing volume, wisdom-at least in spots-has ceased to finger.
 refreshment i'll contemplation of Peter J. Brady and his Federation Bank. The Federation Bank represents on ot the most impressive accessions of wisdom i.l this hurrying age; MT. Brady is its pre- ent, its promoter and its president. It success, which is almost phenomenal | in time of business marvels, IS partly owing to MT. Brady and partly to the fact that the Federation Bank was pre- cisely due; that conditions had been ripening for it for half century, that the knowledge which prepared the way 1 for 1t had been accumulating for a long time and wisdom at last rang the bell
 l Today there are 30 labor banks. MT. Brady's bank is the most startling of these It claims that 1t Is the most rep | resentative of them because 1t is the only one i'll which all trades are rep resented instead of one. And the other day he handed me its statement show l ing that after 21 months of life 1t had resources of almost nine million dol ] lars, with something like five millions of savings accounts. And these, as every banker knows, are the backbone of any institution On these deposits it is pay ing practically 1-2 per cent. It carries the accounts of very considerable busl- ness firms, of some 800 unions, of State and city departments, and in addition some solid international interests which any bank would be glad to get. It IS financing home building for groups of working men and specializing i'll help ing the union man to invest his say ings with wisdom and safety. It is a great deal of bank, and it is growing visibly from day to day.
 You don't have to have any kind ot influence at all to get at the president of this most unsual bank. 1 found him passing from telephone to telephone III the front office, answering one call at ter another, stopping to talk with one visitor after another, first come hrs' served. For simple accessibility he has a New York hotel clerk backed ott into the void I talked with him for an hour mostly about the bank.
 There's not much about me that's worth while," he said, 'but 1 think there's lot that's interesting about the bank It marks, as the labor bank l everywhere does, a new trend and new discovery. Labor walked to the fact that the great weapon of credit, which ! rules industrial and agricultural lite, was intrusted to individuals and to 1 great bankers Labor was deposltlng its money in places where it was not always-to put it mildly-used for the benefit of labor. We were long time finding it out.
 There is paid to. industrial workers in the United States every year some $25,OOO,OOO,OOO in wages, and out ot this six or seven millions are saved The labor banks expect in the course of time to control these deposits. Out of this immense volume of wage funds what they handle at present is only drop in the bucket, but as the propor- ton grows the stabilization of industry will grow and the relations between labor and capital will improve. This bank has already i'll number of in, stances been able to bring about set, clement of differences between en- pIoyers and employees which migh' otherwise have developed into long and