The Butler County press. [volume] (Hamilton, Ohio) 1900-1946, 1925-09-04
FEDERATION BANK
IS HUGE SUCCESS
Workers Have Given lnsti-
tuition Enthusiastic
Support.

The Federation Bank Of New York,
Thirty-fourth street and Eighth ave-
nue., reached its irst anniversary,
press accounts accentuating the fact
that this bank accumulated $5.55O,O 900.
more than 10 times its capital and sur
plus, In one year.
This Is declared to be just the be
ginning Of q movement to marshal the
enormous savings OF workers, not
large individually but imposing In the
aggregate, and to lend 1t to the com
munity and to individuals for projects
that have q social purpose. Until la
Dor banks began to sprout up in man.
places within the last four years.
Peter j. Brady, president of this bank
points out, workers. farmers, and 9th
er producers put the S5O,0OO,OOO,0Oo
dollars they deposited in banks every
year entirely at the disposal of capital
istic banks and bankers.
Much of the Federation banks sue
cess is admitted to be due to the en-
terprise and initiative Of Its president,
who Is q veteran in the labor move
ment. It's complete strength Is tina:
of the entire labor movement and q
diversified board of directors. com
posed of photo engraver, pattern
maker, carpenter, textile worker,
a steamfitter. aNfireman, an upholster
err, q longshoreman, brewery worker
and several lawyers, bankers and bus
ness men who gladly offered to SER
q labor bank.
Expansion Of the bank is looked fo
ward TO. 1t is already serving n
tional and local clientage.
Among services offered is the pa,
rnent Of four per cent interest on sas
ings accounts from the date OF de
poslt TO the date of withdrawal
return for use of depositors' none
not offered by commercialiZed ban
safeguarding in vaults of record
and securities for organizations an
individuals, liberal lending policy
those who want to build homes tran
mission of funds abroad, and final
to keep watch Of the financial hor
zon to detect snnahs' lit might n
feet the labor movement.
While having IN ,.aw the ideal 0
building up socially controlled cred
ii structure that viii provide for tii
diverting of the nations cash into use
fui and humanitarian enterprises
President Brady in his statement OF
the banks anniversary stressed TIE
need for prudence and foresight in tho
development OF the labor banking
movement. He said:
Labor is rapidly becoming capital
conscious and Is beginning to set aside
its savings for the good of the com
munity, with the ultimate idea of OBJ
tanning share in controlling the cred
it Of the nation, the bulk of 1t sup
piled by the producers.
"In developing this bank, however,
we have never lost sight Of the essen
tials-soundness Of our investments
and the liquid condition Of the insti-
tuition SO that an abundance Of cash
VIII always be available to our
patrons.
Our steady growth, at rate Of ap-
proximately half million dollars a
month, has made the Federation Bank
OF New York the largest labor bank
In the city and the second largest In
the nation, although we are among the
youngest.
1T is q big job to launch a labor
bank successfully but we have not
found it difficult, with more than 400
unions and many civic, political and
religious organizations in which work
ers predominant participating.
I'm one year we have accumulated
In deposits 10 times our capital and
surplus, our record showing a volume
OF business not equaled by the av-
erage bank In Ave years. There can
no longer be any doubt that we are
here to stay.
AS the result of our achievement
We begin the second year of our ex-
lstence on profit-making basis. Near
" five hundred labor unions are now
using the Federation Bank of New
York for all or part Of their financial
Added power and pres
dge will come to the labor move
nent as the result Of our future suc.
,esses."