The St. Paul echo. [volume] (St. Paul ;) 1925-1927, 1927-02-05
THOMAS MORGAN
MADE DIRECTOR
OF CREDIT union
Negro Postal Workers Hold Of
fees and Cooperate in
Organization.
Unions Promote Thrift
Credit Unions Have No Equal as
a Practical Means for
Teaching Thrift.

Thomas R. Morgan, well known
postal clerk and publisher of the
Helper, a church periodical, was
unanimously elected a member of the
board of directors at the election of
officers and directors that took place
at the annual meeting of the St. Paul
Postal Credit Union, held Wednesday
evening, January 26th, at the Main
Post Office. Mr.. Morgan has been a
postal worker for the past 13 years.
Credit Union Purposes.
One of the purposes of the Credit
Union is the promotion of thrift
among postal workers. Recently in
letter to members of Service Coun-
ellis, Harry S. Dennison, Director of
Service Relations, writes:
at has been said that Credit
Unions are demonstrating in increas-
ing measures their great value to &C
complish at least three things: Cd
They promote thrift by supplying a
convenient, regular and systematic
means for saving; CD they demon
strate that by the cooperative credit
plan, provision is made for borrow
ing for provident purposes at normal
rates of interest; CD they turn out
to be educators, capable of bringing
knowledge to the members on mat
ters of finance. One writer has this
to say about the Credit Union: AS
a practical means for teaching thrift,
and the fundamentals of finance, the
Credit Union has no equal. AS a
formula for promoting good fellow
ship, fraternity and Americanism, it
serves equally the employer and the
workers. Those who promote and
operate Credit Union come in close
relations with the human problems
of their associations
Organizations Grow.
THE first postal Credit Union was
organized four years ago, January S,
1928, with eight shareholders own
ing ten shares of stock and assets of
less than $4,000. There now are
sixty-five such organizations and five
other groups are planning to organ
ize during the present month, and in
all probability on January II. It is
believed the number will reach 100
by the end of this year. The amount
paid on shares, by approximately 12,-
600 shareholders, represents more
than 100000 and fully indicates the
thrift value of this movement. since
this amount has been accumulated by
the regular and systematic payments
on shares of small amounts, gener-
ally 10 to rs cents, weekly or semi
monthly. AS means for promoting
thrift and furnishing members with
credit facilities for provident DUR
poses, it has proved a decided sue
cess in the postal service and it is
difficult to predict the future growth
and development. One postal Credit
Union now has assets of $15O,0OO,
all accumulated by the Credit Union
procedure as outlined above"
Lerman Organizes.
Attorney Louis E. Lerman of the
law firm of Mallory and Lerman Or
ganized the st. Paul Postal Credit
Union, and it now has about 200
shareholders, and their monthly de-
posits total about $500. IL. Stokes
was one of the incorporators and
John H. Hickman, Jr., was elected
on the first board of directors, serv-
ing one year.
Charles J. Moos, st. Paul post
master, in statement to an echo"
representative, stated that the de-
partment endorsed the Credit Unions
and that he believed the local Credit
Union will be of great help to the
postal workers and that he wished
to do all he could to promote the
fnnctinninu Of thu orno ,i1o