The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1927-06-22
Exit the Brotherhood Labor Banks.

Delegates to the Cleveland convention of the Brotherhood
of Locomotive Engineers heard from the lips Of their own leaders
the omber obituary of labor banking The vast edce of the
Brotherhood banks and its subsidiary financial ventures
prsng banks and investment companies went crash
ing heads In spite of the fact that the Brotherhood
banks nothing less than plain capitalist nstitu
ons nduging the braZen exploitation of labor and
fighting against union organization OF its ventures the serve
akeys capitalism the head of the Brotherhood could
keep of game Their cab mnes scab buildings and
general unonwreckng policies to the approved CAPT
a standard revealed Jack Kennedys article in this
of The DAILY WORKER, but then they could not
hold their
Even during the life the lieutenant CAPT
am Warren Stone the structure of labor banking tot
erng The Communists alone far back 9223 exposed
the Weekly Worker orerunner of present daily the pal
pa fraud of all labor banking schemes and declared that such
operate purely capitalist basis part
parastism of Wall Street in order to survive We proved
that positive detment to the work
ing class and that banks could any aid
workers struggles We showed that the principal income
modern banking derived from participation in the sale
issues that through the banks the workers must become
involved the repusve features of class collaboration
that their would abandon sembance of srug
against the employers because through participation in
dusra stock issues they would be striking workers against
capitalists order avoid crash that
Mr. Warren S. Stone became partner in the Wall Street
Empire Trust that the Brotherhood banks could
get their share of the profits derived from dcounng stock
issues
After the death continued his poll
enrichng themselves by speculative pngng in the most
approved capas style But the crash in Florida where they
had invested heavily in real estate he best Of all securities
according Peter Brady Sydney man and other apostles
labor bankng brought the aoor bankers face to face with
where they would have to confess failure and kicked
office by the membership persuade power
capitalist their Their saors proved
TO be the notorious scabherdng srkebreakng Men gang
PHILADELPHIA which years conducted training school
sab be supplied TO all traction lines desiring to break the
street Garments union.
Just shady transactions took place between the Ntens
and Brotherhood officials be known The Pha
dephia traction baon interested in the Brotherhood
lures principally because Of the mine holdings West Virginia
They can use Coal River Golfers Company furnish
coal for scabby traction lines and of continue the
banking business along the old lines
crash should be sufficient to silence for time at least
the contemplate scoundre and traitors to labor who
ducng the workers have confidence in such institutions
labor banks which the absolute mercy of the Wall
Street bandits and lie crushed gorilla brushes egg
shell the moment they desire to do So
1t to be hoped that the convention in Cleveland after get
ting rid of the banking upon the ar drives
from labor movement into the ranks of the avowed
ackeys Of capitalism where they will in future get their
they instead of from the workers they beay