Show LABOR FEDERATION TO ESTABLISH BANK BANI Tho The Salt Sal Lake Federation of Laboris Labor is engaged ed according to A A. A E E. Harvey Harve I secretary of ot tho the state federation in I preparing plans for establishing a n. co cooperative co- co operative opera bank in this ell city O Organization I tion work ork I is beIng pro prosecuted as fast as possible it is understood with tho the view of opening tho the bank for business by October 1 I 19 1920 O Tho The slate state law pro provides ides that such banks anks may be bo started and stock sold Organization plang aro arc h laid lild ld down in detail in the tho statute which was passed in 1915 by tho the state Legislature This law provides that such banks m. may maybe maybo bo be capitalized for an any amount desired and that stock shall shaH bo be sold at al 55 5 S a share It is further furt provided that no Individual stockholder shall purchase moro more than OO shares When tho the bank is established Mr Harvey says Bays that money may be bo borrowed borrowed borrowed bor bor- rowed by members or nonmembers of ot the labor organizations but that preference will bo be given to organization members Tho The decision to establish a labor bank jank was wa-s reached at tho the State tate Federation Federation Federa Federa- tion lion of oC Labor meet last October ac according according ac- ac I cording to Air Mr Harvey Hane |