Show Labors Labor's Financial Institutions I IBy By PETER J BRADY Federation Bank Banit of New York I Labor day Is always momentous a day of Ate rejoicing a day of vl visualizing how much has hasA c been dore dorc and how much still Is la t to be won Of all tic the t e newer enterprises of labor none have been more successful than labor banks J That Idea la Is little more than six years old yet e It has been overwhelmingly successful from the start It has not been m merely rely a pooling of off y Interests of labor It has attracted great sup sup support pY port from the public It has increased the he pres I Ft tige of our movement and Is becoming a great I educational force for the workers who ow own I i these banks and for those who have been entrusted with their administration administration ration Labor le Is lag learning the game of finance finance In the most prat practical iii a AZa school of experience nce All of this knowledge will be at the disposal of the movement to guide nie and safeguard It at atall atall atall all times The growth of the thirty and more labor banks has been gradual ard sound Beginning with what might rightly be termed a visionary Idea these financial Institutions of labor have put solid foundations under them In the form of deposits and resources at present over The Federation bank has been particularly Inspiring for forIt forIt forIt It now has entrusted to It the Immense suns sum of There Is Ie nothing supernatural about banks but workers continue to regard them with awe What would be the amazement of the worker of a century ago on seeing labor enjoying Its own holiday having Its spokesmen In the councils of the nation owning Its own banks life Insurance companies co operatives and Its millions of members march march- marching marching i I ing steadily on to a better day We have made mad great progress That labor banks should be successful Is natural The time was ripe for It That the public should support labor barks banks Is natural for forthe forthe forthe the public leans toward labor As a result of labors labor's participation In finance Is coming a new alignment mutual respect a I keener appreciation tion of the points point of view of labor and capital It will lead to a clearer understanding It Is this appraisal of progress made that warrants us usI I to celebrate Joyfully and to mark this Labor day 1926 as of biggest promise most rich In achievement |