Show I I Labors Labor's Financial Institutions By PETER PTER J J. J BRADY President Federation Bank of New York Labor day It Is always momentous a day of y reJoicing a day of visualizing how much has hat I I i been done and how much still I Is le to be won Of all the newer enterprises enterprise of labor none nono have been more successful than labor banks That Idea Is I. little more than six years year old yet iy 3 It has been overwhelmingly successful from they the y F start It has not been merely a pooling of Interests of labor labo It has attracted great support support support sup- sup port from the public It h has 18 Increased the prestige pres t tige of our movement and Is becoming a great educational force for the workers who own these banks and for those who have been entrusted with their administration on Labor Is I. learning the game ame of finance In the most practical practical school chool of experience All of this knowledge will be at the disposal of the movement to guide and safeguard It at atall atall atall all times The growth of the thirty and more labor banks has been gradual and sound Beginning with what might rightly be termed a visionary Idea these financial Institutions Institution of labor have put solid foundations foundation 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 sum um of There Is le nothing supernatural about banks but workers continue continuo to regard them thom with awe What would be the amazement of the worker of a century ago on seeing labor enjoying Its Ita own holiday having Its Ita spokesmen In the tho councils of the nation owning Its Ita own banks lift life Insurance companies co operatives and Its millions of members marchIng marchIng marching march- march Ing steadily on to a better day We have havo ma made mado do great progress That labor banks should be successful Is le natural The time was ripe for It That the public should support labor banks bank Is I. 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 keener tion of the points of view of labor and capital It will lead to a clearer understanding It Is this appraisal of progress made that warrants us to celebrate joyfully and to mark this Labor day 1926 as of biggest promise most rich In achievement |