Another Bank

The formation of an investment banking corporation by a group of prominent officials of international labor unions, in order to "mobilize labor's financial and credit power" was announced by Guy H. Oyster, former secretary to Samuel Gompers. The corporation will be known as the H. W. Morgan Co. and will maintain headquarters in Washington.

The organization of an investment concern carries a step further the invasion by labor of capitalistic fields of enterprise. The movement began with the Brotherhood of Locomotive Engineers who were the first to organize cooeperative labor banks and who now have six going establishments, not to speak of a share in the Empire Trust Co. of New York.