A Shock

The country was treated to something of a shock recently, when it was announced that the Brotherhood of Locomotive Engineers Cooeperative National Bank of Cleveland had joined with the National City Company in a public offering of $3,000,000 International Great Northern Railway Company 6% first mortgage bonds. Never before has a Labor bank gone directly into the investment banking field. Moreover, it was regarded as significant that the first appearance of the Brotherhood. Bank should be made jointly with the National City Company, the investment subsidiary of the largest bank in this country. The Labor bank has handled small local issues in Cleveland and even had a "silent participation" in large issues before. It reserved its first public appearance until it could join with one of the premier underwriting organizations in the country.

The Brotherhood bank, in addition to receiving subscriptions from investors in the usual way, circularized the members of the union, in an especial effort to "put away" its share of the bonds.