Labor banksone of the few labor experiments of which Capitalism has approvedseem in a fair way to become established in the industrial and commercial system of the country. Recently, the Federation Bank of New York began the payment of dividends to stockholders. Still more recently, it celebrated its second anniversary (TIME, June 1, THE PRESIDENCY).
Last week, the Amalgamated Bank, launched by the Amalgamated Clothing Workers of America two years ago last April, put itself on a dividend basis. It announced an 8% dividend basis and declared $2 a share, payable in June.
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