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Story
July 25, 1930
The Butler County Press
Hamilton, Butler County, Ohio
What is this article about?
In Cincinnati, labor unionists despair over The Brotherhood Bank's closure on June 26, losing savings meant for old age and security. Confidence returns as The Central Trust Company, with vast resources, takes over, ensuring no losses and reviving faith in banking and thrift.
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Full Text
CONFIDENCE RETURNED
A total eclipse of the sun couldn't have made the world look darker for the labor unionists of Cincinnati on Thursday, June 26. Those union members who didn't have personal accounts at The Brotherhood belong to organizations who did.
"So this is the result of thrift," many labor unionists thought. "The principle of Thrift, which we have practiced, and which we have taught our children is false. It would have been better that we should have lived in the present, and spent our money as we earned it, for now our savings are wiped out."
Labor had saved at The Brotherhood to secure an old age against want; for sickness or unemployment; for a homestead. These hopes seemed to evaporate.
In the following days, the hysteria that gave birth to such black thoughts disappeared. Confidence slowly returned.
Then, in less than a week after the closing of The Brotherhood Bank, the good news was broadcast. The Central Trust Company, an institution with vast resources-$45,691,000-would take over the Brotherhood Bank. This guaranteed depositors against any loss, or even against any inconvenience.
The Central Trust Company's action started a wave of optimism, and confidence in banking and thrift. Again labor unionists are providing for old age, homes, sickness, vacation, unemployment.
Labor leaders have announced that they would stand by The Central Trust Company, doing business with this institution, as they formerly did with The Brotherhood Bank.-The Chronicle.
A total eclipse of the sun couldn't have made the world look darker for the labor unionists of Cincinnati on Thursday, June 26. Those union members who didn't have personal accounts at The Brotherhood belong to organizations who did.
"So this is the result of thrift," many labor unionists thought. "The principle of Thrift, which we have practiced, and which we have taught our children is false. It would have been better that we should have lived in the present, and spent our money as we earned it, for now our savings are wiped out."
Labor had saved at The Brotherhood to secure an old age against want; for sickness or unemployment; for a homestead. These hopes seemed to evaporate.
In the following days, the hysteria that gave birth to such black thoughts disappeared. Confidence slowly returned.
Then, in less than a week after the closing of The Brotherhood Bank, the good news was broadcast. The Central Trust Company, an institution with vast resources-$45,691,000-would take over the Brotherhood Bank. This guaranteed depositors against any loss, or even against any inconvenience.
The Central Trust Company's action started a wave of optimism, and confidence in banking and thrift. Again labor unionists are providing for old age, homes, sickness, vacation, unemployment.
Labor leaders have announced that they would stand by The Central Trust Company, doing business with this institution, as they formerly did with The Brotherhood Bank.-The Chronicle.
What sub-type of article is it?
Historical Event
Personal Triumph
What themes does it cover?
Catastrophe
Fortune Reversal
Triumph
What keywords are associated?
Bank Failure
Labor Unions
Thrift
Confidence Return
Financial Recovery
What entities or persons were involved?
Labor Unionists
Where did it happen?
Cincinnati
Story Details
Key Persons
Labor Unionists
Location
Cincinnati
Event Date
Thursday, June 26
Story Details
Labor unionists in Cincinnati face despair after The Brotherhood Bank closes, wiping out their savings, but confidence returns when The Central Trust Company takes over, guaranteeing no loss and restoring optimism in thrift.