BIG WALL STREET BANK HAS CHAIN BANK'S MORTGAGE
BIG WALL STREET BANK HAS CHAIN BANK'S MORTGAGE Minneapolis Labor Paper Finds Chase National Bank Mortgage on Northwest Chain (Special to The Progressive) MINNEAPOLIS. Minn.—An explanation as to...
...of nearly five million dollar...
...The Labor Review...
...One of the recent articles in the Minneapolis Labor review, directed at the Northwestern National Bank, follows, in part: The $3,000,000 mortgage on the new building of the unfair Northwestern National bank remains unexplained...
...The public is still anxiously awaiting an explanation by the officers of the Northwestern National bank as to why there should be a mortgage placed against the building...
...North Dakota, South Dakota...
...Oregon, and, Washington...
...Montana...
...Nebraska...
...The Northwestern National Bank of Minneapolis is one of the original banks that formed the huge $300,000,000 Northwest Bancorporation...
...Organized labor .has declared this hank and its branches unfair and refuses to deposit in them...
...When the building was constructed It was put up under nonunion conditions arid wages as low as 30 cents an hour were paid on this job...
...Iowa...
...an ardent representative of union labor, also brand...
...Northwestern National bank and the Bancorporation, boasting of resource...
...a chain banking organization which has spread itself-over the entire northwest and now controls more than 100 banks having combined resources of approximately $500,000,000 in the states of Minnesota, Wisconsin...
...Officials of the Ban-corporation, in reply to recent charges that their chain organization was secretly affiliated with the Chase National Bank of New York, denied any connection with Eastern financial interests and claimed that the Northwest Bancorpora-tion had been organized for the purpose of keeping control of its member banks from getting into the hands of Wall street capitalists...
...In that Issue Minneapolis Labor Review quoted the book and page on which the recording of the mortgage would be found in the office of the Hennepin County Register of Deeds...
...should find it necessary to borrow $3,000,000 from the Chase National bank of the city of New York, to build the building...
...Although this nonunion institution is lavishing money on page after page of advertising in the daily newspapers it has never used a line to explain to the peo-' pie just why the bank building is mortgaged in such a heavy amount...
...Men were Imported for the work, material was Imported and every offense that could be given Minneapolis labor and Minneapolis contracting concerns was offered by the arrogant bank controllers...
...People are wondering and asking and wanting to know why the...
...Only in the columns of the Minneapolis Labor Review ha.s this sensational transaction been given any publicity...
...Anyone who doubt:- this story should visit the offire of the Register of Deeds and be convinced...
...the Northwest-em National Bank as a non-union institution unfair to organized labor, and points out that its new building was constructed by low paid, non-union labor imported from outside...
...The Minneapolis Labor Review made public for the first time the mortgage of $3,000,000 held by Hip Chase National bank of the city of New York against the Northwestern Bank building, Tlie papers carrying this story .'ere bought, rapidly on the news stands and soon exhausted and people were aroused and surprised to find this nonunion bank purporting to be a defender of Minneapolis and the Northwest with a mortgage held on Its building for $3,000,000 by one of the largest Wall Street banks...
...Minn.—An explanation as to why the Chasie National Bank of New York City, the biggest financial giant in Wall street, is allowed to hold a $3,000,000 mortgage on the new building of the Northwestern National Bank of this city, to being demanded by the Minneapolis Labor Review in a series of news articles appearing on the front pages of the publication...
Vol. 1 • August 1930 • No. 37
