In 1930, Local 103 started a Credit Union to assist members in their time of need. It cost 25 cents to join and $5.00 per share. This first credit union failed during the Depression.

A new forty story building now stands at the old location of the Essex Building, One Financial Place.

A twenty-five story post office building was being erected in Post Office Square and Business Manager Capelle created two new prescriptions for safety and prosperity on this job. It was the first construction job in the nation to use hard hats - steel helmets from WWI, and members of Local 103 could only work 30 days until they were replaced by other Local 103 members to give all a chance to work as the Depression deepened.

There was no welfare or unemployment and the recently formed credit union was not getting off the ground. Local 103 members were sleeping on Boston Common during the summer months. Impoverished members who died were buried by the Local Union and it was rumored that the coffin had a "Houdini-like" false bottom so it could be used again. Unemployed members stole the piano out of the union hall and pawned it along with their tools and needed five bucks to get their tools back if they went to work. Needless to say, many members could not pay their dues and dropped out of membership. Some returned, many never did. These hard times were impressed upon Local 103 brothers for decades after the Depression.