Evening star., 1933-12-16
I. c. BROKERS GIVEN
RULINGS ON CODE.
Hours, Pay and Other Points
Are Covered by Pamphlet
Approved by N. R. A.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Copies of the pamphlet issued in
New York, interpreting important points
in the code of fair practice for Stock
Exchange firms, have been received in
ell the brokerage houses in Washing
ton. The booklet was prepared by the
board of administrators of the code,
with the approval of the National Re-
covery Administration It covers %
points such as hours of work, rates of
pay, and similar problems
The first question is whether en-
ployerS can compel their employees to
take one week off periodically, thus
keeping the weekly rate of pay tech
nically the same, although the aggre-
gate amount paid over longer period
CT time would be reduced The board
ruled this permissible, but should be
avoided if possible, its use being favored
only when discharges might otherwise
result.
In reply to other questions, the board
Of administrators states that employers
may discharge workers; that they may
establish a Stagger system in the nature
Of 'share-the-Work" program, so that
a larger number of employees may be
hired; that employees may be discharged
and rehired in different capacities at
Lever salaries: that supper money,
bonuses and other extra payments may
be credited against the obligations of
n no. tt,on
be credited against salaries.
Hours Of Work Adjusted.
Employers receive permission to work
employees less |than 40 hours a week
SO that. if at a later date overtime is
required. the firms may take credit for
the shorter hours worked previously by
the employe.
The minimum wage provision, it is
ruled, applies only to employees on
salary basis and has no reference to
statesmen employed entirely on commits
sion.
In determining whether an employe
is exempt from the labor provisions of
the code because he is in managerial
or executive capacity" his type of work
must be considered the basic factor, the
pamphlet declares.
Brokers are advised to keep detailed
records of the hours of work and sala-
ries paid to all employees, regardless of
whether they are exempt from any pro-
visions of the code.
Brokers are warned that they may
not calculate the daily rate of pay of
their employees and then force them
to take off one or two days week
without pay.
Pay for Part-Time Help.
Part-time workers may be paid pro-
portionately for the time employed at
the minimum weekly rate even though
the amount for the week may total less
than the minimum rate specified by
the code. Provisions of the code relat-
ing to maximum hours apply only to
hours actually worked and do not in
clude time taken out for meals. sickness,
jury duty, vacation and other matters,
It is explained
Workers may be employed at an
hourly rate of pay. so that if on duty
40-hour week the amount received
would exceed the minimum rate even
though they would actually get less if
their tasks did not consume the full 40
hours.
The original code of fair competition
became effective on November 13. after
1he N. R. A. hearings in this city. It
raised SO many questions from employ
ers that the pamphlet was issued to
answer them.
So far, however, the original code
has been operating so smoothly in
Washington that practically no changes
will result from the answers just given
to the % questions. The replies, how
ever, prevent any possible misunder-
standings or wrong interpretations
Since the code pamphlet w;- issued,
the exchange has also voted to start
campaign of publicity aimed at giving
the public more information into the
workings of the great securities mart.
A campaign of education, it is called.
While it may be only coincidence, it
will start about the time that Congress
goes into session.
S526,0O0,000 Loaned Closed Banks.
Chairman Jesse H. Jones of the Re-
construction Finance Corporation re-
ports that to date the corporation has
leaned 1925, 100000 for liquidation of
deposits i'll closed banks. This is in
connection with the Nationwide effort
to get money in closed banks back into
circulation.
Chairman Jones also reports that r.
F. c. purchases of preferred stock and
capital notes from banks ali over the
country, under the credit expansion
program, now total $530000,000.
These purchases were made in 1912
banks, he says, while the corporation
has received applications from 2,608
banks Right now the volume of these
purchases is very heavy. In three days
this week ASS applications were ap-
proved.
The r. F. C. has purchased 446,0
ounces of domestic gold at cost of
$l4,885, 600, the chairman added. The
amount of foreign gold bought recently
is said to total s35,000,0o0.
Cleaned in Financial District.
Several local banks have decorated
their lobbies in oldtime Christmas
fashion and are receiving many de-
served compliments from their patrons.
Sale of tuberculosis seals in the lob
bies of the banks in the Capital are
reported to have been very successful
during the past week.
New life insurance production in No
vember amounted to S681 ,049, 900, COM
pared with S671 ,242,000 in November
1882. the Association of Life Insurance
Presidents reported today. 1t is the
second time this year when the monthly
total has been ahead of the like 1882
period
Washington banks we're swamped
with Civil Works Adminis ration checks
again today Such checks were cashed
in cases where the holders were identi-
fed. In other instances the holders
were advised to go to their local stores
or to the United States Treasury, where
special attention is now bein' given to
these checks.
Reports regarding the progress of the
1884 Christmas savings clubs in ID
Washington banks are somewhat
varied In some banks they are con-
siderably behind last year. Others are
ahead. One bank had such a rush of
new members that the books gave out.
Flenty of new books will be ready to-
morrow, however. o.