Evening star., 1933-10-10

code as finally Allen A. StockdaIe.
signed by the
President reveals that it is practically
the same as the draft that was pre-
sented by the American Bankers Asso-
ton at the recent hearing held in
Washington before Deputy A. D. White
side
Slight changes in the code. which
we're suggested by leading bankers from
all over the country. were made before
the President penned his name en- it.
Mutual Banks Under Own Code.
The code places all classes of banks
under the National Recovery Admins
tration with the exception of the mu-
tual savings banks. At the recent
hearing these banks made request to
be allowed to present their own code
and this right was granted.
Careful reading of the text shows
that local banks will have to make few,
if any changes, when the standardized
rules go into effect on october 16. The
reason is that the banks in the Capital
had already made all the changes called
for in the Presidents temporary blan
ket code, which was published several
weeks ago.
Banks here were quick to conform to
the suggestions in the temporary code,
hours of employment and some addi-
tions and changes in personnel being
made at that time. That action makes
the present situation very simple.
The permanent bankers code relates
to salaries and wages, hours of labor,
number of people to be employed. inter-
est rates, service charges and host OF
other matters, the details of which have
already appeared in The Star.
Bankers Draft Accented.
The final code was drafted after most
exhaustive study by members of the
American Bankers Association and by
flnanciers who are not members Of the
big national organization. Prevailing
harmony at the hearing indicated that
the final code would differ very little
from the A. B. A. draft. At that time
Deputy WhiteSide congratulated the
bankers on the unity of purpose mani
tested.
Bankers expressed qualification here
today that there were no serious differ
ences over various provisions of the
financial code. such as cropped out in
connection with the coal code and some
of the others. They believe the new
financial code is as fair for all banks
as it is possible to make it.
Under the new code, as under the one
adopted temporarily, certain employees
will have shorter hours under the 40
hour a week plan. The benefit of these
shorter hours to employees, it is claimed
by officials, will depend entirely on how
they use the extra time. If they use
it for educational purposes and the
further study of banking problems. it
will Re of great value in their advance
ment, bankers asserted.
Bank employees who are proflting most
by the new code are those who have
been added to the pay rolls since the
whole problem was brought to the front
by the NJ R. A. Through the N R. A.
they obtained positions and much-need-
ed incomes. Naturally, they are among
the most enthusiastic boosters for the
N r. A. and all it hopes to accomplish
A special committee of members OF
the American Bankers Association will
hive much to do in carrying out the
provisions of the new law. The Wash
ington Clearing House and others all
over the United States are also to be
vitally concerned in its enforcement
They will all have their part in the
new deal"
StockdaIe Among Speakers.
DR.. Allen A. Stockdale. Washington
clergyman is one of the three speakers
who have been secured to address the
1lTSC IOTuIIi OlillleI llleCIlllS VI WeSllA1S-
ton Chapter, American Institute Of
Banking. tomorrow evening at the Hay
Adams House Dr. Stockdale aroused a
great interest among the bankers when
nc made an address before the same Or
ganiZation last year. Norman E. Tow
son, chairman of the Institutes Forum
Committee. said today that the attend
ance at the dinner promises to exceed
that noted at any of last years meet
ings.
A A. Berle, jr one of the members OF
the Presidents brain trust" will be one
of the speakers at the fortieth annual
convention of the New York State Saw
ines Bank Association which opens seS-
sions on October 16. Another speaker
will be Henry Bruere of New York, who
has lust come to Washington to help
in the Nationwide financial recovery
program. The addresses will be devoted
largely to savings bank problems. Bank
codes will also come in for discussions.
A 40-hour week for bank clerks is
provided in the code of the National
Association of Mutual Savings Banks
which came up for hearing a few days
ago. In the majority of instances the
daily banking hours of the savings
banks of New York State now are from
8 to 8, with 1O3 of the 1877 banks of
the State on that basis. Although so
many of the banks follow this rule,
there are no less than IA daytime bank
ing hours in effect, ranging from D.
hour to 10-hour banking day.
Busy Day on d. c. Exchange.
Business showed considerable i'm
provement on the washington Stock
Exchange today, the most active stock
being Washington Railway g. Electric
l,ic
lO-share sales a 20-Share sale and
single share transaction, all made at 86.
Potomac Electric Power 512 per cent
preferred was also more active than
usual. This stock saw 25 shares change
hands at 1912 and 10 more shares
move at 107.
After CALL single share of Wash
ington Railway & Electric common
stock came out at $50, the first sale IN
this issue in some time. The final
stock transfer was in Capital Traction,
10 shares selling at 1895. =,
Washington Gas IS. series B, got all
the attention in the bond division. The
market opened with s1o0 selling at
1921, followed by ST 900 selling at 1925
and $500 at 1929.
r. F. C. Buys Bank Stock.
The Reconstruction Finance Corpora
GlOIl has dSItcO W Pu1SAooS ~Aoo'ooo -
preferred stock of the National Bank OF
kansas City, Kans., a new institution
which will succeed the Security State
Bank of Kansas City. Kans., and the
Peoples National Bank. The purchase
is contingent upon subscription of a
like amount of common stock by local
interests.
Exchanges Close Thursday.
The washington Stock Exchange will
be closed on Thursday, October II. Co.
lumbus day On account of the holiday
in New York, all the local offices of New
York Stock Exchange houses will also
be closed. The ranks here will be open
nSNal