Evening star., 1933-09-30
BANK CODE UNITY
AIDS FINAL DRAFT
President to Get Completed
/ Regulations for Signature
" Early in October.
BY EDWARD c. STONE.


was expressed that the bankers code.
under the NJ R. A. program. will be
ready for President Roosevelt's sigma
ture by the latter part of next week.
The hearing before the National Re-
covery Administration in this city
brought out no opposition of Importance
to the code, as drawn and presented by
the American Bankers Association, the
4O-hour week and minimum wages OF
S12 to SIS per week being agreed upon.
Mutual savings banks will present their
own CODE and are not to be included
in the one offered for other banks.
The S12 to SIS minimum wage is
based upon population One or two
bankers attending the hearing said they
thought this wage too high for certain
small banks But the general opinion
was that it is fair and should stand.
The code. when approved. is to be
administered by committee made up
of members of the American Bankers
Association and by bankers named by
the President for banks not members
of the association, these latter men,
bers not to have voting powers.
Whiteside Praises Code Unity.
Deputy Manager A. D. Whiteside OF
the N. R. A. who presided, congratu-
lated the bankers of the country on
the cooperation which had marked the
drawing up of the preliminary CODE
Among Washington bankers at the
hearing was Robert " Fleming. pres
ident of the Riggs National Bank. and
now second vice president of the Amer
ican Bankers Association. In drafting
the original code no banker in the
country spent more time and thought
on it than did the Capital financier.
At the hearing Donald Ransom. an
Atlanta. Ga, banker. declared that all
banks should be brought under code
for the reason that all are governed
by Federal or State banking laws He
added that under the Presidents re-
employment program, the banking
forces of the country have already been
increased about per cent. While that
may seem to be low figure, the Geor-
gia banker said that banks had not
reduced their forces during the depres-
sion as much as many industries had
He believes that bank employment to-
day is little less than it was in 1929.
Restricted Banks Included.
The question of placing banks now
in the hands of conservators under the
proposed code, was discussed at some
length It seemed to be the general
opinion that they should be included
within the scope of the new rules, and
Chairman Whiteside said he planned
to have such a provision placed in the
final draft. The view was taken at
the hearing that these closed. or re-
stricted banks, are competitors of the
open banks.
One witness, well known to many
Washington bankers, was Frank w.
Simmonds. deputy manager of the Amer
ican Bankers Association. He sug-
gested that State banking associations
and local clearing houses could best
handle administration of the code
which will have some $4,000 banking
institutions under it. Regional district
organizations will cover many small
country banks. These organizations will
present their problems to the A. B. A.
Code Committee for consideration.
The National City Bank of New
York asked that the code not be ap-
piled to insular possessions where they
have branch banks A Kansas banker
stressed the importance of requiring
every bank customer to compensate his
bank for services rendered by maintain
ing an adequate balance or by paying
reasonable service charge" He said
the average bank account was carried
at loss and that this fact had ac-
counted for many bank failures in late
years.
Women Urge Higher Pay.
Miss Rose Schneiderman of the labor
advisory board. asked that the bank
code provide minimum wages OF SIS to
$50 week. She said this profession.
generally recognized as one Of the
wealthiest of the country, should offer
a higher minimum than the average
asked for in the blanket code.
Miss Annabelle Glen. speaking for
the American Federation of Labor. also
asked for more pay and shorter hours
for bank personnel
Fred N. Oliver of New York counsel
for the National Association OF Mutual
Savings Banks. presented separate
code for mutual savings banks. The
national association. he said, has in
its membership 522 of the SOS mutual
savings banks of the country. 81 per
cent of the total deposits of S9,642 ,319.-
O32. 96 per cent of the total assets OF
S1O938,249 $50. and SO per cent of the
depositors, who number 13,303,353.
Lower Pay Asked by Shaw.
Samuel Shaw, vice president of the
Chemical Bank g. Trust Co., New
York testified as the representative
of a group. which. he said. was of the
opinion that the minimum wage scale
of from S12 to SIS was too high Mr..
Shaw said that the minimum would
not apply to more than 10 per cent of
the persons employed in American
banks 1t was he argued. a serious
problem for the small banks which are
under Government pressure to reduce
overhead costs.
Mr.. Shaw suggested $50 per month
for messengers and from $40 to $50 for
page boys, the wage to be increased as
they gain in experience.
Abner StillWell, vice president of
the Continental Illinois National Bank
g. Trust Co. Of Chicago, reported to
Mr.. Whiteside the effect of che Pres
idents unemployment agreement on the
six large banks in the Chicago Loop,
chief business center of the city. He
said 900 employees or II per cent OF
the clerical personnel of the banks re-
ceived the minimum wage. N. R. A.
has resulted IN the employment OF 200
additional workers and the increase OF
the annual nay roll by 4 per cent, or
$500,0n0. he said.
Depositors' Meeting Called.
The Central Business Mems Associa-
ton, at a meeting at the Arlington
Hotel yesterday noon, passed reSolu-
tion sponsoring mass meeting OF the
depositors of the United States Savings
Bank, to be held at Central High
School Auditorium next Wednesday, be-
ginning at o'clock in the evening.
Oficials of the savings bank and Of the
Treasury Department have been in
vited to be on hand. President Arthur
Clarendon Smith of the business mems
association invites all depositors to at
tend. !
This is the bank which was kept
out of the Hamilton National merger
through court action taken by Col.
Wade H. Cooper, the president, who is
now engaged in a bitter controversy
with Treasury officials over the institu-
tion's future.
BUSINESS ASSOCIATES