Evening star., 1933-10-16

that it Will give the force OF naUOn-
wide law to many sound methods for
cooperation among banks to strengthen
local banking conditions promoted by
the American Bankers Association for
many years. it is declared by IF. N
Shepherd executive manager OF the
association.
The code contains within itself the
possibilities of the major part of the
reform of the present banking system
desired by the public, the Government
and bankers alike said Mr.. Shepherd.
1t applies in the United states proper
to all national and State banks, private
banks accepting deposits, trust COM
panies and savings banks with the eX-
ception of mutual savings banks
The new code puts banking working
hours on a 40-hour- ur-a-week basis In
13-week periods instead of flve-Week
period as was the case under the tenn
porary code. This rule is somewhat
elastic as employees may work less than
40 hours one week and more IMAM 4u
hours another, as pressure OF banking
business may require. But over the 10
week period the average must not pe
over 40 hours per week. -,
AS Washington banks had been llv-
ing up to the provisions OF the lein
porary CODE putting the permanent
code into effect means practically no
change in the banking situation mere.
Additional employees called Tor by the
codes were taken on several weeks age
and are already well acquainted Will
their new duties.
A special committee of the American
Bankers Association will assist in the
administration of the new banking
regulations. George 0. Vass. presloent
of the District Bankers Association. is
q member of that committee.
Tregoe to Address Credit Men.
j. Harry Tregoe, former executive
manager of the National Association
of Credit Men for Is years and one OF
its founders in 1896, will address local
credit executives tomorrow evening at
the Raleigh Hotel. under the auspices
of the washington Association of Credit
Men His subject will be Credit and
Imitation" an analysis Of their rela-
tions to and reactions upon each other,
and their place in the recovery move
ment.
Mr. Tregoe's career in the cause Of
sound credit has taken up practically
the whole of his business lifetime. In
1890, at the age of 25, he became mana
ger of a credit department in Balti-
more, and after passing through the
panic of 1893, which revealed the loose
ness of credit practice, he became in
terested in the organization of the Ma
tional Association of Credit Men in
1896 and was elected one of the first
directors of the Baltimore associa-
tion in the Fall of that year.
He was appointed secretary-treasurer
of the national association in 1912.
Later the office of executive manager
was added and the three Offices he filled
until October, 1927.
District Mourns Woodbury. Blair.
The financial district today mourned
the death of Woodbury. Blair, vice presi-
dent of the National Savings g. Trust
Co., and for more than half century
an outstanding figure in finance, who
died Saturday night, at 81 years of
age.
William D. Hoover, president OF the
trust company, was closely associated
with Mr. Blair for 81 years. 1t was an
enviable tribute that Mr.. Hoover paid
him today, partially for his brilliant
financial brains, but more especially for
the wonderful service to humanity
which he rendered through his connec-
ton and interest in Emergency Hospital.
Patients in the charity ward were his
special concern, and he took the hand
and gave a word of encouragement
literally to hundreds of patients just
after they had operated upon him. He
dlCIy q 0oy EaSo NitllONO NAoAl4ll6
that ward.
The Norfolk & Washington Steamboat
Co. loses most valued director, as do
the Washington Railway & Electric and
Potomac Electric Power Cos. During
his long career he had served many
other corporations as directors. For
many years he was trust officer of the
National Savings & Trust Co.
In over 80 years of almost daily
urit I,jy r hoo ri
Woodbury. Blair say an unkind word
about anybody" Mr. Hoover said today
Telephone Checks Received Here.
About 10000 Washingtonians, said
to be holders of American Telephone
& Telegraph stock. received payment
of the third quarter dividend today at
the rate of 9 per cent per year, minus
the tax. In a letter to stockholders,
President Gofford wrote:
Beginning with April 1888, each
month has shown a smaller net loss
in the number of Bell system tele-
phones than the corresponding month
last year, and in September a net gain
of $4,000 was realized. This is the
first month to show net gain since
September, 1881.
Treating the system as whole, in
cluding the Western Electric Co. the
edllllllSo VII 1CICplAOllC dllo
Telegraph Co. stock were about S3.85
per share for the first nine months OF
1888 or at the annual rate of about
S5.13 per share compared with $3.50
per share for the year 1882
The earnings of the American Tele-
phone & Telegraph Co. by itself,
amounting to S5.42 per share in the
first nine months of 1888 include divi-
dends not fully earned by the associ-
ated companies during the nine months
by about SIT 100000 and do not reflect
the current deficit of the Western
Electric Co.
Heard in Financial District.
Washington Gas Light IS, series B,
figured in small sales on the Wash
ington Stock Exchange today at 1O3.
Capital Traction sold at 1872 and four
1O-share lots of Lanston Monotype
changed hands at At.
George E. Fleming, vice president
and real estate officer of the Union
Trust Co.. has returned to his desk
after months vacation spent in New
England, much of the time in the vi
cinity of the White Mountains.
Edwin c. Graham, president Of the
Hamilton National Bank, has returned
to Washington after a short trip to
Florida
Robert V. Fleming, president of the
Riggs National Bank, will address the
annual convention of the Maryland
Bankers Association, in Baltimore to-
morrow.
Loans made by agencies of the Farm
Credit Administration during the seven
months from March l to September 80
approximated S409, 155 900, according to
Gov Morgenthau.
The 22,654 depositors of the closed
United Security Trust Co., Philadel-
phia, will receive a fourth payment of
5 per cent on November 16, 1888. The
payment will amount to $273, 1913.