Evening star., 1933-08-06
Important Work in Helping
to Frame N. R. A. Rules
Being Recognized.
RIGGS PRESIDENT BACKS
MOVE FOR FLEXlBILITY
Amendments Provide for Special
Needs-Twenty D. C. Banks Are
First to Pledge Support.
BY HAROLD ROGERS.

BY HAROLD ROGERS.
With the new code of fair competition
of the bankers of the United States
occupying close attention of institutions
throughout the country as they place it
into effect, financial circles here, which
are beginning to realize the large part
played by Robert v. Fleming. president
of Riggs National Bank, in the negotia
tions leading up to adoption and pro-
for this important piece Of work
Mr.. Fleming. as chairman of = the
Legislative Committee of the American
Bankers Association. co-operated with
others in working out the code with the
office OF the national recovery admin
istrator He will make a full report of
these negotiations to the forthcoming
annual meeting of the A. B. A.. to be
held in Chicago September 4 to Z.
When it became apparent that the
banks of the Nation were to be included
in the recovery program and would be
asked to adopt code as matter of
patriotism and moral obligation to the
Government President Francis H. Sis
son of the American Bankers Associa
tion obtained authority from his Ad-
ministrative Committee to take the nee
eSsary steps. and henceforth authorized
Mr.. Fleming to contact officials of the
National Recovery Administration.
Mr.. Fleming worked in cooperation
with Gov Eugene Black of the Federal
Reserve Board. the treasurer Of the
association, P D. Houston of Nashville,
Tenn. and o. Howard Wolfe OF Phil
adelphia.
Notifications Necessary.
A careful study of the Presidents re-
EMPLOYMENT agreement showed this
group of leaders that the basic agree
ment had many provisions which did
not relate to banking because of the
different nature and responsibility OF
the banking business. Notifications
were considered necessary. and confer
ences were held with officials of the
National Recovery Administration look
ing to an agreement which would more
nearly meet the needs of the banks and
the aims of the recovery program.
Suggestions for notifications were
drawn up and discussed in conference
with the N. R. A. officials and the
agreement was finally reached on an
amended code which the American
Bankers Association recommended to
ali its members OH August 2. This
bul!atin urged cooperation in the re-
covery program. and advised bank
members to sign the code.
In the meantime, it IS understood
that Mr. Fleming recommended to
President Sisson that special COM
mittee be appointed to consider the
whole question and submit to the con-
vention of the association in Chicago
any additional notifications to the
amended code as may be found desira-
BILE. President Sisson has indicated he
will appoint such committee to take
UP the matter for the convention.
Appreciates Cooperation.
Mr.. Fleming expressed appreciation
for the courteous and cooperative
spirit" shown by the national recovery
administrator. Gen. Hugh S. Johnson.
and his associates, and pays high trib-
ute to the interested helpfulness rem
dered by Gov. Black Of the Federal
Reserve Board.
Meantime, the 20 open banks In
Washington were the first to move
unanimously to back up the code. and
have all signed without exception.
Among the important amendments
made in the general basic code which
is considered of great help to the bank
ing world is one giving fexlblllty IN
cases where longer hours are needed at
special times. This amendment READS
in part as follows: The maximum
hours fixed in the foregoing paragraphs
shall not apply to employees in banking
establishments employing less than two
persons in towns of less than 2,5OO
population. which towns are not part
of a larger trade area; nor to en-
ployes in a managerial or executive
capacity or in any other capacity OF
distinction or sole responsibility VINO
now receive more than S35 per week.
President Sisson of the A. B. A. has
written to Gov Black expressing his
sincere appreciation fo- the shelpful
cooperation" of the Governor concern
ing the code. The bankers of the
country. Mr.. Sisson said. appreciate the
Intelligent and effective assistance
rendered.
Trade Index Improves.
Contrary to the usual seasonal teno,
ency to slow down at this period, ana
despite the hot weather, the business
activity barometer, compiled by Dun d
BraGstreet. Inc, rose this week to 10
per cent of the 1928-30 average from
72.3 that was set down for the previous
week. The barometer now stanos o.
per cent above the low record OF last
March. 46 per cent higher than the cor
responding figure of 1882. and 3.3 per
cent above the position occupied on the
same date two years ago.
Neither the oppresslveness OF the Tor
rid weather, nor the appearance OF
restrained Summer recession III some
branches of commercial activity, the re-
view said. have been able TO deVeiop
a strength sufficient to wlthhold tne
onward flow of business 10 proportloiiS
of greater magnitude"
Loading of revenue freight Tor tne
week ended on July 90 totaled 638,39o
cars. the car service division OF the
American Railway Association an
nounced today.
This was a decrease of 10,5l8 cars
below the preceding week this year, put
an increase of 1928 cars above the
corresponding week in 1882. 1t was
however, a reduction Of ]23,422 cars
below the corresponding week IN 1881
Investment trust securities registered
a further slight reaction during the past
week, in sympathy with the movement
of security prices in general. Inc aver
age for the common stocks OIL the nVe
leading management trusts. influenced
by the leverage factor, as compiled
bv Allied Distributors. Inc, stood at
1853 as of August 4, compared with
17.O5 on July %. The low for the cur
rent year to date was 822 on March 81
The average of the non-leverage
stocks stood at 1475 as Of the close Au-
gust 4. compared with 1925 at the close
on July %. The average OF the mutual
funds closed at 1876, compared with
1921 on July %.
Personal Mention.
P. J. McMahon, assistant treasurer
Of the Munsey Trust Co. has gone on
vocation in Virginia and Atlantic
CITY.