Evening star., 1933-08-26
EXCHANGE F|RMS|
SUBMIT n. R. A. CODE|
Proposed Agreement Would
Run Only Four Months
Unless Renewed.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Although nearly all the brokerage |
Offices in Washington are branches OF !
New York Stock Exchange houses and |
as such receive their instructions re-
garding hours of employment and most |
salary matters from Wall Street head /
quarters, nevertheless local brokers are |
intensely interested in the proposed
nov N #. A. code.
Stock Exchange finn employees would |
work 40 hours a week except during |
rush periods under a code submitted to
the n. R. A. When business IS heavy. |
employers could require their employees
to work such hours as would average !
a. hours a week over four-Wcek |
period and could require even longer
hours, but any overtime beyond "A hours
d week would be Paid on a time anc
on9-thud basis
The code provides for termlna ton III |
for months unless the agreement is
renewed at the expiration OF that time |
II provides that in no event snail II De
in eject longer than the emergency !,
period covered by the recovery act.
EIccuuyes earning more than S35 a
Mtyz are exempted from the maximum
hour provisions. Labor under l6 years !
Ul aye Is barred.
Es. the purposes OF administration. |
the code sets up d committee OF 10, |
Une-thrd to be selected by the ASSocla- !
ton Of Stock Exchange Firms OF New
York City. OnG-tnird by the members
Cf various other associations which may
sign the codC. and one-third by sigma
tory employers who are not members
OF any association.
The code calls for AL employers to
submit labor statistics ''and such other
data for information as the board OF
administrators may require to keep
the Government Informed on he
observance of the code.
The board Of administrators is to
create a committee OF five as tar
practice agency. Three of them will
b. selected by the board and two by
n. R A. The latter will confer but
have no vote in the decisions OF the
committee
All me- tings of the board and of its
executive committee are to be held in
New York City, according to the code.
but members NAV vote b. proxy.
Savage on Mediterranean Tour.
francis N. Savage. retired Washington
bank rCsident. is now on Medlter~
rGIean tour and writes from Rome that
It2ly'S economic condition appears to
be highly satisfactory and that there
is general cOntentment among the
Italian people
He says the Jerusalem he visited 90
years ago has undergone a complete
change outside Of the walls of the old
city and is now wholly modern. over
topped by probably the finest Y. M. c.
A building in the world and one of
- l-,,i1 Il; Ia
where"
Only inside the wall does there re-
main the atmosphere of the old Jerusa
lem the former banker comments. He
ventures the opinion that the Zion
movement viii not last because of eco
nonic reasons as well as social inabil-
itv Of the resources of the country to
support the incoming Jewish people and
FC~ausc i is mad to have one race of
pcGpIe, almost all Of one type, occupy
ing any area OF any country. But the
intense spiritual desire and ambition of
the jews may overcome all obstacles, !
he ADDS.
While an active banker here Mr.. (
Savage was president of the Northeast
Savings Bank and later Of the Central !
SqvIngs Bank Both these institutions
were absorbed by other banks, although
he was always bitterly opposed to
mergers.
New Buying Power Being Felt.
Major industries rapidly are becoming
codifed That clears up uncertainties
that recently have slowed up forward
commitments. according to Business
Week. The test Of how it will all work
lies lust ahead Wages and farm in
come are rising. along with costs, but
public works lag far behind eNpecta- |
tions. 1t is true that returns from s!
States show awards AZ per cent aAead
of .JulV-but July wasn't so good.
Fragmentary statistics from depart
mcnt stores indicate that some OF the
newly created buying power is making
itself felt Stores with slim stocks arc !
having trouble. Shoppers are demand
ing wider selections. better quality. tired |
Of years of scrimping, the weekly re-
view adds.
Insurance Men to Meet Here.
The field force in this territory OF
de Home Life Insurance Co. OF New |
York will hold an agency meeting IN
the local Offices in the Rust Bulldlng, |
1001 Fifteenth street, wednesday. Sep |
tCmber 6. William F. Worthington, |
from the home office, will be the special
guest for the day and will conduct the
various discussions on insurance prop
lens which are on the program. Inc
forenoon program will be followed by |
luncheon at the MayfloWer Hotel.
virginia Northern State"
Among the many odd developments |
as the n. r. A. progresses Is the classl- !
fication of Virginia as a Northern !
state in the code prepared by the cloth |
i17g makers and submitted to the N. |
r A. In the code of fair practices Tor !
the mems. BOYS and children'S clothing |
industry. Virginia, Maryland, West Vlr- |
pinia Kentucky and Missouri are IN
Guided in the Northern group with
minimum of 40 cents an hour as COM
pared to 81 cents an hour IN the |
Southern group.
Steel Wins Golf HonOrs.
I1mdeen V. Steel. Washington Loan !
E. Trust Co. won the annual golf tour
nament of Washington Chapter AInerl-
can Institute of Banking, Just con- |
cIuded. thereby becoming the poSSeSSor
OF the w. w Spaid Trophy Tor one !
wear. The final match in this year 5 !
Tournament was played between Stee |
and Georg- P. Grau, jr., American ,
security & Trust Co. In winning tne |
Snaid Trophy for the first time Mr. !
Steel defeated. among his opponents !
w. B. Robinson Of the washington Me
chanics Savings Bank, twice winner ol
the trophy. and George P. Grau r.
winner in 1890. and rUnner-up IN the
years tournament. !
The prize for the lowest score mace
in the 13 holes Of qualifying play was
won by w. B. Robinson.