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First Wiih the

Edict Forbids
Bank Strikes
In Mexico

]

MEXICO CITY, Dec. 1 (AP).— j
A presidential decree today had t
denied bank employes the right!
to strike.
J1
President Lazaro Cardenas i s
published a “labor code for credit ‘
institutions and branches” which !
apparently was designed as a sub­
stitute for collective labor con­
tracts in force in other industries.
The code stipulated that banks
were empowered “to select and
employ their personnel freely ”
The code provided for a 42 hour
week, a minimum salary 50 per
cent higher than the minimum
wage of the bank district, vaca­
tions, disability and pension ben­
efits, and indemnification for Ij

discharge.
£


CABLE

A D D R ESS— B A M E R IC A L

13 0 4 -4 -

S A N F R A N C IS C O H E A D Q U A R T E R S

A . P. GIANNINI

S A N F R A N C IS C O , C A L IF O R N IA

CHAIRMAN O F THE BOARD O F DIRECTORS




December 2, 1957

Mr. Lawrence Clayton
Assistant to the Chairman
Board of Governors
Federal Reserve System
Washington, D. C.
Dear Mr. Clayton:
Xou will perhaps be interested in the enclosed
clipping, if you have not already seen a similar report in
your eastern papers.
We have been threatened with a strike of our bank
employes out here for the past several months and while the
leaders have not made great headway so far with their organ­
ization plans, we have learned that just as soon as the banks
pay their Christmas bonus, an effort will be made to start
strikes among the employes.
I am wondering if the Government could not take
some action similar to that taken fcy the Mexican Government,
with reference to the National and F. D. I. C. Banks. I am
just passing this thought along to you with the hope that
something can be done to prevent strikes in institutions
which are Government instrumentalities.
Please don't take the trouble to answer this letter.
I know that you will do whatever you feel is appropriate in
this connection.
Wannest regards and the Season's Greetings to you.
Cordially yours,