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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 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 f y the Mexican Government, c 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,
