The Washington times., 1920-01-16
LOCAL FINANCIAL
and BUSINESS
GOSSIP

to take care OF the salary increases
necessary at a time OF rising prices,
the Potomac Savings Bank has in
augurRted a plan OF proht sharing for
its employees, which, after a trial OF
six months. has not only proved en-
tirely satisfactory TO the clerks of the
institution. but also TO the bank as
whole.
The plan. which was formulated by
George w. onutt. president OF the
bank, automatically takes care OF the
fiuctuation of prices by rewarding the
employees according to the earnings
OF the bank.
The employees of the bank were
guaranteed monthly drawing ac-
counts. equal in amounts to the sal
aries ordinarily received. The net
proht OF the institution. after the pay
! ment OF all expenses, including divi-
dends. was divided in two parts, OF
| which one part was credited to the
employees as the remainder of their
salaries, while the other half was
turned over TO the bank TO be applied
as the board OF directors would die
tate.
Tho fund given to employees was
paid TO each Individual In the same
proportion az his drawing account
bore to the total drawing account.
-
| 1920, the share OF net profits. which
under this plan was given TO the en-
pIoyes, in addition to their drawing
, accounts. amounted to more than 10
/ per cent OF the salaries which they
had received prior to July ], 1919.
Officers OF the bank said today that
the institution had improved 100 rcr
cent in efficiency. and, during the
period in which the profit-sharins
plan was In operation, the bank had
| the largest earnings in its history.
L. Golden Donaldson, a. the annual
| meeting OF the directors of the Com
mercial National Bank yesterday, was
| elected chairman of the board or di-
| rectors. Mr.. Donaldson has been con
nected with the Commercial Nationoi
Bank for the past ten years in legal
capacity, and. during the last five
months, has gradually gained control
OF the stoc kof the bank so that he
now controls a majority OF It's stock.
The following officers were eiec-ei
| for 1920: Rolfe i. Boiling. president.
| James A. Cahill, vice president;
James IL. laden, cashier: Frank f..
Ghiselli. Robert A. Cissel. II. V. Hunt
j. Fendall Cain and Walter ]. Harri-
son, assistant cashiers. The firm OF
| X. c.. Donaldson and G. G. Tucker
was elected general counsel
| Messrs. Baden and Harrison, the
new officers OF the bank. were well
coined to their positions by beautiful
! floral gifts from fellowIbankers and
| friends.
Tho stockholders of the Washing
| ton Railway and Electric Company
will meet tomorrow at noon to elec:
directors for the year 1920. The
stockhoiders' committee, which con
| trolls - 500 shares of the stock OF
| the company, IL expected to elect
number Of the new directors.
The banking power in the United
States has been decentraliZed from
nineteen large banks in 1899 to 40
large banks in 1919. according to an
analysis OF the banking situation Of
! the country just compiled by the
| Comptroller of the Currency.
| or the lo0 national banks in the
| United Sizes on November Il. 1913
| having resources of more than $25.-
| 900 900. one was located in the Dis
| trict OF Columbia.
On September :, 1899. there were
| nineteen national banks in the
! United States having resources of as
much as 5000 each, fourteen .of
| these banks were located in New
| York city alone. Today the 100 ma
tional banks with s25,0OO,0O0 or
more are distributed among thirty
nine cities New York city has
twenty-five, Philadelphia ten, Rich
| mund 6ve, Baltimore one, and Pitts
burgh six.