Evening star., 1933-12-23
WALL STREETLAGS
IN BONUS AWARDS
Extra Compensation at Year
End Revived in Many
Cities.
BY the Associated Press.

BY the Associated Press
| Wall Street, once a lavish Santa
! Claus, is letting the rest of the country
year.
Slim profits in the brokerage and
banking business were cited today as
! the reason the street" is unable to
revive its custom of gayer days when
the payment of bonuses was year-end
| custom.
The largest Christmas bonus so far
announced for this year in Wall Street
is that of Redmond & Co. stock ex-
| change firm which will give employees
| bonuses equivalent to 20 per cent of
| each employees yearly wage.
| Some houses o. Wall Street indicated
that the question of bonuses to clerical
workers would be decided today A few
firms already have announced that
bonuses of one or two weeks pay will
| be tucked into the stockings of their
workers.
without exception, so far as a can
vass today showed, the major Wall
| Street banks will refrain from giving
extra compensation to their employees
! this year.
Gifts in Gayer Days.
| In gayer days, when the market rode
! high horse, most brokers and banks
made it a practice to reward workers
with substantial bonuses at Christmas
time At one time the street" un-
derstood that the firm of j. P. Morgan
& Co. paid bonuses equal to the annual
salaries of the employees.
Firms in other parts of the United
States are generally following the rule
of depression years during which the
| Yuletine payment of extra compensa-
| tion has for the most part. been aban-
doned. There are, however, some sig
nificant exceptions.
One Atlenta, Ga, investment firm,
Brooke, Tindall & Co.. has announced
it will give employees bonuses equivalent
! to 1919 per cent Of the employees an
nual salary. The firm was organized in
the Summer of 1882.
In Chicago the Tribune resumed its
regular bonus rate after having
omitted bonus payments in 1882.
The Homestake Mining Co., with
headquarters at Lead, S. OAK, is CIV
ing bonus checks of $50 to each of its
2200 employees. The Oklahoma Tie &
Supply Co. is dividing $4,000 Christ
mas present among $50 employees in
Oklahoma, Arkansas and Kansas.
The Mansfield (Ohio) Tire & Rub
ber Co. distributed $4,000 yesterday to
its approximately 1000 employees. Chi
| cago's Harris Trust & Savings Bank
tucked it's usual $40 bill in Christmas
card to every one of its employees
$4,000 Distributed.
Bonus payments by Bird g. Son. Inc,
a roofing manufacturer concern of Bos-
ton, are being resumed this year, with
distribution of between $4,000 and
100000 to 1,700 employees. The bonuses
are apportioned on the basis of length
of service, those of more than five
years service receiving check equal
to 4 per cent of their annual salary.
D. D. Peden, president of the Peden
Co., a Houston Tex, hardware con-
Germ, announced that net profits this
year permitted resumption of the prac-
tice of paying bonuses-a practice in
terrupted by the market crash of 1929.
The amount paid was not made public.
The Duncan Coffee Co., another Hous-
ton firm, also announced bonuses would
be paid.
On the West Coast the Christmas
spirit of employers is taking various
forms One San Francisco bank is CIV
ing its employees 100000 pounds Of
turkey. Another is making employees
happy with checks for two weeks ad-
ditional pay, while a third is contribut-
ing one months pay to its employees
pension fund.
Walter Rich, president of Rich's. Inc.
one of the South'S largest and Oldest de-
partment stores, announced yesterday
the distribution among employees who
had been with the firm year or more
of approximately $4,000 as bonus
Nearly 800 employees, none of whom
received less than $40, shared in the
distribution.
COTTON MILLS PAY BONUS.