Evening star., 1934-11-09
PENSIONS OFFERED
BY PEOPLES DRUG'
New Program UnderWritten
by Equitable Life As
surance Society.
BY EDWARD c. STONE.

CHAINS IN Ine country, now nave COM
plete insurance protection, following
the adoption of group pension plan.
which has been underwritten and will
be administered by the Equitable Life
Assurance Society of the United
States
Malcolm G. Gibbs, president of the
retail drug organization, with head
quarters here. stated that the pen
sion, or retirement program is in ad-
dition to group life insurance, acci-
dent and health insurance, and ac-
Cidental death and dismemberment
insurance. which have been provided
for employees under earlier contracts
with the Equitable. The total volume
of group insurance and pensions in
the organization is placed at approx
mately Sl3,0000 900. All forms of pro-
lection are on the cooperative basis,
with premiums shared by employer
and employe.
All employees with two years or
more of service on August l, 1884.
and who are between the ages OF 80
and IS years are eligible to partici-
pate in the group pension plan. Each
contributing employe will receive on
retirement, normally at age 65.
monthly life income equal to per
cent of his monthly earnings as of
August / for each year of service be-
fore that date, this income being
provided entirely from payments by
the corporation. He will also receive
as income, from payments made by
the corporation and himself, IL per
cent of earnings multiplied by the
number of years of service after
August l.
Peoples Drug and subsidiary COM
panies operate lis drug stores in
eight States and the District Of Co.
lumbia. Beginning with one store
opened in Washington in 1905 by
President Gibbs, the organization has
shown a steady growth through the
years The Equitable Life Assurance
Society was represented in the trans
action by J. Alan Maphis, group
supervisor of the D. S. Bethune
Agency here.
Chain Store Earnings Jump.
Detailed figures on the sales of
Peoples Drug Stores, Inc, in October
show a total of Sl,5006O4 against
S1,287,637 in October, 1888, gain OF
S2l2,9 ,967 or 16.5 per cent. The COM
pany reports for the first 10 months
of 1884 that sales totaled Sl3,5O7,37l,
against Sl2.598,583 in the same period
last year, an increase OF $500, 1913 or
~ per cent Sales in the previous
month of September presented an in
crease of So per cent over the Septem-
ber, 1888, figure.
The report calls attention to
marked increase in chain store sales
by several other companies also. Wool
worth October sales we're up 81 per
cent; Montgomery Ward. 30.4 per
cent; J. c. Penney, 1879 per cent: G.
C. Murphy, PA per cent. KreSge
chain store sales were up per cent,
while several ether similar stores have
reported substantial monthly gains IN
the past few days.
The lo-months record shows be-
yond a doubt that these retail store
sales will be far ahead of last year
in dollar volume.
Bankers at Richmond Farley.
To seek ways and means of max
ing more direct loans to industry in
the fifth district, the Federal Reserve
Bank Of Richmond held a conference
in the Virginia Capital today with
banking association and clearing house
association officers from all over the
district
H. H. Mckee. chairman of the Wash
ington Clearing House Association, at
tended the meeting, as cid F. P. H.
Siddons, president of the District
Bankers Association; Charles H. Do
ing, Albert Galley, Karl w. Corby
and Thomas M. Groom, all officers in
the local association.
The Richmond bank has already
made quite a number of loans di-
rectly to industrial corporations in
this territory The Reserve bank Off
cials feel however that the recovery
could be Speeded up in the industrial
sections by rapid increase in the
number and size of these loans. In
an effect to get in closer touch with
borrowers, who cannot get loans of
this type from the banks, today's meet
ing was called by Gov. George j. Seay.
Siddons on Tax Committee.
1t has been announced by Henry E.
Sargent, secretary of the trust di-
vision of the American Bankers As
sociation, that Frederick H. Siddons.
secretary of the American Security &
Trust Co., has been appointed men,
Der of the Committee on Taxation of
the trust division for the year 193435
Other members of this committee
are John L. Kuhn, manager tax de-
partment, Bankers Trust Co., New
York chairman; H. N Andrews trust
officer, First National Bank of Bos-
ton; M. r. Dickey. tax expert, Cleve-
land Trust Co.. Hugh w. Grove, vice
president and trust officer First Wis
consin Trust Co.. Milwaukee.
Richmond made another fine gain
of PAT per cent in bank clearings
during the past week, compared with
the like period year ago. Baltimore
forged ahead by 172 per cent Three
fifth district cities have kept close to
to top of the list in the Dun & BraC-
street reports for several months. II
fact, Richmond has topped the list or
several occasions.
Today's Trading on Exchange.
Washington Railway & Electric is
led trading on the Washington Stock
Exchange today. five $1,000 sales be-
ing IeCOIueu dl %. Sdpltdl 4ldClioll
5s sold at 901s.
In the stock division, 80 shares of
Mergenthaler Linotype changed own
ership at %. Capital Transit stock
appeared on the board at 2634 on
light turnover. Bid and asked prices
on other issues saw very few changes
1t was announced that the exchange
will be closed next Monday when
Armistice day will be observed. al
though it comes on Sunday. The New
York Stock Exchange will be closed
Washington following the Big
boards" lead. All the banks in Wash
ington will be open on Monday as
usual.
Councillor g. Buchanan, public ac-
countants. have sent out invitations
to an "at home" in their new offices
in the Tower Building, this afternoon
from to o'clock. The firm has