Evening star., 1934-03-05
HUGE SALARIES
TOBANKERS Barred
Senate Committee Reveals
10 Drew More Than $780,
600 Last Year.
BY the Associated Press.

By the Associated Press.
During one of the most trying years
in American bank history, a year in
which the Nation saw an unprece-
dented bank holiday" 10 bankers
were drawing annual salaries of $780,
900 or more, and 370 others were re-
ceiving more than S25,O0O.
The disclosure of bank salaries for
the year ending last June was made
today by the Senate Banking Com
mittee.
Names OF the officials were included
in a bulging report submitted to the
Senate by the Federal Reserve Board
in response to a resolution adopted
last Spring at the request of Senator
Costigan. Democrat, OF Colorado.
H. c. McEldowney, president of the
Union Trust Co. of Pittsburgh, and
w. w. Aldrich, chairman of the Gov
erning Board of Chase National
Bank, were the highest paid bank
officers in the United States, the re-
port indicated.
Received SI65, 900 a Year.
The Pittsburgh banker received
sl65, 600 during the year. His rate
of compensation at the start of the
year was sl80,000, but later 1t was
cut to $4,000.
AldriCh's compensation. meanwhile.
was rising. He received $l51, ,744 dur
ing the year, but at the end of the
period his salary rate was $175.O0O,
making him the highest paid banker
in the United States.
This was far cry, however, from
the compensation received by his
predecessor, Albert H. Wiggin. The
Banking Committees own investiga-
ton had disclosed that Virgins peak
salary was $250000 a year. and that
in some years his total compensation
was almost 100000.
The highest salary in the National
City Bank, where Charles c. Mitchell
once drew more than ST 900 600 a
year, was paid to Gordon S Rentsch-
Ter. president. He received SIPS 600
plus bonus OF $3.50.
James H. Perkins, who succeeded
Mitchell. was getting only $4,000 a
ySdl, WIFI d bonus OF "a 0OU.
Bonus Now Only Memory.
The report showed, incidentally.
that the bonus system uncovered by
the committees investigation in some
OF the bigger institutions is now only
memory. Most banks paid no bonus
during the year. and the highest we're
insignificant compared to those of the
boom days.
Other bankers who drew 500 900 or
more during the year included:
Charles S. Mccain. chairman of
the board. Chase National Bank; SAL
ary, Sl28.468; bonus, s2.O4O.
George w Dawson. chairman of
the board, Central Hanover Bank g.
Trust Co.; salary. 100000.
Percy H Johnston, president.
Chemical Bank & Trust Co. OF New
York; salary, s125.00O.
Walter E. Frew. chairman. Corn
Exchange Bank & Trust Co. of New
York: salary. 100000. bonus. s2882
Charles H Sabin, chairman, Guar
anty Trust Co. of New York; salary.
S95,333; bonus. 1886
w. c. Potter, president, Guaranty
Trust Co.; salary, s95,333, bonus,
s5.735.
Harvey D. Gibson, chairman of the
board and president of the Manufac-
turers' Trust Co., New York; salary
sl25 900.
High Salaries in State Banks.
The report disclosed that the high
est salaries were in the State banks.
rather than the national banks.
Some of the bigger banks had whole
crops Of officers making more than
SIS 5000. In addition to Aldrich and
Mccain, the Chase National Bank re-
ported seven officers drawing from
$4,000 > 100000 and SO vice presi-
dents getting from s11 500 to 5000
The National City Bank. in addi-
tion to Rensselaer, had six officers
drawing from $4,000 to s75 900 and
28 others ranging from $4,000 to
$4,000.
The Philadelphia National Bank of
Philadelphia paid three officers SAL
aries ranging from s39 $50 to s96 .674
and Is others from sl3750 to S24.570.
The report also showed that Charles
G. Dawes. former Vice President. was
getting only $4,000 as chairman of
the board OF the City National Bank
& Trust Co. of Chicago, although
Philips r. Clark. president. was re-
ceiving $4,000. Dawes also got a
LIST IN d. c. AREA.