Evening star., 1949-12-06
City Bank Directors
Vote Big Christmas
Bonus for Employees
By Edword G. Stone


Directors of the City Bank of
Washington have voted a bonus
for all junior officers and en-
ployes of 2.7 per cent of base sal
aries received during the past 10
years or for other periods. c..
F. Burton, president, announced
today.
If an employe has been with
the bank 10 years and received
an annual salary Of $2,400, or $24.-
600 during the decade, he will re-
ceive 2.7 per cent of the $4,000.
or S648. An employe with the
bank five years at the same pay
will get a bonus of 1924.
The employe is rewarded for
length of service and also given
the advantage of increases IN pay,
Mr.. Burton said. The bonus given
executive officers is based on other
considerations and is not as much
in percentage as given other en-
ployes.
The total paid this year is con-
siderably in excess of the annual
dividend to stockholders, Mr.. Bur-
ton stated.
Sales Even With 1948.
Net sales of Peoples Drug Stores,
Inc, in the first II months OF this
wear were practically unchanged
from the like period year ago,
w. H. Churchill, treasurer, an
nounced today.
Sales totaled SAL $780, .434 against
664.587 last year, an increase
of S24,847, the report showed.
Net sales in November totaled
s3,686,84l compared with $3,9O3,-
3o8 in the same month last year,
a decrease of $215,467 or SIS per
cent.
During November the company
operated 142 stores compared with
140 a year ago.
Tax Cut Pleases Bankers.
Washington bank officials were
concentrating C. F. Burton,
chairman of the Tax Committee
of the District Bankers Associa-
ton, on the Supreme Courts rul-
ing which reduces bank taxation
in the District from to 4 per
cent.
Mr.. Burton has put an endless
amount of effort over period OF
years into the legal angles of the
case. Other bankers testified at
many lower court hearings. the
Hamilton National starting the
case in the courts.
The Supreme Court decision Is
one of the most important rulings
affecting District banks in years.
The amount of refunds in taxes
has not been stated. The funds
will have to be voted by Congress
at the next session.
Bankers say the per cent rate
is double the amount paid in Vir-
einia and Maryland and higher
than in many other States.
Life Underwriters to Meet.
Ralph G.. Bosher.adistrict man
ager of the Jefferson Standard
Life Insurance Co.. at Virginia
Beach, will address the District
Life Underwriters Association
luncheon, Thursday noon at the
Mayfower. He has written as
much as $1,000, 900 insurance in a
single year. leading his company
In new business.
Washington Chapter, National
Association of Cost Accountants,
will organize an Eastern regional
conference here December IA. The
first conference will be held in
Washington in November. 1850.
r. Bruce Lambert, former sales
manager Of the Washington
branch of the Westinghouse Elec-
trio Supply Co., has been ap-
pointed by the Simon Distributing
Corp. as manager of the hotpoint
division, effective December Is.
Appliance Sales Heavy.
Sales of home freezers, oil burn
ers and washing machines in this
area in October continued sub
stantially ahead Of the same
month a year ago, the Electrical
Institute reported today. Sales
of refrigerators and ironers were
under October, 1948.
Sales of radios and television
sets numbered 10000 in October,
against 1852 last year. Vacuum
cleaner sales of 1881 compared
with 1880 a year ago. Electric
roasters were in much higher de-
mand this year.
In the first II months Of 1949
home freezer sales totaled 1895,
against 1890 in 1948; refrigera-
tors, 1880 vs.. 20.819; and radios,
74,724, compared with 89,645 q
year ago.