Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-05

Inc UPPER iIcA- -
the district eX- ESfsskSss
ceeded sales in De- sE
Ccmber of the pre-
Cciing year. but S2NA4a-.-H1sss''
sales in the Caro- Fernando Cunberti.
.ina5 showed dis
tinct recession last month in COMPARE
son with the earlier month. DepltS 10
individual accounts i'll "a Leading cues
for the four weeks ended January
showed a small increase over debts Tor
the four weeks ended December IL, but
the gain was much less than usually
occurs at that season, ana comparl-
son of the latest figures with those o!
the corresponding four weeks enoeo
January 9, 1929. shows drop for the
current period Of ST3,153,o00, or SD
per cent.
Loans and Discounts Of.
.Toans and discounts of So regularly
rer,ortir,r member banks in the larger
cities of the fifth district decreased be-
tween December IL, 1929. and January
Is. 1880. and these banks also reduced
their rediscounts at the Reserve oafk.
Country banks reduced their rediscounts
to some extent during the period under
review as agricultural liquidation con-
tinued. but the reduction was less than
in the city institutions. On January
Is 1890. rediscounts held by the Fed
eral Reserve Bank of Richmond totaled
81 per cent less than on December 10,
1929, and 26 per cent lass than on jan
uary Is, 1929.
notes followed a SEASONAL trend last
month, continuing to rise to high
point two or three days before Christ
mas, and then rapidly declining after
the holidays Deposits in member
banks were lower at the middle OF
January this year than year earlier,
but time deposits showed an increase
during the past month. Commercial
failures In the fifth district showed a
moderate increase in December over
those reported for November, seasonal
development. but also compared I'M
favorably with insolvencieS in Decem-
her, 1928. However, the increase in
comparison with failures in the preced-
ing December was less in percentage in
the fifth district than in the Nation.
Fewer Contracts Awarded.
"The value of building permits issued
for new construction in December, 1929,
was only a little over half the amount
included in December, 1928, permits,
and contracts actually awarded were
less than half the awards in the earlier
month. The number of unemployed
persons in the fifth district rose during
the past month more than seasonal
average Coal production in December
exceeded production in either Novem-
Der, 1929, or December. 1928. On the
other hand, textile mills operated less
extensively and consumed 1913 per cent
fewer bales of cotton in December, 1929,
than in December. 1923.
spot cotton prices showed some ten
dency to stiffen during the first half of
January, and advanced approximately
a quarter of a cent pound over the
price at the end of December. Tobacco
marketing continued during December,
and on the whole prices were somewhat
better than earlier in the season.
Wholesale trade in five lines was rela-
tivelv poor in December, sales in four of
the five lines being materially less than
sales in December. 1928. and collections
we're. on the whole, slower last month
than year ago.
Cuniberti Exchange Bank Head.
Among the Washington bank presi-
dents reelected at the recent annual
meeting was Fernando CuniDerti, for
several years head of the international
Exchange Bank at Fifth and H streets
northwest. Mr. Cuniberti has been in
charge of this institution since the
resignation of Joseph Schiavone. Sew
eral years ago before entering the bank
ing field he was connected with the
italian embassy here, later going to
New York, where he was highly sue
cessful in business in that city. The
International Exchange Bank has shown
substantial prosperity under his guild
ance.
The bankers home is on r street
in Georgetown. The grounds were open
for inspection last Summer, during
Georgetown's garden week and received
most favorable comment from a host
of visitors because of their artistic APP
peal The interior of his residence is
equally attractive.
Opens Office in Philadelphia.
Townsend Scott & Son, which main
tains Washington Office and is one of
the Oldest investment security houses
in the United States, is today announc-
ing the opening of a Philadelphia Office
for the conduct Of general investment
and security business.
This firm was founded in 1892 and
the original Townsend Scott was also
one of the founders of the Baltimore
Stock Exchange in 1874. The present
Townsend Scott represents the fourth
generation of the family to hold part
nership in this firm and membership in
the Baltimore Stock Exchange. The
firm participates in national syndicates
and originates an average Of about five
bond issues per year.
will Move Safety Boxes.
Plans are being made for transferring
the safe deposit boxes of the CONT
mental Trust Co. to the safe deposit de-
partment of the Commercial National
Eank
All physical equipment of the CONT
mental, together with its several depart
ments, were transferred to the CONNER
cial National Building some time ago
There are about 1000 boxes to be
moved, however. The transfer will be
made under heavy guard.
Exchange Trading Picks Up.
Trading was much improved on the
Washington Stock Exchange today
bonds taking the lead in the days SEES
sion. Washington Gas issues Railway
e. Electric As Barber g. Ross 6I2s anC
Potomac Electric Consolidated SIS ap.
peared on the board, selling around re.
cent levels.
In the stock division Mergenthalel
Linotype made a new high on this NOV,
at 108. Railway g. Electric preferred
sold at 962. and five shares of Capita
Traction moved at 81. Ten shares o
Commercial National Bank stock sole
at 240 and 10 of Bank of Bethesda a
SO. Warehousing Corporation was of
selling at 48.
Financial District Gleanings.
Harry L. Selby, manager of the
Farmers g. Mechanics branch of tn
Riggs National Bank, has recovered
from 10 days attack of grip and re
turned to his Office.
Fiduciaries section of the Distric
Bankers Association will meet Wednes
day, February IL, at the City Club
with dinner starting at $50, according
to announcement by B. L. Cotton, com
lnittee chairman.
Donaldson Cleveland of Baltimor