Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-09
WASHINGTON BANK
GAIN IS S11,934,96O
Total Deposits Show Sharp
Advance During Last Year.
Figures Analysed.
BY EDWARD c. STONE.

Washington banks gained an aggre-
gate in deposits Of $11,934, 960.14 last
year, total deposits on December 81,
1929. having been $255, 783, 34685 in
comparison with $267718, 30699 on De-
cember 81, 1885,.
According to a compilation completed
today by Audley A. p. Savage, auditor
Of the National Savings & Trust Co., the
figures reported following the December
81 cali, also showed a gain of $2,012,-
1906 over the call issued three months
ago on September "a.
Analysis of the figures shows that the
national banks made possible the excel
lent showing during the last quarter of
1880 when heavy year end Withdrawals
always make large dent in bank de-
poslts. AS a group the national banks
reported total deposits on December 81
amounting to $152,O92, 74810 a gain of
1924, 1882 since September.
The savings banks as a group about
broke even, the aggregate deposits being
about $4,000 under the September re-
turns. The statement also shows that
the trust company group recorded a de-
crease although they really made a sub
Stantial gain. The figures showing the
decrease between calls are due to the
fact that the deposits of the former
Merchants Bank e. Trust Co. have been
transferred to the Federal-American
National and now appear in the national
bank division. The detailed statement
shows that every one of the five trust
companies in the city reported an in
crease over the Sept mber deposits.
The fact that the savings banks as a
group failed to show an increase in the
last quarter is explained by the heavy
payment made to Christmas Savings
Club members at the END of the year.
These payments, augmented by with
drawals for taxes, holiday shopping and
a hist Qf extra afod billie hyOttn11+
down the total, in spite of the fact that
1880 was a remarkable year for perma-
nent savings.
Gain Better Than Expected.
The fact that the local banks have
gained almost $4,000, 900 in deposits in
the past year is indeed surprising reveals
the sound position they are in and
brings delight to the hearts of Wash
1ngton bankers. While a substantial
increase has been anticipated, bank Of
ficials had hardly dared expect an ad-
vance OF quite such proportions.
So much for the progress made since
the New York stock market break 1t
Is also interesting to note that the 10
cal banks are not far behind the de-
posts carried just before the market
crash. On the call of October 4. 1929.
Just previous to the stock tumble, de-
posts in Washington amounted to
S269, 589 ,865.64. Comparing this with
the deposits of S267 718,3O6.99 on the
December 81. 1880, call it is seen that
the banks here are now only SI,871,-
578.65 under the peak of prosperity
figures.
The. highest deposits ever recorded
by the Washington banks were reported
on the call Of October 3, 1923. At that
time the national banks, savings banks
and trust companies had total deposits
Amounting cOTA
ing this summary with the call issued
the other day it is noted that the banks
are but S6,5l4 524.28 below the all-time
high mark.
Auditor Savage's complete compiI-
alton, covering all the local banks and
giving comparisons between the last
Two calls, appears elsewhere in today's
financial section Of The Star.
Cuniberti Again Heads Bank.
At the annual meeting of the In
ternational Exchange Bank yesterday
the following officers and directors
were reelected:
Fernando Cuniberti, president; Hugh
w Barr, vice president; F. j. Kauff-
w. E. Birch and L. H. Hoyle. assist
ant cashiers. Directors-Hugh w.
Barr, Peter Borras, Henry NJ. Camp,
Fernando Cuniberti, D. Del Vecchio
A. oil Girolamo, Joseph E. Heffron,
George Heon, S. S. Jaffe F. j. Kauff-
man, jr.; Jerry Maiatico, Hugh H.
Obear, Louis Rosenberg, George C.
Vourmas and Elias WeiSstein. The
regular semi-annual dividend of per
cent was declared.
A. & P. Sales Gain in Year.
Sales of the Great Atlantic g. Pa
cine Tea Co. for the four weeks ended
December q totaled S8l, 346, 706,
against s87, 260,055 for the like period
OF the previous year. For the IL
months ended December q sales to-
tailed sI,062, 296,331, against S1,O21-
9l4,479 IN the previous II months. a
gain OF 3.34 per cent. Although dol
lar sales showed a decrease for the
December period, tonnage sales in
creased to 417,l63 tons from 407.339
in December of the previous year.
Tonnage sales in the u months last
year increased TO 5,172,558 from A.
710,156 in the previous year.
Average weekly sales for December,
1880, were S20,336,677, compared with
S2l,8l5,0l4 in December, 1929, a de-
crease Of sl,478,337.
Peoples Drug Sales Up in 1880.
Sales Of Peoples Drug Stores, Inc, for
December were reported today as ST.
707,203 compared with Sl,7l2,003 in
December, 1929, a decrease of 2 per
cent Sales for the y months were also
announced, being S16,778,422. against
Sl5,526,533, a gain Of per cent.
Capital Traction Sells Higher.
Following the annual report Of the
Capital Traction Co, made yesterday.
the stock showed considerably more
strength on the Washington Exchange
today. After closing at 4o1s yesterday,
u opened today at 404i. went TO Al and
closed at 41l4, although the days turn
over was only 40 shares
Thirty shares OF Washington Gas
Light sold at 100, Riggs National Bank
opened at 445 and closed at $50 and
20 shares of Union Trust changed
hands at 2l5. Lanston came out at
1929 and Mergenthaler sold at 49,
Potomac Electric Power 81 per cent
preferred at 100 and Peoples Drug
Stores preferred at &c.
There was the longest list Of bond
sales recorded in many weeks. The
market opened with 4 sales in Capital
Traction SIS at g. Potomac Electric
Power consolidated SIS moved at 1892
and several small sales of Washington
Gas 6s. series A, were made around l02.
The most active bonds on the list
were Washington Railway q Electric
Is. in which one IS, 900 and five 1000
sales were recorded at 81.
Other Financial Notes.
The organization meeting OF the
board Of the Federal COM
pany, held yesterday, resulted in re-
election OF all the following officers:
John Poole, president; William John
Eynon, Wilmer j. Waller and William
NJ. Seay, vice presidents: Charles B.
Lyodane, secretary treasurer; Charles
D. Boyer assistant secretary and assist
ant treasurer