Evening star., 1935-09-29
Bergman, BaItz and James
Point to Growth of Co.
operative Groups.
CITE GRADUAL RETURN
TO PRIVATE HOUSING
Delegates Believe Government
Projects Have Proven Too Costly
and Impractical in Britain.
BY EDWARD C. STONE.

Loan League: Edward c. Baltz, a
past president and director for the
fifth district of the United States
Building and Loan League, and c.
Clinton James, past president of both
the District league and the United
States league, have just returned
from the fifth International Con-
Hress of Building Societies, which
was held in Salzburg and Vienna
the first week in September. In
addition to attending the congress,
their six weeks tour included visits
to the great building societies in
London and surrounding territory
and inspection tours of the most
notable of the housing projects
which have been undertaken in
recent years by England, Sweden,
Norway, Austria and Italy.
The congress was attended by
delegations from all over the world,
reports being made by the represent
atives Of IL countries in addition to
the United States. All countries re-
ported progress in the growth of the
cooperative building and savings
movement, with United States and
Great Britain far in advance, both
in number of societies and in assets
and lending activities. The British
building societies, whose report
showed a remarkable record of
growth and safety ever since their
inception in 1871, now have over three
billion Of assets, while the associations
Of the United States, started so years
later, reported assets totaling approx
mately s9,ooo,oo0,ooo.
Private Financing Favored.
In a number Of the European coun-
tries, notably Austria and Hungary,
according to the reports, the progress
Of the movement has been temporarily
slowed down because of recent restric-
tive legislation. which was found
necessary to prevent unsound prac-
tices developing and to chart the.
course for the establishment Of the
movement on true cooperative prin-
ciples. Association leaders in these
countries expressed the belief that
such legislation would prove bene-
fetal and greatly assist the future
progress and development of the
movement.
In commenting on the various hous-
ing projects inspected by the dele
gates, Mr.. Bergman said that, while
impressed by the magnitude Of many
of the developments undertaken by
the different governments, the Ameri-
can building and loan men felt that,
in most cases, the experiments of
government In the home financing
field had not been eminently success
ful.
I'm Great Britain, especially, these
operations have proved so costly and
impractical that the whole trend now
Is to turn the problem of home flnanc-
ing, except for the strictly slum clear
ance work, back to the privately or
yanized, cooperative building societies,
as the most efficient, practical and
economical way to finance the con-
struction Of small homes" he said.
Trade conditions in Washington for
the week ending last Wednesday are
summed up as follows in Commerce
Departments weekly survey review
covering SO important cities:
department store sales decreased
1871 per cent from the previous week
but increased 22.2 per cent over corre-
spending week of last year. Bank
clearings were down 1912 per cent
from preceding week and up Is per
cent from same week of 1884. Build
ing permits decreased 37.8 per cent
from previous week but were three and
one-fourth times greater In value than
corresponding period last year. In
f1ux of visitors as reflected by number
registered at the Smithsonian In
stitution showed 34,914 for past week,
1,3l5 for preceding week and 28,345
for corresponding week of 1884"
Influenced by good weather condi-
tions, Baltimore reported the volume
OF retail trade comparing favorably
with the previous week and the cor
responding period year ago. Norfolk
business was better than the previous
week but behind last year.
Deposits Up 1873 Per Cent.
The Federal Deposit Insurance Corp.
reported yesterday that deposits OF the
"a insured banks in the District of
Columbia increased In the year ended
June 80 to $3.50, ,563 900, an advance
Of 12s per cent over the same date in
the previous year. AS noted elsewhere
IN The Sunday Star, demand deposits
aggregated s137,o32, 900 and holdings
Of time deposits $103. .352.0 900.
Capital funds of insured CONNER
eial banks in the District were shown
to have had book value Of SAL ,067,-
900 at the time of this call. Cash in
vault and other items in their reserve
accounts totalsd S86.919.000. while
their loans and discounts amounted
to s82 2,565, 900 on June 80, 1885.
Throughout the country 14,173 in
sured commercial banks showed de-
posit increase of 1875 per cent, slightly
under the figure for Washington. The
same report reveals that deposits in
S22 insured commercial banks in Vir-
einia gained 10 per cent during the
year, reaching a total of $457, 7S4, 900.
Total deposits of all types in Mary
land commercial banks on June 80,
S464, ,4S7 900, were IL per cent greater
than on the same date In 1884. At
the same time West Virginia COM
mercial banks reported gain of 4.6
per cent.
Potomac Electric Power 51a per cent
preferred stock sold on the Washing
ton Stock Exchange yesterday at l13
on o 10-share transfer, price un-
changed.
washington brokerage houses 60
into Winter time tomorrow, New York
Stock Exchange quotations starting OF
st 10 o'clock.