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FIRST ANNUAL REPORT FEDERAL HOME LOAN BANK BOARD covering operations of the FEDERAL HOME LOAN BANKS THE HOME OWNERS' LOAN CORPORATION FEDERAL SAVINGS AND LOAN PROMOTIONACTIVITIES from the date of their creation through December 31, 1933 FIRST ANNUAL REPORT of the FEDERAL HOME LOAN BANK BOARD covering operations of the FEDERAL HOME LOAN BANKS THE HOME OWNERS' LOAN CORPORATION FEDERAL SAVINGS AND LOAN PROMOTION ACTIVITIES from the date of their creation through December 31, 1933 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1934 For sale by the Superintendent of Documents, Washington, D.C. - - - - - - - - - - - - Price 10 cents LETTER OF TRANSMITTAL FEDERAL HOME LOAN BANK BOARD, Washington, January 80, 1984. SIR: Pursuant to the requirements of section 20 of the Federal Home Loan Bank Act, we have the honor to submit herewith the first annual report of the Federal Home Loan Bank Board covering opera tions from the date as of which the Federal Home Loan Banks opened for business (Oct. 15, 1932) to December 31, 1933, also the report of the Home Owners' Loan Corporation and operations of the Division dealing with the Federal Savings and Loan Associations from the date of their creation to December 31, 1934. JOHN H. FAHEY, Chairman. W. F. STEVENSON, W. H. NEWTON, T. D. WEBB, Members. The SPEAKER OF THE Hous E OF REPRESENTATIVES. In CONTENTS Activities of the Federal Home Loan Bank System--------------------Activities of the Home Owners' Loan Corporation---------------------Federal Savings and Loan Promotion Activities------------------------ Page 3 47 65 PART I REPORT OF THE FEDERAL HOME LOAN BANK BOARD ON THE OPERATIONS OF THE FEDERAL HOME LOAN BANK SYSTEM 1 REPORT OF THE FEDERAL HOME LOAN BANK BOARD ON THE OPERATIONS OF THE FEDERAL HOME LOAN BANK SYSTEM The Federal home loan bank system was created by act of Con gress approved July 22, 1932. The act provided for not over 12 Federal home loan bank districts to be created in the United States with 1 bank to be established in each of such districts. The act also provided for a Board of five members to be appointed by the President, with the advice and consent of the Senate, to divide the country into districts, locate and organize the banks, and supervise and control the system. When any Federal home loan bank has capital stock subscribed by member associations amounting to $1,000,000 or more, the mem ber associations are entitled to elect 9 of the directors of such bank and the Board continues to appoint 2 directors in the public interest. ORGANIZATION The Board divided the territory embraced in the act into 12 Federal home loan bank districts and located a bank in each district, the present location and names of which are indicated in the statement attached hereto and made a part of this report as exhibit A. The Federal Home Loan Bank of Boston, in district no. 1, was formerly known as the Federal Home Loan Bank of Cambridge and located in that city, its name being subsequently changed to the Federal Home Loan Bank of Boston. The Federal Home Loan Bank of Chicago was formerly known as the Federal Home Loan Bank of Evanston and located in that city. These changes were necessary on account of the removal of the banks in question to the cities referred to, since the law requires the banks to bear the name of the city in which they are located. The act contemplated subscription to stock in the 12 banks on the part of the United States Government to the extent of $125,000,000, as well as subscriptions by home financing institutions which should become members of the Federal home loan banks and be able to dis count their notes secured by home mortgages with the banks to procure capital for the purpose of extending loans to eligible home owners. The original act included a clause (sec. 4) which required, under certain conditions, the making of direct loans to individuals, no adequate provision being made for the handling of such loans. This resulted in an enormous demand for direct loans which it would be impossible to handle. However, it was necessary to undertake an enormous amount of work in connection with inquiries and negotia tions relating to such loans, and it is estimated that this work cost the system approximately $136,591.31, and which expense is reflected by districts in the statement attached hereto and made a part hereof as exhibit B. The expenditure of these funds resulted, of course, in a complete loss to the Federal home loan banks. The clause in question H.Doc. 261, 73-2-2 3 4 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD was promptly repealed by a provision contained in the Home Owners' Loan Act of 1933, which provided a means for assisting individuals in distress. OPERATIONS On October 15, 1932, each Federal home loan bank was formally opened for business. It was impossible, however, to actually begin loaning operations until December and then very slowly. There is attached hereto and made a part hereof as exhibit C a table and graph as of December 31, 1933, the former of which reflects the loans made by the system from the beginning of operations and the latter reflects the loans made by the system from the beginning of operations from month to month. The funds thus advanced have in turn been loaned by borrowing institutions to home owners or used to take up obligations for which home owners' mortgages are pledged and have thereby relieved the pressure on the home owner who had already borrowed from such institutions. MEMBERSHIP The bank holiday prevented the Federal home loan banks from transacting any business from March 4, 1933, until March 20, 1933. However, the Board continued to receive applications for membership, the receipt of which has been constantly growing ever since. As of December 31, 1933, the assets of all member institutions in the United States amounted to approximately $2,607,307,306, which approxi mated 34 per cent of the total assets of all eligible building and loan associations in the United States, as indicated by the statement attached hereto and made a part hereof as exhibit D, which statement likewise reflects by districts the total assets of all associations as well as those of all member associations. The steady growth of member ship in the system by months is reflected in the statement attached hereto and made a part hereof as exhibit E. The total stock subscrip tions and approximate lines of credit granted in connection therewith are reflected on the statement attached hereto and made a part hereof as exhibit F. As a result of original subscriptions on the part of individual mem bers it was only necessary to call on the Treasury Department for sub scriptions to stock in Federal home loan banks to the extent of $124,741,000, which amount has been allotted to the banks and called for only when and as required. The status of Government stock subscriptions is reflected on the statement attached hereto and made a part hereof as exhibit G. FINANCIAL STATEMENT Inasmuch as it was necessary for the Federal home loan banks to absorb the expenses of organization and operation, such banks natu rally reflect a deficit for the first few months. As of December 31, 1933, however, each of the Federal home loan banks had reached the point where its income exceeded its expenses. On October 15, 1933, the Federal Home Loan Bank of Cincinnati paid a 2 percent dividend to the United States Government and to other subscribers. As of December 31 the Federal Home Loan Banks of Indianapolis, Chicago, ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 5 and Little Rock had declared a similar dividend of 2 percent to be paid to the United States Government and other members payable during the present month. There is attached hereto and made a part hereof as exhibit H, a statement reflecting the condition of the 12 Federal home loan banks. There are also attached hereto and made a part hereof as exhibit I, 12 statements reflecting the condition of each Federal home loan bank. There is also attached hereto and made a part hereof as exhibit J, a profit and loss statement of each of the Federal home loan banks, together with a consolidated profit and loss statement of the 12 Federal home loan banks, marked "Exhibit K." EXPENSES OF THE BOARD The Federal Home Loan Bank Act provided for an appropriation of $300,000 to defray the expenses of the Board for the fiscal year ending June 30, 1933, of which amount Congress appropriated $250,000. Up to June 30, 1933, the sum of $242,912.88 had been expended for the Board's operating expenses. Beginning with July 1, 1933, the operating expenses of the Board have been obtained, in accordance with the provisions of the act, by assessment against the 12 Federal home loan banks, which banks are promptly paying their pro rata portion of such assessment. The Home Owners' Loan Act of 1933 placed the organization and operation of the Home Owners' Loan Corporation under the jurisdiction of the Federal Home Loan Bank Board and provided that the corporation should "pay such proportion of salaries and expenses of the members of the Board and its officers and employees as the Board may determine to be equita ble." The Board has determined that for the present the equitable adjustment of such expenses shall be One half of the salaries of 1. The chairman, members of the Board, and their staffs 2. The secretary to the Board and his staff 3. The general counsel and his staff 4. The chief economist and his staff 75 percent of the salaries of 5. Director of information 6. The stenographic pool 7. The file section The pro rata portion of the Board's expenses as above indicated were, as of December 31, 1933, being assessed against and paid by the Home Owners' Loan Corporation. There is attached hereto and made a part hereof as exhibit L; a statement reflecting the expenses of the Board paid from the amount appropriated by Congress for the period ending June 30, 1933. There is also attached hereto and made a part hereof as exhibit M, a state ment of expenses incurred by the Board in connection with the operation of the Federal home loan bank system up to December 31, 1983, which expenses were paid from assessments against the 12 Federal home loan banks. 6 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD EXHIBIT A District No. 1-Boston, Mass. Maine New Hampshire Vermont Rhode Island Massachusetts Connecticut District No. 2-Newark, N.J. New York New Jersey Puerto Rico Virgin Islands District No. 8-Pittsburgh,Pa. Delaware Pennsylvania West Virginia District No. 4-Winston-Salem, N.C. Maryland Virginia District of Columbia North Carolina South Carolina Alabama Florida Georgia District No. 5-Cincinnati,Ohio Ohio Kentucky Tennessee District No. 6-Indianapolis,Ind. Michigan Indiana District No. 7-Evanston, Ill. Illinois Wisconsin District No. 8-Des Moines, Iowa North Dakota South Dakota Minnesota Iowa Missouri District No. 9-Little Rock, Ark. Arkansas Mississippi Louisiana Texas New Mexico District No. 10-Topeka, Kans. Kansas Nebraska Oklahoma Colorado District No. 11-Portland, Oreg. Montana Washington Oregon Idaho Utah District No. 19-Los Angeles, Calif. Arizona California Nevada ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD g SNy 1-----*^t i.4^ V <C a- Lf, 0 k > 00 s~c z .4^-Aa^ T </Li XC3 __ SI , ~ ^\° LiI < Li LL. T \ z 5 ! I ~---------- : 7? tJI- ' 8 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD EXHIBIT B Statement showing the amount of expense incurred by regional banks in connection with handling direct loan applications under sec. 4 (d) of the act (subsequently repealed) Federal Home Loan Bank of Boston --------$22, 640. 85 Newark 21,491. 24 Pittsburgh--7, 034. 00 Winston-Salem ---21, 241. 01 'Cincinnati --3, 656. 14 Indianapolis 8, 560. 00 Evanston------7, 570. 32 Federal Home Loan Bank of-Continued. Des Moines ------$10, 000. 00 Little Rock-------7, 500. 00 Topeka . -------14, 040. 58 Portland-------5, 857. 17 Los Angeles ------7, 000. 00 Total------------ 136, 591. 31 EXHIBIT C Loans-FederalHome Loan Bank System Loans advanced Amount repaid - ---- Balance, loans outstanding 1932 December ......... ..........--------------------------- '. 1933 January...--------------.........................------------------------3,896, 800. 00 9, 234,086.00 February ------------------------------------22,957, 191.00 March --------------------------------------31, 268, 587. 66 April.......---------------------------------------39,991, 391.12 ..----------------------------------------May .... June ----------------------------------------48,816, 812. 41 July....................-----------------------------------------55, 493, 515. 95 61,907, 694. 54 August.---------------------------------68,916, 370. 74 September ......-----------.....................------------------------------...........------------------------ 76, 948, 584. 23 October---November......------------------------------------85, 233,120. 49 93,865, 344. 49 -----------------------------December---- $540.00 50,440.00 258, 730. 00 728,872. 36 1, 059, 087. 37 1, 237,932.82 1, 748, 851.92 2,101,441.84 2, 586, 878. 49 3,838, 473.32 4, 534,117.35 5,423,490.12 $837,500.00 3,896,260.00 9,183, 646.00 22, 698, 461.00 30, 539, 715. 30 38, 932, 303. 75 47, 578, 879. 59 53, 744, 664.03 59, 806, 252. 70 66, 329, 492. 25 73,110,110.91 80, 699,003.14 88,441,854.37 Statement showing, by districts and States, the number and amount of loans authorized, advances, repayments, and balances outstanding as of Dec. 31, 1933 Loans authorized Regional home loan banks by districts and States Advances , Number District no. 1: Connecticut--- --------Maine------------..... Massachusetts.............-----New Hampshire............. Rhode Island--. ----Vermont--------------- $1, 748,902. 50 762,850.00 2, 128, 525. 00 49,500.00 - 80, 000."00 $167,497.50 30, 150.00 72,475.00 3,500.00 2,500.00 5,043,400.00 276,122. 50 4, 767, 277. 50 9,926, 675. 00 3, 691,100. 00 7,138, 525. 00 3,170, 700. 00 148,278.12 39, 287.50 6,990,246.88 3,131, 412. 50 171 13, 617, 775. 00 10, 309, 225. 00 187, 565.62 10,121, 659.38 4 348 37 157,300.00 7,802,267.50 935,105.00 157,300.00 7, 572,067. 50 894,105.00 7,157.50 544,411.04 24, 139. 68 150,142.50 7,027,656,46 869,965.32 43 20 25 4 ----- 2 $1,961,400.00 801,000.00 2,201,000.00 53,000.00 -- 80,000.00 $1,916,400.00 793,000.00 2,201,000.00 53,000.00 94 5, 096, 400.00 137 34 Total-------.....-------District no. 3: Delaware-----....-------Pennsylvania-.........------.--West Virginia.............------- Total...........--------...... District no 2: New Jersey--............--------New York------------Puerto Rico-----------Virgin Islands----------- Total-...........--------.... Repayments Balance out paymen standing Amount -8,89,672.0 -38 Total-----------389 8,894,672.50 77,500.00 -8,63,-47.-50 -75,-78.-228,047764.2 8, 623, 472. 50 575, 708. 22 8, 047,764.28 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 9 Statement showing, by districtsand States, the number and amount of loans authorized advances, repayments, and balance outstanding as of Dec. 31, 1933-Continued Loans authorized Regional home loan banks by districts and States Number District no. 4: Alabama --------District of Columbia....... Florida --------Georgia ....-------- Advances out standingce Repayments I standing I Amount 13 15 6 20 44 100 15 23 $453,300.00 2,605,800.00 84,100.00 161,100.00 1,148, 600. 00 3,005,338.81 601,300.00 1, 058,400.00 $442, 500.00 2,558,800.00 63, 600.00 160, 700.00 1, 148, 600. 00 3,002,443.81 598, 440.00 1, 059,150.00 $169, 940.00 1, 292, 925. 00 9,005. 00 32, 496.00 206, 227. 50 264,334.77 55, 555. 00 87,937.50 $272, 560.00 1,265,875.00 54,595.00 128,204.00 942, 372. 50 2,738,109.04 542,885. 00 971, 212. 50 236 9,117,938.81 9, 034,233.81 2,118,420. 77 6, 915, 813.04 District no. 5: Kentucky.....----..........--- 76 Ohio......---------307 Tennessee..---------12 2,991,650.00 17, 356, 481. 09 567, 500.00 2,844,155.07 15, 205, 562.03 567, 500.00 53, 550.00 376, 052. 30 13,075.00 2, 790, 605. 07 14, 829, 509. 73 554, 425. 00 395 20,915,631.09 18, 617, 217.10 442,677.30 18,174, 539.80 79 49 5,819,300.00 3,480, 300. 00 4,704, 750.00 2,780, 775.00 218, 760.75 129, 200.00 4, 485,989. 25 2, 651, 575.00 128 9, 299, 600. 00 7,485, 525.00 347, 960. 75 7, 137, 564. 25 266 49 8, 741, 550.00 3,186, 225.00 8, 272,996.97 2,850, 275.00 254, 462.50 22,000.00 8, 018, 534. 47 2,828, 275.00 315 11, 927, 775. 00 11,123, 271.97 276, 462. 50 10,846,809. 47 43 00 00 00 00 2,142, 570.43 483, 700. 00 1,968, 550.00 105,000. 00 181, 500. 00 49,034. 43 5,160. 00 26, 649.50 4,804. 00 815.00 2, 093, 536. 00 478, 540. 00 1,941,900. 50 100,196. 00 180, 685.00 116 5,526,570.43 4,881,320. 43 86,462.93 4, 794,857. 50 18 60 9 2 70 497,000. 00 3,571,600. 00 134, 500.00 24,000. 00 3, 194, 579.83 497, 000. 00 3, 571, 600. 00 134, 500.00 24,000. 00 3,194, 579.83 29, 485.00 216,888. 29 31, 480.00 720.00 363,831.65 467, 515.00 3, 354, 711. 71 103,020. 00 23, 280. 00 2, 830, 748.18 159 7,421, 679.83 7, 421, 679.83 642, 404.94 6, 779, 274.89 23 115 5 23 775, 300.00 3, 680,750.00 253, 000.00 3,485,300.00 680, 200. 00 2,633,025.00 204, 500.00 1,179,000.00 12, 636.26 110, 497.50 2, 362.50 46,187.50 667, 563.74 2, 522, 527. 50 202, 137.50 1,132,812.50 166 8,194,350.00 4, 696, 725.00 171, 683.76 4, 525, 041.24 District no. 11: Alaska.................------------ 13 Idaho---......-------........... Montana -----------12 Oregon---------44 9 Utah--------Washington .........------ . 74 Wyoming--------. 1 157, 020.~00 452,260.00 1, 150, 360. 00 253, 657. 50 1,316, 944. 00 20,000.00 138, 428."00 13, 255. 70 452,260.00 29,340.50 1,115, 560. 00 57, 213. 00 213, 657. 50 5, 670. 00 1, 231, 444. 00 50,148. 00 20,000.00 -------------- 125,172.'30 422,919. 50 1,058, 347. 00 207,987. 50 1, 181, 296. 00 20,000.00 3, 350, 241.50 3,171,349. 50 155, 627.20 3, 015, 722. 30 35,000.00 3, 338, 424. 35 139, 588. 63" 35,000.00 3,198,835.72 2,805.00 . 81,695.00 Maryland-------North Carolina.....----South Carolina-.............. Virginia---------Total------- Total-------District no. 6: Indiana ....................------Michigan......---------........... Total-------District no. 7: Illinois ---------.... Wisconsin ---------Total-------District no. 8: Iowa--.......................-------Minnesota..................----Missouri --------North Dakota. ----South Dakota.--------....... 34 13 58 3 8 Total--------District no. 9: Arkansas--------Louisiana-.................... Mississippi-------New Mexico ------Texas........................--------Total--------District no. 10: Colorado-.................... Kansas---------Nebraska................------Oklahoma......-----------............ Total---------.................... Total--------District no. 12: Arizona ---.. California----Hawaii - - - - - - - - - - - - - - - - - - - - :ttcQvv"Ll Nevada ------------ Total------------Grand total-------- 2,453,370. 597,800. 2, 140, 400. 150, 000. 185, 000. 153 ,35,.000.00 1 117 - I- 60, 000.00 3,621,220.00 - - - - - - - - - I- - - - - - - - - - -- - - - - 84,500.00 . 84, 500.-00 122 3, 765,720.00 3,457,924. 35 142,393.63 3, 315, 530.72 2, 444 I 107, 128, 354. 16 93, 865, 344. 49 5, 423, 490. 12 88,441,854.37 10 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD LOANS ADVANCED, REPAYMENTS, AND BALANCE OUTSTANDING FOR UNITED STATES (YEAR 1933) CUMULATIVE -FHL9 0 FRI -80 MILLIONS OF DOLLARS -70 FMI ED__ REPAYMENTS -60 .1I -50 -40 -30 BALANCE JAN. FEB MAR APR. MAY NDING OUTST JUNE JULY AUG. SEPT OCT. DEC NOV EXHIBIT D Comparative table of the number and asets of member institutions with the number and assets of all building and loan associations All building and loan associations as reported for 1932 Member institutions as of Dec. 31, 1933 Number Number Number -stitutions Districts No. No. No. No. No. No. No. No. No. No. No. No. Amont of assets r Amountof assets Number of member in- Assets of Aetsrof member in stitutions t all building and loan to assets of all building o associations and loan associations 358 1,852 3, 061 1, 682 963 454 1,089 427 364 374 163 210 $632,893, 698 1, 569,785,058 1, 096,178, 774 489,041, 710 1, 233, 388, 708 423, 791,067 697,810, 211 298,008, 252 331, 006, 843 392,193, 542 168, 606,515 417,786, 706 103 227 312 230 359 93 237 110 112 121 79 103 $240,802, 272 318,971,035 165,110, 709 204,012,733 576,975, 218 260,976,911 219, 843,057 97,818,192 153, 671, 724 132, 674,444 92,914,852 143, 536,159 Percent 29 12 10 14 37 20 22 26 31 32 48 49 Total-------............ ------ 10,997 7, 750, 491,084 2,086 2,607,307, 306 19 1-Boston-----......... 2-Newark----........ ----3-Pittsburgh-. 4-Winston-Salem.. 5-Cincinnati---..... 6-Indianapolis-.... 7-Chicago-----.. ---8-Des Moines...... 9-Little Rock---.... 10-Topeka------... --11-Portland---.... 12-Los Angeles----.... Percent 38 20 15 42 47 62 32 33 46 34 55 34 34 11 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD EXHIBIT E Statement showing by months and districts the number of institutions admitted as members in the system through Dec. 81, 1933 1933 1932 No. 1-Boston-------------------.... ------ 4 No. 2-Newark--------------------.... 6 19 No. 3-Pittsburgh--------------.......... 10 66 No. 4-Winston-Salem------... 11 29 No. 5-Cincinnati-------------------... 25 69 No. 6-Indianapolis-------------- --.. 9 29 No. 7-Chicago----------------.......----11 40 No. 8-Des Moines--------------... 11 13 No. 9-Little Rock---------------.... 33 24 No.10-Topeka-----------------------.... 17 No. 11-Portland------------------.. ------...... ... No. 12-Los Angeles...............---------....2 4 Total-------- ...........------------ 6 8 12 14 13 12 25 50 15 46 12 28 6 13 10 4 5 17 23 42 52 10 29 8 10 9 20 8 8 48 12 28 2 17 3 9 10 6 4 7 24 22 21 2 17 13 4 16 11 11 9 15 11 26 3 14 12 1 5 10 8 31 19 19 24 4 21 8 8 11 8 6 5 8 19 20 13 7 23 3 20 9 2 8 8 13 5 5 1 .... 8 8 11 3 11 14 8 28 9 21 17 9 18 10 4 5 3 12 1 118 314 220 236 159 162 127 171 129 9 103 19 19 10 17 8 14 15 7 2 1 8 13 11 5 1 4 17 5 3 .... 13 5 4 227 312 230 359 93 237 110 112 121 79 103 95 144 111 GROWTH OF FEDERAL HOME LOAN BANK SYSTEM (YEAR 1933) JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. * REPORT OF THE SECRETARY OF U S. BUILDING AND LOAN LEAGUE FOR THE FISCAL YEAR -1932. H.Doc. 261, 73-2- 3 DEC. 99 2,086 12 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD STOCK SUBSCRIBED CUMULATIVE BY MEMBER INSTITUTIONS STATES (YEAR 1933) FOR UNITED ------ MILLIONS OF DOLLARS 18 r71- 14 12 I - JAN FEB MAR II APR MAY JUNE JULY AUG SEPT OCT NOV DEC LINE OF CREDIT OF MEMBER INSTITUTIONS CUMULATIVE FOR UNITED STATES (YEAR 1933) 220 r7 MILLIONS F1 OF DOLLARS -200 -180 4 -160 I -140 II _. .. --- -- M-U - - -19t - Ivu so 60 40 20 . JAN. FEB MAR. APR. MAY JUNE JULY AUG. SEPT OCT. NOV. DEC. 0 %If ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 13 EXHIBIT F Statement showing by districts and States the number of institutions approved by the Board for membership in the system, number of shares and amounts subscribed and the approximate lines of credtt authorized as of Dec. 31, 1933 Regional home loan banks, by districts, by States District no. 1: Connecticut --------------Maine ------------------Massachusetts.----------.-New Hampshire... -----------Rhode Island-----------------------Vermont---------------------------- ----- Total----------------------------District no. 2: New Jersey.......-------------New York.....--------------Puerto Rico-------------------Virgin Islands -------------- Total------------... ----------------- District no. 3: Dblaware ----------------Pennsylvania. --------------West Virginia.......------------- Number Number m of me amount subscribed of shares ub-re Total insti-- of ber scribed tutions 29 14 47 10 1 2 3,077 1, 264 12, 006 668 1,585 187 $307, 700. 00 126,400.00 1, 200, 600.00 66, 800.00 158, 500 00 18,700. 00 $3, 636, 000.00 1,427, 200.00 14,354, 200. 00 801, 600.00 1,902,000.00 224,400.00 103 18, 787 1,878,700.00 22,345,400.00 178 49 13,119 4,942 1,311,900.00 494, 200.00 15,461,600.00 5,917,600.00 227 18,061 1,806, 100.00 21,379,200. 00 5 289 18 129 10,390 656 12,900.00 1,039,000.00 65, 600.00 137,000.00 13, 505,334.90 723,360.00 312 Total----------------- Approximate line of credit 11,175 1,117,500.0014,365,694.90 I...II- District no. 4: Alabama-----------.................---------------District of Columbia -----------Florida------------.............................---------------Georgia----------------------Maryland--. ----------------North Carolina---. -----------------South Carolina..................-----------Virginia..........----------------- 9 13 7 15 67 84 14 21 601 5,934 132 343 3,301 3, 213 597 1, 744 60,100.00 593,400.00 13, 200.00 34,300.00 330,100 00 321,300.00 59,700.00 174,400.00 7,121,200.00 142,237.00 407,000.00 4,197, 216.00 3, 695, 428.00 701, 500.00 2,044, 288.00 Total------------------.............................. 230 15,865 1,586,500.00 18,949,069. 00 58 290 11 4,968 37,772 709 496,800.00 3, 777, 200. 00 70,900.00 5,848,400.00 43, 417, 780. 00 850,800. 00 359 43,449 4, 344,900.00 50,116,980. 00 69 24 11,730 7, 237 1,173,000. 00 723, 700.00 13,349,800.00 8,387, 700. 00 93 18,967 1,896,700.00 21, 737,50.00 198 39 10,236 4, 710 1,023,600.00 471, 000. 00 13, 074,365. 0 0 4, 953, 873. 00 237 14, 946 1,494,600. 00 18, 028,238. 00 23 14 57 1,609 1, 325 2,885 160,900.00 132,500.00 288,500.00 1,907,932. 00 1,526, 500. 00 3,577,300.00 561 56,100.00 673,200.00 District no. 5: Kentucky-..--------.............-----------------Ohio...........-----------------Tennessee........-------------Total.---------------District no. 6: Indiana ....--------------Michigan........-----------------Total.. ---------------- District no. 7: Illinois ---------------Wisconsin........................------------Total.----------------District no. 8: Iowa-----------------Minnesota ----------------Missouri ------------------North Dakota.............-----------------South Dakota.......-------------Total..............----------------District no. 9: Arkansas ---------------Louisiana.... -------------Mississippi -------------New Mexico.-----------------Texas... ...................------------------... Total -------------------- 10 640,200.00 6 162 110 6, 542 654,200. 00 7,876, 332. 00 14 34 12 3 49 805 5, 033 298 125 5, 391 80, 500. 00 503,300.00 29,800. 00 12,500.00 539, 100. 00 932,108. 00 5, 947,700. 00 308, 260.00 150,000.00 6,429,100. 00 112 11, 652 1,165, 200. 00 13, 767,11&8.00 16,200.00 191,400.00 14 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Statement showing by districts and States the number of institutions approved by the Board for membership in the system, number of shares and amounts subscrtbed and the approximate lines of credit authorized as of Dec. 31, 19833-Continued JRegional home loan banks, by districts, by States Number Number of mem of shares ber insti sub tutions scribed Total---------------District no. 11: Alaska.............---------------------------Idaho------Montana-----..... ---------------------------------Oregon -------Utah -----------------Washington ........-------------------------Wyoming--------------------------- 121 "- 7"9 15 8 38 2 Total----------------------------Grand total------------------------- 4 97 ------ 2 103 2,086 713 3,588 296 3,494 $71,300.00 358,800.00 29,600.00 349,400.00 $779,850.00 4,245, 250.00 355,200.00 4,132, 200. 01) 8, 091 809,100. 00 9,512,500.00 15, 600.00 56, 400.00 83, 700.00 70,300.00 191,000.00 5, 000.00 187,200.00 676,000.00 985,700.00 833,600.00 2,188,700.00 60,000.00 4,220 422, 000.00 4,931, 200. 00 203 8,315 20,300.00 831,500.00 243,600.00 9, 891, 200. 00 . 156---564 837 703 1,910 50 79 Total-------------------.............................. District no. 12: ...----------------Arizona....----.... California-................---------------...... ---------------Hawaii.---........ -----------------------Nevada---- 1 1 -1-1 District no. 10: Colorado-----------------............................. Kansas--------------------------------..... Nebraska........---------------Oklahoma------------------- ---- Approximate line of credit Total amount subscribed 90 8, 608 --------------- 9,000.00 --- o -108,0242,00.00 860,800.00 10,242,800.00 180,363 1 18,036,300.00 213,252, 081.90 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD C0 00= L00C) = m0-0 000 00-C00C0-0-it-0 00 0 00 0000000000 t-00 r-i >^ 0m0 0 w 0-0 Id C> 0 <!* OS 00 000 O 000 0 00000 -0 000 000 000L-O0 C00000or--000 0- wC4cq w lto'" t m4q= r-0,,000 C 0 M0 C1 00 0i0 w00000000000 T- 0 wC0 0001C t.0 000 00 0 -0t-0 C 000000000000 a 00-4000-0000a q M 000ct 00-^C CO o00m 000o 0)C)( C C 0 00o--10-00 4)0000000D -0000000 X0000000M 000000 koce 000000000O rC D000000II 00) -i00 11 0001 4 oo4r?44r-Z t .0 -00000000 c" C6 000004 0. 0 *0 Q 0 14 t -t 00300 r- C14< r- q 00 z t 00 MO ri TI X0 000-0 1100U 00 tI .4 N00t00 o o 000000004 ul-T r o c i-rT6 c 16 C"rc'-- 0 C I CO 00000000cy =Gollq q00 00 -14000000000ar-( 000( Z 4' 4 O 0000000000000c6 tz 0ocq000r--4CO000000-0t-C LOr- 0m cq lt t c "--I to ko z 4 UID rX0 9) 0 0 - Q 10 4 C r-q4CdN ltCO k r i n4 CD Ve-4 0 H fol T-z r-zC~lz4z r4r4 I 0.) Pi 0P Em zQ )-- Q 0) 0^ 0§ 0§ 0s 0 C6 © o00 z CDt o LOr-mclL CD000000000000C .tqC 0 C V-40 cr 0000000rX0 10 14 0 0 00 00 0 0 0 cq m O lCOO o t>CbOtCc X0 Mo c 0 C) 00000 o 1-000r-q 0c4 000000000000C 0 C 0C =( 0000qkaLO00000000 CI k0 4;1N44 00000000001140 C3 C) '0 r-2 - -- - t- 0000-L 1400-000toC4000r- 0000 Nt-00-00 00 -1C4 zzzzzzzzzzzz 0 C) 15 16 ANNUJAL REPORT OF FEDERAL HOME LOAN BANK BOARD 000 Co CoiO qCCo C O N00 CoCoCo-00C)Nw"4o COOmCot Co Com 00I CtoCo t-Co-Co CoCoN 0Co C to o r-qtCo t COO C0 C14 m ~ OOqo0 0 a) x o 0 -Rd-Lcoq d cqt M- 14 C t 00C)0O0r- C It- 0L ~ (MC- c0 o0--0C0L1*(M 00 Q~ 00mCl )C 0 qC C)CDtqcc00C>cocom No c >o)C>00 ) ) ) c = C o M 14R4- O~lqt C)C> "q cqoC) =C) 0C> 0C)o 0C 0 C)mmma>C)C) m0w0C>c -m 4- _C )t _ qkl0r4000 )00 =mC.)- 00.qr Co00jqCq r_4 CD CD z) 0 O0 o Q l 1Co 0 o o C >c0 _ C q (cc 04 1 o C1 C4 mC)-C)tC oooORd4-0C9 -i1 0 )t 00fCDC C 09 CC o11 o cc m CO ~C~C) C. C0 DmmC000 C = b z00czX0"14 0-C1 o C> Co_ cqo :00 OiCOd4= m 0o 06CCO CT 0oit oOco krC6 e r-4"r-i"4- l 0 t C Cqrqt z COQ 00 0 w) e E- COO1 0 COw COCo dqCo)00 0C) o CO w Co ComaCoO C cr t:00 t-:Co I C6 t Cl IC CI00 -CO 00000 CoN*9 000dt Co CoOm toOr-Co.1Cot-00 q Co00 0=Co 0CDtoCoONCo mC C C)C GC C Co CCo C ) M0 CCo N 14! 0 Co CIT 00o (Z X0C)Oa)C) "CDOQC)=0 qC C D" CD1 cq 4 >C ( U- -' 1 C-,54 t-co C) "TV C) cc 0C) DC qC ZC) C C c 0o ) Mo00 t Co r- po0COr-o tCmo C- Co 0-0 C> Co C 00 C 00 '0 to CTL6C6eOeCIT e cC 0 r8~ b.0 ~ ~O1C 42Co~ bb 45 II I 0).. cq zzzzzzzzzzzz CC Co Co 17 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD C0 Q00 '0 666(66 0000 0000 C> 1800CD08 = 0Q00(0 C00 (00000:CC t 0= 0l D0t t--- cc00400 144= m X00 x = = r-.40r-40cc £0icee- CO II '0 C '00 V'02o, 0I ' 0 00 0Q 0 00 0I0 QQ z - - ''0I0 )0 Q r-'00 ''0 ,0' Q ~ 0 0CI00D0-C', '0' m(O CD00C> 1 Q QC C=QCDQw >) Q 0 000000000(D 00 SAD 00000 000m00(=C; 4 QQCD Q 0 0 00)00 0000 r4 '00 0 0 I I Io. . . . .o. D-0;C C) )-I C3 C)C>Q<= C>C C 1 00 0oIq000000 V--'t'000 0 0C II CDI 0q 000 ' 44o II I IIQ '0 I0,4 0'0 C !C '0000000 ' 000 '' 0 66 0 0 C0 I .0I CDQ CD 1Q Q QQ >1= I Im C IQ ) C Q4= I 8g 0 Q0 C,--0 '0 IM '4 0' 0'C u) IQC00Q I'000000C 4CO00000 I -40 r0O 0t: 00.1 0 C ' c, ' 00 0='0 '000 .4 *r-0 'o 0Q 0 mo 0 Q (= Q00 QI- '0000 C '0'-.rQ '000 Q 0.0I000 ' .0 0.- .0 g -0 0 C 00Q '0o 1'0 m 0004' 0 O Q0000Q I'0Q o 0 0c0 000 ".~ 4 oo 8 Q0 ''''' .00 C- 0 CD0 0 Q8 1000 U'.)U'Z00 00 0 0 0 ) 00> C)''o8800 0 q Q 0000 C 00000C C: C6 00 0=00 C30o +-141,0 ~~ ~ UO 000£D 6 0 00 C:,6 6)0 m 0C0) -t1-4 M- C Q0 Q6 C> QC Q 00 0 00 0c>o6 6<0 z "'' 00-6 0 0 C)0C00000Q 6QCo. 0 C5 0 t-000 F- ~ 0 90200 000 r2 ".Q zn OT Co 00-00 0 CD 0 ' .Q 00 C -q'' 00Q8 0 ggg000 X00m 0 6C00 C40C~ mm 0 b.0 o 0 00 0000 b. -4 18 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD EXHIBIT H Consolidated statement of condition of the Federal Home Loan Bank System as of Dec. 81, 1933 ASSETS Cash: On hand and in banks ----------------$916, 034. On deposit with Treasurer of the United 3, 302, 364. States---------------------------Loans outstanding: To members------------------------85, 441, 854. To Federal Home Loan Bank of Cincin 3, 000, 000. nati------------------------------Accrued interest receivable: On loans to members ----------------412, 300. On loans to Federal Home Loan Bank of Cincinnati -------------------------9, 753. On bank balances --------------------------------On investments (Government securities) 13, 065. Deferred charges: 1, 057. Insurance premiums -----------------19, 255. Bond premiums--------------------------------1, 843. Other deferred charges_-Expenses of Federal Home Loan Bank 1, 399. Board----------------------------Refund expenses Federal Home Loan 31, 940. Bank Board----------------------- Investments: 2, 322, 062. Government securities ----------------Accrued interest paid on Government se curities purchased-----------------.4, 139. 06 22 $4, 218, 398. 28 37 00 88, 441, 854. 37 14 42 48 435, 119. 04 89 48 21 25 17 55, 496. 00 83 48 Furniture and fixtures -----------------------------------Other assets --------------------------------------------' 2, 326, 202. 31 75, 929. 88 4, 920. 90 Total assets---------------------------------------95, 557, 920. 78 LIABILITIES, CAPITAL STOCK, AND SURPLUS Liabilities: Deposits --------------------------Interest collected in advance --------Dividends accrued on Government stock subscriptions --------------------Accounts payable-------------------Bills payable, other Federal home loan banks----------------------------Accrued interest on bills payable, other Federai home loan banks------------Other liabilities----------------------Dividends payable -------------------- $392, 278. 83 192. 42 447, 319. 68 2, 500. 55 3, 000, 000. 00 9, 753. 42 425. 00 326, 194. 34 Total liabilities ----------------------------------Capital stock outstanding: 10, 908, 300. 00 Members -------------------------75, 745, 700. 00 U.S. Government--------------------Subscriptions to capital stock: 9, 796, 300. 00 Members and applicants- -------------5, 275, 790. 77 Less balance due ----------------- 4, 178, 664. 24 86, 654, 000. 00 $4, 520, 509. 23 U.S. Government--------------------48, 995, 300. 48, 995, 300. Less balance due- --------------Surplus: 225, 769. Legal reserve ----------------------121, 021. Undivided profits-------------- ------- 00 00 16 85 9204 747 31 Total liabilities, capital stock, and surplus-------------95, 557, 920. 78 1 Italic figures, loss. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD EXHIBIT 19 I Statement of condition of the FederalHome Loan Bank of Boston as of Dec. 31, 1988 ASSETS Cash: On hand and in banks----------------On deposit with Treasurer of the United States --------------------------- $109, 937. 45 290, 950. 00 $400, 887. 45 Loans outstanding: To members------------------------To Federal Home Loan Bank of Cin cinnati---------------------------- 4, 267, 277. 50 500, 000. 00 4, 767, 277. 50 Accrued interest receivable: On loans to members -----------------On loans to Federal Home Loan Bank of Cincinnati----------------------On bank balances On investments (Government securities)Deferred charges: Insurance premiums ------------------Bond premiums----------------------Other deferred charges ----------------Expenses of Federal Home Loan Bank Board Refund expenses, Federal Home Loan Bank Board---------------------Investments: Government securities----------------Accrued interest paid on Government securities purchased ----------------- 15, 513. 91 1, 095. 90 3, 821. 60 20, 431. 41 33. 75 1, 728. 68 2, 979. 49 4, 741. 92 850, 835. 95 1, 279. 76 9.52. 1 1. 71 Furniture and fixtures------------------------------------5, 598. 19 Other assets---------------------------------------------------------Total assets------------------------------------LIABILITIES, CAPITAL STOCK, AND 6, 051, 052. 18 SURPLUS Liabilities: Deposits ----------------------Interest collected in advance------------------------Dividends accrued on Government stock sub scriptions -------------------------$45, 989. 11 Accounts payable -------------------2, 007. 50 Bills payable, other Federal home loan banks....-------------------------Accrued interest on bills payable, other Federal home loan banks ------------------------Other liabilities ----------------------------------Total liabilities-----------------------------------Capital stock outstanding: Members-------------- --------------454, 400. 00 U.S. Government--------------------5, 000, 000. 00 Subscriptions to capital stock: Members and applicants --------------1, 357, 300. 00 Less balance due-----------------774, 740. 00 U.S. Government--------------------Less balance due----------------Surplus: Legal reserve------------ -------------Undivided profits--------------------- loss. H.Doc. 261, 73-2 4 5, 454, 400. 00 582, 560. 00 7,467,500. 00 7, 467, 500. 00 1 2, 416. 94 6, 821. 87 Total liabilities, capital stock, and surplus--------------------------------------- IItalic figures, $47, 996. 61 '3, 904. 43 1---904.4 6, 051, 052. 18 20 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Statement of condition of the FederalHome Loan Bank of Newark as of Dec. 81, 1938 ASSETS Cash: On hand and in banks------------- ---$49, 953. 89 On deposit with Treasurer of the United States----------------------------651, 632. 45 Loans outstanding: To members------------------------10, 121, 659. 38 To Federal Home Loan Bank of Cin cinnati------------------------------------------Accrued interest receivable: 55, 031. 13 On loans to members-----------------On loans to Federal Home Loan Bank of Cincinnati---------------------------------------On bank balances ---------------------------------On investments (Government securities) Deferred charges: 54. 60 Insurance premiums------------------2, 384. 80 Bond premiums---------------------Other deferred charges-----------------------------Expenses of Federal Home Loan Bank Board---------------------------------------Refund expenses Federal Home Loan Bank Board-----------------------4, 767. 19 Investments: Government securities------------------------------Accrued interest paid on Government securities purchased -------------------------------- $701, 586. 34 10, 121, 659. 38 55, 031. 13 7, 206. 59 5, 983. 01 Furniture and fixtures-----------------------------------Other assets----------------------------------------------------------10, 891, 466. 45 Total assets -----------------------------------LIABILITIES, CAPITAL STOCK, AND SURPLUS Liabilities: $31, 485. 44 Deposits--- -------------------------Interest collected in advance---------------------Dividends accrued on Government stock 70, 446. 57 subscriptions---------------------- Accounts payable -------- -----------------------Bills payable, other Federal home loan banks------------------------------------Accrued interest on bills payable, other Federal home loan banks---- -----------------------------------------Other liabilities------Total liabilities-----------------------------------$101, Capital stock outstanding: 1, 210, 100. 00 Members-------- ------------------9, 000, 000. 00 U.S. Government--------------------10, 210, Subscriptions to capital stock: 1, 573, 500. 00 Members and applicants--------------992, 046. 46 Less balance due-----------------581, 9, 963, 200. 00 U.S. Government--------------------9, 963, 200. 00 Less balance due-----------------Surplus: Legal reserve------------------------- 13, 685. 50 Undivided profits----------------------1 15, 704. 60 1 2, Total liabilities, capital stock, and sur plus----------------------------------------10, sItalic figures, loss. 932. 01 100. 00 453. 54 019. 10 891, 466. 45 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 21 Statement of condition of the Federal Home Loan Bank of Pittsburghas of Dec. 81, 1933 ASSETS Cash: On hand and in banks---------------On deposit with the Treasurer of the United States---------------------- $160, 832. 74 66, 924. 26 $227, 757. 00 Loans outstanding: To members------------------------8, 047, 764. 28 To Federal Home Loan Bank of Cincin nati --------------------------------------------- 8, 047, 764. 28 Accrued interest receivable: On loans to members-----------------30, 164. 87 On loans to Federal Home Loan Bank of Cincinnati --------------------------------------On bank balances --------------------------On investments (Government securities)3, 658. 22 33, 823. 09 Deferred charges: 202. 15 Insurance premiums ------------------Bond premiums-----------------------------------Other deferred charges---------------1, 436. 96 Expenses of Federal Home Loan Bank Board------------------------------------------Refund expenses Federal Home Loan Bank 2, 979. 49 Board----------------------------- 4, 618. 60 Investments: Government securities- -----------Accrued interest paid on Government securities purchased ----------------- I 748, 950. 00 2, 075. 68 751, 025. 68 5,506. 11 77. 04 Furniture and fixtures-----------------------------------------------Other assets---Total assets --------------- -------------- LIABILITIES, CAPITAL STOCK, AND 9, 070, 571. 80 SURPLUS Liabilities: Deposits--------------------------$3, 000. 00 Interest collected in advance Dividends accrued on Government stock subscriptions- ---------------------76, 191. 78 Accounts payable ----------------------------------Bills payable, other Federal home loan banks -------------------------------Accrued interest on bills payable, other Federal home loan banks -------------------------Other liabilities--------------------- -425. 00 Total liabilities ----------------------------------Capital stock outstanding: Members---------------------------1, 063, 000. 00 U.S. Government---------------------7, 700, 000. 00 Subscriptions to capital stock: Members and applicants --------------504, 000. 00 Less balance due----------------311, 627. 56 U.S. Government--------------------Less balance due----------------Surplus: Legal reserve -----------------------Undivided profits --------------------- $79, 616. 78 8, 763, 000. 00 192, 372. 44 3, 446, 300. 00 3, 446, 300. 00 -22, 354. 87 13, 227. 71 35, 582. 58 Total liabilities, capital stock, and surplus------------ 9, 070, 571. 80 22 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Statement of condition of the Federal Home Loan Bank of Winston-Salem as of Dec. 81, 1933 ASSETS Cash: On hand and in banks----------------On deposit with Treasurer of the United States----------------------------- $23, 747. 57 46, 680. 12 $70, 427. 69 Loans outstanding: 6, 915, 813. 04 To members------------------------To Federal Home Loan Bank of Cincin nati --------------------------------------------6, 915, 813. 04 Accrued interest receivable: On loans to members -----------------18, 015. 95 On. loans to Federal Home Loan Bank of Cincinnati---------------------------------------------------------On bank balances On investments (Government securities) Deferred charges: 12. 00 Insurance premiums ------------------Bond premiums ----------------------1, 840. 20 Other deferred charges-----------------------------Expenses of Federal Home Loan Bank Board-----------------------------------------Refund expenses Federal Home Loan Bank Board-----------------------2, 383. 59 Investments: Government securities------------------------------Accrued interest paid on Government securities purchased Furniture and fixtures -----------------------------------Other assets --------------------------------------------- CAPITAL STOCK, AND 4, 235. 79 7, 573. 11 372. 78 7, 016, 438. 36 Total assets .-----------------------------------LIABILITIES, 18, 015. 95 SURPLUS Liabilities: $14, 984. 00 Deposits--------------------------188. 62 Interest collected in advance ---------Dividends accrued on Government stock 70, 860. 29 subscriptions----------------------493. 05 Accounts payable --------------------Bills payable, other Federal home loan banks------------------------------------Accrued interest on bills payable, other Federal home loan banks----------------------Other liabilities------------------------Total liabilities ---------------------------------Capital stock outstanding: 1, 079, 300. 00 Members---------------------------5, 500, 000. 00 U.S. Government--------------------Subscriptions to capital stock: 778, 200. 00 Members and applicants ---------------453, 575. 00 Less balance due-----------------708, 200. 00 U.S. Government---------------------3, 3, 708, 200. 00 Less balance due-----------------Surplus: 19, 369. 54 ---Legal reserve---------------Undivided profits_ ------------------6, 617. 86 Total liabilities, capital stock, and surplus- ------------- 86, 525. 96 6, 579, 300. 00 324, 625. 00 25, 987. 40 7, 016, 438. 36 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 23 Statement of condition of the Federal Home Loan Bank of Cincinnatias of Dec. Sly 1933 ASSETS Cash: On hand and in banks---.-------------On deposit with Treasurer of the United States ---------------------------- $327, 547. 52 952, 320. 04 $1, 279, 867. 56 Loans outstanding: To members------------------------18, 174, 539. 80 ---------To Federal Home Loan Bank of Cincinnati18, 174, 539. 80 Accrued interest receivable: 102, 793. 63 On loans to members_----------------On loans to Federal Home Loan Bank of of Cincinnati ------------------------------------On bank balances---------------------------------On investments (Government securities)143. 88 102, 937. 51 Deferred charges: Insurance premiums-------------------539. 2, 387. Bond premiums-_--------------------300. Other deferred charges- ---------------Expenses of Federal Home Loan Bank Board------------------------------------------Refund expenses Federal Home Loan 3, 575. Bank Board ------------------------ 64 95 00 39 6, 802. 98 Investments: Government securities ---------------Accrued interest paid on Government securities purchased ----------------- 72, 808. 13 326. 1 7 73, 134. 30 8, 939. 0f 3, 016. 19 Furniture and fixtures----------------------------------Other assets-------------------------------------------Total assets ---------------------- 19, 649, 237. 35 LIABILITIES, CAPITAL STOCK AND SURPLUS Liabilities: $175, 200. Deposits---------------------------Interest collected in advance ---------------------Dividends accrued on Government stock subscriptions----------------------63, 399. Accounts payable -----------------------------.-. Bills payable, other Federal home-loan 3, 000 000. banks....-------------------------Accrued interest on bills payable, other Federal home loan banks------------9, 753. Other liabilities -----------------------------.. 00 72 00 42 Total liabilities----------------------------------Capital stock outstanding: Members------------------------2, 241, 500. 00 U.S. Government------------------12, 775, 700. 00 Subscriptions to capital stock: Members and applicants------------Less balance due_--------- .. 15. 017. 200. 00 2, 348, 900. 00 1, 116, 585. 41 U.S. Government----- -----------.................------------------....... Less balance due_ ---------------------Surplus: Legal reserve-----------------------Undivided profits---------------- $3, 248, 353. 14 1, 232, 31 4.59 32314 67, 290. 81 84, 078. 81 151, 369. 62 Total liabilities, capital stock and surplus-------------- 19, 649, 237. 35 24 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Statement of condition of the FederalHome Loan Bank of Indianapolisas of Dec. 381 1983 ASSETS Cash: On hand and in banks----------------On deposit with Treasurer of the United States----------------------------- $9, 199. 96 405, 363. 31 Loans outstanding: To members-------------------------6, 637, 564. 25 To Federal Home Loan Bank of Cin cinnati----------------------------500, 000. 00 Accrued interest receivable: On loans to members -----------6, 178. 13 On loans to Federal Home Loan Bank of Cincinnati -------------------------109. 59 On bank balances ---------------------------On investments (Government securities) Deferred charges: Insurance premiums Bond premiums Other deferred charges------------------------------Expenses of Federal Home Loan Bank Board Refund expenses of Federal Home Loan Bank Board -----------------------1, 906. 88 Investments: 1, Government securities_ Accrued interest paid on Government se curities purchased Furniture and fixtures -----------------------------------Other assets_ --------------------------------------------Total assets.-------------------------------------LIABILITIES, CAPITAL $414, 563. 27 7, 137, 564. 25 6, 287. 72 1 OnR QQ . o 5, 811. 89 120. 92 7, 566, 254. 93 STOCK, AND SURPLUS Liabilities: $33, 922. 38 Deposits ----------------------------Interest collected in advance -----------------------Dividends accrued on Government stock ----subscriptions-----------------------------------------------------Accounts payableBills payable, other Federal home loan banks --------------------------------------------Accrued interest on bills payable, other Federal home loan banks-----------------------Other liabilities---------------------------------98, 783. 03 Dividends payable -----------------Total, liabilities----------------------------------$132, 705. 41 Capital stock outstanding: $1, 468, 300. 00 Members------------------------5, 700, 000. 00 U.S. Government--------------------7, 168, 300. 00 Subscriptions to capital stock: Members and applicants ----------484, 700. 00 251, 800. 00 Less balance due----------------232, 900. 00 877, 400. 00 U.S. Government -------------------877, 400. 00 Less balance due ----------------------------Surplus: 26, 226. 51 Legal reserve ------------------------6, 123. 01 Undivided profits---------------------32, 349. 52 32, 349. 52 and stock, Total liabilities, capital surplus-- --------------------------------------7, 566, 254. 93 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 25 Statement of condition of the FederalHome Loan Bank of Chicago as of Dec. 31, 19388 ASSETS Cash: --On hand and in banks ---On deposit with Treasurer of the United States--------------------------- $94, 914. 61 260, 613. 12 $355, 527. 73 Loans outstanding: To members--------- -------------10, 846, 809. 47 To Federal Home Loan Bank of Cincin nati------------------------------------------10, 846, 809. 47 Accrued interest receivable: On loans to members ----------------76, 184. 87 On loans to Federal Home Loan Bank of Cincinnati-----------------------------------On bank balances----------------------------------On investments (Government securities) 76, 184. 87 Deferred charges: 42. 40 Insurance premiums ------------------1, 299. 38 Bond premiums----------------------Other deferred charges--------------------------Expenses of Federal Home Loan Bank Board Refund expenses Federal Home Loan 3,575.39 Bank Board-----------------------Investments: Government securities Accrued interest paid on securities purchased 4, 917. 17 Government 6143.85 6,---------------------------------Furniture and fixtures Other assets--------------------------------------------------------Total assets-------------------------------------- 11, 289, 583. 09 LIABILITIES, CAPITAL STOCK, AND SURPLUS Liabilities: Deposits ----------------------------$40, 378. 85 Interest collected in advance------------------------Dividends accrued on Government stock subscriptions-----------------------------------Accounts payable ---------------------------------Bills payable, other Federal home loan banks -------------------------------------Accrued interest on bills payable, other Federal home loan banks------------------------Other liabilities-----------------------------------Dividends payable-------------------137, 254. 88 Total liabilities -------------------------Capital stock outstanding: Members---------------------------1, 454, 000. 00 U.S. Government--------------------9, 500, 000. 00 Subscriptions to capital stock: Members and applicants--------------281, 600. 00 Less balance due----------------. 179, 70800 U.S. Government--------------------Less balance due-----------------r4 ls ,Surplus: Legal reserve ------------Undivided profits ----------------- 177, 633. 73 10, 954, 000. 00 101, 892. 00 4, 673,900. 00 4, 673, 900. 00 38,662. 45 17, 394. 91 56,057. 36 Total liabilities, capital stock, and sur plus----------------------------------------11,289,583. 09 26 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Statement of condition of the Federal Home Loan Bank of Des Moines as of Dec. 31, 1933 ASSETS Cash: On hand and in banks----------------$13, 343. 73 On deposit with Treasurer of the United States--------------------------150, 396. 13 Loans outstanding: To members-------------------4, 294, 857. 50 To Federal Home Loan Bank of Cincin nati------------------------------500, 000. 00 Accrued interest receivable: On loans to members -----------------24, 184. 88 On loans to Federal Home Loan Bank of Cincinnati-------------------------273. 97 On bank balances --------------------------On investments (Government securities) Deferred charges: Insurance premiums------------------12. 33 Bond premiums----------------------1, 770. 50 Other deferred charges----------------75. 00 Expenses of Federal Home Loan Bank Board --------------------------1, 399. 25 Refund expenses Federal Home Loan Bank Board -----------------------1, 787. 70 $163, 739. 86 4, 794, 857. 50 24, 458. 85 SnAA Investments: Government securities Accrued interest paid on securities purchased , '70 Government Furniture and fixtures-------------------------------------5, .--------Other assets Total assets------------------------------------LIABILITIES, CAPITAL STOCK, AND 625. 34 4, 993, 726. 33 SURPLUS Liabilities: -----------$2, 155. 83 Deposits--------------Interest collected in advance ----------------------stock Government accrued on Dividends 45, 780. 38 subscriptions_--- --------------------Accounts payable Bills payable, other Federal home loan banks------------------------------------Accrued interest on bills payable, other Federal home loan banks Other liabilities --------------Total liabilities ----------------------------------Capital stock outstanding: Members- _--------------------------------------U.S. Government----Subscriptions to capital stock: Members and applicants --------------Less balance due----------.----.---U.S. Government--------------------Less balance due------------------2, Surplus: Legal reserve------------------------Undivided profits---------------------Total liabilities, capitalstock, and sur plus-------------------------------------------4, 1Italic figures, loss. $47, 936. 21 296, 400. 00 4, 400, 000. 00 4, 696, 400. 00 479, 400. 00 229, 300. 01 2, 994, 900. 00 250, 099. 99 994, 900. 00 -------------9, 014. 10 19, 723. 97 1709. 87 993, 726. 33 ,ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 27 Statement of condition of the Federal Home Loan Bank of Little Rock as of Dec. 31, 1933 ASSETS Cash: On hand and in banks----------------On deposit with Treasurer of the United States----------------------------- $12. 00 183, 951. 83 $183, 963. 83 Loans outstanding: To members------------------------To Federal Home Loan Bank of Cin cinnati -------------------------------- 6, 779, 274. 89 6, 779, 274. 89 Accrued interest receivable: On loans to members- --------------On loans to Federal Home Loan Bank of Cincinnati_ On bank balances On investments (Government securities) 48, 807. 57 -48, 807. 57 Deferred charges: Insurance premiums ------------------112. 34 Bond premiums ----------------------2, 152. 28 Other deferred charges------------------------------Expenses of Federal Home Loan Bank Board Refund expenses Federal Home Loan Bank Board -----------------------2,383.59 4, 648. 21 s Investments: Government securities -----------------------------Accrued interest paid on Government securities purchased-----------------------------Furniture and fixtures -----------------------------------6, 923.57 Other asset-----------------------------------------------------------Total assets--------------------------------------7, 023, 618. 07 LIABILITIES, CAPITAL STOCK, AND SURPLUS Liabilities: Deposits ----------------------------Interest collected in advance Dividends accrued on Government stock subscriptions Accounts payable_ Bills payable, other Federal home loan banks Accrued interest on bills payable, other Federal home loan banks Other liabilities Dividends payable ------------------Total liabilities --------------Capital stock outstanding: Members---------------------------U.S. Government -------------------Subscriptions to capital stock: Members and applicants --------------Less balance due ----------------U.S. Government-------------------Less balance due ----------------Surplus: Legal reserve------------------------Undivided profits -------------------- $51, 175. 77 90, 156. 43 141, 332. 20 650, 500. 00 5, 800, 000. 00 6, 450, 500. 00 715, 500. 00 319, 100. 00 2, 972, 400. 00 2, 972, 400. 00 25, 108. 46 10, 277. 41 --35,385. Total liabilities, capital stock, and surplus -----------5 B.Doc. 261, 73-2- 396, 400. 00 87 7, 023, 618. 07 28 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Statement of condition of the Federal Home Loan Bank of Topeka as of Dec. 31, 1933 ASSETS Cash: On hand and in banks------------$9, 530. 90 On deposit with Treasurer of the United States-----------------------201,892. 18 Loans outstanding: To members ---------------4,025,041.24 To Federal Home Loan Bank of Cincin nati----------------------------500,000.00 Accrued interest receivable: On loans to members ----------------15, 521. 49 On loans to Federal Home Loan Bank of Cincinnati_ -----------------------3, 506. 85 On bank balances On investments (Government securities) Deferred charges: Insurance premiums -------------48. 68 Bond premiums ---------------------1, 738. 00 Other deferred charges -------------31. 25 Expenses of Federal Home Loan Bank Board Refund expenses Federal Home Loan Bank Board-----------------------1, 787.70 Investments: Government securities ----------------Accrued interest paid on Government securities purchased $211,423.08 4, 525, 041. 24 19, 028.34 3, 605.63 Furniture and fixtures- ----------------------------------Other assets --------------------------------------------- 8, 581. 77 200.00 Total assets------------------------------------- 4, 767, 880. 06 LIABILITIES, CAPITAL STOCK, AND SURPLUS Liabilities: $5, 250. 00 Deposits----------------------------Interest collected in advance -------3. 80 Dividends accrued on Government stock subscriptions ----------------------30, 597. 25 Accounts payable ---------------------------Bills payable, other Federal home loan banks-------------------------------------------Accrued interest on bills payable, other Federal home loan banks Other liabilities Total liabilities -----------------------------------Capital stock outstanding: 276,100.00 Members--------------------------4, 200, 000. 00 U.S. Government--------------------Subscriptions to capital stock: 596, 300. 00 Members and applicants --------------303, 775. 00 Less balance due ----------------3, 133, 600. 00 U.S. Government--------------------Less balance due----------------3,133, 600. 00 Surplus: Legal reserve 1 36, 595. 99 Undivided profits--------------------Total liabilities, capital stock, and sur plus ----------------------------------------i Italic figures, loss. 35, 851. 05 4, 476, 100. 00 292, 525. 00 -----1 36, 595. 99 4, 767, 880. 06 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 29 Statement of condition of the FederalHome Loan Bank of Portlandas of Dec. 31, 1933 ASSETS Cash: On hand and in banks----------------$79, 249. 06 On deposit with Treasurer of the United 78,901. 82 States----------------------------Loans outstanding: 2, 515, 722. 30 To members------------------------To Federal Home Loan Bank of Cincin 500, 000. 00 nati ------------------------------Accrued interest receivable: 12, 610. 60 On loans to members -----------------On loans to Federal Home Loan Bank of 1, 972.59 ---------------------Cincinnati. On bank balances On investments (Government securities) Deferred charges: Insurance premiums-----------------------------1, 840. 19 Bond premiums----------------------Other deferred charges-----------------------Expenses of Federal Home Loan Bank Board Refund expenses Federal Home Loan 1, 430. 17 Bank Board -----------------------Investments: Government securities Accrued interest paid on Government securities purchased-------------------------- $158, 150. 88 3, 015, 722. 30 14, 583. 19 3, 270. 36 3, 074. 79 Furniture and fixtures -------------------------------------------------------------------------------------Other assets 3,194, 801. 52 Total assets------------------------------------LIABILITIES, CAPITAL STOCK, AND SURPLUS Liabilities: $33,726. 56 Deposits ----------------------------Interest collected in advance---------------------Dividends accrued on Government stock 21, 489. 74 subscriptions ----------------------Accounts payable Bills payable, other Federal home loan Banks -----------------------------------------Accrued interest on bills payable, other Federal home loan banks------------------------Other liabilities -----------------------------------Total liabilities -----------------------------------Capital stock outstanding: 186, 200. 00 Members--------------------------2, 810, 000. 00 U.S. Government--------------------Subscriptions to capital stock: 255, 900. 00 Members and applicants ---------99, 225. 00 Less balance due -----------------U.S. Government--------------------Less balance due-----------------Surplus: Legal reserve ------------------------Undivided profits --------------------- 55, 216. 30 2, 996, 200. 00 156, 675. 00 3, 150, 000. 00 3, 150, 000. 00 -----------1, 639. 98 1 14,929. 76 1 13, 289. 78 Total liabilities, capital stock, and surplus --------------------------------------1Italic figures, loss. 3,194, 801. 52 30 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Statement of condition of the Federal Home Loan Bank of Los Angeles as of Dec. 31, 1933 ASSETS Cash: On hand and in banks-----------On deposit with Treasurer of the United States----------------------------Loans outstanding:$ To members-------------------------To Federal Home Loan Bank of Cincin nati------------------------------- $37, 764. 63 12, 738. 96 2, 815. 530. 72 500, 000. 00 Accrued interest receivable: On loans to members ----------------7, 293. 11 On loans to Federal Home Loan Bank of Cincinnati------------------------2, 794. 52 On bank balances On investments (Government securities) 5, 441. 78 Deferred charges: Insurance premiums Bond premiums ----------------------2, 113. 50 Other deferred charges-----------------------------Expenses of Federal Home Loan Bank Board ------------------------------------------Refund expenses, Federal Home Loan Bank Board -----------------------2, 383. 59 Investments: Government securities ----------------649, 468. 75 Accrued interest paid on Government 457. 87 securities purchased ----------------Furniture and fixtures ------------------------------Other assets--------------------------------------Total assets------------------------------------LIABILITIES, CAPITAL STOCK, AND 3, 315, 530. 72 15, 529. 41 4497. 09 649, 926. 62 6, 169. 24 1,133. 97 4,043,290.64 SURPLUS Liabilities: $1, 000. 00 Deposits ----------------------------Interest collected in advance Dividends accrued on Government stock 22, 564. 84 subscriptions ----------------------Accounts payable Bills payable, other Federal home loan banks Accrued interest on bills payable, other Pederal home loan banks-------------------------Other liabilities ----------------------------------------------Total liabilities ----------------Capital stock outstanding: 528, 500. 00 Members--------------------------3, 360, 000. 00 U.S. Government--------------------Subscriptions to capital stock: Members and applicants --------------Less balance due------------------ $50, 503. 59 421, 000. 00 244, 308. 33 f 6, 607, 900. 00 U.S. Government--------------------6, 607, 900. 00 Less balance due-----------------Surplus: Legal reserve---------------------------------1 45, 465. 87 Undivided profits--------------------- 23,564.84 176, 691. 67 1 45, 465. 87 Totalliabilities,capitalstock,and surplus--------------1Italic figures, loss. 4, 043, 290. 64 31 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD EXHIBIT J Federal Home Loan Bank System, profit and loss statement for periodfrom Oct. 15, 1932, through Dec. 31, 1933 CONSOLIDATED Income from operations: $1, 696, 455. 75 Interest collected--------------------457,494.18 Interest earned-not collected -----------8, 648. 51 Interest on bank balances --------------5, 941. 10 Interest collected on investments ---------Interest earned on investments-not col 15,685. 45 lected------------------------------1, 252. 57 Profits derived from sale of investments---Interest collected on direct loans 366. 17 Interest accrued on direct loans----------Interest collected on loans to other Federal home loan banks--------------------------------Interest accrued on loans to other Federal 9, 753. 42 home loan banks ---------------------2, 266. 70 Other income--------------------------$2, 197, 863. 85 Gross income from operations-----------------------Deductions from income: Personnel services: Directors' fees---------------------31, 505. 00 Officers' salaries ----------------229, 490. 37 51, 126. 46 General counsel-salary -------------10, 551. 22 Other legal salaries ----------------306, 328. 95 Salaries of clerks, etc--------------629, 002. 00 Total fees and salaries----------- Travel expense: Directors ------------------------58, 801. 35 Officers---------------------------22, 660. 47 Legal staff-----------------------4, 256. 06 Clerks, etc -----------------------33, 419. 46 Total travel expense -------------119, 137. 34 28, 567. 54 Telephone and telegraph -----------Postage and express --------------20, 176. 49 Heat, light, power, ice, etc----------3, 934. 38 Stationery, printing, and supplies -----57, 527. 41 Insurance -------------------------916.96 Bond premiums -------------------37, 424. 62 Rent-----------------------------48, 256. 29 Other deductions -------------------25, 161. 52 Assessments for expenses of Federal Home Loan Bank Board----------118, 059. 83 Reserve for dividends (2 percent) U.S. Government.---------------447, 319. 68 Reserve for interest to other Federal home loan banks --------- -----9, 753.42 797, 098. 14 Total deductions from income-------------------Net profits ----------------------------------Less legal reserve ------------225, 769. 16 Dividends paid: U.S. Government .-------95, 830. 13 Members ----------------25, 854. 59 Dividends payable: U.S. Government- -------273, 095. 89 Members----------------53, 098. 45 Undivided profts--------------------Undivided profits-.-----.-.--SItalic figures, loss. 1, 545, 237. 48 652, 626. 37 OAQo 99 21,021.85 19, 091. 86 32 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD EXHIBIT K Federal Home Loan Bank System profit and loss statement for period from Oct. 15, 1932, through Dec. 31, 1933 BOSTON Income from operations: Interest collected--------------------------$63, 542. 69 15, 513. 91 Interest earned-not collected---------- ---976. 27 Interest on bank balances-------------- ---2, 258. 37 Interest collected on investments -------------3, 821. 60 Interest earned on investments-not collected_--------Profits derived from sale of investments -----Interest collected on direct loan----------------------------Interest accrued on direct loans-------------Interest collected on loans to other Federal home loan banks Interest accrued on loans to other Federal home loan banks------------------------------1, 095.90 Other income -----------------------------------Gross income from operations-------------------------$87, 208. 74 Deductions from income: Personnel services: 4, 280. 00 Directors' fees-------------------------_ 17, 022. 00 Officers' salaries ----------------------General counsel-salary Other legal salaries ---------------------3, 783. 30 18, 749. 80 Salaries of clerks, etc-------------------Total fees and salaries - --------------- Travel expense: Directors-----------------------------Officers-------------------------------Legalstaff-----------------------Clerks, etc----------------------------Total travel expense ------------------- 43, 835. 10 1, 091. 47 2, 422. 64 2, 303. 46 5, 817. 57 1, 791. 13 Telephone and telegraph ----------------915. 47 Postage and express --------------------362. 13 Heat, light, power, ice, etc--------------3, 318. 96 Stationery, printing, and supplies --------64. 16 Insurance -----------------------------Bond premiums------------------------2, 948. 59 3,412. 50 Rent---------------------------------1, 645. 46 Other deductions-----------------------Assessments for expenses of Federal Home 11, 012. 99 Loan Bank Board ----------------Reserve for dividends (2 percent), U.S. Gov 45,989.11 ernment---------------------------Reserve for interest to other Federal home loan banks---------------------71, 460. 50 Total deductions from income---------------------121, 113. 17 Net profits---------------------------------------1 Less legal reserve ---------------------------Dividends paid: U.S. Government ----------------------Members---------------------Undivided profits----------------------1 1Italic figures, loss 33, 904. 43 2,416.94 6,1.37 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 33 Federal Home Loan Bank System profit and loss statement for period from Oct. 15, 1932, through Dec. 31, 1933-Continued NEWARK Income from operations: Interest collected------------------------- $132, 371. 35 Interest earned-not collected ----------_55, 031. 13 Interest on bank balances -------------------947. 57 Interest collected on investments ----------------------Interest earned on investments-not collected Profits derived from sale of investments --------------Interest collected on direct loans Interest accrued on direct loans Interest collected on loans to other Federal home loan banks_ Interest accrued on loans to other Federal home loan banks---------------------------------------Other income Gross income from operations------------------------Deductions from income: Personnel services: Directors' fees-------------------------3, 780. Officers' salaries----------------------16, 088. General counsel-salary- --------------7, 250. Other legal salaries 40, 425. Salaries of clerks, etc-------------------- - $188, 350. 05 00 71 00 67 Total fees and salaries----------------- 67, 544. 38 Travel expense: Directors-----------------------------Officers-------------------------------Legal staff Clerks, etc ------------------------- 3, 618. 29 3, 249. 75 Total travel expense------------------ 13, 334. 58 6,466. 54 Telephone and telegraph 4 009. 06 4,---------------Postage and express --------------------1, 499. 07 Heat, light, power, ice, etc-------------193. 50 Stationery, printing, and supplies 5, 768. 47 Insurance-----------------------------65. 60 Bond premiums------------------------2, 954. 59 5, 5649. 98 Rent -------------------------Other deductions---------------------1, 282. 56 Assessments for expenses of Federal Home Loan Bank Board--------------------17, 620. 79 Reserve for dividends (2 percent) U.S. Government------------------------70, 446. 57 Reserve for interest to other Federal home --------------------------------loan banks 109, 490. 19 Total deductions from income-------------------Net profits--------------------------------------Less legal reserve --------------------------Dividends paid: U.S. Government Members Undivided profits 1 Italic figures, loss. -------------- 190, 369. 15 1 2, 019. 10 13, 685. 50 1---15, 704. 60 34 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD FederalHome Loan Bank System profit and loss statement for periodfrom Oct. 15, 1932, through Dec. 31, 1933-Continued PITTSBURGH Income from operations: Interest collected------------------------- $184, 855. Interest earned-not collected --------------30, 164. Interest on bank balances-------------------1, 775. Interest collected on investments------------------------3, 658. Interest earned on investments-not collected- - Profits derived from sale of investments ------------------Interest collected on direct loans-------------------------Interest accrued on direct loans Interest collected on loans to other Federal home loan banks Interest accrued on loans to other Federal home loan banks Other income 75 87 55 22 Gross income from operations--------------------------- $220, 454. 39 Deductions from income: Personnel services: Directors' fees Officers' salaries-----------------------19, 058. 64 General counsel-salary --------------6, 041. 32 Other legal salaries---------------------3, 104. 50 Salaries of clerks, etc-------------------37, 690. 20 Total fees and salaries --------------- 65, 894. 66 Travel expenses: Directors ----------------------------Officers------------------------------Legal staff Clerks, etc --------------------------- 6, 080. 42 1,818.42 Total travel expense------------------ 12, 390. 42 4, 491.58 Telephone and telegraph- -------------2, 311. 65 Postage and express--------------------1, 784. 04 Heat, light, power, ice, etc --------------66. 37 Stationery, printing and supplies ---------4, 591. 44 Insurance -----------------------------74. 96 Bond premiums------------------------3, 205. 39 34 Rent---------------------------------4,968. Other deductions ---------------------2, 379. 77 Assessments for expenses of Federal Home Loan Bank Board-------------------11,012.99 Reserve for dividends (2 percent) U.S. Gov ernment-----------------76,191.78 Reserve for interest to other Federal home loan banks -------------------------------------106, 586. 73 Total deductions from income--------------------- 184, 871. 81 Net profits-----------------------------------Less legal reserve---------------------------Dividends paid: U.S. Government ----------------------Members-------------------------------- 35,582.58 22, 354. 87 Undivided profits----------------------- 13, 227. 71 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 35 Federal Home Loan Bank System profit and loss statement for period from Oct. 15, 1932, through Dec. 31, 1933-Continued WINSTON-SALEM Income from operations: Interest collected-------------------------$189, 746. 11 Interest earned-not collected---------------- 18, 015. 95 Interest on bank balances-------------------274. 71 Interest collected on investments Interest earned on investments-not collected Profits derived from sale of investments Interest collected on direct loans Interest accrued on direct loans--------------------Interest collected on loans to other/ Federal home loan banks--------------------------------Interest accrued on loans to other Federal home loan banks Other income- ---------------------------936. 87 Gross income from operations------------------------$208, 973. 64 Deductions from income: Personnel services: Directors' fees-- -------------------1, 550. 00 Officers' salaries---------------------17, 733. 17 General counsel-salary - ------------5, 958. 41 Other legal services 39, 282. 59 Salaries of clerks, etc-------------------Total fees and salaries-----------------64, 524. 17 Travel expense: Directors------------------ ----------Officers-----------------------------Legal staff----------------------------Clerks, etc----------------------------Total travel expense-----------------Telephone and telegraph ---------------Postage and express--------------------Heat, light, power, ice, etc --------------Stationery, printing, and supplies---------. Insurance -----------------------------Bond premiums------------------------Rent ----------------------------------------Other deductions Assessments for expenses of Federal Home Loan Bank Board --------------------Reserve for dividends (2 percent) U.S. Gov ernment----------------------------Reserve for interest to other Federal home loan banks------------------------- 6, 684. 1,523. 2, 125. 4, 537. 05 52 00 96 14, 870. 53 2, 505. 06 3, 215. 98 366. 03 6, 331. 78 29. 00 3, 286. 53 3, 325. 63 4, 860. 81 8, 810. 43 70,860.29 -------- 103, 591. 54 Total deductions from income------------------- 182, 986. 24 Net profits--------------------------------------Less legal reserve --------------------------Dividends paid: U.S. Government Members--------------------------- 25,987.40 19, 369. 54 Undivided profits ----------------------- 6,617.86 36 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Federal Home Loan Bank System profit and loss statement for periodfrom Oct. 15, 1932, through Dec. 31, 1933--Continued CINCINNATI Income from operations: Interest collected-------------------------$368, 633. 102, 793. Interest earned-not collected --------------660. Interest on bank balances -------------------134. Interest collected on investments -------------143. Interest earned on investments-not collected-Profits derived from sale of investments---------------Interest collected on direct loans ---------------------Interest acrrued on direct loans-------------------------Interest collected on loans to other Federal home loan banks-----------------------------------Interest accrued on loans to other Federal home --------------loan banks--------------------1, 302. Other income----------------------------- 46 63 05 03 88 47 Gross income from operations--------------------------- $473, 667. 52 Deductions from income: Personnel services: 4,645. 00 Directors' fees-------------------------25, 123. 79 Officers' salaries----------------------4003. 85 4,--------------General counsel-salary 2, 009. 47 Other legal salaries---------------------37, 296. 03 Salaries of clerks, etc-------------------Total fees and salaries --------------Travel exnense: D irectors ----------------------------0 fficers -----------------------L(egal staff ----------------------------Clerks, etc Total travel expense-----------------T elephone and telegraph ----------------P(ostage and express H eat, light, power, ice, etc --------------Stbationery, printing, and supplies Irisurance -----------------------------B(ond premiums------------------------R ent---------------O ther deductions----------------------A,ssessments for expenses of Federal Home Loan Bank Board--------------------R eserve for dividends (2 percent) U.S. Gov ernment---------------------------R eserve for interest to other Federal home loan banks--------------------------- 73,078. 14 7,672. 13 432. 39 1,-------829. 94 4971. 02 4,----------------------------14, 905. 48 3, 542. 38 2233. 38 2,-------------------485. 67 6, 989. 63 279.08 3, 147. 29 5,833. 34 3, 750. 04 13, 215. 61 63,399.72 9, 753. 42 112, 629. 56 Total deductions from income---------------------- 200,613. 18 Net profits----------------------------------------273,054.34 Less legal reserve ---------------67, 290. 81 Dividends paid: U.S. Government------------95, 830. 13 Members------------------25, 854.59 188, 975. 53 Undivided profits----------- ----------- 84,078. 81 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 37 Federal Home Loan Bank System profit and loss statement for period from Oct. 15, 1932, through Dec. 31, 1933-Continued INDIANAPOLIS Income from operations: Interest collected-------------------------$188, 614. 57 Interest earned-not collected ---------------6, 178. 13 Interest on bank balances- ------------------985. 50 Interest collected on investments-------------3, 548. 70 Interest earned on investments-not collected------------Profits derived from sale of investments-------1, 252. 57 Interest collected on direct loans Interest accrued on direct loans_ Interest collected on loans to other Federal home loan banks Interest accrued on loans to other Federal home loan banks109. 59 Other income----------------------------------$200, 689. 06 Gross income from operations-----------------------Deductions from income: Personnel services: Directors' fees-----3,------------------3200. 00 Officers' salaries--------------------15, 352. 96 4, 297. 50 General counsel-salary--------------Other legal salaries 18, 326. 37 Salaries of clerks, etc-------------------Total fees and salaries ---------------- 41, 176. 83 Travel expense: 5, 965. 59 Directors----------------------------1, 706. 87 Officers----------------------------------------------------------------Legal staff 905. 48 Clerks, etc----------------------------Total travel expense ------------------ 8, 577. 94 1 408. 08 1,---------------Telephone and telegraph1, 185. 62 Postage and express --------------------Heat, light, power, ice, etc --------------240. 86 3, 279. 72 Stationery, printing, and supplies --Insurance ----------------------------90. 30 2, 837. 00 Bond premiums------------------------2, 175. 00 Rent---------------------------------1 536. 56 1,---------------------Other deductionsAssessments for expenses of Federal Home 7, 048. 60 Loan Bank Board--------------------Reserve for dividends (2 percent) U.S. --------------------Government----------Reserve for interest to other Federal home loan banks --------------------------------19, 801. 74 Total deductions from income -----------------------------------------------------Net profits 26, 226. 51 Less legal reserve ---------------Dividends payable: 76, 526. 03 U.S. Government -----------22, 257. 00 Members------------------- Undivided profits ----------------------- 69, 556. 51 131, 132. 55 125, 009. 54 6, 123. 01 38 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Federal Home Loan Bank System profit and loss statement for period from Oct. 15, 1932, through Dec. 31, 1933-Continued CHICAGO Income from operations: Interest collected------------------------$174, 508. 46 121, 406. 06 Interest earned-not collected -------------Interest on bank balances ------------------2, 329. 97 Interest collected on investments--------------------Interest earned on investments-not collected -------------Profits derived from sale of investments------------------Interest collected on direct loans Interest accured on direct loans-------------------------Interest collected on loans to other Federal home loan banks Interest accured on loans to other Federal home loan banks -----------------------------------------10. 00 Other income ------------------------------Gross income from operations ------------------------- $298, 254. 49 Deductions from income: Personnel services: 5, 040. 00 Directors' fees------------------------Officers' salaries ----------------------28, 252. 27 4, 878. 50 General counsel-salary ----------------Other legal salaries 28, 936. 54 Salaries of clerks, etc-------------------Total fees and salaries--Travel expense: Directors-----------------------------Officers -------------------------------Legal staff_ Clerks, etc Total travel expense------------------Telephone and telegraph- ---------------Postage and express- -------------------Heat, light, power, ice, etc--------------Stationery, printing and supplies ---------Insurance -----------------------------Bond premiums-----------------------Rent--------------------------------Other deductions ---------------------Assessments for expenses of Federal Home Loan Bank Board-------------------Reserve for dividends (2 percent) U.S. Gov ernment_ Reserve for interest to other Federal home loan banks 67, 107. 31 4, 410. 97 902.35 1----------------------------24.60 5, 437. 92 2, 129. 42 1, 849. 79 724. 05 6, 085. 88 26. 75 3, 092. 04 2,849. 00 2, 424. 48 13,215.61 32, 397. 02 Total deductions from income --------------------- 104, 942. 25 Net profits------------------------------------193,312.24 38, 662. 45 Less legal reserve ---------------Dividends payable: U.S. Government-------------119, 172. 60 18,082.28 Members-------------------175, 917. 33 Undivided profits ---------------------- 17, 394. 91 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 39 Federal Home Loan Bank System profit and loss statement for period from Oct. 15, 1932, through Dec. 31, 1933-Continued DES MOINES Income from operations: Interest collected--------------------------$95, 873. 86 24, 184. 88 Interest earned-not collected ---------------108. 28 Interest on bank balances ------------------Interest collected on investments--------------------Interest earned on investments-not collected------------Pr6fits derived from sale of investments -----------------Interest collected on direct loans -----------------------Interest accrued on direct loans-------------------------Interest collected on loans to other Federal home -----------------------------------loan banks Interest accrued on loans to other Federal home 273. 97 loan banks ------------------------------17. 36 Other income ------------------------------Gross income from operations------------------------$120, 458. 35 Deductions from income: Personnel services: 2, 975. 00 Directors' fees-------------------------15, 842. 93 Officers' salaries-----------------------3, 990. 00 General counsel-salary ----------------385. 62 Other legal salaries --------------------17, 020. 58 Salaries of clerks, etc-------------------Total fees and salaries----------------Travel expense: D irectors-----------------------------fficers L(egal staff ----------------------------C lerks, etc----------------------------Total travel expense------------------- 40, 214. 13 5, 119. 90 1,------------------------------964.40 226.08 3, 670. 63 10, 981.01 Telephone and telegraph -------------1, Postage and express- -------------------1, Heat, light, power, ice, etc --------------Stationery, printing, and supplies -.. ..-----4, Insurance_-----------------------------Bond premiums-----------------------2, 4, Rent-_------------------------------Other deductions---------------------1, Assessments for expenses of Federal Home 6, Loan Bank Board -------------------Reserve for dividends (2 percent), U.S. 45, Government_------------------------Reserve for interest to other Federal home loan banks--------------------------------- 910. 39 705. 59 458. 20 997. 72 11.04 906. 70 200. 00 395. 26 607. 80 780. 38 69, 973. 08 Total deductions from income 121,168. 22 Net profits Less legal reserve Dividends paid: U.S. Government Members--------------------------------Undivided profits----------------------1 Italic figures, loss. 1 709. 87 9,014. 10 1 9, 7. 97 40 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Federal Home Loan Bank System profit and loss statement for period from Oct. 15, 1932, through Dec. 31, 19338--Continued LITTLE ROCK Income from operations: Interest collected -----------------------$161, 767. 31 Interest earned-not collected--- -----------48, 807. 57 Interest on bank balances -------------------209. 96 Interest collected on investments....-------------------Interest earned on investments-not collected----Profits derived from sale of investments---------------Interest collected on direct loans-----------------------Interest accrued on direct loans Interest collected on loans to other Federal home loan banks-----------------------------------Interest accrued on loans to other Federal home -----------------------------------loan banks- Other income-----------------------------------$210, 784. 84 Gross income from operations---------------------Deductions from income: Personnel services: 560. 00 Directors' fees-------------------------21, 260. 49 Officers' salaries----------------------5, 486. 03 General counsel-salary- -------------Other legal salaries---------------------------20, 799. 25 Salaries of clerks, etc-------------------Total fees and salaries ---------------- 48, 105. 77 Travel expense: 5, 384. 26 Directors-----------------------------2, 019. 68 Officers---------------------------------------------------------Legal staff------45. 93 Clerks, etc ---------------------------Total travel expense ---------------- 7, 449. 87 4, 170. Telephone and telegraph ---------------1, 698. Postage and express- -------------------748. Heat, light, power, ice, etc --------------5, 198. Stationery, printing, and supplies---------. 197. Insurance -----------------------------3, 587. Bond premiums-----------------------3, 250. Rent--------------------------------2, 025. Other deductions----------------------Assessments for expenses of Federal Home 8, 810. Loan Bank Board -------------------Reserve for dividends (2 percent) U.S. Government------------------------------Reserve for interest to other Federal home loan banks------------------------------------- 76 76 25 27 68 12 00 63 43 29, 686. 90 Total deductions from income---------------------- 85, 242. 54 Net profits------------------------------------125, 542. 30 25, 108. 46 Less legal reserve-----------------Dividends payable: 77, 397. 26 U.S. Government---------12, 759. 17 Members------------------115, 264. 89 Undivided profits----------------------- 10, 277. 41 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 41 Federal Home Loan Bank System profit and loss statement for period from Oct. 15, 1982, through Dec. 31, 19338-Continued TOPEKA Income from operations: Interest collected--------------------------$58, 562. 93 Interest earned-not collected---------------15, 521. 49 Interest on bank balances- ------------------27. 58 Interest collected on investments-----------------------Interest earned on investments-not collected Profits derived from sale of investments ----------------Interest collected on direct loans Interest accrued on direct loans---------------Interest collected on loans to other Federal home ---------------------loan banks Interest accrued on loans to other Federal home 3,506. 85 loan banks-----------------------------------------------------------------Other income Gross income from operations----- -----------Deductions from income: Personnel services: Directors' fees-------------------------Officers' salaries ----------------------General counsel-salary -----------------Other legal salaries---------------------------Salaries of clerks, etc-------------------Total fees and salaries ---------------Travel expense: Directors-----------------------------Officers ------------------------Legal staff----------------------------------Clerks, etc----------------------------Total travel expense..-----------------Telephone and telegraph----------------Postage and express --------------------Heat, light, power, ice, etc Stationery, printing, and supplies---------. Insurance -----------------------------Bond premiums-----------------------Rent---------------- ----------------Other deductions ----------------------Assessments for expenses of Federal Home Loan Bank Board --------------------Reserve for dividends (2 percent) U.S. Government------------------------Reserve for interest to other Federal home loan banks------------------------- $77, 618. 85 2, 645. 00 22, 138. 75 3, 520. 85 19, 819. 21 48, 123. 81 4, 195. 77 2, 632. 97 3, 427. 80 10, 256. 54 1, 986. 51 1, 858. 20 5, 443. 78. 2, 939. 5, 472. 851. 53 39 20 00 61 6,607. 80 30, 597. 25 -------- 55, 834. 49 Total deductions from income--- ------------------Net profits-------------------------------Less legal reserve Dividends paid: U.S. Government Members Undivided profits ---------------- 1Italic figures, loss. ---- -- 114, 214. 84 1 36, 595. 99 13,6--595 99 42 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Federal Home Loan Bank System profit and loss statementfor period from Oct. 15, 1932, through Dec. 31, 1933-Continued PORTLAND Income from operations: Interest collected-------------------------$38, 094. 46 Interest earned-not collected --------------12, 610. 60 Interest on bank balances -------------------194. 48 Interest collected on investments --------------------Interest earned on investments-not collected Profits derived from sale of investments Interest collected on direct loans------------------------Interest accrued on direct loans-----------------------Interest collected on loans to other Federal home loan banks-----------------------------------------Interest accrued on loans to other Federal home 1, 972.59 loan banks1----------------------------------------------------------------Other income Gross income from operations Deductions from income: Personnel services: Directors' fees -----------------------------------15, 783. 33 Officers' salaries-----------------------2, 400. 00 General counsel-salary --------------Other legal salaries -------------------------------4, 521. 70 Salaries of clerks, etc- ------------------Total fees and salaries----------------- $52, 872. 13 22, 705. 03 Travel expense: 4,757. 39 Directors ----------------------------Officers ------------------------------1,041.71 Legal staff... --------------------------------------Clerks, etc--------------..------------------------Total travel expense---- ------------- 5, 799. 10 1, 155. Telephone and telegraph- ---------------Postage and express -------------------676. Heat, light, power, ice, etc ------------------------Stationery, printing, and supplies--------1, 622. Insurance------------------------------------Bond premiums------------------------2, 837. Rent---------------------------------3,495. Other deductions---------------------1,095. Assessments for expenses of Federal Home Loan Bank Board--------------------5, 286. Reserve for dividends (2 percent) U.S. Government -----------------------21, 489. Reserve for interest to other Federal home loan banks-------------------------------------- 01 36 19 01 50 62 35 74 37, 657. 78 Total deductions from income.----_-_---_------ 66. 161. 91 Net profits-------------------------------------Less legal reserve Dividends paid: U.S. Government ----------------------Members--------------------------Undivided profits----------------------1Italic figures, loss. 13,289.78 1---------------------------639. 98 1 14,929.76 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 43 Federal Home Loan Bank System profit and loss statement for period from Oct. 15, 1932, through Dec. 81, 1933-Continued LOS ANGELES Income from operations: Interest collected--------------------------$39, 884. Interest earned-not collected --------------7, 265. Interest on bank balances- ------------------158. Interest collected on investments-----------------------Interest earned on investments-not collected-8, 061. Profits derived from sale of investments. Interest collected on direct loans------------------Interest accrued on direct loans-------------366. Interest collected on loans to other Federal home loan banks -----------------------------------Interest accrued on loans to other Federal home 2, 794. loan banks2-----------------------------Other income-----------------------------------------Gross income from operations Deductions from income: Personnel services: Directors' fees-------------------------Officers' salaries ----------------------General counsel-salary ----------------Other legal salaries --------------------Salaries of clerks, etc-------------------Total fees and salaries----------------. 80 96 59 75 17 52 $58, 531. 79 2, 830. 15, 833. 3, 300. 1, 268. 23, 461. 00 33 00 33 01 46, 692. 67 Travel expense: Directors----------------------------Officers1------------------------------Legal staff-----------------------------1, Clerks, etc----------------------------- 3, 821. 11 , 945. 77 075. 04 2, 474. 46 Total travel expense--- --------------- 9, 316. 38 Telephone and telegraph- ---------------1, 648. Postage and express--------------------1, 554. Heat, light, power, ice, etc --------------289. Stationery, printing, and supplies -------3, 899. Insurance--------------------------------Bond premiums------------------------3, 683. Rent ----------------------------3, 625. 1, 913. Other deductions-----------------------Assessments for expenses of Federal Home Loan Bank Board -------------------8, 810. Reserve for dividends (2 percent) U.S. 22, 564. Government------------------------Reserve for interest to other Federal home loan banks Total deductions from income-- 09 23 32 82 16 00 72 43 84 47, 988. 61 Net profits---- -------------------------------Less legal reserve. --------------------------Dividends paid: U.S. Government -------------------Members--------------------------....- 103. 997. 66 145,465.87 Undivided profits---------------------- 1 45, 465. 87 'Italic figures, loss. 44 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD EXHIBIT L Report on operating costs under administrative expenses, Federal Home Loan Bank Board, for the fiscal year 1933. Amount Accounts: Salaries------------------------------------------$168,546.07 Travel----------------------------------------------8,817.22 Freight----------------------------------------------174.31 Printing and binding---------------------------------11,260.08 394. 94 Photostat and duplicating work--------------------------7,252.48 Telephone and telegraph------ ------------Furniture and fixtures--------------------------------27, 079. 93 Total expenditures--------------------------------- 223, 525. 03 EXHIBIT M Report on operating costs under assessment funds of the Federal Home Loan Bank Board for the period July 1 to December 31, 1933. Amount Accounts: $116,930.93 Salaries------------------------------------------------3,551.98 Travel---------------------------------------2, 762. 88 Blank paper-printing and binding-----------------------285. 59 Photostat and duplicating work--------------------------1, 581.60 Furniture and fixtures--------------------------------406. 95 -------Telephone and telegraph------------------------1,246.52 Publications and sundries ------------------------------569. 37 Field expenses, salaries-registrars -----------------------Total expenditures---------------------------------127, 335. 82 PART II REPORT OF THE FEDERAL HOME LOAN BANK BOARD ON THE OPERATIONS OF THE HOME OWNERS' LOAN CORPORATION 45 REPORT OF THE FEDERAL HOME LOAN BANK BOARD ON THE OPERATIONS OF THE HOME OWNERS' LOAN CORPORATION The Home Loan Bank Board begs leave to report that imme diately after the Home Owners' Loan Corporation Act was signed June 13, 1933, this Board issued a charter to the Home Owners' Loan Corporation, organized the corporation and began the work of build ing the structure to afford the relief to distressed home owners de signed by the President, at whose request Congress enacted the law. The act made no provision for the method of administration. It provided $200,000,000 cash and authorized the issuance of $2,000, 000,000 of corporation 4 percent bonds running 18 years, with inter est guaranteed by the United States Government, and directed that the Board use these assests and have the privilege of using the mails free, occupying Government buildings free, wherever available, and using the facilities of the home loan banks, where practical, but mak ing just compensation therefor, all for the alleviation of distressed home owners whose homes were of value not exceeding $20,000, were constructed for not more than four families, and were encumbered on the date of the act with some lien which could be discharged by money or its equivalent, and which could not be financed otherwise. There were two alternatives to be allowed: First, the Corporation could exchange its bonds for the lien holder's lien and take over the lien, pay off taxes and assessments in cash and add up all these charges and the expenses of the transaction, and then take a new mortgage amortized for 15 years, payable monthly, quarterly, semiannually, or annually, according to the condition of the home owner's affairs, and bearing 5 percent interest. In bond loans the Corporation can loan 80 percent of the present appraised value of the home. Second, if the holder would not exchange his lien for bonds, and would not carry it any longer, or it could not be financed otherwise, the Corporation can loan cash to the amount of 40 percent of the appraised value of the property, and with that take over the encum brance, as in the case of bonds, and take a new mortgage amortized, as in the case of a bond loan, and on this loan the interest rate is 6 percent. Third, where there is only a lien for taxes and the home is about to be sold for that, the Corporation may loan the home owner the cash to pay the taxes, and take a mortgage amortized in all respects as the bond loan, including the 5 percent rate of interest, but only 50 percent of the appraised value of the home can be loaned. In all of these loans, the Corporation must (a) Have the first lien. 47 48 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD (b) Must give the borrower a 3-year moratorium on principal from June 13, 1933, provided the borrower keeps taxes and interest paid. (c) May, by resolution of the Board, also grant indulgence of interest for such time as it deems expedient. ORGANIZATION The Board elected a general manager and such assistants as were needed from time to time, a treasurer and such assistants as he needed, and employed such clerical help as has been necessary. It deter mined to set up an office in each State run by a general manager and such assistants as were necessary, including general and local counsel and general and local appraisers and clerical help. There are 48 State offices, 1 in the District of Columbia and 1 in Hawaii, and at present 208 branch offices in operation, the branches in the States being run by an assistant State manager. The location of these offices and the names of the managers and assistant managers are attached hereto and made a part hereof as exhibit A. In order to make it as convenient as possible to the distressed home owners, it was decided to have a local attorney and a local appraiser in each county, and in congested centers it takes several more, fre quently many more, to check the titles and make the appraisals promptly. This work is done on a fee basis, and the fees have been made very low, as the borrower is charged with this expense in his mortgage if he gets his loan. If it turns out that he is not eligible for a loan, the corporation pays these expenses, as the Board does not desire either to add to the distress of the man it cannot help, nor offer an inducement to the attorneys or appraisers to unduly press the making of a loan in order to obtain fees. It took full 3 months to get this machinery set up, and 30 days longer to get it moving anything like satisfactorily. The operation was a vastly larger one than this country had ever embarked on, its ramifications ran into all of the more than 3,000 counties in the United States, and nobody had ever had experience in either setting up or operating such an enterprise, hence, it was apparently slow in starting, and mistakes were made in some instances, and more will be made hereafter, but the work has now, for 2% months, been making satisfactory progress. OPERATION Before the act was signed, the applications were pouring in on the Board, and on the President of the United States. This continued in a steady flood all the time the organization was being set up. The word got abroad that there would be 10,000 jobs in connection with it, and there being at that time more than 10,000,000 people idle, and probably more than 10,000,000 people who had something to do, but who wanted something better, the Board was deluged with applica tions for jobs, made personally, by letter, and wire. All this volumi nous correspondence and numerous personal solicitations required the attention of the force of the Home Loan Bank Board which had only 87 employees at the beginning. This delayed work greatly in setting up the organization. In the meanwhile the staff was being built up, the forces organized, and a practically new business organization was being built, and locations of State and branch offices were being made (about much of which there was local controversy to be dealt with by ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 49 the Board). This work of organization was completed in about 3 months. The Board was confronted at first by panicky reports from the field that the mortgage holders would not exchange their mortgages for the Corporation's bonds. There were $12,000,000,000 of eligible home mortgages in the country, held about as follows: Billions 6---------------------- Building and loan associations- Savings banks------------------- ----------------- 3 Insurance companies-- ------------------------------- 2 Total.---------------- 12 ---------------------------- With 2 billions of bonds and 200 millions of cash, it was absolutely necessary that bonds should be largely used. The Board approached the large insurance companies, and desires here to record its most profound appreciation of the attitude they, as a whole, have finally assumed. They aided the Board in many ways beside accepting bonds. Their experience in handling similar wide-spread operations enabled them to give the Board most helpful advice, and helped it to reach men who could efficiently serve in the great work which they described as "humanitarian", and which needed their help in the emergency in the highest degree. The United States Building and Loan League and savings banks also gave most helpful backing and advice, and will be entitled to grateful remembrance by the humble home owners of this country, and all these great financial groups will reap the full reward of their service when the wave of prosperity again rolls across this great continent. The loans at last began to flow to relieve the desperately pressed people, and have been increasing week by week until an impression has been made on the vast mass of applications. The bonds are being accepted more and more readily each week, and the year 1934 will, it is hoped, relieve a large percent of those who are applying, but the physical work of appraising, checking titles, drawing papers, and closing loans for the applications already filed is stupendous. Until December 31, 1933, there were applications filed to the num ber of 751,578, with a dollar value of $2,266,527,835. A statement is attached, dated December 29, the last business day of the year, showing the number of applications filed by States, the number re jected as ineligible, the number of bond loans, and the number of cash loans, marked "Exhibit B." It will be seen that the cash will be exhausted long before the bonds are, and that both will be exhausted, at the present rate, before the applications are disposed of. The people are making a wonderful effort to pay according to their contract, illustrating the truth that a man will go to the limit of his strength to hold his home. Each loan made represents a mortgage on that particular spot which some family calls home, and it represents toil, sacrifice, and love. 50 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD FINANCIAL The expense of operation from June 13, 1933, to December 31, 1933, has been $4,685,072.79, representing an annual expenditure of approxi mately $10,445,391.55. We append a financial statement hereto setting out in more detail the expenses, marked "Exhibit C", to which reference is craved. When the $2,000,000,000 of bonds are exchanged for 5 percent mortgages, and at least $100,000,000 of the cash is converted into 6 percent loans, the difference between the interest income and the interest to be paid on the bonds will be ample for expenses, and after the 13th of June 1936, will provide a large reserve fund, as the loaning campaign and a large part of the expense should then be discontinued. The capital collections are appropriated by resolution of the Board exclusively to retire the bonds which are callable by lot at any interest period, and will be retired as rapidly as payments on loans accumulate to seem sufficient to justify a call. ANNUAL REPORT OF FEDERAL HOME EXHIBIT LOAN BANK BOARD 51 A State and district offices of Home Owners' Loan Corporation ALABAMA Office and location Name Title State office: Birmingham, Education E. H. Wrenn, Jr------------- State manager. Building, 517 North 22d Street. J. P. May...........---------------- Assistant manager. District offices: Montgomery, Bell Building-----.......... ----. E. Seibels....................---------- District manager. Mobile, Custom Building, grade floor- John E. Rolson----------------Do. ARIZONA State office: Phoenix, Professional Building, 15 East Monroe Street. William R. Wayland.-----........... State manager. Evan S. Stallcup-------------Assistant state manager. ARKANSAS State office: Little Rock, Donaghey Building, 6th and Main Streets. District offices: Jonesboro, American Trust Building, Main and Washington Streets. Fort Smith, Merchants National Bank Building. Texarkana, City Hall........-----------... Pine Bluff, Simmons National Bank Building, Main Street. R. F. Milwee-.............----------.....--Charles Peaker..................------------- State manager. Assistant State manager. Joseph N. Martin-----......------- District manager. Tom Hart----------.........----------- Do. A...... B. Clark---------.......----------H. L. Lambert----------------- Do. Do. CALIFORNIA State office: Los Angeles, 639 South Spring Street. District offices: Los Angeles, 612 South Spring StreetSan Francisco, City Hall------...-----... Oakland, Security Building, Eleventh and Broadway. Sacramento, Federal Building-......... Fresno, 1146 Fulton Street--------.......... San Diego, 1030 6th Avenue------.......... Monroe Butler.................------------- State manager. Lloyd W. McAtee--.-----............. ----- Assistant State manager. Norman L. Cramb-.......-------....... ----Do. Harvey Harris-.....--------------District manager. W. R. Lawson-----------------Do. John C. Stannard-------------Do. Frank W. Luttrell-------............. W. 0. Miles...........------------......... Nat Rogan----------..... ---------- Do. Do. Do. COLORADO State office: Denver, rooms 121-126 Custom Building, 19th and Stout Streets. District offices: Colorado Springs, 221 Federal Building, 201 East Pikes Peak Avenue. Pueblo, rooms 201-202, 202A, Federal Building, 5th and Main. Grand Junction, 309-310, 312 Federal Building, 402 Rood Avenue. John Lynch.....................---------------- State manager. Wellington Cates-------------... Assistant State manager. J. Ralph Young----------------- Do, James M. Dailey...............--------------- Do. Ollie E. Bannister..............-------------- Do. 52 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD State and district offices of Home Owners' Loan Corporation-Continued CONNECTICUT Office and location Name State office: New Haven, Hall of Records Building, 200 Orange Street. District offices: New Haven branch, Hall of Records Building, 200 Orange Street. Waterbury, 54 Center Street---------....... Title Peter M. Kennedy.....-..-------State manager. Charles M. Hasburg----------... --.. Assistant State manager. Sylvester Kennedy...-----------. District manager. John H. Burns................-------------- District manager and coun sel. Hartford, Post Office Building, 135 John F. Gaffey--------------District manager. \ High Street. Bridgeport, Stratfield Hotel Building, James D. Lawler---...--------- District manager and ap 1241 Main Street. praiser. New London, Garde Building, 330 Timothy J. Sullivan--.----........... District manager. State Street. New Britain, Post Office Building, Joseph M. Halloran------.......-----Do. 120 West Main Street. Stamford, City Hall.....--------------Thomas A. Hickey------............. Do. DELAWARE State office: Wilmington, 200 Odd Fellows Building, King at 10th Street. District offices: Dover: State Street-----.....---------Georgetown................-------------------- Thomas B. Young......---------...... Chas. E.EKlingmeyer------......... State manager. Assistant State manager. Howard E. Lynch-----------District manager and coun sel. Meyers Ableman--------------Do. DISTRICT OF COLUMBIA State office: Washington, Building. Shoreham Paul J. Frizzell ........------------........ District manager. FLORIDA State office: Jacksonville, Graham Building. District offices: Tampa, First National Bank Building, Franklin Street. Miami, Old Federal Building, 1st Avenue. Orlando, Phillips Building, North Orange Avenue and Washington. Pensacola, Brent Building, 17 South Palafox Street. Jacksonville, Graham Building, 100 West Forsyth Street. Tallahassee, Telephone Building-...... Bartow, Florida National Bank Building. West Palm Beach, Guaranty Building- James R. Stockton------........-----State manager. Lewis Burnett....----...........---------- Assistant State manager. E. P. Green- ......--------------- District manager. Rufus H. Daniel-----......--..------...... Do. John C. Murchison..-----........... Do. Warren W. Powers..............------ Do. Charles Chestnut-----.............. Do. Ben A. McGinniss-------------Joe W. Dalton...........-------....... Do. Do. James N. Fielding------.-------- Do. GEORGIA State office: Atlanta, Western Union Building, 58 Marietta Street NW. District offices: Savannah, Post Office Building-....... Macon, First National Bank BuildingAlbany, Davis Exchange National Bank Building. Frank A. Holden---------- -- State manager. A. C. Morgan...................-------- Assistant manager. John H. Calais--------------District manager. G. Glenn Toole----------------Do. J. M. Mayo------------------Do. IDAHO State office: Boise, Federal Building ...... C. C. Wilburn- -------. State manager. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 53 State and district offices of Home Owners' Loan Corporation-Continued ILLINOIS Office and location Name State office: Chicago, 134 North LaSalle Street. Henry G. Zanger, Jr----------.......... Title State manager. Victor Schlager--------------Assistant State manager. District offices: Peoria, 208 Federal Building----......... Emerson J. Gilmore............------- District manager. Do. Rock Island, 501 15th Street-----.......... Robert W. Rank----------................-----Do. Rockford, Federal Building-----.......... Hugh F. Ward..................---------------Do. East St. Louis, Federal Building-..... M. L. Harris........----------........... Do. Champaign, 312w North Hickory Carl J. Werner---............-------Street. Springfield, Reisch Building---------Mrs. Eva Batterton------............ Do. Harrisburg, City Hall------................------- Fred C. Daube.......-----------------Do. INDIANA State manager. State office: Indianapolis, Farmers' Trust Building, 150 East Market Street. E. Kirk McKinney----------- District offices: Evansville, Old Mercantile Bank-.. .. Fort Wayne, U.S. Post Office-........ South Bend, New Federal Building. --Terre Haute, 718 Ohio Street----........ Hammond, First Trust Building---...... Richmond, 35 North 9th Street-....... Leonard A. Rauscher---------District manager. Do. Stephen B. Fleming---------.............---William A. Butler-----.---............ -----Do. Leonard B. Marshall-----........... ------Do. J. Clinn Ellyson....-----............-.-Do. Lawrence A. Handley-----.......... -----Do. Martin H. Walpole-----------Assistant State manager. IOWA State office: Des Moines, Federal Office Building, Fifth and Court Streets. Disrict offices: Sioux City, Federal Building---.......... Davenport, Federal Bank Building... Dubuque, Federal Building--------........ Fort Dodge, 619 Central Avenue-......- Geis S. Botsford................------- State Manager. Samuel McConnel---........-----...... Assistant State Manager. John Hertert....................-------- District manager. Edward Kaufman-....-----------Do. Grover C. Blunt......-------.......... Do. M.J. Haire-----------------District manager and ap praiser. KANSAS State office: Topeka, New England Building, 501 Kansas Avenue. W. M. Price----------------State manager. J. L. Grimes----------------Assistant State manager. District offices: Chanute, Fidelity Bank Building-..... Fred Powell-------. ......---------District manager. Salina, North Seventh Street----......... James W. Graham-------............ Do. Wichita, 506 Schweiter Building-...... Charles R. Lewis............-------... Do. KENTUCKY State office: Louisville, 231 South Fifth Street. District offices: W. T. Beckham................------------ State manager. John F. Davis--------------- Assistant State manager. Paducah, City National Bank Build- John S. Lawrence...............---------- District manager. Lexington, Security Trust Building... Covington, First National Bank Building. Ashland, 219 Kitchen Building----....... Frank W. Sledd.................------Otto B. Watson.................---------------- Do. Do. C. Ernest Montague------.........----- Do. ing. 54 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD State and district offices of Home Owners' Loan Corporation-Continued LOUISIANA Office and location Name Title State office: New Orleans, Louisiana Bank Paul B. Habans...............------- State manager. Building, Camp and Cravier Streets. Waldo M Pitkin--..............---Assistant State manager. District offices: Shreveport, City Savings Bank & Ben F. Roberts--------------District manager. Trust Co., 528 Market Street. Baton Rouge, Post Office Building.... J. C. Pierce-----------...........--------Do. Lake Charles, 910 Ryan Street-........ Joseph A. Partridge............-----Do. Monroe, Ouachita Bank Building-..... Robert M. Breard-------............ Do. Alexandria, Guaranty Bank & Trust Gradni V. Pierce--------------.............Do. Building. MAINE State office: Waterville, Professional Building, 179 Main Street. District offices: Portland, 110 Exchange Street...------Bangor, Coe Building, 61 Main Street.Lewiston, 215 Lisbon Street--------- F. Harold Dubord----------............ Joseph 0. Berry------.............------ State manager. Assistant State manager. Eugene F. Martin-----------............. Thomas F. Gallagher----......... Hercules Belleau---------------- District manager. Do. Do. MARYLAND State office: Baltimore, 301 Post Office Building. David Stiefel--....-------------State manager. Joseph W. Leffler---------------.......... Assistant State manager. District offices: Cumberland, Post Office Building ..Hyattsville, Metropolitan Building_ Easton, Masonic Building---------.......... Towson, 103 West Chesapeake Street__ Oliver H. Bruce, Jr------........... ---Thomas L. Peyton ............-----L. Roy Willis---------..............--------Charles T. Conrad--------------........... District manager. Do. Do. Do. MASSACHUSETTS State office: Boston, Shawmut Building, 82 Devonshire Street. Bank Charles F. Cotter---------------............. State manager. Arthur F. Stephenson-------........ Assistant State manager. Do. Andrew J. Porter.--------------......... Do. D. J. LeHand-----------------William L. Gleason......-----------Do. Charles A. Birmingham------....... Do. District offices: Springfield, 420-422 Federal Building - Daniel F. Doherty------------ District manager. Do. Fall River, Post Office Building-..... Arthur B. Sherman------------Lawrence, Post Office Building.--.---- William C. Ford---------------Do. Worcester, Federal Building---------.....Daniel A. Donoghue------......-----.. Do. MICHIGAN State office: Detroit, 1615 Barum Tower Building. District offices: Battle Creek, 19th floor Central National Tower. Grand Rapids, Grand Rapids National Bank Building, Monroe and Pearl Streets. Saginaw, 223 Goff Building----------....... St. Ignace, First National Bank Building. John F. Hamilton-----..............------Leo E. Kuhlman--............---------- State manager. Assistant State manager. Geo. D. Schermerhorn--------........ District manager. Carroll Sweet................------------------ Do. Leland S. Jennings.............-----John C. Daly-----------................------- Do. Do. MINNESOTA State office: St. Paul, 616-618 Bremer Arcade. District offices: St. Paul Branch, 618 Bremer Arcade-Duluth, Federal Building----------Minneapolis, 620 Metropolitan Life Building. Otto Bremer----------------State manager. H. B. Weisner.............------------- Assistant State manager. John F. Scott. ----.-- District manager. Henry F. Salyards-------........... -----Do. Edward J. Conroy-----........... Do. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 55 State and district offices of Home Owners' Loan Corporation-Continued MISSISSIPPI Office and location Title Name State office: Jackson, New Merchants Bank Building, 208-210 East Capitol Street. District offices: Greenwood, 109 Fulton Street.... ----New Albany, Hall Houston Building. Meridian, Threefoot Building, corner 22d Avenue and 6th Street. Hattiesburg, 208-210 West Pine Street- Wiley A. Blair.--------------- State manager. Knox M. Broom-----..........--------..... Assistant State manager. 0. L. Kimbrough---------... ---.. District manager. Do. J. S. Houston----------- -------Walter H. White----------.............-----Do. Do. L. N. Davis-------------------MISSOURI State office: St. Louis, 903 Buder Building, 7th and Market Streets. District offices: Kansas City, R. A. Long Building, 10th Street and Grand Avenue. Springfield, room 8, Federal Building-Moberly, Library Building--------- G. C. Vandover ..-------------- State manager. S. A. Cunnmngham.-----------Assistant State manager. W. C. Crawford----------.............. District manager. W. E. Freeman ----------.........-----John Atterbury------------......... ---... Do. Do. MONTANA State office: Great Falls, Wade George E. C. Carruth-----------..............----. A. D. Williams---------------Building, 421 1st Avenue, North. District office: Butte, Federal Building_.- Charles McKenzie---------........ State manager. Assistant State manager. District manager. NEBRASKA State office: Grand Island, second floor, Yancey Hotel. District offices: Omaha, 818 World-Herald Building.. Lincoln, Sharp Building-----------Norfolk, 527 Norfolk Avenue----------.... Scottsbluff, American State Bank Building, 1502 Broadway. Charles Smrha.................--------- State manager. Paul Jones ----------------- Assistant State manager. I. Schuler------------------District manager. Don Wachter . ..--------.----. Do. Leo Pasewalk---------........--------..... Do. Frank Fischer---------------- District manager and ap praiser. NEVADA State office: Reno, room 9, Arcade Building, Virginia Street. , District offices: Las Vegas-------..... ......--------------Elko, Post Office Building----........... George W. Friedhoff------.. ....-- State manager. Edwin C. Mulcahy-----------Assistant State manager. Thomas M. Carroll-----------District manager. Do. Albert L. McGinty------------- NEW HAMPSHIRE State office: Manchester, 1028 Elm Street. Charles E. Bartlett-----------State manager. NEW JERSEY State office: Trenton, Post Office Building, room 424, East State and Canal R. T. Cahill..-----.. ---------- Special representative. C. V. L. Booream-------............. Assistant State manager. District offices: Jersey City, 921 Bergen Avenue-...... --Newark, 25 Linden Street------........... Camden, Post Office Building- ....... Hackensack, Main and Mercer Streets_ Atlantic City, 1421 Atlantic Avenue.. New Brunswick, 229 George Street. Richard J. Tarrant-.........------- --- District manager. Do. Bernard Degnan---------------Do. Victor King-----------...................-------.Do. Angelo Rinaldi .............----------------------Do. Chas. I. Lafferty ............... Do. B. G. Coats----------- - Streets. 56 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD State and district offices of Home Owners' Loan Corporation-Continued NEW MEXICO Office and location Name Title Stateoffice: Albuquerque, room 105, E. C. Robertson..-------------State manager. Federal Building. David J. Armijo-------------Assistant State manager. District offices: Roswell, Chaves County Courthouse_ J. B. Herron, Jr.................-------District manager. Las Cruces, Temple of Agriculture.... Richard H. Buvens------------Do. Las Vegas---------------------- L. 0. Coores------------------Do. Clovis------------------------- Fred E. Dennis----------------Do. Raton -------------------------- W.H. Blaine-----------------Do. Santa Fe-----------------------John L. Hinkel----------------Do. Gallup------------------------- John R. Scanlon-------................--------Do. Silver City----------------------John D. Bingaman--------------............. Do. NEW YORK State-office: New York, 406 Empire State Building. Vincent Dailey--------------State manager. Daniel Skilling--------------Executive assistant. District offices: Albany, Drisland Building, 38 North Arthur P. Plog--------------Executive secretary. Pearl Street. Buffalo, Liberty Bank Building, Main Walter H. Edson------................-----District manager. and Court. Brooklyn, Kings County, Post Office Mortimer J. Redmond--------......... Manager. Building. Do. Bronx County, 391 East 129th Street-. Edward L. Corbett-------------............ Do. Queens County, 153 Jamaica Avenue.. Maurice J. Freeman------------........... Do. Staten Island, Richmond County, George J. Schneider--------.............----Post Office Building, St. George. Mineola-Nausau County, 451 Frank- Fred B. Bradley---------------Do. lin Avenue. White Plains, Westchester County, Lawrence H. Tasker------------........... Do. New County Building. Utica, Federal Building------------Richard T. Ryan------------District manager. Lockport, Post Office Building- ... F.A. Ringueberg--------------Do. Do. Albany, 38 Drisland Building, 38 James H. Betts----------------North Pearl Street. Middletown, Federal Building, New- George C. Rogers--------------Do. burgh. Syracuse, Federal Building ---------... Myron J. Parkinson-...-----........ Do Buffalo, LibertyBank B uilding, Walter H. Epson...............-----Do. Main and Court. Binghamton, Federal Building------ Elmer Meloche----------------Do. Jamestown, Post Office BuildingGilden A. Broadbury-----------.......... Do. Do. Spring Fajen Building, New Francis M. Field Monnally--..... City, Valley, Rockland County. Do. Schenectady, City Hall------------Frank R Eaton---------..........------Do. Rochester----------------------Fred J Lester----------...................-------Do. Troy, Post Office Building----------........... John W. Monahan--------..............-----Poughkeepsie, Post Office Building--- Joseph T. Murphy--- ---------Newburgh, Post Office Building----- George 0. Rogers--------------- Do. Do. NORTH CAROLINA State office: Salisbury, Post Office Building. District offices: Raleigh, Wachovia Bank & Trust Co. Building. Ashville, New Medical Building--Greenville, Federal Building--------...... Gastonia------------------------I Alan S. O'Neal -------------- State manager. Frank McNeill--------------District manager. George D. Robertson--------...........---. B. Davis-----......------------Miles Carpenter---------------- Do. Do. Do. NORTH DAKOTA State office: Fargo, Federal Building---- F. W. McLean-------------- State manager. ]E. H. Mattingly------------- Assistant State manager. District offices: Grand Forks, American BuildingRobert L. Taft------------ District manager. Minot, First National Bank Building- G. S. Wooledge ------Do. Bismarck, Federal Building------ P. H. Byrne --------Do. ANNUAL TiREIPORT OF FEDERAL HOME LOAN BANK BOARD 57 State and dtstriut offices of Home Owners' Loan Corporation-Continued OHIO Title , Office and location Name State office: Columbus, 516 Beggs Buildlng, 21 East State. District offices: Columbus Branch, 180 North High Street. Cincinnati, 414 Keith Building---..... Cleveland, West 6th and Superior Streets, Williamson Building. Toledo, Northwest Savings Bank Building. Akron, 640 North Main Street-........ Henry G. Brunner-------............. ... T. T. Hawksworth-----------... State manager. Assistant State manager Thomas E. Dye.....--------------... District manager. Jacob Hermann----------------W. J. Kennedy----------------- Do. Do. ----Charles C. F. Sieving-----.......... Do. I. B. Powell---................------------- Do. OKLAHOMA State manager. John F. Mahr--------....-------....... .... Assistant State manager H. L. Standeven-------------Frank Shipley.........---------------. District manager. State office: Tulsa, Fourth National Bank Building, 4th and Boulder Streets. District office: Oklahoma City, Perrine Building, 1st and Robinson Streets. OREGON State office: Portland, Post Office Build- J. P. Lipscomb.------- -----M. E. Paget ................---------------ing, Broadway and Slisan. District offices Eugene, Miner Building-----------Edward F. Bailey------------.......... Klamath Falls, Federal Building-...... Edward B. Ashurst-------------..... . J. Shorb------------........-------La Grande, Federal Building ..----- State manager. Assistant State manager. District manager. Do. Do. PENNSYLVANIA State office: Philadelphia, Sehaff BuildSing, 15th and Race Streets. District offices: Philadelphia, Schaff Building, 15th and Race Streets. Scranton, Federal Building---------. Harrisburg, Alhson-Hill Trs. Building. Pittsburgh, Benedum-Trees Building. Erie, Old Post Office, 14 East 6th Street. Jacob H. Mays-------------Orson N. Ritzman------------ State manager. Assistant State manager. Francis A. Hayes---..........--------- District manager. J. F. Gillies-- ---------------------Clarence J. Weary- .. Do. Do L. G. Lichliter-----------------Charles E. Schloss-------------- Do. Do. RHODE ISLAND State office- Providence, 421 Rhode Island Joseph P. Canning------------State manager. Christopher J. Brennan -------- Assistant State manager Hospital Trs. Building. District offices: Woonsocket, Federal Block, 285 Main Walter H. Sharkey-----------......... District manager. Street. Do. West Warwick, Tobin Block, 1 Pleas- Raoul Archambault------------......... ant Street. Do. Westerley, 211 Lincoln Building, High John J. Burdick.................-------Street. Do. Warren, Post Office Building-----------John M. Pike-----------------Alfred A. Clark ..............----------------- Do. ---New Port, Post Office Building-----.......... Do. Pawtucket, Post Office Building-----......... Ernest Quinton----------------SOUTH CAROLINA ---- State manager. State office: Columbia, National Loan & Donald S. Matheson------........... Exchange Bank Building, 8th floor, Bruce Walker Ravenel.......--.. Assistant State manager. Main Street. District offices: Spartanburg, Montgomery Building, H. B. Carlisle, Jr-------------..... District manager. rooms 317-318, 187 North Church Street. ....-------- Do. Greenville, Palmetto Building, South T. P. P. Carson---------.... Main Street. Do. --- -----..... Charleston, Peoples Office Building... G. J. Knoeloch 58 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD State and district offices of Home Owners' Loan Corporation-Continued SOUTH DAKOTA Office and location j Title Name State office: Sioux Falls, Federal Building- Almer 0. Steensland-----........... State manager. District office: Rapid City, Courthouse George J. Crilley...............------- District manager. Building. TENNESSEE State office: Nashville, Stahlman Building. Charles H. Litterer-..----------State manager. D. F. Carter Reeves----------Assistant State manager. ------- Assistant manager. J. W. Graham---....-----.. District offices: Memphis, 79 Munroe Avenue-........ John T. Bullington ...--...--....... District manager. Chattanooga, Post Office Building-.... J. M. Payne ------------------Do. Knoxville, Post Office Building--...... Cowan Rodgers----------------Do. TEXAS State office: Dallas, City National Bank Building. James Shaw .......---------------- State manager. Fred C. Branson...........----------.... Assistant State manager. District offices: J. C. Anderson, Jr--------............ Amarillo, Amarillo Building-------..... ---... Brady W. Steele---------------Houston, 1306 Rusk Street-------... San Antonio, Frost National Bank Earl W. Jamison- ......--------........ Building. District manager. Do. Do. UTAH State office: Salt Lake City, 915 Boston Building. District office: Provo, 86 North University Avenue. J. F. Fowles ...................---------- State manager C. Clarence Neslen-----------......... Robert L. Elliott-----...............------- Assistant State manager District manager. VERMONT State office: Rutland, New Post Office Building, room 310-12. District offices: Proctorsville, Fraternal Building-..... Burlington, City hall-------------Montpelier, Blanchard Block-........ Park H. Pollard-----------.............. George B. Carpenter............---- State manager. Assistant State manager. Michael J. Rock-------------District manager. Patrick H. Walsh ..............-----Do. Do. Henry T. Frenier----......---------.... VIRGINIA State office: Richmond, Richmond Trust Building, Seventh and Main Streets. District offices: Richmond district, Richmond Trust Building. Danville, Municipal Building, room 318-319 Harrisonburg, National Bank Building. Alexandria, Post Office Building- .. Norfolk, 406-408 East Plume Street, Old Telephone Building. Roanoke, Federal Building----------..... Bristol, Dominion National Bank Building. Lynchburg, Federal Building- .... John J. Wicker, Jr------------........... G. Stanley Harding----------........... State manager. Assistant State manager Matt G. Wiltshire----------- District manager. Paul Sanford ...................--------- Do Jack Kennon------------------- Do. H. Bruce Green------------- District manager and coun sel. W. Ludwell Baldwin--------.......... District manager. Lawrence Davis----.......------.... ----Dan M. Crosby---------..........------- Do. Do. Geo. C. Walker-----------....... Do. .- ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 59 State and district offices of Home Owner's Loan Corporation-Continued WASHINGTON Office and location State office: Seattle, 1411 Fourth Avenue Building. District offices: Spokane, Columbia Building, South 113 Howard Street. Tacoma, Perkins Building, 1101 A Street. Name Title W. E. McCroskey------------State manager. E. S. Emigh----------------Assistant State manager. Leon Starmont.................-------- District manager. E. L. Spencer...................-------- Do. WEST VIRGINIA State office: Charleston, Morrison Building, 815 Quarrier Street. District offices: Bluefield, Law and Commerce Building, 307 Federal Street. Wheeling, Riley Law Building, corner Fourteenth and Chapline Streets. Martinsburg, Wiltshire Building, Public Square, King, and Queen Streets. Huntington, Lecco Building, 724 Fourth Avenue. Walter V. Rose--------------- State manager. Matthew Edminston-....---------.... Assistant State manager. E. C. Taylor........---- ...----------District manager. John J. Mmkemeyer------......-----.. Do. John S. Alfriend, Jr-------------.... Do. L. L. May ------------------- Do. WISCONSIN State office: Madison, First Bank of Wisconsin, 1 West Main Street. District offices: Milwaukee, Federal Building, 517 East Wisconsin Avenue. Eau Claire, Federal Building, 510 Barstow Street Wausau, Federal Building, 402 Scott Street. Oshkosh, Federal Building, 80 Washington Boulevard. J. R. McQuillan...----.--------...... Fred W. Keller --------- State manager. Assistant State manager. Phil. P. Hays ..........---------------.... District manager. W. F. Crane...........-------------------...... Do. Sherman W. Wade-------------- Do. Michael Doherty-------.. ------...... Do. WYOMING State office- Casper, Federal Building ... District office: Cheyenne, 406-408 Boyd Building. Bayard Wilson------.....-------- State manager. Kenneth E. McCullough-...--- Assistant State manager. John McInerney------------- District manager. HAWAII State office: Honolulu....................---------------District offices: Hilo-----------................................---------------Maui----------.....................----------------------------Waikiki----------................ H. L. Spain.....-----------------Territorial manager. Delbert E. Metzger-----------District manager. Do. Enos Vincent.........---------------.. Do. Antinio Garcia----------------- 60 ANNUAL REPORT OF FEDERAL HOME LOAN RANK BOARDV-f'4 V440-0= 40i 40~ C) oo114 4 C4 04-4 00 o M404w0-4 ,-4 40 4 0 4to04 04Cq-4 Ir4 4 w00w0004=01-4044N =mmcqm4 0 0 0 -4 to 0 cc0I* m 0=4tr.-4 44-004-004 m 004r4 0 =c 4000400 4 ' ~0 4q 0 40 0X0 0-4144l r0004 -400"4440 4-- 40 m o 040Im q4'-mt-w I 0 ~40L) 4 40440c= . 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WCNka" CCm 004 C rC4 40rI4 P-4 V4rf" CcoCD *- 0404Co CC 0C m REPORT OF FEDERAL HOME LOAN CO"-1C -4 c C C C Cqo tooC lo00 Cv-4 "4CCcc OCC Cobto cc ocOC o"40"C co 'oomCq 4C - 4ol04Co C r-4m j o - -4 - - oo"4o oqDr40r4 qo0to".d4=1 U"4 q O -000C-ico 0 Oco0,CO0 CoC C-4 "40 cl 1So -o 0m0 C Co Co OCC- c00=C-t- 0Cob CyoCo"Co 4 CT-4"0Co 0 qt 04 Co4C-C 4CC oC 4 CC C C"40404 Cokom CO-CtoV-40 Co -"40qC Co CCC-CCCCC Co - C- C-Coa"4.OC-0CoC4,C-CO Co""4Co- - - C044 e o oO "4 C-4 - oCC o 0 O04"m Co 0tz4 tC-:COO Co0 C- Co44CO CO00 "4CCI-omO Co Co C 4 Co- r kacom4 q r.4CoCoC co toC-mO CO -Co10404 C CLo0 =04 -4r Cq 00 Co-o0C- Co 0Z)"4Co 0"4CC"4C mCC"-4N tot404 Cc04 C- 04 CO COCC(MCC"4o CC?2CC-0CC C-CCCo C0Co"4"4Cot o 4 CoC-to mCCo"4" X~O 1 O oC OC -CC-4C o N0CCrCC Co 04CXCC0 4 rCoOmCo004 0"4 mccCo4 oCo7C4o C 04COk 04 COOC-0"4"m co CCV-4Co t04dqCo C CO CoO Co o o 047-4 q- la '00404 m " 404-CoO C-CU'.) 0cvC-tooCo Coqdq m Oto C) o .o41Co11 00 CC-Co CO coC-C0404 -4Ob Ct:" m -404 to moCD-4COCo tC-Co C0 to -. 4" CC cq 04 C C oC 0CoI-CoC-0C COCUCl OC0r-LOob0CC 00 C coo C"4m"X40Cq 0(=mCCC CLOC k Inm0404cl r- ccoc1CC - mC) CC a( O Mo00CO"=104 Cq C00CNcq m "44Cq t4o04= "- C C-4COY C4OCO-oMD CLO UCDcO C C"000O C0ItCD4 C C1CCCO Co"4 CCoo =4'0Ct4o 11 4C1 ko C-o C'0CCoC"00 C o-4 04 4CC r4CC -OOC o:00 '0 --04 1o"4CV-4Co CC)"04CO CoOCX0"-"40I CCCoCoCo I~ IC04CO -C- CICDCIC--C Co4 CoC 04C 1Cc o mC-CC"4 00C0CoIC IC 00toc o Lcq 4o CO4CoO-CD(=qto I04CO IOC004 1-"4"00mCoM I =ICr-o U)oI COCCC4a0 000C t-m4r4 Co mcq OD 014 t- 04 0 ( (MCqCC0 r 0.r CC 4-0 t 0 5t C1tot t 1)MwC -C C,900 kC0 r qT-4"= -I ook m t6xl M S o6(6-, -m a-t, ,C00 o 7-4o CoL"R4Ig Qr- ,dq0I 0 BANK BOARD 61 62 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD EXHIBIT C Home Owners' Loan Corporationsummary of disbursements as to States (expenses and furniture and fixtures) Subject to revision when January disbursements applicable to December are properly allocated. Professional services, such as appraisals, etc., shown on the supporting statements for each State and included in the items below, are disbursed on applications for loans and are reimbursed from the loan account on all approved loans. State Disbursements for month of December 1933 Alabama--------------$26,979. 51 Arizona.....--------------6, 591.63 Arkansas--------------16, 554.41 California--------------91,191.30 13, 005.02 Colorado--------------Connecticut-----------19,188.46 Delaware--------------2,776.63 District of Columbia--.... 7, 678. 90 Florida---------------43,515.21 Georgia---------------28,855.37 Hawaii.---------------5,608.64 7,630. 80 Idaho--------..... ---------Illinois------------39,>569. 89 24,985.55 Indiana........--------------Iowa ---------------19,831.83 --------27,923.59 Kansas 18,074. 50 Kentucky-------------Louisiana--------------19, 368. 24 Maine--------... --------5,806. 68 Maryland-------------34, 501.41 Massachusetts------.......... 73,360.39 Michigan-------------- 195, 536. 33 38, 762.98 Minnesota......-------......... Mississippi------------24, 728.22 Missouri--------------25, 432.75 11,982.92 Montana--------------Nebraska-------------28, 397. 32 Nevada..................-------3,969.49 Total, July to Dec. 31, 1933 $80, 723.00 20,348.66 71,718.43 254,176.49 54,159.85 80,093.99 12,585.92 24,258.74 100,860.97 88,345. 63 6,409.50 24, 259. 00 149,890.34 61,113.29 46,350.62 106,531.48 55,847.65 49,486. 29 20, 634.75 87, 667.87 197,118.90 373,950.14 108, 724. 65 64,444. 76 64,976.11 33,391.04 82,171.45 19,180.85 State Disburse ments for month of December 1933 New Hampshire---------..... $5, 299.93 New Jersey------------ 47, 614.79 New Mexico...------....---.. 12,040. 85 New York---------........---84, 270. 39 North Carolina- ..--------...... 24,812.92 North Dakota-----......... 13, 532. 20 Ohio.----------. . ------131,042. 86 Oklahoma-------..........-----85,092. 08 Oregon---------------18,610.35 Pennsylvania-----........... 101, 213.01 Rhode Island-----.----8,809.09 South Carolina----........ 10, 506.96 South Dakota----------... 9, 224.35 Tennessee..------------24,401.78 Texas..............-------.....-------- 55,833. 23 Utah--------------17,012.11 Vermont....-------------6, 628.18 Virginia--------------37,986. 27 25,990. 20 Washington-------............ 21,360.31 West Virginia------......... Wisconsin.......-----------45, 057.12 Wyoming------......-------4, 220. 36 Total, July to Dec 31, 1933 $19,912.13 151, 850. 08 27, 503.35 204, 209. 23 67,044.00 44, 233.13 311,164.75 163, 012.97 40, 532.97 276, 724.98 25,603.87 49, 300. 32 26, 244. 89 70, 628.13 127, 393.30 49,449.70 22,793. 69 114, 798. 63 59, 510.46 66,494.84 105,178.16 17, 582.05 Total...........--------1, 652,367. 33 4, 380, 526.01 Home office-.......-----....... 175, 749.39 304, 516. 78 Total----......------.....1,828,116. 72 4, 685, 072.79 EXHIBIT C-1 HOME OFFICE-DISBURSEMENTS Month of December 1933 Pay roll: $60,140.48 Regular employees..........------------------------------------------5,419.83 Temporary employees--............------------------------------------5,290.22 Travel....--------------------------------------------------------2,379. 05 Rent, light, heat, and power ....---------------------------------------29,625.27 Printing, stationery, and office supplies ------------------------------Professional services ------------------------------------------------17.75 --------------------------------------------113.17 Postage and registration Telephone and telegraph -------------------------------------------975.41 Miscellaneous----------------------------42, 016.87 194.65 Subscriptions to publications ------------------------------ ----------20,690.33 Suspense ......................-------------------------------------------------------------------------------------------8,886.36 Furniture and fixtures.--. Total... ------ --------------- ------------------------- 175,749.39 Total, June to Dec. 31, 1933 $100,494.52 11,112.32 7,396. 35 2,379.05 39, 692.95 295.42 315.84 1,359.29 42,321.65 782.94 22,229.97 16,166.48 304,546. 78 PART III REPORT OF THE FEDERAL HOME LOAN BANK BOARD ON THE FEDERAL SAVINGS AND LOAN PROMOTION ACTIVITIES 63 REPORT OF THE FEDERAL HOME LOAN BANK BOARD ON THE FEDERAL SAVINGS AND LOAN PROMOTION ACTIVITIES The Home Loan Bank Board respectfully reports that on June 13, 1933, the Home Owners' Loan Corporation Act became law as Public Law No. 43, Seventy-third Congress. Section 5 of this act provided for the creation of "local mutual thrift institutions, in which people may invest their funds. " The funds thus assembled are to be used in financing homes in the territory in which such associations are located and within 50 miles of the office of the association. The associations were to be chartered by this Board and to be known as "Federal Savings and Loan Associations." Local capital must take stock and local people must operate them. The Treasury will take an amount of preferred stock equal to that paid in by the local community, but not exceeding, in any case, $100,000. Congress provided for $100,000,000 capital to be subscribed by the Treasury in this way, and appropriated $150,000 of expense money to organize these associations, which cannot be set up in com munities already adequately served by existing institutions doing the same class of business. There are approximately half of the counties of the United States in which no such institutions exist, and the with drawal of many of the great financial institutions, heretofore engaged in the long-time home mortgage business, partly or wholly, from that field, renders it of prime importance for these mutual home financing institutions to be developed and in conjunction with the home loan banks, of which they are members, to create and maintain a great reservoir of credit to supply the constantly developing need for this class of credit. ORGANIZATION As soon as possible after the law was created, a general organizer was appointed who spent some weeks in surveying the entire field and determining the course to be pursued in developing the work. Then a corps of organizers was selected who have been busily engaged in the field under the direction of a general manager, with a competent staff located in Washington, and under the leadership of the general organizer who had surveyed the field and is now actually organizing the applicants for charters into proper associations. Up to the 31st day of December 1933, there had been actually organized and put into operation 69 associations, with a capital stock subscribed in the sum of $3,336,000; there were 250 applications for organizations pending and in various stages of progress, looking to completion in the course of 60 days. 65 66 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD The capital of these associations must be loaned "only on the secur ity of their shares or on the security of first liens upon homes or com bination of homes and business property within 50 miles of their home office: Provided, That not more than $20,000 shall be loaned on the security of a first lien upon any one such property; except that not exceeding 15 per centum of the assets of such association may be loaned on other improved real estate without regard to said $20,000 limitation, and without regard to said 50-mile limit, but secured by first lien thereon: And providedfurther, That any portion of the assets of such associations may be invested in obligations of the United States or the stock or bonds of a Federal home loan bank." The building up of those loanable funds in the widely distributed areas gives a safe investment for savers and promotes the building of modest homes by citizens who would otherwise find no access to capital for such purposes. A list of corporations organized hereunder, with statement of the capital subscribed by the Treasury and privately, is attached hereto and made a part hereof as exhibit A. CONVERSION The want of uniformity of organization and rules and practices among the more than 8,000 building and loan associations is some times a great handicap to a well-established association. Hence, provision was made in the law that any existing association which desired could convert from a State-chartered institution to a Federal savings and loan association, if it so desired, and could comply with the law and regulations for so doing provided it can do so under the law under which it was created and operates. The great majority of existing associations that desired to convert did not begin this procedure prior to December 31, 1933, because they desired to wait until after their annual stockholders' meeting in January; therefore, this division of our work has begun since Jan uary 1, 1934. At the present time we have 25 or more conversions under way, and probably 200 that have the required forms in their possession, and they have indicated to us their execution, which means within a short time some two to three hundred associations should be in the process of conversion. TAXATION Federal savings and loan associations are protected from burden some or discriminatory taxation by the following provision of the act, section 6, subhead (h), as follows: Such associations, including their franchises, capital, reserves and surplus, and their loans and income, shall be exempt from all taxation now or hereafter imposed by the United States, and all shares of such associations shall be exempt both as to their value and the income therefrom from all taxation (except sur taxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States; and no State, Territorial, county, municipal, or local taxing authority shall impose any tax on such associations or their franchise, capital, reserves, surplus, loans, or income greater than that imposed by such authority on other similar local mutual or cooperative thrift and home financing institutions. 67 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD EXHIBIT A Charteredprior to Dec. 31, 1933 Subscriptions Name, listed-byStates Town Private Treasury ALABAMA First Federal Savings & Loan Association of Alabama-...... Birmingham .......... Jefferson Federal Savings & Loan Association-..............------------....--do-----.........-------- $75,100 105,100 ARKANSAS West Memphis Federal Savings & Loan Association of West Memphis-----------------First Federal Savings & Loan Association....------- Morrilton Federal Savings & Loan Association....-------...... Citizens Federal Savings & Loan Association ----Monticello Federal Savings & Loan Association-............ First Federal Savings & Loan Association----- ----.... Do ----------------------Arkadelphia Federal Savings & Loan Association -----Benton Federal Savings & Loan Association-................ West Memphis-...... Little Rock---Morrilton- ......-------Jonesboro---------......... Monticello-------........... Camden-------........--.. Russellville------........... Arkadelphia -------. Benton ----------- 32,400 53, 600 27, 100 50, 500 30, 000 26, 800 39,000 32, 500 31,600 COLORADO First Federal Savings & Loan Association-..................-------. Colorado Springs...... 75,000 ----.......... FLORIDA First Federal Savings & Loan Association-.................. Miami Beach Federal Savings & Loan Association_.-First Federal Savings & Loan Association---------------... Do ------------------------Everglades Federal Savings & Loan Association.........---First Federal Savings & Loan Association of Tampa-........ Federal Savings & Loan Association of Broward CountyFirst Federal Savings & Loan Association of Winter Haven Miami........----Miami Beach ......... St. Petersburg-. Orlando ....--------. Belle Glade-----Tampa-................ Fort Lauderdale-_.-Winter Haven ........ 126,400 54, 000 76, 000 $5, 500 25,000 27, 800 --- -- 74,000 --- -- 39,100 -- - -- 36,000 GEORGIA Fulton County Federal Savings & Loan Association........ Atlanta_-------Meriwether Federal Savings & Loan Association------.......... Manchester ........... 25, 000.---86, 000--- ILLINOIS First Federal Savings & Loan Association..----------.-----. Chicago .............----Chicago Federal Savings & Loan Association--..........-------....-----.... do-................. 171, 600........---83,700........---- INDIANA First Federal Savings & Loan Association---------------Angola ..............---Do....-----------------------------------------Greenwood-........-... Do ------------------.....................................................----------------------- Fort Wayne........--- 30, 000---25, 000-----...... 110,300 ...--- IOWA First Federal Savings & Loan Association-.................-------------Do.....................--------........---------------- ---------------- Rock Rapids-........ Davenport-............ 39, 500 ........61, 500........---- Hazard-................ 52,000----- Shreveport----..........-----.. Jonesboro-.......------Mansfield ---............----DeRidder-............. West Monroe-......... Lake Providence.... Homer --------Monroe...-------......... Natchitoches-.......... 79, 600 25,000 44,000 46, 700 28,300 30, 700 28, 900 53, 300 30, 800 Midland.......-----.....Detroit..............----- 25, 000 ----..... 75,000... ----- KENTUCKY Federal Savings & Loan Association of Hazard-----------........... LOUISIANA First Federal Savings & Loan Association--..----..---Jonesboro Federal Savings & Loan Association....-------...-De Soto Federal Savings & Loan Association...........-------Southwest Federal Savings & Loan Association............----Ouachita Federal Savings & Loan Association...........---------.. North Louisiana Federal Savings & Loan Association Claiborne Federal Savings & Loan Association.---------............ First Federal Savings & Loan Association.....-----------Do -------------------------------------MICHIGAN Midland Federal Savings & Loan Association- ........------.... First Federal Savings & Loan Association.........-------------..... 68 ANNUAL REPORT OF FEDERAL HOME LOAN l3ANK BOARIT Chartered prior to Dec. 31, 1933-Continued Subscriptions Name hlisted by States Town Private Treasury MINNESOTA Hutchison Federal Savings & Loan Association .....---------.... Hutchison--............ Owatonna Federal Savings & Loan Association..--.....---------- Owatonna........... Detroit Lakes Federal Savings & Loan Association --------- Detroit Lakes......... $36,000 --. 28,200------30, 000 ------ MISSISSIPPI Community Federal Savings & Loan Association .........----- Tupelo------------......... Delta Federal Savings & Loan Association...--------------Leland................ 66, 500 ---52, 000 $12, 500 MISSOURI Clayton Federal Savings & Loan Association- ..........-----------. Community Federal Savings & Loan Association--........-----... Clayton------........... Overland----------............. 67, 800 --76, 700 ....---- -. MONTANA The Lewistown Federal Savings & Loan Association------- Lewistown ........... 25,000---------- NEBRASKA Federal Savings & Loan Association of Kearney ------------...... Kearney ---......-------... 25,000 OREGON Lakeview Federal Savings & Loan Association-..----------Lakeview------------..... First Federal Savings & Loan Association..-------------... Albany-.......-....... Do------------------------------------------ Pendleton-............. 25,500------29, 200 ........----34, 400---- SOUTH CAROLINA First Federal Savings & Loan Association --------------Greenville ............ Piedmont Federal Savings & Loan Association -----------.. Gaffney ............... The Federal Savings & Loan Association...........---------------. Dillon...........------- 58, 600 101,000 90, 600 TEXAS Athens Federal Savings & Loan Association ............... McKinney Federal Savings & Loan Association-............ Fort Bend Federal Savings & Loan Association-.......-..... Denton Federal Savings & Loan Association------Kaufman Federal Savings & Loan Association..- ---........... First Federal Savings & Loan Association............... 59, 000 Athens..........--.... 28, 200 McKinney-----........... 34,000 Rosenberg ............ 25, 000 Denton--.....----.......... 26, 000 25, 300 Kaufman--------............. Nacogdoches-.......... VIRGINIA First Federal Savings & Loan Association..---------............. Federal Savings & Loan Association-------------................... First Federal Savings & Building Loan Association......... 104,100------39, 400------59, 300 .......... I Total................---------------- ----- Richmond---------........... Sandston-.............. Hopewell----------...... .... ........--------............--------------.. 3,336, 000 0 I 18, 00 01
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