View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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=
. C C

000"'dc
4Qt-c
0m 0

4

C0o
04
to

'4)

0

C4r_

'-4
-ZccC>

00ICq
q=C 4?--1
00Co0"0-q01,0n4C
4 k
0'--4- 40440040 404 4 404-- -4-0 4-0' 40
T-4
r-4
m IV-4 04

oo -W0400'4444440"0

'40

Q

'i

MC

4

.00.004

- --'40044t
r.4
cq

~

c1
40004040040000_440000
4'- 040040004004000 00 b"q=040oba
00000c4
l
'04004000O4e00 -A
o
r.
04004
400-404I0
- 00 0000400000-4000404000=m440)4)--t- cq0
00CD400CD
4000
m
00
104
ka -44040
4
qN0004Cc44000"-404000404-400000044M000PD 4
r-

~~~0

0

40

4

co
04

0

V40
40

0

00000004LO0m000444000400444400044,4I
0 ot
0404000404c0Q
C404000400
o a DCo
0 - 44404040C
0
44)0
40 004
0

oX
C

QNQC
cQ00440400=0400 c
04404co4-40411
m0 nt4
=140c
0Q
0
-040
M o
400004
40 )
t 40
4 0C004000M

0.
'4'-.
004-0404-0004404400400c4004
wwmm
-I
mm0 c

ow

a

44000

4-mC4
000m040

F

Z

0.

00

q

(D

oo

C6--1-4-0- - - - - -404" 0 00
0 -" 40(==
40
o
ZPoC
00

m

CIO
0q m4040=4-V-40

oczC

t

0c

0-0-0-0-4-0- ,)T444
-0 0N q

Z

0r4C

mc

-

0-C'00 = 40-4CY

qrq -r4ML

0
004
44-- m4
*=
qri
ar-044=40Q04=040
o04004004000000000044-004
40
04 4000000140Q404Q-40000m400400400440co04-44040040004N"0004000m
- - - - - - -0
400
049-000=404r-4t
-40I-0m0=04004-00v
4t4-4to0t-0000-00
0 "4ii40-004t-40
>140000044m
0004404C=004040040000000040044000
40
04
004004400400404
-c
-0044
U
00"44000r-4=040r-4040t4C
044"004ILI"4c

40
440

0

m

40
40
0

0

40044U-%kam
-4040400000400040044400-0004-mC0O44===
' V..
-4404040-40M
-4
00400
040:r44-0000004010
w 101w0

L~-

P40 to0 I4000 I4004=000004044
440
4.r' 040- 4400000040040 4dq 40

-4
400

)4404-0)4I41-004
44Icq001 4
4.0
O004040o r4400 4404
40000
- lI 44-1

0.
-

00
4i

t00
0

C o4000
40- 0400404040
0400
14404o00404
q
q

C4

4

r-4
00

I

I

I

4 4

o O00t

I I04> (=(=04 0
4400040000

04

0

0co

414044004
cmT04-04-00to

0 co4-40400
04
014 0000

I"44
4

4040001I

r40I440
440 4I
too

04.440( -d -q I4

-i00 m

1 V4 4

t4'
4

40
00

0

0

0440
4~

+0

404
cc
04
4

o00"400 4
0 I 044040-q00
00
40444I

'40

40

Z4'C14

-4 t-0m4C90t-"44044CO4000- x,
41
)0

040

I=_

_

_

_

_

M0

0k

00004444t04m001400mt

0

0

_

om

00(D0",4-,I'

40-,H00 C14CcR04C0 C00
4
40
4

C=

0

444
_

__60D_

_

404

4440
440

_

40

0
40

!II

000004v-000440000000r4

400400404C) - 00--0040004

t-004400040A0-00000000404C04

0
40
00

40

4040)
X0

,4'

r4

40

4

QC40
4

C'm0X
--I
if.4N

40

0

4-4040to00r 4

40
40

)C)0 0dq010
-

t4o

0

00400004004r000

m000400000m

fI
M-C044-4040t4404cc444-0
-2S-9--

04

-)C 44

44000404-0040004000C04000400404040440000
m0000m

04044
D
-cq=C
-4440040

t0r-=44cr040
40T4

" C44 4
4

04V4044400 4T 01044004-0000044M

-4040C

0
044004t

0.

00

0

'40

40
4

40

4e

444

444

'40




b

ce

,a

0&,440Go

P" 0Mzzzzzo

44 a4

440

444

ANUAL
"4
C0M

0C

l - 4 ko ='.

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