The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
House Document No. 337 74th Congress, 2d Session THIRD ANNUAL REPORT of the FEDERAL HOME LOAN BANK BOARD covering operations of the FEDERAL HOME LOAN BANKS THE FEDERAL SAVINGS AND LOAN DIVISION THE HOME OWNERS' LOAN CORPORATION for the period January 1, through June 30, 1935, and the FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION from the date of its creation through June 30, 1935 JANUARY 17, 1936.-Referred to the Committee on Banking and Currency and ordered to be printed UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON; 1936 Copies of this publication may be procured from the Superintendent of Documents, U.S. Government Printing Office Washington, D. C., at 15 cents per copy II LETTER OF TRANSMITTAL FEDERAL HOME LOAN BANK BOARD, Washington, January 17, 1936. Pursuant to the requirements of section 20 of the Federal Home Loan Bank Act, we have the honor to submit herewith the third annual report of the Federal Home Loan Bank Board, which, unless otherwise stated, covers operations for the first 6 months of the calendar year 1935 (a) of the Federal Home Loan Banks, (b) the Federal Savings and Loan Division, (c) the Home Owners' Loan Corporation, and (d) the Federal Savings and Loan Insurance Corporation. Respectfully, JOHN H. FAHEY, Chairman, SIR: T. D. WEBB, W. F. STEVENSON, FRED W. H. E. CATLETT, HOAGLAND, Members. The SPEAKER OF THE HOUSE OF REPRESENTATIVES. UI THIRD ANNUAL REPORT OF THE FEDERAL HOME LOAN BANK BOARD THIS REPORT EMBRACES THE FOUR ACTIVITIES DIRECTED BY THE FEDERAL HOME LOAN BANK BOARD The work of the Federal Home Loan Bank Board embraces four separate activities. Its main purpose is to give greater security to people of small or moderate means in the ownership of their homes, and in the investment of their savings. It touches directly or in directly every urban home owner and every individual whose savings are invested directly or indirectly in home mortgage loans or in home financing institutions. The original purpose of the Board was to supervise the operation of the Federal Home Loan Bank System which was created July 22, 1932, to serve as a central credit agency for private home-financing institutions. The system, operating through 12 regional banks, had a membership of 3,324 institutions as of June 30, 1935. The membership consists primarily of savings and loan associations with a number of savings banks, insurance companies, and other types of home-financing institutions to which eligibility is confined. On June 13, 1933, the responsibilities of the Federal Home Loan Bank Board were increased by the Home Owners' Loan Act of 1933. This act created the Home Owners' Loan Corporation and appointed as directors of the Corporation the members of the Federal Home Loan Bank Board. WORK OF THE HOME OWNERS' LOAN CORPORATION On June 27, 1935, the Corporation had closed 880,378 loans to the total amount of $2,657,369,111. Of this large sum, $2,323,829,534 went to mortgagees and through them benefited individual savers and investors. It also helped to equip mortgagees to resume mortgage lending. A total of $233,848,482 was disbursed in cash to county and municipal treasuries to pay delinquent taxes; $45,680,895 was paid in cash to laborers and manufacturers for the maintenance and repair of home property in which the Corporation held an interest; and approximately $53,990,200 was paid to appraisers, attorneys, and investigators as professional fees. From these figures it is clear that the work of the Corporation benefited not only distressed home owners but a host of individuals who were financially affected by their plight. Mortgage relief through the Home Owners' Loan Corporation, how ever, is only a temporary and incidental part of the work of the Federal Home Loan Bank Board. The Home Owners' Loan Corpora tion with its legal life of 18 years is but one of the four agencies under 2 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD the Board's supervision. The other three agencies are permanent. They have for their objective the development of American home finance, through private lending institutions, along sounder lines than those which led so many home owners and small savers to disaster in the past. These long-run purposes of the Board in the interest of the entire public are: First, protecting through insurance, savings invested in home financing institutions. Second, making ample credit available to home owners on liberal terms, through private home-loan agencies. Third, enabling American families to finance or refinance the purchase and ownership of their dwellings at lower cost, through an improved type of long-term mortgage loan from private lenders which can be paid off conveniently over a period of years. All three of these objectives of the Board are of advantage to all home owners whether or not in distress. All three of them serve home owners directly through private financial institutions, and only indirectly through Government supervision and cooperation under the Federal Home Loan Bank Board. FEDERAL SAVINGS AND LOAN ASSOCIATIONS The Home Owners' Loan Act of 1933 provided also for a new form of permanent, local thrift institutions, known as Federal savings and loan associations, the chartering and supervision of which were placed under the Bank Board. This legislation, which for the first time made charters granted by the Federal Government available to mutual savings and loan associations, marked an important epoch in the history of home ownership and the encouragement of thrift. Under the law, the accounts in these associations must be insured with the Federal Savings and Loan Insurance Corporation, an instrumentality created by the Federal Government. They must also be members of the Home Loan Bank System so that they may easily and quickly secure ample funds when needed. Membership also places them in a position to borrow from the bank system to lend on mortgages. To help and encourage the development of these associations, the Government provided a fund which for the present allows the Bank Board to invest in these associations on the same basis as the smallest investor. When conditions warrant, the Board is authorized to make a larger investment than the local shareholders. Thus, through these associations the Government is entering into partnership with private investors in providing money for home financing and increased safety for individual investments in such associations. FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION On June 27, 1934, Congress established the Federal Savings & Loan Insurance Corporation for the purpose of insuring up to $5,000 the safety of investments in thrift institutions of the saving and loan type. The Federal Home Loan Bank Board was appointed as the Board of Trustees of this new corporation. Such insurance for thrift associations fills a long-felt need. It will eventually permit thousands of local institutions throughout the United States to attract a large ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD S volume of private savings at reasonable dividend rates. By doing so they can make loans to home owners on more liberal terms because their investors know that the safety of their funds is properly provided for. Never before has any such mutual protective measure been developed on a Nation-wide scale, in any country, for the encourage ment of thrift and home finance through institutions of this type. A fund of $100,000,000 was set apart by Congress through the Home Owners' Loan Corporation as capital of the insurance corporation to safeguard the savings insured. These four separate agencies fit together into a definite plan for the benefit of the home owner and provide greater security for large numbers of people whose savings are invested in home mortgage lend ing institutions. All four of the Board's agencies are designed to increase the volume and safety of private credit available for home mortgage loans, and to assist in making private lending terms conform to risk and to the convenience of the home owner. AMENDMENTS AFFECTING THE BOARD'S WORK In May of 1935 Congress adopted and the President signed a num ber of amendments to the Federal Home Loan Bank Act, the Home Owners' Loan Act and the National Housing Act. In order to enable the Home Owners' Loan Corporation to complete its task of assisting distressed home owners, the Home Owners' Loan Act of 1933 was amended so as to extend the Corporation's authorized bond issue from $3,000,000,000 to $4,750,000,000. This additional amount is considered adequate to take care of all eligible applications on hand as well as any new applications filed during the 30-day period immedi ately following approval of the amendments, during which time the corporation was authorized to accept new applications for loans. The provisions of the act were liberalized so as to make eligible as collateral mortgages on property on which there is located dwellings for not more than four families and which are used in whole or in part as the applicant's home. This provision was intended to eliminate misunderstanding which had existed as to the eligibility of property used for residential but also in part for business or commercial purposes. As a further means of encouraging sound and adequate home mortgage lending on the part of home-financing institutions which are members of the Federal Home Loan Bank System or whose accounts are insured under title IV of the National Housing Act, the Home Owners' Loan Corporation was authorized to invest in such institutions up to $300,000,000. Other amendments affecting the Federal Home Loan Bank Board and its agencies are listed and described in the appendix marked "Schedule 7". Because of the intimate relationship of the Federal Home Loan Bank Board and the four agencies under its direction, to other financial activities of the Federal Government, the Board, in the early part of 1935, decided to adopt a fiscal year for each of the four agencies to conform to the fiscal year of the Government. However, the 12 Federal home loan banks continue to employ the calendar year as their fiscal year. Insamuch as the Federal Home Loan Bank System, the Federal Savings and Loan System, and the Home Owners' Loan Corporation 'formerly operated on a calendar year basis, this report 4 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD for each covers only the 6 months from January 1, 1935, to June 30, 1935. The Federal Savings and Loan Insurance Corporation was originally set up with a fiscal year ending June 30 so that its report, here included, covers the full fiscal year of the Government; i. e., from July 1, 1934, to June 30, 1935. This change to the Government's fiscal year will, in the future, enable the Board to prepare its reports, have them printed, and in the hands of the Congress when it convenes in January of each year. PERSONNEL The total personnel employed directly by the Board as of June 30, 1935, was 245. This figure does not include those employed directly by the Home Owners' Loan Corporation, Federal Home Loan Bank System, Federal Savings and Loan Division or the Federal Savings and Loan Insurance Corporation, but it does include many who were assisting in the work of these four agencies. FEDERAL HOME LOAN BANK SYSTEM The Federal Home Loan Bank System was created to give greater flexibility and expansion of lending powers to member building and loan associations, mutual savings banks, insurance companies, and similar private thrift and home-financing institutions. The factors leading to the creation of the bank system were not wholly due to the depression. They were rather the result of a concerted effort for a central mortgage-reserve structure on the part of far-sighted real estate interests and executives of thrift institutions under the sponsor ship of leaders in Congress. It was the clear intent of Congress that the system should encourage home ownership by providing funds at reasonable rates, and by supporting the best practices of mortgage lending institutions. The Federal Home Loan Bank System is a permanent credit-reserve structure for the use of private home-financing institutions. It permits them to expand their lending power by the use of their present resources as collateral, very much as the Federal Reserve System permits commercial banks to increase their credit for industry. The Federal Home Loan Bank System in less than 3 years has grown to be the largest mortgage-reserve institution in the world, having a membership of 13,324 with resources of more than 3} billion dollars. The bank system was established to protect home owners against a repetition of the dangers which they faced a few years ago in the scarcity of home-mortgage credit. It is not an emergency institution and does not make loans direct to home owners, for relief or any other purpose. It simply places an additional large volume of credit at the disposal of the private home-lending institutions, so that they may make a larger number of mortgage loans to home owners on reason able terms, and also meet more readily the cash requirements of their investors. The Federal Home Loan Bank System is susceptible of wide expansion. It encourages a general pooling of resources of member institutions to insure stability, and arranges for the transfer of funds from a section of the country in which demand is quiet to a section in which it is more active. In sections where housing shortage exists and demand for new loans is apparent, one regional bank or a group of regional banks, may be brought to the assistance of others. The national character of the system is an obvious and pronounced advantage. MEMBER INSTITUTIONS The standards of membership have been high enough to add to the prestige of all institutions which have been approved, yet liberal enough to permit the extension of the privileges of the system to all sound and worthy eligible institutions. Chiefly, institutions of the savings-and-loan type have taken membership in the system although other eligible types of institu- 6 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD tions, such as savings banks and life insurance companies, are rep resented. The early impression that the Federal Home Loan Bank System was designed as a rediscount system has been dissipated. Its true functions as a system of reserve credit for home mortgage-lending institutions are becoming more clearly and generally understood. As a result of the financial assistance rendered by the banks to member institutions, these institutions were better able to meet the repurchase demands of their investors; they were able to make new loans for the construction of new homes and the repair of old homes, thus helping the building trades; and they were able to refinance mortgages already held and to pay taxes for their borrowers. Although the chief demands on the Federal home loan banks by member institutions are for financial assistance in the form of short and long term advances to facilitate local lending operations, there have been increasing demands made on the time of the bank officers for counsel on practical operating problems. Thus, there have been afforded opportunities to improve the system by helping to improve the methods, the operations and the condition of member institutions. The results of this combination of credit facility with advisory assis tance have been gratifying. Marked improvement in the condition of member institutions directly traceable to suggestions previously made by officers of the banks has in numerous instances been noted. It is the conviction of the Federal Home Loan Bank Board that a sound and reliable system of home-mortgage finance can best be assured by means of localized lending operations such as are provided by the institutions which are eligible for membership in the Federal Home Loan Bank System. The assistance which the system has already rendered to its members in the development of sounder practices and methods in home-mortgage finance is a promise of future benefits and constantly improving standards of economical home financing. LOCALIZED ASSISTANCE Under the leadership of the Federal Home Loan Bank System its member institutions in increasing numbers have provided their respective communities with new and better loan plans at lower rates of interest. The simple, easy-to-understand direct-reduction type of loan is increasing in popularity. Many member institutions are adopting variable interest rates in order to adjust their rates to fit risks. The trend of average rates charged by member institutions is definitely downward. The benefits to the people of these improvements cannot be meas ured by immediate effects alone, although their influence is already being felt in the hundreds of cities where the member institutions are situated. The results are cumulative and will provide improved operations and ability to cope with changing conditions and emer gencies of the future. The far-reaching importance of the system, therefore, can best be appreciated by the significant fact that its member institutions on June 30, 1935, had borrowing and investing clients approximately totaling four million persons; and that students of the business agree that the possibilities for additional increase in assets of member institutions and number of people served are limited only by the population and development of the country. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD / UNIFORM STANDARDS In conducting a system of 12 district banks, widely separated and each more or less independently operated, there arose the natural problem of uniform standards and operations. As a means of achiev ing uniformity and of making their advice available to the Board, there was organized a bank presidents' council, composed of executive heads of the 12 Federal home-loan banks. The council meets at least twice a year. For similar reasons, the Board established an advisory council composed of the chairmen of the boards of directors of the district banks. This council will be supplanted by the Federal Savings and Loan Advisory Council, created by Congress on May 28, 1935. The problem of obtaining adequate reports from members of the Federal Home Loan Bank System is a serious one, in view of the wide divergence of accounting methods and State report forms used by the member institutions. A study of ways and means of standardiz ing and simplifying reports has been started, and an effort will be made to obtain the cooperation of the State supervisory authorities in this program. The development of the Federal Home Loan Bank System during the 6 months covered by this report was marked by (1) an increase of 256 in the number of member institutions, the total reaching a new high of 3,324 on June 30, 1935; (2) aggregate resources of mem bers on June 30, 1935 totaling over $3,200,000,000; (3) an increase of $781,400 in the amount of bank capital subscribed by member institutions, the new total being $23,442,800; and, (4) total new advances to member institutions during the period in the amount of $18,904,650.63. CLASSES OF MEMBERSHIP As of June 30, 1935, the membership was composed of 3,324 insti tutions, the classification and total approximate assets of which were as follows: Building and loan associations: Approximate assets State members (2,426) ----------------------------$2, 511, 127, 675 New Federals (515) -------------------------------9, 909, 076 Converted Federals (297) -------------------------- _ 314, 838, 549 Other members: Savings banks (9) ----------------------------------138, 969, 025 Insurance companies (3) --- _--_-------------------15, 189, 257 Cooperative banks (60) ------------------------------Homestead associations (14) -------------------------- Total (3,324).----------------.------------___ 181, 867, 968 29, 637, 176 3, 201, 538, 726 This total membership in the System represented subscriptions to 234,428 shares of stock in the 12 Federal home-loan banks, of which $23,030,975 had been paid, leaving a balance still due on account of such subscriptions amounting to $411,825. Of the $124,741,000 representing the total amount of stock in the Federal home-loan banks which the Secretary of the Treasury is committed to subscribe, the sum of $81,645,700 had been paid in as of June 30, 1935, leaving a balance of $43,095,300 awaiting the call of the banks. The com- 8 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD bined capital-stock structure of the System as of June 30, 1935, may, therefore, be summarized as follows: Total stock subscriptions: Members and applicants--------------------U. S. Government ----------------------------- $23, 968, 400. 00 124, 741, 000. 00 148, 709, 400. 00 Payments received on stock subscriptions: Members and applicants_-------------U. S. Government______________ -----__ _____ 23, 217, 721. 87 81, 645, 700. 00 104, 863, 421. 87 Balance due on stock subscriptions --------------- _- 43, 845, 978. 13 The Federal Home Loan Bank Act provides that after the private or member subscriptions to stock in the Federal home-loan banks equal the subscription of the Government, then one-half of the addi tional subscriptions or payments on stock which are received must be used to retire the Government's subscription. The Board, under the law, has power to retire Government capital at any time it sees fit. This, however, is not immediately possible and there is no ap parent reason why the Government should retire its investment. The present aggregate legal borrowing capacity of the members is estimated to be $818,000,000, a sum within the lending capacity of the banks; total advances of $79,232,514 (9.7 percent of this total borrowing capacity) have been made by the 12 Federal home-loan banks to their members. When it is remembered that this amount exceeds the total volume of residential construction in the United States in 1935, and that the amount available for lending will grow steadily with the growth of the System, it will be clear that the present Federal home-loan bank mechanism is adequate to meet any likely demand from its members in the future. If one-half of their present borrowing capacity were reserved for emergency needs and one-half used for the purpose of making new loans, the members of the System could thereby make available to their respective communities funds sufficient to finance the construc tion of 123,000 homes built at an average cost of $4,000 each. Last year the total number of non-farm homes built was 53,548, and the total for the first 6 months of 1935 was 61,385. AMENDMENTS AFFECTING THE SYSTEM An important recent amendment to the Federal Home Loan Bank Act made all stock of any Federal home loan bank share in dividend distributions without preference. This provision eliminated the 2 percent per annum cumulative dividend on stock owned by the Secre tary of the Treasury, and thereby permitted the banks greater lati tude in their interest rates. Another amendment provided for the creation of a Federal sav ings and loan advisory council, consisting of one member for each Federal home-loan bank district, to be elected annually by the board of directors of the Federal home loan bank in such district, and six members to be appointed annually by the Federal Home ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 9 Loan Bank Board. This is in line with the action of the Board in previously creating an advisory council which will now be supplanted by the Federal savings and loan advisory council. Another amendment increases the number of directors of each Federal home loan bank to 12, of whom 8 are to be elected by the members of the bank and 4 are to be appointed by the Board. INTEREST RATES AND DIVIDENDS The interest rate charged by the district banks to members ranges from 3 to 4 percent, depending upon the location of the bank and the nature of the advance. Interest rates on advances made to non member institutions, secured by mortgages insured under title II of the National Housing Act, are one-half of 1 percent higher than the rates on corresponding advances made to member institutions. As of June 30, 1935, with the exception of the Federal Home Loan Bank of Topeka, all of the Federal home loan banks were on a dividend-paying basis, such banks having paid dividends ranging from 1 2 to 2 percent per annum. To the date of this report a total of $3,314,701.58 had been paid in dividends, of which $2,690,781.82 was paid to the Government and $623,919.76 was paid to mem ber institutions as indicated on the attached statement marked "Schedule 9." As of June 30, 1935, the total surplus of the 12 Federal home loan banks amounted to $2,354,317.79, $1,133,732.48 of which represented the legal reserve required under section 16 of the act. Total capital and surplus as of the same date aggregated $107,217,739.66. ADMINISTRATIVE EXPENSES OF THE FEDERAL HOME LOAN BANK BOARD APPLICABLE TO OPERATIONS OF FEDERAL HOME LOAN BANK SYSTEM The Federal Home Loan Bank Act originally made available $300,000 for administrative expenses of the Board during the fiscal year ending June 30, 1933. Of this amount, the sum of $250,000 was appropriated on July 22, 1932, all but $26,592.91 of which was disbursed, $19,387.87 of which amount were impounded. The Fed eral Home Loan Bank Act further provided that beginning July 1, 1933, the Board's administrative expenses should be obtained by as sessments against the 12 Federal home loan banks. From this date, therefore, the Board has not operated under any Government appro priation but has been self-supporting. Attention is also called to the fact that the duties of the Board and its staff are performed not only in connection with the Federal Home Loan Bank System, proper, but also the Home Owners' Loan Corpo ration, Federal Savings and Loan Insurance Corporation, and the Federal Savings and Loan System. In addition to assessing the Fed eral home loan banks, therefore, the Board assesses the other activities mentioned for a reasonable proportion of its expenses which corre sponds to the services rendered such activities by those carried on the pay roll of the Board; and also charges member and applicant institu tions for examining services performed. The following statement 10 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD reflects the receipts and disbursements of the Board for the 6 months ending June 30, 1935: Balance as of Dec. 31, 1934 -------------------------------- $14, 708. 35 Receipts: Assessments against Federal home loan banks ------------147, Transferred from Savings and loan promotion, Federal Home Loan Bank Board ------------------------------------30, Federal Savings and Loan Insurance Corporation-------75, Examining receipts------------------------------------28, Assessments against Home Owners' Loan Corporation..-----60, Refunds ----------------------------------------------- 589. 72 000. 000. 515. 950. 602. 00 00 35 15 81 342, 658. 03 Total cash and receipts ------------------------------ 357, 366. 38 Disbursements: Salaries----------------------------------------- 276, 364. 45 Travel--------------------------------------------27, 835. 49 Printing and binding ---------------------------------9, 215. 06 Telephone and telegraph- -----------------------------7, 657. 25 Publications and sundries ------------------------------3, 307. 60 Furniture and fixtures -------------------------------12, 562. 96 Rent-----------------6---------------------------45. 50 Total disbursements-------------------------------- 337, 588. 31 Balance as of June 30, 1935- -------------------------------- 19, 778. 07 There are attached hereto and made a part of this report the following additional exhibits and schedules: Exhibit A: Combined statement of condition as at June 30, 1935. Exhibit A-i: Analysis of investments as at June 30, 1935. Exhibit B: Statement of profit and loss for the period January 1, 1935, through June 30, 1935. Exhibit C: Analysis of surplus and reserves as at June 30, 1935. Exhibit D: Statement showing Federal home loan bank districts and States allocated thereto. Schedule 1: Statement showing Government funds appropriated for sub. scription to stock of the regional home loan banks, the amounts allocated to each bank, and amounts still available for subscription as at June 30, 1935. Schedule 2: Statement showing by districts the number of institutions ap proved by the Board for membership in the system, number of shares and amounts subscribed as of June 30, 1935. Schedule 3: Statement showing loan activities of the Federal Home Loan Bank System from its inception through June 30, 1935. Schedule 4: Statement showing by districts and States, the number and amount of loans authorized, advances, repayments, and balance outstanding as of June 30, 1935. Schedule 5: Statement showing by districts and States number of members, number and amount of shares subscribed by members, and balance of loans out standing as of June 30, 1935. Schedule 6: Summary statement as reported by regional banks as of June 30, 1935. Schedule 7: Appendix showing amendments to law, Seventy-fourth Congress. Schedule 8: Statement reflecting interest rates charged by the 12 Federal home loan banks as of June 30, 1935. Schedule 9: Statement of dividends paid by the 12 Federal home loan banks as of June 30, 1935. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 00000 X fBC)r-4 000q 0 0 00 0 60o0000 co Bq6t- 00 - B-v 00 0 00t-0P04 0c, t- tr- "000 000000 --q00 0 c0 00 Cc0M0t- o~1 t 000 t- 0B 000 0C6 0000 B 060 I-- C) B1 00 f& Q000I 0 0 000 00 00m 0 _ B O 00 10 00O0 00.0: 0 B 00 oC_____.d___ C100000 0 IN 00000 C) m00IB 0 0- 0 0 r0000 C0 m 00C0000 14000 000 oo 00 COB I I ci 00c5 B 0 0000 Uj , B -O 00 00 c t0o Q B 00c 00 0 0 t-0 C) 0 0B00 I > CO000 0000 o. cc0 00 B 0.00)Bo0000 0000B oOIB 00 00 0 00 000m 0 0 > m 000 000 00 0 0 lt-0co0 00 000 B 0 0 B co 00 00 B ciC 0 4 ho 0>0C) r--4 001400000 CS 4ZP 0 00; oB 000 o _ -1 00 m 0 00 0 0 0 01 4 tBC C'41_ 0 10000 BI 0000 B0-Br I Q B.00 BA 006 00 000 0 1 0 00 00 000 000"0 000'00B00 0 m0BL0 00n m ccC) 16i p ;6 _)O r_ c0cI 00000 o0 00000 00 000. .000B D 0010 000000-0i0000000 000 _14__qI 4000 0 B-0 00 BTVBccBQ0t 1-00 C I I c 000" o B C0000LO 0040000QBI0000-0 z CD 0 B001 00000 000045a 004 00 14t,: U'..I o00 00 P B00 OB5 0c IB m00 000 B) 000Bd 00 10 B O B v40000000 0 1 0B 0-C4. 000 B 040c5 B 000 o 1 o 0 00 B 6000B 000000 c 00000 0000q 000000a 000c t ,Rq00000 000000O cc40 ,4 r-4 004 C> Ito "-4 r-4 I II 00 BBmB-q 0B. r-4 o~ 000 ----- - C.)0 B 0A0 r 0040S04 Brl"4M CC cdo 0004 CalB 00 GO 41i O7o 00DB 0 B B 4B 00 0 B 0 *000 11 12 ANNUAL REPORT ?--qM I IrDr-4 Cu)0 I cMc; m ctz ' OF FEDERAL HOME LOAN BANK BOARD 0t 00 C) C; X0 M t- C) 000 666 C C> )C C6 00 C>C r- C 166 C; cl)C)~ tor- 20 C0 o tf200 0m0 a 0C C0 00 0-0zc 0 0- 000- 0> 0 C 0 000 C00 600 000 C4C -0I 0000 0C0 )0 06000 0toc I 001000 =6C56 C66C5666 00 0 00 00 00 0000 0 C C 0000)C) 0 00 0-0000000 0000 14cli c6 66 cl 00 00 0-0 0000 66 0000 00 - 0C00 000 00 61s- 0I 0000 00 00 0 000 000-0t- 00) 00 0000 0 I00 10) 0 00 606 o0 00 00 00 X0 00w m0 000 cl L 0000 m 00 -i t0q 000 0m .14 t -~ C 0600 0o 00 4 0 o0000 00010m0t-00 00 0 C 0 0 00 000 '' *tC 000 0- <= 000 00 D 00- 00 00D 0 0 64 C 000 00 C 00 00 000 000Mt-0t0000 00000 m C'I -I cc m 00 t-C)C) )C 0 Q 1) 0 ''00 0 0 0 000fr 0 0000 m00 0000 C0 C00c0D 0000 000000'~ 00 000 008000000 00 0-00 00 000C 000 0 0 05 0u 00 0c;0000.6 I0 I I -i0 002'02 0 0 20 -------------- 03 0 co r-i 00 00 00I1 00 00 c lf d ~cc 0 00 t 00 to rA CI 0 C) 00 000 >0 6 000t- C0 56C 66 000 = 0 0000 o rl 00 cq cli cy 0 L- t C5 1"4L CYS 6 I-m oo= cy:)r44r-4 = 00C> ,, -- I I I I I I I I I I I I t I I r I I I I I I I I I I m a ~r 00 02 002 04' 0 ,I o04i , I t 1 I I ,, ( I I I 1 I I ( ( r I 1 1 0, 0, 0 t I , 00 200 al 04-D 04 2. 04 2oc 0000 04~B 0400 P oj cQ O E r I I I I I , r ( I i III I t I I I , ( I I 1 I ( I 1 I I 1 I I I III t r I ( ( i I I i III III I , I t III I 1 02Q 0 "S 0tc F~ ~ )kO 10, CO ~rTkCd ~"p Oa> 00 m 6o6 00 0- 000L 0-0 r000 cc C>l 01;1 cy:r t-t C6(: m cqO r-4 C4 o Ci"41 cq00 0 0-0 66c5 6 000 8 04 00 00 tlue r-4 C) Cq10 REPORT OF FEDERAL HOME LOAN ANNUAL 1c- croo-cc o -40 r-- 00 o06 ;5 eId ,i o m cc= cc00 C> co o cccccc 0 u c 00c cocce t00 c t- m C ___ t-1000 16 co Oe1~ 06 T C4, eq-0 c 00 o I C4,lS 0, H 2 I0)u I I r ,, :,loac o r ) in 13D 0 Q to m -49 'O c> 00 00 cct r-400 00 C) ____ 84 cMct C> cli III = 1)4) 4 0 C)ct ;. w c 0 0e I 00 ai ,04~ pqrl : Il 4.10 ._q-r-4 0 c C 4e! -4 O n e 0)~0~0 cO 0 ~c ne 4.:) "4tV PI C;~ 1 8q q4 0C4 r CA 1 a CT ~n R O Coo C c C.0XO I Q 4 428344D C3 C o "4-4HCT'a' .40 4-D 0 r CO _____C -- 0 0 0- 0) ccC 'cc'e 0 -1 " rn I --c e r- eqt- I C~C)ccccc0 C)0 1 000 00 0v 1 cr1 c7L".) C ___c occ ce "-4 c 000100 IC> 6q 4C6 ~el': Ict e P-4C4 o6 0eq 0 U. 0c e c0 0Cc 00 000c6cc C 6 cc eqI c t- b 0co M 1 0 000I ' c 6#- c LOc oc4 t- Q0c ca L6 -d' e 0= q ccv-0 'iv ____ MC3 10 0000 occUc. 00 M c c -1C u-.r4 00000 cot00 -c eq I t ccc ac 14 1 4to0t10> o ttL00 I C4 0-oo000 o -1 "10 IcU :I:00 ~~ X616 i -4 t " 10 C = 6s t- cc0 q Cc i' ic c r)(=c1c 06 1 m 00 cc00Ce- C)c 00c r-40C q1 000 00C9 q oc lc cq 10 = cc W=00 c i CA . Lc,6 ( -cc BANK BOARD Q) 0 - es c na n-' 13 14 ANNUAL-REPORT I01i OF FEDERAL JHOME LOAN BANK BOARD' 66 000 000C C6 00~ 00 00 = C4 666)C: ,.06 1 000CC COq 00 .CO1 000 0 I It I C) 00. 0666 to0CC 11 1 ii 000=( 00) 00 00 m Q0 C C11 C 't : C14 00 CO COO C 00 CDC = 001:1k OCo6 0 Q 4) oo00) 00 C-00 gOgg 00aC) 0 Q000C ccCOCOOm t00 cqeq 0 q 00 0k j* 066 000m 060 N~to LM 00 00X tcli 10 0 000 C~l 00 t000 L~ - C4 rI LO000 0 0 1:, =CO 00 16t6 (66C 0000 cf060 C) 00 cc 0q 00o- 00 0000 0 Id6665 0 000 m00 cc C T-0 000CC 000= c6a 10 r-CO Co to O cs to elf CYS r-4 V-4 0 0 0 0 0) EXHIBIT A-1 Analysis of investments as at June SO, 1935 Unit cost price Market Date due Description and location of security Regional bank Date purchased interest Par value Premium Discount Cost I prem vestment Price as bquoted Deprecia AppreciaValue Lowest Highest Average 99%, 1002 , 1001%s 1002%S 100%2+ 1002%2 991%2 1002%3 100 100 1.0022 100 100 June 29,35 1935 Home Owners' Loan Corporation, Federal Reserve Bank of New York--.. Aug. 1,1949... Various...... U. S. Treasury, Federal Reserve Bank of New York-..........................---------- Mar. 15,1940-.. ....-- do......... Home Owners' Loan Corporation, Federal Reserve Bank of New York...... May 1, 1952... Do-----------------------------------------------. Aug. 1,1949-U. S. Treasury, Federal Reserve Bank of New York-----.. -----------June 15,1948.Do........---------....... -----------.--------------Dec. 15, 1952... Various....... June 28,1935.June 13, 1934--.. Dec. 13, 1934.. Boston......................... 2% $3, 200, 000 400,000 1% Total--..----- ---- ------- U. S. Treasury, Federal Reserve Bank of New York Winston-Salem..------ Home Owners' Loan Corporation, Banks' possession-------May 1, 1952... May 22, 1935-_ Do-----------------------------Aug. 1, 1949.-. Various---of New York--..... Home Owners' Loan Corporation, Federal Reserve Bank ---- do----- June 26, 1935.-- Total-------- . ---- incinnat............-----.------...... --------. -------- -- - ---I---- - - - -- - -- Sept. 15,1955. -------- - ---------U. S. Treasury, Federal Reserve Bank of New York Home Owners' Loan Corporation, Federal Reserve Bank of New York-...... Do...............................--------------------------------------- -- I- Chicago........................ Total.--------Des Moines-......... ---- ---- ---- ---- ---- ---- ----- ---- ---- Oct. 26,1933.-. ----. -. Home Owners' Loan Corporation, Federal Reserve Bank of New York--- Indianapolis.................--------. ---- 3,611,843. 76 . 162,971.88 3,365.63 ... 145, 381.25 7,481.25 ---- 3 2% 2% 15,000 28,075 300,000 285.94 ........... 165.02 ---------1,875.00 ---------- 15, 285.94 ----------28,240.02 -----------301,875.00 ------------ 15, 285. 94 28,240.02 301,875.00 102s 1001%2 1001%2 15,304.69 18.75 ---...... 28,232.92 ---------- -7.10 301,687. 50 ---------187. 50 343, 075 2,325.96 ---------- 1, 500,000 June 15,1939.. Feb. 15, 1938... Aug. 1,1949 ... 2% Y Oct. 15,1952-.. Various-....... June 15,1934.. June 15,1948.. Aug. 1,1949 Various---....... U. S. Treasury, Federal Reserve Bank of New York.......................--------Do--------------------------------------. ..... Home Owners' Loan Corporation, Federal Reserve Bank of New York....... --.-------------------------------Do..--------- Oct. 15, 1945. June 15, 1948.. May 1,1952--. Aug. 1, 1949-..- 3,046.88 ---------- Total.................... .--------- ---- --- ---- --- ---- --- ---- --- ---- --S ---- --. -- -------..-- -- I--- - - - -- 24 3 3 Various--....... June 3, 1935.... 3 2% Total..--------- Home Owners' Loan Corporation, Federal Reserve Bank of New York...... Do..----..... -------------------------------------- Total....------Los Angeles......------- ---------- -- .---- - - - - - - - - - - May 1, 1952... Various.----3 June 1, 1939-.... --.... do----......... 13 -.-- _.--.-------.------ - - - - I- - - - - - -I- June 15,1948... June 11,1934.. U. S. Treasury, Federal Reserve Bank of New York ..........------Home Owners' Loan Corporation, Federal Reserve Bank of New York...... Aug. 1, 1949...- June 27, 1935... Home Owners' Loan Corporation, Federal Reserve Bank of Los Angeles 2.-..- ..... do----....... Jan. 28,1935... - - - _ .. _ - ------.-------...-..-------------. ____ __ ,,-_ SDenotes red figures. 5 These bonds are being transferred to Federal Reserve Bank of New York for safekeeping. ..-- ..-.-- ... -" - 18,000. 00 100,000. 00 503,028.96 1031%2 1022%a 1001%2 621,028.96 121, 742.43 18, 690. 75 152. 72 25, 000.00 -------- ---925,062. 50 58.41 18, 538.03 25,000.00 925,004.09 968, 753. 25 211.13 968,542.12 25,000 25,000 27,000 2,300,000 531.25 ---------31.25 ---------138.10 --7,312.50 --...------ 25,531.25 25,031.25 27, 138.10 2, 307, 312.50 531.25 31.25 138. 10 7, 312. 50 25,000.00 25,000.00 27, 000.00 2,300, 000.00 2, 377,000 8,013.10 2,377,000.00 6, 653. 25 ---------- 8, 013.10 --------- 2, 385,013. 10 50, 000 1,000,000 3,046.88 ----- .. 50, 000. 00 5------------------0,000.00 ---------, 003, 046. 88 1,003,046.88 ---- 1,050,000 3,046.88 ....----. 1, 053,046.88 - --. . 1, 053,046.88 ..---12,075 ..---200, 000 --------.....---- 203.26 11,871.74 200,000. 00 1203.26 -------- 12,075.00 200,000.00 212,075 --- 203.26 211, 871.74 1203. 26 212,075.00 11,837, 550 -- 17.92 1001%2 121, 742. 43 ----------- 42.19 ---- 50,000----.-----. --4, 375. 00 ....-----700,000 ------- ---2, 675 ------- 3 2% 2%1 621,046.88 4, 375.00 -------48, 878.27 3,934.27 -- 50, 000.00 ----- -----704, 375.00 --------2, 675. 00 -----------757, 050.00 ------... -11, 882,494.00 23,204.02 0,000.00 704, 375. 00 2,675.00 102 2 1001%2 116839' 1032%2 1001%2 1062%2 1032'% 102 2 1001%2 102 s 1001%2 102% 1002%2 1032%2 1001%2 1001'9 1,508,437.50 .----- 2,540.12 ---- 18,646.88 646.88....-, 2,843.75 ---102,843.75 216.46 502, 812. 50 ----------624,303.13 3, 274. 17 ----- 109,811.13 15,084.38 3,110.89 ...----42.19 -- 124,895. 51 3,153.08 ......---... 19, 996. 31 25,937. 50 925,175.00 1,458. 28 937. 50 --170.91 -------- 971,108.81 2,566.69 ----.. 26, 679.67 25,937. 50 27, 548.44 2,312,937.50 1, 679. 67 937. 50 548. 44 12,937.50 2,393,103.11 981%2 9816/12 981%2 1012%2 1001%2 1002%2 1012%2 10029J 1002%2 1012%2 1001%2+ 1002%2 1001%2 1002 100 100 1001%2 100 100 100"%a 16,103.11 ---- 95 12 - 3, 593.75 ----. - 12. 320. 27 201,500.00 245. 27 ............ 1,500.00 ...... ,... 213,820.27 1,745. 27 ------..... 51,875.00 1,875.00 ...--703,937. 50 --------.... 437. 50 2,690.05 15.05 .....--.. 758,502.55 1,452.55 68,974. 77 ...-...--. ............ -- ----------100 100%2 1001%2+ 100 100 1001%2+ 100% 109331 100 1001%s 1081%2 100 100 109%2+ 100 10017/2+ . ........-.... ----------.. ........... 1,056,640. 63 11,928,264.75 3 ----------- 1, 015. 63 ------2, 578.12 ----------. 757,050.00 ----------- 100%2 51, 015. 63 1, 005, 625. 00 11,859,289.98 - 1002%2 100 100 345,225.11 .....------. 175.85 345,400.96 1,505, 897. 38 924.76 752,675 Grand total...-----... - 3,321.37 106,700.24 15,042.19 17, 100 1,590. 75 --------25,000 ----------------920,000 5,062.50 ---- ---- 3 -- - - ,I.--.-- .- ..- ..-.--.--.- .- May 1,1952... Aug. 1,1949.. 345,400. 96 ------1, 509, 218. 75 106, 700. 24 -------.---15, 042. 19 ----------- 962,100 Topeka-........................ Home Owners' Loan Corporation, Federal Reserve Bank of New York...... ............ Do ----------...-------------------........ ---,,- 924. 76 107, 625 -----------42.19 15,000 122,625 4% Apr. 25, 1934... Sept. 4,1934..Oct. 27,1934... Various..-..... 706.25 9, 218. 75 ---------- 618,000 ---- - U. S. Treasury, Federal Reserve Bank of New York........-------Do --------...... ------------------------.............. Home Owners' Loan Corporation, Federal Reserve Bank of New York 312.50 18, 000 ------.---------18, 00.00 ------------100,000. 00 ----------100,000 -------.----------17.92 500,000 3,046. 88 ... .----.. 503,046.88 3 2% I-------.---I------.-.---II. ....------------------------------------.-------------------------------- 23,875. 00 --...- I -----2,534. 38 91,828. 13 $31.25 50,281.25 -----------375.00 ---- ----10,375.00 487. 50 ..----. --.. 10, 487. 50 103262 24 2 2% -May 1, 1952-.... Various -----Home Owners' Loan Corporation, Banks' possession.------.. Aug. 1, 1949...- May 31, 1935 Do.....------......... ---------------------------------------- 3,623,875.00 102 2 1001%2 1032%2 1042%2 137, 900. 00 June 14, 1934.-. Aug, 14, 1934.. June 24, 1935... ---- 89, 293.75 50,312 50 10,000.00 o,00oo.00 $18, 000. 00----- 5,875.00---------- 159, 606. 25 2% ----- 3, 600,000.00 $3, 218, 000. 00 405,875.00 137,900.00 Various-..- --I-. 11, 843.76 -.------ ---------------------oo--------- 1001% 1011%2 159,606.25 ------- --- I---------------I------- ---- $3, 200,000.00 400,000.00 140,000 ------------ 2,100.00 Aug. 1, 1949-... I---- 89, 293. 75 50,312.50 10,000.00 10,000.00 $8,968. 76 2,875.00 3 Total-------Little Rock--------- Portland......... 11,843. 70 -------- $706.25 90,000 -------. 312.50 ------- --50,000 10, 000 ------------.----10,000 --------------------- - 3 2% 3 3 ---------m-------------- 160, 000 --------------------------------------------------------------------------------------------- Pittsburgh------------..........-.....- ---- $3,208,968.76 402,875.00 .3,600,000 Total---------.............. New York......-----......... Tnrt-l A f l $8, 968. 76 -------2,875.00 .---- ---- 102%2 100%2 1001%s+ ----------102%2 100Y 100 1001%2 100 10019%4 102%2 100%, 1001%2+ 100192+ ----------- 100 100%2+ -----98%, 100 99% 100 981% + 100 100 1002(, 100 100 1002%2 100 -........... 100 1002%2 100 ----------- I --- - 42834-36 --- --(Face p. 14) 15 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 0000-400000 C 661 6c4 m00 0000L00.*40 ) R4000M0 CO DC)O00 6 C6 S C4 m0w0 C)0C040x00 C)00 000" o C9000000o 0~ to 0000 6r4 000-1 C4 MC W 00000C 00000 L 656 z6 C.-0C (zc64 c i4 ( r-4000)0t00 0m0 00 04 0 C6 00 4 C)o-,rC)a;o )0 C)000o 00 00 000 _4_ t-000 C000 q0 0 00 m 000 00000 0 -C t 00-- CO8 00 00 (= " to CO 000 cq 00)m 00 00 0-00 00 000 46- t-: 66 t-Z4 6 c C14 00m0c0-0000m 00 00 0000 C) co 0c 666 ( 6o 0 000000 Ul. tC- 0 _ _ 0 0=C) (566S-4 C=0oC0C Dw _ 0000 C 0000 Q00 00 -6 004 c _ I-~qC 000 0 "140t00v- 00 0 000r0-000 C)00 UD0 0- Cr)0m0=000 0000000 t- 0 _a)< 6--d;o6 6k6 o00 C X6t-:0;6 C:X0 0000 66 m0 C:)-- 4 t00 0000 00 000000 )C C-) 0-. 0 00t,-.I 0 0 0-00o 00000o 0 4 (7-o6 c6 00 00-0 00 4 .Z-rz 4 t0t COO 14 CO 0) o N 0 0 CD 000-II t000 0 0 IT4# 00 000 m66 0 000 0000 611 000CD 00D 00C0) totoCC.)c-i~r 0 0 0 0000" 00 z~c C140 0 0000L000000)00)0-)0000L0 C00 t.o o t- C 0r4 0 00000000 6cc N0 0040000 - a 0000000 c- 0000000 000000000I0' 56 000 N -;6c6666 6 4 a00I, 00 00 IA ( C14cqt 0-00-.4 O0O0 00 0000 00 COO 4T t 0r4 00 v6 o C C C0a) CD0--X00l 0- 00 000000- L000-00 00 46 6 c'46666 u 666 000-00 -4C. 0X 000000 0000c 00 0 00N 0 00, )0 000a)t 0-) 00000-0.0000c 0 00 00 00 0 00 00 C.. 0 CO 0 0 C. 0 C' 00 ~4-Z 00 o4 C C Cc CO Cd CoO CO CC3C C O to 0 C 0 0 0 C.4 0- 1 0-00 o66 4o ireC 00 Aoo 0 0 16 REPORT OF FEDERAL HOME LOAN ANNUAL 1 000i0t-00 m40400 :0 0-100 SC) 0 0 4 U000 - . - BANK BOARD 040 Oil 0 400 <1 0-1 4t5 A 0.000 0 C4 C4 t-: m )= -44 1 4004 0 o 040(::6 0 - X 14 o c00 N w<44 c .d t- 0 4 d c4 c5c xrS4 -Z 4 9- w :0 ~4.0 04- m000004uz q oo CDLID :0 :0 0(=CD4040 t =7-q't<4 . :0 0 (0I 00 C0 44 40004040.140t00 L1 r444 ceaa 000 '0 P-40 p: -4 9 0 I- 4 0'1 vi ci c6 llv 44cc 0 0 0 0 X6 Ol 0) c"I4zo 0 <4P4 t 00 t C 0M01qCD .N o l m0?--1T-t1 Lo 0r 00 0000 o00 o6,-4 16 t6 000t- 00 c401 4o t*0 j00 <t-0 0 't40 0 ) 60'4 == 0 4 00 00 4001 010 ro-4 +4-> 4 C4, 000 (=-m to040i 0 .0 -00 400 o00t40N04!ZM4m 0x 01 c6ci t,:odo Sc64t-4 040:tq 00 r-0400 0 r 00 4w -'4odo -0 0 00N o 0 "i i 404r0044 0cc 441 1) m 00 4'0 00 0 m o Qocli 4 00 00 0 00 > a>0400001 104-04404 <40 00c0 04 0m0 00 0 N 0040 C)00t-0 040 k601 000: '- 049 00 5 40~ t- r000404000-4 <40 0 ?-4 06o C 104CD 0 0 r4' 00000 -:0 000 40 04 40<4 04 40 4 0 w -40 t14000m40Q00 0 000 CT 40 00 0040 i<4 te 0 0040n X0 ?--q 040 0400400 0ZcT 0 4 01-4 0- <44Itm M0X0 0 4 )0 w t- 1.4 C140 40 tooC C14 0000000w10400040000M;; V- =loZit= Iq C) ( c44e 4a$ cTo6 xot: a x 0 4' 0) 40 4 0 4-0.4 40 0 I t :0 0 4 4-4<4 <0 4 c<4 0 40 40 440 404a 40 <43 'e0 440 4~4~ t5)4 0a 44 0Z ~0 40 40 '0 0- S F=40o0 140 0 z q M 0 z 000 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Q 00 U0: 0 0N t- I c-o c 61 00 m R"Tia 00q oo 00 0C 0 000 000o00oo 0 CO 0 C) 00 00 0 c00 46 6t6 00 - m cc 00 C 60 6 6L6 1 6oZ6 6 00 00li o 0 00 0 0 Itc 00 ----- C 0 k - 06 ci coi 000 C400 0D 0 6 000 kc00 C 00000 co(r CC o49 0000 )00 00 00 to00 0 00 00004 6C-6 iO tZ jC) e000cc 00000000) 000000z -00000 cI:h 00rom zt-=c00 ~ m .dC) 0 t 1liC 00CC t ~ 00 ,0 4-j 0 too 4CO - C dE 00 o' C6 0) 0 -- 4- 11-4 0 0 3)0 0 0C 0 140 0 C0IS0 COg CC 6 0000 000 I -~~H e 0 -r 00 C0 0 c6 0 4 -0000 "l 00000000 0 0 c00 C0 6 c-i oocc000-cC 00 00000 000000 0000-00 6 000000 366ooZ ~0C 0 CC.4O 00 t- C o~o~ 0 t0o c ,0 0000 000 00C0-i -00m 000 c00000 =00 00 0 ----- ~ 0) oo 00 X00 4 0 q 1~CC 000 C 000000 00 0to0 w0z0-CC00 0000 0 44-c 6Qci ooo k0000c -0 0000m?0-I C 0000 00 0t000 0 'l00 o000 00 0t00NCO ' I 0 J00 00 co 00044m 6 ,d4o6c)t--6o >ooi6 r.0 Q000 00 CD0-0 00oo 000 0 0-C01 00 o Z00C0-1 0-0 0 c0000 40000-000%:t 00 0 c-il z 4 C 00 0000 001 4 4 0 C0000000 0 o 00t-O00 00 C-ITc-i, 00000) 000000 - 00q 0 0= 0000 00000L00 -0 00 -CCICq 00 0000QI0 D 000- 40010 ,--Icz c N000m0 m0 X000 - =I00(00000 0000 o6D-o00 t- 4 166 4 t6 6 c0 0- 0-0 16 00 X6C i C6 e0 0 00(=000= 0--- "0 m00 61- 00C00000 00000 x00 000 - 000-0 0-C (0 0t.-4 00 66666oiC5c 4 0 I4 0 )UD 0 000'0 tID 6 0 00 000-(00C00 00-k0000co 00 0! OC) 4 10) Th0 00 C36 000 00 0-T 0 0-to-- 0 004 0000= 00-000 0c 000c0000 a; ci~o tot-0 0C - 6 4666 k 6 00 cq 0 00 '0.0) 006IZ4 00 000C C)0=-c r4 ld 4 0CD000 000 0 0 0~0Ct- 000000w00 0N00000w 0 00 mC5 C6 =0In,000000 0) 00 CLO 4 V t- 000 00-001 m0 7-4 00 66 4iCi i 0 t-00 m00 go 0011100 CZ0000C 0 4 0 00 0 X00 0 0 17 18 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 'EXHIBIT C Analysis of surplus and reserves as at June 30, 1935 Combined Pittsburgh New York Boston Boston WinstonSalem ANALYSIS OF SURPLUS Balance at credit, May 31, 1935----$1, 992, 995. 32 $68, 541.55 $251, 677. 89 $204, 936. 23 $68,170. 46 Add profit for cur rent month of June 1935-....... 170, 786. 79 1 2, 753. 50 35, 203. 25 21,868. 97 11, 453.01 Total---Deduct: Dividends de clared or paid to members-._ Dividends de clared or paid to U. S. Gov ernment-...... Surplus alloca tions to re serves: Re ser v e r e quired by sec. 16 of act-... Total deductions Balance at credit, June 30,1935 .... Cincinnati Indian apolis $411, 780.84 $110, 248. 09 41, 905. 34 19, 837. 99 2, 163, 782. 11 65, 788. 05 286, 881. 14 226, 805. 20 79, 623. 47 453, 686. 18 130, 086. 08 145, 473. 61 9, 396. 74 31, 082.89 16, 373. 91- 546, 673. 48 25,000.00 115, 000.00 85, 000. 00 - ---- 14,377. 0 126, 706.94 44, 630. 75 251, 049. 71 12,100. 93 42, 593.40 29,093.36 13,480.83 47,156. 46 943, 196. 80 46, 497. 67 188,676.29 130,467. 27 13, 480. 83 '222, 789. 95 16, 579. 02 96, 337.93 66,142. 64 230, 896. 23 54, 499. 28 1, 220, 585. 31 19, 290. 38 98,204. 85 ---- 48,926. 55 75, 586. 80 ANALYSIS OF RESERVE REQUIRED BY SEC. 16 OF ACT Balance at credit, May 31, 1935----882, 682. 77 42, 745.44 105, 902.92 92,399. 09 61, 700. 44 189,598.81 Add surplus alloca tion, current month of June 47, 156. 46 251, 049. 71 12, 100. 93 42, 593. 40 29, 093. 36 13,480.83 1935-........... Total-............. 1,133, 732. 48 54,846. 37 148, 496. 32 121, 492. 45 75,181. 27 236, 755.27 Balance at credit, June 30, 1935------- Total surplus and reserves------- 75, 743. 41 16, 579. 02 92, 322. 43 148, 496.32 121, 492. 45 75,181. 27 236, 755. 27 92,322.43 2, 354, 317. 79 74,136. 751 246, 701.17 217, 830. 381141, 323. 91 467, 651. 50 146, 821.71 1,133, 732. 48 54,846. 37 Chicago Little Rock Moies Topeka Portland Los An geles ANALYSIS OF SURPLUS Balance at credit, May 31, 1935 ..... $250, 706. 48 Add profit for current month of 24, 058. 61 June 1935....-----------274, 765.09 Total-----------........ Deduct: Dividends declared or paid to members Dividends declared or paid to U. S. Government....- ---Surplus allocations to re serves: Reserve required 32,283. 03 by sec. 16 of act-.......... Total deductions............-------.. 32,283.03 $70, 792. 95 $141, 018. 281$167, 515. 50 $124, 267. 17 $123, 339. 88 2, 563. 98 2, 367. 59 5, 711.40 451. 87 8,118.28 78, 911. 23 143, 385. 87 173, 226. 90 124, 719. 04 125, 903. 86 ---- ----- ----- 12, 682.79 ----------- 12, 633.70 ........------.. 60, 498. 63 ----- 89, 837.16 ........... 12,084.28 21,276.86 9,884. 41 12,084.28 94,458.28 9,884.41 107,452.36 9,535.63 9, 535. 63 4,981. 50 242,482. 06 66,826.95 48,927. 59 163, 342.49 17,266. 68 116,368.23 Balance at credit, May 31, 1935 ...... Add surplus allocation, current month of June 1935----.......... Total------------------ 120,917.40 43,781.64 67,243.19 30,951.21 24,952.88 26,746.34 32, 283.03 12, 084. 28 153,200.43 55,865.92 21, 276.86 9, 884. 41 4, 981. 50 9, 535. 63 88, 520.05 40,835. 62 29, 934.38 36, 281.97 Balance at credit, June 30, 1935-....... 153, 200. 43 88, 520. 05 40,835. 62 29,934. 38 Balance at credit, June 30,1935 ANALYSIS OF RESERVE REQUIRED BY SEC. 16 OF ACT 90K RQ9 4 1 Red figures 55,865.92 19 09 7 117 447 A14 904 17 -111 47 901 0f 36, 281.97 1526fi 20 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 19 EXHIBIT D STATEMENT SHOWING FEDERAL HOME LOAN BANK ALLOCATED THERETO DISTRICTS AND District No. 1-Boston, Mass. Maine New Hampshire Vermont Rhode Island Massachusetts Connecticut District No. 2-New York, N. Y. New York New Jersey Puerto Rico Virgin Islands District No. 3-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-Chicago, 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. 12-Los Angeles, Calif. Arizona California Nevada STATES 20 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD SCHEDULE 1.-Statement showing Government funds appropriatedfor subscription to stock of the Regional Home Loan banks, the amounts allocated to each bank, and amounts still available for subscription as at June 30, 1935 No. 1. Boston ...----------------------------------------------- No. 2. New York....-------No. 3. Pittsburgh ------No. No. No. No. No. No. No. No. No. ----- 4. Winston-Salem-------------------------------5. Cincinnati. ---------------------------6. Indianapolis----------------------------------------7. Chicago -----------------------------8. Des Moines------------------...------------9. Little Rock------------10. Topeka -----------------------------11. Portland --12. Los Angeles-----------------------..--------------- Total Gov ernment funds avail able for subscription to stock Total subscribed June 30, 1935 1 $12,467,500 18,963,200 11,146,300 9,208,200 12,775,700 6,577,400 14,173,900 7,394,900 8,772,400 7,333,600 5,960,000 9,967,900 $5,000,000 11,500,000 8,500,000 5, 700,000 12,775,700 6,000,000 10,000,000 4, 500,000 6,100,000 4,700,000 3, 310,000 3, 560,000 I Total..........---...........-------- 124, 741,000 ----- - - 81, 645, 700 Subscrip tion balance available $7. 467, 500 7,463, 200 2, 646,300 3, 508,200 [I 577, 400 4,173,900 2,894,900 2, 672,400 2, 633, 600 2, 650,000 6,407,900 43, 095, 300 1 No change since Dec. 31, 1934. 2.-Statement showing by districts the number of institutions approved by the Board for membership in the system, number of shares and amounts sub scribed and the lines of credit as of June 30, 1935 SCHEDULE Number of Number of Total amount shares member subscribed subscribed institu- District No. No. N o. No. No. No. No. No. No. No. No. No. 1. Boston ------------------------------------2. New York..---------------------------------3. Pittsburgh---------------------------------4. Winston-Salem------------------------------5. Cincinnati--..-------------------------------6. Indianapolis-------------------------------7. Chicago-----------------------------------8. Des Moines ------------9. Little Rock ---------------10. Topeka ------------------------------11. Portland------------------12. Los Angeles --------------------Total ----------------- Line of credit 12X stock pay 135 385 469 385 477 147 401 211 242 207 120 145 20, 288 33, 229 17, 185 19, 251 52,819 19, 835 21,909 10, 258 13, 252 10, 189 5, 221 10, 992 $2, 028, 800 3,322,900 1, 718, 500 1, 925,100 b, 281,900 1,983, 500 2,190, 900 1, 025,800 1, 325, 200 1,018,900 522, 100 1, 099, 200 $24,045,900 39, 424, 200 20,135,100 22, 933, 200 61, 453, 500 23, 681, 400 25, 607, 400 12, 098, 100 15, 706, 200 12, 039,900 6, 192, 300 13, 054, 500 3, 324 234, 428 23, 442, 800 276, 371, 700 SCHEDULE 3.-Statement showing loan activities of the Federal home loan bank system from its inception through June 30, 1935 Loans ad vanced Amount re paid Balance loans outstanding 1932 December ------------------January ----------------February---------------March------------------April .-----------------------. May-June--------------------July--------------Auvust ------------September --------------October-----------------November --------------December ----------------- $837, 500.00 $837, 500. 00 1933 3,896, 800. 00 9,234, 086. 00 22, 957,191. 00 31, 268, 587. 66 39. 991, 391.12 48, 816, 812. 41 50, 493, 515. 95 61. 907, 694. 54 68, 916, 370.74 76,948, 584. 23 85, 233,120. 49 93, 865, 344. 49 $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 3,896,260.00 9, 183, 646. 00 22, 69S, 461.00 30,539,715.30 38,932,303.75 47,537,879.59 53, 744, 664.03 59,806,252.70 66,329,492.25 73,110,110.91 80,699,003.14 88,441,854.37 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD SCHEDULE 21 3.-Statement showing loan activities of the Federal home loan bank system from its inception through June 30, 1935-Continued Amount re paid Loans ad vanced Balance loans outstanding ,--------~,--~------,-------1934 January---------------------------------------------------......... February ----------------------------------------------March -------------------------------------------------April -.. -------------------------May . -------------..June --------------------------.--------------------------July -----------------------------August---------------------------------------------------September October ---------------------------------November ------------------------------------------------. December -------------------------.---.---------.. $99, 601, 833.90 102, 958, 427. 04 105, 957, 441. 60 108,313,841.53 112, 816,968.63 116, 466, 572. 63 119, 587, 357. 29 122, 18, 821.93 125, 355, 071.93 128, 733,125.16 130,841,280.16 133, 745, 230. 61 $7,104,900.42 $92, 496,933.48 8,918,592.32 94,039,834. 72 12,832,635.60 93,124,806.00 88,922,022.41 19,391,819.12 86,841,801.26 25,975,167.37 30, 218, 218.54 86,248,354.09 33,864,475.74 85,722,881.55 36,640,101.14 85,518,720.79 38,708,137.66 86,646,934.27 41,286. 794. 30 87,446,330.86 43,126,877.37 87,714,402.79 46,486,918.08 87,258,312.53 135, 977, 137, 275, 139, 398, 143, 501, 147, 296, 152, 649, 53,392,108.72 82,585,476. 89 60,133,392.45 77,142,049.40 66,782,718.88 72,615,666.12 69,491,109.15 74,010,805.06 71,460,800.24 75,836,177. 47 73,417,367.06 79,232,514.18 1935 January ... February. March..-April----May ---June.. .. SCHEDULE -- -- -- -- -- -- 585. 61 441.85 385. 00 914. 21 977. 71 881. 24 4.-Statement showing by districts and States, the number and amount of loans authorized, advances, repayments, and balance outstanding as of June 30, 1935 Regional home loan banks by districts and States - New Hampshire ... Rhode Island -- 111-1-111 (l----C---I Vermont ----------- Total- -------------------------------------------------------------------- ----- ----- District no. 3: Delaware....------------Pennsylvania..-----------------............. West Virginia------TotaL.-- -------- District no. 4: Alabama------------------------District of Columbia-------Florida-------------Georgia ..... ........----------Maryland-----------------------North Carolina....---------------South Carolina--------.----------Virginia... ----------Total--.. ---------- District no. 5: Kentucky -------------------Ohio..-- -------- Tennessee-----------------------Total -----------.. Balance out standing Repaid $2,423,900.00 $1,119,785.14 $2,378,900.00 1,117,300.00 1,109,300.00 519,859.00 4,573,000.00 3,073,000.00 2,753,529.00 173,000.00 173,000.00 111,674.00 30,000.00 30,000.00 0 64,122.00 80,000.00 80,000.00 Massachusetts....-- - - District no. 2: New Jersey New YorkPuerto Rico Virgin Islands- Advanced - -I District no. 1: Connecticut Maine------------ Total--... Authorized -CI-U-----I --- $1,259,114.86 589,441.00 319,471.00 61,326.00 30,000.00 15,878.00 1113----- 8,397,200.00 6, 844, 200.00 16,732,275. 00 4,734,100.00 0 0 16,229,275.00 4,533,100.00 0 0 4,881,849.83 1,821,355.74 0 0 11,347,425.17 2,711,744.26 0 0 21,466,375.00 20, 762, 375. 00 6, 703, 205. 57 14,059,169. 43 243, 600. 00 14, 208, 793. 78 1, 410,105.00 243, 600. 00 13, 813,218. 78 1,410, 105.00 158, 880. 00 4, 676, 350. 24 468,488. 70 84,720.00 9,136,868. 54 941,616.30 15, 862,498. 78 15,466,923.78 5, 303, 718.94 10,163,204.84 554, 200. 00 2, 686, 800. 00 750, 705.00 795,875. 00 2, 471, 029. 50 5,186, 483.81 1,132, 405. 00 1, 750,825.00 554, 200. 00 2, 686,800. 00 750, 705. 00 795,875.00 2,471,029. 50 5,186,483. 81 1,132,405. 00 1,750, 825.00 504, 225.00 2, 538, 550.00 234, 657.50 233,710.00 1, 275,132. 34 2, 728, 572.12 739, 322. 03 993,893.92 49,975.00 148, 250. 00 516,047. 50 562,165.00 1,195,897.16 2,457, 911. 69 393, 082.97 756,931.08 15, 328,323.31 15, 328,323.31 9, 248, 062. 91 6,080, 260.40 4, 769, 680. 07 24,310,004. 93 913,130.00 4, 679,680.07 22, 729, 974.93 903,130.00 1,468, 656.79 11,367, 415. 51 103,026. 50 3i211,023.28 11, 362,559. 42 800,103.50 29, 992,815. 00 28, 312, 785.00 12, 939,098.80 15, 373, 686.20 4, 568,969.14 2,275,230.86 22 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD SCHEDULE 4.-Statement showing by districts and States, the number and amount of loans authorized, advances, repayments, and balance outstanding as of June 80, 1935--Continued Regional home loan banks by districts and States Authorized Advanced District no. 6: Indiana--------.. -------------Michigan..---------------------- $6,589,825.00 4,005, 500.00 $5, 798, 275. 00 $3, 027, 399.00 $2,770,876.00 3,562, 825.00 2,238,415.50 1,324,409.50 10,595,325.00 9,361, 100.00 5, 265, 814. 50 4, 095,285. 50 13,867,578.50 6,048, 525.00 13,437, 200. 47 5, 752, 761.50 4,411, 212.95 2,453, 988.70 9,025, 987.52 3,298,772.80 Total-----------District no. 7: Illinois.----------Wisconsin---------- Total------------ Repaid Balance out standing 19,916,103. 50 19,189,961.97 6, 865,201.65 12,324,760.32 District no. 8: Iowa....-------------------Minnesota---.....-------------Missouri------......----------North Dakota....----South Dakota--------- 2, 662, 595.43 973, 015.00 3,747, 323.00 289,000.00 260,000.00 2,401, 070.43 843, 865.00 3,301, 800.00 206,000.00 244, 500.00 1, 646, 063. 43 322,456.50 1, 288, 877.81 145,796.00 74,211.45 755, 007.00 521,408. 50 2,012,922.19 60,204.00 170,288.55 Total------------.................... 7,931,933.43 6,997, 235.43 3,477,405.19 3, 519,830.24 District no. 9: Arkansas-----------------Louisiana-------... ----------Mississippi--------------................. New Mexico.....................--------------Texas.....----------- 848,378.94 4,838, 517. 22 285,256. 00 37,000.00 3,999,047. 75 848, 378.94 4,838, 517. 22 285,256.00 37,000. 00 3, 999, 047. 75 625,027.00 3,175, 285. 19 214, 282. 00 32, 000.00 2, 655,975.07 223,351.94 1, 663,232.03 70,974.00 5,000.00 1,343,072. 68 Total------------.................... 10,008,199.91 10,008,199.91 6,702, 569.26 3,305, 630. 65 Kansas .....---...----------............... Nebraska....------------Oklahoma....--------- 901,400.00 4,209,963.00 516, 650.00 3,344, 750. 00 901,400.00 4,052, 713.00 509,350.00 2, 212,750.00 316,942. 63 2,564,448. 00 204, 111.25 1,752,000.00 584,457.37 1,488,265.00 305, 238. 75 460, 750.00 Total.------------------- 8,972, 763. 00 7, 676, 213.00 4,837, 501.88 2,838, 711.12 301,820.00 470,260.00 2, 509, 310.00 805,257.50 2,417, 794. 00 166,400.00 301,820.00 470,260.00 2, 509,310.00 805, 257. 50 2,417,794.00 166,400.00 225, 584.18 399, 287. 50 1,861,926.58 565,459.16 1, 393, 476. 08 17,700.00 76, 235.82 70, 972. 50 647,383.42 239,798. 34 1,024,317.92 148,700.00 6, 670,841.50 6, 670, 841. 50 4,463, 433. 50 2, 207,408.00 65, 500.00 5,771, 722. 34 110,000.00 84,500.00 65,500.00 5,771, 722.34 110,000.00 84,500.00 51,191.88 2, 829, 606. 34 85,000.00 76, 587. 50 14,308.12 2,942,116.00 25,000.00 7,912.50 6,031,722. 34 6,031, 722.34 3,042, 385.72 2,989,336. 62 161,174,100.77 152, 649,881.24 73, 417, 367. 06 79, 232, 514.18 Di strict no. 10: Colorado..........------ ------ District no. 11: Idaho--------------------- -- --M ontana..-Oregon-------------------Utah.................-------------------Washington---------------Wyoming----------------- Total------------------District no. 12: Arizona------------------California-------------------------Hawaii----------...... Nevada------------------- Total-------------------Grand total----------------- ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 23 SCHEDULE 5.-Statement showing by Districts and States number of members, number and amount of shares subscribed by members, and balance of loans out standing as at June 30, 1935 Number member institntions District no. 1, Boston: Connecticut..........-------------Maine ...........--------------Massachusetts.......................-------New Hampshire..-----------....................... Rhode Island..............----- --Vermont-------------- Number sares subscribed Amount suscribed by members Balance loans outstanding 35 15 64 14 3 4 2, 436 1,398 13, 564 1,016 1,632 242 $243, 600 139,800 1,356, 400 101,600 163, 200 24, 200 $1,259,114.86 589, 441.00 319, 471.00 61,326.00 30,000.00 15,878.00 135 20, 288 2, 028,800 2, 275, 230.86 District no. 2, New York: 20,449 New Jersey------------------------------......................... 289 12, 780 New York ..........------------.............. 96 -Puerto Rico ...------------......................----Virgin Islands------------ --- ---............ ------------ 2, 044, 900 1, 278,000 0 11, 347,425. 17 2, 711,744.26 0 Total....................-------------- Total .................................... District no. 3, Pittsburgh: Delaware -------------------------------Pennsylvania---------------------------West Virginia..........................--------------------------Total ..................----------....... --District no. 4, Winston-Salem: Alabama................................--------District of Columbia--------------------Florida..........................--------------... Georgia ........... ---------Maryland.----------------------------North Carolina ---------........ South Carolina-............................ Virginia-................................. Total----------------------------------District no. 5, Cincinnati: Kentucky-------------------.. Ohio-----------O h io ------------------------------------Tennessee---------------...----Total......---------------------........ District no. 6, Indianapolis: Indiana-..........--------------Michigan..................-------------------------- Total-- District no. 7, Chicago: Illinois..........---------------Wisconsin....----------------Total.--------District no. 8, Des Moines: Iowa ..- - -------Minnesota-------------........--Missouri..----------.---.. -- --North Dakota.........----............-----South Dakota-----------Total.........--....--...................-----District no. 9, Little Rock: -----------Arkansas .... Louisiana......................------ --Mississippi..........................-----------New Mexico--------------........... Texas--- --------------............. .. Total---............................------------... 0 0 385 33,229 3, 322,900 14, 059,169. 43 7 433 216 15, 426 21,600 1,542, 600 84,720.00 9, 136,868. 54 29 1,543 154,300 941,616.30 469 17,185 1,718,500 10,163,204.84 18 15 47 41 108 98 29 29 671 6,079 744 587 4,426 4,024 712 2,008 67,100 607, 900 74,400 58,700 442,600 402, 400 71,200 2000800 49,975.00 148,250.00 516,047.50 562,165.00 1,195,897.16 2,457,911.69 393,082.97 756,931.08 385 19,251 1,925,100 6,080,260.40 82 355 40 6, 685 44,928 1, 206 668, 500 4, 492, 800 120, 600 3, 211, 023. 28 11, 362, 559. 42 800,103. 50 477 52,819 5, 281,900 15, 373,686. 20 108 39 12, 446 7,:389 1, 244,600 738, 900 2, 770, 876.00 1, 324, 409. 50 147 19, 835 1, 983, 500 4, 095, 285. 50 315 86 15,410 6,499 1,541,000.00 649, 900.00 9,025,987.52 3,298, 772.80 401 21, 909 2,190, 900. 00 12, 324,760. 32 53 36 100 13 9 2,472 1,627 5,347 562 250 247,200 162,700 534, 700 56,200 25,000 755,007. 00 521,408.50 2,012,922.19 60,204.00 170,288.55 211 10,258 1,025,800 3,519,830.24 41 48 25 14 114 948 6, 344 364 220 5,376 94,800 634,400 36.400 22,000 537,600 223, 351.94 1, 663, 232.03 70,974.00 5,000.00 1,343,072.68 242 13, 252 1,325, 200 3, 305, 630. 65 24 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD SCHEDULE 5.-Statement showing by Districts and States number of members, number and amount of shares subscribed by members, and balance of loans out standing as at June 30, 1935-Continued ___ Number member institu tions Amount sub scribed by members Number shares subscribed I I -- I-- -- - Balance loans outstanding --I1" - -- --- District no. 10, Topeka: Colorado....--------------Kansas-----------................----------------Nebraska-----------Oklahoma-------------------------------- 38 100 23 46 1,092 4, 371 569 4,157 $109, 200 437,100 56, 900 415, 700 $584,457. 37 1,488,265.00 305, 238. 75 460,750. 00 Total.........-----------..----------... 207 10,189 1,018,900 2,838,711.12 9 10 32 9 56 4 231 592 1,158 724 2,355 161 23, 100 59,200 115,800 72,400 235,500 16,100 76, 235. 82 70,972.50 647,383.42 239,798.34 1,024,317.92 148,700.00 120 5,221 522,100 2, 207,408. 00 4 136 2 172 10, 624 96 14,308.12 2,942,116.00 25,000.00 3 100 17,200 106,240 9,600 10,000 7, 912. 50 145 10,992 1, 099, 200 2, 989, 336. 62 3, 324 234,428 23,442, 800 79,232,514.18 District no. 11, Portland: Idaho -----------------------------------Montana--------------------------------Oregon.- -----------Utah . Washington ---------------Wyoming ---------- -- ---- ---- Total.....---....--..---------District no. 12, Los Angeles: Arizona--------.-------------------------... California-------------------------------Hawaii --------------..... ..----Nevada---------------------------------........ Total -......-- . ...-------- Grand total ------_ . --- SCHEDULE --- ----..-- 6.-Summary statement as reported by regional banks as of June 30, 1935 3, 324 Total number of member institutions --------------------Total minimum capital stock--------------------------$134, 000, 000. 00 Total stock subscriptions: Members and applicants---------------------------U. S. Government --------------------------- 23, 968, 400. 00 124, 741, 000. 00 Total-------------------------------------------- 148, 709, 400. 00 Payments received on stock subscriptions: Members and applicants-------------------------U. S. Government--------------------------------- 23, 217, 721. 87 81, 645, 700. 00 Total ---------------------------------------- Balance due on stock subscriptions_ Total line of credit as established by the Board------------Total loans authorized by regional banks------------------Total loans made by regional banks -----------------Total repayments on loans by borrowing institutions -------Total loans outstanding Balance authorized to be loaned by regional banks and not advanced ------------------------------------------ 104, 863, 421. 87 43, 276, 161, 152, 73, 79, 845, 371, 174, 649, 417, 232, 978. 700. 100. 881. 367. 514. 13 00 77 24 06 18 8, 524, 219. 53 112 times stock payments. SCHEDULE 7. AMENDMENTS TO ACTS There is set forth hereafter a concise summary of the amendments made to the Federal Home Loan Bank Act, Home Owners' Loan Act of 1933, and the portion of the National Housing Act providing for the insurance of savings and loan accounts. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 25 SCHEDULE 7-Continued FEDERAL HOME LOAN BANK ACT The original Federal Home Loan Bank Act provided that the term "home mortgage" as used therein meant a first mortgage or certain other first liens on real estate in fee simple or under a renewable lease for not less than 99 years. The National Housing Act broadened this term to include such mortgages or liens on property on which the borrower had a lease having a period of not less than 50 years to run. Such a mortgage or lien has to be on real estate upon which there is a dwelling for not more than three families. An act of Congress approved May 28, 1935, allowed such a dwelling to be one for not more than four families. The original act provided for direct loans to home owners by the banks. The Home Owners' Loan Act repealed this direct-loan provision. The original act provided that the minimum stock subscription of each insti tution (or amount of security deposited, if not permitted by State law to sub scribe) should be $1,500. This minimum was lowered to $500 by the National Housing Act. The original act provided that stock of the United States in the banks was entitled to a cumulative dividend at a rate of 2 percent per annum from the date of investment. This provision was eliminated by an act approved May 28, 1935. The act approved May 28, 1935 amended the original act effective January 1, 1936, to provide for 12 directors of each bank in lieu of 11; the appointment by the Board of 4 directors in lieu of 2; and the election of six directors by classes and the election of 2 directors by the members at large without regard to class in lieu of 9 directors elected by class. The same act provided for an advisory council of 18 members, 1 to be elected by the board of directors of each bank from the bank district, and 6 to be appointed by the Board. This council is to meet in Washington at least twice a year and oftener if requested by the Board. 'Members of the council are to serve without compensation, but traveling expenses are to be paid by the Board. The National Housing Act permitted an advance by a bank of an amount not in excess of 90 percent of the unpaid principal of the mortgage loan, if the mort gage was insured under title 2 of such act. This act allowed advances secured by amortized home mortgages to be made for an amount not in excess of 65 percent ir lieu of 60 percent of the face value thereof, the former maximum, and allowed the amount of the advance to be as high as 60 percent of the value of the real estate, in lieu of 40 percent, the former maximum. The original act allowed the banks to make long-term advances only upon the security of home mortgages. The act approved May 28, 1935, allowed banks to make long-term advances upon the security also Qf obligations of the United States, or obligations fully guar anteed by the United States. It also included mortgages for a term of 6 years or more in the same status that amortized mortgages for 8 years or more were treated by the original act. The original act required that advances on other mortgage loans should not exceed 30 percent of the value of the real estate secur ing such loan. This maximum was increased to 40 percent by the National Housing Act. Mortgages having more than 15 years to run to maturity or upon real estate which exceeded $20,000 in value were not eligible as collateral security for advances by banks. The act approved May 28, 1935, raised this maximum and provided that mortgages having more than 20 years to run, or exceeding $20,000, should not be eligible as collateral security. By an act of Congress approved April 27, 1934, an exception to the requirement that home mortgages 6 months past due when presented were not eligible as collateral security was pro vided if the debt was less than 50 percent of the value of the real estate. The National Housing Act allowed the banks to make advances until July 1, 1936, to members in order to enable certain financing of home repair, improve ments, and alterations. Such advances shall be made upon security of notes representing obligations incurred pursuant to, and insurable under, section 2 of the National Housing Act. The act approved May 28, 1935, authorized banks to make loans to nonmem bers meeting conditions specified therein, on insured mortgages up to 90 percent of the unpaid balance of the same at such rates of interest and upon such terms and conditions as determined by the Board. Section 11 of the Federal Home Loan Bank Act was reenacted and changed in many respects, but no substantial change was made. The banks were authorized to issue consolidated Federal home loan bank bonds or debentures. 26 ANNUJAL REPORT' OF FEDERAL HOME LOAN BANK BOARD SCHEDjULE 7-Continued The act approved May '28, 1935, amended the Federal Home Loan Bank Act in order to make it clear that consolidated Federal home loan. bank. bonds and debentures have the same tax exemption originally provided for the bonds and debentures of individual banks. The original act was further amended by the act approved May 28, 19305, relative to receipts and expenditures. of the Board. HOME OWNERS'2 LOAN CORPORATION The original act provided that a mortgage to be refunded must be a first mortgage on real. estate in fee simple or on a leasehold- under a renewable lease for not less than 99 years. The National Housing Act allowed refunding also of first mortgages on property on which the borrower had a lease having a period of not less than 50 years to run from the date the mortgage was executed. The original act specified that the mortgage to be refunded should be upon real estate upon which there was located 'a dwelling used by the owner as a home or held by him as his homestead. The act of May 28, 1935, amended this provision, extending mortgages that could be refunded to those secured by real estate upon which there is located a dwelling or dwellings used in whole or in part by the owner as a home or held by him as his homestead. The original act authorized the Home Owners' Loan Corporation to issue bonds up to $2,000,000,0010, which would be guaranteed as to interest only by the United States. By the act approved April 27, 1934, bonds issued by the Corporation were guaranteed as to principal as well as to interest. The Na tional Housing Act increased the authorized bond issue of the Corporation to $3,000,000,000, and this was further increased to $4,750,000,000 by the nct ap proved May 28, 1935. The use of bonds for refunding mortgages of home owners was limited to applications filed within 30 days after May 28, 1935, by the act of that date. This act also allowed this bond issue to be used for the purpose of redeeming outstandi ng bonds, and when so used, the Corporation was authorized to increase the total bonds issued by an amount equal to the bonds retired. That amendment further provided that no bonds issued under that section, as amended, should have a maturity date later than 1952. The act approved April 27, 1934, provided that such bonds should be lawful invest ments for all fiduciary, truLst, and, public funds under the control of the United States or any of its officers. This act further allowed the Secretary of the Treasury to purchase any bonds of the Corporation so guaranteed and to sell the same at'any time. This amendment further allowed the Corporation to purchase in open market bonds issued by -it at any price not to exceed par and to resell the same at any t-ime and at any price. It further authorized the Cor poration to refund within a6period of 6 months after April 27, 1934, bonds issued prior to that date upon application of the holders of such bonds and authorized the Corporation to increase its total bond issue in an amount equal to the bonds so refunded. The original act provided that the borrower need not pay any principal on his indebtedness for 3 years after June 13, 1933. This provision was stricken from the act by the amendment of April 27, 1934. The Home Owners' Loan Act was amended May 28, 11935, so as to require levies of assessments to be treated as general taxes, and to prevent any reduction for any such levies not due unless the total levy of taxes and assessments exceeds a sum which, in the discretion of the Board, is a reasonable annual tax burden. The original act allowed funds to be used to recover homes lost by foreclosure or sale under a deed of trust or voluntary surrender to the mortgagee within 2 years prior to such exchange. This provision was amended April 27, 1934, to provide that such exchange could be made where such loss by foreclosure, sale, or volun tary surrender was subsequent to January 1, 1930. The act was amended on May 28, 1935, so that it prohibits any person from acting as appraiser if he is interested in the loan, and this same act prohibits as of August 26, 1935,, any person from being an employee of the Corporation, at a fixed salary in any regional or State office, who is an officer or director of any firm, corporation, or association engaged in lending money on real estate, and further prohibits after August 26, 1935, any person from being an employee in any State or district office who was not a bona-fide resident of such State for a ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 27 SCHEDULE 7-Continued The act was further amended April 27, 1934, so as to require the applicant to be in involuntary default on June 13, 1933, with respect to the indebtedness on his real estate which he seeks to refund under sections 4 (d) and 4 (f), and to require that he be unable to carry or refund his present mortgage indebtedness. An exception was made, however, from the foregoing limitation in cases in which default after such date was due to unemployment or to economic conditions or misfortune beyond the control of the applicant. A further exception was added by this same amendment to the effect that the foregoing limitation did not apply in any case in which the indebtedness to be refunded was held by an institution in liquidation, but this exception was stricken by the amendment made May 28, 1935. The Home Owners' Loan Act was amended April 27, 1934, to allow re conditioning of properties in cases where the Corporation was authorized to advance cash. A sum of not to exceed $200,000,000 was to be used for this purpose. This sum was increased to $300,000,000 by the National Housing Act, and further increased to $400,000,000 by the amendment made May 28, 1935. The act was further amended April 27, 1934, to authorize the Corporation to buy bonds, debentures, and notes of Federal home loan banks and to loan money to Federal home loan banks. This amendment was repealed May 28, 1935, and the Corporation was then authorized to buy bonds, debentures, or notes of Fed eral home loan banks, shares of Federal savings and loan associations, and shares of member and insured institutions, and authorized to sell $300,000,000 of bonds, to provide such funds. FEDERAL SAVINGS AND LOAN ASSOCIATIONS The Home Owners' Loan Act of 1933 was amended to authorize any Federal savings and loan association, which was converted from a State-chartered insti tution, to continue to make loans in the territory in which it made loans while operating under the State charter by the act approved May 28, 1935. The act approved April 27, 1934, amended the Home Owners' Loan Act to provide that conversions of State associations into Federal associations could be done upon a vote of 51 percent of the votes cast at a legal meeting called to con sider such action. The act approved April 27, 1934, provided that the Secretary of the Treasury, on behalf of the United States, was authorized to subscribe for full-paid income shares in Federal associations. This act also provides that any Federal associa tion or member of any home loan bank may be employed as fiscal agent of the Government when designated for that purpose by the Secretary of the Treasury. It further provides that the Secretary of the Treasury should make available the sum of $500,000, later raised to $700,000, by the act approved May 28, 1935, in order to encourage saving and home financing. The act approved May 28, 1935, provided that such sums should be used impartially in the promotion and development of local thrift and home financing institutions, whether State or federally chartered. FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION The act approved May 28, 1935, amended title IV of the National Housing Act so as to give the Insurance Corporation the free use of the mails and the same flexibility of expenditures enjoyed by Home Owners' Loan Corporation. This title was further amended by the same act extending the period for building 5-percent reserves to 20 years; and allowing the declaration of dividends if ap proved by the Insurance Corporation even though losses had been charged to reserves. An amendment was also made by it adjusting the language on the subject of admission fees and another amendment was made reducing the insur ance premium to one-eighth of 1 percent and providing for credit for excess premiums paid by those theretofore insured. An amendment was made by this same act clarifying the language of section 406 (b) of title IV in reference to accounts transferred to the Insurance Corporation, and in reference to any unin sured portion of the accounts. An amendment was also made authorizing the Corporation to make loans to, or purchase the assets of, or make contribution to, insured institutions, in order to prevent defaults or restore insured institutions to normal operations. 28 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD SCHEDULE 8.-Statement reflecting interest rates charged by the 12 Federal home loan banks as of June 30, 1935 Federal home-loan bank Rate in effect on July 1 Type of loan I 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 3 All advances written for 1 year or less. All advances for more than 1 year are to be written at 4 percent, but billed at 34 percent. All advances for 1 year or less, and amortized within that time. All other advances. 4 All advances for 1 year or less; all advances for more than 1 year are to be written at 5 percent, but on authorization from borrowing members, the bank will credit the interest charged their accounts with the difference between 5 and 4 percent per annum. 4 All advances secured by Home Owners' Loan Corporation bonds. All advances for 12 months or less; all advances for more than 4 1 year are written at 42 percent, but interest collected at 4-percent rate. All advances written for 1 year or less; all advances written for longer periods will be at 4 percent, but billed at 312 percent during the period in which short-term advances carry this rate. 3 All secured advances for 1 year or less. 3Y All unsecured advances, none of which may be made for more than 6 months. 32 All secured advances for more than 1 year. 3Y All advances written for 1 year or less; all advances for more than 1 year are to be written at 4' percent, but billed at 3% percent during the period in which short-term advances carry this rate. All advances for 1 year or less. 32 All new advances f6r more than 1 year shall be written at 3Y 32-4 percent interest rate for the first year and 4 percent for sub sequent years; however, the rate of interest collectible quar terly after the first year shall be the same as the then effective rate on short-term advances; on all existing advances written at 4' 2 percent only 4 percent will be collected on and after May 1, 1935, so long as these lower rates remain in effect; further, all advances outstanding at May 1, 1935, written in excess of 31/2percent will, on Dec. 31, 1935, and semiannually thereafter, receive a refund of such portion of the interest collected above 32 percent as the board of directors shall deem justifiable; such refund will be granted ponly on loans on which no payments in advance of maturity are made. 3 All advances to members. 3Y All advances to nonmembers under title II of National Housing Act. 3 All advances. Do. 3Y 3 All advances to members. 3% All advances to nonmembers under title II of National Housing Act. 3Y SCHEDULE 9.-Statement of dividends paid by the 12 Federal home loan banks to and including June 30, 1935 Oct. 15, 1932-June 30, 1935 United States Government Members Total -I-II ......----------------------------------Boston . New York..............---------------------------------... .......---------. .. .. Pittsburgh Winston-Salem---------------------------Cincinnati-----------...............--------------------Indianapolis--------------------------------------Chicago---------------------------------------------Des Moines-----------------------------------------Little Rock - -------------------------------------Portland ---------------------------------------------Los Angeles -----------------------------------------Total ---- --- ------------------------------ $170, 715.11 401,915.07 328, 545. 21 184, 493.14 541, 450. 79 240, 795.14 317, 994. 52 135, 682.19 256, 778.14 89,837. 16 22, 575. 35 $29, 736. 99 93, 865. 30 21,086. 67 50,089.31 174, 674.05 73,995. 27 52, 325.17 20,954. 54 48, 374. 49 12, 633. 70 6, 184. 27 $200, 452.10 495, 780. 37 389, 631.88 234, 582. 45 716,124. 84 314,790.41 370, 319. 69 156, 636. 73 305,152. 63 102, 470. 86 28, 759. 62 2, 690, 781. 82 623, 919. 76 3,314,701.58 FEDERAL SAVINGS AND LOAN SYSTEM AUTHORIZATION The Home Owners' Loan Act of 1933 authorized the Board to provide for the organization, incorporation, examination, operation, and regulation of association- to be known as Federal savings and loan associations, and to issue charters therefor, giving primary consideration to the best practices of local mutual thrift and home financing institutions in the United States. In order to extend the benefits contemplated by the act to existing State-chartered institutions, the act further provides thatany member of a Federal home-loan bank may convert itself into a Federal saving and loan association * * * subject to such rules and regulations as the Board may prescribe. RESULTS OBTAINED 1. Charters issued.-For the first time during any like period, the Board issued more charters to converting State-chartered institutions than to new associations during the 6 months ended June 30, 1935, the ratio being 139 to 73. This pronounced trend toward extension and development of the Federal savings and loan system through the conversion of State-chartered institutions is the best evidence of the acceptance by such institutions of the benefits made available by the act. This trend toward conversion is indicated by the table below: Converting associations New associations Total charters issued Number Percent of total Number Dec. 31,1933----------------------------------59 June 30, 1934.----------------------------------310 Dec. 31, 1934---------..........--------------------------270 June 30, 1935----------------------------------212 1 47 110 139 1. 7 15. 2 40. 7 65. 6 58 263 160 73 6 months ended- Percent of total 98. 3 84. 8 59. 3 34.4 The results obtained by the Federal savings and loan system cannot be measured solely, however, by the mere number of charters issued nor by the current operations of associations. Rather must those results be measured by the wide-spread influence of the system upon the home financing structure of the country, as evidenced by the general adoption of the direct reduction type of loan and reduction in interest rates. Charters were issued to 212 Federal savings and loan associations during the period covered by this report, bringing the total number of charters issued to 851 at that date, as shown in exhibit A attached hereto. The complete list of associations to which charters have been issued is attached hereto and marked "Exhibit E". New associations 2 42834-36-3 42534S6---3 29 30 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD were only chartered in communities that had no home-financing facilities or that were inadequately served. 2. Financialgrowth.-The combined assets of Federal savings and loan associations more than doubled during the 6 months covered by this report. Further convincing evidence of public acceptance of the Federal savings and loan program is found in the fact that in many communities where State-chartered institutions remained inactive Federal savings and loan associations have made consistent and substantial growth. The magnitude and rate of this development is illustrated by exhibit B, attached hereto. 3. Home financing.-Throughoutthe country Federal savings and loan associations have served as a spearhead to break through the wall of inactivity in private-home financing. During the period covered by this report, Federal savings and loan associations loaned $42,572,638. Of this amount, 27.1 percent was for new construction and reconditioning; 16.9 percent was for the purchase of homes; and 48.5 percent was for refinancing loans held by individuals and insti tutions other than the associations covered by this report. Complete statistics covering the home financing activities of Federal savings and loan associations are attached hereto as exhibit C. It should be further noted, however, that the amount loaned during the period covered by this report represents 22.9 percent of total mortgage loans outstanding at the end of the period; it also represents 19.2 percent of the total capital invested in the associa tions at June 30, 1935. Such a large turn-over of capital is con vincing proof both of aggressive home-financing activity and of the public acceptance of facilities which these associations are providing. 4. Treasury share subscriptions.-The home financing demands upon Federal savings and loan associations during the 6 months ended June 30, 1935, warranted the Board in approving requests for subscription to shares by the Secretary of the Treasury in an amount double that approved during the previous 6 months. Disbursements by the Secretary of the Treasury during the period of this report were $19,880,900, representing 757 requests. During the same period 783 requests were received, representing an amount of $23,258,400. The total investment by the Secretary of the Treasury in the shares of Federal savings and loan associations at June 30, 1935, is shown by exhibit B attached hereto.' 5. Financial condition.-Of the 851 associations chartered at June 30, 1935, 808 had completed organization and commenced business. The combined assets of these associations at June 30, 1935, were $265,499,189-an increase of $145,821,182 during the period covered by this report. Reserves and undivided profits increased substantially during the period, being 7.8 percent of net assets at June 30, 1935, as compared to 6.6 percent at December 31, 1934. First-mortgage loans at June 30, 1935, represented 85.7 percent of invested capital, as compared to 81.9 percent at December 31, 1934. Investment by the Secretary of the Treasury in the shares of these associations was only 14.1 percent of the total capital invested in such associations at June 30, 1935. Federal savings and loan associations distributed $3,739,794 in dividends to their shareholders for the 6-month period ended June 30, 1935. Of this amount $374,084 was paid to the Secretary of the Treasury and $3,365,710 was distributed to private shareholders. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 31 The average annual rate of dividends for the period was 3.785 percent. A consolidated financial statement is attached hereto as exhibit D. SUI ERVISION AND SERVICING The supervision and servicing of Federal savings and loan asso ciations has for its major objective the development of these insti tutions to the maximum degree of usefulness, consistent with sound practice and public need. To accomplish that objective represen tatives of the Federal savings and loan system personally assist the officers and directors of Federal savings and loan associations properly to establish their records; to adopt reasonable dividend and interest policies; and, by cooperation and constructive leadership, generally, to guide and aid the associations in providing adequate thrift and home-financing facilities in their respective communities. In many instances supervision and servicing has necessitated coop erative share-selling campaigns in which a representative of the Federal savings and loan system and the officers and directors of an associa tion personally solicit the purchase of insured shares by the public. In other cases supervision and servicing have necessitated educational activities designed to stimulate and reassure the desire for home ownership. The ability of the Federal savings and loan system personally to contact and assist the associations through field repre sentatives to a large extent accounts for the results obtained, as enumerated elsewhere in this report. PERSONNEL The personnel of the Federal Savings and Loan System consists of 21 employees in the Washington office and 32 representatives in the field. The entire personnel is employed by the Federal Home Loan Bank Board and functions under the Board's jurisdiction. The entire personnel has actively engaged in the promotion and develop ment of local thrift and home-financing institutions. Muich of the time of the field representatives has been devoted to the rehabilitation of State-chartered institutions through membership in the Federal Home Loan Bank System and insurance of accounts by the Federal Savings and Loan Insurance Corporation. PROBLEMS AND DIFFICULTIES 1. Enabling legislation.-At the beginning of the period covered by this report, many States had as yet failed to enact legislation that would authorize and facilitate the conversion of State-chartered in stitutions. During the period, however, many States enacted such legislation, so that at the end of the period covered by this report there were only 11 States which had not taken affirmative action. In some of these States the Attorney General has ruled that further legislation is not necessary, to accomplish the purposes of the act. 2. Financialcondition of applicants.-Anothermajor problem is the inability of many applicants for conversion to qualify under the standards established by the Board for the conversion of all of the assets of an institution. To provide a method by which such insti tutions may be rehabilitated, the Board has adopted procedure by 32 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD which the eligible assets may be converted through segregation of ineligible assets either before or after conversion. This procedure has assisted many associations to convert and is contributing sub stantially toward the expansion of the Federal Savings and Loan System. On the other hand, the management and directors of some institutions are reluctant to apply for conversion by this process. FUTURE DEVELOPMENT AND OBJECTIVES The trend toward future expansion of the Federal Savings and Loan System through conversion of eligible State-chartered institu tions rather than through the organization of new associations is indicated by the table under "Results obtained and charters issued." Further evidence is the fact that applications for Federal charter by 303 eligible State-chartered institutions, representing assets of $387,195,540 were pending before the Board at June 30, 1935; only six applications were pending before the Board for charter on account of new Federal savings and loan associations. At June 30, 1935, there were 2,513 State-chartered members of the Federal Home Loan Bank System with assets of $2,876,921,017, all of which are eligible to apply for conversion into Federal savings and loan associations. These institutions provide an unusually large and potential field for the development of the Federal Savings and Loan System. Every appropriate effort will be made to assist such of these institutions to convert as desire to do so. The objectives of the Federal Savings and Loan System are: (1) so to extend and develop Federal savings and loan facilities that the public in all localities may continuously find therein safe and profit able means of investing their money; and (2) so to guide and counsel Federal savings and loan associations as to effect and perpetuate such lending policies and practices as are consistent with the public need. EXHIBIT A Applications for charters received and charters issued by months (cancelations and withdrawals deducted) Total Month Applica- Conversions Charters Cherss Applicacharter charter New Charters iaedrs ssue Charte issuedrs ha Appli is charter 1935 January--------------------------February-------------.... March----------------------April------------------------May------------------------- June------------------------- Total, 6 months........ Total, previous......... Total, June 30,1935..... 49 71 58 39 25 54 26 43 30 43 43 15......... 5 52 47 46 32 30 (1) 28 23 16 21 19 19 11 8 11 13 21 16 9 5 11 32 5 11 73 481 554 274 886 212 639 207 393 139 158 67 493 1,160 851 600 297 560 136 applications for conversion were received during June. These were offset byan adjustment of records to cover cancelation of applications received prior to Jan. 1, 1935. 33 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD CD m 'A t V.4 0 0=C>0 q =ncoc0t0ti 088 M(Mc c W0 ca V- oT40g r 440 "44 t 4 r4 c MU.L I 44" 4mr4 CD s00 D000 4 k000000040 .4(,-4!g a0001000000 00& 0 Iw- 0000to0N0C cc m:$ = w cc U0eq A000d0w m " 0000 0 0,00 000 ot t - 00 4 00-4 40V. Q 00 -4Co = o 4 0"4C1" 4)00 0-t -C14 CDc00 tm t004040o0000 wr- r- t L0 00 r4-00 4 IQ li 4 Ac a0000 V- co '-4 ' C3 14 a400 a ~0 m t0c0-0 c oK 0 0 qr- -4 o!00to00 .0000 = =~ " - M f -4 0MC1 mCD 00COLOto , c M 4m M Rd( 0C0 .:0 00to0000Lo0V00N0-0 00M 00 1riL c40000C, 000C4000Q0CD0= 000 0-. 4 000l0 000 06C z 0-r4M-M w a.06 c-M 0 CI)00 0 00 - OC 00I "0'0400 o00 4i Cc00000M t 00000, 4 O q =-0 I- t-00 0 0,0 0 q T0-41000 MM00000 00404 0 cc00004 000 0c00000V0L0 to to cc 801- m00 i20040C -'-I 0~ 44 IV-4 r- 00 00-e ce qrq qme , 00C4 0 o )C 0r4'Ii D ot coC400 *N or- k4m004 V4 m V4 1 0 ot t 00 00 0000000000000000000 qqCDq qr41.dr-1140r0L-0000000N QmCqm= 0010c0c m0 -0=0-4000000 0co0c =000 0-4 0, 0 0,M 0~4 004 t o0 t a q0o 0 CDr.. C40t-0N'cc0=00000m 40" 0 0-4r-bCD0000000000 CC0C00 00 C "0000 r40000 000-0000!=0-00M0000M00000Y-CI= OM tto==7100q(M00 d4000) 00 -0 4 CC meqcccC0000 O = - - 19400-4 0000C c ri 10 0000 Rtti ' X r4t " co UZ C14mlt00d0000m C0000 -4C qUD q 0000i "mco 00 00 00 w "0q co t- 00 - Lo C) 000 0010 0000000000-0-00000000 t.:0 4004M-4 Y00 CZ'- =X0,474 t eo 000r-400c00I)r-i00 000c CD o0 C 4000r0000000 o --0 00-0000t6060000000 &Q -( I :-dl000 - X 000 qt 0lL0 d4t414Q o-r-0 C ?20P 4 4tjL C 00 4q00 44 C" "r-4 X CcC - rirI00 1M 4 ~0 00 oN004-0 0 4 -( 44w4r-4 - MClmr- t oX cr4 I-" 0 4= r-4 A) E-4 00 0) cc (D000-400000-i 0 00 00 0 00 :444M &a 4COO of00,00 00 0)4 00 00 0 00 0 N" - 4000-000- 0000-000000000-00000000to 4 ' 0-000000000IIt t4 -= q=C . - -- 0 c - rq 4 14 - 100 1040000-00.dq0" 00 400444 -t c -(-)C. 0 - q 00 440ON0000Q 44 00 =000 00t00 W) 0, 1-. 00 -, 0 - G( 00 c0X0la000 C 0000 Q l0000 44 000000000D YDt00 1LO f t ( 4 t 00 40000000O000000000C - - 41'VC 0, 0) L00Z0w-,I' "00000000000000000 - 400000000000000000000000000000 M to0040000000 00000000C oX -d t z 00 a00 w-0 m - N0040I00" 0400000000000004 00 00j0m0000 r4 <D4 000w0 0000 4 0000r 004 00 000000 MID m0m0m 00000C>000toldCZ qto-1-4m-m0C90w0m0m0-000-00000N0m0-m t- m 0000000000 c Cq c00q 0000000000 00 d0000 000000000000 0, 0 .0 z0) CIO~ m00-000 N -100000000000000000U.)0w00000. 004 000000 0000 000000000000-1 r-l r 400000 -000000(M 000000000 C ot 000000 q 00 0000000000 4 0 00 Q0r-4 00 00 00 40 0 . . . . . . . . . . .4 44444444444 44444444 44 44 4 44 44 44 4 4 4 4 4 84 REPORT OF FEDE "RAL HOME LOAN BANK, BOARD ANN-UAL N4 -2 0 0 0000 q0M00 M0200ev-40220O2O0v eqri 020200e=qt- 03 0 *002o .4D C 1 MNr4 004M-i0 0 ,4 0T-4 CO 611.1102 tX~0 0 0 00 o =X0 =to emoNw."eq o M - - ( 022 o.: 00 0 "-4:, 02 to C002q-2 1=2D0 -- 4 Nv t-OIr- M m cc00 I00 0 00 o N0Go 00 C 02 0 2 Q2m 0;,64rN 00 VD. L 0UD Tqc t-q ,.q r64 C o c C>-4 C 0c2-1020 100000 (=o 0 w 00 w02 M C4 t 00 O c r' 0co t 00 00 C732 22 002t- o000t0 =2t-000000 -Mt 1 0 0 0 200(=C'00 02 V0 f&2 20202r-4 )00000 )o - 0- 02I Vcc q t co1 004000200P0021 c)c) 200 0-000 c0cy", t-000000 LOki.)C l d4 Cq -IJdr~Ci r- CID C 1 2- X0C U v-j10-* 0 d V4 0 200 020~r m 2r ~30 0 0 0 00~ 0000000 2004Y .0~ S CV'~b~rD 2000 0 4 222222 rc~~ 20 '2 020022220 20020'0220 00 2022200 -=)Q 2m T LO '-d4tr-.400020 r40022ct~0 2 2002C 20102020 00 2 2 00 2 020 0 CIO 0 0 XO0k 02-00 X e-4 0 - Co . 00 C 0 0D 1100 0020 m .d4 02 ~ 2021 0202002020202 c Io O eor-4 CD z2 mc!9 000kOC~ 20000000000000o" V " V o rc m o M Cr-IC)'=tr r-qCq q3 I. 02 IIctNr 000 0cco0000m C1~~ (= 0002020020000 00 0 00000020 000200-4 k.0a0-40200 =0200X 200020(2o00o00 m'M 1 r-C r-4r 1I 00 2241L 0 C20t 002 0 de"fqq CD XO 100 0 0M ca COL 2 24-qr--,:v00000C)220200C)0 022 c>00 00 CI= to00'22020 CZM O . g? X00 Q U o00 M 4 a22ICO -CO -r-40 -= 00-0 - 2 N000elZCq Cq -40 ," o7 CO X0 0 000220 0 000r-4 CO ~ 0 a '00U0200000 to20 00 M C 0=Vo=020 1410C XO002Ov020q 0 o 69. '0 - r4t -00000M X-0C000cO-00004qL 0R1 1:4000) 002CO 0-2 00 0 2 X00 t 0Vo(MM 0 m000=0t2202p002m 0 =m 200m00N0cc.T-4 m= o = t co 0omo e w w t- 010 00 m0-te -0 l4X 02002r00 C)0 20 4 O=C c r4 Vm0 m0 ot 02 '1 -400 0t0M=(= 0 024 2002 eq22w - N2-eq 000002002000 oi= r-00020 02-4 er-q Co 0202202000 22- 200200000 20 = 0r-4 220020022 0000000 4Z020220 q 00 200> 27-40 200 0 0 0 2 0 0 CD 0 20 20 00,=2 0 00L 0000Z2C 2 0002 00020000000V-4 121200 ANN-UAL REPORT OF FEDERAL HOME LOAN BANK BOARD =ouj " -4 M 0i1- 0".) r4 0 0cq -000 00r,4 - 000~00 000 0 00 " M0000 r- Lo ic,0=.m 00 0000t 00"00,6 000 Cpmci000 00O '00v CD 00000000000000 000'0)M-= o0 M -t r wCq w0 M 0q I m Lt-"- 44 alt c c--=cM ciMcqcq 00 C IRV 0 MI ie = L =0CDt0000000 '00'tU00000 cr-=00 00 0000 001LO 00000M " 0 v4 r4=P4o 0000000to0V r"=00 000ot 0000- 00000000000 00<>"000 0 00 =00 000004 tM 00000 Z0000-4 = =0 - =00r-4 00 r- 00 C00 00- qt lw ~00400 f v-4 to000 =,t- M 00 Ci C00& lc0 = C>uti0 0 C) " Lm00m0t, 00 --4~ 0000-4 .*000000000001 -00r-Nc~o 00-~0 00 00000 "1110000 0 0 r00 IN M IN000 140IN0 &a0Ci 000m '0I"0 M 00 r- r4 v0000 0000 00000 0v M00 000( t 0000 o000000000 000D <00D00 00 00 r-0i t.)kc= 0 I0-000000 0 0 00 4 0 0Cq 0 0 00 og:4(D 4-4 c1 0 1-00 C> 000000000000000000000 ul 00 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0000 000 0 .0 t- 000 '0D V 00000Q o 00 0 0 0 0 q(oC4I .0M .oo0=S'D061000000 ccCq 0m: 0 ' 14 00 ~ 00 40r-CiM I- 00 = 0 00 cq 00 <D OINu. -0000 4 1, -4 40U-50 t0000t 00 m C r-4 uj 00000 -1. W-0 00 cq C0 "C 000 M-000M c4 o'0 00 o CiqiI 4. C)114 ) 10 Aw: c 35' 36 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD EXHIBIT C Summary of loans made by Federal savings and loan associations during 6-month period ended June 80, 1935, by States e Construetion State Reconditioning Refinancing $33, 285 $99, 938 87,"582 43,139 70,442 23,900 278,524 118, 547 5,745 4,400 293,338 133,199 61,342 67, 320 162,632 76,317 4,980 4,100 42,499 37,202 61,605 99,199 37,152 5,970 27, 820 176,851 31,822 4, 000 205,771 190, 579 84,761 47,982 95,326 14,792 75,194 148,028 3, 250 14,900 212,710 84,289 87, 333 3,000 315, 233 457, 458 209,952 176,175 602, 949 842,310 12,525 16, 315 3, 633, 542 860,099 257,320 328, 528 642, 699 226, 098 78,163 26, 200 207,012 614,923 132, 641 983, 069 330,325 11,725 123, 336 1,582,843 195,190 20,700 2,020,006 869, 352 508,107 351, 315 375,171 41,224 810,655 789, 837 18, 550 223,925 824,928 460,939 329,372 46,700 3, 260,827 20,657,349 Purchase of homes -I' S8,258,029 Total -I- Alabama-------$63,659 Arizona -----4,500 119,565 Arkansas -----California--.----1, 425, 481 Colorado.....------62,928 Connecticut-.................. 24,270 Florida..--------657,443 Georgia212,186 --------Hawaii-------3,000 Idaho-----8,250 Illinois--------282,937 59,925 Indiana --------Iowa ---------63, 257 42, 051 Kansas......---------Kentucky------110,430 Louisiana....-----150, 318 Maryland ------70, 600 Massachusetts -------.. Michigan--------171,060 224,096 Minnesota ................... 81,413 Mississippi-------213, 072 Missouri----------............. Nebraska...--------76, 581 New Hampshire-............. 12,800 43, 100 New Mexico -------1, 309,692 New York......-------North Carolina-----230,616 5, 501 North Dakota.----Ohio---------420,695 187,882 Oklahoma-------124,006 Oregon --------69,200 Pennsylvania. -----224, 701 South Carolina-............... 38, 750 South Dakota-----220,034 Tennessee--------466,312 Texas ..---------5, 630 Utah-.-------54, 302 Virginia...................... 375, 287 Washington-.................. 85,178 West Virginia-................ 242,771 Wisconsin....--------14, 550 Wyoming ------Total .................-------- Other purposes I I ,I $33, 297 $18, 949 $249,12& 6, 850 11,350 103,819 703,424 357, 456 139,843 2,423,377 64, 299 50, 928 458,549 1, 770 43,560 269,675 134, 566 299,119 1,972,601 62,325 26, 832 1, 262, 200 5,500 26,770 6,250 .6,"250 23,050 -------------------------58,265 495,460 136, 800 4,842,077 221,059 33, 606 1, 307,888 147, 362 25, 506 554, 787 143, 680 35,026 616, 605 378, 626 446, 766 1,741,153 28,447 175,951 657,131 4,910 103, 675 191,728 58, 300 • 30, 008" 159, 200 58, 050 508,629 10,409 72,900 959,530 26, 338 15, 333 317,330 101, 479 63, 505 1,460,324 58, 151 10, 484 512, 69& 10,575 7, 066 48,136 3, 800 6, 206 204, 262 1,358, 297 110, 901 4,538, 584 132, 340 13,117 603,085 7,175 37,376 397, 062 844,878 3, 888, 412 687, 737 693, 373 2,628,923 150, 259 92, 965 960, 098 123, 825 37, 335 629,657 94,825 84,287 874,310 11,550 850 107,166 108,328 37, 311 1,251, 522 236, 399 1,812,159, 171, 583 3, 500 19, 750 50,680 17,805 9,213 320,145 118,206 173, 356 1,704, 487 108,723 39,738 778,867 117, 811 6,218 783, 505 16, 500 6, 100 86, 850 I I 7,209,089 3,187, 344 42,572, 638 1 Refinancing of associations' own mortgages not included. EXHIBIT D Consolidated financial statements 1 of 808 Federal savings and loan associations contained in their semiannual reports to the Federal Home Loan Bank Board as of June 80, 1935 ASSETS First-mortgage loans------------...----------------------- $186, 1, Loans secured by shares----------------------------------1, Accrued interest on loans---------------------------------5, Real estate sold on contract.-------------------------------39, Real estate owned.--------------------------------------2, Stock in Federal home-loan banks-------------------------U. S. Government obligations (including Home Owners' Loan 8, Corporation) ..----------------------------------------1, Other investments---------------------------------------Accrued interest on investments----------------------------14, Cash on hand and in banks---------------------------------Office building, furniture, and equipment---------------------3, Deferred charges.---------------------------------------------------Other assets-------------------------Total assets--------------------------------------- 002. 150, 839, 939, 109, 783, 814 857 239 780 414 734 222, 736, 71, 277, 611, 520, 234, 523 035 786 225 093 184 505 265, 499, 189 1 Does not include 23 new and 17 converted associations that had not commenced business, or 3 new associations that were liquidating or reorganizing at June 30, 1935. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 37 EXHIBIT D-Continued Consolidated financial statements 1 of 808 Federal savings and loan anticipations contained in their semiannual reports to the FederalHome Loan Bank Board as of June 80, 1985-Continued. LIABILITIES Repurchasable or free shares-------------------------------- $183, 823, 442 Pledged shares-to secure loans----------------------------2, 479, 888 Shares subscribed by the Secretary of the Treasury: Preferred shares_--------------------------$637, 800 Full-paid income shares--------------------- 29, 968, 500 S30, 606, 300 Advances from Federal home-loan banks--------------------15, 184, 140 Borrowed money----------------------------------------1, 990, 121 Interest accrued on advances and borrowed money------------42, 528 Accounts payable (including dividends payable) ---------------2, 343, 087 Loans in process ----------------------------------------4, 128, 489 Other liabilities------------------------------------------4, 073, 885 Reserves: Federal insurance--------------------------- $3, 469, 562 Contingencies-- -------------------------8, 788, 237 Other reserves-----------------------------3, 977, 983 16, 235, 782 Bonus on installment thrift shares- ------------------------80, 733 Undivided profits-----------------------------------------4, 510, 794 Total liabilities-----------------------------------265, 499, 189 1Does not include 23 new and 17 converted associations that had not commenced business, or 3 new associations that were liquidating or reorganizing at June 30, 1935. RECEIPTS AND DISBURSEMENTS DURING THE PERIOD JAN. 1 TO JUNE 30, 1935 Balance as of Dec. 31, 1934-------------------------------$377, 147. Receipts: Transferred from subscriptions to preferred shares, Federal savings and loan associations- $200, 000. 00 Refunds -------------------------------490. 70 -200, 490. Total cash and receipts------------------------------577, 638. Disbursements: Salaries--------------------------------$112, 018. 69 Travel--------------------------------41, 777. 06 Furniture and fixtures----------------------1, 065. 98 Printing and binding-----------------------3, 011. 25 Telephone and telegraph --------------------1, 201. 56 Publications and sundries-------------------1, 141. 30 Photostating and duplicating- ---------------1, 437. 57 Transferred to U. S. Supreme Court----------1, 335. 00 Transferred to salaries and expenses, Federal Home Loan Bank Board, special fund....... 30, 000. 00 Total disbursements--------------------------------192, 988. Balance as of June 30, 1935------------------------------384, 650. EXHIBIT E Federal savings and loan associations, by States and location, at June 80, 1935 ALABAMA First Federal Savings & Loan Association of Andalusia, Andalusia. First Federal Savings & Loan Association of Anniston, Anniston. First Federal Savings & Loan Association of Bay Minette, Bay Minette. First Federal Savings & Loan Association of Alabama, Birmingham. Jefferson Federal Savings & Loan Association of Birmingham, Birmingham. First Federal Savings & Loan Association of Florence, Florence. First Federal Savings & Loan Association of Huntsville, 1 Huntsville. First Federal Savings & Loan Association of Jasper, 1 Jasper. 1 Charter issued within the period covered by this report, 78 70 48 41 07 38 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD First Federal Savings & Loan Association of Mobile, Mobile. First Federal Savings & Loan Association of Montgomery, Montgomery. First Federal Savings & Loan Association of Russell County, Phoenix City. Sheffield Federal Savings & Loan Association, Sheffield. ARIZONA First Federal Savings & Loan Association of Phoenix, Phoenix. ARKANSAS Arkadelphia Federal Savings & Loan Association of Arkadelphia, Arkansas, Arkadelphia. Batesville Federal Savings & Loan Association, Batesville. First Federal Savings & Loan Association of Camden, Arkansas, Camden. First Federal Savings & Loan Association of El Dorado, El Dorado. First Federal Savings & Loan Association of Fort Smith, Arkansas, Fort Smith. Standard Federal Savings & Loan Association of Fort Smith,' Fort Smith. Superior Federal Savings & Loan Association of Fort Smith, Fort Smith. Harrison Fedpral Savings & Loan Association, Harrison. First Federal Savings & Loan Association of Helena, 1 Helena. Helena Federal Savings & Loan Association,' Helena. Hope Federal Savings & Loan Association, Hope. First Federal Savings & Loan Association of Hot Springs, Hot Springs. Citizens Federal Savings & Loan Association of Jonesboro, Arkansas, Jonesboro. First Federal Savings & Loan Association of Little Rock, Arkansas, Little Rock. Pulaski Federal Savings & Loan Association,' Little Rock. Marianna Federal Savings & Loan Association, Marianna. Morrilton Federal Savings & Loan Association of Morrilton, Arkansas, Morrilton. Nashville Federal Savings & Loan Association, Nashville. Newport Federal Savings & Loan Association, Newport. Argenta Federal Savings & Loan Association, North Little Rock. First Federal Savings & Loan Association of Paragould, Paragould. Piggott Federal Savings & Loan Association, Piggott. The Southern Federal Savings & Loan Association of Pine Bluff, Pine Bluff. Pocahontas Federal Savings & Loan Association,' Pocahontas. Prescott Federal Savings & Loan Association, Prescott. First Federal Savings & Loan Association of Rogers, Rogers. First Federal Savings & Loan Association of Russellville, Arkansas, Russellville. Searcy Federal Savings & Loan Association, Searcy. Riceland Federal Savings & Loan Association, Stuttgart. Texarkana Federal Savings & Loan Association, Texarkana. West Memphis Federal Savings & Loan Association of West Memphis, Arkansas, West Memphis. Wynne Federal Savings & Loan Association, Wynne. CALIFORNIA First Federal Savings & Loan Association of Altadena, Altadena. First Federal Savings & Loan Association of Bakersfield, Bakersfield. First Federal Savings & Loan Association of Bellflower, Bellflower. Berkeley Federal Savings & Loan Association, Berkeley. Community Federal Savings & Loan Association of Berkeley, Berkeley. Fidelity Federal Savings & Loan Association, Berkeley. First Federal Savings & Loan Association of Beverly Hills, Beverly Hills. Coronado Federal Savings & Loan Association, Coronado. First Federal Savings & Loan Association of Culver City,' Culver City. First Federal Savings & Loan Association of Glendale, Glendale. First Federal Savings & Loan Association of Hollywood, Hollywood. Inglewood Federal Savings & Loan Association, Inglewood. First Federal Savings & Loan Association of Laguna Beach,' Laguna Beach. First Federal Savings & Loan Association of Long Beach, Long Beach. Long Beach Federal Savings & Loan Association, Long Beach. Germania Federal Savings & Loan Association of Los Angeles, Los Angeles. Westwood Hills Federal Savings & Loan Association of Los Angeles, Los Angeles. North Hollywood Federal Savings & Loan Association, North Hollywood. First Federal Savings & Loan Association of Oakland,' Oakland. Oakland Federal Savings & Loan Association,1 Oakland. 1 Charter issued within the period covered by this report. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 39 First Federal Savings & Loan Association of Pasadena, Pasadena. First Federal Savings & Loan Association of San Bernardino,' San Bernardino. Central Federal Savings & Loan Association of San Diego,' San Diego. First Federal Savings & Loan Association of San Diego, San Diego. Home Federal Savings & Loan Association of San Diego, San Diego. San Francisco Federal Savings & Loan Association,' San Francisco. Slavic Federal Savings & Loan Association of San Francisco,' San Francisco. First Federal Savings & Loan Association of Santa Maria, Santa Maria. First Federal Savings & Loan Association of Vallejo, Vallejo. San Fernando Valley Federal Savings & Loan Association, Van Nuys. COLORADO San Luis Valley Federal Savings & Loan Association of Alamosa, Alamosa. Brighton Federal Savings & Loan Association, Brighton. First Federal Savings & Loan Association of Canon City,' Canon City. First Federal Savings & Loan Association of Colorado Springs, Colorado Springs. First Federal Savings & Loan Association of Craig, Craig. Del Norte Federal Savings & Loan Association,' Del Norte. First Federal Savings & Loan Association of Denver, Denver. First Federal Savings & Loan Association of Englewood, Englewood. Fort Collins Federal Savings & Loan Association, Fort Collins. Morgan County Federal Savings & Loan Association of Fort Morgan,' Fort Morgan. First Federal Savings & Loan Association of Glenwood Springs, Glenwood Springs. First Federal Savings & Loan Association of Grand Junction, Grand Junction. Mesa Federal Savings & Loan Association of Grand Junction, Grand Junction. Valley Federal Savings & Loan Association of Grand Junction, Grand Junction. First Federal Savings & Loan Association of La Junta, La Junta. First Federal Savings & Loan Association of Lamar, Lamar. Longmont Federal Savings & Loan Association, Longmont. Routt County Federal Savings & Loan Association, Oak Creek. First Federal Savings & Loan Association of Pueblo, Pueblo. Rocky Ford Federal Savings & Loan Association of Colorado, Rocky Ford. CONNECTICUT Danielson Federal Savings & Loan Association, Danielson. First Federal Savings & Loan Association of Greenwich, Greenwich. Hartford Federal Savings & Loan Association, Hartford. First Federal Savings & Loan Association of Madison, Madison. New Britain Federal Savings & Loan Association,' New Britain. First Federal Savings & Loan Association of New Haven, New Haven. FLORIDA Bartow Federal Savings & Loan Association, Bartow. Everglades Federal Savings & Loan Association of Belle Glade, Belle Glade. First Federal Savings & Loan Association of Manatee County, Bradenton. First Federal Savings & Loan Association of Clearwater, Clearwater. Coral Gables Federal Savings & Loan' Association, Coral Gables. Daytona Beach Federal Savings & Loan Association, Daytona Beach. First Federal Savings & Loan Association of Daytona Beach, Daytona Beach, DeLand Federal Savings & Loan Association, DeLand. Fernandina Federal Savings & Loan Association, Fernandina. Federal Savings & Loan Association of Broward County, Fort Lauderdale. First Federal Savings & Loan Association of Fort Myers, Fort Myers. First Federal Savings & Loan Association of Fort Pierce, Fort Pierce. Hollywood Federal Savings & Loan Association, Hollywood. First Federal Savings & Loan Association of Homestead, Homestead. First Federal Savings & Loan Association of Jacksonville, Jacksonville. First Federal Savings & Loan Association of Osceola County, Kissimmee. Lake City Federal Savings & Loan Association, Lake City. First Federal Savings & Loan Association of Lakeland, Lakeland. First Federal Savings & Loan Association of Lake Wales, Lake Wales. First Federal Savings & Loan Association of Lake County, Florida, Leesburg. Marianna Federal Savings & Loan Association, Marianna. Federal Savings & Loan Association of Miami, Miami. 1 Charter issued within the period covered by this report. 40 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD First Federal Savings & Loan Association of Miami, Florida, Miami. Miami Federal Savings & Loan Association, Miami. Miami Beach Federal Savings & Loan Association, Miami Beach. First Federal Savings & Loan Association of Miami Beach, Miami Beach. First Federal Savings & Loan Association of New Smyrna,' New Smyrna. Ocala Federal Savings & Loan Association, Ocala. First Federal Savings & Loan Association of Orlando, Orlando. Palatka Federal Savings & Loan Association, Palatka. First Federal Savings & Loan Association of Panama City, Panama City. Punta Gorda Federal Savings & Loan Association, Punta Gorda. First Federal Savings & Loan Association of Seminole County, Sanford. First Federal Savings & Loan Association of Sarasota, Sarasota. First Federal Savings & Loan Association of St. Petersburg, St. Petersburg. St. Petersburg Federal Savings & Loan Association, St. Petersburg. Tallahassee Federal Savings & Loan Association, Tallahassee. First Federal Savings & Loan Association of Tampa, Tampa. Hillsboro Federal Savings & Loan Association of Tampa, Tampa. Lake County Federal Savings & Loan Association of Tavares, Tavares. First Federal Savings & Loan Association of Indian River County,1 Vero Beach. First Federal Savings & Loan Association of West Palm Beach, West Palm Beach. First Federal Savings & Loan Association of Winter Haven, Winter Haven. Winter Park Federal Savings & Loan Association, Winter Park. GEORGIA Albany Federal Savings & Loan Association,' Albany. First Federal Savings & Loan Association of Atlanta, Atlanta. Fulton County Federal Savings & Loan Association of Atlanta, Ga., Atlanta. Standard Federal Savings & Loan Association of Atlanta, Ga., Atlanta. First Federal Savings & Loan Association of Augusta, Augusta. First Federal Savings & Loan Association of Bainbridge, Bainbridge. Baxley Federal Savings & Loan Association, Baxley. Brunswick Federal Savings & Loan Association,1 Brunswick. Cooperative Federal Savings & Loan Association of Columbus, Columbus. First Federal Savings & Loan Association of Columbus, Columbus. First Federal Savings & Loan Association of Crisp County, 1 Cordele. Habersham Federal Savings & Loan Association, Cornelia. Randolph County Federal Savings & Loan Association of Cuthbert, Cuthbert. Donalsonville Federal Savings & Loan Association, Donalsonville. Douglas Federal Savings & Loan Association, Douglas. First Federal Savings & Loan Association of Dublin,' Dublin. Fitzgerald Federal Savings & Loan Association, Fitzgerald. First Federal Savings & Loan Association of Griffin,' Griffin. Hogansville Federal Savings & Loan Association, Hogansville. First Federal Savings & Loan Association of McRae,' McRae. Macon Federal Savings & Loan Association, Macon. Meriwether Federal Savings & Loan Association, Manchester. Cobb County Federal Savings & Loan Association of Marietta,' Marietta. Marietta Federal Savings & Loan Association, Marietta. Moultrie Federal Savings & Loan Association, Moultrie. Rossville Federal Savings & Loan Association, Rossville. First Federal Savings & Loan Association,' Savannah. Thomas County Federal Savings & Loan Association, Thomasville. First Federal Savings & Loan Association of Valdosta, Valdosta. First Federal Savings & Loan Association of Waycross, Waycross. HAWAII First Federal Savings & Loan Association of Honolulu, Honolulu. IDAHO Boise Federal Savings & Loan Association,' Boise. First Federal Savings & Loan Association of Boise, Boise. First Federal Savings & Loan Association of Coeur d'Alene, Coeur d'Alene. 1 First Federal Savings & Loan Association of Lewiston, Lewiston. Guaranty Federal Savings & Loan Association of Pocatello,' Pocatello. First Federal Savings & Loan Association of Twin Falls,' Twin Falls. 1Charter issued within the period covered by this report. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 41 ILLINOIS Northwest Federal Savings & Loan Association of Arlington Heights, Arlington Heights. Federal Savings & Loan Association of Barrington, Barrington. First Federal Savings & Loan Assoeiation of Bloomington, Bloomington. Brookfield Federal Savings & Loan Association, Brookfield. Bushnell Federal Savings & Loan Association, Bushnell. 1 Archer-Hoyne Federal Savings & Loan Association of Chicago, Chicago. Austin Federal Savings & Loan Association of Chicago, Chicago. 1 Bohemia Federal Savings & Loan Association of Chicago, Chicago. Calumet Federal Savings & Loan Association of Chicago, Chicago. Chesterfield Federal Savings & Loan Association of Chicago, Chicago. Chicago Federal Savings & Loan Association, Chicago. Simano Daukanto Federal Savings & Loan Association of Chicago, Chicago. First Federal Savings & Loan Association of Chicago, Chicago. Home Federal Savings & Loan Association of Chicago, Chicago. Illinois Federal Savings & Loan Association of Chicago, Chicago. Laramie Federal Savings & Loan Association of Chicago, Chicago. Liberty Federal Savings & Loan Association of Chicago, Chicago. of Chicago, Chicago. North Side Federal Savings & Loan Association 1 Oakley Federal Savings & Loan Association, Chicago. Peerless Federal Savings & Loan Association of Chicago, Chicago. Piast Federal Savings & Loan Association of Chicago, Chicago. Public Federal Savings & Loan Association of Chicago, Chicago. Second Federal Savings & Loan Association of Chicago, Chicago. Slovenian Home Federal Savings & Loan Association of Chicago,' Chicago. A. J. Smith Federal Savings & Loan Association of Chicago, Chicago. St. Paul Federal Savings & Loan Association of Chicago,' Chicago. Standard Federal Savings & Loan Association of Chicago, Chicago. Western Federal Savings & Loan Association of Chicago, Chicago. Chicago Heights Federal Savings & Loan Association, Chicago Heights. Citizens Federal Savings & Loan Association of Chicago Heights, Chicago Heights. Cicero Federal Savings & Loan Association, Cicero. Jungman Federal Savings & Loan Association of Cicero, Cicero. Morton Park Federal Savings & Loan Association of Cicero, Cicero. Ogden Federal Savings & Loan Association of Cicero, Cicero. Valentine Federal Savings & Loan Association of Cicero, Cicero. First Federal Savings & Loan Association of Des Plaines, Des Plaines. First Federal Savings & Loan Association of Elgin, Elgin. Fidelity Federal Savings & Loan Association,' Galesburg. Harvard Federal Savings & Loan Association, Harvard. Harvey Federal Savings & Loan Association, Harvey. Hinsdale Federal Savings & Loan Association, Hinsdale. Joliet Federal Savings & Loan Association, Joliet. La Grange Federal Savings & Loan Association, La Grange. First Federal Savings & Loan Association of Lansing,' Lansing. Libertyville Federal Savings & Loan Association, Libertyville. Marengo Federal Savings & Loan Association,' Marengo. First Federal Savings & Loan Association of Moline, Moline. Oak Park Federal Savings & Loan Association, Oak Park. First Federal Savings & Loan Association of Ottawa, Ottawa. Ottawa Federal Savings & Loan Association, Ottawa. Park Ridge Federal Savings & Loan Association, Park Ridge. Peoples Federal Savings & Loan Association of Peoria, 1 Peoria. First Federal Savings & Loan Association of Rockford, Rockford. Black Hawk Federal Savings & Loan Association,' Rock Island. First Federal Savings & Loan Association of Springfield, Springfield. Security Federal Savings & Loan Association of Springfield,' Springfield. Sterling Federal Savings & Loan Association, Sterling. Streator Federal Savings & Loan Association,' Streator. First Federal Savings & Loan Association of Streator,' Streator. Du Page Federal Savings & Loan Association of Villa Park, Villa Park. First Federal Savings & Loan Association of Waukegan, Waukegan. First Federal Savings & Loan Association of Wilmette, Wilmette. 1Charter issued within the period covered by this report. 42 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD INDIANA First Federal Savings & Loan Association of Angola, Ind., Angola. Bedford. Federal Savings & Loan Association, Bedford. First Federal Savings & Loan Association of East Chicago, East Chicago. First Federal Savings & Loan Association of Evansville, Evansville. First Federal Savings & Loan Association of Ft. Wayne, Ft. Wayne. First Federal Savings & Loan Association of Gary, Gary. First Federal Savings & Loan Association of Greenwood, Greenwood. Citizens Federal Savings & Loan Association, Hammond. First Federal Savings & Loan Association of Hammond, Hammond. Hobart Federal Savings & Loan Association, Hobart. First Federal Savings & Loan Association of Indianapolis, Indianapolis. Shelby Street Federal Savings & Loan Association, IndianapoLs. First Federal Savings & Loan Association of Kokomo, Kokomo. Union Federal Savings & Loan Association, Lebanon. First Federal Savings & Loan Association of Logansport, Logansport. Loogootee Federal Savings & Loan Association, Loogootee. Mooresville Federal Savings & Loan Association, Mooresville. Muncie Federal Savings & Loan Association, 1 Muncie. First Federal Savings & Loan Association of New Albany, New Albany. First Federal Savings & Loan Association of Princeton, Princeton. First Federal Savings & Loan Association of South Bend, South Bend. South Bend Federal Savings & Loan Association,1 South Bend. First Federal Savings & Loan Association of Valparaiso, Valparaiso. Valparaiso Federal Savings & Loan Association,' Valparaiso. IOWA Atlantic Federal Savings & Loan Association, Atlantic. Burlington Federal Savings & Loan Association, Burlington. Wright Coupty Federal Savings & Loan Association of Clarion, Clarion. Clear Lake Federal Savings & Loan Association, Clear Lake. First Federal Savings & Loan Association of Creston, Creston. Citizens Federal Savings & Loan Association of Davenport, Davenport. First Federal Savings & Loan Association of Davenport, Iowa, Davenport. Denison Federal Savings & Loan Association, Denison. Polk County Federal Savings & Loan Association of Des Moines,' Des Moines. United Federal Savings & Loan Association of Des Moines, Des Moines. Estherville Federal Savings & Loan Association, Estherville. Grinnel Federal Savings & Loan Association, Grinnel. Harlan Federal Savings & Loan Association, Harlan. 1 Independence Federal Savings & Loan Association, Independence. First Federal Savings & Loan Association of Iowa City 1 Iowa City. Iowa Falls Federal Savings & Loan Association, Iowa Falls. Jefferson Federal Savings & Loan Association, Jefferson. LeMars Federal Savings & Loan Association, LeMars. Interstate Federal Savings & Loan Association of McGregor,' McGregor. Pioneer Federal Savings & Loan Association,' Mason City. Mutual Federal Savings & Loan Association of Mason City, Mason City. Nevada Federal Savings & Loan Association, Nevada. Oelwein Federal Savings & Loan Association, Oelwein. Ottumwa Federal Savings & Loan Association, Ottumwa. Perry Federal Savings & Loan Association, Perry. Iowa, Rock Rapids. First Federal Savings & Loan Association of Rock Rapids, 1 First Federal Savings & Loan Association of Sioux City, Sioux City. Washington Federal Savings & Loan Association, Washington. Webster City Federal Savings & Loan Association, Webster City. KANSAS First Federal Savings & Loan Association of Butler County, Augusta. First Federal Savings & Loan Association of Beloit,1 Beloit. 1 Northwestern Federal Savings & Loan Assocaition of Clay Center, Clay Center. Ellsworth County Federal Savings & Loan Association, Ellsworth. Hays Federal Savings & Loan Association, Hays. I Charter issued within the period covered by this report. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 43 Hoisington Federal Savings & Loan Association, Hoisington. First Federal Savings & Loan Association of Hutchinson, Hutchinson. Valley Federal Savings & Loan Association of Hutchinson,' Hutchinson. First Federal Savings & Loan Association of Liberal, Liberal. First Federal Savings & Loan Association of Olathe, Olathe. First Federal Savings & Loan Association of Pittsburg, Pittsburg. First Federal Savings & Loan Association of Pratt, Pratt. First Federal Savings & Loan Association of Wakeeney, Wakeeney. First Federal Savings & Loan Association of Sumner County, Wellington. First Federal Savings & Loan Association of Wichita, Wichita. Wichita Federal Savings & Loan Association, Wichita. Mid Kansas Federal Savings & Loan Association of Wichita, Wichita. KENTUCKY First Federal Savings & Loan Association of Bowling Green, Bowling Green. City. Central City Federal Savings & Loan Association, Central 1 Acme Federal Savings & Loan Association of Covington, Covington. Citizens Federal Savings & Loan Association of Covington, 1 Covington. First Federal Savings & Loan Association of Covington, Covington. Second Federal Savings & Loan Association of Covington, Covington. Ohio County Federal Savings & Loan Association of Hartford, Hartford. Federal Savings & Loan Association of Hazard, Hazard. Hickman Federal Savings & Loan Association, Hickman. LaRue Federal Savings & Loan Association of Hodgenville, Hodgenville. London Federal Savings & Loan Association, London. Greater Louisville First Federal Savings & Loan Association, Louisville. Louisville Home Federal Savings & Loan Association,' Louisville. Portland Federal Savings & Loan Association of Louisville, Louisville. Jefferson Federal Savings & Loan Association, Louisville. South End Federal Savings & Loan Association of Louisville, Louisville. Daylight Federal Savings & Loan Association of Newport,' Newport. Favorite Federal Savings & Loan Association of Newport,' Newport. Monmouth Street Federal Savings & Loan Association of Newport,' Newport. First Federal Savings & Loan Association of Pineville, Pineville. Providence Federal Savings & Loan Association, Providence. Federal Savings & Loan Association of Russellville, Russellville. Winchester Federal Savings & Loan Association, Winchester. LOUISIANA Bastrop Federal Savings & Loan Association,' Bastrop. Union Federal Savings & Loan Association,' Baton Rouge. Teche Federal Savings & Loan Association, Franklin. Jennings Federal Savings & Loan Association, Jennings. Jonesboro Federal Savings & Loan Association of Jonesboro, Louisiana, Jones boro. North Louisiana Federal Savings & Loan Association of Lake Providence, Lake Providence. De Soto Federal Savings & Loan Association of Mansfield, Mansfield. First Federal Savings & Loan Association of Monroe, Louisiana, Monroe. First Federal Savings & Loan Association of Natchitoches, Louisiana, Natchi toches. Home Federal Savings & Loan Association of Shreveport, Shreveport. First Federal Savings & Loan Association of Shreveport, Shreveport. First Federal Savings & Loan Association of Winnfield, Winnfield. MARYLAND Arlington Federal Savings & Loan Association,' Baltimore. Druid Hill Federal Savings & Loan Association of Baltimore City,' Baltimore. First Federal Savings & Loan Association of Brooklyn, Brooklyn,' Baltimore. Loyola Federal Savings & Loan Association,1 Baltimore. Occident Federal Savings & Loan Association of Baltimore City, Baltimore. Pennsylvania Avenue Federal Savings & Loan Association,' Baltimore. First Federal Savings & Loan Association of Towson,' Baltimore. First Federal Savings & Loan Association of Cumberland,' Cumberland. 1Charter issued within the period covered by this report. 44 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD MASSACHUSETTS 1 First Federal Savings & Loan Association of Boston, Boston. 1 Boston. Harvard Federal Savings & Loan Association of Dorchester, 1 Union Federal Savings & Loan Association of Boston, Boston. MICHIGAN Creek. Calhoun Federal Savings & Loan Association,' Battle x Birmingham Federal Savings & Loan Association, Birmingham. Branch County Federal Savings & Loan Association, Coldwater. First Federal Savings & Loan Association of Detroit, Michigan, Detroit. First Federal Savings & Loan Association of Flint, Flint. Midland Federal Savings & Loan Association, Midland. Muskegon Federal Savings & Loan Association,' Muskegon. Niles Federal Savings & Loan Association,' Niles. Owosso Federal Savings & Loan Association, Owosso. Pontiac Federal Savings & Loan Association, Pontiac. Peoples Federal Savings & Loan Association of Royal Oak, Royal Oak. Wayne County Federal Savings & Loan Association, Wayne. Down River Federal Savings & Loan Association, Wyandotte. MINNESOTA Alexandria Federal Savings & Loan Association, Alexandria. Breckenridge Federal Savings & Loan Association,' Breckenridge. Detroit Lakes Federal Savings & Loan Association, Detroit Lake. First Federal Savings & Loan Association of Duluth, Duluth. East Grand Forks Federal Savings & Loan Association, East Grand Forks. Hibbing Federal Savings & Loan Association, Hibbing. Hutchinson Federal Savings & Loan Association of Hutchinson, Minnesota, Hutchinson. Lake City Federal Savings & Loan Association, Lake City. Little Falls Federal Savings & Loan Association, Little Falls. First Federal Savings & Loan Association of Minneapolis, Minneapolis. Hennepin Federal Savings & Loan Association of Minneaspolis, Minneapolis. Northwestern Federal Savings & Loan Association of Minneapolis,' Minneapolis. Moorhead Federal Savings & Loan Association, Moorhead. Owatonna Federal Savings & Loan Association, Owatonna. Home Federal Savings & Loan Association of Spring Valley, Spring Valley. First Federal Savings & Loan Association of St. Paul, St. Paul. First Federal Savings & Loan Association of Thief River Falls, Thief River Falls. Wells Federal Savings & Loan Association, Wells. Willmar Federal Savings & Loan Association, Willmar. Windom Federal Savings & Loan Association, Windom. Worthington Federal Savings & Loan Association,' Worthington. MISSISSIPPI Amory Federal Savings & Loan Association, Amory. Panola County Federal Savings & Loan Association,' Batesville. First Federal Savings & Loan Association of Belzoni, Belzoni. First Federal Savings & Loan Association of Canton, Canton. Cleveland Federal Savings & Loan Association,' Cleveland. First Federal Savings & Loan Association of Columbus, Columbus. First Federal Savings & Loan Association of Corinth, Corinth. Coast Federal Savings & Loan Association, Gulfport. First Federal Savings & Loan Association of Hattiesburg, Hattiesburg. First Federal Savings & Loan Association of Jackson, Jackson. Inter-City Federal Savings & Loan Association of Louisville, Louisville. First Federal Savings & Lofan Association of McComb, McComb. Union County Federal Savings & Loan Association, New Albany. Delta Federal Savings & Loan Association of Shaw, Shaw. First Federal Savings & Loan Association of Starkville, Starkville. Community Federal Savings & Loan Association of Tupelo, Tupelo. Clay County Federal Savings & Loan Association of West Point,:West'Point. 1 Charter issued within the period covered by this report. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 45 MISSOURI Reliance Federal Savings & Loan Association of Affton, Affton. Brookfield Federal Savings & Loan Association, Brookfield. 1 Home Federal Savings & Loan Association of Carthage, Carthage. Boone County Federal Savings & Loan Association of Centralia, Centralia. Chillicothe Federal Savings & Loan Association, Chillicothe. Clayton Federal Savings & Loan Association of Clayton; Clayton. Ozarks Federal Savings & Loan Association, Farmington. of Independence, Independence. Community Federal Savings & Loan Association Joplin Federal Savings & Loan Association, 1 Joplin. Baltimore Avenue Federal Savings & Loan Association of Kansas City, Kansas City. Blue Valley Federal Savings & Loan Association of Kansas City, Kansas City. Central Federal Savings & Loan Association of Kansas City, Kansas City. First Federal Savings & Loan Association of Kansas City, Kansas City. Home Federal Savings & Loan Association of Kansas City, Kansas City. Rockhill Federal Savings & Loan Association of Kansas City, Kansas City. Safety Federal Savings & Loan Association of Kansas City,' Kansas City. Sentinel Federal Savings & Loan Association of Kansas City,' Kansas City. South Side Federal Savings & Loan Association of Kansas City, Kansas City. Standard Federal Savings & Loan Association of Kansas City, Kansas City. Success Federal Savings & Loan Association of Kansas City, Kansas City. Kirkwood Federal Savings & Loan Association, Kirkwood. Liberty Federal Savings & Loan Association, Liberty. First Federal Savings & Loan Association of Moberly,' Moberly. Community Federal Savings & Loan Association of Overland, Overland. First Federal Savings & Loan Association of Parkville, Parkville. Security Federal Savings & Loan Association of Raytown, Raytown. First Federal Savings & Loan Association of St. Joseph, 1 St. Joseph. Midwest Federal Savings & Loan Association of St. Joseph,' St. Joseph. Cass Federal Savings & Loan Association of St. Louis,' St. Louis. First Federal Savings & Loan Association of St. Louis, St. Louis. Lafayette Federal Savings & Loan Association of St. Louis,' St. Louis. Roosevelt Federal Savings & Loan Association of St. Louis,' St. Louis. Mutual Federal Savings & Loan Association of University City, University City. University City Federal Savings & Loan Association, University City. St. Louis County Federal Savings & Loan Association of Wellston, Wellston. NEBRASKA Custer Federal Savings & Loan Association of Broken Bow, Broken Bow. First Federal Savings & Loan Association of Dawson County,' Cozad. Falls City Federal Savings & Loan Association,' Falls City. Platte Valley Federal Savings & Loan Association,' Gering. Home Federal Savings & Loan Association of Grand Island,' Grand Island. Hastings Federal Savings & Loan Association, Hastings. Federal Savings & Loan Association of Kearney, Kearney. First Federal Savings & Loan Association of Lincoln,' Lincoln. Nebraska City Federal Savings & Loan Association, Nebraska City. First Federal Savings & Loan Association of Omaha, Omaha. Schuyler Federal Savings & Loan Association, Schuyler. Wayne Federal Savings & Loan Association,' Wayne. NEW HAMPSHIRE Laconia Federal Savings & Loan Association, Laconia. NEW MEXICO Alamagordo Federal Savings & Loan Association, Alamagordo. Albuquerque Federal Savings & Loan Association, Albuquerque. Provident Federal Savings & Loan Association of Albuquerque, Albuquerque. First Federal Savings & Loan Association of Clovis, Clovis. Deming Federal Savings & Loan Association, Deming. 1Charter issued within the period covered by this report. 42834-36-----4 46 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Gallup Federal Savings & Loan Association, Gallup. First Federal Savings & Loan Association of Las Vegas, Las Vegas. Grant County Federal Savings & Loan Association, Silver City. Tucumcari Federal Saving & Loan Association, Tucumcari. NEW YORK Albion Federal Savings & Loan Association, Albion. Suffolk County Federal Savings & Loan Association, Babylon. Bronxville Federal Savings & Loan Association, Bronxville. Bethpage Federal Savings & Loan Association of Farmingdale, Farmingdale. Floral Park Federal Savings & Loan Association, Floral Park. Gloversville Federal Savings & Loan Association, Gloversville. First Federal Savings & Loan Association of Hempstead, Hempstead. Highland Falls, West Point and Fort Montgomery Federal Savings & Loan Association, Highland Falls. Sunnyside Federal Savings & Loan Association of Irvington, Irvington. Larchmont Federal Savings & Loan Association, Larchmont. Lawrence Federal Savings & Loan Association,1 Lawrence. Lynbrook Federal Savings & Loan Association, Lynbrook. Mamaroneck Federal Savings & Loan Association, Mamaroneck. New Rochelle Federal Savings & Loan Association,' New Rochelle. Bayside Federal Savings & Loan Association, New York. Dongan Hills-Grant City Federal Savings & Loan Association,' New York. First Federal Savings & Loan Association of New York, New York. Flushing Federal Savings & Loan Association,' New York. Fourth Federal Savings & Loan Association of New York, New York. New York Cooperative Federal Savings & Loan Association,' New York. Ninth Federal Savings & Loan Association of New York City,' New York. Queens County Federal Savings & Loan Association of Jamaica, New York. Reliance Federal Savings & Loan Association of Queens Village,' New York. Richmond County Federal Savings & Loan Association, Tottenville, Staten Island, New York. Serial Federal Savings & Loan Association of New York, New York. West Side Federal Savings & Loan Association of New York, New York. Northport Federal Savings & Loan Association,' Northport. Owego Federal Savings & Loan Association,1 Owego. Champlain Valley Federal Savings & Loan Association of Plattsburg, Plattsburg. First Federal Savings & Loan Association of Port Washington,' Port Washington. First Federal Savings & Loan Association of Rochester, Rochester. First Federal Savings & Loan Association of Syracuse, Syracuse. White Plains Federal Savings & Loan Association, White Plains. NORTH CAROLINA Community Federal Savings & Loan Association of Burlington, Burlington. First Federal Savings & Loan Association of Burlington, Burlington. Home Federal Savings & Loan Association of Fayetteville,' Fayetteville. First Federal.Savings & Loan Association of Hendersonville, Hendersonville. First Federal Savings & Loan Association of Rocky Mount,' Rocky Mount. First Federal Savings & Loan Association of Winston-Salem, Winston-Salem. Piedmont Federal Savings & Loan Association,' Winston-Salem. NORTH DAKOTA First Federal Savings & Loan Association of Bismarck, Bismarck. First Federal Savings & Loan Association of Grafton, Grafton. First Federal Savings & Loan Association of Jamestown, Jamestown. OHIO First Federal Savings & Loan Association of Ashtabula,' Ashtabula. First Federal Savings & Loan Association of Centerburg, Centerburg. First Federal Savings & Loan Association of Cincinnati, Cincinnati. Home Federal Savings & Loan Association of Cincinnati, Cincinnati. Citizens Federal Savings & Loan Association of Cleveland,' Cleveland. 1 Charter issued within the period covered by this report. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 47 Forest City Federal Savings & Loan Association of Cleveland, Cleveland. The Home Federal Savings & Loan Association of Cleveland, Cleveland. The Second Federal Savings & Loan Association of Cleveland, Cleveland. Women's Federal Savings & Loan Association of Cleveland, 1 Cleveland. First Federal Savings & Loan Association of Columbus, 1 Columbus. of Columbus, 1 Columbus. Franklin Federal Savings & Loan Association 1 Park Federal Savings & Loan Association, Columbus. Citizens Federal Savings & Loan Association of Dayton, Dayton. First Federal Savings & Loan Association of Dayton, Dayton. First Federal Savings & Loan Association of Delta, Delta. Fairview Federal Savings & Loan Association, Fairview Village. Girard Federal Savings & Loan Association,1 Girard. Columbia Federal Savings & Loan Association of Hamilton, 1 Hamilton. Dollar Federal Savings & Loan Association of Hamilton, Hamilton. Home Federal Savings & Loan Association of Hamilton, Hamilton. Peoples Federal Savings & Loan Association of Hamilton,' Hamilton. West Side Federal Savings & Loan Association of Hamilton, Hamilton. First Federal Savings &,Loan Association of Ironton,' Ironton. Lawrence Federal Savings & Loan Association of Ironton,' Ironton. First Federal Savings & Loan Association of Kent, Kent. First Federal Savings & Loan Association of Lakewood, 1 Lakewood. First Federal Savings & Loan Association of Mansfield, Mansfield. First Federal Savings & Loan Association of Medina,' Medina. First Federal Savings & Loan Association of Newark, Newark. Roseville Federal Savings & Loan Association,' Roseville. First Federal Savings & Loan Association of St. Bernard, 1 St. Bernard. Home City Federal Savings & Loan Association of Springfield,' Springfield. Merchants and Mechanics Federal Savings & Loan Association of Springfield,' Springfield. 1 First Federal Savings & Loan Association of Toledo, Toledo. First Federal Savings & Loan Association of Willoughby, Willoughby. First Federal Savings & Loan Association of Youngstown,' Youngstown. OKLAHOMA Home Federal Savings & Loan Association of Ada,' Ada. Cherokee Federal Savings & Loan Association,' Cherokee. Chickasha Federal Savings & Loan Association, Chickasha. Claremore Federal Savings & Loan Association, Claremore. First Federal Savings & Loan Association of Elk City, Elk City. El Reno Federal Savings & Loan Association,1 El Reno. Liberty Federal Savings & Loan Association of Enid,' Enid. Security Federal Savings & Loan Association of Guymon,' Guymon. Kingfisher Federal Savings & Loan Association, Kingfisher. First Federal Savings & Loan Association of Muskogee,' Muskogee. Kay County Federal Savings & Loan Association of Newkirk, Newkirk. State Federal Savings & Loan Association of Nowata, Nowata. Commonwealth Federal Savings & Loan Association of Oklahoma City, Okla homa City. Home Federal Savings & Loan Association of Oklahoma City, Oklahoma City. Local Federal Savings & Loan Association of Oklahoma City,' Oklahoma City. Oklahoma City Federal Savings & Loan Association, Oklahoma City. Federal Savings & Loan Association of Oklahoma City, Oklahoma City. Osage Federal Savings & Loan Association of Pawhuska, 1 Pawhuska. Citizens Federal Savings & Loan Association of Sand Springs, Sand Springs. ,Sapulpa Federal Savings & Loan Association, Sapulpa. First Federal Savings & Loan Association of Seminole, Seminole. First Federal Savings & Loan Association of Shawnee, Shawnee. Home Federal Savings & Loan Association of Tulsa, Tulsa. Peoples Federal Savings & Loan Association of Tulsa, Tulsa. ;Security Federal Savings & Loan Association of Tulsa, Tulsa. Tulsa Federal Savings & Loan Association,' Tulsa. United Federal Savings & Loan Association of Tulsa,' Tulsa. Custer County Federal Savings & Loan Association of Weatherford, Weatherford. First Federal Savings & Loan Association of Wewoka, Wewoka. iSecurity 2 Charter issued within the period covered by this report. 48 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD OREGON First Federal Savings & Loan Association of Albany, Albany. Eastern Oregon Federal Savings & Loan Association of Baker, Baker. Deschutes Federal Savings & Loan Association of Bend, Bend. First Federal Savings & Loan Association of Carvallis, Corvallis. Polk County Federal Savings & Loan Association of Dallas, Dallas. First Federal Savings & Loan Association of Grants Pass, Grants Pass. First Federal Savings & Loan Association of Klamath Falls, Klamath Falls. Lakeview Federal Savings & Loan Association, Lakeview. West Coast Federal Savings & Loan Association, 1 Marshfield. First Federal Savings & Loan Association of Medford, Medford. Medford Federal Savings & Loan Association, Medford. First Federal Savings & Loan Association of Oregon City, Oregon City. First Federal Savings & Loan Association of Pendleton, Pendleton. First Federal Savings & Loan Association of Portland, Portland. Benj. Franklin Savings & Loan Association of Portland, Portland. Portland Federal Savings & Loan Association, Portland. Mutual Federal Savings & Loan Association of Salem, Salem. Salem Federal Savings & Loan Association, Salem. First Federal Savings & Loan Association of The Dalles, The Dalles. Tualatin Valley Federal Savings & Loan Association, Tigard. PENNSYLVANIA First Federal Savings & Loan Association of Altoona, Altoona. First Federal Savings & Loan Association of Chester, Chester. Hazleton Federal Savings & Loan Association,' Hazleton. 1 Cambria Federal Savings & Loan Association of Johnstown, Johnstown. First Federal Savings & Loan Association of Johnstown, Johnstown. Johnstown Federal Savings & Loan Association, Johnstown. First Federal Savings & Loan Association of Mount Oliver, Mount Oliver. First Federal Savings & Loan Association of Philadelphia, Philadelphia. First Federal Savings & Loan Association of South Philadelphia, Philadelphia. Germantown Federal Savings & Loan Association,' Philadelphia. Mid-City Federal Savings & Loan Association of Philadelphia, Philadelphia. Philadelphia Surburban Federal Savings & Loan Association, Philadelphia. 1 Polish American Federal Savings & Loan Association of Philadelphia, Phila delphia. 1 Quaker City Federal Savings & Loan Association, Philadelphia. First Federal Savings & Loan Association of Pittsburgh, Pittsburgh. Lang Avenue Federal Savings & Loan Association of Pittsburgh,' Pittsburgh. First Federal Savings & Loan Association of Pittston,' Pittston. First Federal Savings & Loan Association of Scranton, Scranton. Keystone Federal Savings & Loan Association of Sharpsburg, Sharpsburg. Vandergrift Federal Savings & Loan Association,' Vandergrift. First Federal Savings & Loan Association of Wilkes-Barre, Wilkes-Barre. Wilkes-Barre. Franklin Federal Savings & Loan Association of Wilkes-Barre, 1 Wilkinsburg Federal Savings & Loan Association, Wilkinsburg. Williamsport Federal Savings & Loan Association,1 Williamsport. First Federal Savings & Loan Association of Wilmerding, Wilmerding. SOUTH CAROLINA Mutual Federal Savings & Loan Association of Allendale,' Allendale. First Federal Savings & Loan Association, Camden. Charleston. The First Federal Savings & Loan Association of Charleston, 1 Fort Hill Federal Savings & Loan Association of Clemson, Clemson. Home Federal Savings & Loan Association of Columbia, Columbia. Security Federal Savings & Loan Association of Columbia,' Columbia. First Federal Savings & Loan Association of Darlington, Darlington. The Federal Savings & Loan Association of Dillon, Dillon. Peoples Federal Savings & Loan Association,' Florence. Piedmont Federal Savings & Loan Association of Gaffney, Gaffney. First Federal Savings & Loan Association of Greenville, Greenville. First Federal Savings & Loan Association of Lancaster, Lancaster. I Charter issued within the period covered by this report. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 49 Liberty Federal Savings & Loan Association,' Liberty. Newberry Federal Savings & Loan Association,' Newberry. Cooper River Federal Savings & Loan Association of North Charleston, North Charleston. First Federal Savings & Loan Association of Rock Hill,' Rock Hill. Mechanics Federal Savings & Loan Association,' Rock Hill. First Federal Savings & Loan Association of Spartanburg, Spartanburg. Piedmont Federal Savings & Loan Association of Spartanburg,' Spartanburg. First Federal Savings & Loan Association of Sumter, Sumter. Union Federal Savings & Loan Association, Union. Community Federal Savings & Loan Association of Winnsboro, Winnsboro. Woodruff Federal Savings & Loan Association, Woodruff. SOUTH DAKOTA Aberdeen Federal Savings & Loan Association, Aberdeen. First Federal Savings & Loan Association of Rapid City, Rapid City. First Federal Savings & Loan Association of Watertown, Watertown. TENNESSEE Athens Federal Savings & Loan Association, Athens. First Federal Savings & Loan Association of Chattanooga, Chattanooga. Cleveland Federal Savings & Loan Association, Cleveland. Clinton Federal Savings & Loan Association, Clinton. Coal Creek Federal Savings & Loan Association, Coal Creek. Cookeville Federal Savings & Loan Association, Cookeville. Tipton County Federal Savings & Loan Association of Covington, Covington. Dyer County Federal Savings & Loan Association of Dyersburg,' Dyersburg. First Federal Savings & Loan Association of Erwin,' Erwin. First Federal Savings & Loan Association of Gallatin, Gallatin. First Federal Savings & Loan Association of Greeneville,' Greeneville. First Federal Savings & Loan Association of Jackson, Jackson. First Federal Savings & Loan Association of Johnson City, Johnson City. Home Federal Savings & Loan Association of Johnson City, Johnson City. Kingsport Federal Savings & Loan Association,' Kingsport. Campbell County Federal Savings & Loan Association of La Follette, La Follette. Lawrenceburg Federal Savings & Loan Association, Lawrenceburg. Lenoir City Federal Savings & Loan Association, Lenoir City. First Federal Savings & Loan Association of McMinnville, McMinnville. First Federal Savings & Loan Association of Maryville,' Maryville. First Federal Savings & Loan Association of Memphis, Memphis. Home Federal Savings & Loan Association of Memphis,' Memphis. Leader Federal Savings & Loan Association of Memphis, Memphis. Morristown Federal Savings & Loan Association,' Morristown. Maury County Federal Savings & Loan Association of Mount Pleasant, Mount Pleasant. First Federal Savings & Loan Association of Nashville, Nashville. Newport Federal Savings & Loan Association, Newport. Paris Federal Savings & Loan Association,' Paris. Pulaski Federal Savings & Loan Association, Pulaski. Rockwood Federal Savings & Loan Association, Rockwood. First Federal Savings & Loan Association of Springfield, Springfield. Tullahoma Federal Savings & Loan Association, Tullahoma. First Federal Savings & Loan Association of Union City, Union City. TEXAS First Federal Savings & Loan Association of Abilene, Abilene. Alice Federal Savings & Loan Association, 1 Alice. First Federal Savings & Loan Association of Amarillo, 1 Amarillo. Athens Federal Savings & Loan Association of Athens, Athens. First Federal Savings & Loan Association of Austin, Austin. Bay City Federal Savings & Loan Association, Bay City. Beaumont Federal Savings & Loan Association, i Beaumont. First Federal Savings & Loan Association of Beaumont,' Beaumont. 1 Charter issued within the period covered by this report. 50 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD First Federal Savings & Loan Association of Beeville, Beeville. First Federal Savings & Loan Association of Big Spring,' Big Spring. First Federal Savings & Loan Association of Breckenridge, Breckenridge. Brownsville Federal Savings & Loan Association,' Brownsville. First Federal Savings & Loan Association of Childress, Childress. Cisco Federal Savings & Loan Association, Cisco. Colorado Federal Savings & Loan Association, Colorado. Commerce Federal Savings & Loan Association,' Commerce. Conroe Federal Savings & Loan Association, Conroe. First Federal Savings & Loan Association of Corpus Christi, Corpus Christi. Corsicana Federal Savings & Loan Association, Corsicana. Davy Crockett Federal Savings & Loan Association, Crockett. Dalhart Federal Savings & Loan Association, Dalhart. First Federal Savings & Loan Association of Dallas,' Dallas. Guardian Federal Savings & Loan Association of Dallas,' Dallas. First Federal Savings & Loan Association of Del Rio, Del Rio. Denton Federal Savings & Loan Association of Denton, Denton. Electra Federal Savings & Loan Association, Electra. El Paso Federal Savings & Loan Association, El Paso. First Federal Savings & Loan Association of El Paso, El Paso. Mutual Federal Savings & Loan Association of El Paso,' El Paso. Fredericksburg Federal Savings & Loan Association, Fredericksburg. Gladewater Federal Savings & Loan Association, Gladewater. Graham Federal Savings & Loan Association, Graham. 1 First Federal Savings & Loan Association of Greenville, Greenville. Henderson Federal Savings & Loan Association, Henderson. Hillsboro Federal Savings & Loan Association, Hillsboro. Jasper Federal Savings & Loan Association, Jasper. Hill Country Federal Savings & Loan Association, Kerrville. Kilgore Federal Savings & Loan Association, Kilgore. Lamesa Federal Savings & Loan Association, Lamesa. Lampasas Federal Savings & Loan Association, Lampasas. First Federal Savings & Loan Association of Laredo, Laredo. Liberty County Federal Savings & Loan Association, Liberty. First Federal Savings & Loan Association of Longview, Longview. First Federal Savings & Loan Association of Lubbock, Lubbock. Lufkin Federal Savings & Loan Association, Lufkin. First Federal Savings & Loan Association of Luling, Luling. Valley Federal Savings & Loan Association of McAllen, McAllen. McKinney Federal Savings & Loan Association, McKinney. Marshall Federal Savings & Loan Association,' Marshall. Midland Federal Savings & Loan Association, Midland. Mineola Federal Savings & Loan Association, Mineola. First Federal Savings & Loan Association of Nacogdoches, Nacogdoches. Navasota Federal Savings & Loan Association, Navasota. New Braunfels, New Braunfels. First Federal Savings & Loan Association of 1 Olney Federal Savings & Loan Association, 1Olney. Orange Federal Savings & Loan Association, Orange. First Federal Savings & Loan Association of Paris, Paris. 1 First Federal Savings & Loan Association of Plainview, Plainview. Quanah Federal Savings & Loan Association, Quanah. First Federal Savings & Loan Association of Ranger, Ranger. Fort Bend Federal Savings & Loan Association of Rosenberg, Rosenberg. First Federal Savings & Loan Association of Rusk, Rusk. First Federal Savings & Loan Association of San Marcos, San Marcos. Grayson Federal Savings & Loan Association,' Sherman. Smithville Federal Savings & Loan Association, Smithville. Stamford Federal Savings & Loan Association, Stamford. First Federal Savings & Loan Association of Stephenville, Stephenville. Sweetwater Federal Savings & Loan Association, Sweetwater. First Federal Savings & Loan Association of Temple,' Temple. Terrell Federal Savings & Loan Association, Terrell. First Federal Savings & Loan Association of Texarkana, Texarkana. Uvalde Federal Savings & Loan Association, Uvalde. First Federal Savings & Loan Association of Vernon, Vernon. 1Oh irter issued within the period covered by this report. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 51 Victoria Federal Savings & Loan Association,' Victoria. First Federal Savings & Loan Association of Waco,' Waco. Waxahachie Federal Savings & Loan Association, Waxahachie. First Federal Savings & Loan Association of Wichita Falls,' Wichita Falls. North Texas Federal Savings & Loan Association,' Wichita Falls. Yoakum Federal Savings & Loan Association,' Yoakumn. UTAH First Federal Savings & Loan Association of Price, Price. VIRGINIA Bedford Federal Savings & Loan Association,' Bedford. First Federal Savings & Loan Association of Bristol, Bristol. First Federal Savings & Loan Association of Clarendon,' Clarendon. Covington Federal Savings & Loan Association,' Covington. First Federal Savings & Loan Association of Hopewell, Hopewell. Federal Savings & Loan Association of Prince William County, Manassas. First Federal Savings & Loan Association of Norfolk,' Norfolk. First Federal Savings & Loan Association of Richmond,' Richmond. First Federal Savings & Loan Association of Roanoke,' Roanoke. Salem Federal Savings & Loan Association, Salem. Federal Savings & Loan Association of Sandston, Sandston. First Federal Savings & Loan Association of South Boston, South Boston. WASHINGTON First Federal Savings & Loan Association of Aberdeen,' Aberdeen. Bellingham First Federal Savings & Loan Association, Bellingham. Washington Federal Savings & Loan Association of Bothell, Bothell. First Federal Savings & Loan Association of Bremerton, Bremerton. Centralia Federal Savings & Loan Association,' Centralia. First Federal Savings & Loan Association of Chehalis,' Chehalis. Ellensburg Federal Savings & Loan Association, Ellensburg. Everett Federal Savings & Loan Association, Everett. First Federal Savings & Loan Association of Everett, Everett. First Federal Savings & Loan Association of Hoquiam,' Hoquiam. First Federal Savings & Loan Association of Longview, Longview. First Federal Savings & Loan Association of Mt. Vernon, Mount Vernon. Olympia Federal Savings & Loan Association, Olympia. Thurston County Federal Savings & Loan Association of Olympia,' Olympia. First Federal Savings & Loan Association of Port Angeles, Port Angeles. Port Townsend Federal Savings & Loan Association, Port Townsend. Raymond Federal Savings & Loan Association, Raymond. First Federal Savings & Loan Association of Renton,' Renton. Ballard Federal Savings & Loan Association of Seattle,' Seattle. Citizens Federal Savings & Loan Association of Seattlp, Seattle. Founders Federal Savings & Loan Association of Seattle, Seattle. King County Federal Savings & Loan Association of Seattle,' Seattle. Northern Federal Savings & Loan Association of Seattle,' Seattle. Metropolitan Federal Savings & Loan Association of Seattle,' Seattle. Seattle Federal Savings & Loan Association,' Seattle. Standard Federal Savings & Loan Association,' Seattle. Union Federal Savings & Loan Association, Seattle. West Side Federal Savings & Loan Association,' Seattle. First Federal Savings & Loan Association of Spokane, Spokane. Second Federal Savings & Loan Association of Spokane,' Spokane. Pacific First Federal Savings & Loan Association of Tacoma,' Tacoma. First Federal Savings & Loan Association of Vancouver, Vancouver. Vancouver Federal Savings & Loan Association, Vancouver, Washington Vancouver. First Federal Savings & Loan Association of Walla Walla, Walla Walla. Walla Walla Federal Savings & Loan Association, Walla Walla. Wenathee ederl Saings& LonAsoiaioWna-thee 52 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD WEST VIRGINIA First Federal Savings & Loan Association of Bluefield, i Bluefield. Charleston Federal Savings & Loan Association, Charleston. Empire Federal Savings & Loan Association of Charleston, Charleston. Equitable Federal Savings & Loan Association of Charleston,1 Charleston. First Federal Savings & Loan Association of Charleston, Charleston. Hancock County Federal Savings & Loan Association of Chester, Chester. Huntington Federal Savings & Loan Association, Huntington. First Federal Savings & Loan Association of Logan, Logan. First Federal Savings & Loan Association of Parkersburg, Parkersburg. Traders Federal Savings & Loan Association of Parkersburg, Parkersburg. First Federal Savings & Loan Association of Sistersville, Sistersville. i Advance Federal Savings & Loan Association of Wellsburg, Wellsburg. First Federal Savings & Loan Association of Wheeling, Wheeling. Union Federal Savings & Loan Association of Wheeling, Wheeling. WISCONSIN Antigo Federal Savings & Loan Association, Antigo. Jackson County Federal Savings & Loan Association, Black River Falls. Baraboo Federal Savings & Loan Association, Baraboo. Barron County Federal Savings & Loan Association, Barron. Clintonville Federal Savings & Loan Association, Clintonville. Columbus Federal Savings & Loan Association,' Columbus. Cumberland Federal Savings & Loan Association, Cumberland. De Pere Federal Savings & Loan Association,' De Pere. Durand Federal Savings & Loan Association, Durand. First Federal Savings & Loan Association of Fond du Lac, Fond du Lac. First Federal Savings & Loan Association of La Crosse, La Crosse. Ladysmith Federal Savings & Loan Association, Ladysmith, Wisconsin, Lady smith. Medford Federal Savings & Loan Association, Medford. Menomonie Federal Savings & Loan Association, Menomonie, Wisconsin, Menomonie. First Federal Savings & Loan Association of Wisconsin, Milawukee. Hopkins Federal Savings & Loan Association of Milwaukee, Milwaukee. First Federal Savings & Loan Association of Racine, Racine. Richland Center Federal Savings & Loan Association, Richland Center. Ripon Federal Savings & Loan Association, Ripon. River Falls Federal Savings & Loan Association, River Falls. Sparta Federal Savings & Loan Association, Sparta, Wis., Sparta. Stoughton Federal Savings & Loan Association, Stoughton. Viroqua Federal Savings & Loan Association, Viroqua. WYOMING Casper, Casper. Provident Federal Savings & Loan Association of 1 Cheyenne Federal Savings & Loan Association, Cheyenne. Sweetwater Federal Savings & Loan Association,' Rock Springs. Rawlins Federal Savings & Loan Association,' Rawlins. I Charter issued within the period covered by this report. HOME OWNERS' LOAN CORPORATION The Home Owners' Loan Corporation was created by an act of Congress approved June 13, 1933. The act has since been amended three times. The major purpose of the Home Owners' Loan Corpora tion is to refinance mortgages of urban home owners in actual danger of losing their homes through foreclosure and thus enable them to save their home property by assuming a new, more convenient loan. To be eligible for refinancing through this agency a property must be the actual home of the owner, a dwelling for not more than four families, and worth not more than $20,000. The maximum loan permitted under the law is 80 percent of the appraised value of the property, or $14,000, whichever is the smaller. The Corporation was given an initial capital of $200,000,000, besides which it has been authorized to issue and have outstanding bonds in the amount of $4,750,000,000, to be exchanged for mortgages or sold to obtain funds. Home Owners' Loan Corporation bonds totaling $100,000,000 have been assigned to provide capital for the Federal Savings and Loan Insurance Corporation. The Home Owners' Loan Corporation is also authorized to buy obligations of the Federal home-loan banks, and to invest in Federal savings and loan associations and other qualified home-financing institutions, to a total amount of $300,000,000. ORGANIZATION The Home Owners' Loan Corporation is directed by the five members of the Federal Home Loan Bank Board, who constitute the board of directors of the Corporation. Supervision of operations is delegated to a general manager and deputy and assistant general managers. The principal office of the Corporation is in Washington, D. C., where all of the policies of the Corporation are determined and all corporate action is authorized, and from which the principal executive direction of the Corporation is exercised. All control accounts and all reports of the operation of the Corporation are consolidated in the Washington office. Eleven regional offices are maintained-in Boston, New York, Baltimore, Cincinnati, Atlanta, Memphis, Detroit, Chicago, Omaha, Dallas, and San Francisco-as is shown on the regional map attached, marked "Exhibit I", which also shows the location of the State offices referred to below. Regional executives, under immediate direction of executives of the Corporation in Washington, have general supervisory authority over the Corporation's work in the States of their respective regions. In addition, each regional office also takes care of such major routine operations within the region as can best be handled centrally in large units. Among these are the maintenance of detailed records and accounts for each loan, the mailing of notices, the receipt of 54 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD remittances sent in the mail, and the crediting of all payments received. A State office is maintained in each State except Texas, which has three divisional offices, at Dallas, Houston, and San Antonio. Terri torial offices are maintained in Hawaii, Puerto Rico, and the District of Columbia. Alaska is served from the Washington State office at Seattle. District offices are located at points of principal loan concentration and operate under immediate direction from the State offices as a part of the State agencies. A list of all the offices of the Corporation as of June 30, 1935, is attached as exhibit 2. The Corporation's State organizations, under the general super vision of the regional offices and subject to the regulations of the board of directors in Washington, are responsible for lending opera tions. Except for a small number of cases of specified types where the application must be approved by the Washington office, all appli cations are finally passed upon and all loans disbursed by the State agencies. Under the supervision of the regional offices, the State offices also have direct responsibility for the handling of special problems that come up in individual cases in the course of the Corpo ration's loan-servicing work. All personal contacts with borrowers are conducted by the Corporation's State, district, and local offices, these latter operating under the immediate supervision of the State, divisional, or Territorial office. Under the board of directors, chief executive authority over the operations of the Home Owners' Loan Corporation is vested in a general manager, assisted by deputy general managers. Executive control is stepped down through a line organization comprising 6 assistant general managers, 11 regional managers, and 52 State, divisional, and Territorial managers to the district and subdistrict offices. In addition, special departments have been created to deal with such special or technical aspects of the Corporation's work as matters of finance, appraisal, research, reconditioning, loan service, management of acquired properties, personnel, public relations, and law. Some of these departments are responsible directly to the management, some both to the management and board, and others of a staff nature, serving all four agencies, operate directly under the board. An organization chart of the Home Owners' Loan Corpora tion, marked "Exhibit 3", is attached. During the early months of operation, before the volume of loans granted had reached an appreciable total, the Corporation func tioned directly from the home office at Washington to the State offices. When closings began to mount, this method of operation soon proved ineffective, and the Corporation found it necessary to establish regional offices. Essentially the regional offices represent a break-down and decentralization of functions that would otherwise have to be handled centrally in the home office. By decentralizing through regional offices the Corporation has not only avoided an un necessary and undue concentration of personnel at Washington and eliminated the handicaps, delays, and travel expenses that distances to one central office would have involved, but has facilitated dealings between supervisory executives and officials engaged in field service, with resulting improvement in efficiency all along the line. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 55 The development of the regional offices, opened during the year 1934, was completed during the period of this report. The result has been a more effective management in the State offices, in the regional offices, and in Washington, both from the standpoint of cost and from the standpoint of performance. PERSONNEL At the beginning of the period covered by this report, December 31, 1934, the Corporation had 19,775 employees, 2,384 employed in the home office in Washington, 3,240 in the regional offices, and 14,151 in the State and district offices; at the end of the period of this report, the Corporation had 19,590 employees, 2,173 employed in the home office in Washington, 4,373 in the regional offices, and 13,044 in the State and district offices. A chart is attached, marked "Exhibit 4", indicating the number of employees, by months, from December 1933 to the end of this report period, and showing separately the number of employees in the home office, in the regional offices, and in the field offices. The same information is given graphically on exhibit 5 attached. At the inception of its program the Corporation was confronted with a staggering personnel problem in securing promptly enough to meet the requirements of the emergency an adequate number of em ployees possessing the necessary technical and professional qualifica tions to handle so large and widespread a lending operation. During the period of this report the Corporation has continued in its efforts to perfect its personnel organization and has dealt particularly with the problem of the selection and training of personnel for loan servicing work and for the management of acquired properties. In making appointments to its loan-servicing organization, the Cor poration has recognized the grave importance of securing personnel thoroughly competent to deal with the individual problems of indi vidual home owners, to protect the Corporation and the Govern ment in loan collections, and at the same time to do reasonable justice to its borrowers. While it is the policy of the Corporation to fill loan-servicing positions wherever possible by transfer from within the organization, the controlling consideration must be that of appoint ing persons eminently qualified, both by training and personal apti tude. Consistent with this policy, the majority of servicing per sonnel appointed during the period of this report have been selected from employees formerly engaged in lending operations. The best interests of the Corporation and its home-owner borrowers have, however, made necessary the selection of a number of field represen tatives from outside the organization because of the special qualifica tions required. RULES AND REGULATIONS The statute provides that the Corporation function under rules and regulations made by the Board. Manuals of rules and regula tions, amended from time to time as need has required, have been prescribed by the Board providing for all of the principal operations of the Corporation, and authorizing executive action in matters of detail not inconsistent with such rules and regulations. These manuals of rules and regulations have been made available to all of 56 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD the principal executives of the Corporation in the Washington, re gional, State, and district offices. These manuals, with amend ments, will be filed with the Federal Register, as provided by statute. OPERATIONS From the beginning of its operations through June 27, 1935, the Corporation received 1,868,510 loan applications for an average amount of $3,272, each, and for a total amount of $6,109,779,247; of this number only 125,6511 were received subsequent to the amend ment of May 28, authorizing the Corporation to receive additional applications for a period of 30 days. Of the total number received, 882,223 loans were closed up to the end of this fiscal period for an average amount of $3,012 each and for a total amount of $2,657, 369,111. Of the applications remaining, 647,662 had been suspended or withdrawn at the date of this report, leaving only some 19 percent of the total number received still to be disposed of. Loan closing during the first 6 months of 1935 proceeded more slowly than during the year 1934. From December 31, 1933, to December 30, 1934, loans totaling $2,557,419,154 were closed; whereas in the 6 months' period from December 31, 1934, to June 30, 1935, loans closed aggre gated only $217,907,390. The decline in rate of loan closing does not, however, indicate any decrease in the Corporation's aggregate activities. The actual number of cases handled and disposed of dur ing the first half of 1935, rejections and closings both considered, compares favorably with the record during 1934. With the return of more normal conditions in the early part of 1935, the Corpora tion found it possible to place an increasingly large number of applica tions with private lending institutions. Early in its operations it became necessary for the Corporation to create a special division, which became known as the wholesale divi sion, to relieve quickly the acute distress of both borrowers and in vestors having an interest in mortgages in closed financial institutions. Loans aggregating more than $380,000,000 were granted by that division to distressed home owners facing the loss of their homes through foreclosure. During the period of this report the wholesale division concluded its task, and the work of processing the few remain ing eligible applications involving institutions in liquidation was taken over by the regular State agencies. A tabulation, marked "Exhibit 6", is attached giving detailed figures of applications received and acted upon by regions, and by States and territories. An analysis of loans closed is shown in exhibit 7, which is attached. A chart, marked "Exhibit 8", is attached showing graphically the progress made by the Corporation in dealing with loan applications. Also attached is a chart, marked "Exhibit 9", showing the relative value of collateral and percent of owned nonfarm homes mortgaged to the Corporation. It is of interest to note that the average Corporation loan is only $3,012. The average appraised value of the homes securing these loans is approximately $4,300. Monthly payments due the Cor poration from its borrowers average approximately $24 per month. The total amount loaned to the end of this report period was sub stantially more than 12 percent of the total urban home-mortgage debt of the country. 1Later reports received after June 27, 1935, increased this number to 143,698 applications. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 57 RECONDITIONING DIVISION The reconditioning division is responsible for the technical de termination, inspection, and supervision of the repairs necessary to make the homes of the Corporation's borrowers acceptable collateral for long-term loans. The division also acts on applications for more extensive improvement than necessary repairs, where such are re quested by the home owner, and if acceptable under the Corporation's regulations, supervises the completion of the work. In this manner the Corporation assures itself that the real-estate security will be in such structural condition as to suffer the minimum of deterioration during the life of the loan. As a further advantage the home owner, better satisfied with his property, will strive the harder to retain it. Mortgage loans granted under such a service stand a far better chance of being repaid. The activity and scope of the work of this division can best be illustrated by the number of home owners served during the period from January 4 to July 4, 1935. During this period 200,981 indi vidual properties were inspected. Reconditioning work was ap proved in 130,271 cases involving an expenditure of $26,560,019. Contracts were awarded in 74,613 cases for an aggregate amount of $14,363,165. The division completed and approved for disburse ment during this period 75,215 cases representing a dollar volume of $16,106,546. Fully 40 percent of the homes financed by the Corpora tion have been or are being reconditioned under the supervision of its reconditioning division. Apart from the immediate service to home-owner borrowers and the protection afforded the Corporation through the preservation of the security underlying its loans, the work of the reconditioning divi sion has provided a considerable volume of construction work at a time when a stimulation of the capital-goods industries was badly needed. Of more permanent significance, however, is the standard set for home owners, contractors, and home-financing institutions the country over. APPRAISAL DIVISION The emergency needs of home-owner applicants could not wait upon the development of a force of appraisers trained in advance in the technicalities of the work to be undertaken. Training had to take place along with the processing of loan applications. In order to start lending operations at once and at the same time protect the interests of the Corporation, it was necessary to adopt a screening process by which early errors in valuations would be corrected through subsequent reviews of appraisals, these corrections occurring while the application was still under consideration and before commitments were issued. For this reason there have been frequent instances where subsequent reductions in the amount to be loaned has resulted in unavoidable annoyance to applicants and mortgagees. By this means, however, the Corporation was able to make its facilities promptly available to distressed home owners, and at the same time assure that its loans were adequately secured. The training of appraisal personnel and refinement of procedure have progressed continuously since the Corporation was organized. By June 1935, the Division had examined and rated over 6,000 appli- 58 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD cants for appraisal work. It had qualified approximately 4,000; some 1,300 for salaried positions and 2,700 for fee assignments. In training and qualifying these 4,000 residential appraisers, the appraisal division has made a lasting contribution to the home mortgage field. Never before in the history of home-mortgage finance has there been such a concentrated study of appraisal methods and procedure, nor have the results of that study been made so widely available. It is a recognized fact that the Corporation as the pioneer in the wholesale residential appraisal field has established for real property valuations, a national standard, accepted by real-estate boards, mortgage lending institutions, and many governmental agencies. The work of the Corporation's appraisal division has already contributed, in a degree that can hardly be overestimated, toward sounder lending by home-financing institutions, more adequate security for the savings of their investors, and a fuller measure of protection for the home purchaser. INVESTMENTS IN FEDERAL AND ELIGIBLE STATE-CHARTERED INSTITUTIONS Under the act approved May 28, 1935, the Corporation was author ized to invest up to a total of $300,000,000 in bonds or debentures of Federal home-loan banks, in shares of Federal savings and loan associations, and in the securities of eligible State-chartered building and loan associations, and similar institutions. During this report. period, plans were made for carrying out this provision of the law,. but no applications were received ,and no investments were made prior to June 30, 1935. MORTGAGEE REHABILITATION DIVISION Out of the total applications filed with the Home Owners' Loan Corporation, many were received from home owners who, while in default on their mortgage obligations were not in such distress as to qualify for emergency relief from the Corporation. It has consistently been the policy of the Home Owners' Loan Corporation to make its facilities available only where private capital is definitely inoperative. Consistent with this policy the Corporation established a Mortgagee Rehabilitation Division for the purpose of assisting home owners and mortgagees to work out between themselves a favorable solution of the mortgage problem wherever possible, and of relieving to this extent a burden that the Corporation would otherwise have had to carry. The Mortgagee Rehabilitation Division first obtained the active cooperation of life insurance companies and later that of other mort gage lending institutions. As a result of this program a large number of individual debts were adjusted in such a manner that the original mortgagee has continued to carry them without embarrassment and the mortgagor, under the revised repayment schedule, has been able to keep the indebtedness in good standing according to the terms of the adjusted contract. COLLECTIONS Originally the Corporation, through billings and correspondence from the home office at Washington, made its best efforts to collect payments due it by mail. In 1934 this work was transferred to the. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 59 regional offices, cases of serious delinquency being serviced through the existing State and district organizations. At the same time steps were initiated to develop a separate division to concentrate on the servicing of loans and to be manned by employees giving their full time to this work. During this report period, special effort has been made to facilitate the full development of a specialized loan servicing division. There is attached hereto, marked "Exhibit 10", a chart indicating collections of principal and interest through December 31, 1933, and monthly to the end of this report period. The same information is indicated on exhibit 11, also attached. While the Corporation is not satisfied with its collection record during this report period, an effec tive control has been established through the regional offices. A loan servicing program completely planned is rapidly being established in the State offices and is already bringing more satisfactory results. A chart is attached, marked "Exhibit 12", indicating separately as to interest and principal, total accruals and payments. By June 1935, approximately 60 percent of payments were being met on the due date, or within a few days thereafter, as a result of mail billing only. This percentage is based upon the original loan contracts without regard to any extensions or forebearances. It is also of significance that in recent months there has been a steady increase in the per centage of payments received to payments due, reflecting both an improved servicing procedure, and an improvement in general economic conditions. FINANCIAL STATEMENTS A detailed financial statement showing the financial conditions of the Home Owners' Loan Corporation as of June 30, 1935, together with a statement of income and expense for the 6-month period from January 1, 1935, through June 30,1935, are included in the appendix marked "Exhibit 13." RESULTS TO DATE The primary purpose of the Home Owners' Loan Corporation has been to provide direct and immediate relief for individual distressed home owners. This report indicates the substantial achievement of this purpose. Before the end of the calendar year 1935, the Corpora tion will have made loans to approximately 1,000,000 home owners who were confronted with the imminent loss of their homes. Debt burdens have been refunded on the basis of a 5-percent interest rate and an amortization period which permit their liquidation by monthly payments, in nearly every case less than rentals. The beneficial results of this relief in the form of human gain cannot be measured quantitatively but include the security of many an American home and family. One of the Corporation's most significant accomplishments is its contribution toward the stabilization and improvement of an im portant section of the country's financial structure. Mortgagees of every type and hence the whole mortgage market have gained in liquidity through the Corporation's refinancing operations. From a condition of drastic stringency, mortgage lending institutions have improved until at the end of this report period they find themselves in a cash position better than any since the early days of the depression. 60 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD By liquidating their frozen and unproductive assets the Corporation has assisted private lending institutions to resume their normal functions in the home-mortgage field with resulting benefits not only to investors but to the communities whose mortgage needs they serve. The improved condition of mortgage-lending institutions has been paralleled and supported by a stabilization and rise in real estate values. In large measure this development is directly due to the work of the Home Owners' Loan Corporation. When the Corpora tion began operations in June 1933, foreclosures numbered nearly a thousand a day, the highest in the country's history. Under the pressure of this unprecedented and mounting volume of foreclosures, property values were falling to continually lower levels. By relieving a market already severely depressed from a flood of foreclosed prop erties selling at sacrifice prices, the Corporation has assisted not only in checking the deflationary cycle but in reversing that trend toward a restoration of normal values. ADMINISTRATIVE PROBLEMS The major administrative problems faced by the Corporation during the early part of its program were inherent in the peculiar character of its work. Unlike many governmental agencies, the Corporation is working not in large units through the mediacy of other organizations, but is dealing directly with nearly 2,000,000 indi vidual home-owner applicants and borrowers in all sections of the country. Each of its loans, averaging only a little above $3,000, has to be processed through a detailed procedure beginning with the appraisal through to title search and disbursement. Its work had to be adjusted to the intricacies of the mortgage lending and real estate title practices required under 52 separate jurisdictions. In valuing homes in different sections of the country, some located in large urban centers, others in small cities, towns, and hamlets, the Corporation has been confronted by appraisal and title problems often difficult of solution. It was natural that the Corporation should encounter major problems in assembling and training an adequate staff of employees technically and professionally qualified for the work of each of its departments. At the outset it was favored in this under taking by economic dislocations leaving competent technical men temporarily unemployed and available at moderate salaries. With the gradual improvement of business conditions many of the Cor poration's executives will return again to private industry, but the Corporation hopes to retain those who are most competent to assist in the loan-servicing program. The major problems of the future are the collection and servicing of loans and the successful management of such properties as it becomes necessary for the Corporation to acquire. It is the policy of the Corporation to be as considerate of delinquent but deserving borrow ers as its responsibility to the Federal Government and the tax paying public will permit. In every case of serious delinquency the Corporation's procedure provides for personal conferences with the home owner on the part of a field representative competent to deal understandingly with the situation. These interviews have for their first objective some mutually satisfactory adjustment of the repay ment schedule that will enable the borrower to carry the account and HOME LOAN OWNERS' A LMA IO0N 0 CORPORATION Albuquerqut M-B D*LLASo* DIVISION OFRESEARCH AND S SUM& 7-1-~35 42834-36-. (lace p,61)EX BT1I EXHIBIT ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 61 eventually liquidate past delinquencies. Even in cases where it is manifest that the borrower cannot hope to retire the loan obligation he is first given every opportunity to carry the obligation either through renting the property, applying rentals to the loan account, or, as a second alternative, to realize his equity through sale to a third party. The Corporation cannot, however, permit an indefinite accumulation of delinquencies, nor can it countenance instances of willful default. In addition, occasional cases are bound to occur where because of the death of the borrower, legal difficulties, or similar complications, the Corporation is obliged to act promptly for the protection of its interest. As of June 30, 1935, 568 foreclosures had been authorized; 269 of these involved the abandonment of the property, 80 were cases where the borrower had died and the heirs were unwilling to assume the mortgage obligation, and the remainder were due either to technical legal difficulties or to the obstinate refusal of the mortgagor either to make payments well within his means or to cooperate in arriving at a method by which the property could be successfully carried. In servicing a million small accounts with scrupulous regard not only to its own interests but to those of its borrowers as well, and in holding expenses, together with any losses, within the differential between the interest received from its borrowers and interest payable on its bonded indebtedness, the Corporation faces a formidable operating problem. For the handling of property that it is obliged to take over the Corporation has created a Property Management Division. This Division is charged with the responsibility of putting properties in suitable condition and of either renting them or disposing of them through sale. In handling acquired properties the Corporation avoids any sale that will adversely affect the local real-estate market. Until such time as a sale can properly be effected it arranges for the rental of the property. COOPERATION WITH OTHER FEDERAL AGENCIES The Corporation has endeavored at all times to cooperate with other agencies of the Government functioning in the-home-financing field. Through the exchange of information and joint conferences much has been accomplished in the way of eliminating the duplication of effort and in clarifying the public mind. Some of the concrete accomplishments of this policy have been: (1) The elimination from our files of applications clearly within the operations of the Farm Credit Administration; (2) the coordination of appraisal methods used by the Corporation and the Farm Credit Administration so that the refinancing of loans on eligible acreage property would be approximately the same amount from either agency; (3) the refinancing of loans rejected by the Corporation, because of insufficient evidence of distress, through member institu tions of the Federal Home Loan Bank System; (4) the exchange of appraisal information and technical personnel data with other Federal agencies active in housing construction, insurance, or finance; and (5) exchange of information, records, rules and regulations, State tax digest, and legal opinions wherever such exchange would effect better coordination of governmental housing activities. 42834-36---5 62 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD EXHIBIT 2 List of regional offices of Home Owners' Loan CorporationJune 30, 1935 District no. 1: Boston, Mass.: Maine, Massachusetts, New Hampshire, Rhode Island, Vermont. New York City, N. Y.: Connecticut, New Jersey, New York. District no. 2: Baltimore, Md.: Delaware, District of Columia, Maryland, Pennsylvania, Virginia. Cincinnati, Ohio: Ohio, West Virginia. District no. 3: Atlanta, Ga.: Alabama, Georgia, North Carolina, South Carolina, Florida. Memphis, Tenn.: Arkansas, Kentucky, Louisiana, Mississippi, Missouri, Tennessee. District no. 4: Chicago, Ill.: Illinois, Wisconsin. Detroit, Mich.: Indiana, Michigan. District no. 5: Omaha, Nebr.: Colorado, Iowa, Kansas, Minnesota, Nebraska, North Dakota, South Dakota. Dallas, Tex.: New Mexico, Oklahoma, Texas. District no. 6: San Francisco, Calif.: Arizona, California, Hawaii, Idaho, Montana, Nevada, Oregon, Utah, Washington, Wyoming. List of State, district, and subdistrict offices of Home Owners' Loan Corporation, June 30, 1935 Alabama: Birmingham (State office), Mobile, Montgomery. Arizona: Phoenix (State office). Arkansas: Little Rock (State office), Fort Smith, Jonesboro, Pine Bluff, Tex arkana. California: Los Angeles (State office), Fresno, Oakland, Sacramento, San Diego, San Francisco. Colorado: Denver (State office), Colorado Springs, Grand Junction, Pueblo. Connecticut: New Haven (State office), Hartford, New London, Norwalk, Waterbury. Delaware: Wilmington (State office). District of Columbia: Washington, D. C. Florida: Jacksonville (State office), Bartow, Miami, Orlando, Pensacola, Tampa, West Palm Beach. Georgia: Atlanta (State office), Albany, Macon, Savannah. Idaho: Boise (State office). Illinois: Chicago (State office), Aurora, Champaign, East St. Louis, Harrisburg, Joliet, Moline, Peoria, Rockford, Springfield, Waukegan. Indiana: Indianapolis (State office), Evansville, Fort Wayne, Hammond, Richmond, South Bend, Terre Haute. Iowa: Des Moines (State office), Davenport, Dubuque, Fort Dodge, Sioux City. Kansas: Topeka (State office), Chanute, Kansas City, Salina, Wichita. Kentucky: Louisville (State office), Ashland, Covington, Lexington, Paducah. Louisiana: New Orleans (State office) Alexandria, Baton Rouge, Lake Charles, Monroe, Shreveport. Maine: Portland (State office), Bangor, Lewiston, Waterville. Maryland: Baltimore (State office), Cumberland, Easton, Hyattsville, Towson. Massachusetts: Boston (State office), Fall River, Lawrence, Springfield, Wor cester. Michigan: Detroit (State office), Ann Arbor, Battle Creek, Benton Harbor, Flint, Grand Rapids, Jackson, Kalamazoo, Lansing, Muskegon, Marquette, Port Huron, Saginaw. Minnesota: St. Paul (State office), Duluth, Minneapolis. Mississippi: Jackson (State office), Greenwood, Hattiesburg, Meridian, New Albany. Missouri: St. Louis (State office), Kansas City, Moberly, Springfield. Montana: Great Falls (State office), Butte. Nebraska: Grand Island (State office), Lincoln, Norfolk, Omaha, Scottsbluff. Nevada: Reno (State office). New Hampshire: Manchester (State office). ~b~113 c-. .- _ -- __ I- __ -- -- I - --- -- HOME OWNERS' LOAN CORPORATION BOARD OF DIRECTORS CHAIRMAN J (CHIEFEXECUTIVE OFFICER) SERVINGWITHVICECHAIRMAN FINANCIAL ADVISER GENERAL COUNSEL APPRAISAL ADVISER I ~II- PERSONNEL PERSONNEL ADVISER ADVISER ECONOMIC ADVISER AND SSTATISTICIAN Is TOTHECHAIRMAN ASSISTANT MEMANDTHREEADDITIONAL BERSOFTHE BOARD TO THECHAIRMAN *ASSISTANT r~--~a I I -~--- I L lb I- IC - Is II1 - GENERAL MANAGER AUDITOR I 1 cl DEPUTY DEPUTY ......DIRECTOROF "-- ADVISER MATERIAL LEGALADVISER ARCHITECTURAL ADVISER ASSISTANT LOAN REVIEWADVISER IP S SPECIAL REPRESENTATIVE COMPTROLLER HIEFAPPRAISER ADVISER LOANREVIEW RECONDITIONING REGIONAL APPRAISER I SECRETARY SECRETARY EFEXAMINER CHIEF EXAMINER RELATIONS ADVISER PUBLIC RELATIONS ADVISER PUBLIC I CHIEFACCOUNTANT ASSISTANTCOMPTROLLER TREASURER EXAMINERS EX R STABULATINGINSURANCE ISUPPLY DEPARTMENT PROPERTY CUSTODIAN BONDS LEDGER GENERAL DEPARTMENT MORTGAGE LOANj DOCUMENTS ASSISTANTGENERALIMANAGER (ONEFOREACHOFSIXDISTRICTS) | DEPUTY __IF SPECIAL REPRESENTATIVES REGIONAL MANAGER (ONEFOR EACHOF ELEVEN REGIONS)DIRECTOR OF PERSONNEL |~~~~~~~~WT r I ---- COUNSEL \ UPERVISOR L ^.S^ "REGIONAGRL" I DRCORO I , PRONE ,, I ,, , APPRAISER STATE MANAGER - I I I " TREASURER (ONEFOREACHOF52OFFICES, INCLUDING STATES) TERRITORIES AD AUTONOMOUS I--I - II. - -, - - PROPERTY MANAGER I I INSPECTOR 1 I ACCO ITANT COLLECTOROFNT DELINQUENTACCOUNTS, ASSISTANT .. 1 STATEMANAGERS ALLTITLESAREPREFIXED WITH "STATE" - --~----- - -I - -- I- -, --I ---- I I SOFFICE MANAGER RECONDITIONING ,SUPERVISOR I RSING OFFICR - - - I ANTCCOANT DISTRICTMANAGER I ASSISTANT COUNSEL 42834-36 (aep 42834-38 (Face p. 83) IALOCLPPRAISER -I1 -- FEEAPPRAISER 7 EXHIBIT EXHIBIT 8 I --..- "--! L TITLE INSURANCE COMPANY ........ ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 63 New Jersey: Newark (State office), Atlantic City, Camden, Hackensack, Jersey City, New Brunswick. New Mexico: Albuquerque (State office). New York: New York City (State office), Albany, Buffalo, Rochester, Syracuse, White Plains. North Carolina: Salisbury (State office), Asheville, Charlotte, Greensboro, Greenville, Raleigh. North Dakota: Fargo (State office), Bismarck, Grand Forks, Minot. Ohio: Columbus (State office), Akron, Ashtabula, Cambridge, Canton, Cincin nati, Cleveland, Dayton, Defiance, East Liverpool, Findlay, Hamilton, Ironton, Lancaster, Lima, Lorain, Mansfield, Marion, Napoleon, Newark, Painesville, Portsmouth, Sandusky, Sidney, Springfield, Steubenville, Tiffin, Toledo, Urbana, Warren, Wilmington, Xenia, Youngstown, Zanesville, York. Oklahoma: Oklahoma City (State office), Tulsa. Oregon: Portland (State office), Eugene, Klamath, La Grande. Pennsylvania: Philadelphia (State office), Allentown, Altoona, Beaver, Belle fonte, Bradford, Butler, Clearfield, Erie, Greensburg, Harrisburg, Indiana, Johnstown, Kittaning, Lancaster, Media, Meadville, New Castle, Norristown, Oil City, Pittsburgh, Pottsville, Reading, Scranton, Sharon, Sunbury, Union town, Warren, Washington, Wilkes-Barre, Williamsport. Rhode Island: Providence (State office), Newport, Westerly. South Carolina: Columbia (State office), Charleston, Greenville, Spartanburg. South Dakota: Sioux Falls (State office). Tennessee: Nashville (State office), Chattanooga, Johnson City, Knoxville, Memphis. Texas: Dallas (division no. 1 office), Amarillo, Fort Worth, Houston (divisiom no. 2 office), San Antonio (division no. 3 office), Austin, El Paso, Harlingen, San Angelo. Utah: Salt Lake City (State office), Ogden, Provo. Vermont: Rutland (State office). Virginia: Richmond (State office), Alexandria, Bristol, Danville, Harrisonburg, Lynchburg, Norfolk, Roanoke. Washington: Seattle (State office), Spokane, Tacoma. West Virginia: Charleston (State office), Bluefield, Huntington, Martinsburg, Wheeling. Wisconsin: Madison (State office), Eau Claire, Kenosha, Milwaukee, Oshkosh, Racine, Wausau. Wyoming: Casper (State office), Cheyenne. Hawaii: Honolulu (Territorial office). Puerto Rico: San Juan (Territorial office), Ponce. EXHIBIT 4 Number of employees at end of month (January 1934 through June 1985) Total em- Home office Field office employees employees ployees Regional ployeem 7,193 490 8,838 10, 798 12,527 755 1,003 1,376 8, 083 9, 795-------11,151--------- May....---............---------------....---------------------- 13, 857 15,508 1, 611 1,895 12, 246----------13,613--------- June--------------------------------------July.......------------------------------------------ 17,361 19,317 2,210 2,628 14,898 15,985 August................................---------------------------------------- 20,191 2, 865 16,401 925 20, 718 20,529 2,848 2,801 16, 496 15,863 1, 374 1,865 20,811 19, 775 2, 762 2, 384 15, 471 14,151 2, 578 3,240@ 18, 772 2,248 18, 596 19,016 2,066 2,069 12,871 3, 65% December 1933.----------------------------------- 6, 703 ----- 1934 January ---------------------------------------February -------------------------------------March.......----------------------------------------April ------------------------------------------ September..................------------------------------------October.----- -------------------------------November....------------------------------------December....-------------------------------------January--- 1935 ---------------------------------- February ...........----------------- -------- ------------March-....-------------------------------------- April....-May...June-..... --------------------------------------------------------------------------- 19,058 19, 369 19, 590 2,103 2,145 2,173 12, 506 12, 642 12,489 12, 722 13,044 25& 704 4, 024. 4,305 4, 466 4, 502 4, 375 64 ANNITUAL REPORT OF FEDERAL HOME LOAN BANK BOARD EXHIBIT 5 CORPORATION HOME OWNERS'LOAN P NUMBER . a A &.v .Aa% THOUSANDS OF EMPLOYEES S O E R OF EMPLOYEES JANUARY 1934 N AT TO N E L END OF MONTH JUNE 1935 _____ __~_ _ THOUSANDS OF EMPLOYEES EXHIBIT 6 Applications received and loans closed (through June 27, 1985) Loans closed Total number of properties on which Home Owners' Loan Corporation has made loans and amount of loans States Number of properties I Amount Average (1) (2) (3) United States-.....--.... 882, 223 $2, 657, 369,111 District no. 1.------------ 141, 715 675, 347,931 32, 654 Total app lications received Refinancing loans closed _____ _____Reconditioning Number 1 loans closed 50 percent cash Bond Total New appli cations received Dec. 27, 1934, to June 27, 1935 40 percent cash Total ap plications suspend ed and with drawn Amount Number Amount Number [Amount Number Amount Number Amount Average Number Amount Average Number (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) $3, 012 880,378 $2, 611, 688, 216 870. 468 $2, 604,083,817 7,667 $4, 554,869 2, 243 $3,049, 530 246,896 $45, 680,895 $185 1, 868, 510 $6, 109,779,247 $3, 270 125,651 647,662 4,766 141, 702 670, 223, 548 141,376 669,947,342 275 215, 792 51 60,414 19, 280 5,124,383 266 334,837 1,650, 490,001 4,929 30, 663 116,907 130,922,079 4,009 32,654 128, 781, 884 32,511 128,681, 573 103 57,988 40 42, 323 7,746 2, 140,195 276 76, 511 316, 149,001 4,132 4, 226 29,055 2,820 20,713 1,834 5,814 1, 473 6,538,577 92,410,523 4,433, 267 23,603,992 3,935, 720 2, 319 4,461 2,417 4,060 2, 672 2,820 20,713 1, 834 5,814 1,473 6,519,643 90, 741,656 4,385, 405 23,336, 191 3,798, 989 2, 789 20,645 1,807 5,803 1, 467 6,502,008 90,689,109 4,367,770 23,325,166 3,797, 520 14 60 20 3 6 5,607 39,327 7,973 3,612 1,469 17 8 7 8 0 12,028 13,220 9,662 7,413 0 75 6,032 112 1,104 423 18,934 1, 668,867 47,862 267,801 136, 731 252 277 427 243 323 7,577 50,374 3, 668 12,342 2, 550 19,187,539 228,963,848 9,400,787 51,729,637 6,867,190 2, b32 4,545 2, 563 4,191 2,693 155 3, 343 189 295 244 3, 273 19,133 1, 662 4,200 787 109, 061 544,425,852 4,992 109, 048 541,441, 664 108,865 541, 265, 769 172 157,804 11 18,091 11,534 2,984, 188 250 258,326 1,334, 341,000 5, 165 26, 437 87,852 9,978 32, 727 66, 356 43,076, 651 159, 671,885 341, 677,316 4,317 4,879 5,149 9,971 32, 727 66,350 42,442, 668 158, 974, 045 340,024, 951 9,950 32, 689 66, 226 42,427, 511 158,924,738 339,913, 520 19 35 118 13, 701 40,696 103, 407 2 3 6 1,456 8, 611 8,024 2,840 2, 274 6, 420 633,983 697,840 1, 652, 365 223 307 257 21,858 80,893 155, 575 5,300 5,170 5,144 146 5, 578 20, 413 10,101 30,677 47,074 171,220 518, 193,883 3, 026 171,166 511,487,023 169,959 510,288, 846 744 448,791 463 749, 386 37, 389 6, 706,860 179 388,818 1,376, 290,053 3, 540 24, 636 124,479 78, 668 235,179,043 2, 990 78,614 231, 738,027 77,645 230,714,298 556 345, 909 413 677,820 18, 314 3,441,016 188 179,147 638,174,062 3, 562 19 570 65,947 1,481 1,980 14, 325 49,978 10,924 4,596,449 11,377,046 41, 371, 250 143, 409,693 34, 424, 605 3,104 5,805 2,888 2,869 3,151 1, 481 1,958 14,325 49,926 10,924 4,585,207 11, 223,115 40,936,338 141,374, 616 33, 618, 751 1,473 1,956 14,022 49,468 10, 726 4,570,289 11,220,868 40,724,380 140,912,976 33, 285,785 0 0 230 297 29 0 0 104, 226 224,946 16,737 8 2 73 161 169 14,918 2, 247 107, 732 236, 694 316, 229 23 822 1,830 10,894 4, 745 11,242 153,931 434,912 2,035,077 805,854 489 187 238 187 170 2,815 4,383 29,212 121, 578 21,159 9,372,598 27, 269, 694 87,335,359 450,433,987 63, 762, 424 3,330 6, 222 2.990 3,705 3,013 263 194 1, 559 15, 318 2, 236 1,015 2,172 7, 756 48,184 6,820 92,552 283,014,840 3,058 92, 552 279, 748,996 92, 314 279, 574, 548 188 102,882 50 71,566 19,075 3,265,844 171 209,671 738,115,991 3,520 5, 066 58,532 84, 643 7,909 262,923,974 20, 090,866 3,106 2, 540 84,643 7, 909 259,989,276 19, 759, 720 84, 519 7, 795 259,913,236 19,661, 312 121 67 72, 513 30, 369 3 47 3, 527 68,039 17,478 1, 597 2,934, 698 331,146 168 207 190, 717 18, 954 688,882,691 49, 233,300 3, 612 2, 598 3, 488 1, 578 51,238 7,294 133,846 326, 368,853 2, 438 132, 623 315,361,537 128, 466 312,133, 779 3,032 1,756, 696 1,125 1, 471, 062 54, 565 11,007, 316 202 260,818 635,108, 276 2, 435 18, 325 94,434 59, 073 135, 271,075 2,290 b8,040 129,944,636 55,119 127, 799, 359 2, 350 1, 356, 056 571 789, 221 24, o95 5,326,439 217 107,981 249,053,925 2, 306 7, 839 37,335 Georgia------..... North Carolina......-South Carolina----..... 15, 083 13,370 14,186 11, 252 5,182 34,005,636 29, 333, 238 31,442,928 28, 271,072 12, 218,201 2, 255 2,194 2, 216 2,513 2, 358 15,083 12,881 13,876 11,053 5,147 33,972,016 28,246,347 29, 182,365 26,991,058 11,552,850 14,533 11,697 13, 299 10, 494 5,096 33,642,193 27, 160, 004 28,918, 527 26,565,259 11, 513,376 537 876 502 403 32 310, 392 616, 686 167, 420 243, 267 18, 291 13 308 75 156 19 19,431 469,657 96, 418 182, 532 21, 183 46 5,602 10,245 6,207 2,495 33, 620 1, 086, 891 2, 260, 563 1, 280,014 665, 351 731 194 221 206 267 524 554 016 113 774 61,196, 279 55, 227, 455 52, 238, 723 58, 699,988 21,691,480 2, 223 2, 249 2, 270 2, 540 2, 219 1, 729 1, 792 1, 017 2, 228 1, 073 8,839 8,596 7,282 9, 534 3, 084 Region 3B..----------- 74, 773 191, 097, 778 2,556 74, 583 185,416, 901 73,347 184,334,420 682 400,640 554 681,841 29,970 5, 680, 877 190 152,837 386,054,351 2,526 10, 186 57, 099 Arkansas-.........------..... Kentucky-------............ Louisiana -----Mississippi-........------.... Missouri--------Tennessee............----- 9,737 8,627 13,180 8,013 22,574 12, 642 17,454,524 23,856,823 37, 181, 701 14,860,936 69, 511, 923 28,231,871 1,793 2, 765 2, 821 1, 855 3,079 2, 233 9,691 8, 627 13,125 8,013 9, 597 8, 538 12,903 7,713 22,366 12,230 16, 731, 795 23, 350, 305 34,883, 514 14,039,145 68, 199, 951 27,129,710 83 30 166 223 63 117 34,346 19,103 104,407 139, 535 32, 722 70,527 11 59 56 77 145 206 13,813 74, 624 95,928 104, 047 181, 809 211, 620 3, 781 2, 605 6,881 2,397 8,872 5,434 674,570 412,791 2, 097, 852 578, 209 1, 097,441 820,014 178 158 305 241 124 151 19,788 20, 084 24,487 18,531 45, 531 24,416 31,870,145 53,062,441 70, 339, 235 31,132, 456 145,183,532 54,466,542 1,611 2,642 2,873 1,680 3,189 2,231 760 474 1,606 1,131 4,345 12,553 16, 779, 954 23,444,032 35, 083, 849 14,282,727 68,414,482 27, 411,857 2,170 8, 508 8,048 8,693 7, 764 16, 550 7,536 District no. 4....------------ 185,617 583, 069, 498 3, 141 185, 524 568, 933, 033 184,846 568,483, 737 639 411, 088 39 38,208 81,859 14,136,465 173 407,290 1,321,430,246 3,244 30,2 57 150,186 82,189 311,949, 049 3,796 82, 096 305,992,950 81, 858 305, 843, 156 218 126,841 20 22,953 34,817 5, 956, 099 171 180,333 714,074, 032 3,960 21, 365 65,393 54, 015 28,174 213, 095, 630 98,853.419 3,945 3,509 54,005 28, 091 209,321,276 96, 671,674 53,905 27, 953 209,244, 998 96, 598,158 95 123 68,853 57,988 5 15 7,425 15,528 21,625 13, 192 3, 774, 354 2, 181, 745 175 157 125, 240 55, 093 498,338,527 215,735,505 3,979 3,916 17, 786 3, 579 47,318 18,075 103, 428 271, 120,449 2, 621 103,428 262, 940,083 102,988 262,640, 581 421 284, 247 19 15, 255 47, 042 8, 180, 366 174 226, 957 607,356,214 2, 676 8, 892 84, 793 42,262 61, 166 96, 436,081 174,684,368 2,282 2,856 42, 262 61,166 94,811,810 168, 128, 273 42,147 60, 841 94, 757, 239 167,883,342 111 310 51, 555 232, 692 4 15 3, 016 12,239 11, 786 35, 256 1,624,271 6, 556,095 138 186 82,205 144, 752 201,355,486 406,000, 728 2,449 2, 805 3,0 15 5,8 77 28,625 56,168 District no. 5....----------- 150, 444 322, 042, 785 2, 141 150,026 316, 111,710 147, 521 314, 352,475 2, 007 1, 115, 667 498 643, 568 38, 730 5, 827, 696 150 273,142 598, 636, 466 2,192 12,5 41 91,094 ------- 84,183 169,518, 239 2, 014 83,894 165, 343, 175 82, 734 164, 702, 177 1, 014 485, 240 146 155, 758 29, 592 4,115, 264 139 153, 389 324,853,089 2,118 8, 155 49, 025 10, 766 16, 656 16, 754 18, 560 11,848 3, 906 5, 693 21,136, 264 33, 080,416 30,019, 855 42, 660, 235 24,490,847 8, 138,173 9,992,449 1, 963 1,986 1, 792 2, 299 2,067 2,084 1, 755 10, 766 16, 656 16, 556 18, 560 11,848 3,904 5,604 20,929, 707 32,589,129 29, 085, 565 41,426,893 23, 716, 093 8, 020,265 9, 575, 523 10, 604 16,477 16,118 18, 426 11, 813 3,863 5,433 20,842,941 32,490, 755 28,888, 032 41, 312, 201 23, 679, 700 7,988,325 9,500, 223 148 168 361 97 35 38 167 71,782 87, 672 125, 985 62, 088 36, 393 28,308 73,012 14 11 77 37 0 3 4 14,984 10, 702 71, 548 52,604 0 3, 632 2,288 1,250 2, 597 6,520 9,812 5,824 659 2,930 206,557 491, 287 901, 643 1, 233, 342 774, 754 115, 016 392,665 165 189 138 126 133 175 134 19,702 31,434 30,696 35,086 19, 766 7,409 9, 296 42, 579,564 64,156,951 54,634,450 89,162,351 42, 240,509 15, 262, 577 16,816,687 2,161 2, 041 1, 780 2, 541 2,137 2, 060 1,809 1, 350 1, 753 959 2, 088 1, 074 407 524 6,807 9, 576 11, 018 11,604 4,722 2,443 2,855 66, 261 152,524, 546 2, 302 66,132 150,768, 535 64, 787 149,650,298 993 630,427 352 487,810 9,138 1, 712, 432 187 119,753 273, 783, 377 2,286 4, 386 42,069 2,176 23, 098 40, 987 17,1-72 9,986 13,829 4, 507, 215 52, 573, 037 95,444, 294 36, 795, 288 25,923,698 32, 725, 308 2, 071 2,276 2, 329 2,143 2,596 2,366 2,144 23, 088 40,900 17,085 9,986 13, 829 4,346,493 51, 914, 900 94, 507, 142 36,439,589 25, 390, 961 32,676, 592 2, 081 22, 644 40,062 16, 795 9,774 13, 493 4,287, 524 51, 627,938 93, 734,836 36,198, 418 25, 219, 775 32,316,643 48 420 525 181 136 208 27,255 251,856 351,316 97, 308 79,468 174, 540 15 24 313 109 76 128 31,714 35,106 420,990 143,863 91, 718 185, 409 710 4,244 4,184 1, 774 2,330 80 149,645 655,437 907,350 325,897 532, 737 48, 716 211 154 217 184 229 609 4, 747 38,331 76,675 32,479 20,446 23, 750 9,664,330 86,230,943 177,888,104 71,321, 009 50, 700,552 55,866,543 2,036 2,250 2,320 2,196 2,480 2,352 3(03 7;21 3,3i62 1,3,56 1, 075 931 1, 904 13,200 26,965 12,224 7, 589 7,152 99, 381 232, 346, 161 2,338 99,337 229,571, 365 98, 300 228,877,638 970 606,835 67 86,892 14,611 2,742, 424 188 201,561 523,228,802 2, 596 7,8 83 70, 340 5, 880 46,379 3,688 3, 203 1,164 8,062 9, 361 18,955 2, 306 383 0 0 14,395,038 123,452,151 6, 370, 726 6,304,604 3,176,867 15, 742,644 2,448 2,662 1, 727 1, 968 2,729 1, 953 2,366 1, 822 2,240 2, 764 5,880 46, 379 3,665 3,196 1, 159 8, 059 9,360 18, 955 2, 301 383 0 0 14, 178, 252 122,808,857 6, 140, 815 6, 090, 839 3,100,823 15, 508, 435 21,606,294 34, 065, 385 5,012,906 1, 058, 759 0 0 5,832 46, 085 3,591 3,066 1, 135 8,009 9,320 18, 636 2, 243 383 0 0 14,147, 397 122,615,441 6,101,729 6, 008, 595 3, 070,232 15, 465, 860 21, 577, 237 33,861,523 4, 970, 865 1, 058, 759 0 0 48 280 71 119 7 46 38 317 44 0 0 0 30,855 179, 083 36,896 1,704 1, 400 33, 513 26, 599 201,918 24,867 0 0 0 0 14 3 11 17 4 2 2 14 0 0 0 0 14,333 2,190 12,540 27,191 9, 062 2,458 1,944 17, 174 0 0 0 9, 315 99, 748 6, 775 7,071 1,702 16,731 15,382 39,506 3, 758 1, 519 24,227,688 307, 381, 435 10, 732,531 13, 364, 887 4, 740, 741 36, 884, 998 36, 095,311 76, 481, 614 7,827, 251 5,356,104 2,601 3,082 1,584 1,890 2,785 2, 205 2,347 1,936 2,083 3,526 2,523 2,248 344 3, 574 648 348 67 628 847 1, 293 100 33 1 1,346 2, 283 35, 584 979 2, 827 457 6,274 2, 796 16,947 1,135 1, 025 33 222 Region 1A-................. Maine----------Massachusetts- ....-New Hampshire- .-.. Rhode Island-.......-.. Vermont...---------. Region 1B................------- Connecticut-........... New Jersey--------..... New Yor....-------District no. 2-----------Region 2A .............----------Delaware--------District of Columbia. Maryland............----Pennsylvania-......... Virginia..............------Region 2B..-----..............-----Ohio................------West Virginia-......... District no. 3 .. ..------------ Region 3A---.............-------.... Alabama--------Florida -------. Region 4A-................. Illinois..............-----Wisconsin...........-------.. Region 4B.........--------- Indiana-----------.....Michigan-.............. Region 5A---- Colorado-- -----Iowa....----------Kansas--------------... Minnesota--....-----Nebraska ------... North Dakota.....-South Dakota-........ --..........-- Region 5B--- New Mexico--------... Oklahoma---------.... Texas-State ....--Dallas- --Houston-....--San Antonio-....... District no. 6_---------- Arizona----------California--------Idaho--Montana__ Nevada-- Oregon....... Utah,. ,. ., . ,. Washington............... Wyoming--Hawaii-.Alaska--,,,,,,, --Puerto Rico..-.. - ----------------. 22,149,893 34, 531, 090 5,164, 389 1, 058, 759 0 0 !------------------____________! ..--------------- 22,574 ___________ ~! ------ ________1 ____-------------- 1,011 3, 894 1, 092 1, 057 69 1, 580 2,523 2, 764 621 0 0 0 216, 786 214 643,294 165 225, 182 206 203, 380 192 67, 071 972 231, 295 146 542, 409 215 465,705 168 147,302 237 0 ------.... 0 --------0 ---------- 27, 24, 23, 23, 9, 54 2, 044 115,843, 239 418,200, 549 800, 297, 212 136,242 4,595,403 .-------------_-----_------ 1 Of the total 246,896 reconditioning loans, 245,051 cases have received refinancing loans also and are included in the total 880,378 refinancing loans; the remaining 1,845 representing reconditioning loans on unencumbered pro perty are included in the total 882,223 properties on which loans have been made. 42834-36 (Face p. 64) 65 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD EXHIBIT 7 Analysis of closed loans Through Dec. 27, 1934 Number Average Amount Through June 27, 1935 Number Amount amount Total properties financed.--... Total refinancing loans- ----.. Bond loans--....-------.-. 40-percent cash loans-..- 50-percent cash loans .---- Reconditioning loans..----.---. Total applications suspended and withdrawn --- ------- ------ 722,213 721,962 712,955 2, 209 6, 798 96,092 $2,184,060, 497 2,168, 017,860 2,160,457,664 3,049,139 4, 511,057 16,042, 637 458,588 ---------- $3,024 3,003 3,003 1, 380 664 167 -- ------ Aver age amount 882,223 880, 378 870, 468 2, 243 7,667 246, 896 $2,657,369,111 2,611, 688, 216 2, 604,083, 817 3,049, 530 4, 554, 869 45, 680, 895 647,662 ---- $3,012 2,967 2,992 1, 360 594 185 - EXHIBIT 8 HOME TREND BY OWNERS' LOAN CORPORATION OF OPERATIONS MONTHS-JANUARY 1934 THROUGH JUNE 1935 (C UMULATIVE) a) z 0 Z c C 0 0 4 t. 0 In P1 -4 -0 0 a: (0 CO .) z z 0 a 0 U 0 a) -t rs U) w -i. z 5) 66 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD EXHIBIT 10 HOME OWNERS LOAN COLLECTIONS BY MONTHS - OF CORPORATION PRINCIPAL INTEREST PAYMENTS JANUARY 1934 THROUGH AND JUNE 1935 M ILLIONS ' (OF DOLLARS 14 - MILLIONS OF DOLLARS ... 14 13 lz It 10 11II 9 4;14 8 8 7 7 6. 6 5 4 3 2 J F M AM J J 1934 A S 0 N D J F M A 1935 J O OWNERS' HOME VALUE RELATIVE OF PER CENT 10 O 5 'Ibrabea -~IIIS~I ~LI111~ l i r AgPggi~lM MllllH -..... I- ..... . T - -"' 20 I 1019 M MIMMIi .A illig gg gg .... -, - 15 PER -I I 10 CENT 5 OWNED H.O. L.C. PER CENT Ot MOQRTGAGES TO COLLATERAl LOCATION 0 AVERAGE VALUE SIZE OF 1000 OF COLLATERAL AND LOAN CLOSED DOLLARS 3000 4000 5000 2000 UNITED STATES . 686 71 6 REGION I-A . 707, REGION I-B , REGION 2-A. 693 67 I , REGION2-B 68 3 REGION3-A 68 2 REGION3-.,.. 69 6 , REGION4-A ... 657 REGION4-B 655 REGION5-A 666 REGION5-B .... , DISTRICT6 .. . 70 I REGIONI-A 2,820 . MAINE ,. 652 MASSACHUSETTS.... 73 7 20,713. NEW HAMPSHIRE . ,64 0 1834 RHODEISLAND ... 68 O0 5814, 68 5 VERMONT. 1,473. REGIONI/ 73 7 CONNECTICUT, 9,97.. 67 I NEWJERSEY 32,727, NEW YORK ,... 720 66,350 REGION2"A 72 9 1,481. . DELAWARE 1,958. DIST. OF COLUMBIA 75 I 68 I MARYLAND 14325, 68 9 PENNSYLVANIA 49926. VIRGINIA . . 70 10,9241 REGION2-8 . .67 3. OHIO 84643 . . 7,909,... WESTVIRGINIA.... 63 9 REGION3-A 67 6 . ALABAMA...... 15,0831 ,. .68 8 FLORIDA .. 12,881 ... 71 3 13,876, . GEORGIA NORTH CAROLINA.. . 65 0 11I053 5,147. .SOUTH CAROLINA .69 3 REGION3-B 9,691, ARKANSAS ..639 . KENTUCKEY .. .66 9 8,627. 69 4 LOUISIANA I 3,125 MISSISSIPPI . .. 62 I 8,013 22,574, ... MISSOURI ...... 69 9 1 2,553. . TENNESSEE . ... 703 REGION4-A . ILLINOIS ..... 70 7 54 005, . 67 6 WISCONSIN... 28,091,, REGION4-8 66 6 INDIANA ...... 42,262, . ... 65 2 61,166. .... MICHIGAN REGION 5-A 10,766 , COLORADO ..... 70 8 I6,656, .. IOWA . . 62 9 .632 S16,556 , . KANSAS 18560..... MINNESOTA ., .67 6 11,848, . NEBRASKA ... 67 5 S3,904. NORTHDAKOTA 606 . 5,604. ..SOUTHDAKOTA,. . 62 8 REGION5-8 2.144 .. .NEW MEXICO ...... 654 23088. .. OKLAHOMA ...... 67.7 40,900, .. TEXAS . ...... 660 DISTRICT 6 5,880 . .. ARIZONA ...... 670. 46,379. .. CALIFORNIA .... 72 7, . 3,665, IDAHO ....... 645 . 3,196 , MONTANA.... 62 6 1,1591 NEVADA ..... 568. 8059........OREGON ... ... 69 0 9.360. ..... UTAH .. ... 68 7 S18,955, .... WASHINGTON,......68 6 2301,.. .. WYOMING..... 655 . 383,.. . HAWAII.......... 695.. RMEE . OF 6000 7000 8000 880378 32654 109048 78614 92 552 58040 , 74,583.,, 82,096 103428. 83894 66,132. 99337 laP41LPB II Ill CENT TO MORTGAGED NUMBER OF H O.L.C LOANS CLOSED PER CENT OF OWNED NON-FARMI HOMES* MORTGAGED TO H.O.L.C. 15 PER OF JUNE 27, 1935) (AS 20 CORPORATION COLLATERAL AND HOMES NON-FARM LOAN L MEMi COLLATERAL MORTGAGE MIMIA a 1 I 1 ,, 0 0 E G E ND -- I 2000 - I , 1000 3000 4000 .5000 DOLLARS 6000 - 1 7000 8000 Prepored by * .S. CENSUS - 19* DIVISION OF RESEARCH AND STATISTICS AUGUST6. 1935. EXHIBIT 9 42834-36 (Face p. 66) ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 67 EXHIBIT 11 Collections of principal and interest payments, by months, January 1934 through June 1935 Amount collected Through Dec. 31, 1933-------------$127,983 1934: kJanuary ----------------------389,950 February --- ----------------574, 622 March----------..-------. . - 1,042,981 April------------------1,538,939 May------..... .-------------. . 2,052,088 June. --------------3,434,490 July----------------4,413, 521 August.. . . ..----------------------5,333,478 September ---------------------5,859, 463 October... ------------------. 8,042,302 November ---------7,910,266 December .------------8,079,942 Amount collected 1935: January----............---------. February----..... .-------------. . March.................---------. April-----.... .--------------.. May__-----------------------June --------'---- _Total through June 30, 1935-.... $10, 568, 356 10, 391,421 12, 647, 573 12,642,135 13,114, 498 12,903,735 121, 067, 743 EXHIBIT 12 Cash appropriated and bonds authorized, amounts disbursed, and balance on hand, January 1934 through June 1935 [In thousands of dollars] FromJune Netchange From June 13, 1933, to from Dec. 13, 1933, to Dec. 31, 31, 1934, to June 30, 1934 June 1935 193530, FUNDS AVAILABLE Capital stock authorized ----------- ---------------------- 200, 000 ---------Bonds authorized.......--------------------------3,000,000 1,750,000 Net cash proceeds of bond refunding, retirement, and sale-------..86,990 1,132 Cash collections 1------------------ - --------------- 47, 907 2 -----16,423 71,518 6 1,533 s 1, 731 119, 425 ---------.------------------. . 3,351,322 1,822,458 5,173, 780 Miscellaneous receipts-----------------------------------Federal Savings and Loan Insurance Corporation dividends-.------Trust obligations, escrow and reimbursement accounts----------Total funds available 200, 000 4,750,000 88,122 8 1,533 14,692 FUNDS DISBURSED Loans: Bonds------.---. --------------------2,099,050 265,747 Accrued interest on bonds-- ----------------------------11,545 279 Cash: Included in original loans..............--------------- 269, 504 50,154 Advances to borrowers for taxes, etc------ ----------... 112 386 Investments, Federal Savings and Loan Insurance Corporation capital stock-------.. -------------------------------100,000 -----------Interest on bonds ------------------------------------ ------------ 26,620 Operating expenses . -- ------------------------------Real estate (home office building) and equipment-----------------Bonds purchased for retirement and sale....----..-------. ------. . Advances for professional services for applicants..------. ---.....Other advances and expenses- .------- Balance of funds available.- ------ 9I 48, 916 3,580 95,997 4, 536 33 11 3,013,758 709,884 1, 450,138 2,160,022 583, 020 110,441 16,423 1, 385, 949 65, 920 2 1,731 1, 968, 969 176,361 14,692 709,884 1, 450, 138 2,160,022 ----- - Excludes bonds and accrued interest on bonds received as borrowers' repayments. Represents decrease. 63, 941 372, 320 -------------. --------------------- 100,000 44 BALANCE OF FUNDS ON HAND Bonds 1------------------------------------------Cash....------... ------------------------------Trust funds, escrow and reimbursement accounts- -----------Total funds on hand------- 17, 391 695 198 182 319, 658 498 ------------ 2,641,438 ----- Total funds disbursed------ 37,321 31, 525 2,885 95,799 4,354 2,364,797 11,824 68 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD EXHIBIT 13 Home Owners' Loan Corporation,statement of financialcondition as at June 30, 1935 ASSETS Mortgage loans: Refinancing and reconditioning $2, 657, 656, 224. 07 loan---------------.----.. 6, 628, 414. 27 Less: Reserve for losses- $2, 651, 027, 809. 80 Cash: Operating funds---------------Special funds--------------Total (exclusive of bond retire ment fund) ---------------Accrued interest on mortgage loans-.. Less: Reserve for delinquent in terest ---------------------Bond redemption fund_.-----------------Sinking-fund assets: Bond redemption fund--------Add: Due from operating fund. Mortgaged property acquired --Less: Reserve for real estate 66, 508, 138. 72 14, 692, 541. 82 81, 200, 680. 54 $41, 419, 660. 97 19, 727, 003. 52 21,692, 657. 45 80, 000, 000. 00 $24, 473, 291. 97 4, 778, 046. 93 29, 251, 338. 90 509, 435. 56 28, 495. 12 -- 480, 940. 44 Investments: Federal Savings & Loan ---Insurance Corporation, capital stock ---$7, 043, 019. 69 Miscellaneous accounts receivable --4, 535, 583. 08 Less: Reserve for losses---------- 100, 000, 000. 00 2, 507, 436. 61 35, 000. 00 Deferred charges and prepaid expenses --------------Fixed assets: $200, 000. 00 Real estate, land, home office.--Building, fixtures, and equipment. Less: Reserves for depreciation. 3, 379, 377. 78 521, 178. 00 2, 858, 199. 78 3, 058, 199. 78 2, 969, 254, 063. 52 LIABILITIES, RESERVES, AND CAPITAL Liabilities: Bonded indebtedness: Authorized --------------- $4, 750, 000, 000. 00 Less: Unissued------------ 1, 968, 969, 400. 00 Issued and commitments- -- Less: Bonds retired---------. 2, 781, 030, 600. 00 10, 915, 750. 00 24, 900. 00 Treasury bonds ..------- 10, 940, 650. 00 S$2, 770, 089, 950. 00 Other liabilities: Accounts payable: Suspense reimbursement Special funds held-----Accrued interest on bonds..-- 643. 91 14, 692, 541. 82 14, 511, 883. 49 Reserve: Fidelity and casualties ------------- 29, 205, 069. 22 250, 000. 00 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 69 Home Owners' Loan Corporation, statement of financial condition as of June 80, 1935-Continued LIABILITIES, RESERVES, AND CAPITAL--ontinued Capital: Capital stock authorized and out standing-------------Deficit----------------------- $200, 000, 000. 00 30, 290, 955. 70 $169, 709, 044. 30 2, 969, 254, 063. 52 Total ----------------------------------- Home Owners' Loan Corporation statement of income and expense for the 6-month period Jan. 1, 1935, to June 30, 1935 INCOME Interest earned on mortgage loans ----------------------- $57, 610, 151. 41 Excess interest collected from mortgagees -----------------15. 53 4, 235. 13 Miscellaneous ----------------------------------------4, 968. 74 Discount on bonds purchased--------- --------------------Premium on bonds sold----------------------------------773,125. 01 8, 365. 32 Interest earned on advances to borrowers-------Rental of mortgaged property acquired -- - ------- Profit on sale of real estate_ ------------------------------Cashiers' overages-----------------------------------Dividends, Federal Savings and Loan Insurance Corporation_- 1, 478. 56 29.87 20. 80 3, 024, 456. 53 Total income-----------------------------------61, 426, 846. 90 EXPENSES Interest on bonds ---------------Expenses: Home office-----------------------Regional offices ---------------------State offices-----------------------Professional service expense ----------- 38, 127, 563. 37 $3,826, 006. 24 3, 388,130. 26 10, 167, 773. 84 4, 277, 465. 54 Depreciation: Home office building ---------------Furniture and fixtures: Home office ---------------------Regional offices -----------------State offices---------------------- 21, 659, 375. 88 8, 599. 98 55,410. 06 134, 809. 33 83,817. 28 Rental property expense_ -----------------Loss on sale of furniture and fixtures ---------Commission and discount on bonds sold------------- 282, 636. 65 334. 08 498. 76 4,821. 74 Total expenses---------------------------------- 60, 075, 230. 48 Surplus for period------------------------------------Less: Accrued dividends applicable to prior period----------- 1,351,616. 42 1, 532, 563. 67 Adjusted operating loss for period ------------------------- 1 180, 947. 25 RECONCILIATION OF DEFICIT Deficit per annual report of Dec. 31, 1934 (p. 86) ------------------------------$10,384,859.91 Deduct: Portion of dividends accrued on Federal Savings and Loan Insurance Cor poration stock to Dec. 31, 1934, but not recorded on books until May 1935 --------1, 532, 563. 67 Adjusted deficit, Dec. 31, 1934- -------------------i Red figures. $8, 852, 296. 24 70 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Home Owners' Loan Corporation,statement of financial condition as of June 30, 1935-Continued RECONCILIATION OF DEFICIT-continued Add: Surplus charges for 6 months ending June 30, 1935: As of Dec. 31, As of June 30, 1934 1935 Reserve for losses on loans. $5,276,200. 70 Reserve for delinquent interest..--.....------..-...--------. Reserve for Fidelity & Casualty (liability) --. $6,628,414. 27 $1, 352, 213. 57 19,727,003.52 19, 727, 003. 52 250,000.00 150, 000. 00 Reserve for real estate-..- -..----------- 28,495.12 100,000.00 28, 495. 12 Total surplus charges_- 5,376,200.70 26,633,912. 91 21, 257, 712. 21 Add: Adjusted operating loss for period --__ 180, 947. 25 Deficit per balance sheet June 30, 1935 $21, 438, 659. 46 -------------- 30, 290, 955. 70 SCHEDULE OF MORTGAGE LOANS AS AT JUNE 30, 1935 Mortgages recorded in regional office - - $2, 651, 362, 656. 74 Loans in transit--------------------43,675,051. 39 Loans disbursed, dated subsequent to --3, 522, 729. 09 June 30, 1935---------------Total---------------------Less: Repayments of principal-------- 2, 698, 560, 437. 22 40, 904, 213. 15 Balance at June 30, 1935----------Less: Reserve for losses-----------6, 2, 657, 656, 224. 07 628, 414. 27 Net book value------------------------------ $2, 651, 027, 809. 80 SCHEDULE OF FURNITURE AND FIXTURES -------------Home office --------------------- ---------Regional offices---------------State offices ----------------------------------Total------ 505, 397. 88 749, 286. 05 1, 264, 607. 92 2, 519, 291.85 -----------------------SCHEDULE OF BONDS ISSUED Exchanged for mortgages, 4 percent -_ Bonds sold, 4 percent --------------Total---------------------- $631, 840, 450. 00 3, 395, 725. 00 635, 236, 175. 00 Less: 4-percent bonds converted to 3 percent --------- 309,435, 250.00 4-percent bonds converted to 1% percent--------- ------------ 245, 393, 700. 00 Deduct---------------- 554, 828, 950. 00 80, 407, 225. 00 71 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Home Owners' Loan Corporation, statement of financial condition as of June 30, 1985-Continued SCHEDULE OF BONDS ISSUED-continued Exchanged for mortgages, 3 percent--Bonds sold, 3 percent-------------Federal Savings & Loan Insurance Cor poration, 3 percent --------------- $623, 340, 000. 00 83, 726, 750. 00 Total----------------------Plus 3-percent bonds converted from 4 percent ------------------------- 807, 066, 750. 00 100, 000, 000. 00 309, 435, 250. 00 $1, 116, 502, 000. 00 Exchanged for mortgages 2% percent Bonds sold 2% percent_ -------------- 1, 070, 727, 350. 00 250. 00 1, 070, 727, 600. 00 Bonds sold: ----2 percent_---------1% percent ------------------------------1 percent------------------Bonds 1% percent converted from 4 percent -----Loans in process-2% percent --------------- Total--------------------------------------2, BONDS HELD IN TREASURY FOR REDEMPTION Redeemed: 4 percent--_- --------------_ _ 3 percent ----....--. 2% percent -------------.-------- 100. 00 000. 00 000. 00 700. 00 975. 00 781, 030, 600. 00 OR RETIRED AND ..----------------- Total----------------------------------- 49, 532, 49, 843, 129, 736, 245, 393, 38, 888, CANCELED $2, 554, 850. 00 169, 175. 00 8, 216, 625. 00 10, 940, 650. 00 FIRST ANNUAL REPORT OF THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION FOR THE YEAR ENDING JUNE 30, 1935 The Federal Savings & Loan Insurance Corporation was created by Congress on June 27, 1934, under title IV of the National Housing Act. It has a capital of $100,000,000 subscribed by the Home Owners' Loan Corporation and paid for in full by the delivery of $100,000,000 Home Owners' Loan Corporation 3-percent bonds. Upon this capital stock the Federal Savings & Loan Insurance Corpo ration is obligated to pay dividends out of net earnings at a rate equal to the interest rate on such bonds, which dividends shall be cumulative. The Corporation is governed by a board of five trustees identical in membership with the Federal Home Loan Bank Board. PURPOSES The Insurance Corporation was created by Congress to restore and strengthen the confidence of the public in institutions of the savings and loan type throughout the Nation through insurance of their accounts. The legislation recognized that the first requisite to the successful accumulation of savings for investment in home mortgages is assurance of complete safety for the small investor. In vestigation has proven conclusively that the depositor or shareholder prefers safety and a moderate return to a higher dividend rate with the possibility of loss. There is today no room for doubt as to the value of insurance of bank deposits. The Federal Deposit Insurance Corporation has restored confidence in our commercial banks and has provided maxi mum protection for the largest number of people at the lowest pos sible cost to all concerned. Critics of the Federal insurance of bank deposits maintained that it was futile because insurance had not proved successful as tried by a few of our States. Experience with the national system has demon strated, however, the obvious fact that insurance offered by no single State can equal the protection afforded by the combined power of all the States represented by the Federal Government. Federal in surance not only distributes the risk, but the larger and more inclusive the Federal Savings & Loan Insurance Corporation is in embracing all sound institutions, the more impregnable it becomes. Congress, by thus providing such thrift and home financing insti tutions with protection comparable to that offered commercial banks and their depositors through the Federal Deposit Insurance Corpora tion, hoped to. stimulate the flow to them of small savings for long term mortgage investment. The Federal Savings & Loan Insurance Corporation has authority, under certain important restrictions, to insure the accounts of Federal savings and loan associations and State-chartered building and loan associations, savings and loan 72 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 7& associations, homestead associations, and cooperative banks. Insur ance is compulsory for all Federal savings and loan associations, but wholly optional for State-chartered institutions. PROTECTION AFFORDED Every investor whether individual, partnership, association, or corporation holding a repurchasable (withdrawable) share (account) in an insured institution is protected against the insolvency of that institution to the full repurchasable (withdrawable) value of his investment up to a maximum amount of $5,000. In the event of the default of an insured institution an insured member (investor) may select either; a new account in an insured institution not in default equal to the amount for which his account was insured, or payment of 10 percent of his insured account immediately in cash and of 90 percent in negotiable non-interest-bearing debentures of the Insurance Corporation, one-half due in 1 year and one-half in 3 years from date of default. When an insured institution is in default or on the verge of difficulty, the Corporation has been authorized by the Congress to come to its aid, and, through the reasonable use of the Corporation's capital and accumulated reserves, restore it to normal operations, on the theory that the best practice is to keep the institution functioning rather than to let it be liquidated. In the exercise of this prerogative the Corporation is authorized to make loans to, purchase the assets of, or make contributions to, an insured institution. The act gives the Corporation authority, when a State-chartered institution passes into default, to act as conservator, receiver, or other legal custodian. If not so appointed, it has power to bid for the assets of such an institution in default; to negotiate for its merger or the transfer of its assets, or it may make such other disposition of the matter as it may deem in the best interests of all concerned. If the institution in default is a Federal savings and loan association the Insurance Corporation must be appointed as conservator or receiver and may take such action as may be necessary to put the institution in a sound and solvent condition, to organize a new Federal association to take over its assets, or to liquidate it in a normal manner. COST OF INSURANCE The annual insurance premium is one-eighth of 1 percent of the aggregate accounts held by an insured institution's members, plus its creditor obligations. Such premiums must be paid by an insured institution, in semiannual installments until a 5-percent reserve has been accumulated by the Insurance Corporation. An additional assessment of one-eighth of 1 percent may be levied in any year to cover the Corporation's losses and expenses only, but no such assessment has been levied and none is in contemplation at this time. The expenses of operation are being paid out of the premiums collected. After the essential reserves have been accu mulated, insured associations will pay only the cost of operating the Corporation and the amounts necessary to maintain the reserve fund. An admission fee, which in the judgment of the Corporation is an equitable contribution, must be charged to applicants which apply 74 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD for insurance after June 27, 1935. This fee, for the second year of the Corporation's operations, has been set by the board at one-fiftieth of 1 percent of the aggregate accounts of insured members plus the creditor obligations of the applicant. HISTORY OF OPERATION The Federal Home Loan Bank Board, pursuant to the act and immediately after its passage, organized the Insurance Corporation and on July 16, 1934, met as its trustees, adopted bylaws, set up a skeleton organization, and began the preparation of rules and regula tions and the many required forms. Suggestions were invited and received from experienced building and loan men throughout the country. These were carefully considered and on September 6, 1934, the rules and regulations were adopted and immediately mailed to all eligible institutions in the United States. As Federal savings and loan associations (of which there were several hundred already chartered) were required by law to apply for insurance, application blanks were sent to them prior to completion of the rules and regulations. On September 29, 1934, the first 10 applicants for insurance were approved by the Board. In order to give State-chartered institutions an equal chance, announcement of the granting of insurance to any institutions was deferred until Oc tober 25, 1934, when 52 State and Federal chartered associations received certificates of insurance. It was imperative that the Insurance Corporation carefully examine into the condition, financial and otherwise, of all applicants to deter mine their eligibility. In order to avoid duplication of effort, and to reduce expense and increase efficiency, an Examining Division was established in November operating under the Federal Home Loan Bank Board and serving the various activities relating to building and loan. It was placed under a chief examiner located in Wash ington with a district examiner in each of the 12 regional home loan bank districts. A review committee was also created whose function it is to review all applications submitted for bank membership, Federal charter, insurance of accounts, and other miscellaneous matters, and report its findings and recommendations to the Board. The centralized Examining Division and the review committee have made it possible, when an institution applies at the same time for membership, Federal charter, and insurance, or one or more of them, to pass such applications through the division and the com mittee and to the Board as one operation. By this means it has also been possible for the Board to establish and apply uniform stan dards to the several types of applications and to administer the affairs of the Insurance Corporation economically and with a com paratively small staff, all located in Washington. This staff as of June 30, 1935, numbered 10. That portion of the expenses of the Examining Division and the review committee not properly reim bursable by applicant institutions is shared equitably by the four activities of the Federal Home Loan Bank Board. A list of the Corporation's trustees and officers is attached marked "Exhibit A." Reasonable standards of eligibility, applicable to all institutions seeking insurance whether under a State or Federal charter, were adopted in the fall of 1934. They provide that an applicant, to be ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 75 approved for insurance, must have unimpaired capital, safe financial policies and management and its home-financing policies must be consistent with economical home financing and the purposes of insurance. An applicant's affairs should also indicate the ability, within a reasonable time after being insured, to operate normally as regards withdrawal or repurchase requests and the payment of earned dividends sufficient to attract new accounts. These standards of eligibility are indicative of the stability and soundness of the Insurance Corporation and have attracted many applications from eligible institutions whose affairs are above criti cism. They are not, however, so severe as to limit unduly the number of institutions which can qualify on the basis of their present manage ment and financial condition. By June 30, 1935, the Insurance Corporation had been actively approving applications for 9% months. During this period it received applications from 1,065 institutions having assets of $718,177,046. Of these, 517 were newly created Federals having assets, when insured, of $8,836,390. The remaining 548 institutions were established State-chartered or converted associations, as distinguished from newly chartered Federals, and represented assets of $709,340,656. Eight hundred and forty of the above applicants, involving aggregate assets of $406,404,842 had been approved. In addition, 24 appli cants, representing $58,753,117 in assets, had been conditionally approved by the Board and a further examination had been re quested of 82, having assets of $119,053,643. The total number of accounts insured was 660,004. A record of operations of the Corporation by States and types of institutions, whether a Federal savings and loan association, a State chartered member of the Federal Home Loan Bank System, or a State chartered nonmember institution, is attached marked "Exhibit B." A list of insured institutions by States appears as "Exhibit C." AMENDMENTS TO THE ACT Four major amendments to the act creating the Insurance Cor poration were recommended to Congress by the Federal Home Loan Bank Board. These amendments substantially as proposed were adopted in May 1935, and are part of an act to provide additional home mortgage relief, Public, No. 76, Seventy-fourth Congress. Briefly they are as follows: (1) The annual premium and the additional assessment which may be levied upon an insured institution in any year were both reduced from one-fourth of 1 percent to one-eighth of 1 percent. (2) An insured institution was granted additional time (changed from 10 to 20 years) within which to accumulate its Federal Insurance Reserve equal to 5 percent of its insured accounts. (3) The provision which restricted the payment of dividends when losses are chargeable to the association's Federal Insurance Reserve was broadened, giving the Board the right of decision regarding the payment of such dividends instead of definitely prohibiting them. (4) The admission fee to be charged all applicants for insurance after June 27, 1935, is now to be computed upon the reserve fund of the Insurance Corporation instead of the reserve fund of the appli cant, as originally provided. 76 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Other minor changes in the law were made, but on the whole the original act, except as noted above, was found to be quite workable and was not changed. Many savings and loan associations, because they must operate upon a narrow margin, questioned their ability to pay an annual insurance premium as high as one-fourth of 1 percent, plus a possible annual assessment of a like amount, and in addition set aside annually approximately one-half of 1 percent in order to accumulate the re quired Federal Insurance Reserve. They were thus temporarily deterred from applying for insurance. The amendments satisfac torily eliminated this objection in most cases, and resulted in a prompt, sustained increase in the number of applicants for insurance. A revision of the Rules and Regulations, including such clarifica tions and changes as seemed desirable in the light of 10 months' operations and those made necessary by the amendments to the law, was issued in June and became effective July 1, 1935. FINANCIAL Attached is the financial statement of the Corporation as of June 30, 1935, marked "Exhibit D." Also attached is the statement of income and expense for the period June 27, 1934, to June 30, 1935, marked "Exhibit E." A dividend declared as of December 31, 1934, of $1,532,563.67 was paid to the Home Owners' Loan Corporation on May 10, 1935. As will be noted from the financial statement, a reserve of $1,491,892.86 has been provided for the dividend from December 31, 1934, to June 30, 1935. A reserve fund, as provided by law, was set aside as of June 30, 1935, in the amount of $94,863.32. PROBLEMS AND PROSPECTS The Insurance Corporation has had no difficulties of a financial nature. No defaults of insured institutions have occurred and the Corporation has suffered no losses. Neither has it been necessary to make investments in insured institutions, as it may do under the terms of the law in order to prevent defaults. As stated above the several hundred new Federal associations, which had been chartered prior to the inception of the Insurance Corporation, were required by law to *apply for insurance. By June 30, 1935, practically all of these had been insured. The probabilities are that the number of institutions applying for insurance will not be as great within a given period as it was during the early months of the Corporation's existence but that the average assets per applicant institution will be materially greater. The prospects are that the Corporation will be able to keep its costs of operation at a relatively low point considering the extent of its responsibilities and the fact that it has already insured 840 insti tutions located in 43 States. As stated above, the cost of operation is materially lessened through use of the Examining Division and the review committee by all the agencies of the Federal Home Loan Bank Board. Institutions of the savings and loan type have widely varying practices in different parts of the country, and operate under a diversity of State laws. The Insurance Corporation has cooperated ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 77 in introducing common accounting systems, annual report and examination forms, and in establishing uniform procedure and practice. Simplification and clarification of passbook and certificate forms used in the several States, which widely vary and in many cases do not satisfactorily state the basis of a contract between the institution and its shareholders, has been a major problem. Conferences are being arranged with several State supervisors for discussing proposed forms which may possibly be approved as forms which may be adopted for use by applicant institutions, if they desire, when they are insured. The general condition of savings and loan associations when the Corporation was organized was, in common with the condition of many other -financial institutions, not satisfactory. This situation has improved, but room for further progress and rehabilitation is evident. The relations of the Corporation with the supervising authorities in most States are becoming increasingly cooperative. It has been possible to work closely with the authorities in a number of States ii the rehabilitation of the relatively small number of associations whose. condition did not warrant the insurance of their shares, and in the insuring of those associations able to qualify without capital read justments. In those States where such cooperation is possible it is thought the problem of dual examinations can be solved to the satis, faction of all concerned. The public has shown increasing interest and confidence in insurance of shares. This has enabled insured associations to eliminate accumu lated withdrawal lists and to take proper care of their shareholders. It has stopped unnecessary withdrawals and has turned back to the associations a flow of funds from private investors. Most note worthy of all is the fact that insurance has attracted to insured associ ations in many instances a demand for mortgage loans which was almost entirely lacking before they were insured. Experience has already demonstrated that the confidence of the public in institutions of the building and loan type has been reestablished through insurance of their accounts and that the other purposes of insurance are being realized. The yardstick by which the results of the activities of the Federal Savings and Loan Insurance Corporation can be measured is not found in the realm of figures but rather in the field of service in the rehabilitation of existing institutions whose affairs do not permit of normal operations. The most persuasive argument for insurance is to be found in the present normal functioning of the thrift and home financing institutions which, prior to insurance of their shares, were frozen and unable to serve their communities either from a thrift or a home-financing standpoint. EXHIBIT A Trustees and officers of the Federal Savings and Loan Insurance Corporation Trustees.-John H. Fahey, chairman; T. D. Webb, vice chairman; William F. Stevenson, Fred W. Catlett, and H. E. Hoaglarid. Officers.-Fred W. Catlett, acting general manager; Walter D. Shultz, deputy to acting general manager; Robert L. Nagle, secretary to the trustees; John Byrns, tieasurer; Horace Russell, general counsel; Emery J. Woodall, associate general counsel, assigned to Federal Savings and Loan Insurance Corporation. 42834-36-----6 78 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD EXHIBIT B Record by States of insurance applications received, institutions approved by Board and billed, and total amount of premiums, June 30, 1935 ber ~-- ~ -- Conveted em.. Alabama: 8 2 _-------............. Applications received ..-None None $254, 111 $1, 070, 263 ............ Share and creditor liability--- ------$255, 787 $1, 210,141 Assets----------------8 -1 Number approved and billed. $573 Amount of premiums...--. --------Arizona: 1 2 ......-..... None None Applications received-------------$5, 240 .......-.... $544,162 Share and creditor liability- -------$5, 240 ------------- $579, 403 Assets.------- -----.---------1 Number approved and billed ---------.... --...... $7 Amount of premiums-....---.. Arkansas: 3 28 4 4 ------ Applications received------$684, 877 --$3,158, 420 $1, 550,048 $976, 570 Share and creditor liability.------. $791,963 $1,047,575 $1, 810,046 $3, 982, 530 Assets---------------------------27 4 Number approved and billed---------3 ---------------Amount of premiums $6, 963 California: None 4 23 14 ---------Applications received ----$4, 672,225 $201,127 Share and creditor liability_--_-$16, 507, 650 $4,911,193 $18, 604, 079 Assets-----------------------------$215, 873 23 3 8 Number approved and billed----...........--. Amount of premiums.------------$8,705 Colorado: None 4 15 2 ----------Applications received -----------$2, 030, 596 $3, 790, 533 Share and creditor liability ---------$105, 734 $2, 252, 294 $4, 203, 695 $106, 976 Assets--....------------------------------... 4 15 2 Number approved and billed.----------Amount of premiums-..--_--$7, 234 Connecticut: None None 4 1 Applications received--.....-------$26,187 $135,511 Share and creditor liability-----------$147,764 $27,890 Assets---------------------------------4 ------- __ 1 Number approved and billed-$207 Amount of premiums-..............---------. None Delaware: None None -----------None Applications received-.-----------------None None -----------Share and creditorliability..--------------------------Assets-----------------------Number approved and billed Amount of premiums...-------------District of Columbia: None None ----------None None Applications received .----------------Share and creditor liability------------------------------------------------- ----------Assets---Number approved and billed------------ ----------Amount of premiums----------------- ----------Florida: 2 None None 41 ----Applications received- .....------..... $222, 913 $770, 741 Share and creditor liability------------$241, 552 Assets.-----------------------------------$791,078 2 39 Number approved and billed.--------$1, 332 Amount of premiums--------------------Georgia: None2 1 10 ..............$630,983 17 Applications received-..------. ----------$614, 2961 $614,296 $920,891 $486, 662 $261,095 Share and creditor liability.------------$630,983 $526,094 $266,356 $968,745 Assets-------------------------------------1 16 9 ---- -------Number approved and billed----------$2,109 -- ----------Amount of premiums-----------------Hawaii: 1 None None ----------- None Applications received --.-------- --------$16,033 ............. Share and creditor liability..----...--------$16,288 ------------Assets.-----------------------------------1 ------------- ------Number approved and billed-------------$20 ------------- ---.----- Amount of premiums----------------Idaho: None 1 5 None 4 Applications received- .-------.... ---------$1,223,656 ............ $199,982 Share and creditor liability.--...---------------------- $1,311,257 $216, 071 Assets-...----------------------------5 1 Number approved and billed.-----------None........... $1,751 --------------------- - -----------------------Amount of premiums--Illinois: None 1 50 16 Applications received--------------------$315,913 ------------............ $445,676 $23,370,053 Share and creditor liability------------$386,159 -----------$27,451,370 $515,776 Assets------------------------46 -.----------16 Number approved and billed.------------ -------------$27,653 ...-- .. Amount of premiums-..---------------------- ----------- -------------------r------ ----------------------------------------------I-------------------------------------------------------------- ------------ ------ ------------ ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 79 Record by States of insurance applications received, institutions approved by Board and billed, and total amount of premiums, June 30, 1935-Continued State New -- - Indiana: ----Applications received .---------. -------Share and creditor liability Assets_----------------------------Number approved and billed--.-------Amount of premiums --.........---------Iowa: ---------Applications received Share and creditor liability .-----------------. Assets ---------------__ __.. Number approved and billed -------Amount of premiums .-------...----------.... Kansas: Applications received ..----....--------------. Share and creditor liability..-------------------------------Assets------..------Number approved and billed.. Amount of premiums------....------. ----... Kentucky: --... -------... Applications received.....----Share and creditor liability--....-------....------------------------------Assets Number approved and billed --- _ _..--------Amount of premiums....--------Louisiana: .. ---. ------Applications received-----Share and creditor liability_--------Assets-----------Number approved and billed .--------Amount of premiums -----------............ Maine: Applications received--- --------------.-----Share and creditor liability----. Assets ... ---------------- I I I- Nonmem ber Member Converted 23 4 4 3 $820,238 $5,965,883 $654,041 $1,098,545 $838,114 $6,378, 517 $1,253,815 $705, 432 23 2 1 1 $9,354 --------------------------20 $195,281 $214,532 20 $2,099 8 $1, 369, 500 $1, 451, 300 7 2 None $761, 111 ----- ---$767, 499 -- -- -- 1 -- - -- - - 12 $113,504 $118,686 12 $2,112 8 $1,684,931 $1,799,083 6 5 None $1,783,413-----$1,900,687--------1 ---- ------ ------ ----- ----- 12 $75,602 $78,234 12 $25,385 16 2 $27,448,646 $3,378,733 $28,668,614 $3, 522, 371 11 8 $67,475 $68,940 8 $23,926 5 $12, 525,593 $14,143, 535 4 None 30 49 $52, 863, 278 $43, 502, 605 $59, 589,472$51,110,271 2 8 .............. None None None None ............ ----------- Number approved and billed..-----Amount of premiums.-------Maryland: None 8 1 1 Applications received__--------------$6,129,499 Share and creditor liability.---------$57, 298 $449, 335 Assets_----------------$6,801,643 $469,199 $61, 957 Number approved and billed-----8 ... $7, 682' Amount of premiums-.... ----------Massachusetts: None None 3 Applications received--------------------.--. None ........... $1,845,115 Share and creditor liability....-------$1,950,267 Assets-----...........-------------------3 Number approved and billed ....----------$2,319 Amount of premiums..--------. ----Michigan: None 3 9 Applications received-------------------None Share and creditor liability__---$211, 246 $2, 516,836 Assets .----...................-----------------.. $230,044 $2,653,811 None ..-------9 Number approved and billed -----2 -----Amount of premiums.---...--$3, 341 Minnesota: None , None 16 7 Applications received-----------------. .......... None $87,403 $11,068,539 Share and creditor liability---------....-....... __---------Assets --------$91, 167 $11, 288,111 16 Number approved and billed .--------5 None $3,311 Amount of premiums----..... .-Mississippi: 1 15 Applications received.-------- ---$232,491 ---Share and creditor liability $65, 827 -- - --None $248,961 Assets-----------$81,782 -- - -- 15 Number approved and billed ..-------1 -----------$380 Amount of premiums ------------. - ----Missouri: 17 Applications received._------------7 21 Share and creditor liability....------------$24,205,023 $239,815 $21,891,177 -$252,040 $23,610,061 Assets--..--..1$27, 17 Number approved and billed ---........18 Amount of premiums.....----$44, 781 --- -- --- -Montana: Applications received-----------------None 1 None 2 Share and creditor liability---------$342,941 $3, 744, 902 -Assets--...----... -----------.. $360, 151 $3, 906, 763 ---Number approved and billed--------..... -1--------------------.... -Amount of premiums-......---------,--., $520 ,_--- -1----I ....--------- 80 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Record by States of insurance applications received, institutions approved by Board and billed, and total amount of premiums, June 30, 1935-Continued State New Converted Member Nonmem ber Nebraska: 1 4 None 9 -Applications received. -----------... $491,067 $107, 205 $114,628 Share and creditor liability-------------$114, 335 ----------$558,457 Assets_------------$114,936 3 ------9 Number approved and billed__ Amount of premiums-..... - --------$700 Nevada: 1 None None None, Applications received_------------.---------$45, 815 ----------Share and creditor liability--------------------Assets__--------------$98,163 Number approved and billed..--Amount of premiums -------.-------.- -New Hampshire: None 1 None None Applications received___-----------Share and creditor liability_----------$54,238 ----------Assets _----------$54,903 Number approved and billed.----1 Amount of premiums----------------- --------$69 New Jersey: None None, Applications received- --------------........ None .............. None ...........--........... Share and creditor liability ----_ -------Assets-.. --. Number approved and billed---......---...... Amount of premiums..----------------New Mexico: None None -- None i _---------- 9 Applications received_--- -Share and creditor liability- .----............ $44,723 .............. Assets -----------------$44,723 _ 9 Number, approved and billed. -------Amount of premiums.......----............ $60 New York. 1 5 31 Applications received_----------------$40, 552, 684 -- - - None $24, 603, 363 Share and creditor liability---.......--$86,961 $42,5. 2,653 -- - -- - $26, 121, 644 ----------Assets ..---------$89,232 28 S 5 Number approved and billed.-----Amount of premiums ....-----------$79,657 North Carolina: - None 4 -- - - --None 3 Applications received --...-------------Share and creditor liability $30,064 $1, 774, 741 ....... ___---Assets -..........-... $30,147 $1, 974, 980 _....------- -_ Number approved and billed 3 -- -- -- - - 4Amount of premiums .... ------$2, 273 North Dakota: 1 1 3 Applications received -------$35,049 ---Share and creditor liability_--$819,845 $789,053 Assets___--- ---------------$42,191 $819,197 $881,030 3 Number approved and billed --- .. $53 Amount of premiums..... ......-------Ohio: 26 17 46 11 Applications received. .----$534, 258, Share and creditor liability-_------$91, 514, 725 $78, 843, 290 $394, 282 __ ___----------------$412,546 841 $560, 7311 Assets.-787 $99,150, $86, 529, 4 16 17 Number approved and billed .....---$77,780 ------------......--------Amount of premiums..... 'Oklahoma: 24 None None Applications received-. --------$103,171 $38, 702,462 Share and creditor liabilty .-------$109,928 --------------Assets -....-$43,884,285 22 Number approved and billed_------------5 $43,242 Amount of premiums----Oregon: None None ----------17 3, Applications received------------------$349,358 $945, 861 Share and creditor liability-------------------...... Assets- ..-----. $1,073,181 $385,091 17 2 --Number appro-red and billed Amount of premiums -----------_ $1,630 Pennsylvania: 2 1 17 5 Applications received_-- -----$1,338,919 $231,064 $2, 498,848 $821, 263 Share and creditor liability ------$1,496,870 485' $232,216 Assets .__--- __------------------------$2, 784,513 $907, 17 __ 3 Number approved and billed -------. $776 Amount of premiums--- --------None; ............ Rhode Island: . . . . ..-None ............ None None None 'Applications received .------...... -Share and creditor liability_--Assets.-----------------------------Number approved and billed--------Amount of premiums....---------;South Carolina: None 14 6 Applications received__-- ------$2,294,932 $280,111 Share and creditor liability_--------. $306,353 $2, 448,839 Assets -------------------------------.... .............. 6 -14 -- -- -- Number approved and billed.--------------$3,148 Amount of premiums-------.....----------- --------- ^---,-------------------------------------------------------^-------- -------------- -----------------------------------------------I ------------------------- c----- 81 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Record by States of insurance applications received, institutions approved by Board and billed, and total amount of premiums, June 30, 1935--Continued New South Dakota: 2 Applications received------- ----------$10,112 Share and creditor liability .----.--------$10,161 ..---------------..----Assets..-----2 -..---Number approved and billed -.... $1,038 Amount of premiums --- --------------Tennessee: 22 Applications received ---..--------$199, 092 Share and creditor liability. -------$207, 250 Assets- -----------------22 Number approved and billed ....--$3, 767 -----------Amount of premiums---.... Texas: 60 Applications received ..----....-----------$589, 225 Share and creditor liability--....---. .--..$619, 663 Assets_---.-----. --------------60 --Number approved and billed-....-$27, 796 Amount of premiums.-------. --..-------Utah: 1 Applications received --...... ------Share and creditor liability.-f--$5, 375 ------------Assets-----------$5,533 1 Number approved and billed ---$899 Amount of premiums--..----.......-------. Vermont: None Applications received-. ..----.-------------------------Share and creditor liability_------------Assets............----------- -----------.---......Number approved and billed..--Amount of premiums...... -----------.. Virginia: 6 Applications received -----..... -----........ $51,013 Share and creditor liability....-----------$52,000 Assets---------- ................. 6 Number approved and billed--.....-----Amount of premiums-.. $7,345 -----............ "Washington: 9 Applications received ...-......... ...... $277,959 Share and creditor liability---------$298,420 Assets..... -----------------... 9 Number approved and billed... ------. $18,496 Amount of premiums------............ West Virginia: 9 Applications received ........-..........-... Shares and creditor liability--....------ $202,375 Assets ---....... ------.- ---$225, 148 9 -----Number approved and billed Amount of premiums.$6,251 -----Wisconsin: 21 Applications received.._---------_ $169,098 Share and creditor liability--------$200,085 Assets_- -------------21 Number approved and billed .-------$1,793 Amount of premium -------Wyoming: 1 Applications received------------Share and creditor liability--- -------$6,307 ------Assets-----$6,307 1 Number approved and billed---------------Amount of premiums .. _...---------$319 All States totals. 517 Applications received ._ ----------_. $8,339,774 Share and creditor liability.---------............-----------Assets-$8,836,390 512 Number approved and billed ...------Amount of premiums.-------$458,875 Grand total: Applications received----...... ----Share and creditor liability--------------Assets..--......... --..................... Deferred or withdrawal recommended...---Share and creditor liabilities----Total assets---------Recommended for further examination-...Share and creditor labilities ----............... Total assets-----. -------------- --Conditional approval by trustee--...--Share and creditor liabilities....-------Total assets-------------Number approved and billed.....-----Amount of premiums--.....----.---- I I i State Converted Nonbe Member 2 $876, 751 $913,057 1 None None 13 $4, 880, 669 $5, 450, 075 10 None 1 $20, 005 $39, 066 ----------- 19 $9, 522,433 $10,866,994 16 5 $15,180,566 $16,707,134 2 None 1 None None $699, 738 $898,129 1 ------------None --------.-----------.-------------.---------.---3 $926,205 $962,577 3 None None ---------------------.----------------------------------- 1 2 $1,562,238 $7, 539, 741 $1, 821,910 $8, 169, 548 1 --------------------- 24 3 $14,019,852 $3, 340,904 $16,026,736 $3, 729,460 19 3 --------------------------- 1 $1,054,057 $1, 101,153 4 $4, 628,972 $5,121, 828 4 2 $1,113,137 $1, 295, 812 1 None 3 $2, 827,980 $3, 028,990 2 1 $415,645 $461, 861 None 1 $248, 677 $261, 041 1 1 ------------- None ............ None ........... 360 62 126 $316, 925, 799 $276, 822,090 $49, 377, 304 317, 418 $348, $303,397,176 $57, 626, 062 283 4 41 ------------------------1,065 $651, 464,967 $718,177, 046 36 $34, 377,154 $38, 262, 935 82 $105, 124, 990 $119, 053, 643 24 $54, 237,962 $58,753,117 840 $458,875 ---- 82 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Memorandum The attached summary is to supplant the grand total figures appearing at the end of exhibit B. Cumulative 'Cumulative from June from June 27, 1934, to 27, 1934, to Dec. 31, 1934 June 30, 1935 Grand total: Applications received--- ------------------------------------------Share and creditor liability -------------------------------- ------------------------Assets--.---------- Deferred or withdrawal recommended------------------------------.--------Share and creditor liabilities-------------------Total assets..............----------------------------Recommended for further examination---------------------------------------------------Share and creditor liabilities____. -----Total assets_. (1) (2) ---() (2) -------------- --------------------------- Conditional approval by trustees --. ----------Share and creditor liabilities.. 580 - $225, 635,029 $247,167, 352 - - -------------- ----------------------- Total assets ..... ---------------------------------------Applications in process------------------------------------------------ (1) - ------------- --------- ------------------- ------------ - $105, 124, 990 $119, 053, 643 $54,237,962 129 451 ------$261,928 ---Amount of premiums -- ..-------------------------------- $103,357,373 Share and creditor liabilities.----$113, 290, 465 Total assets--........------. --. -------------------Shareholders insured 36 $34,377,154 $38, 262,935 82 24 (2) ----------- $122, 277,656 Share and creditor liabilities-----------Total assets-----------------------------------------$133,290,465 Number approved and billed - _ 1,065 $651,464,967 $718,177, 046 $58,753, 117 83 $87,692,228 $95,702,509 840 $458,875 $370,032,633 $406,404,842 200,000 660,004 1No record. 2See In process. EXHIBIT C List of insured institutions as of June 30, 1935 ALABAMA First Federal Savings & Loan Association, of Andalusia, Andalusia. First Federal Savings & Loan Association of Alabama, Birmingham. Jefferson Federal Savings & Loan Association of Birmingham, Birmingham. First Federal Savings & Loan Association of Florence, Florence. First Federal Savings & Loan Association of Huntsville, Huntsville. First Federal Savings & Loan Association of Mobile, Mobile. First Federal Savings & Loan Association of Montgomery, Montgomery. First Federal Savings & Loan Association of Russell County, Phenix City. Sheffield Federal Savings & Loan Association, Sheffield. ARIZONA First Federal Savings & Loan Association of Phoenix, Phoenix. ARKANSAS Arkadelphia Federal Savings & Loan Association, Arkadelphia. Batesville Federal Savings & Loan Association, Batesville. First Federal Savings & Loan Association of Camden, Camden. First Federal Savings & Loan Association of El Dorado, El Dorado. Fayetteville Building & Loan Association, Fayetteville. First Federal Savings & Loan Association, Fort Smith. Standard Federal Savings & Loan Association, Fort Smith. Superior Federal Savings & Loan Association of Fort Smith, Fort Smith. Harrison Federal Savings & Loan Association, Harrison. First Federal Savings & Loan Association of Helena, Helena. Helena Federal Savings & Loan Association, Helena. Hope Federal Savings & Loan Association, Hope. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 83 First Federal Savings & Loan Association of Hot Springs, Hot Springs. Citizens Federal Savings & Loan Association of Jonesboro, Jonesboro. Commonwealth Building & Loan Association, Little Rock. First Federal Savings & Loan Association of Little Rock, Little Rock. Pulaski Federal Savings & Loan Association, Little Rock. Marianna Federal Savings & Loan Association, Marianna. Morrilton Federal Savings & Loan Association of Morrilton, Morrilton. Nashville Federal Savings & Loan Association, Nashville. Argenta Building & Loan Association Perm. of North Little Rock, North Little Rock. Argenta Federal Savings & Loan Association, North Little Rock. Piggott Federal Savings and Loan Association, Piggott. The Southern Federal Savings & Loan Association of Pine Bluff, Pine Bluff. Pocahontas Federal Savings & Loan Association, Pocahontas. Prescott Federal Savings & Loan Association, Prescott. First Federal Savings & Loan Association of Rogers, Rogers. First Federal Savings & Loan Association, Russellville. Searcy Federal Savings & Loan Association, Searcy. Riceland Federal Savings & Loan Association, Stuttgart. Texarkana Federal Savings & Loan Association, Texarkana. West Memphis Federal Savings & Loan Association of West Memphis, West Memphis. Wynne Federal Savings & Loan Association, Wynne. CALIFORNIA Mutual Building & Loan Association of Alhambra, Alhambra. First Federal Savings & Loan Association of Altadena, Altadena. First Federal Savings & Loan Association of Bakersfield, Bakersfield. First Federal Savings & Loan Association of Bellflower, Bellflower. Berkeley Federal Savings & Loan Association, Berkeley. Community Federal Savings & Loan Association of Berkeley, Berkeley. Fidelity Federal Savings & Loan Association, Berkeley. First Federal Savings & Loan Association of Beverly Hills, Beverly Hills. Coronado Federal Savings & Loan Association, Coronado. Imperial Valley Building & Loan Association, El Centro. First Federal Savings & Loan Association of Glendale, Glendale. First Federal Savings & Loan Association of Hollywood, Hollywood. Inglewood Federal Savings & Loan Association, Inglewood. First Federal Savings & Loan Association of Laguna Beach, Laguna Beach. First Federal Savings & Loan Association of Long Beach, Long Beach. Long Beach Federal Savings & Loan Association, Long Beach. Germania Federal Savings & Loan Association of Los Angeles, Los Angeles. Westwood Hills Federal Savings & Loan Association of Los Angeles, Los Angeles. Educational Building & Loan Association, Monterey. Intervalley Building & Loan Association, Montrose. North Hollywood Federal Savings & Loan Association, North Hollywood. First Federal Savings & Loan Association of Oakland, Oakland. First Federal Savings & Loan Association of Pasadena, Pasadena. First Federal Savings & Loan Association of San Bernardino, San Bernardino. Central Federal Savings & Loan Association of San Diego, San Diego. First Federal Savings & Loan Association of San Diego, San Diego. Home Federal Savings & Loan Association of San Diego, San Diego. Franklin Mutual Building & Loan Association, San Francisco. Independent Building-Loan Association, San Jose. Surety Building & Loan Association, San Jose. Santa Cruz County Building & Loan Association, Santa Cruz. First Federal Savings & Loan Association, Santa Maria. First Federal Savings & Loan Association of Vallejo, Vallejo. San Fernando Valley Federal Savings & Loan Association, Van Nuys. COLORADO San Luis Valley Federal Savings & Loan Association of Alamosa, Alamosa. Brighton Federal Savings & Loan Association, Brighton. First Federal Savings & Loan Association of Colorado Springs, Colorado Springs. First Federal Savings & Loan Association of Craig, Craig. The Empire Savings Building & Loan Association, Denver. 84 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD First Federal Savings & Loan Association, Denver. The Industrial Building & Loan Association, Denver. First Federal Savings & Loan Association of Englewood, Englewood. Fort Collins Federal Savings & Loan Association, Fort Collins. Morgan County Federal Savings & Loan Association of Fort Morgan, Fort Morgan. First Federal Savings & Loan Association of Glenwood Springs, Glenwood Springs. First Federal Savings & Loan Association of Grand Junction, Grand Junction. Mesa Federal Savings & Loan Association of Grand Junction, Grand Junction. Valley Federal Savings & Loan Association of Grand Junction, Grand Junction. First Federal Savings & Loan Association.of La Junta, La Junta. First Federal Savings & Loan Association of Lamar, Lamar. Longmont Federal Savings & Loan Association, Longmont. Routt County Federal Savings & Loan Association, Oak Creek. First Federal Savings & Loan Association of Pueblo, Pueblo. Rocky Ford Federal Savings & Loan Association of Colorado, Rocky Ford. CONNECTICUT Danielson Federal Savings & Loan Association, Danielson. First Federal Savings & Loan Association of Greenwich, Greenwich. Hartford Federal Savings & Loan Association, Hartford. First Federal Savings & Loan Association of Madison, Madison. First Federal Savings & Loan Association of New Haven, New Haven. FLORIDA Bartow Federal Savings & Loan Association, Bartow. Everglades Federal'Sayings & Loan Association of Belle Glade, Belle Glade. First Federal Savings & Loan Association of Manatee County, Bradenton. First Federal Savings & Loan Association of Clearwater, Clearwater. Coral Gables Federal Savings & Loan Association, Coral Gables. Daytona Beach Federal Savings & Loan Association, Daytona Beach. First Federal Savings & Loan Association of Daytona Beach, Daytona Beach. Deland Federal Savings & Loan Association, Deland. Fernandina Federal Savings & Loan Association, Fernandina. Federal Savings & Loan Association of Broward County, Fort Lauderdale. First Federal Savings & Loan Association of Fort Myers, Fort Myers. First Federal Savings & Loan Association of Fort Pierce, Fort Pierce. Hollywood Federal Savings & Loan Association, Hollywood. First Federal Savings & Loan Association of Homestead, Homestead. First Federal Savings & Loan Association of Jacksonville, Jacksonville. First Federal Savings & Loan Association of Osceola County, Kissimmee. Lake City Federal Savings &-Loan Association, Lake City. First Federal Savirgs & Loan Association of Lakeland, Lakeland. First Federal Savings & Loan Association of Lake Wales, Lake Wales. First Federal Savings & Loan Association of Lake County, Leesburg. Marianna Federal Savings & Loan Association, Marianna. First Federal Savings & Loan Association of Miami, Miami. Federal Savings & Loan Association of Miami, Miami. Miami Federal Savings & Loan Association, Miami. First Federal Savings & Loan Association, Miami Beach. Ocala Federal Savings & Loan Association, Ocala. First Federal Savings & Loan Association, Orlando. Palataka Federal Savings & Loan Association, Palatka. First Federal Savings & Loan Association of Panama City, Panama City. Punta Gorda Federal Savings & Loan Association, Punta Gorda. First Federal Savings & Loan Association of Seminole County, Sanford. First Federal Savings & Loan Association of Sarasota, Sarasota. First Federal Savings & Loan Association of St. Petersburg, St. Petersburg. Tallahassee Federal Savings & Loan Association, Tallahassee. First Federal Savings & Loan Association of Tampa, Tampa. Hillsboro Federal Savings & Loan Association of Tampa, Tampa. Lake County Federal Savings & Loan Association of Tavares, Tavares. First Federal First Federal First Federal Winter Park Savings & Loan Association of Indian River County, Vero Beach. Savings & Loan Association, West Palm Beach. Savings &' Loan Association, Winter Haven. Federal Savings & Loan Association, Winter Park. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 85 GEORGIA First Federal Savings & Loan Association of Augusta, Augusta. First Federal Savings & Loan Association of Atlanta, Atlanta. Fulton County Federal Savings & Loan Association of Atlanta, Atlanta. Standard Federal Savings & Loan Association of Atlanta, Atlanta. First Federal Savings & Loan Association of Bainbridge, Bainbridge. Baxley Federal Savings & Loan Association, Baxley. Brunswick Federal Savings & Loan Association, Brunswick. Cooperative Federal Savings & Loan Association of Columbus, Columbus. First Federal Savings & Loan Association of Columbus, Columbus. First Federal Savings & Loan Association of Crisp County, Cordele. Habersham Federal Savings & Loan Association, Habersham. Randolph County Federal Savings & Loan Association, Cuthbert. Decatur Building & Loan Association, Decatur. Donalsonville Federal Savings & Loan Association, Donalsonville. Douglas Federal Savings & Loan Association, Douglas. Fitzgerald Federal Savings & Loan Association, Fitzgerald. First Federal Savings & Loan Association of Griffin, Griffin. Hogansville Federal Savings & Loan Association, Hogaisville. Meriwether Federal Savings & Loan Association, Manchester. Cobb County Federal Savings & Loan Association of Marietta, Marietta. Marietta Federal Savings & Loan Association, Marietta. Moultrie Federal Savings & Loan Association, Moultrie. Rossville Federal Savings & Loan Association, Rossville. Thomas County Federal Savings & Loan Association, Thomasville. First Federal Savings & Loan Association of Valdosta, Valdosta. First Federal Savings & Loan Association of Waycross, Waycross. HAWAII First Federal Savings & Loan Association of Honolulu, Honolulu. IDAHO Boise Federal Savings & Loan Association, Boise. First Federal Savings & Loan Association of Boise, Boise. Provident Savings & Loan Association, Boise. First Federal Savings & Loan Association of Coeur d'Alene, Coeur d'Alene. First Federal Savings & Loan Association of Lewiston, Lewiston. First Federal Savings & Loan Association of Twin Falls, Twin Falls. ILLINOIS Northwest Federal Savings & Loan Association of Arlington Heights, Arlington Heights. Federal Savings & Loan Association of Barrington, Barrington. First Federal Savings & Loan Association of Bloomington, Bloomington. Brookfiold Federal Savings & Loan Association, Brookfield. Bushnell Federal Savings & Loan Association, Bushnell. Archer-Hoyne Federal Savings & Loan Association of Chicago, Chicago. Austin Federal Savings & Loan Association of Chicago, Chicago. Bohemia Federal Savings & Loan Association of Chicago, Chicago. Calumet Federal Savings & Loan Association of Chicago, Chicago. Chesterfield Federal Savings & Loan Association of Chicago, Chicago. Chicago Federal Savings & Loan Association, Chicago. First Federal Savings & Loan Association of Chicago, Chicago. Home Federal Savings & Loan Association of Chicago, Chicago. Illinois Federal Savings & Loan Association of Chicago, Chicago. Laramie Federal Savings & Loan Association of Chicago, Chicago. Liberty Federal Savings & Loan Association of Chicago, Chicago. North Side Federal Savings & Loan Association of Chicago, Chicago. Oakley Federal Savings & Loan Association of Chicago, Chicago. Peerless Federal Savings & Loan Association of Chicago, Chicago. Piast Federal Savings & Loan Association of Chicago, Chicago. Public Federal Savings & Loan Association of Chicago, Chicago. Second Federal Savings & Loan Association of Chicago, Chicago. Simano Daukanto Federal Savings & Loan Association of Chicago, Chicago. 86 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Slovenian Home Federal Savings & Loan Association of Chicago, Chicago. A. J. Smith Federal Savings & Loan Association of Chicago, Chicago. Standard Federal Savings & Loan Association of Chicago, Chicago. St. Paul Federal Savings & Loan Association of Chicago, Chicago. Western Federal Savings & Loan Association of Chicago, Chicago. Chicago Heights Federal Savings & Loan Association, Chicago Heights. Citizens Federal Savings & Loan Association of Chicago Heights, Chicago Heights. Cicero Federal Savings & Loan Association, Cicero. Jungman Federal Savings & Loan Association of Cicero, Cicero. Morton Park Federal Savings & Loan Association of Cicero, Cicero. Ogden Federal Savings & Loan Association of Cicero, Cicero. Valentine Federal Savings & Loan Association of Cicero, Cicero. First Federal Savings & Loan Association of Des Plaines, Des Plaines. First Federal Savings & Loan Association of Elgin, Elgin. Fidelity Federal Savings & Loan Association, Galesburg. Harvard Federal Savings & Loan Association, Harvard. Harvey Federal Savings & Loan Association, Harvey. Hinsdale Federal Savings & Loan Association, Hinsdale. Joliet Federal Savings & Loan Association, Joliet. LaGrange Federal Savings & Loan Association, LaGrange. First Federal Savings & Loan Association of Lansing, Lansing. Libertyville Federal Savings & Loan Association, Libertyville. Marengo Federal Savings & Loan Association, Marengo. First Federal Savings & Loan Association of Moline, Moline. Oak Park Federal Savings & Loan Association, Oak Park. First Federal Savings & Loan Association of Ottawa, Ottawa. Ottawa Federal Savings & Loan Association, Ottawa. Park Ridge Federal Savings & Loan Association, Park Ridge. Peoples Federal Savings & Loan Association of Peoria, Peoria. First Federal Savings & Loan Association of Rockford, Rockford. Black Hawk Federal Savings & Loan Association, Rock Island. First Federal Savings & Loan Association of Springfield, Springfield. Security Federal Savings & Loan Association or Springfield, Springfield. Sterling Federal Savings & Loan Association, Sterling. First Federal Savings & Loan Association of Streator, Stieator. Streator Federal Savings & Loan Association, Streator. DuPage Federal Savings & Loan Association of Villa Park, Villa Park. First Federal Savings & Loan Association of Waukegan, Waukegan. First Federal Savings & Loan Association of Wilmette, Wilmette. INDIANA First Federal Savings & Loan Association of Angola, Angola. Bedford Federal Savings & Loan Association, Bedford. First Federal Savings & Loan Association of East Chicago, East Chicago. First Federal Savings & Loan Association of Evansville, Evansville. First Federal Savings & Loan Association of Fort Wayne, Fort Wayne. First Federal Savings & Loan Association of Gary, Gary. First Federal Savings & Loan Association of Greenwood, Greenwood. Citizens Federal Savings & Loan Association, Hammond. First Federal Savings & Loan Association of Hammond, Hammond. Rural Loan and Savings Association, Hartford City. Hobart Federal Savings & Loan Association, Hobart. First Federal Savings & Loan Association of Indianapolis, Indianapolis. Shelby Street Federal Savings & Loan Association, Indianapolis. First Federal Savings & Loan Association, Kokomo. The Ladoga Building Loan Fund & Savings Association, Ladoga. Union Federal Savings & Loan Association, Lebanon. First Federal Savings & Loan Association of Logansport, Logansport. Loogootee Federal Savings & Loan Association, Loogootee. Mooresville Federal Savings & Loan Association, Mooresville. Muncie Federal Savings & Loan Association, Muncie. First Federal Savings & Loan Association of New Albany, New Albany. First Federal Savings & Loan Association, Princeton. First Federal Savings & Loan Association of South Bend, South Bend. South Bend Federal Savings & Loan Association, South Bend. First Federal Savings & Loan Association of Valparaiso, Valparaiso. Valparaiso Federal Savings & Loan Association, Valparaiso. ANNUAL REPORT OF FEDERAL 3HOME LOAN BANK BOARD 87 IOWA Algona Building, Loan & Savings Association, Algona. Atlantic Federal Savings & Loan Association, Atlantic. Burlington Federal Savings & Loan Association, Burlington. Wright County Federal Savings & Loan Association, Clarion. Clear Lake Federal Savings & Loan Association, Clear Lake. First Federal Savings & Loan Association of Cieston, Creston. First Federal Savings & Loan Association of Davenport, Davenport. Citizens Federal Savings & Loan Association of Davenport, Davenport. Denison Federal Savings & Loan Association, Denison. United Federal Savings & Loan Association of Des Moines, Des Moines. Estherville Federal Savings & Loan Association, Estherville. Grinnell Federal Savings & Loan Association, Grinnell. Harlan Federal Savings & Loan Association, Harlan. Independence Federal Savings & Loan Association, Independence. First Federal Savings & Loan Association of Iowa City, Iowa City. Iowa Falls Federal Savings & Loan Association, Iowa Falls. Jefferson Federal Savings & Loan Association, Jefferson. La Mars Federal Savings & Loan Association, La Mars. Mutual Federal Savings & Loan Association, Mason City. Nevada Federal Savings & Loan Association, Nevada. Oelwein Federal Savings & Loan Association, Oelwein. Ottumwa Federal Savings & Loan Association, Ottumwa. Perry Federal Savings & Loan Association, Perry. First Federal Savings & Loan Association, Rock Rapids. Washington Federal Savings & Loan Association, Washington. Webster City Federal Savings & Loan Association, Webster City. KANSAS First Federal Savings & Loan Association of Butler County, Augusta. First Federal Savings & Loan Association of Beloit, Beloit. Northwestern Federal Savings & Loan Association of Clay Center, Clay Center. Ellsworth County Federal Savings & Loan Association, Ellsworth. Hays Federal Savings & Loan Association, Hays. Hoisington Federal Savings & Loan Association, Hoisington. First Federal Savings & Loan Association of Hutchinson, Hutchinson. Valley Federal Savings & Loan Association of Hutchinson, Hutchinson. First Federal Savings & Loan Association of Liberal, Liberal. First Federal Savings & Loan Association of Olathe, Olathe. First Federal Savings & Loan Association of Pittsburg, Pittsburg. First Federal Savings & Loan Association of Pratt, Pratt. The Topeka Building & Loan Association, Topeka. First Federal Savings & Loan Association of Wakeeney, Wakeeney. First Federal Savings & Loan Association of Sumner County, Wellington. First Federal Savings & Loan Association of Wichita, Wichita. Mid-Kansas Federal Savings & Loan Association of Wichita, Wichita. Wichita Federal Savings & Loan Association, Wichita. KENTUCKY First Federal Savings & Loan Association of Bowling Green, Bowling Green. Central City Federal Savings & Loan Association, Central City. Citizens Federal Savings & Loan Association of Covington, Covington. First Federal Savings & Loan Associati6n of Covington, Covington. Second Federal Savings & Loan Association of Covington, Covington. Ohio County Federal Savings & Loan Association of Hartford, Hartford. Federal Savings & Loan Association of Hazard, Hazard. Hickman Federal Savings & Loan Association, Hickman. Larue Federal Savings & Loan Association, Hodgenville. London Federal Savings & Loan Association, London. Greater Louisville First Federal Savings & Loan Association of Louisville, Louisville. Jefferson Federal Savings & Loan Association, Louisville. Louisville Home Federal Savings & Loan Association, Louisville. Portland Federal Savings & Loan Association of Louisville, Louisville. Daylight Federal Savings & Loan Association of Newport, Newport. 88 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Favorite Federal Savings & Loan Association of Newport, Newport. Monmouth Street Federal Savings & Loan Association of Newport, Newport. First Federal Savings & Loan Association of Pineville, Pineville. Providence Federal Savings & Loan Association, Providence. Federal Savings and Loan Association of Russellville, Russellville. Winchester Federal Savings & Loan Association, Winchester. LOUISIANA Bastrop Federal Savings & Loan Association, Bastrop. Baton Rouge Building & Loan Association, Baton Rouge. The Capital Building & Loan Association, Baton Rouge. Citizens Building& Loan Association, Baton Rouge. Jefferson Homestead Association, Baton Rouge. Union Federal Savings & Loan Association, Baton Rouge. Teche Federal Savings & Loan Association, Franklin. Jonesboro Federal Savings & Loan Association of Jonesboro, Jonesboro. The Home Building & Loan Association, Lafayette. Lafayette Building & Loan Association, Lafayette. Calcasieu Building & Loan Association, Lake Charles. The North Louisiana Federal Savings & Loan Association, Lake Providence. The Desoto Federal Savings & Loan Association, Mansfield. First Federal Savings & Loan Association of Monroe, Monroe. First Federal Savings & Loan Association of Natchitoches, Natchitoches. Progressive Mutual Building & Loan Association, Natchitoches. The Iberia Building Association, New Iberia. St. Landry Homestead Association, Opelousas. First Federal Savings & Loan Association of Shreveport, Shreveport. Home Federal Savings & Loan Association of Shreveport, Shreveport. First Federal Savings & Loan Association of Winnfield, Winnfield. Jennings Federal Savings & Loan Association, Jennings. MARYLAND Druid Hill Federal Savings & Loan Association of Baltimore City, Baltimore. First Federal Savings & Loan Association of Brooklyn, Baltimore. Loyola Federal Savings & Loan Association, Baltimore. Occident Federal Savings & Loan Association of Baltimore City, Baltimore. Pennsylvania Avenue Federal Savings & Loan Association, Baltimore. First Federal Savings & Loan Association of Cumberland, Cumberland.. First Federal Savings & Loan Association of Towson, Towson. MASSACHUSETTS First Federal Savings & Loan Association of Boston, Boston (Roxbury). Harvard Federal Savings & Loan Association of Dorchester, Boston. Union Federal Savings & Loan Association of Boston, Boston. MICHIGAN Calhoun Federal Savings & Loan Association, Battle Creek. Branch County Federal Savings & Loan Association, Coldwater. First Federal Savings & Loan Association of Detroit, Detroit. First Federal Savings & Loan Association of Flint, Flint. Midland Federal Savings & Loan Association, Midland. Muskegon Federal Savings & Loan Association, Muskegon. Owosso Federal Savings & Loan Association, Owosso. Pontiac Federal Savings & Loan Association, Pontiac. Peoples Federal Savings & Loan Association of Royal Oak, Royal:Oak. Wayne County Federal Savings & Loan Association, Wayne. Down River Federal Savings & Loan Association, Wyandotte. MINNESOTA Alexandria Federal Savings & Loan Association, Alexandria. Detroit Lakes Federal Savings & Loan Association, Detroit Lakes. First Federal Savings & Loan Association of Duluth, Duluth. East Grand Forks Federal Savings & Loan Association, East Grand Forks. Hibbing Federal Savings & Loan Association, Hibbing. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD -89 Hutchinson Federal Savings & Loan Association, Hutchinson. Lake City Federal Savings & Loan Association, Lake City. Little Falls Federal Savings & Loan Association, Little Falls. First Federal Savings & Loan Association of Minneapolis, Minneapolis. Hennepin Federal Savings & Loan Association of Minneapolis, Minneapolis. Northwestern Federal Savings & Loan Association of Minneapolis, Minneapolis. Moorhead Federal Savings & Loan Association, Moorhead. Owatonna Federal Savings & Loan Association, Owatonna. First Federal Savings & Loan Association of St. Paul, St. Paul. Home Federal Savings & Loan Association of Spring Valley, Spring Valley. First Federal Savings & Loan Association, Thief River Falls. Wells Federal Savings & Loan Association, Wells. Willmar Federal Savings & Loan Association, Willmar. Windom Federal Savings & Loan Association, Windom. Worthington Federal Savings & Loan Association, Worthington. MISSISSIPPI Amory Federal Savings & Loan Association, Amory. Panola County Federal Savings & Loan Association, Batesville. First Federal Savings & Loan Association of Belzoni, Belzoni. First Federal Savings & Loan Association of Canton, Canton. Cleveland Federal Savings & Loan Association, Cleveland. First Federal Savings & Loan Association, Columbus. First Federal Savings & Loan Association of Corinth, Corinth. Coast Federal Savings & Loan Association, Gulfport. First Federal Savings & Loan Association, Hattiesburg. First Federal Savings & Loan Association of Jackson, Jackson. Inter-City Federal Savings & Loan Association of Louisiana, Louisville. First Federal Savings & Loan Association of McComb, McComb. Delta Federal Savings & Loan Association, Shaw. First Federal Savings & Loan Association of Starkville, Starkville. Community Federal Savings & Loan Association of Tupelo, Tupelo. Clay County Federal Savings & Loan Association, West Point. MISSOURI Reliance Federal Savings & Loan Association of Affton, Affton. Brookfield Federal Savings & Loan Association, Brookfield. Home Federal Savings & Loan Association of Carthage, Carthage. Boone County Federal Savings & Loan Association of Centralia, Centralia. Chillicothe Federal Savings & Loan Association, Chillicothe. Clayton Federal Savings & Loan Association, Clayton. Ozarks Federal Savings & Loan Association, Farmington. Community Federal Savings & Loan Association of Independence, Independence. Joplin Federal Savings & Loan Association, Joplin. Baltimore Avenue Federal Savings & Loan Association of Kansas City, Kansas City. Blue Valley Federal Savings & Loan Association of Kansas City, Kansas City. Central Federal Savings & Loan Association of Kansas City, Kansas City. First Federal Savings & Loan Association of Kansas City, Kansas City. Home Federal Savings & Loan Association of Kansas City, Kansas City. Rockhill Federal Savings & Loan Association of Kansas City, Kansas City. Safety Federal Savings & Loan Association of Kansas City, Kansas City. Sentinel Federal Savings & Loan Association of Kansas City, Kansas City. South Side Federal Savings & Loan Association of Kansas City, Kansas City. Standard Federal Savings & Loan Association of Kansas City, Kansas City. Success Federal Savings & Loan Association of Kansas City, Kansas City. Kirkwood Federal Savings & Loan Association, Kirkwood. Liberty Federal Savings & Loan Association, Liberty. First Federal Savings & Loan Association of Moberly, Moberly. Farm and Home Savings & Loan Association of Missouri, Nevada. Community Federal Savings & Loan Association of Overland, Overland. Security Federal Savings & Loan Association of Raytown, Raytown. First Federal Savings & Loan Association of St. Joseph, St. Joseph. Midwest Federal Savings & Loan Association of St. Joseph, St. Joseph. Cass Federal Savings & Loan Association of St. Louis, St. Louis. First Federal Savings & Loan Association of St. Louis, St. Louis. 90 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Roosevelt Federal Savings & Loan Association of St. Louis, St. Louis. Mutual Federal Savings & Loan Association of University City, University City. University City Federal Savings & Loan Association, University City. St. Louis County Federal Savings & Loan Association of Wellston, Wellston. First Federal Savings & Loan Association, Parkville. MONTANA Mountain States Building & Loan Association, Great Falls. NEBRASKA Custer Federal Savings & Loan Association of Broken Bow, Broken Bow. Falls City Federal Savings & Loan Association, Falls City. Platte Valley Federal Savings & Loan Association, Gering. Hastings Federal Savings & Loan Association, Hastings. Federal Savings & Loan Association of Kearney, Kearney. First Federal Savings & Loan Association of Lincoln, Lincoln. Nebraska City Federal Savings & Loan Association, Nebraska City. First Federal Savings & Loan Association of Omaha, Omaha. Schuyler Federal Savings & Loan Association, Schuyler. Wayne Federal Savings & Loan Association, Wayne. NEW HAMPSHIRE Laconia Federal Savings & Loan Association, Laconia. NEW MEXICO Alamogordo Federal Savings & Loan Association, Alamogordo. Albuquerque Federal Savings & Loan Association, Albuquerque. Provident Federal Savings & Loan Association of Albuquerque, Albuquerque. First Federal Savings & Loan Association, Clovis. Deming Federal Savings & Loan Association, Deming. Gallup Federal Savings & Loan Association, Gallup. First Federal Savings & Loan Association of Las Vegas, Las Vegas. Grant County Federal Savings & Loan Association, Silver City. Tucumcari Federal Savings & Loan Association, Tucumcari. NEW YORK Albion Federal Savings & Loan Association, Albion. Suffolk County Federal Savings & Loan Association, Babylon, Long Island. Bayside Federal Savings & Loan Association, Bayside. Bronxville Federal Savings & Loan Association, Bronxville. Dongan Hills-Grant City Federal Savings & Loan Association, Dongan Hills, Staten Island. Bethpage Federal Savings & Loan Association of Farmingdale, Farmingdale. Floral Park Federal Savings & Loan Association, Floral Park. Flushing Federal Savings & Loan Association, Flushing. Gloversville Federal Savings & Loan Association, Gloversville. First Federal Savings & Loan Association of Hempstead, Hempstead. Highland Falls, West Point & Fort Montgomery Federal Savings & Loan Asso ciation, Highland Falls. Sunnyside Federal Savings & Loan Association of Irvington, Irvington. Queens County Federal Savings & Loan Association of Jamaica, Jamaica. Larchmont Federal Savings & Loan Association, Larchmont. Lawrence Federal Savings & Loan Association, Lawrence, L. I. Lynbrook Federal Savings & Loan Association, Lynbrook. Mamaroneck Federal Savings & Loan Association, Mamaroneck. New Rochelle Federal Savings & Loan Association, New Rochelle. First Federal Savings & Loan Association of New York, New York. Fourth Federal Savings & Loan Association of New York, New York. New York Cooperative Federal Savings & Loan Association, New York. Ninth Federal Savings & Loan Association of New York City, New York. The Railroad Co-Operative Building & Loan Association, New York. Serial Federal Savings & Loan Association of New York City, New York. West Side Federal Savings & Loan Association of New York City, New York. Owego Federal Savings & Loan Association, Owego. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 91 Champlain Valley Federal Savings & Loan Association of Plattsburgh, Platts. burgh. First Federal Savings & Loan Association of Port Washington, Port Washington. Equity Federal Savings & Loan Association of Rochester, Rochester. First Federal Savings & Loan Association of Syracuse, Syracuse. Richmond County Federal Savings & Loan Association, Tottenville, S. I. White Plains Federal Savings & Loan Association, White Plains. NORTH CAROLINA Community Federal Savings & Loan Association of Burlingtonr, Burlington. First Federal Savings & Loan Association of Burlington, Burlington. Home Federal Savings & Loan Association of Fayetteville, Fayetteville. First Federal Savings & Loan Association, Hendersonville. First Federal Savings & Loan Association of Rocky Mount, Rocky Mount. First Federal Savings & Loan Association of Winston Salem, Winston Salem. Piedmont Federal Savings & Loan Association, Winston Salem. NORTH DAKOTA First Federal Savings & Loan Association of Bismarck, Bismarck. Fiist Federal Savings & Loan Association of Grafton, Grafton. First Federal Savings & Loan Association of Jamestown, Jamestown. OHIO First Federal Savings & Loan Association of Ashtabula, Ashtabula. The Mutual Savings & Loan Association, Celina. First Federal Savings & Loan Association of Centerburg, Centerburg. Eagle Savings & Loan Association, Cincinnati. First Federal Savings & Loan Association of Cincinnati, Cincinnati. Home Federal Savings & Loan Association of Cincinnati, Cincinnati. The Broadview Savings & Loan Co., Cleveland. Citizens Federal Savings & Loan Association of Cleveland, Cleveland. The First Federal Savings & Loan Association of Cleveland, Cleveland. Forest City Federal Savings & Loan Association of Cleveland, Cleveland. The Home Federal Savings & Loan Association of Cleveland, Cleveland. The Second Federal Savings & Loan Association of Cleveland, Cleveland. First Federal Savings & Loan Association of Columbus, Columbus. Franklin Federal Savings & Loan Association of Columbus, Columbus. Park Federal Savings & Loan Association, Columbus. Citizens Federal Savings & Loan Association, Dayton. First Federal Savings & Loan Association of Dayton, Dayton. First Federal Savings & Loan Association of Delta, Delta. Fairview Federal Savings & Loan Association, Fairview Village. Columbia Federal Savings & Loan Association of Hamilton, Hamilton. Dollar Federal Savings & Loan Association of Hamilton, Hamilton. Home Federal Savings & Loan Association of Hamilton, Hamilton. Peoples Federal Savings & Loan Association, Hamilton. West Side Federal Savings & Loan Association of Hamilton, Hamilton. Lawrence Federal Savings & Loan Association, Ironton. First Federal Savings & Loan Association of Kent, Kent. First Federal Savings & Loan Association of Mansfield, Mansfield. First Federal Savings & Loan Association of Newark, Newark. Roseville Federal Savings & Loan Association, Roseville. Home City Federal Savings & Loan Association of Springfield, Springfield. Merchants & Mechanics Federal Savings & Loan Association of Springfield, Springfield. First Federal Savings & Loan Association of Toledq, Toledo. The Trumbull Savings & Loan Co., Warren. First Federal Savings & Loan Association of Willoughby, Willoughby. First Federal Savings & Loan Association of Youngstown, Youngstown. OKLAHOMA Home Federal Savings & Loan Association of Ada, Ada. Chickasha Federal Savings & Loan Association, Chickasha. Claremore Federal Savings & Loan Association, Claremore. 92 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD First Federal Savings & Loan Association of Elk City, Elk City. El Reno Federal Saving, & Loan Association, El Reno. Liberty Federal Savings & Loan Association, Enid. Security Federal Savings & Loan Association of Guymon, Guymon. Kingfisher Federal Savings & Loan Association, Kingfisher. First Federal Savings & Loan Association of Muskogee, Muskogee. Kay County Federal Savings & Loan Association of Newkirk, Newkirk. State Federal Savings & Loan Association of Nowata, Nowata. Commonwealth Federal Savings & Loan Association of Oklahoma City, Okla homa City. Home Federal Savings & Loan Association of Oklahoma City, Oklahoma City. Local Federal Savings & Loan Association of Oklahoma City, Oklahoma City. Oklahoma City Federal Savings & Loan Association, Oklahoma City. Security Federal Savings & Loan Association of Oklahoma City, Oklahoma City. Citizens Federal Savings & Loan Association of Sand Springs, Sand Springs. Sapulpa Federal Savings & Loan Association, Sapulpa. First Federal Savings & Loan Association of Seminole, Seminole. First Federal Savings & Loan Association of Shawnee, Shawnee. Home Federal Savings & Loan Association of Tulsa, Tulsa. Peoples Federal Savings & Loan Association of Tulsa, Tulsa. Security Federal Savings & Loan Association of Tulsa, Tulsa. United Federal Savings & Loan Association of Tulsa, Tulsa. Custer County Federal Savings & Loan Association of Weatherford, Weatherford. First Federal Savings & Loan Association of Wewoka, Wewoka. OREGON First Federal Savings & Loan Association of Albany, Albany. Eastern Oregpn Federal, Savings & Loan Association of Baker, Baker. Deschutes Federal Savings & Loan Association of Bend, Bend. First Federal Savings & Loan Association of Corvallis, Corvallis. Polk County Federal Savings & Loan Association of Dallas, Dallas. First Federal Savings & Loan Association of The Dalles, The Dalles. First Federal Savings & Loan Association of Grants Pass, Grants Pass. First Federal Savings & Loan Association of Klamath Falls, Klamath Falls. Lakeview Federal Savings & Loan Association, Lakeview. First Federal Savings & Loan Association of Medford, Medford. Medford Federal Savings & Loan Association, Medford. First Federal Savings & Loan Association of Oregon City, Oregon City. First Federal Savings & Loan Association of Pendleton, Pendleton. Benjamin Franklin Federal Savings & Loan Association of Portland, Portland. First Federal Savings & Loan Association of Portland, Portland. Portland Federal Savings & Loan Association, Portland. Mutual Federal Savings & Loan Association of Salem, Salem. Salem Federal Savings & Loan Association, Salem. Tualatin Valley Federal Savings & Loan Association of Tigard, Tigard. PENNSYLVANIA First Federal Savings & Loan Association of Altoona, Altoona. First Federal Savings & Loan Association of Chester, Chester. First Federal Savings & Loan Association of Johnstown, Johnstown. Johnstown Federal Savings & Loan Association, Johnstown. First Federal Savings & Loan Association of Philadelphia, Philadelphia. First Federal Savings & Loan Association of South Philadelphia, Philadelphia. Germantown Federal Savings & Loan Association, Philadelphia. Mid-City Federal Savings & Loan Association of Philadelphia, Philadelphia. Philadelphia-Suburban Federal Savings & Loan Association, Philadelphia. Polish American Federal Savings & Loan Association of Philadelphia, Philadel phia. First Federal Savings & Loan Association of Mount Oliver, Pittsburgh. First Federal Savings & Loan Association of Pittsburgh, Pittsburgh. Lang Avenue Federal Savings & Loan Association of Pittsburgh, Pittsburgh. First Federal Savings & Loan Association of Pittston, Pittston. First Federal Savings & Loan Association of Scranton, Scranton. Keystone Federal Savings & Loan Association of Sharpsburg, Sharpsburg. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 93 Vandergrift Federal Savings & Loan Association, Vandergrift. First Federal Savings & Loan Association of Wilkes-Barre, Wilkes-Barre. Franklin Federal Savings & Loan Association of Wilkes-Barre, Wilkes-Barre. First Federal Savings & Loan Association of Wilmerding, Wilmerding. SOUTH CAROLINA First Federal Savings & Loan Association, Camden. The First Federal Savings & Loan Association of Charleston, Charleston. Home Federal Savings & Loan Association of Columbia, Columbia. Security Federal Savings & Loan Association of Columbia, Columbia. First Federal Savings & Loan Association of Darlington, Darlington. The Federal Savings & Loan Association of Dillon, Dillon. Peoples Federal Savings & Loan Association, Florence. Piedmont Federal Savings & Loan Association of Gaffney, South Carolina, Gaffney. First Federal Savings & Loan Association of Greenville, Greenville. First Federal Savings & Loan Association of Lancaster, Lancaster. Cooper River Federal Savings & Loan Association, North Charleston. First Federal Savings & Loan Association of Rock Hill, Rock Hill. Mechanics Federal Savings & Loan Association, Rock Hill. First Federal Savings & Loan Association of Spartanburg, Spartanburg. Piedmont Federal Savings & Loan Association of Spartanburg, Spartanburg. First Federal Savings & Loan Association of Sumter, Sumter. Union Federal Savings & Loan Association, Union. Community Federal Savings & Loan Association, Winnsboro. Woodruff Federal Savings & Loan Association, Woodruff. SOUTH DAKOTA Aberdeen Federal Savings & Loan Association, Aberdeen. First Federal Savings & Loan Association of Rapid City, Rapid City. First Federal Savings & Loan Association of Watertown, Watertown. TENNESSEE Athens Federal Savings & Loan Association, Athens. First Federal Savings & Loan Association of Chattanooga, Chattanooga. Cleveland Federal Savings & Loan Association, Cleveland. Clinton Federal Savings & Loan Association, Clinton. Coal Creek Federal Savings & Loan Association, Coal Creek. Cookeville Federal Savings & Loan Association, Cookeville. Tipton County Federal Savings & Loan Association of Covington, Covington. Dyer County Federal Savings & Loan Association of Dyersburg, Dyersburg. First Federal Savings & Loan Association of Erwin, Erwin. First Federal Savings & Loan Association of Gallatin, Gallatin. First Federal Savings & Loan Association of Greeneville, Greeneville. First Federal Savings & Loan Association of Johnson City, Johnson City. Home Federal Savings & Loan Association, Johnson City. Kingsport Federal Savings & Loan Association, Kingsport. Campbell County Federal Savings & Loan Association of La Follette, La Follette. Lawrenceburg Federal Savings & Loan Association, Lawrenceburg. Lenoir City Federal Savings & Loan Association, Lenoir City. First Federal Savings & Loan Association of McMinnville, McMinnville. First Federal Savings & Loan Association of Memphis, Memphis. Home Federal Savings & Loan Association of Memphis, Memphis. Leader Federal Savings & Loan Association of Memphis, Memphis. Maury County Federal Savings & Loan Association of Mount Pleasant, Mount Pleasant. First Federal Savings & Loan Association of Nashville, Nashville. Newport Federal Savings & Loan Association, Newport. Pulaski Federal Savings & Loan Association, Pulaski. Rockwood Federal Savings & Loan Association, Rockwood. First Federal Savings & Loan Association of Springfield, Springfield. Tullahoma Federal Savings & Loan Association, Tullahoma. First Federal Savings & Loan Association of Union City, Union City. 42834-36--7 94 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD TEXAS First Federal Savings & Loan Association of Abilene, Abilene. Alice Federal Savings & Loan Association, Alice. First Federal Savings & Loan Association of Amarillo, Amarillo. Athens Federal Savings & Loan Association of Athens, Texas, Athens. First Federal Savings & Loan Association of Austin, Austin. Bay City Federal Savings & Loan Association, Bay City. Beaumont Federal Savings & Loan Association, Beaumont. First Federal Savings & Loan Association of Beaumont, Beaumont. First Federal Savings & Loan Associa tion of Beeville, Beeville. First Federal Savings & Loan Association of Breckenridge, Breckenridge. Brownsville Federal Savings & Loan Association, Brownsville. First Federal Savings & Loan Association of Childress, Chfldress. Cisco Federal Savings & Loan Association, Cisco. Colorado Federal Savings & Loan Association, Colorado. Commerce Federal Savings & Loan Association, Commerce. Conroe Federal Savings & Loan Association, Conroe. First Federal Savings & Loan, Association of Corpus Christi, Corpus Christi. Corsicana Federal Savings & Loan Association, Corsicana. Davy Crockett Federal Savings & Loan Association, Crockett. Dalhart Federal Savings & Loan Association, Dalhart. First Federal Savings & Loan Association of Dallas, Dallas. Guardian Federal Savings & Loan Association of Dallas, Dallas. First Federal Savings & Loan Association of Del Rio, Del Rio. Denton Federal Savings & Loan Association of Denton, Denton. Electra Federal Savings & Loan Association, Electra. El Paso Federal Savings & Loan Association, El Paso. First Federal Savings & Loan Association of El Paso, El Paso. Mutual Federal Savings & Loan Association of El Paso, El Paso. Fredericksburg Federal Savings & Loan Association, Fredericksburg. Gladewater Federal Savings & Loan Association, Gladewater. Graham Federal Savings & Loan Association, Graham. First Federal Savings & Loan Association of Greenville, Greenville. Henderson Federal Savings & Loan Association, Henderson. Hillsboro Federal Savings & Loan Association, Hillsboro. Gibraltar Savings & Building Association, Houston. Houston Building & Loan Association, Houston. Jasper Federal Savings & Loan Association, Jasper. Hill Country Federal Savings & Loan Association, Kerrville. Kilgore Federal Savings & Loan Association, Kilgore. Lamesa Federal Savings & Loan Association, Lamesa. Lampasas Federal Savings & Loan Association, Lampasas. First Federal Savings & Loan Association of Laredo, Laredo. Liberty County Federal Savings & Loan Association, Liberty. First Federal Savings & Loan Association of Longview, Longview. First Federal Savings & Loan Association of Lubbock, Lubbock. Lufkin Federal Savings & Loan Association, Lufkin. First Federal Savings & Loan Association of Luling, Luling. Marshall Federal Savings & Loan Association, Marshall. Valley Federal Savings & Loan Association of McAllen, McAllen. McKinney Federal Savings & Loan Association, McKinney. Midland Federal Savings & Loan Association, Midland. Mineola Federal Savings & Loan Association, Mineola. First Federal Savings & Loan Association of Nacogdoches, Nacogdoches. Navasota Federal Savings & Loan Association, Navasota. First Federal Savings & Loan Association of New Braunfels, New Braunfels. Olney Federal Savings & Loan Association, Olney. Orange Federal Savings & Loan Association, Orange. First Federal Savings & Loan Association of Paris, Paris. Quanah Federal Savings & Loan Association, Quanah. First Federal Savings & Loan Association, Ranger. Fort Bend Federal Savings & Loan Association of Rosenberg, Rosenberg. First Federal Savings & Loan Association of Rusk, Rusk. First Federal Savings & Loan Association of San Marcos, San Marcos. Smithville Federal Savings & Loan Association, Smithville. Stamford Federal Savings & Loan Association, Stamford. ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD Sweetwater Federal Savings & Loan Association, Sweetwater. First Federal Savings & Loan Association, Temple. Terrell Federal Savings & Loan Association, Terrell. First Federal Savings & Loan Association of Texarkana, Texarkana, Uvalde Federal Savings & Loan Association, Uvalde. First Federal Savings & Loan Association of Vernon, Vernon. Victoria Federal Savings & Loan Association, Victoria. First Federal Savings & Loan Association of Waco, Waco. Waxahachie Federal Savings & Loan Association, Waxahachie. First Federal Savings & Loan Association of Wichita Falls, Wichita Falls. North Texas Federal Savings & Loan Association, Wichita Falls. Yoakum Federal Savings & Loan Association, Yoakum. UTAH Federal Building & Loan Association, Ogden. First Federal Savings & Loan Association of Price, Price. VIRGINIA First Federal Savings & Loan Association of Bristol, Bristol. First Federal Savings & Loan Association of Hopewell, Hopewell. Federal Savings & Loan Association of Prince William County, Manassas. First Federal Savings & Loan Association of Norfolk, Norfolk. The Mutual Building Association of Norfolk, Norfolk. First Federal Savings & Loan Association of Roanoke, Roanoke. First Federal Savings & Loan Association of Richmond, Richmond. Salem Federal Savings & Loan Association, Salem. Federal Savings & Loan Association of Sandston, Sandston. First Federal Savings & Loan Association of South Boston, South Boston. WASHINGTON Bellingham First Federal Savings & Loan Association, Bellingham. Washington Federal Savings & Loan Association of Bothell, Bothell. First Federal Savings & Loan Association of Bremerton, Bremerton. Centralia Federal Savings & Loan Association, Centralia. Lewis County Savings & Loan Association, Chehalis. Ellensburg Federal Savings & Loan Association, Ellensburg. Everett Federal Savings & Loan Association, Everett. First Federal Savings & Loan Association of Everett, Everett. First Federal Savings & Loan Association of Longview, Longview. First Federal Savings & Loan Association of Mount Vernon, Mount Vernon. Olympia Federal Savings & Loan Association, Olympia. Thurston County Savings & Loan Association, Olympia. First Fed ral Savings & Loan Association of Port Angeles, Port Angeles. Port Townsend Federal Savings & Loan Association, Port Townsend. Raymond Federal Savings & Loan Association, Raymond. First Federal Savings & Loan Association of Renton, Renton. Ballard Federal Savings & Loan Association, Seattle. Citizens Federal Savings & Loan Association of Seattle, Seattle. Founders Federal Savings & Loan Association of Seattle, Seattle. Metropolitan Federal Savings & Loan Association of Seattle, Seattle. Seattle Federal Savings & Loan Association, Seattle. Union Federal Savings & Loan Association, Seattle. Fidelity Savings & Loan Association, Spokane. First Federal Savings & Loan Association of Spokane, Spokane. Pacific First Federal Savings & Loan Association of Tacoma, Tacoma. First Federal Savings & Loan Association of Vancouver, Vancouver. First Federal Savings & Loan Association of Walla Walla, Walla Walla. Wala Walla Federal Savings & Loan Association, Walla Walla. Wenatchee Federal Savings & Loan Association, Wenatchee. Yakima Federal Savings & Loan Association, Yakima. Vancouver Federal Savings & Loan Association, Vancouver. 95 96 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD WEST VIRGINIA First Federal Savings & Loan Association of Bluefield, Bluefield. Charleston Federal Savings & Loan Association, Charleston. Empire Federal Savings & Loan Association of Charleston, Charleston. First Federal Savings & Loan Association of Charleston, Charleston. Hancock Federal Savings & Loan Association of Chester, Chester. Huntington Federal Savings & Loan Association, Huntington. First Federal Savings & Loan Association of Logan, Logan. First Federal Savings & Loan Association of Parkersburg, Parkersburg. Traders Federal Savings & Loan Association of Parkersburg, Parkersburg. Point Pleasant Building & Loan Association, Point Pleasant. First Federal Savings & Loan Association of Sistersville, Sistersville. Advance Federal Savings & Loan Association of Wellsburg, Wellsburg. First Federal Savings & Loan Association of Wheeling, Wheeling. Union Federal Savings & Loan Association of Wheeling, Wheeling. WISCONSIN Antigo Federal Savings & Loan Association, Antigo. Baraboo Federal Savings & Loan Association, Baraboo. Barron County Federal Savings & Loan Association, Barron. Jackson County Federal Savings & Loan Association, Black River Falls. Clintonville Federal Savings & Loan Association, Clintonville. Cumberland Federal Savings & Loan Association, Cumberland. De Pere Federal Savings & Loan Association, De Pere. Durand Federal Savings & Loan Association, Durand. First Federal Savings & Loan.Association of Fond du Lac, Fond du Lac. First Federal Savings & Loan Association of La Crosse, La Crosse. Ladysmith Federal Savings & Loan Association, Ladysmith. Northwestern Savings Building & Loan Association, Madison. Medford Federal Savings & Loan Association, Medford. Menomonie Federal Savings & Loan Association, Menomonie. First Federal Savings & Loan Association of Wisconsin, Milwaukee. Hopkins Federal Savings & Loan Association of Milwaukee, Milwaukee. Richland Center Federal Savings & Loan Association, Richland Center. First Federal Savings & Loan Association of Racine, Racine. Ripon Federal Savings & Loan Association, Ripon. River Falls Federal Savings & Loan Association, River Falls. Sparta Federal Savings & Loan Association, Sparta. Stoughton Federal Savings & Loan Association, Stoughton. Viroqua Federal Savings & Loan Association, Viroqua. WYOMING Provident Federal Savings & Loan Association of Casper, Casper. Cheyenne Federal Savings & Loan Association, Cheyenne. EXHIBIT D Financial statement of the Federal Savings & Loan Insurance Corporation, Washington, D. C., at the close of business June 30, 1935 ASSETS Cash with U. S. Treasury----------------------------- Investments: Home Owners' Loan Corporation 3-percent bonds._ Accounts and other receivables from insured institutions: $2, 346. 61 ----------------------Due-----Deferred payment due 6 months from date of 41, 322. 00 insurance certificate -------------------Advanced to Federal Home Loan Bank Board -------------Accrued interest on bonds-------------------------- ----Total assets ----------------------- ---- $1, 288, 783. 63 99, 999, 781. 25 43, 668. 61 53, 116. 01 489, 130. 44 - 101, 874, 479. 94 ANNUAL REPORT OF FEDERAL HOME LOAN BANK BOARD 97 LIABILITIES $569. 73 Accounts payable for purchases and expense ----------------Reserve for 3-percent cumulative dividend due Home Owners' Loan Corporation on capital stock to June 30, 1935-------- 1, 491, 892. 86 Deferred income: Unearned insurance premiums-----------Due insured institutions credit balances -------------------- 276, 864. 38 289. 65 277, 154. 03 -Capital and surplus: Capital stock ------------------------------------ 100, 000, 000. 00 Earned surplus: Income June 30, 1934 to Dec. 31, 1934-------. $28, 453. 16 Income Jan. 1, 1935 to June 30, 1935-------76, 980. 99 .4 4Ki15 S 1f Dividend paid and accrued to June 30, 1935--... 3, 024, 456. 53 Interest received and ac crued to June 30, 1935, on bonds------------ 3, 023, 885. 70 570. 83JL 570. 83 104, 863. 32 100, 104, 863. 32 Total liabilities --- -------------------- 101, 874, 479. 94 No provision has been made in the above financial statement for charges which have accrued to the Federal Home Loan Bank Board for administrative costs aggregating approximately $10,000. EXHIBIT E Income and expense statement of the Federal Savings & Loan Insurance Corpora tion, Washington, D. C., for the period from Jan. 1, 1985, to June 30, 1935, inclusive Income: Insurance premiums, earned----------------------Expense: Personal services: Administrative --------------------- $13, 673. 06 Examining Division-Cost paid to Fed eral Home Loan Bank Board---------33, 861. 53 Review committee-Cost paid to Federal 7, 058. 92 Home Loan Bank Board -----------Printing and binding --------------------1, 465. 08 Furniture and fixtures--------------------2, 552. 18 Supplies and materials -------------------337. 98 230. 29 Traveling expense-- ---------------------Telephone and telegraph --------------105. 42 Advertising ---------------------------230. 31 $136, 495. 76 59, 514. 77 Net income from operation_--------------------76, 980. 99 No provision has been made in the above income statement for charges which have accrued to the Federal Home Loan Bank Board for administrative costs aggregating approximately $10,000. 0
@FedFRASER