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FEDERAL
HOME
LOAN
BANK
Washinsfon, April 1943
Decentralized price control for
local building materials
Mortgage insurance extensions
approved by President
The President's signature of Congressional amendments to the National
Housing Act will provide adequate financing arrangements for 90,000 privately constructed war-housing units
which have already been scheduled by
NHA but are not yet under construction. This authorization of an additional $400,000,000 will permit the
FHA to resume the issuance of mortgage-insurance commitments under
Title VI. Approximately 85 percent
of all privately financed war-housing
construction now carries this type of
insurance and it is estimated that the
present authorization will cover the
same percentage of private units still
to be financed under the present quota.
A 1-year extension (till July 1, 1944)
was also granted in FHA's authority
to insure loans under Title I which
covers financing conversions to warhousing use and essential repairs.
*
#
*
*
*
Priorities procedure
revised by WPB
To simplify procedures and expedite
the processing of construction applications, the War Production Board has
delegated to field offices the processing
of certain priorities applications.
Effective March 8, regional offices of
the WPB were empowered to authorize
residential, agricultural, and certain
types of commercial construction costing less than $10,000.
The new procedure involves setting
up "banks" of materials in the various
regions. The two claimant agencies
concerned (Office of Food Administrator and the WPB's Office of Civilian
Supply) will then, through their
Regional Directors, make the necessary allotments and assign preference
ratings of the controlled, critical materials needed for authorized construction projects.
The order is strictly one of decentralization and in no way implies any
relaxation of existing restrictions. In
addition, this order provides for the
establishment of Regional Appeal
Boards of three persons who have
power to pass on appeals from action
adverse to any applicant. Appeals
from the decisions of these Boards will
be handled by the WPB Construction
Division.
PROGRESS OF PAYROLL SAVINGS P L A N FOR WAR BONDS
NUMBER OF EMPLOYEES
PARTICIPATING
25
3
i ^ H ^ B l ^ 1 11 1 II
o 10
=
-••El
20
5
•m
11111 if
miiiiiriil
AGGREGATE AMOUNT
OEDUCTEO
„
l
H
JJOO
1 o200
; slOO
Tl
.i«j«
»eSTI«t»Tt o
.•||l
.•m
ill
1
~ . . « t * « « « ~ .oca
Exemptions made
in construction price control
Revisions in Maximum Price Regulations affecting the construction industry are being made to exempt most
of the remaining unregulated items,
it has been announced by the Office of
Price Administration.
All general
contracting, many types of subcontracting, and a number of the services
connected with new construction projects are excluded from price regulation.
However, repair, maintenance, and
certain other construction activities
which directly affect civilian rent ceilings will remain under specific control.
The prices of materials purchased by
the industry are also to continue under
applicable price and wage regulations.
Maximum use of existing residential
structures would provide accommodations for 2 million more persons in 83
war-housing areas, the Bureau of the
Census reported.
Sample surveys
made by the NHA in the last 5 months,
on which this estimate is based, show
that 48 percent of the dwellings in
these localities are not being used to
full capacity.
In order to prevent or combat local
shortages of regionally produced building materials, the OPA has authorized,
effective April 2, a decentralized procedure for handling price control.
Upon application by the manufacturer, individual price adjustments
may be made by regional OPA directors to ease existing or threatened
shortages in commodities essential to
the war program or to a standard of
living consistent with the prosecution
of the War, if such adjustments will
not tend to create a shortage or need
for a price increase in another locality.
Only those building materials are
covered which are, because of their
heavy weight and high transportation
costs, customarily regionally produced. Treatment of materials other
than those listed in this order will
continue to be handled on a national
basis.
*
*
*
*
*
New seasonal rent
variations permitted
Maximum rent regulations have
been amended by the Office of Price
Administration to permit adjustments
in cases of seasonal variations in rent
depending on whether landlord or
tenant supplies the heat. This extends the authorizations for this type
of variation which was previously
allowed only on the grounds of seasonal
demand for certain properties.
Such adjustments can be made only
after specific a u t h o r i t y h a s b e e n
granted by local Rent Directors.
WPB preference
order revised
Revisions in Preference Rating
Order P-55 have been made by WPB
to further implement the joint declaration of policy of the NHA and the
WPB with reference to war housing.
Under the new order, only critical
materials which have been specifically
approved in the preference order may
be used in the construction of war
housing. Previously it was possible
for builders to use some materials
obtained by loan or from existing
stocks. Now the use of any but
specifically approved kinds and quantities of critical materials is prohibited.
CONTENTS
FOR
APRIL
I 943
FEDERAL
ARTICLES
HOME
Page
198
A N E W H I G H I N LIQUIDITY
LOAN
BANK
T h e record of t h e year—Liquidity ratios are up—Geographic variations—F u t u r e prospects.
B R I T I S H B U I L D I N G S O C I E T I E S I N 1942
201
Assets i n c r e a s e — T h e composition of assets—Liquidity position improved—Earnings and d i v i d e n d s — M a n a g e m e n t expenses and personnel
problems—Mortgage lending resumed.
CURRENT T R E N D S IN SHARE CAPITAL
204
R a t e of capital turnover declines—Turnover ratio in t h e various Districts—
Increase in repurchase ratios—Use of share capital study by association
management.
REVIEW
NATIONAL HOUSING
AGENCY
John B. Blandford, Jr., Administrator
FEDERAL HOME LOAN
BANK ADMINISTRATION
MONTHLY SURVEY
Highlights a n d s u m m a r y
General business conditions
Residential construction
213
214
214
Building costs
New mortgage-lending activity of savings and loan associations
214
215
Mortgage recordings .
215
Foreclosures
Federal H o m e Loan Bank System
Insured savings a n d loan associations
216
216
217
John H. Fahey, Commissioner
STATISTICAL TABLES
FEDERAL HOME LOAN
BANK SYSTEM
FEDERAL SAVINGS AND LOAN
ASSOCIATIONS
FEDERAL SAVINGS AND LOAN
INSURANCE CORPORATION
HOME OWNERS' LOAN
CORPORATION
UNITED STATES HOUSING
CORPORATION
Vol. 9
N e w family dwelling units—Building costs—Savings and loan lending—Mortgage
recordings—Total nonfarm foreclosures—FHA activity—Federal H o m e Loan
Banks—Sales of U. S. war-savings bonds—Savings in selected financial institutions—Insured savings a n d loan associations
218-223
REPORTS
F r o m t h e m o n t h ' s news .
Honor roll of war-bond sales
Directory of member, Federal, a n d insured institutions added during F e b r u a r y March
207
208
224
No. 7
SUBSCRIPTION P R I C E OF REVIEW. The REVIEW is the Federal Home Loan Bank Administration's medium of communication with member institutions
of the Federal Borne Loan Bank System and is the only official organ or periodical publication of the Administration. The REVIEW will be sent to all member institutions without charge. To others the annual subscription price, which covers the cost of paper and printing, is $1. Single copies will be sold at 10 cents. Outside
of the United States Canada, Mexico, and the insular possessions, subscription price is $1.60; single copies, 15 cents. Subscriptions should be sent to and copies ordered
from Superintendent of Documents, Government Printing Office, Washington, D. C.
APPROVED BY THE BUHEAU OF T H E BUDGET.
518144
A NEW HIGH IN LIQUIDITY
Insured savings and loan associations increased their holdings of cash
and Government obligations by nearly four-fifths during 1942.
The
accelerated
rate of mortgage repayments, the shrinkage of lending
opportunities, and heavy new share investments have combined to
bring liquid resources of insured institutions to new high levels.
•
TO judge from the record of 1942, it appears
that increased liquidity will be one of the major
results of the operations of savings and loan associations duiing the War. The liquid assets of insured
savings and loan associations, that is, their holdings
of cash and Government obligations, increased
$200,000,000 in the past year. At the close of 1941
the total of these two accounts was $250,000,000,
but by the end of last year they had advanced 80
percent to a new high of $450,000,000. This record
was achieved in spite of the use of cash during the
year to reduce Federal Home Loan Bank advances
almost $80,000,000 and to repurchase over $27,000,000 of Government investments in these institutions.
The major portion of the rise in liquid assets
occurred in the Government-bond account which
was three-and-a-half times greater at the end of 1942
than at the close of the previous year. Nearly fivesixths of the $150,000,000 net gain in " Governments"
was registered during the second 6 months of 1942.
These purchases repiesent as substantial a contribution to the financing of the War as the efforts of
associations in the sale and distribution of war bonds
to the public. The cash accumulation of insured
associations increased $50,000,000 during the 12month period, an advance of more than 24 percent.
T H E RECORD OF THE Y E A R
Although most balance-sheet items of insured
savings and loan associations recorded sizable increases in dollar amounts during 1942, the total of
the cash and Government-obligation accounts showed
the greatest percentage-wise advance. As illustrated
by the accompanying chart, the combined increase
in cash and Government obligations was more than
three and a half times the increase in reserves and
undivided profits, five times the increase in private
repurchasable capital, almost ten times the gain in
total assets, and about twenty times the net growth
in the mortgage loan account.
Accompanying this rapid improvement in the
liquidity position of insured associations, there was
a notable change in the composition of liquid assets.
198
PERCENTAGE INCREASE IN SELECTED
BALANCE SHEET ITEMS
ALL INSURED SAVINGS AND LOAN ASSOCIATIONS
1941-1942
20
30
P ERCENT
40
50
60
CASH AND GOVT.
OBLIGATIONS
RESERVES AND
UNDIVIDED PROFIT
PRIVATE SHARE
CAPITAL
TOTAL ASSETS
NET FIRST
MORTGAGES
All major balance-sheet items of insured savings and loan associations showed
increases from 1941 to 1942. Holdings of cash and Government obligations recorded the largest percentage increase from year to year. As a result, liquid
assets of these institutions represented a larger share of total assets at the end
of 1942 than at any time in the past.
Because Government-bond holdings increased 340
percent while the net gain in cash was only 24 percent, Government investments now account for
almost one-half of liquid assets as compared with
less than one-fifth at the end of 1941. In other
words, institution management has taken the natural
course of transferring the overwhelming proportion
of surplus funds to earning assets—Government
obligations.
LIQUIDITY RATIOS A R E
UP
The most revealing tests of liquidity are those
which relate liquid. assets to private repurchasable
capital and to total assets. The graph on the next
page illustrates the steady growth of the percentage
relationship of cash and Government obligations to
private capital and assets for all insured savings and
loan associations from December 31, 1938 through
the end of last year. I t shows that the present ratios
are double those of a few years ago, principally because of the sharp rises taking place during the last
two 6-month periods.
Federal
Home Loan Bank Review
The sum of the cash and Government-bond accounts held by insured associations was equal to 15.1
percent of their total private re/purchasable capital on
December 31, 1942, as compared with the ratios of
9.6 percent for the prior year and 8.8 percent for
1940. Thus, the average insured savings and loan
association is now maintaining a liquidity-capital
ratio of almost $1 out of every $6.
Each Federal Home Loan Bank District and each
State shared in the generally rising trend toward the
accumulation of liquid assets. The highest regional
liquidity-capital ratio is 23.6 percent for the Portland District which also led the country in this
respect at the end of 1941. Ratios in excess of 10
percent are found in every district, the lowest being
the 11-percent figure for Boston. Liquidity ratios in
excess of 20 percent of private repurchasable capital
have been attained by insured savings and loan associations in the States of North Dakota, Washington,
Ohio, Utah, and Wyoming. One State, Idaho, has
a record of 30.1 percent.
The total of cash and Government obligations held
by insured institutions represented 12.3 percent of
their assets on December 31, 1942, as compared with
ratios of 7.4 percent for the previous year and 6.6
percent for 1940. In other words, the average insured savings and loan association now shows a
liquidity-asset ratio of better than $1 out of every $8.
Federal and State-chartered insured associations
showed equal improvement during the year. However, State-chartered insured institutions recorded a
RATIO OF CASH AND GOVERNMENT OBLIGATIONS TO
PRIVATE SHARE CAPITAL AND TOTAL ASSETS
ALL INSURED SAVINGS AND LOAN ASSOCIATIONS
December 1938 to December 1942, by semi-annual
periods
RATIO OF GOVERNMENT OBLIGATIONS ONLY
3y quarters
TO
T l
SEP
DEC.
//
CAPITAlly/y
, 1i
MAR
JUN.
SEP
DEC.
JUN.
JUN.
1939
941
DEC.
JUN.
1942
DIVISION OF OPERATING STATISTICS
FEDERAL HOME LOAN BANK AOMINi:
The gradual increase in the ratio of cash and Government obligations to private
share capital and total assets which has been evident since 1941 clearly shows the
effects of war conditions in the rapid acceleration, particularly during the last 6month period. The inset chart reflects the even sharper rite An the ratios of
Government obligations, alone, to capital and to assets.
April 1943
LIQUIDITY
RATIOS
ALL INSURED SAVINGS AND LOAN ASSOCIATIONS.
1941 - 1942
CASH AND GOVERNMENT OBLIGATIONS AS
A PERCENTAGE OF PRIV. SHARE CAPITAL
CASH AND GOVERNMENT OBLIGATIONS
AS A PERCENTAGE OF TOTAL ASSETS
PERCENT
PERCENT
The large increases in cash and Government obligations held by all insured
savings and loan associations are illustrated in the above chart. Expressed either
as a percentage of total assets or of private share capital, an impressive growth in
liquidity ratios is indicated, although there are wide individual differences among
States and various Bank districts.
slightly more rapid percentage growth of liquid
assets than Federal associations—almost 90 percent
and 74 percent, respectively.
GEOGRAPHIC VARIATIONS
The cash accounts of insured institutions throughout the country increased from $206,456,700 to $256,470,100 during the year under review. With the
exception of the Boston District, which reported a
negligible decline of one-half of 1 percent, every District recorded a sizable increase in cash accumulations. The largest advance was in the Des
Moines region—a percentage rise of 41 percent.
Increases of about 30 percent were noted for seven
Districts. The New York region gained by onefourth; the Chicago and Cincinnati areas, by only
one-eighth. The experience of different States
varied widely, from a 22-percent decline in Massachusetts to a 150-percent rise in New Hampshire.
Government obligations held by all insured institutions increased more than 340 percent during the
year. In dollar amounts these investments advanced
almost $150,000,000, from $43,892,500 to $193,452,100. Every State and every District showed
very substantial increases both in dollar amounts
199
and in percentages. The most sizable gain occurred
in the Los Angeles region, with an advance of 897
percent. The smallest advance was in the Boston
District which recorded an increase of slightly less
than 200 percent.
Thus, the increase of each of the two individual
items representing liquid assets showed wide regional variations, reflecting in part geographic differences in the initial liquidity position of insured
associations and varying policies of management.
However, the forces making for higher liquidity were
operating so generally throughout the country that
gains in the total holdings of cash and Government
obligations were more evenly distributed over the
various areas. While the increase of aggregate
liquid assets was 80 percent for the United States
as a whole, the Bank Districts showed variations
ranging from a low of 53 percent for the Boston
region to a high of 114 percent in the Portland area.
Cash and Government obligations of insured
savings and loan associations
[Amounts are shown in thousands of dollars]
T o t a l cash a n d G ove r n m e n t obligations
State and District
1941
$449, 922
$250, 349
79.7
15.1
12 3
17,874
11,616
53.9
11.0
9 2
3,324
129
12,145
1, 510
122
644
1,513
72
9,255
449
100
227
119.7
79.2
31.2
236.3
22.0
183.7
9.4
9.7
11.0
15.4
7.5
14.5
7 9
7 9
9 2
13.3
5 8
13 0
_.. _ .
42, 231
24, 585
71.8
12.6
10 0
_ -
12, 745
29, 486
7,336
17, 249
73.7
70.9
15.6
11.6
12.1
9.3
19, 364
10, 363
86.9
11.8
9 5
15
16, 332
3,017
10
9, 015
1,338
50.0
81.0
125.5
4.7
11.2
16.6
4 2
9.1
12.5
38, 200
20, 813
83.5
11.9
9.8
2,676
3,212
U , 701
4,528
4,046
5,810
3,004
3,223
1,528
1,970
7,550
1,781
2,461
2,434
1,416
1,673
75.1
63.0
55.0
154.4
64.4
138.7
112.1
92.6
17.7
8.1
18.2
11.9
8.2
12.6
10.2
8.4
15.4
7.1
14.5
10 1
6.4
10.2
9.2
6.9
117, 312
68,970
70.1
20.2
16.9
10,050
102,170
5,092
6,086
59, 751
3,133
65.1
71.0
62.5
15.6
21.0
16.6
13.6
17.6
13.3
38,187
18,807
103.0
17.9
15.0
24, 633
13, 554
11, 385
7,422
116.4
82.6
18.6
16.9
15.3
14.5
42,883
26, 563
61.4
14.3
11.2
34, 520
8,363
22, 264
4,299
55.0
94.5
15.3
11.3
12.2
8.5
24, 215
11,912
3,607
8,822
9,746
1,600
440
2, 547
3,100
5,347
734
184
103.3
41.6
184.6
82.3
118.0
139.1
14.0
12.6
14.9
12.8
25.1
19.4
11.5
11.2
12.1
10.3
21.3
15.0
Little R o c k . - _ - - Arkansas.—
._
Louisiana.-_ . . . Mississippi
. .
N e w Mexico- __ . .
T e x a s . . . _.
25, 687
13, 628
859
4,428
576
553
7,212
88.5
133.4
89.4
96.5
73.1
83.1
12.3
12.9
10.3
13.4
16.6
13.4
10.9
8.3
11.7
14. 7
11.3
Topeka
18, 384
10, 498
2,653
2,920
572
4,353
75.1
5,404
5,054
969
6,957
103.7
73.1
69.4
59.8
14.3
19.4
14.2
10.6
12.4
11.6
15.5
10.8
8.6
10.7
31, 471
14, 669
114.5
2,180
2,084
3,340
3,184
19,832
811
40
1,005
793
1,509
1,103
9,792
449
18
116.9
162.8
121.2
188.7
102.5
80.6
122.2
23.6
30.1
19.3
19.9
21.5
24.9
20.0
10.2
23.1
17.2
15.4
14.8
20.7
16.2
9.0
34,114
17,925
90.3
13.1
10.4
684
32,447
132
851
565
17,043
24
293
21.1
90.4
450.0
190.4
12.2
12.9
17.5
20.0
9.6
10.2
16.2
18.3
United States.
_ -
Boston
Connecticut...
Maine
Massachusetts _ New Hampshire
R h o d e Island
Vermont- _ New York.
N e w Jersey
New York
Pittsburgh
Delaware
Pennsylvania-.
West V i r g i n i a - . _ _ _ . _
200
Alabama
District of C o l u m b i a - - - _
Florida
Georgia.
__ . . .
Maryland
N o r t h Carolina
S o u t h Carolina
Virginia-- __ _ . _
C i n c i n n a t i - _ . ._ .
Kentucky
Ohio
Tennessee
-
Indianapolis
Indiana-,
Michigan
-
Chicago
Illinois-Wisconsin-.
.
Des Moines
. -. .
Iowa
Minnesota,
Missouri
North Dakota
South D a k o t a
Colorado._
Kansas
Nebraska
Oklahoma-..
Portland
Idaho
Montana
Oregon.
. .
Utah
Washington
Wyoming. _ A l a s k a . . . . __
Los Angeles
Arizona
Si
The rising trend of liquidity, so evident in the
statistics for 1942 presented above, will doubtless
continue during this year. From 1943 data already
available, it is clear that mortgage-loan repayments
are running far ahead of schedule and new lending
opportunities are continuing to contract. During
January insured savings and loan associations recorded a net increase of $47,600,000 in private
share capital. At the same time, these associations
purchased approximately $30,000,000 of Government
obligations for their own investment accounts. In
this period, member institutions of the Federal
Home Loan Bank System retired almost $16,000,000
of indebtedness to their regional Banks and repurchased a total of almost $49,000,000 of Government
share investments. Nearly nine-tenths of the latter
amount was retired on a voluntary basis.
As an increasing proportion of resources is shifted
to liquid assets, savings and loan associations will be
faced with the accentuated effects of this process on
their earning power. Yet, it is the considered judgment of leaders of the industry and of local managers
and boards of directors that no restrictions shall be
placed on the acceptance of new long-term money
from the investing public. While higher liquidity
undoubtedly creates some short-run problems and
may require downward adjustments of dividend
rates, by the same token it will place savings'and loan
associations in an enviable position for vigorously resuming new lending operations when war-time restrictions are removed.
Share
capital
1942
Winston-Salem
F U T U R E PROSPECTS
As a p e r c e n t of
1942
Percent
increase
-
.
_. _
__
_.
2,005
8,387
1,132
957
13, 206
Assets
10.2
19.0
Federal Home Loan Bank Review
BRITISH BUILDING SOCIETIES IN 1942
At the end of 1942, major balance-sheet
items of British Building
Societies showed a year-to-year
improvement for the first time since
the declaration of War.
The turn of events on the war front appears
to have aided in the re-activation
of England's home financing institutions.
This article brings up to date earlier summaries of Building
Society operations published in the REVIEW.
•
T H R E E years of operation under a policy of
" prudent retrenchment" appear to have brought
British Building Societies through the worst of the
difficulties created by the War. Given the fact that
the.initiative is held b} the United Nations, and airraid damage remains at the low level of recent months,
it may well be that the low point in the war-time
fortunes of Building Societies was passed during the
year 1942.
In 1941, assets had declined fractionally as a result
of heavy mortgage repayments, curtailed lending
opportunities, and substantial, though by no means
serious, withdrawals of share capital and deposits.
Some few institutions in the north of England were
able in 1941 to improve their position, but institutions in the South—particularly in and near London,
where air-raid damage #as heavy—experienced a
considerable contraction of share accounts and assets.
The 1942 reports of a roughly similar group of
representative institutions present a different picture.
Assets of most institutions have increased for the
first time since War was declared; withdrawals are at
a 3-year low level; new investments and deposits
have been received in volumes almost "embarrassingly" large, to use the characterization of one report; and many institutions have made a substantial
number of new loans.
The improvement appears to be general. The
most favorable report emanates from a Scottish institution whose assets reached the highest point on
record, but institutions in the south of England
appear to have benefited to almost the same extent
as those in the northern part of the country.
ously impaired by the events of even the worst days
of the Battle of Britain. The gain in assets which
apparently took place during 1942 will bring the
total above the $3,000,000,000-mark once more.
Withdrawals of share capital dropped to war-time
record low levels in 1942. One institution reports
that aggregate withdrawals were $4,000,000 lower
than in the preceding year. Others state that share
repurchases were smaller than at any time in the
past decade.
Far from finding it necessary to enforce restrictions
on the volume of withdrawals, British Societies in
1942 were concerned with stemming the inward flow
of funds. Almost without exception, 1942 reports
show a very substantial volume of new investments
and deposits; and nearly every institution reported
a year-to-year net increase in share investments.
Deposit accounts, which since the outbreak of War
have shown a tendency to contract more rapidly than
shares, showed varied trends for different Societies.
On the whole, such decreases as were reported were
the result of restrictions placed on new deposits, and
ASSETS INCREASE
At the end of 1939, the assets of the 950 operating
Societies in Great Britain stood at a record level of
$3,093,000,000. l During the 2 succeeding years,
assets declined about 2 percent and 1 percent, respectively. I t is obvious from these figures that the
basic resources of British Societies never were serii $4 to £1.
April 1943
The above chart illustrates the negligible effect that the War has had on total
assets of British Building Societies. The relatively small decline has been
reversed since 1941, although mortgages held continue to make up a progressively
smaller psrcentage of total assats.
201
of planned retirement of accounts accepted on special
terms. Many of the larger Societies—and the
majority of the smaller institutions—now have
placed restrictions upon the size of new share and
deposit accounts or have limited the amount accepted in any one month. But funds have continued
to be received in substantial amounts.
During 1941, for example, the share and deposit
accounts of the Woolwich Equitable Society had
decreased almost $4,000,000. During 1942, restrictions were placed on the amount of funds to be
accepted, and other deterrents, in the form of dividend
differentials on newer investments, were imposed.
Advertising for new funds was discontinued. At the
end of the year, the share and deposit accounts of the
Society were $200,000 larger than at the end of 1941.
The Leeds Permanent Building Society reported
that during 1941 its shares and deposits had declined
by more than $800,000. In spite of restrictions
imposed during 1942, the net gain in these accounts
was more than $500,000. The management reports
that almost all new investments were small in amount
and the Society had gained substantially in the
number of new investors.
cash have shown moderate increases, but the Government-investment account has grown at a more rapid
rate. Deposits in Postal Savings also have been large.
As a result, and in spite of a gain in assets, the
ratio of liquid holdings to total resources appears to
have been higher at the end of 1942 than at any time
since War was declared. As the accompanying
table discloses, the liquidity ratio of four representative Societies has gained heavily in the past 3 years.
These Societies have combined assets of several
hundred millions of dollars.
T H E COMPOSITION OF ASSETS
The shift in the composition of assets and the
larger proportion of investments yielding a lesser
return have combined to reduce the earnings of
Societies still further. Operating costs, particularly
income tax payments—amounting, in some instances,
to as much as 1% percent of total share capital and
deposits—will certainly not be reduced and may be
higher in coming years.
Contributions to the war-damage insurance fund—
required under the War Damage Act—also are a
heavy drain on earnings. While such payments are
in the nature of a capital tax, most Societies have
preferred to meet them out of reserves built from
current income.
Dividend rates, which were generally reduced
during 1941 to a tax-free return of 2}i percent for
share accounts and 2}{ percent for deposits, were
again lowered in many instances. In announcing a
projected reduction of dividends to 2% percent on
share accounts and 1%—2 percent on deposits, the
president of one Society indicated that this new
return was in line with that recently adopted by
many other institutions. As the same executive
pointed out, however, the return received by share
and deposit holders—even on the new basis—is
greater than that which can be obtained for other
types of investments.
Mortgage repayments during 1942 were equal to
or greater than those of previous War years. For
some institutions, repayments were at record levels.
One Society experienced a 40-percent increase in
payments-in-full on mortgage contracts.
Repayments have been offset to a greater or lesser
degree by new lending. The experience of Societies
has differed widely in this respect. Some have made
only such loans as were necessary to refinance
existing obligations. Others have made a substantial
number of loans for the purchase of existing homes.
One institution reports a net growth in its mortgage
holdings during the year—a movement counter to
the general experience.
I t is probable, therefore, that the total mortgage
holdings of British Societies registered another substantial percentage decline in 1942. Since these
assets were 10 percent below pre-war levels at the
end of 1941, they may now be as much as oneeighth smaller than 1939 figures.
LIQUIDITY POSITION IMPROVED
The contraction in mortgage assets and the gain
in share capital, coupled with heavy mortgage repayments, resulted in substantial gains in the liquid
resources of British Building Societies. Holdings of
202
Liquidity position of four British building societies
Cash and investments1
R a t i o of cash a n d investm e n t s to total assets
Institution
1942
Burnley
Leeds P e r m a n e n t
National
Woolwich E q u i t a b l e _
1941
- $13, 878 $10, 577
28,170 17, 788
11,109
7,082
19,000 14,059
1940
$6, 597
10, 580
4,105
11, 229
1942
22.0
17.0
8.0
13.0
1941
17.1
10.9
5.4
9.4
1940
10.8
6.5
3.0
7.3
i $4 to £ .
EARNINGS AND DIVIDENDS SHOW
CONTINUING D E C L I N E S
Federal Home Loan Bank Review
While dividends have rather generally been lowered, there has been some tendency to "reward"
older shareholders. In one Society a small bonus
was paid on "old series shares" which are no longer
open to new investments.
In other cases—and this appears to be a more
general policy—dividends paid on recent investments and deposits will be lower than for longstanding accounts. One Society which now pays
2% percent on paid-up shares and 2}{ percent on
deposits (tax free), pays 2 percent on new share
investments and 1% percent on new deposits.
MANAGEMENT E X P E N S E S AND PERSONNEL PROBLEMS
Management expenses of Societies for which reports are now available appear to have been about
equal to or fractionally less than in 1941. In some
few institutions costs were somewhat higher in 1942
than in the previous year but still well below figures
for 1939.
The most pressing problem facing the management
of Building Societies appears to be that of manpower. One institution reports that 170 members
of its staff (70 percent of its pre-war personnel) now
are serving in the armed forces. To make up for
the gaps in personnel, hours of work have been
lengthened and services to the public have been
curtailed somewhat.
MORTGAGE LENDING RESUMED
Ever since the beginning of the War, British
Building Societies have been reluctant to enter into
new mortgage commitments. Some institutions
still take the position that present conditions do not
warrant resumption of mortgage lending, and some
of the smaller associations made no loans during the
year. Other Societies, and the larger ones fall in
this group, appear to feel that the time is right for
the resumption of "normal mortgage business on a
moderate scale." One Society completed more than
1,000 loans totaling over $2,000,000 as the first step
in its modest return to normality. To some extent
the new lending involved, of course, rewriting of
existing contracts but some institutions have found
opportunity to finance a considerable number of
home purchases.
There appears to be this year, as there was in 1941,
an awareness of the dangers of lending under present
conditions. With prices sometimes 40 to 50 percenthigher than in 1939, institutions are wary of making
loans on the basis of war-time values which may not
be sustained.
April 1943
The Baffle Asainsf Inflation
H
AS trustees of billions of dollars in savings, thrift
and home-financing institutions have a vital
stake in the battle against inflation. They will
therefore wish to give as wide a distribution as possible to a booklet just published by the Office of War
Information under the title "Battle Stations for All."
The pamphlet is a popular treatise on price inflation—a malady from which, the OWI points out, the
Nation is in danger of suffering acutely if it is not
diagnosed properly and treated now. Why is it
necessary to control price inflation, that is, the cost
of living? Three main reasons are presented by the
OWI: (1) to win the War; (2) to insure that the burdens and sacrifices of War are shared democratically;
and (3) to win the peace.
If prices are allowed to take their natural course
as a result of more money in people's pocketbooks
and less goods on which to spend it, at least three
things will happen: (1) the cost of the War will
reach even more astronomical proportions; (2) some
individuals will make huge profits out of the War,
while others (usually those least able to bear them)
will be paying more than their just share; and (3) the
peace-time economy will experience a violent deflation. Clearly, the booklet points out, it is to our
advantage both as individuals and as a Nation to
keep the cost of the War down as much as possible,
to see that all share equitably the burdens and sacrifices, and to keep our economy in as good condition
as we can in order to enable us to resume peacetime
pursuits with a minimum of delay and friction.
In order to carry out these objectives, the Government has devised a seven-point program. I t includes: (1) taxing heavily and holding profits down;
(2) fixing ceilings on prices and rents; (3) stabilizing
wages; (4) stabilizing farm prices; (5) encouraging
more savings and less buying; (6) rationing all essential commodities that are scarce; and (7) discouraging
instalment buying and encouraging payment of
debts.
Each point in this program is explained in detail in
the booklet. At the same time, "Battle Stations for
AH" stresses that each point in the program is as
vital to its total success as every other part and that
all must be pursued with equal vigor if the inflationary spiral of prices is to be avoided.
Copies of this publication may be obtained, without charge, from the Division of Public Inquiries,
Office of War Information, Washington, D. C.
203
CURRENT TRENDS IN SHARE CAPITAL
For the third successive year the Division of Operating Statistics has
conducted a special study of the major characteristics of private savings entrusted to insured savings and loan associations. The current
review of 1942 operations emphasizes that, even under war-time
conditions, private share capital has so far been remarkably stable.
•
EARLY in 1942 there was widespread conjecture about the probable future trend of private
investments in savings and loan associations. Fears
were expressed in some quarters that share capital
might suffer a shrinkage as a result of declining new
investments and heavy withdrawal demands. Others
anticipated no marked change in the capital accounts of savings and loan associations. As a
matter of fact, the generally unsettled conditions
that prevailed for a short period immediately after
our entry into the War made it virtually impossible
to forecast with any degree of accuracy what would
happen.
Now that the complete and detailed story of operations during the first year of War is available, some
definite conclusions can be drawn. Two developments of primary importance are shown by the
current analysis of the behavior of private savings in
insured associations during 1942. First, the rate of
capital turnover declined, indicating that the average dollar invested in these institutions is being left
with the association for a longer period of time.
Second, the ratio of current repurchases to current
investments rose somewhat for the year as a whole.
However, this rise is attributed entirely to the fact
that during the first few months of 1942 repurchases
were unusually high, no doubt the result of the uncertainty existing at that time. For each month
from May through December, the repurchase ratio
was well below the corresponding period of 1941.
R A T E OF CAPITAL TURNOVER D E C L I N E S
During 1942 the rate of capital turnover declined
from 22.5 to 21.0 percent. For the purposes of this
study, share-capital turnover is derived by dividing
the dollar volume of private share repurchases during
the year by the average private repurchasable capital
outstanding for the year as a whole. The turnover
rate arrived at in this manner is a valuable statistical
tool, for the trend in this ratio indicates changes in the
"life expectancy" of the average dollar invested in
the institution. For example, if we translate the
204
RATE OF CAPITAL TURNOVER IN INSURED
SAVINGS AND LOAN ASSOCIATIONS
1941-1942; BY FEDERAL HOME LOAN BANK DISTRICT
0
5
5
CINCINNATI
S
INDIANAPOLIS
7
CHICAGO
8
OES MOINES
9
LITTLE ROCK
10
TOPEKA
1
" ' 1
3
i
1
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• • -1942
Enn-1941
i
^M—_j
PORTLAND
12
LOS ANGELES
30
^^^^^^^^^P j
|
1
BOSTON
2
NEW YORK
4
WINSTON SALEM
25
|
|
^_^
^ ^ ^ ^ ^ IMIfc
UNITED STATES •
3
PITTSBURGH
PERCENT
15
20
10
PPIPNIjIIJII^^
i
i
^^i
••Sill
i
Two facts of interest are apparent from this chart. First, in 9 of the 12 Bank
Districts there was a general decline in the ratio of repurchases during 1942 to
average outstanding share capital. Second, there was little change in the relative
position of individual Bank Districts during 1942. Districts reporting the highest
ratios in 1941, for example, again headed the list in 1942.
capital turnover rates for 1941 and 1942 into terms of
years, we find that the "life" of the average dollar
invested in insured associations increased from 4.4
to 4.8 years.
During both 1940 and 1941 the turnover rate had
increased slightly, a reflection of the fact that withdrawals from insured associations were increasing
more rapidly than average outstanding capital.
Expressed in the simplest mathematical terms, the
numerator of our fraction was growing faster than
the denominator. Exactly the reverse was true in
1942. Average outstanding capital grew at a faster
pace than withdrawals. In terms of actual dollars,
average outstanding capital in 1942 amounted to
$2,749,000,000, a figure 13.6 percent above the
preceding year. Repurchases in 1942, on the other
hand, increased only 6.2 percent to $578,460,000.
Federal Home Loan Bank Review
Whether the reversal of the trend in turnover rates
during 1942 means a permanent lengthening of the
average life of association capital investments is
difficult to say on the basis of the material now at
hand. However, there is no denying the significance
of the fact that a tendency toward more rapid capital
turnover, which had gone on for 2 years, should be
reversed under wartime conditions. Whatever the
final outcome of this particular pattern may prove to
be, it is noteworthy that the private share capital
held by savings and loan associations proved itself
remarkably stable during 1942.
TURNOVER KATES IN THE VARIOUS DISTRICTS
As indicated by the chart on page 204, the turnover rate declined in 9 of the 12 Federal Home Loan
Bank Districts during 1942. The largest declines
occurred in the Cincinnati, Chicago, and Portland
Districts. In the 3 Districts where the turnover rate
increased, i. e., Boston, New York, and Topeka,
in no case was the increase particularly high. Reference to the table on page 206, which gives det ailed
information on capital turnover rates by individual
States, shows that in 36 States and the District of
Columbia the turnover rate declined, while only 12
States indicated slight increases.
The current survey of capital turnover bears out
the conclusions of the preceding studies on this subject that there appears to be a wide local variation
in turnover rates with little or no geographical pat-
The above chart portrays the seasonal pattern of repurchase ratios, which has
been observed for several years. The solid line emphasizes the break in this
seasonal pattern during the first few months of 1942. From May through December 1942, repurchase ratios followed the same seasonal movements of the previous
year, but on a somewhat lower level.
April 1943
tern. Again referring to the table on page 206, it
will be found that both high and low turnover rates
appear to be well scattered throughout the country
with no particular relation to geographic regions. In
the majority of cases, in fact, even the individual
Bank Districts show a wide variation in the turnover rates reported for the States included in the
region.
Previous studies of capital turnover l presented an
analysis of current trends by size of association and
size of community. Although the statistics have not
been compiled on this basis in the current survey,
there is little reason to assume that the general picture changed significantly during 1942. Both of the
prior studies showed conclusively that the larger the
association or the larger the size of the community,
the higher the rate of turnover.
INCREASE IN REPURCHASE RATIOS
The story of what happened to private capital in
1942 is not complete without an analysis of the ratio
of repurchases to new investments received during
the year. The rate of capital turnover measures the
relative stability of the share structure of savings
and loan associations. Trends in repurchase ratios,
on the other hand, complement these data by measuring the relationship between the current inflow and
outgo of capital investments.
Contrary to the trend in capital turnover, the
ratio of repurchases to new investments for 1942
shows an increase from 62.2 to 66.4 percent. The
increase was the net result of a somewhat higher
volume of repurchases and a slight decline in the
dollar volume of new private investments received.
This increase in the repurchase ratio for the last
calendar year may prove somewhat confusing, if the
reasons for this phenomenon are not clearly understood. As shown by the chart on this page, the ratio
of repurchases to new investments reached 112 percent in January 1942. This was the first time since
the initiation of statistical records on the operations
of insured institutions that private share capital
showed a net decline during any 1-month period.
While there is no exact information as to why
withdrawals should suddenly have skyrocketed at
this time, it is probable that the psychological tension of the times may have caused a somewhat
larger-than-usual number of individuals to withdraw
their investments in savings and loan associations.
1
See "Share Capital Turnover and Repurchase Ratios Show Moderate Increase in 1941," FHLB REVIEW, March 1942, p. 189; and "Share Capital Turnover," Ibid., May 1941, p. 251.
205
Rates of capital turnover and repurchase ratios,
by Bank District and State
0
10
20
-TH—'
^
^
R a t e of t u r n o v e r ! R e p u r c h a s e ratio
PERCENT
40
50
30
60
70
80
90
i II i — r i — Y "
^
^
^
H
i
^
l
^
3
PITTSBURGH
4
WINSTON SALEM
5
CINCINNATI
6
INDIANAPOLIS
7
CHICAGO
••••^•••(••••••••ppipliipp
^ ^ ^ ^ H ^ ^ ^ M 1
• • • l lr^ "^
9
LITTLE ROCK
10
TOPEKA
PORTLAND
12
LOS ANGELES
T
!••
' ' i "' i '" 'T'" "i" ' r
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mmhmmimmmkmdmmkmm l _ .
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••-1942
1
The above chart compares repurchase ratios in the 12 Federal Home Loan Bank
Districts during 1941 and 1942. It will be noted that the largest increases occurred
in the Winston-Salem and Little Rock Districts—regions comprising the Southern and Southeastern States. Substantial rises were also registered, however,
in the Boston, New York, and Topeka Districts.
21.0
22.5
20.1 1 66.4
62.2
57.2
Boston
16.2
15.5
14.0
61.1
49.8
43.8
21.0
21.1
14.8
13.4
1 24.6
17.7
21.2
24.7
13.8
16.3
29.7
18.6
20.7
16.5
12.7
13.7
26.2
12.3
45.9
47.5
70.8
58.7
61.1
69.6
39.8
43.2
53.1
67.3
37.0
63.5
40. 0
31.7
45.5
44.9
34. 0
40.2
28.5
28.3
27.0
83.0
71.2
68.7
24.4
29.8
25.1
29.2
26.3
75.2
27.1 1 85.3
68.6
71.9
87.7
65. 0
15.7
17.7
19.6
47.4
43.5
44.7
10.5
16.3
! 11.3
21.7
18.3
13.0
16.5
20.8
12.5
45.2
47.4
46.6
68.6
43.8
40.6
49.5
45.7
36.6
23.5
24.3
23.9
65.6
51.7
47.8
15.4
27.3
35.3
17.3
21.5
23.0
19.3
15.5
15.1
30.0
35.9
18.8
21.0
24.2
17.9
15.8
14.6
22.3
40.8
19.9
20.2
20.8
20.5
14.2 |
54.9
72.2
76.5
48.8
51.3
72.3
82.0
57.8
38.0
61.2
57.4
39.5
48.3
49.3
51.5
48.7
33.2
48.7
54.8
42.8
49.1
43.0
50. 1
36. 6
71.3
75.8
72. 5
66. 3
73.1
19.3 J 47.1
63.9
78.5
42.6
65. 3
74.6
45.2
....
.... . . .
]
. __
..
_ _
(Continued on p. 217)
_ _
Winston-Salem
Alabama...
D i s t r i c t of C o l u m b i a
F l o r i d a . . _.
Georsia
Maryland
N o r t h Carolina
South Carolina.
Virginia. _
...
.
Cincinnati
Kentucky
Ohio
Tennessee
1940
23.7
27.8
23.7
, 11.5
25.7
16.8
12.5
30.4
17.5
11.7
25.7
Indianapolis
. . ._.
16.9
18.1
15.3
60.6
68.6
57. 0
Indiana
Michigan
_
15.5
19.2
16.2
21.3
14.4
17.0
59.9
61.6
64.8
74.1
59. 5
53. 8
...
Chicago
Illinois
Wisconsin
.
.
Dos M o i n e s .
..
Iowa . .
Minnesota.
Missouri
North Dakota
South Dakota
.
.
.
L i t t l e Rock
Arkansas
_•.
Louisiana
Mississippi
N e w M e x i c o . _.
Texas.
Topeka
.
.
_
_
1
Further support of this theory is found in the fact
that the repurchase ratio declined sharply in the
next 3 months and from M a y through December was
well below the corresponding data for 1941.
The most important single factor regarding the
trend of repurchases and new investments during
1942 is that, for a large part of the year, associations
retained a greater proportion of their new money
receipts than they did years before. Only the fact
that for a brief period at the start of the year withdrawals were abnormally high explains the increase
in the repurchase ratio for the year as a whole.
During January 1943 the ratio of withdrawals to newinvestments was 70.5 percent, a figure substantially
below the 112 percent reached in January 1942.
In February, the repurchase ratio was only 57.3 compared with 88.4 percent in the same period of 1942.
There is as yet, therefore, no indication that the
general downward movement in repurchase ratios
which started in the middle of 1942 has been abated.
The increase in repurchase ratios during 1942 was
fairly widespread throughout the country. This is
illustrated by the chart on this page and the facing
table which demonstrate that 9 of the Federal Home
Loan Bank Districts and 36 States and the District
U N I T E D STATES
Delaware i
Pennsylvania
W e s t Virginia
DIVISION o r OPERATING STATISTICS
FEDERAL HOME LOAN BANK ADMINISTRATION
206
1941
Pittsburgh
Ijjiipjipilipi^^ V|
" ' l
r'" "T
r ' i' '
^^^^^^^^Hfl^^^^^^^B^^HR^ ]
i
1942
N e w Jersey
New York
^W^WR^^^^^^S^^^^^^^
mmimmmmmiiikmdmmimm
^ ^ ^ ^ ^ - ^ ^ ^ ^ ^ _
i
1940
New York
mmmamm^^mmmmmmmmmmm
\
1941
ConnecticutMaine
Massachusetts
New Hampshire
Rhode Island i
Vermont '
i
^^^^^^^^^^^^^^^^^^^^^^^^^
'
8
DES MOINES
i
1942
l
^^^^W^PS^B^v vffiS^^^^
2
NEW YORK
Federal H o m e Loan B a n k D i s t r i c t
and State
Oklahoma
Portland
.
Idaho
Montana
Oregon
Utah
Washington.
Wyoming
...
Los AngelesArizona l . _ .
. . . . . .
California
... _
N e v a d a 1 . . . . . . .„.__. . . .
1
_ _
20. 8
23.3
20.1
65.1
63.3
53.4
23.4
13.2
25.6
16.8
20.8
18.1
64.7
67.2
61.1
75.1
48.5
79. 1
53.9
52.2
43.7
51.3
54.8
53.5
13.0 1 54.9
22.0 | 63.4
41.2
56. 1
54. 1
39.0
58.0
31.6
39. 8
55. 6
34. 0
66. 0
17.6
19.3
16.3
16. 7
22.2
14.4
18.7
20.4
16.6
25.7
15.6
16. 9
20.6
14.5
21.3
13.6
12.7
13.0
12.3
70.1
55.2
51.6
12.1
12.5
9.5
16.5
13.1
13.2
13.3
9.9
15.2
12.9
10.9
11.7
11.1
12.4
13.1
58.2
81.4
47.5
75.2
66.3
48. 1
70.3
27.2
56.5
49.4
39. 5
68.7
31.7
41. 1
45. 8
17.0
16.1
13.7
70.0
57.1
55. 6
55. 9
65. 6
46.0
50.2
19.5
19.9
14.9
14.2
17.8
19.1
16.1
13.5
16.8
15.1
13.6
11.3
64.1
65.4
61.9
82.0
53.2
57.8
56.7
59.1
27.0
29.2
27.0
57.0
60.9
59.6
25.0
17.2
25.7
24.3
29.8
19.7
27.1
18.5
26.4
26.2
32.5
23.6
26.9
19.8
26.0
24.3
29.1
21.2
58.5
71.3
57.0
48.8
57.4
58.'4
63.8
66.2
54.3
59.0
63.0
42.4
56.2
76.1
50. 5
60.0
61.9
36.1
21.1
21.8
18.0
66.0
60.8
52. 0
33.4
20.8
15.3
37.8
21.6
33.5
17.8
12.7
50.9
66.7
65.7
51.4
61.5
48.4
49.3
52.4
31.1
I 16 - 7
Less than 5 insured associations are located inthese States.
Federal Home Loan Bank Review
«
«
«
FROM THE MONTH'S NEWS
CHANGE: "Our cities have not as yet
caught up with the cataclysmic changes
in t h e ways of life t h a t t h e last war
wrought, nor with t h e gradual changes
m a d e in t h e years intervening between
t h e wars. Our urban centers are far behind the revolutionary changes which th/is
war is making in our way of living."
Dorothy Rosenman, The
Appraisal
1943.
Journal,
January
INFLATION: "Unless we t a k e heroic steps
to corral and curb excess billions of spendable income, they will surely be taken
from us in t h e most inequitable m a n n e r
of all . . . For inflation lays a heavier
and more inequitable burden t h a n a n y
form of visible or invisible t a x a t i o n . "
Peter H. Odegard, The Minute
Man, Feb. 1, 1943.
PLANNING: " I t is essential t h a t we t a k e
account of t h e circumstances which retard
planning a n d building. Only wThen t h e
economic conditions are properly adjusted
can t h e whole process develop with t h e
m a x i m u m of speed a n d satisfaction a n d
t h e m i n i m u m of cost to t h e c o m m u n i t y . "
Eugene E. Agger, Tenth Annual Stockholders Meeting,
Federal Home Loan Bank of
New York.
POST-WAR: "If t h e conversion from
wartime to peacetime production is m a d e
w i t h o u t serious economic disruption,
spendable funds in the hands of t h e mass
of people might stimulate a real housing
boom."
Arthur D. Weimer, War Housing Problems.
April 1943
»
"If, as appears likely, a tremendous housing program is to be
started when war ends, participation by thrift and home-financing
institutions will be assured provided they insist upon being included,
offer a positive platform, and recognize that many social theories
have now become everyday practices. Five million homes can be
privately built and financed for American families whose income is
above that which needs to be subsidized and below that which
generally represents the home owner of the p a s t / '
W. H. Neaves, President, Federal Home
Loan Bank of Boston, Tenth Annual
Report to Stockholders.
Post-war goals
"If we are to maintain full employment in peace time, we must
substitute other objectives for the current will to win the War.
Broadly speaking, our goals should be to provide a rising standard of
living and to contribute to the establishment of a world economy
which will remove the threat of War. . . . To achieve success, we
must have the same broad measure of public support behind those
objectives that is now back of our efforts to win the war."
Annual Report of the Bank of Canada,
Federal Reserve Bulletin, March 1943.
AVERAGE DIVIDEND RATES PAID BY MUTUAL SAVINGS BANKS
NUMBER
OF BANKS
JULY I, 193$-JANUARY 1, 1943
INTEREST
RATE
400
2.5
AVERAGE DIVIDEND RATE
(SCALE AT RIGHT)
300
2,0
{
I
Edwin H. Spengler, Tax Policy, January 1943.
INSURANCE: " E v e n in normal times, insurance of savings is highly i m p o r t a n t to
the thrift movement, a n d especially in
view of the inevitable post-war financial
strains, it seems elementary good sense
t h a t every thrift institution obtain insurance protection for t h e savings of which
it is custodian."
»
Future of home building
F. C. R. Douglas, Rating and
Taxation in the Housing Scene.
OUTLOOK: "While a severe cyclical drop
in real-estate values has been arrested a n d
most municipalities are temporarily experiencing an improvement in t a x collections, t h e long-term outlook for local
financing is not too promising. I n older
cities t h e combination of obsolescence,
depreciation, a n d decentralization are
causing a rapid spread of blight, accompanied by declining land values."
»
too
JAN, 1st.
<iULlsf.
_ J 9 4 2 ~ ~
1.5-
1,0
ill
m
4&NA91
3 L-I943J
The average dividend rate paid by approximately 540 mutual savings banks throughout the country
declined from 2.33 percent in July 1939 to 2.02 percent in January 1943. The chart above shows both the
downward trend of the average rate paid by all institutions and the shift in the number of institutions
paying different rates. The 135 institutions which on January 1,1943, paid rates of more than 2 percent
accounted for approximately $1,250,000,000 of the total savings deposits of $10,620,000,000 held by the
institutions reporting. In other words, only about $1 out of every $8 placed in savings banks throughout
the country is held by institutions paying more than 2 percent.
The Month's Work.
207
HONOR ROLL OF WAR BOND SALES
In line with the general performance
during February of the war savings
drive, war-bond sales by member institutions of the Federal Home Loan
Bank System failed to approach the all-time record
set during the previous month. The reported total
of sales to the public, approximately $20,000,000,
was only slightly over half as large as the January
volume. This is explained, in part, by the short
month and the proximity of the income-tax deadline.
Purchases by members for their own portfolios also
declined to about $21,000,000, making the membership's total contribution to the war chest roughly
$41,000,000.
In spite of this reduced activity, 479 member
institutions held or gained a place on the Honor Roll.
This represents a "mortality" of only 65, compared
with the record month of January. Each of the 479
members has sold to the public bonds or stamps equal
to at least 2 percent of its assets from the beginning
of this year through the end of February.
Monthly sales in excess of $1,000,000 again put the
First Federal Savings and Loan Association of Chicago at the head of "Tops in Volume." The First
Federal Savings and Loan Association of New York
retained second place with cumulative sales of over
$850,000. The Haller Savings and Loan Association of Chicago duplicated its January record by
again making sales equal to 92 percent of its assets.
Reports for the Honor Roll, as presently constituted, are based on the issue price of bonds sold to
the general public, and do not include purchases by
member institutions for their own accounts. Each
asterisk represents sales equal to 5 percent of a
member's assets.
NO. 1—BOSTON
Branford Federal Savings axid Loan Association, Branford, Conn.
Bristol Federal Savings and Loan Association, Bristol, Conn.
First Federal Savings and Loan Association, Greenwich, Conn.
Ipswich Co-operative Bank, Ipswich, Mass.
Suffolk Co-operative Federal Savings and Loan Association, Boston, Mass.
*Windsor Federal Savings and Loan Association, Windsor, Vt.
•Windsor Locks Building and Loan Association, Windsor Locks, Conn.
NO. 2—NEW YORK
* Amsterdam Federal Savings and Loan Association, Amsterdam, N . Y»
Bay Shore Federal Savings and Loan Association, Bay Shore, N. Y.
Berkeley Savings and Loan Association, Newark, N. J.
Black Rock-Riverside Savings and Loan Association, Buffalo, N . Y.
Bloomfleld Savings Institute, Bloomfield, N . J.
Bronx Federal Savings and Loan Association, Bronx, N. Y.
* Center Savings and Loan Association, Clifton, N. J.
Columbia Savings and Loan Assoeiatio: , Woodhaven, N. Y.
*Cranford Savings and Loan Association, Cranford, N. J.
208
De^Witt Savings and Loan Association, Belleville, N. J.
East Rochester Federal Savings and Loan Association, East Rochester, N. Y.
Edison Savings and Loan Association, New York, N. Y.
Elmhurst Savings and Loan Association, Jackson Heights, N. Y.
*First Federal Savings and Loan Association, New York, N. Y.
First Federal Savings and Loan Association, Rochester, N. Y.
Fort Lee Building and Loan Association, Fort Lee, N. J.
Genesee County Savings and Loan Association, Batavia, N. Y.
Guttenberg Savings and Loan Association, Guttenberg, N. J.
Long Beach Federal Savings and Loan Association, Long Beach, N. Y.
Maywood Savings and Loan Association, Maywood, N. J.
Mohawk Savings and Loan Association, Newark, N. J.
*North Park Savings and Loan Association, Elizabeth, N. J.
North Plainfleld Building and Loan Association, North Plainfield, N. J.
North Shore Federal Savings and Loan Association, Port Richmond, N. Y.
Oratam Building and Loan Association, Ridgefield, N. J.
Pequannock and Wayne Building and Loan Association, Mountain View, N. .1.
Reliance Federal Savings and Loan Association, Queens Village, N . Y.
Schuyler Building and Loan Association, Kearny, N. J.
United Savings and Loan Association, Paterson, N. J.
White Plains Federal Savings and Loan Association, White Plains, N. Y.
NO. 3—PITTSBURGH
Alvin Progressive Federal Savings and Loan Association, Philadelphia, Pa.
•Benjamin Franklin Federal Savings and Loan Association, Philadelphia. Pa.
*Brentwood Federal Savings and Loan Association, Brentwood, Pa.
*Burton C. Simon Building and Loan Association, Philadelphia, Pa.
Cayuga Federal Savings and Loan Association, Philadelphia, Pa.
Collingdale Federal Savings and Loan Association, Collingdale, Pa.
•••Colonial Federal Savings and Loan Association, Philadelphia, Pa.
Duquesne Heights Building ana Loan Association, Pittsburgh, Pa.
Ellwood City Federal Savings and Loan Association, Ellwood City, Pa.
Fidelity Federal Savings and Loan Association, Philadelphia, Pa.
First Federal Savings and Loan Association, Charleston, W. Va.
First Federal Savings and Loan Association, Homestead. Pa.
First Federal Savings and Loan Association of Mount Oliver, Pittsburgh, Pa.
First Federal Savings and Loan Association, New Castle, Pa.
* First Federal Savings ana Loan Association, Wilkes-Barre, Pa.
First Philadelphia Savings and Loan Association, Philadelphia, Pa.
Franklin Feaeral Savings and Loan Association, Pittsburgh, Pa.
Garfield Federal Savings and Loan Association, Philadelphia, Pa.
Grand Union Federal Savings and Loan Association, Philadelphia, Pa.
Hazleton Federal Savings and Loan Association, Hazleton, Pa.
Indiana County Building and Loan Association, Indiana, Pa.
Lansdowne Feaeral Savings and Loan Association, Lansdowne, Pa.
•Liberty Federal Savings and Loan Association, Philadelphia, Pa.
* Metropolitan Federal Savings ana Loan Association, Philadelphia, Pa.
******Mid-City F e ( j e r a i Savings and Loan Association, Philadelphia, Pa.
Monaca Federal Savings and Loan Association, Monaca, Pa.
Montour Valley Savings, Building and Loan Association, Imperial, Pa.
Mutual Building and Loan Association, Erie, Pa.
North East Federal Savings and Loan Association, Philadelphia, Pa.
••North Philadelphia Federal Savings and Loan Association, Philadelphia, Pa.
Polonia Building ana Loan Association, Pittsburgh, Pa.
Protected Future Savings and Loan Association, Philadelphia, Pa.
Quaker City Feaeral Savings and Loan Association, Philadelphia, Pa.
Reliance Building and Loan Association, Altoona, Pa.
Reliance Federal Savings and Loan Association, Philadelphia, Pa.
Roxborough-Manayunk Federal Savings and Loan Association, Philadelphia, Pa.
St. Edmond's Building and Loan Association, Philadelphia, Pa.
Third Federal Savings and Loan Association, Philadelphia, Pa.
Troy Hill Federal Savings and Loan Association, Pittsburgh, Pa.
United Federal Savings and Loan Association, Morgantown, W. Va.
*West Philadelphia Federal Savings and Loan Association, Philadelphia, Pa.
West View Building and Loan Association, West View, Pa.
Willow Grove Federal Savings and Loan Association, Willow Grove, Pa.
NO. 4—WINSTON-SALEM
Albermarle Building and Loan Association, Elizabeth City, N. C.
•Atlantic Federal Savings and Loan Association, Baltimore, Md.
* Bartow Federal Savings and Loan Association, Bartow, Fla.
Federal Home Loan Bank Review
Baxley Federal Savings and Loan Association, Baxley, Ga.
Belmont Building and Loan Association, Belmont, N . C.
*Birmingham Federal Savings and Loan Association, Birmingham, Ala.
Bohemian American Building Association, Baltimore, Md.
Brevard Federal Savings and Loan Association, Brevard, N . C.
Citizens Federal Savings and Loan Association, Rome, Ga.
Clewiston Federal Savings and Loan Association, Clewiston, Fla.
Clyde Building and Loan Association, Clyde, N . C.
Community Federal Savings and Loan Association, WinnsDoro, S. C.
Donalsonville Federal Savings and Loan Association, Donalsonville, Ga.
Douglas Feaeral Savings and Loan Association, Douglas, Ga.
First Building and Loan Association, Hickory, N . C.
**First Federal Savings and Loan Association, Andalusia, Ala.
First Federal Savings and Loan Association, Anderson, S. C.
First Federal Savings and Loan Association, Augusta, Ga.
***¥First Federal Savings and Loan Association, Columbus, Ga.
••First Federal Savings and Loan Association, Cordele, Ga.
First Federal Savings and Loan Association, Darlington, S. C.
First Federal Savings and Loan Association, Decatur, Ala.
"First Feaeral Savings and Loan Association, Eustis. Fla.
*First Federal Savings and Loan Association, Forest City, N . C.
* First Federal Savings ana Loan Association, Gastonia, N . C.
First Federal Savings and Loan Association, Greenville, N . C.
First Federal Savings and Loan Association, Hendersonville, N. C.
•First Federal Savings and Loan Association, Huntsville, Ala.
First Federal Savings and Loan Association, Jacksonville, Fla.
First Federal Savings and Loan Association, Jasper, Ala.
First Federal Savings ana Loan Association, Lancaster, S. C.
•First Federal Savings and Loaa Association, Mobile, Ala.
*First Feaeral Savings ana Loan Association, Montgomery, Ala.
First Feaeral Savings and Loan Association, Panama City, Fla.
First Federal Savings and Loan Association, Phenix City, Ala.
First Federal Savings and Loan Association, St. Petersburg, Fla.
First Federal Savings and Loan Association, Sumter, S. C.
First Federal Savings and Loan Association, Valdosta, Ga.
First Federal Savings ana Loan Association, Waycross, Ga.
**First Feaeral Savings ana Loan Association, Winder, Ga.
First State Building and Loan Association, Spartanburg, S. C.
Fitzgerald Federal Savings and Loan Association, Fitzgerald, Ga.
*Fort Hill Federal Savings and Loan Association, Clemsoo, S. C.
Gate City Building and Loan Association, Greensboro, N. C.
*Gwinnett County Building and Loan Association, Bufora, Ga.
*Hamlet Building and Loan Association, Hamlet, N. C.
•**Home Building and Loan Association, Easley, S. C.
*Home Building and Loan Association, LaGrange, Ga.
Home Mutual Building and Loan Association, Washington, D. C.
Irvington Feaeral Savings and Loan Association, Baltimore, Md.
Leeds Federal Savings and Loan Association, Arbutus, Md.
Lexington County Building and Loan Association, West Columbia, S. C.
•Lithuanian Feaeral Savings and Loan Association, Baltimore, Md.
Macon Federal Savings ana Loan Association, Macon, Ga.
Marietta Federal Savings and Loan Association, Marietta, Ga
Marianna Federal Savings and Loan Association, Marianua, Fla.
Marion Federal Savings and Loan Association, Marion, S. C.
Miami Beach Federal Savings and Loan Association, Miami Beach, Fla.
Moultrie Federal Savings and Loan Association, Moultrie, Ga.
Mutual Building and Loan Association, Martinsville, Va.
Peoples Building and Loan Association, York, S. C.
•Peoples Mutual Building and Loan Association, Mount Gilead, N. C.
Perpetual Building and Loan Association, Anderson, S. C.
Raleigh Building and Loan Association, Raleigh, N. C.
•Richmond County Building and Loan Association, Rockingham, N. C.
Riverside Federal Savings and Loan Association, Baltimore, Md.
Security Federal Savings and Loan Association, Columbia, S. C.
•Southern Federal Savings and Loan Association, Atlanta, Ga.
Standard Building and Loan Association, Columbia, S. C.
Stephens Federal Savings and Loan Association, Toccoa, Ga.
*Sun Federal Savings and Loan Association, Baltimore, Md.
**Tifton Federal Savings and Loan Association, Tifton, Ga.
*Weldon Building and Loan Association, Weldon, N. C.
•Wilson Home and Loan Association, Wilson, N. C.
Workmen's Federal Savings and Loan Association, Mount Airy, N. C.
Wyman Park Federal Savings and Loan Association, Baltimore, Md.
NO. 5—CINCINNATI
Allemania Building and Loan Company, Columbus, Ohio
Athens Federal Savings and Loan Association, Athens, Tenn.
Bedford Savings and Loan Company, Bedford, Ohio
April 1943
518144—43-
Bremen Street Loan and Building Company, Cincinnati, Ohio
Brookville Building and Savings Association, Brookville, Ohio
•Buckeye Loan and Building Company, Cincinnati, Ohio
Cedarville Federal Savings and Loan Association, Cedarville, Ohio
Central Building and Loan Company, Lima, Ohio
•Citizens Federal Savings and Loan Association, Dayton, Ohio
••Cookeville Federal Savings and Loan Association, Cookeville, Tenn.
Dyer County Federal Savings and Loan Association, Dyersburg, Tenn.
Equity Savings and Loan Company, Cleveland, Ohio
•Elmwood Place Loan and Building Company, Elmwood Place, Ohio
Fidelity Building Association, Dayton, Ohio
First Federal Savings and Loan Association, Dickson, Tenn.
First Federal Savings and Loan Association, Galion, Ohio
••••First Federal Savings and Loan Association, Greeneville, Tenn.
First Federal Savings and Loan Association, Hopkinsville, Ky.
•First Federal Savings and Loan Association, Lakewood, Ohio
First Federal Savings and Loan Association, Lorain, Ohio
First Federal Savings and Loan Association, Mount Vernon, Ohio
First Federal Savings and Loan Association, St. Bernard, Ohio
First Federal Savings and Loan Association, Van Wert, Ohio
•Fulton Building and Loan Association, Fulton, Ky.
H. B. Smith Building and Loan Company, Fremont, Ohio
Hancock Savings and Loan Company, Findlay, Ohio
Harvest Home Building and Savings Association, Cheviot, Ohio
Hickman Federal Savings and Loan Association, Hickman, Ky.
Home Federal Savings and Loan Association, Knoxville, Tenn.
Home Savings and Loan Association, Dayton, Ohio
Home Savings and Loan Association, Wapakoneta, Ohio
Home Savings and Loan Company, Columbiana, Ohio
Tops in Volume
The 25 member institutions
which reported the largest cumulative sales of
war-savings bonds and stamps during January-February
1948
1 F i r s t Federal Savings a n d L o a n Association, Chicago, 111. $2,124,698
2 F i r s t Federal Savings a n d L o a n Association, N e w Y o i k ,
N. Y
852,916
3. Citizens Federal Savings a n d L o a n Association, D a y t o n ,
Ohio
622,569
4 M i d - C i t y Federal Savings a n d L o a n Association, P h i l a delphia, P a
_ __. __ . __
_____
512, 632
5 E d i s o n Savings a n d L o a n Association, N e w Y o r k , N . Y .
493,075
6. F i r s t Federal Savings a n d L o a n Association, Rochester,
N. Y
_
487,136
7. Old Colony Co-operative B a n k , P r o v i d e n c e , R . I
484,992
8. Peoples Savings Association, Toledo, Ohio
_._ __ __
434,088
9. E q u i t y Savings a n d L o a n C o m p a n y , Cleveland, Ohio___
393,224
10. Bloomfield Savings I n s t i t u t i o n , Bloomfleld, N . J ___ __
387, 636
11. R a i l r o a d m e n ' s F e d e r a l Savings a n d L o a n Association,
Indianapolis, I n d _
_
_
381, 427
12. H a r v e y F e d e r a l Savings a n d L o a n Association, H a r v e y ,
111
375, 731
13. Worcester Co-Operative Federal Savings a n d L o a n Associ343, 968
14. San A n t o n i o B u i l d i n g a n d L o a n Association, San A n t o n i o ,
Tex
337,740
15. M i n n e s o t a F e d e r a l Savings a n d L o a n Association,
306,134
St. P a u l , M i n n
16. W m . H . E v a n s B u i l d i n g a n d L o a n Association, A k r o n ,
Ohio
_ _
296, 767
17. Colonial F e d e r a l Savings a n d L o a n Association, Phila296, 753
delphia, P a
_ _ _ _
_
_
18. Worcester C o u n t y I n s t i t u t i o n for Savings, Woicester,
Mass
_ __
_ _ _
_
286,018
19. I n d e p e n d e n t B u i l d i n g - L o a n Association, S a n Jose, Calif,.
280, 717
20. Acme Savings a n d L o a n Association, M i l w a u k e e , W i s . . .
277, 963
21. S u r e t y B u i l d i n g a n d L o a n Association, S a n Jose, Calif
270, 648
22. W a t e r b u r y Savings B a n k , W a t e r b u r y , Conn_
264,195
23. H o m e F e d e r a l Savings a n d L o a n Association, S a n Diego,
252,833
Calif.
24. F i r s t Federal Savings a n d L o a n Association, M i a m i , Fla__
252, 029
25. T r e n t o n Saving F u n d Society, T r e n t o n , N . J _ .
236, 891
209
Lincoln Federal Savings and Loan Association, Dayton, Ohio
Maury County Federal Savings and Loan Association, Mt. Pleasant, Teim,
McKinley Federal Savings and Loan Association, Niles, Ohio
•Newport Federal Savings and Loan Association, Newport, Tenn.
North Hill Savings and Loan Company, Akron, Ohio
Orol Federal Savings and Loan Association, Lakewood, Ohio
Peoples Savings Association, Toledo, Ohio
•Progress Savings and Loan Company, Cleveland, Ohio
Provident Building and Loan Association, Cleveland, Ohio
* Security Federal Savings and Loan Association, Belief ontaine, Ohio
•Suburban Federal Savings and Loan Association, Covington, Ky.
Tatra Savings and Loan Company, Cleveland, Ohio
Taylor County Federal Savings and Loan Association, Campbellsville, Ky.
Ukrainian Savings Company, Cleveland, Ohio
•Union Building and Loan Company, St. Mary's, Ohio
**Van Wert Federal Savings and Loan Association, Van Wert, Ohio
Warsaw Savings and Loan Association, Cleveland, Ohio
West Jefferson Building and Loan Company, West Jefferson, Ohio
West Side Federal Savings and Loan Association, Hamilton, Ohio
*Wm. H. Evans Building and Loan Association, Akron, Ohio
NO. 6—INDIANAPOLIS
Adrian Federal Savings and Loan Association, Adrian, Mich.
Atkins Savings and Loan Association, Indianapolis, Ind.
Charlotte Federal Savings and Loan Association, Charlotte, Mich.
Dearborn Federal Savings and Loan Association, Dearborn, Mich.
First Federal Savings and Loan Association, Michigan City, Ind.
First Federal Savings and Loan Association, Washington, Ind.
•Griffith Federal Savings and Loan Association, Griffith, Ind.
Industrial Savings and Loan Association of Indiana Harbor, East Chicago, Ind.
*Logansport Building and Loan Association, Logansport, Ind.
Menominee Home and Investment Association, Menominee, Mich.
Monon Building and Loan Association, Monon, Ind.
Mooresville Federal Savings and Loan Association, Mooresville, Ind.
•Mount Clemens Federal Savings and Loan Association, Mount Clemens, Mich.
Ottawa County Building and Loan Association, Holland, Mich.
Peoples Federal Savings and Loan Association, Monroe, Mich.
Peoples Federal Savings and Loan Association, Royal Oak, Mich.
Peoples Loan and Savings Association, Huntington, Ind.
Peoples State Building and Loan Association, Oakland City, Ind.
Port Huron Loan and Bjjilding Association, Port Huron, Mich.
Tell City Federal Savings and Loan Association, Tell City, Ind.
•Twelve Points Savings and Loan Association, Terre Haute, Ind.
NO. 7—CHICAGO
Abingdon Federal Savings and Loan Association, Abingdon, 111.
••Abraham Lincoln Building and Loan Association, Chicago, 111.
•••••••••Acme Savings and Loan Association, Milwaukee, Wis.
Amery Federal Savings and Loan Association, Amery, Wis.
Amity Federal Savings and Loan Association, Chicago, 111.
•Auburn Building and Loan Association, Auburn, 111.
Avondale Building and Loan Association, Chicago, 111.
••Black Hawk Federal Savings and Loan Association, Rock Island, 111.
Bushnell Federal Savings and Loan Association, Bushnell, 111.
Chicago Savings and Loan Association, Chicago, 111.
••Citizens Building and Loan Association, Peoria, 111.
•City Savings and Loan Association, Chicago, 111.
Clintonville Federal Savings and Loan Association, Clintonville, Wis.
Clyde Savings and Loan Association, Cicero, 111.
Columbus Savings and Loan Association, Chicago, 111.
Community Building and Loan Association, Milwaukee, Wis.
•Concord Savings and Loan Association, Chicago, 111.
Continental Savings and Loan Association, Chicago, 111.
Cook County Federal Savings and Loan Association, Chicago, 111.
Cragin Savings and Loan Association, Chicago, 111.
Damen Savings and Loan Association, Chicago, 111.
DePere Federal Savings and Loan Association, DePere, Wis.
Des Plaines State Building and Loan Association, Des Plaines, 111.
Dundee Federal Savings and Loan Association, Dundee, 111.
East Side Federal Savings and Loan Association, Milwaukee, Wis.
Fairfield Savings and Loan Association, Chicago, 111.
•••First Calumet City Savings and Loan Association, Calumet City, 111.
•••First Federal Savings and Loan Association, Chicago, 111.
First Federal Savings and Loan Association, Des Plaines, 111.
•First Federal Savings and Loan Association, Streator, 111.
Gage Park Savings and Loan Association, Chicago, 111.
General Sowinski Building and Loan Association, Cicero, 111.
210
Grand Crossing Savings and Building Loan Association, Chicago, 111,
Guaranty Savings and Loan Association, Chicago, 111.
******************2jaj|er g a v m g S a n c j L o a n Association, Chicago, 111.
**Harvey Federal Savings and Loan Association, Harvey, 111.
Hemlock Savings and Loan Association, Chicago, 111.
**Illinois Federal Savings and Loan Association, Chicago, 111.
Investors Savings and Loan Association. Chicago, 111.
****Jugoslav Savings and Loan Association, Chicago, 111.
Keistuto Savings and Loan Association, Chicago, 111.
King Zygmunt the First Building and Loan Association, Chicago, HI.
Kinnickinnic Federal Savings and Loan Association, Milwaukee, Wis.
Lawndale Savings and Loan Association, Chicago, 111.
Lawn Manor Building and Loan Association, Chicago, 111.
Liberty Savings and Loan Association, Chicago, 111.
Libertyville Federal Savings and Loan Association, Libertyville, 111.
Lombard Building and Loan Association of DuPage County, Lombard, 111.
***Merchants and Mechanics Building and Loan Association, Springfield, 111.
Merrill Federal Savings and Loan Association, Merrill, Wis.
Milford Building and Loan Association, Milford, 111.
Mt. Vernon Loan and Building Association, Mt. Vernon, 111.
Naperville Building and Loan Association, Naperville, 111.
•Narodni Savings and Loan Association, Chicago, 111.
National Savings and Loan Association, Chicago, 111.
New City Savings and Loan Association, Chicago, 111.
New London Savings and Loan Association, New London, Wis.
North Side Federal Savings and Loan Association, Chicago, 111.
North West Federal Savings and Loan Association, Chicago, 111.
**Northwestern Bohemian Building and Loan Association, Chicago, 111.
Northwestern Savings and Loan Association, Chicago, 111.
Ogden Federal Savings and Loan Association, Berwyn, 111.
Olympic Savings and Loan Association, Berwyn, 111.
Park Ridge Federal Savings and Loan Association, Park Ridge, 111.
Peoples Federal Savings and Loan Association, Peoria, 111.
Prairie State Savings and Loan Association, Chicago, 111.
Public Savings and Loan Association, Chicago, 111.
Reliance Building and Loan Association, Milwaukee, Wis.
•Richland Center Federal Savings and Loan Association, Richland Center, Wis.
•Security Federal Savings and Loan Association, Chicago, 111.
St. Anthony Savings and Loan Association, Cicero, 111.
*****Sturgeon Bay Building and Loan Association, Sturgeon Bay, Wis.
Tabor Savings and Loan Association, Chicago, 111.
Talman Federal Savings and Loan Association, Chicago, 111.
•Universal Savings and Loan Association, Chicago, 111.
•Uptown Federal Savings and Loan Association, Chicago, 111.
Valentine Federal Savings and Loan Association, Cicero, 111.
West Highland Savings and Loan Association, Chicago, 111.
NO. 8—DES MOINES
•Albert Lea Building and Loan Association, Albert Lea, Minn.
Burlington Federal Savings and Loan Association, Burlington, Iowa
Butler Building and Loan Association, Butler, Mo.
Central Savings and Loan Association, Chariton, Iowa
Dubuque Building and Loan Association, Dubuque, Iowa
First Federal Savings and Loan Association, Fargo, N. Dak.
••First Federal Savings and Loan Association, Jamestown, N. Dak.
•First Federal Savings and Loan Association, Rock Rapids, Iowa
•Home Building and Loan Association, Fort Dodge, Iowa
Home Building and Loan Association, Joplin, Mo.
Home Building and Loan. Association, Marion, Iowa
•Independence Savings and Loan Association, Independence, Mo.
Macon Building and Loan Association, Macon, Mo.
•••Mandan Building and Loan Association, Mandan, N. Dak.
•Minot Federal Savings jand Loan Association, Minot, N. Dak.
••Owantonna Federal Savings and Loan Association, Owantonna, Minn.
•Perry Federal Savings and Loan Association, Perry, Iowa
••Postal Employees Building Loan and Savings Association, St. Louis, Mo.
Public Service Company's Savings and Loan Association, Kansas City, Mo.
Red Oak Building and Savings Association, Red Oak, Iowa
Sentinel Federal Savings and Loan Association, Kansas City, Mo.
•St. Joseph Savings and Loan Association, St. Joseph, Mo.
Standard Federal Savings and Loan Association, Kansas City, Mo.
NO. 9—LITTLE ROCK
•Amory Federal Savings and Loan Association, Amory, Miss.
Arkadelphia Federal Savings and Loan Association, Arkadelphia, Ark.
••••Atlanta Federal Savings and Loan Association, Atlanta, Tex.
Federal Home Loan Bank Review
••Batesville Federal Savings and Loan Association, Batesville, Ark,
Clay County Federal Savings and Loan Association, West Point, Miss.
* Coast Federal Savings and Loan Association, Gulfport, Miss.
****Colorado Federal Savings and Loan Association, Colorado, Tex.
Commerce Federal Savings and Loan Association, Commerce, Tex,
Continental Building and Loan Association, New Orleans, La.
•Corsicana Federal Savings and Loan Association, Corsicana, Tex.
Dalhart Federal Savings and Loan Association, Dalhart, Tex.
Dallas Federal Savings and Loan Association, Dallas, Tex.
Davy Crockett Federal Savings and Loan Association, Crockett, Tex.
*Delta Federal Savings and Loan Association, Greenville, Miss.
*******Deming Federal Saving and Loan Association, Deming, N. Mex.
•••••Electra Federal Savings and Loan Association, Electra, Tex.
El Paso Federal Savings and Loan Association, El Paso, Tex.
*Equitable Building and Loan Association, Roswell, N. Mex.
Fayetteville Building and Loan Association, Fayetteville, Ark.
Fifth District Homestead Society, New Orleans, La.
* First Federal Savings and Loan Association, Beaumount, Tex.
*****First Federal Savings and Loan Association, Belzoni, Miss.
* First Federal Savings and Loan Association, Big Spring, Tex.
First Federal Savings and Loan Association, Biloxi, Miss.
First Federal Savings and Loan Association, Canton, Miss.
First Federal Savings and Loan Association, Clarksdale, Miss.
First Federal Savings and Loan Association, Corinth, Miss.
First Federal Savings and Loan Association, Corpus Christi, Tex.
First Federal Savings and Loan Association, Fort Smith, Ark.
•First Federal Savings and Loan Association, Helena, Ark.
First Federal Savings and Loan Association, Hot Springs, Ark.
First Federal Savings and Loan Association, Laredo, Tex.
First Federal Savings and Loan Association, Las Vegas, N. Mex.
First Federal Savings and Loan Association, Little Rock, Ark.
First Federal Savings and Loan Association, Lubbock, Tex.
First Federal Savings and Loan Association, Luling, Tex.
First Federal Savings and Loan Association, Rogers, Tex.
First Federal Savings and Loan Association, Shreveport, La.
First Federal Savings and Loan Association, Starkville, Miss.
* First Federal Savings and Loan Association, Waco, Tex.
First Federal Savings and Loan Association, Wichita Falls, Tex.
Greater New Orleans Homestead Association, New Orleans, La.
Guaranty Savings and Homestead Association, New Orleans, La.
Harrison Federal Savings and Loan Association, Harrison, Ark.
Hill Country Federal Savings and Loan Association, Kerrville, Tex.
Home Building and Loan Association, Lafayette, La.
Houston First Federal Savings and Loan Association, Houston, Tex.
*Inter-City Federal Savings and Loan Association, Louisville, Miss.
Jennings Federal Savings and Loan Association, Jennings, La.
Kosciusko Building and Loan Association, Kosciusko, Miss.
Mineral Wells Building and Loan Association, Mineral Wells, Tex.
Mississippi Building and Loan Association, Vicksburg, Miss.
•Morrilton Federal Savings and Loan Association, Morrilton, Ark.
Mutual Building and Loan Company, Austin, Tex.
*Mutual Building and Loan Association, Las Cruces, N. Mex.
*Nashville Federal Savings and Loan Association, Nashville, Ark.
*Natchez Building and Loan Association, Natchez, Miss.
Navasota Federal Savings and Loan Association, Navasota, Tex.
******Piggott Federal Savings and Loan Association,,Piggott, Ark.
Pioneer Building and Loan Association, Waco, Tex.
*Pocahontas Federal Savings and Loan Association, Pocahontas, Ark.
•Ponchatoula Homestead Association, Ponchatoula, La.
*******QUanah Federal Savings and Loan Association', Quanah, Tex.
•Riceland Federal Savings and Loan Association, Stuttgart, Ark.
••Roswell Building and Loan Association, Roswell, N . Mex.
*San Antonio Building and Loan Association, San Antonio, Tex.
**Searcy Federal Savings and Loan Association, Searcfy, Ark.
Security Federal Savings and Loan Association, Pampa, Tex.
Slidell Savings and Homestead Association, Slidell, La.
Taylor Building and Loan Association, Taylor, Tex.
Teche Federal Savings and Loan Association, Franklin, La.
"Travis Building and Loan Association, San Antonio, Tex.
Union Federal Savings and Loan Association, Baton Rouge, La,
Valley Federal Savings and Loan Association, McAllen, Tex.
NO. 10—TOPEKA
Bonner Springs Building and Loan Association, Bonner Springs, Kans.
Capitol Federal Savings and Loan Association, Topeka, Kans.
Citizens' Federal Savings and Loan Association, Sand Springs, Okla,
Citizens Federal Savings and Loan Association, Wichita, Kans.
April 1943
*Columbia Building and Loan Association, Emporia, Kans.
•Dodge City Savings and Loan Association, Dodge City, Kans.
Equitable Building and Loan Association, Fremont, Nebr.
Erie Building and Loan Association, Erie, Kans.
First Federal Savings and Loan Association, Beloit, Kans.
First Federal Savings and Loan Association, Englewood, Colo.
First Federal Savings and Loan Association, La Junta, Colo.
First Federal Savings and Loan Association, Lincoln, Nebr.
First Federal Savings and Loan Association, WaKeeney, Kans.
**********First Federal Savings and Loan Association of Sumner County, Wellington, Kans.
Garnett Savings and Loan Association, Garnett, Kans.
•Hays Building and Loan Association, Hays, Kans.
*Home Federal Savings and Loan Association, Ada. Okla.
Horton Building, Loan and Savings Association, Horton, Kans.
Lyons Building and Loan Association, Lyons, Kans.
McCurtain County Building and Loan Association, Idabel, Okla.
Mesa Federal Savings and Loan Association, Grand Junction, Colo.
Miami Building and Loan Association, Miami, Okla.
Peoples Building and Loan Association, Marysville, Kans.
Peoples Federal Savings and Loan Association, Ardmore, Okla.
•Peoples Federal Savings and Loan Association, Tulsa, Okla.
San Luis Valley Federal Savings and Loan Association, Alamosa, Colo.
*Schuyler Federal Savings and Loan Association, Schuyler, Nebr.
Security Building and Loan Association, Iola, Kans.
Sumner County Building and Loan Association, Wellington, Kans.
Wayne Federal Savings and Loan Association, Wrayne, Nebr.
NO. 11—PORTLAND
Auburn Federal Savings and Loan Association, Auburn, Wash.
*Bellingham First Federal Savings and Loan Association, Bellingham, Wash.
Cheyenne Federal Savings and Loan Association, Cheyenne, Wyo.
Commercial Savings and Loan Association, Kelso, Wash.
*Deer Lodge Federal Savings and Loan Association, Deer Lodge, Mont.
First Federal Savings and Loan Association, Billings, Mont.
First Federal Savings and Loan Association, Idaho Falls, Idaho
First Federal Savings and Loan Association, Klamath Falls, Oreg.
First Federal Savings and Loan Association, Lewiston, Idaho.
First Federal Savings and Loan Association, Pendleton, Oreg.
•First Federal Savings and Loan Association, Sheridan, Wyo.
First Federal Savings and Loan Association, Spokane, Wash.
•••First Federal Savings and Loan Association, The Dalles, Oreg.
Guaranty Federal Savings and Loan Association, Pocatello, Idaho
Hoquiam Savings and Loan Association, Hoquiam, Wash.
Liberty Savings and Loan Association, Yakima, Wash.
Polk County Federal Savings and Loan Association, Dallas, Oreg.
Port Angeles Savings and Loan Association, Port Angeles, Wash.
Prudential Savings and Loan Association, Seattle, Wash.
Raymond Federal Savings and Loan Association, Raymond, Wash.
Wenatchee Federal Savings and Loan Association, Wenatchee, Wash.
NO. 12—LOS ANGELES
••Central Federal Savings and Loan Association, San Diego, Calif.
Century Federal Savings and Loan Association, Santa Monica, Calif.
Chula Vista Building-Loan Association, Chula Vista, Calif.
Compton Federal Savings and Loan Association, Compton, Calif.
Coronado Federal Savings and Loan Association, Coronado, Calif.
•Escondido Federal Savings and Loan Association, Escondido, Calif.
First Federal Savings and Loan Association of Hawaii, Honolulu, T. II.
•First Federal Savings and Loan Association, Huntington Park, Calif.
First Federal Savings and Loan Association, San Jose, Calif.
First Federal Savings and Loan Association, Santa Barbara, Calif.
Glendale Federal Savings and Loan Association, Glendale, Calif.
Hollywood Building and Loan Association, Hollywood, Calif.
Home Building and Loan Association, Los Angeles, Calif.
••Home Federal Savings and Loan Association, San Diego, Calif.
•Independent Building-Loan Association, San Jose, Calif.
Inglewood Federal Savings and Loan Association, Inglewood, Calif.
International Building and Loan Association, Ltd., Honolulu, T. H.
Laguna Federal Savings and Loan Association, Laguna Beach, Calif.
La Jolla Federal Savings and Loan Association, La Jolla, Calif.
•Liberty Building-Loan Association, Los Angeles, Calif.
•Oceanside Federal Savings and Loan Association, Oceanside, Calif.
Santa Maria Guarantee Building and Loan Association, Santa Maria, Calif.
•Sausalito Mutual Loan Association, Sausalito, Calif.
•Surety Building and Loan Association, San Jose, Calif.
2II
RESIDENTIAL BUILDING ACTIVITY AND SELECTED INFLUENCING FACTORS
1935-1939= 100
BY YEARS
BY MONTHS
INDEX
260
240
\*~
220
120
180
( F E D E R A L HOME LOAN BANK ADMIN.)
( U . S. DEPT OF L A B O R RECORDS)
j
A
\
r
/
/
•\
>\
f
/
7 T > f c " J V U J . CV L U M I V
UCIVU.
f \ ( F E D E R A L HOME LOAN BANK ADMIN.)
.^.
>^
100
80
220
PRIVATE CONSTRUCTION-
180
140
240
| a 2 FAMILY DWELLING UNITS
200
200
160
260
ADJUSTED FOR SEASONAL VARIATION
J
I
!
!
I
'
i ^PRIVATE
CONSTRUCTION
\ ^\
^t
160
/
SV6S. a LOAN LEND,
s
140
1\
/
r
**-/
120
/'
100
tr'Jr
\
60
\
80
S
v
y i
N.
x.
60
..-'*
mm
40
\
NONFARM
FORECLOSURES^
40
( F E D E R A L HOME LOAN BANK ADMIN.)
20
20
i i l i i l i i l i i I i i i i i
I i I i I I I I I I 1 I I I I I
0
140
BUILDING MATERIAL PRICES
- /
120
-4rJ
100
RENTS' *—]
80
1 !
^r
1 1 _i_L
1 1 1 1 1 1
1 1
1 1 1 1 1 1
Ah
60
240
ADJUSTED FOR SEASONAL VARIATION
220
INDUSTRIAL
200
PRODUCTION^
180
160
^INCOME
140
PAYMENTS
120
100
80
1930 '31
NDEX
140
'32 '33 '34
'35 '36
'37
'38
COST OF STANDARD SIX-ROOM HOUSE
'39
1 A 1 1 I I 1- I I 1 I I 1 I I 1 I I 1 I I 1 I I I I I 1 I I 1 I I
1941
1942
1943
'40 '41
WHOLESALE COMMODITY PRICES
220
150
j
130
120
y
J
MILLIONS F. H.L.B. ADVANCES OUTSTANDING
1935-19 3 9 = 1 0 0
1935-19 3 9 = 1 0 0
LABOR -v
^^S
i
LUMBER^
•AL
200
140
jrlS
180
\
130
j?
BUILDIN 6
MATERIAL^
*•*
^MATERIAL
120
160
f
)4I
*N
140
it ••
M i n i
212
AF 60
..••*'
110
!
n l i . l i . l l .
100
y'
m
^ALL
INDUS TRIAL
.J
*'"
t * ^
^. /
J
>
943
120
y
mTTvftV'T
^.,
/ • '
42
Mini
i i.11 l 1 I I 1 l l
V
A
I. MAR. APR. MAY JUN. JUL. AUG. SER OCT NOV. DEC.
Federal Home Loan Bank Review
«
«
«
ONTHLY
SURVEY
»
»
»
HIGHLIGHTS
The volume of residential construction in urban areas during February showed a drop of one-fourth from the previous month.
A. Private construction registered a slight gain, exclusively in single-family units.
B. Publicly financed residential construction dropped 39 percent from the previous month's record volume.
Mortgage-lending
activity of savings and loan associations was up 10 percent from January—o sizable increase over the seasonal
expectation of a 4-percent rise.
A. This gain was due largely to the good showing made by home-purchase loans which were up 19 percent from January and 16
percent from February 1942.
B. The total volume of new loans was nearly 18 percent below the level of last year.
Nonfarm-mortgage recordings of $20,000
or less dropped to the lowest level for any month since February
A. The total volume of recordings was $220,000,000—4
percent below the January figure.
B. Savings and loan associations were the only type of lender to show a better than average
IV. Generally
favorable
conditions in the real-estate
1939.
picture.
market were indicated by a further decline in foreclosure
activity.
V. Private savings continued to accumulate in greater volume although the sale of war bonds was below the January record.
A. The net growth in private share capital of insured savings and loan associations was
$38,000,000.
B. New private investments in insured institutions were $20,000,000
higher than in February of last year, while repurchases wete
$5,000,000
less,- as a result, the repurchase ratio was only 57 percent compared with 88 percent in 1942.
SUMMARY
February witnessed continued accumulation of
private savings, not only in war bonds, but also in
private institutions. Over $564,000,000 of Series E
war bonds were sold during the month, after allowance for redemptions. This represented a reduction
from January, but was 45 percent more than in
February 1942. Insured savings and loan associations, for which the most complete information is
available, reported a growth of nearly $38,000,000
in private share capital during February and
$468,500,000 during the past year.
Due to the influx of capital, which is being received
as individual incomes continue to increase, many
investment problems now confront the management
of financial institutions. Activity in the mortgagefinancing field, which has provided one of the principal investment channels for long-term funds, has
receded nearly to the levels of 1939, and available
data indicate that total home-mortgage holdings will
probably be reduced during 1943.
Mortgages of $20,000 or less recorded by all classes
of lenders dropped 4 percent in February to
$220,000,000—a figure one-fourth less than in the
same month of 1942 and 1941. Each class of financial
institution reported reductions of 23 percent or
more from these periods while recordings of individuals were down only 7 percent from a year ago,
and were 5 percent under February 1941. Declining
construction lending has been the principal cause of
the lowered total activity.
April 1943
That financial institutions are investing a large
portion of their savings in Government securities,
is demonstrated by the experience of insured
savings and loan associations which increased their
Goverment-bond holdings by more than 300 percent during 1942. Other amounts have been used
by these institutions to retire their indebtedness
#and shareholdings of the U. S. Treasury and HOLC.
Residential construction declined in February,
due chiefly to the sharp drop in publicly financed
projects from the all-time peak of January. Privately financed construction of multi-family dwellings also decreased; 1- and 2-family dwellings, on
the other hand, increased much in excess of normal
seasonal expectations but were still at only one-third
the February 1942 level. Foreclosures again dropped
to a new low since the mid-1920's. Building material
prices remained relatively unchanged, while construction labor costs advanced in February.
[1935-1939=100]
T y p e of index
H o m e construction (private) l
Foreclosures (nonfarm) l
R e n t a l index ( B L S )
.
B u i l d i n g m a t e r i a l prices,__
Savings a n d loan lending l _
Industrial production i
Manufacturing e m p l o y m e n t l
Income payments J _ _
.
_
__
Feb.
1943
Jan.
1943
Percent
change
Feb.
1942
56.5
18.8
108.0
123.1
123.7
P203.0
P170. 8
200.8
49.0
21.0
108.0
122.6
118.1
' 199.0
'171.4
r
196. 2
+15:3
-10.5
0.0
+0.4
+4.7
+2.0
-0.4
+2.3
184.5
30.9
108.6
122. 9
149.9
172.0
145.9
157.4
Percent
change
-69.4
-39.2
—0. 6
+0.2
— 17.5
+18.0
+17.1
+27.6
p preliminary r revised
1
Adjusted for normal seasonal variation.
2I3
BUSINESS CONDITIONS—I ncomes
and prices continue to rise
The war-time trend toward higher levels of income
and living cost for the American public was unabated
during recent months.
The cost of living continued the slow, steady upward movement that had been evident over an
extended period and by the end of February reached
120.9, according to the Department of Labor's index
based on the average month of 1935-1939. In January the corresponding figure was 120.6 and in February 1942 it was only 112.9.
This rise was accompanied by a similar increase in
income payments, with the seasonally adjusted index
for February up 2.3 percent from the preceding
month and 27.6 percent from February of last year.
Neither the combined efforts of Government and
business to control inflation nor the prospect of
record-breaking tax payments has succeeded fully in
reversing the upward trend of consumers' spending
as evidenced by the continuing gain in the volume
of department store sales. The Federal Reserve
Board's adjusted index for February showed an
increase of 17 percent from January and was onethird higher than a year ago.
The total volume of money in circulation on
February 28 had passed the 16-billion-dollar mark
for the first time in the country's history. This
represented a monthly gain of almost $500,000,000
and a per-capita increase from $115.80 in January
to $118.97 in February.
Increased consumers' incomes are having their
effect on the collection experience of credit agencies.
Collections on accounts receivable, as reported in a
joint survey by the Bureau of the Census and the
National Association of Credit Men, were up 20 percent, reflecting a collection ratio of 95 for February
1943 compared with 79 in the same month last year.
Wholesale prices of all commodities, still influenced in major part by rises in farm products and
food prices, advanced 6 percent in February from
the same month of last year. Whereas farm prices
rose 17 percent and food prices moved 12 percent
upward during the year, all other commodities
combined were but 1 percent higher.
BUILDING ACTIVITY-Private
construction shows slight increase
The total volume of residential construction in
urban areas during February dropped more than
one-fourth from the January figure despite a slight
214
increase in private construction. There was a sharp
decrease in privately financed multi-family construction and a slight decline in the number of 2-family
dwellings built during February. However, singlefamily dwellings were increased by nearly 1,000
units from January—more than enough to offset the
reduction of 800 reported for other privately built
residential classes during February.
The number of 1- and 2-family dwellings increased
17 percent during the month, greatly exceeding the
2-percent rise usually expected at that time of year;
as a result, the seasonally adjusted index rose 15
percent but is still 43.5 percent lower than the*
1935-1939 base period.
Publicly financed residential construction, which
reached an all-time high in January of this year,
declined 39 percent in February and was 21 percent
less than in the corresponding month of 1942. Despite this reversal, almost two-thirds of all urban
residential construction during February 1943 was
provided by public funds. [TABLES 1 and 2.]
NEW RESIDENTIAL CONSTRUCTION IN ALL URBAN AREAS
PERMITS ISSUED FOR PUBLICLY AND PRIVATELY FINANCED DWELLING UNITS
THOUSANDS OF
DWE .LING-Uf JITS
35
•\
1
\
30
1 1
^-PRIVATE
land2
FAMILY
25
20
15
10
/
5
,'V,
t\A
ALL PUBLI
v\
PRIVAT : MULT -FAM.^f
3EC
1
MAR.
JUN.
1941
SEP
,
^/
C
V\
/\
, *•#,i
DEC.
rK
h
1
1
,
.V s 1
i 1 i 1* 1 i i 1 V ' T ' T T ' t
MAR.
JUN.
SEf?
DEC.
1 1
MAR.
1942
JUN.
SEP
DEC.
1943
B U I L D I N G COSTS—Higher labor
charges main factor in rise
The total cost of building the standard 6-room
frame house rose 0.6 percent during February, placing the index at 125.5 (1935-1939 = 100). Labor
charges were the principal factor, having exceeded last
month's level by 1.2 percent. Material prices showed
a considerably smaller gain (0.3 percent). In comparison with costs in February 1942, labor rates have
risen 6 percent while building material advanced only
2 percent. The over-all cost has increased 3.5 percent from February 1942.
Changes in the total cost figures for individual
cities during the period from December to March
Federal Home Loan Bank Review
were varied. Fourteen of the 25 cities indicated
increases, five cities registered declines, and six
showed no change from the previous quarter.
The cost of wholesale building materials, as reported by the Department of Labor on a 1935-1939
base, showed only a fractional increase. In February
the index reached 123.1 compared with 122.6 in
January and 122.9 in February of last year. Lumber
was the only commodity that showed as much as 1
percent advance in cost. [TABLES 3, 4, and 5.]
TOTAL LOANS MADE BY ALL SAVINGS AND LOAN ASSOCIATIONS
UNITED STATES-BY TYPE OF ASSOCIATION
BY
MONTHS
Construction costs for the standard house
[Average month of 1935T1939=100]
E l e m e n t of cost
Feb.
1943
J a n . Percent
1943 change
F e b . Percent
1942 change
_
121. 9 121. 5
132. 5 130.9
+ 0. 3 119. 3
+ 1-2 125. 0
+ 2. 2
+ 6.0
Total
125. 5 124. 7
+ 0. 6 121. 2
+ 3. 5
Material
Labor
CUMULATIVE AS OF FEB. 28, EACH YEAR
M O R T G A G E LENDING—Greater
activity apparent in February
A 10-percent increase was noted in the lending
activity of savings and loan associations from January to February. This rise was in excess of the
4-percent advance usually experienced during this
interval. The $63,300,000 loaned in February was,
however, nearly 18 percent under the same month of
last year.
Continuing the downward trend observed since
the restrictions on building activity came into effect,
the volume of construction loans was curtailed 36
percent from January to a new low level of $4,600,000
in February—less than one-fourth of the amount
loaned for home building in February 1942. In the
current month, only $7 of each $100 loaned by savings and loan associations was used for financing
1941
1942
1943
FEDERALS
1941
1942
1943
STATE'CHARTERED MEMBERS
1941
1942
1943
NONMEMBERS
new home construction, as compared with $27 per
$100 in February 1942, and $32 during the same
month of 1941.
Home-purchase loans have constituted the only
class to show sustained volumes throughout the war
emergency. Rising 19 percent from the previous
month's level, the total of such loans reached
$39,100,000 in February, or 16 percent more than in
the same 1942 month. During February of this
year $62 of every $100 in new loans was advanced for
the purchase of homes, whereas in the corresponding
months of 1942 and 1941, this ratio was $44 and $37,
respectively. [TABLES 6 and 7.]
New mortgage loans distributed by purpose
MORTGAGE RECORDINGS-Volume
[Amounts are shown in thousands of dollars]
continues to drop
Purpose
Construction
H o m e purchase..
Refinancing
Reconditioning
Other purposes
Total
April 1943
Feb.
1943
Jan.
1943
Percent
change
Feb.
1942
Percent "
change
$4, 594 $7, 173 - 3 6 . 0 $20, 799 - 7 7 . 9
39, 084 32, 820 + 1 9 . 1 33, 769 + 1 5 . 7
12, 510 11, 408 + 9. 7 12, 325 + 1.5
1,667 + 17.2 3, 138 - 3 7 . 8
1,953
5, 183 4,788 + 8.2 6,725 - 2 2 . 9
63, 324 57, 856 + 9. 5 76, 756 - 1 7 . 5
Continuing the downward trend noted for the
past year, the volume of mortgages filed for public
record receded still further in February. Recordings
of nonfarm mortgages of $20,000 or less amounted
to $220,000,000, or $8,000,000 less than in January.
This 4-percent reduction, which was largely seasonal
in character, brought mortgage financing activity
to the lowest level for any month since February
1939.
2I5
Mo rtgage recordings by type of mortgagee
[Amounts are shown in thousands of dollars]
T y p e of lender
Savings a n d loan associations
__
Insurance companies
Banks, t r u s t companies
M u t u a l savings banks
Individuals
Others
Total
PerPerCumuPercent
cent cent
lative
of
change
of
recordFeb.
from
total
ings
(2
1943
Jan.
record1943 a m o u n t months) ings
+ 3. 1
-9. 2
-9.0
-1.9
-1. 4
-9.2
-3.7
30. 5 $131,
8.2
37,
20. 1 92,
3. 6 15,
22. 7 100,
69,
14.9
873
964
913
940
437
038
29. 4
8. 5
20. 7
3. 6
22.4
15. 4
100. 0 448, 165 100. 0
Savings and loan associations were the only
institutions not participating in the decline. Mortgage recordings for this type of lender increased
about 3 percent while all other types of lenders
registered decreases ranging from 1 percent for
individuals and 2 percent for mutual savings banks,
to about 9 percent for the remaining lenders.
The dollar value of nonfarm mortgages recorded
in February of this year was 26 percent less than in
the same month of 1942, with all classes of lenders
reporting decreases. Commercial banks and insurance companies showed the greatest loss-—37
percent—and individual lenders the least—7 percent. Mutual savings banks, savings and loan
associations, ai?d other mortgagees registered declines from February 1942 approximating the average
reduction for all lenders.
Savings and loan associations accounted for a
little more than 30 percent of the volume of mortgages recorded in February 1943 as compared with
29 percent in the same month of 1942. Relative
participation by mutual savings banks increased
from 3 to 4 percent, while that of individual lenders
rose from 18 percent in 1942 to 23 percent in 1943.
The remaining classes of lenders sustained reductions
in relative participation from a year ago. [n
February 1943, commercial banks, other mortgagees,
and insurance companies recorded 20 percent, 15
percent, and 8 percent, respectively, of the total
volume.
[TABLES 8 and
9.]
FORECLOSURES—Decline
exceeds seasonal expectations
February—usually a month of low foreclosure
activity—showed a drop even below normal ex216
pectations. The 2,210 foreclosure cases in February
represented a 15.5 percent decrease from January
in contrast to the 5.6-percent seasonal drop usually
expected. The adjusted foreclosure index now
stands at 18.8 percent, or approximately 81 percent
below the 1935-1939 base period, and 39 percent
below February of last year.
Most sections of the country shared in this decline.
Exceptions to the general downward movement
were the increased number of foreclosures in the
Indianapolis and Des Moines Federal Home Loan
Bank Districts, up 22 percent and 18 percent,
respectively, with 16 scattered States showing increased activity from January.
The national trend of foreclosures on nonfarm
real estate has been strikingly regular and smooth.
From the peak reached during the middle of 1933,
the rate of foreclosures has consistently declined
with but small monthly reversals. Although the
rate now shows no indication of leveling off, this
will inevitably occur since a minimum volume of
foreclosures may be expected even under the most
favorable
circumstances.
[TABLE
10.]
FHLB S Y S T E M — A d v a n c e s
reach 7-year low
The continuing effect of war-time conditions on
the lending activity of the Federal Home Loan Banks
brought the total of advances outstanding on February 28 to $95,624,000—the lowest point since November 1935. This represents a drop of $123,823,000
from the all-time high registered a year ago and is
$17,775,678 below the January figure.
The Des Moines Bank reported the same amount
of advances made during February as in the previous
month; all other Banks registered decreases in this
respect, with the Boston District having made no
new advances during February. Total advances
made by all F H L Banks in that month—$1,240,000—
were the lowest reported since the first month of
operation (December 1932).
Repayments received during February showed an
increase of $5,523,000 over the same month last year.
However, all Banks except New York reported lower
repayments in February than in January. The
total, $19,015,000, represented a decrease of $8,605,699 from the previous month.
D E B E N T U R E ISSUES
On March 17 the Federal Home Loan Banks sold
by allotment a new issue of consolidated debentures—
Series N—$35,000,000 at % of 1 percent. This issue
Federal Home Loan Bank Review
was dated April 1, 1943 and will mature on October 1,
1943.
This flotation replaces two other issues which matured and were retired on April 1: Series D, $23,500,000 at 2 percent; and Series M, $13,500,000 at onehalf of 1 percent. These operations bring the total
of debentures now outstanding to $35,000,000.
[TABLE
12.]
INSURED ASSOCIATIONS-Shore
capital shows further increase
Outstanding mortgage loans of insured savings
and loan associations increased slightly in February.
This fractional gain, however, was due entirely to
mortgages on the books of newly insured institutions;
otherwise, new loans again failed to equal repayments on mortgage balances. Since October of last
year each month has registered either a reduction or
an extremely small increase in mortgages held.
New share capital continued to be received in
volumes greater than a year ago, while repurchases
have remained below 1942 levels so far this year. In
February 1942, repurchases absorbed $88 of each
$100 received whereas only $57 per $100 was withdrawn during the current month. As a result, the
balance of private repurchasable capital advanced
to $3,069,000,000—a figure $468,500,000 higher than
in February 1942.
The fact that the dollar growth in share capital
reached a volume four and one-half times that of
mortgage holdings during the past 12 months has
created many management problems in savings and
loan associations. Large purchases of Government
bonds have been made, thus utilizing these excess
funds to assist in the prosecution of the War, while
Federal Home Loan Bank advances were reduced to
less than one-half the amount outstanding in February 1942. During the past year the amount of
Treasury and HOLC investments in insured instituProgress in number and assets of Federals
[Amounts are shown in thousands of dollars]
Number
Approximate assets
Class of association
Feb. 28, J a n . 3 1 , Feb. 28,
1943
1943
1943
N e w ._ _
Converted
Total _
April 1943
J a n . 31,
1943
641
827
641 $723, 378 $718, 038
826 1, 555, 461 1, 546, 779
1,468
1,467 2, 278, 839 2, 264, 817
tions has been reduced by more than one-third,
chiefly through voluntary retirement on the part of
the individual institutions.
FEDERAL SAVINGS AND LOAN ASSOCIATIONS
Total resources of Federal associations increased
$14,000,000 in February to a total of $2,279,000,000
at the close of the month. However, this rise failed
to compensate for the $35,000,000 reduction in
assets which was sustained in January principally
as a result of net repayments of $12,000,000 in Bank
advances, and of the retirement of more than $18,000,000 of Government share capital during that
month. At the end of February, 1,468 Federals
were in operation. [TABLE 15.]
Trends in Share Capital
(Continued from p. 206)
of Columbia experienced higher ratios as compared
with 1941. Four of the Bank Districts (Little Rock,
Winston-Salem, Boston, and Topeka) report increases of well over 20 percent. In the other regions,
repurchase ratios show more moderate changes
during 1942.
On the whole, the behavior of repurchase ratios
does not fall into a clear-cut regional pattern. However, the current study does indicate that most of the
substantial increases in the ratio of repurchases to
new investments occurred in the southern and southeastern States.
USE
OF SHARE
CAPITAL STUDY
MANAGEMENT
BY ASSOCIATION
Like most statistical studies of savings and loan
operations, the data discussed in this article are
valuable primarily as a gauge for the use of managers
and directors in evaluating results of their own
operations. The accompanying information on a
national, regional, and state basis should be of some
assistance to local associations in comparing their
own record with that of similar institutions in the
same locality. Particularly at a time when the
entire economy is subject primarily to the demands
of total war, it is important for management to keep
a close watch on the trends in share-capital accounts.
For example, the rate of capital turnover and the
relationship of repurchases to new investments have
a direct bearing on liquidity policies. The cash and
liquid investment position of an association should
be geared as closely as possible to any basic changes
which may be occurring in share structure.
2I7
Tabic 1 . — B U I L D I N G A C T I V I T Y — E s t i m a t e d number and valuation of new family dwelling units
provided in all urban areas in February 1943, by Federal Home Loan Bank District and by State
[Source: U. S. Department of Labor]
[Amounts are shown in thousands of dollars]
All residential s t r u c t u r e s
N u m b e r of family
dwelling u n i t s
Federal Home Lean Bank District and State
Connecticut
- _
Maine
_
Massachusetts
_- New Hampshire __ Rhode Island _ _ _
Vermont. _ _ . _ . _
$127, 531
5, 264
17, 171
$15,516
$60, 565
1, 577
4, 695
227
524
825
2, 298
_
422
31
100
655
15
193
13
347
4
1,078
152
68
257
15
188
13
47
4
518
19
288
1,175
63
808
39
204
9
... _
_____
__
_____
____-_.__
.
__. .
__ _
___ . _
_ _
_
No. 6—-Indianapolis
Indiana
Michigan..
No. 7—Chicago
Illinois
...
Wisconsin
No. 8—Des Moines
Iowa _ .
___________
i
... _
_ _!
._ _
.
J
...
_
.
.
I
9, 709
9, 689
240
921
661
3,711
229
3,715
503
2, 319
604
9,105
1,890
7, 79^
213
27
393
528
578
83
1,664
2, 047
2,701
2, 176
6, 776
8, 807
252
540
984
2, 373
8
2,679
14
3
2,037
136
24
6, 697
55
17
8, 302
488
8
230
14
3
405
132
24
905
55
17
1,875
481
1, 876
9, 836
4, 473
37, 336
853
2,353
2,019
7,023
1, 602 '
1, 446
710
370
469
223
139
4, 877
158
356
571
669
341
174
8
2,196
6, 238
6, 215
2, 333
804
1,445
591
354
19, 356
89
158
153
275
120
55
31
130
306
107
416
366
351
219
131
457
349
669
311
174
8
350
621
383
1,453
796
1,119
576
336
1,739
1,653
2,683
5,049
9, 705
637
1,720
2,268
6,827
60
1,510
83
838
1, 347
498
131
4,731
187
2, 279
6,127
1, 299
60
404
83
186
1,060
474
131
1, 950
187
398
5,173
1,256
2,394
1,696
6,004
7,406
618
1,671
2,451
7, 359
1,622
772
226j
342
1. 354
1.046
3,208
2,796
1. 286
6. 120
339
1,332
328
2. 123
1. 283
6, 076
944
836
944
4, 211
151
75 J
"UV.
<U7
634
310
3, 196
1.015
8/1
151
75
38
609
227
38
634
310
92
4,886
3.822
1.064
122
496
226
729
92
2,685
3
173
255
413
9
21
3
2
76
19
173
255
271
9
21
3778T
1,541
9.835 |
776~
2/703"
76
90T '
620
1,069
906
27
63
319
348
211
110
2. 795
11
201
134
29
1. 166
800
870
319 '
292
7. 554
43
117
79
25
512
177
345
207
104
1.870
11
201
18
29
642
388
867
315
278
4,834
16
|
19
'
....
._
2, 822
._. ..
N o . 9—Little R o c k
A r k a n s a s . . __
Louisiana
Mississippi
New Mexico..
Texas
60
3,944
89
188
235
275
132
55
31
971
_.
.
. . .
_j
.....
_
I
2, 397
63
823
39
1,364
9
25
_ .
Alabama
District of Columbia. ___ ___
Florida
Georgia
. . . _ .__
Maryland
North Carolina
_
_ .
South Carolina.
_ _
Virginia
._
_. _ _
Minnesota
Missouri
North Dakota
South D a k o t a .
Feb. 1942
$43, 985
No. 4—Winston-Salem . . .
_
F e b . 1943
1, 227
_
Kentucky .
Ohio. _- Tennessee
F e b . 1942
F e b . 1943
36, 292
No. 3—Pittsburgh
No. 5—Cincinnati
j
578
_________
__ __
__ _
.
Delaware
Pennsylvania
West Virginia . . . .
F e b . 1942
17,679
No. 2—New York
New Jersey, _
New York . . _ _.
Feb. 1943
P e r m i t \-aluation
_
UNITED STATES,.
No. 1—Boston .
N u m b e r of family
dwelling u n i t s
Permit valuation
Feb. 1942
Feb. 1943
All p r i v a t e 1- a n d 2-family dwellings
-7l90~
43
117
151
25
854
55
384
2
14
2, 963
620
1,069
1, 184
27
63
16~
14
67682
No. 1 0 - T o p e k a
_|
665
776
1,755
2.122
340~
705
972
2,029
Colorado
Kansas
Nebraska
Oklahoma
N o . 11—Portland
1
|
3
175
346
141
143
267
79
287
2
451
1,026
27fi
410
635
277
800
3
115
171
51
137
206
79
283
2
336
560
74
407
555
277
790
902
1.344
2,381
4,416
250
"698~
923
2,345
16
10
160
91
409
12
140
289
494
Idaho
_.
.
. . . .'
_
Oregon
...
Utah
Washington
Wyoming
_
.
.
_.
-
_
_ _ _
_ _ _
N o . 12—Los Angeles
Arizona
California
Nevada
218
_
163
88
651
__
_
16
10
192
95
1,019
12
402
304
1,675
45
21
629
293
3.390
38
38
68
144
45
21
520
290
1,431
38
__
,
. . ._
I
1, 412
8. 032
3.684
25. 671
807 |
3,771
27*717
13, 022
.
1
4
991
417
63
7,875
94
2
2,833
849
185
25,184
302
4
786
17
63
3,617
91
2
2,427
47
185
12, 536
301
.
Federal Home Loan Bank Review
Table 2 . — B U I L D I N G A C T I V I T Y — E s t i m a t e d number and valuation of new family dwelling
units provided in all urban areas of the United States
[Source: U. S. Department of Labor]
[Amounts are shown in thousands of dollars]
N u m b e r of family dwelling u n i t s
F e b . 1943
J a n . 1943
F e b . 1942 r
6,115
5,860
21, 636
11,975
4,676
588
851
3,609
877
1,374
15, 706
1,465
4,465
8,285
1,465
2,225
P r i v a t e construction
1-family dwellings
2-family dwellings l
3- a n d m o r e family dwellings 2„
P u b l i c construction
T o t a l u r b a n construct ion ___ _ _
1
2
r
J a n . - F e b . totals
IVl o n t h l y t o t a l s
T y p e of construction
Permit valuation
1942 '
1943
J a n . - F e b . totals
M o n t h l y totals
1943
1942 r
$72, 620
$34, 694
$129, 793
56, 933
3,632
12, 055
25, 275
3,810
5,609
107,451
6,257
16,085
F e b . 1943
J a n . 1943
F e b . 1942'
38, 592
$17,470
$17, 224
29, 572
2,628
6,392
13, 956
1,560
1,954
11,319
2,250
3,655
11,564
18, 832
14,656
30,396
19, 253
26, 515
38, 545
54,911
65, 060
70,426
17,679
24, 692
36, 292
42, 371
57, 845
43, 985
55, 769
127, 531
99, 754
200, 219
Includes 1- and 2-family dwellings combined with stores.
Includes multi-family dwellings combined with stores.
revised.
Table 3 . — B U I L D I N G COSTS—Index of building costs for the standard house in representative
cities in specific months l
[Average month of 1935-1939 = 100J
NOTE.—These figures are subject to correction.
1942
1943
1941
1940
1939
1938
1937
Mar.
Mar.
Mar.
Mar.
Mar.
'
F e d e r a l H o m e L o a n B a n k D i s t r i c t a n d city
Mar.
N o . 1—Boston:
H a r t f o r d , Conn__
_ _ ...
New Haven, Conn
P o r t l a n d , M e - . . . __
Boston, M a s s
M a n c h e s t e r , N . H _._ _ _
Providence, R. I
Rutland, Vt
N o . 4—Winston-Salem:
B i r m i n g h a m , Ala
Washington, D . C
T a m p a , Fla
Atlanta, Ga
Baltimore, M d
Cumberland, M d
Asheville, N . C . _ .
Raleigh, N . C
C o l u m b i a , S. C
.
R i c h m o n d , V a __
Roanoke, Va
N o . 7—Chicago:
Chicago, 111
Peoria, 111 _ _
Springfield, 111
Milwaukee, Wis
Oshkosh, W i s
_
_______
-
_
_ _ _ _ _ _ _
.
-
_ ___
_ _ -.
___
. _
___
_ .
_ _
_
.
_
..
_
_
___ ___
N o . 10—Topeka:
D e n v e r , Colo
_
_...._.
Wichita, Kans--. .
_ _ _ _ _
__
O m a h a , N e b r _ _ ___
_ __
___
._
O k l a h o m a C i t y , Okla
Dec.
Sept.
June
Mar.
130.0
130.5
117.8
122.3
114.1
120.8
124.5
129.9
131.1
103.6
120.1
109.2
118.9
124.4
129.9
131.1
103.6
120.1
109. 2
118.9
124.4
130.0
130. 9
103.2
123.0
108.9
120.1
121.7
128. 3
129.0
103.1
120.2
108.9
118.3
120.2
110.1
111.4
101.0
108.5
105.6
108.9
107.1
101.7
103.6
98.9
104.1
98.1
104.6
96.9
100.5
99.7
99.0
102.3
100.2
103.0
99.6
99.8
102.2
104.3
99.3
99.0
103.9
104.5
127.4
134.0
124.8
134.2
137.7
123. S
127.7
125.9
127.5
137.1
118.0
127.2
122.7
131.9
122.1
119.7
125.3
132,1
118.6
125.2
128.7
125.9
119.4
122.5
132, 6
122.1
120.1
125.5
132.2
118.6
125.0
128.7
125.9
114.0
122. 3
131.9
120.5
120.1
125. 3
132.2
119.5
130.4
128.7
121.6
113.8
122.7
130.6
114.1
118.8
125.3
131.9
117.9
128.1
115.0
113.5
111.5
114.8
126.1
110.1
115.1
105.0
116.6
110.6
122.4
93.6
104.4
103.9
97.4
98.4
102.3
100.0
96.1
99.5
96.3
105.7
101.9
105.8
100.3
96.5
96.8
100.4
101.7
100.7
101. 8
100.9
104.5
109.2
108.9
102.6
102.7
100.4
101.8
108.2
104. 4
100.0
106.0
102.8
118.2
119.7
134.2
146.2
133.6
118.2
119.7
134.2
146.2
133.6
118.2
119.8
134.2
145.2
133.6
116.7
119.8
135.5
139.8
125.2
116.7
119.8
135.5
139.8
125.1
104.3
112. 6
129.3
120.9
111.6
99.8
108.9
122.4
108.2
102.5
100.4
99.8
118.0
106. 7
101.8
103.2
103.8
120.6
103.2
104.7
103.4
101.6
119.8
105.2
100.8
110.9
123.7
122.2
178.7
111.5
122.2
122.4
178.7
111.8
117.8
121.1
178.7
110.5
117.1
112.1
174.9
110.1
116.2
111.0
169.3
103.3
103.8
106.7
143.6
98.9
103.3
106.8
131.8
101.0
109.1
100.4
128.2
104.3
101.8
101.3
127.4
102.5
100.3
102.7
124.0
103.5
102.3
98.8
102.9
102.9
100.0
104. 2
104.5
101.0
103.5
106.2
103.0
104.9
100.8
103.6
102.7
1
The house on which costs are reported is a detached 6-room home of 24,000 cubic volume. Living room, dining room, kitchen, and lavatory on first floor; three
bedrooms and bath on second floor. Exterior is wide-board siding with brick and stucco as features of design. Best quality materials and workmanship are used
throughout.
The house is not completed ready for occupancy. It includes all fundamental structural elements, an attached 1-car garage, an unfinished cellai, an unfinished
attic, a fireplace, essential heating, plumbing, and electric wiring equipment, and complete insulation. It does not include wall-paper nor other wall nor ceiling finish
on interior plastered surface, lighting fixtures, refrigerators, water heaters, ranges, screens, weather stripping, nor window shades.
Reported costs include, in addition to material and labor costs, compensation insurance, and allowance for contractor's overhead and transportation of materials
plus 10 percent for builder's profit.
Reported costs do not include the cost of land nor of surveying the land, the cost of planting the lot, nor of providing walks and driveways; they do not include
architect's fee, cost of building permit, financing charges, nor sales costs.
In figuring costs, current prices on the same building materials list are obtained every three months from the same dealers, and current wage rates are obtained from
the same reputable contractors and operative builders.
April 1943
2I9
Table 4 . — B U I L D I N G COSTS—Index of building costs for the standard house
[Average month of 1935-1939=100]
Feb.1943
E l e m e n t of cost
Material-.,.
.__.___ . . .
Labor
. __. . _ _ „ . _ . _
T o t a l cost. .
J a n . 1943 D e c . 1942 N o v . 1942 Oct. 1942 Sept. 1942 A u g . 1942 J u l y 1942 J u n e 1942 M a y 1942 A p r . 1942 M a r . 1942 F e b . 1942
121.9
132.5
121.5
130.9
121.4
130.7
121.5
130.2
121.6
130.2
121,5
130. 2
121.2
129.4
121.2
128.5
121. 3
127.8
121.0
126. 4
120.5
125.9
120.0
126.0
119.3
125.0
125.5
124.7
124.5
124.4
124.5
124.4
124.0
123.7
123.5
122.8
122. 3
122.0
121.2
__
Table 5 . — B U I L D I N G COSTS—Index of wholesale price of building materials in the United States
[1935-1939 = 100- converted from 1926 base]
[Source: U . S . Department of Labor]
All b u i l d i n g
materials?
Period.
1941: F e b r u a r y
. ... ... .
1942: F e b r u a r y
March
April
May
June.
July
August
September
October
November
December
.
.
________
.._
. . .
.
_
_ _
. . .
1943: J a n u a r y
February
...
..
. . .
...
_ _
__
.
...
_ . . _ __
__ .
Brick a n d
tile
Cement
Paint and
paint materials
Lumber
Structural
steel
Plumbing
a n d heating
Other
110.9
100.6
99.7
130.5
106.5
108.0
103.5
102.6
122.9
123.4
123.1
122.9
122.9
123.2
123.2
123.3
123.3
122.9
122.8
106.8
106. 9
107.9
107.9
108.0
107.9
108. 6
108.6
108.6
108.5
108.6
102.5
102.7
103.3
103.4
103.4
103.4
103.4
103.4
103.4
103.4
103.4
147.8
148.2
146.8
146.4
146.7
148.0
148.1
148.3
148.4
148.2
148.4
122.8
123.9
123.7
123.7
123.3
123.8
123.1
123.4
124.2
123.8
123.3
128.6
129.0
129.4
129.4
129.4
123.6
123.6
123.6
123.6
122.4
118.8
103.5
103.5
103.5
103.5
103.5
103.5
103.5
103.5
103.5
103.5
103.5
111.9
112.3
112.9
112.3
112.3
112.3
112. 3
112. 3
111.7
111.3
111.4
122.6
123.1
108.6
108.5
103.4
103.4
148.4
149. 9
123.7
124.4
118.8
118.8
103.5
103.5
110.5
110. 5
Percent change:
F e b . 1943-Jan. 1943
+0.4
-0.1
0.0
+1.0
+0.6
0.0
0.0
0.0
F e b . 1943-Feb. 1942
+0.2
+1.6
+0.9
+1.4
+1.3
-7.6
0.0
— 1.3
Table 6 . — M O R T G A G E LENDING—Estimated volume of new home-mortgage loans by al
savings and loan associations, by purpose and class of association
[Thousands of dollars]
Class of association
P u r p o s e of loans
Period
1941
February
_
_._
. . .
__ .
1942
February
March
April
May
June
July
August
September
October
November
D ecember
1943
January
February
220
.
. _
_
. _
_
._
...
_ __
_
Reconditioning
Construction
H o m e purchase
$437,065
$580, 503
$190, 573
$61,328
30, 283
14,204
3,573
26,483
Refinancing
L o a n s for
all other
purposes
Total
loans
Federals
State
members
Nonmembers
$109,215
$1,378,684
$584,220
$583,804
7,787
82,330
35, 645
35,301
11,384
$210, 660
190,438
573, 732
165,816
41,695
78, 820
1, 050, 501
412,828
476,080
161, 593
20, 799
21, 775
20,488
17,610
15,930
17,709
12,568
12,449
10,572
9,275
8,472
33,769
40, 930
52,196
53,095
52,112
52,190
55,301
58,060
56, 528
43,984
41,440
12, 325
13,225
14, 508
13,607
15,184
16,097
14, 019
14,063
14,694
12,472
12,768
3,138
3,547
4,083
3,866
3,566
3,671
4,126
3,804
3,498
3,007
2,199
6,725
7,890
7,772
6,831
7, 303
6,130
6,549
5,679
6,380
5,241
5,749
76, 756
87, 367
99,047
95,009
94,095
95,797
92, 563
94,055
91,672
73, 979
70,628
31,919
36, 325
38,484
36,966
35, 279
37,007
36,620
37,987
35,555
28.163
27,381
33, 939
38,030
43, 937
43,005
44,265
43,665
41, 549
42, 249
41,937
35,441
32, 751
10,898
13,012
16,626
15,038
14, 551
15,125
14,394
13,819
14,180
10,375
10,496
7,173
4,597
32,820
39,084
11, 408
12,510
1,667
1,953
4,788
5,183
57, 856
63, 324
23,390
26, 566
26,910
28,175
7,556
8,583
Federal Home Loan Bank Review
Table 7.—LENDING—Estimated volume of new
loans by savings and loan associations
Tabic 8.—RECORDINGS—Estimated nonfarm
mortgage recordings, $20,000 and under
[ A m o u n t s are s h o w n in t h o u s a n d s of dollars]
F e b r u a r y 1943
[ T h o u s a n d s of dollars]
C u m u l a t i v e new loans
(2 m o n t h s )
N e w loans
Federal H o m e L o a n B a n k
D i s t r i c t a n d class of
association
February
1943
F e d e r a l _. _
_ _ . _ _ _ 26,566
28,175
S t a t e m e m b e r ..
__ _
Nonmember
_ __ . 8, 583
_
February
1942
1943
1942
$63, 324 $57,856 $76, 756 $121,180 $156, 286
U N I T E D S T A T E S __ __
Boston
January
1943
23,390
26,910
7, 556
-22.5
31,919 49,956 63,061
-20.8
-20. 5
33,939 55,085 69,251
10,898 1 16,139 1 23,977 1 - 3 2 . 7
. . ~~3, 474 1 4,244 1 6,074 |~~7, 718
_ _ _
Percent
change
14,306
-46.1
1,077
1, 892
505
1, 244
1, 899
2,175
3,077
825 1 1,098
2, 321
4,067
1, 330
4, 731
4, 322
7,004
9,053
15,176
-40. 3
863
Federal
1, 061
2, 417
2,153
S t a t e m e m b e r _ __ _ _ __
Nonmember _
_ . . . . _ 1 1,451 1 1,108
2, 074
1, 982
2,948
1,924
4, 570
2, 559
4,638
4,770
5,768
-58.5
-4.2
-55.6
5,761
5, 214
6,126
10,975
13, 577
-19.2
2,344
1,653
1,764
1, 705
1, 757
1, 752
2,207
2,039
1,880
4,049
3, 410
3,516
4,762
4,132
4,683
-15.0
-17.5
-24.9
8,034
8, 470
11, 220
16, 504
22, 725
-27.4
3,974
2,974
1,086
3,938
3,643
889
4,949
5,168
1,103
7,912
6,617
1,975
9,981
10, 399
2,345
-20.7
-36.4
-15.8
12, 933
10, 496
14, 392
23, 429
27, 405
-14.5
4,615
6,835
1,483
3,594
5,770
1,132
5,240
7,627
1,525
8,209
12, 605
2,615
9,872
14, 332
3,201
-16.8
-12.0
-18.3
_ _ __ _
4,522
3,442
4,961
7,964
9,103
-12.5
Federal
State m e m b e r . _ _ _ _ _ _
Nonmember _ _
2,237
2,031
254
1,632
1,580
230
2,574
2,095
292
3,869
3,611
484
4,574
4,015
514
-15.4
-10.1
-5.8
5,799
4,907
6,796
10, 706
14,488
-26.1
2,354
2,731
714
1,689
2,435
783
2,628
3,298
870
4,043
5,166
1,497
5,370
7,431
1,687
-24.7
-30.5
-11.3
3,090
2,429
3,370
5,519
6, 772 j
-18.5
__
___
1,450
1,035
605
1,316 1
755
358
1,501
1,381
488
2,766 1 2,948
1,790
2,678
963 1 1,146
-6.2
-33.2
-16.0
_
3,636
3,692
4,237
7,328
8,641
-15.2
___ ___ _
_ __ ___ _
_
1,482
2,089
65
1,385
2,275
1,727
2,444
66
2,867
4,364
3,516
4,979
146 j
-18.5
-12.4
-33.6
__ ___
3,507
2,686 1
3,806
6,193
7,219
-14.2
2,128
888
491
1,566
810
310
3,694
2,198
1,204
1,698
404 1
801
3,924
2,256
1,039 1
-5.9
-24.7
-22.9
1,947
1,892
2,754
5,233
-26.6
1,233
632
82
1,216
574
102
2,449
1,689
1,206
899
184 |
166 1
3,312
1,588
333
-26.1
-24.1
-44.7
5,890
6,062 1 6,016
11,952
11,644
+2.6
2,809
2,998
83
3,044
2,983
35
5,853
5,981
118
5,933
5,583
128
-1.3
+7.1
-7.8
Federal
__
State member.
.. .
Nonmember .. .
New York
Pittsburgh
_
Federal _ _ _ _ _ _ _ _
State m e m b e r _ _ _ _
Nonmember
Winston-Salem
_ _ .
Federal
State m e m b e r _ _ _ _ _ _
Nonmember___ _
Cincinnati _
________
Federal
___ _
State m e m b e r
Nonmember
_______
Indianapolis
Chicago
__
_ _
_
Federal
_
State m e m b e r
Nonmember
Des M o i n e s
__
________
Federal
State m e m b e r
N o n m e m b e r . , __ _
Little Rock _ _ _ _ _ _
Federal
State member
Nonmember..
Topeka
F e d e r a l _ _ _ .___ ___ __
State member
Nonmember, _
_I
Portland
_ __
__
Federal
State member _ _ _
N o n m e m b e r . _ _ ___ ___
Los A n g e l e s . _. _
Federal
State m e m b e r .
Nonmember
______
_ .
32 1
3,233
2,725
58
1
97 1
3,839
4, 231
-45.1
7, 088
-42. 6
2, 987 1 - 5 5 . 5
Federal H o m e L o a n
Bank District
and State
_ _
C o n n e c t i c u t __. _.
Maine.
_
_ . _
Massachusetts
New Hampshire
Rhode Island
Vermont
.
New York _ _
Banks
and
trust
companies
tdgSi—
to
1
cTmassocia-™
?
tions p a m e s
_ ___
N e w Jersey
New York
4, 020
525
230
2, 778
83
354
50
611
588
20
192
3,063
882
937
251
401
1,521
1,947
286
141
213
184
172 |
84
3,187
1, 469
j 1,718 1
938
455
483
3,088
1, 545
1, 543
2,931
288
2,643
5,462
2,343
3,119
440
118
309
13
3,842
2,202
17 334
297
3,035
510
77
2,019
106
1,330
13,887
2,117
6,019
627
569
1,441
658
759
584
330
1,051
3,323
528
439
252
441
485
306
218
654
23,171
11
j
5,075
128
4,479
468
1,369
515
599
255
4, 406
Winston-Salem __
_. _
7,771
Alabama
.
D i s t r i c t of C o l u m b i a ,
Florida
Georgia
Maryland
N o r t h Carolina
S o u t h Carolina
Virginia
308
1,271
550
863
2,121
1,190
318
1,150
3,060
242
186
544
512
523
194
189
670
2,922
302
332
403
644
473
122
215
431
Cincinnati. _
K e n t u c k y ___
Ohio
Tennessee
__ ___
Indianapolis
I n d i a n a . . _ __ __ ___
Michigan
_
Chicago.-.
_ _-_
IllinoisW i s c o n s i n . . _ __
D e s Moines
Iowa
_ __
M i n n e s o t a . - - ___ __
Missouri. _ _
North Dakota,
South Dakota
Little Rock _ _ _ - - Arkansas _ _
Louisiana
Mississippi _
N e w Mexico,_
Texas.
_ __ __
Topeka _
Colorado
_. _ _
Kansas
Nebraska
Oklahoma-.Portland-._ _ __
I d a h o _ _ __ .„_____
Montana
_ _ __
Oregon _
Utah
Washington
Wyoming
Arizona- _
California. __
N e v a d a _ _ __.
Total
1, 345
532
85
510
39
155
24
Pittsburgh
Delaware
P e n n s y l v a n i a - . ___ _
W e s t Virginia.
Los Angeles
Mutual
I n d i - Other
savI mortings v i d u a l ' gagees
banks
$66,938 $18,064 $44, 273 $7,895 $49,854 $32,858 1 $219,882
U N I T E D STATES
Boston
S
.
_
_ .
14, 461 | 2,278
1, 415
365
12, 609 1,391
522
437
5,244 2,08 3
3,907
677
1,337
1,406
6,215 1,102
4,739
1,476
4, 0141
924
1,450
1,476
130
34
57252
834
268
1, 280
221
321
700
38
2, 322
407
104
218
195 1
3,446
765
5,393
482
4, 567
344
4,703
2,133
2, 570
3,096
2,043
1,053
3,073
809,
388
1,807
23
461
1,114
129
136
145
94
610
358
1,681
224
76
2,913J
4,250
514
1,175
618
1,943
1,593|
766
39
37
340
350
27058
363
2,054|
138
149
487
290
881
113
5739lj
8
10
214
35
96
461
25
154
327
1,391
1, 892|
11,19l|
2531
5, 076
62
15
1, 862
15
2991
10,803
89
1,888
196
362
407
923
in
3,956
76
76
1
966 1 13,961
691
3,955
25
1,012
160
7,108
556
79
996
4
334
3,596 1 19,202
1,402
7, 502
2,194
11,700
2,007
2,797
3,190
3,118
4, 437
2, 396
1,270
3,956
3,083
142
2,446
495
3,068
28, 340
89
2, 493
X, 404
22,474
1.575
3, 373
39 2,145 3, 465 177679
934 1,069 * 8, 759
39
1, 211 2,396
8,920
2 3,563 4,798 18 776
2,087 4,046 13, 749
2 1,476
752
5.027
88 3,204 2,199
13 858
185
506
2 645
88
325
873 j
3; 445
1, 650 1,656
7,289
91
21
303
84
12
176
3, 590 1,698
13. 976
258
78
1 230
515
280
2, 716
297
203
1,087
180
28
378
2, 340 1,109
8, 565
2, 300 "T654
10, 858
292
1,058
2,099
587
381
2,542
203
239
1,807
622
572
4,410
8.602
306 1, 642 2,179
122
73
387
178
27
389
452
694
28
2,029
20
135
807
375 1, 595
278
4, 616
12
138
374
11,941 3, 7101 34,125
57
57
409
11,432
100
38
3, 654
18
1,014
32, 827
284
1
April 1943
221
Table 9 . — M O R T G A G E RECORDINGS—Estimated volume of nonfarm mortgages recorded
[ A m o u n t s are s h o w n n t h o u s a n d s of dollars]
Savings and loan
associations
Insurance
companies
Banks and trust
companies
M u t u s il savings b a n k s
Individuals
Other
mortgagees
All
mortgagees
Period
Percent
Total
1942: J a n u a r y - D e c e m b e r . .
Fe b r u a r y
April
May
June
July
August
September
October . . . . . . _.
November
December
1943: J a n u a r y
February -
$1,170,546
86, 752
100,296
108, 582
107,937
105,278
104. 712
102.628
104,155
103,170
80, 970
75,494
_
_
--
_
64, ^35
66,938
--
Percent
Total
29.7 $361, 743
29.3
28, 546
29.9
32, 650
30 2
34, 466
30.8
31, 780
30.8
29. 764
31.898
29 6
28. 299
30 5
30.1
31,448
28.9
32, 577
29.1
25,950
28.4
23,303
9.2
9.7
9.7
9.6
9.1
8.7
9.0
8.4
9.1
9.1
9.3
8.8
$885, 710
70, 221
78,086
82, 082
77, 563
74, 588
80. 736
72, 480
77,530
79, 224
58,519
57,050
1<\ 900
18,064
8.7
8.2
48. 640
44, 273
Total
28.4
30.5
Table 10 — FORECLOSURES—Estimated non-
Percent
Percent
Total
U N I T E D STATES
Boston
New York Pittsburgh
.
Winston-Salem
Cincinnati
Indianapolis .
Chicago
Des Moines
Little Rock
Topeka
Portland
Percent
change
15.9 $3,942,613
15.8
296,041
15.5
335. 636
15.8
359,968
15.2
350.187
15.7
342. 250
15.8
353,511
16.6
336 850
15.2
345,964
16.7
357,083
16.3
278. 321
16.9
265, 406
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
21.3
20.1
3.5
3 6
22.2
22.7
15.9
14.9
100.0
100.0
8, 045
7, 895
50, 583
49,854
36,180
32, 858
228, 283
219, 882
Table 1 1 . — F H A — H o m e mortgages insured *
[Premium paying; thousands of dollars]
Title II
Percent
change
Feb.
1942
2,210
2,616
-15.5
3,637
-39.2
177
589
370
237
178
60
137
174
82
82
19
105
208
682
526
330
183
49
149
148
88
94
33
126
-14.9
-13.6
-29.7
-28.2
-2.7
+22.4
-8.1
+17.6
-6.8
-12.8
-42.4
-16.7
419
884
596
423
311
91
270
233
94
119
44
153
-57.8
-33.4
-37.9
-44.0
-42.8
-34.1
-49.3
-25.3
-12.8
-31.1
-56.8
-31.4
..
Combined P e r cent
total
18.6 $626,243
18.0 46, 734
18.0 52,120
17.4 56, 821
18.2 53, 196
18.3 53, 847
18.4 55, 688
18.6 B5f 826
18.9 52, 596
18.9 59,672
20.1 45, 456
20.4 44, 712
Title I
Class 3
Period
Jan.
1943
Percent
4.2 $732,697
3.5 53,383
3.6 60, 322
4.2 62, 707
4.5 63, 807
4.7 62, 730
4.4 64,808
4.4 62, 824
4.3 65,423
4.2 67, 623
4.2 55, 830
4.0 54, 207
Home Loan Bank District
Feb.
1943
Total
22.4 $165,674
23.7 10,405
23.3 12,162
22.8 15,310
22.2 15,904
21.8 16,043
22.8 15, 669
21.5 14,793
22.4 14,812
22.2 14,817
21.0 11,596
21.5 10,640
farm real estate foreclosures, by Federal
Federal H o m e L o a n
Bank District
Percent
Total
1942: J a n u a r y
February
March
April.
May
...
June
July
August... _
September--October
November December _
1943: J a n u a r y .
February
. ..
Title VI
New
Refinancing
Total
insured
a t e n d of
period
$1,885
1,455
1,502
1,967
1,867
1,781
919
1,246
104
802
726
557
$70, 214
56, 585
53, 642
42, 446
43, 908
46, 493
43.157
35.158
30, 529
26, 831
21,893
19,187
$16,953
14, 213
14,138
13,002
16, 269
19, 317
19. 571
16, 655
17,044
17,639
17,071
19, 530
$6, 556
8,483
12,273
11,424
13, 554
15,876
20, 621
25,030
31,524
38, 265
40,195
43, 214
$3,776 238
3,856,975
3, 938, 530
4, 007, 369
4,082,967
4,166, 434
4. 250, 702
4, 328, 791
4, 407,992
4, 491, 529
4,581,414
4, 663, 902
167
84
14,172
8,495
17,084
11,846
40, 649
37,168
4, 735, 674
4, 793, 570
_____
1
Figures represent gross insurance written during the period and do not take
account of principal repayments on previously insured loans.
Table 1 2 . — F H L B A N K S — L e n d i n g operations and principal assets and liabilities
[Thousands of dollars]
L e n d i n g operations
F e b r u a r y 1943
P r i n c i p a l assets
F e b r u a r y 28, 1943
C a p i t a l a n d principal liabilities
F e b r u a r y 28, 1943
Federal H o m e Loan B a n k
Advances
Boston
N e w York
Pittsburgh
_
Des Moines
L i t t l e Rock
__ _ _
Portland
-
-
- - -
_
-
-
_ __ _
-
F e b r u a r y 1942
1
__ _
-
-
Includes interbank deposits.
222
-
$1, 632
2,466
1,414
3,238
1,382
1,056
3,270
762
496
623
626
2,050
Advances
outstanding
Cash i
Government
securities
Capital2
Debentures
Member
deposits
$5,906
19, 837
8,342
6,442
7,219
7,686
15, 714
5,535
3,057
4,069
1,574
10, 243
$6, 220
4,240
4,048
4,608
3.721
2,711
5,126
3,631
1,223
3,018
2,233
3,444
$12,843
12, 455
8,061
11, 354
19,196
11,304
9,043
8,115
9,299
5,920
7,330
8,471
$18, 972
26, 492
15, 940
17,096
23, 363
12, 359
21, 677
11, 551
12,152
10, 350
8,215
14, 814
$4,000
8,500
4,000
4,500
2,500
4,500
3,000
4,500
1,500
2,000
2,500
4,000
$2,092
1,630
529
859
4,416
4,919
5,281
1,283
1
719
460
2,930
$25,082
36, 706
20, 547
22, 484
30, 312
21, 812
29, 996
17, 374
13, 665
13,086
11,184
22, 266
1,240
19,015
95, 624
44, 223
123, 391
192, 981
45, 500
25,119
264, 514
-
11,808
27, 621
113, 399
52, 269
119,456
191, 680
69, 500
23,003
286,169
__
4,857
13,492
197, 432
42, 248
62, 337
187, 789
75, 500
24, 538
303, 338
All B a n k s ( F e b r u a r y 1943)
J a n u a r y 1943
$000
109
89
107
95
105
52
45
119
49
10
460
Repayments
T o t a l assets
F e b r u a r y 28,
1943 i
2
Capital stock, surplus, and undivided profits.
Federal Home Loan Bank Review
Table 1 3 . — S A V I N G S — S a l e s of war bonds
Table 1 4 . — S A V I N G S — H e l d by institutions
[ T h o u s a n d s of dollars]
[ T h o u s a n d s of dollars]
2
Period
Series E
1941..
1942
$1, 622, 496
5. 988, 849
667,411
397, 989
337, 599
326, 660
421.831
433, 223
508,118
474, 206
566, 609
587, 854
541, 573
725, 777
February .
March
April
May. .
June July .
August
_.
September
October _
_-
_
1943
January., _ _
February
814, 928
633, 572
Series F
Series G
Total
$207, 681
652, 044
77, 559
51, 820
41, 070
40,003
42, 465
41.041
73. 691
55, 586
66, 728
51,321
44, 766
65,994
$1,184, 868
2, 516, 065
315, 576
253. 391
179, 223
163,839
170, 060
159, 681
319, 053
204, 548
204, 907
175,178
148, 211
222,398
$3,015,045
77, 056
48, 328
348, 450
205, 295
9,156,958
1, 060, 546
703, 200
557, 892
530. 502
634, 357
633, 945
900,861
734,340
838,244
814,353
734,549
1, 014,168
1,240,444
887, 195
Redemptions
$13,601
245, 547
4, 346
6,150
11,296
11,890
13,159
14, 852
17,820
23,147
25, 933
32,190
36, 843
47,919
55, 429
69, 440
Insured
savings a n d
loans i
E n d of period
1941: J u n e
December
1942: J a n u a r y
February .
March .
.
April .
May.. .
June
Julv
August
September
October
November .
December
.
_.
.
.
.
-.
_ ..
_ ..
.
February
$2, 433, 513
2, 597, 525
2. 589, 466
2, 600.172
2. 612, 736
2, 633. 014
2, 660,098
2, 736, 258
2, 757,929
2,798,621
2,834, 079
2, 873.822
2,912,717
2,983,310
3,030,919
3, 068, 672
Insured
commercial
banks *
Mutual
savings
banks *
$10, 606. 224
10,489.679
$13,107,022
13,261,402
10,354, 533
13,030,610
10, 620,957
13,820, 0 0 0 P
1
P r i v a t e repurchasable capital as reported to t h e F H L B A d m i n i s t r a t i o n .
Month's Work. All deposits.
F D I C . T i m e deposits evidenced b y savings passbooks,
p Preliminary.
2
1 U . S. T r e a s u r y W a r Savings Staff. Actual deposits m a d e to t h e credit of
the U . S . Treasury.
2
P r i o r to M a y 1941: " B a b y b o n d s . "
3
Table 1 5 . — I N S U R E D A S S O C I A T I O N S — P r o g r e s s of institutions insured by the FSLiC
[ A m o u n t s are s h o w n in t h o u s a n d s of dollars]
Operations
Period a n d class of association
ALL
Number
of associations
Total
assets
N e t first
mortgages
held
Cash
Government
bond
holdings
Private
repurchasable
capital
Government
share
capital
Federal
Home
Loan
Bank
advances
$2, 433, 905
2, 597, 525
$206, 301
196, 240
$144. 331
193, 275
New
mortgage
loans
N e w private
investments
Private
repurchases
Repurchase
ratio
INSURED
$3,159, 763 $2, 555, 393
3, 362, 942 2, 751, 938
$190, 671
206, 457
1941: J u n e
December
2,313
2,343
1942:
2,353
2,358
2,363
2,363
2,374
2,380
2,380
2,386
2,390
2,396
2,398
3, 323,180
3,335,101
3, 356, 213
3, 384, 344
3, 461, 228
3, 439,097
3, 482, 056
3, 513,096
3, 548, 692
3, 588,995
3, 651, 598
2, 763, 579
2, 774,108
161, 801
2, 790,135
2,800,673
2, 827, 956 219, 374
2, 837, 925
2, 856, 588
2, 866, 497 193, 817
2, 871, 968
2, 875,165
2, 871, 641 ~256,~470"
2, 405
2,415
3, 627, 828
3,657,989
2, 865, 632
2, 866, 839
1941: J u n e
December
1, 452
1, 160
2. 028,138
2,173, 326
1.687,087
1, 824, 646
1942-
February--.
March
April
May
June
July
August
September..
October
November.
December..
1,461
1, 461
1,464
1.464
1,464
1.465
1.464
1,466
1,466
1,468
1,467
2,133, 251
2,137,579
2,151, 862
2, 170, 868
2, 205. 921
2.182, 337
2.198, 357
2, 214,101
2, 235, 726
2, 259, 670
2, 299, 895
1,829,218
1, 832, 341
1, 842, 422
1, 846, 790
1,849,400
1. 852, 972
1, 856, 269
1, 861,-062
1, 862, 593
1, 862, 796
1, 853, 868
1943: J a n u a r y
February...
1,467
1, 468
2,264,817
2, 278, 839
1, 843, 714
1, 839, 245
1941: J u n e
December
1,131,625
1,189, 616
868, 307
927, 292
1942: F e b r u a r y . - March
April
May
June
July
August
September.
October
November..
December. _
1,189,929
1.197, 522
1, 204,351
1,213,476
1, 255, 307
1, 256, 760
1, 283. 699
1, 298, 995
1, 312,966
1, 329, 325
1,351, 703
934,351
941, 767
947, 713
953, 883
978, 556
984, 953
1,000, 319
1, 005,435
1, 009,375
1, 012, 369
1, 017, 773
1,363,011
1, 379.150
1.021,918
i; 027, 594
February...
March
April
May
June
July
August
SeptemberOctober
NovemberDecember-.
1943: J a n u a r y . . .
February.
$33,518
43, 892
70, 852
116, 035
"l~93,~452~
$85,117
63, 506
$61,448
74, 801
$26, 779
35, 728
43.6
47.8
2, 600,172
2,612,736
2,633,014
2, 660,098
2, 736, 258
2, 757,929
2, 798, 621
2, 834,079
2, 873, 822
2,912,717
2, 983, 310
186, 254
185, 664
185, 651
185,710
185,783
176, 995
169, 493
169, 202
169,162
169, 257
169,167
172, 260
167, 535
161, 571
157, 870
170, 066
152,302
139, 670
125, 308
113,858
103, 329
113,977
49, 387
56, 934
62, 015
59, 006
58, 642
61,062
58, 785
61, 508
59,021
48,017
46, 705
53, 449
56, 701
58,193
53, 808
72, 788
103, 821
70,262
68,082
73,124
64, 697
91, 029
47, 229
47, 086
40, 443
31,503
26,152
87, 059
41, 534
40,114
37, 720
30,738
30,219
88.4
83.0
69.5
58.5
35.9
83.9
59.1
58.9
51.6
47.5
33.2
3, 030, 919
3, 068, 672
148, 220
120, 308
99, 037
82. 652
39,149
44,076
119,923
73, 455
84,573
42,123
10.5
81.3
1,553,712
1, 668, 415
169, 247
160, 060
103,696
144, 049
57, 542
41,182
40,030
48,872
14,530
20, 400
36.3
41.7
1, 662, 269
1,667, 983
1, 683, 232
1,701,065
1, 735, 932
1,748,584
1, 767, 665
1,788,000
1, 814,156
1, 839, 506
1, 882, 051
151, 295
150, 776
150, 776
150, 776
150,776
143,324
136, 779
136,518
137,108
137, 208
137, 208
127, 235
123. 748
118,639
116,327
127,623
113,347
103,180
92, 943
83, 095
75,865
84,135
31,919
36,325
38, 484
36, 966
35, 279
37,007
36, 620
37,987
35, 555
28,163
27, 381
35, 670
37,377
38, 301
35, 759
47, 495
69, 919
45, 724
44, 589
47, 222
42, 076
58, 937
30, 714
30,000
24, 088
18.515
14, 794
58, 508
26, 707
24, 745
22, 019
18,174
16, 530
86.1
80.3
62.9
51.8
31.1
83.7
58.4
55.5
46.6
43.2
28. 0
1, 906, 323
1,928,559
118,769
96,109
72, 046
58, 489
23, 390
26, 566
79, 083
48, 412
55, 548
25, 987
70.2
53.7
800,193
929,110
37,054
36,180
40, 635
49, 226
27, 575
22,324
21,418
25,929
12, 249
15, 328
57.2
59.1
937,903
944, 753
949, 782
959, 033
1, 000,326
1, 009, 345
1,030, 956
1, 046.079
1, 059. 666
1, 073. 211
1,101, 259
34,959
34, 888
34, 875
34, 934
35, 007
33, 671
32, 714
32, 684
32, 054
32, 049
31,959
45, 025
43,787
42,932
41, 543
42, 443
38, 955
36, 490
32, 365
30, 761
27, 464
29, 842
17, 468
20, 609
23,531
22, 040
23,363
24, 005
22 165
23, 521
23, 466
19, 854
19, 324
17, 779
19, 324
19, 892
18, 049
25, 293
33,902
24, 538
23, 493
25, 902
22, 621
32, 092
16,515
17, 086
16, 355
12,988'
11,358
28, 551
14,827
15,369
15,701
12, 564
13, 689
92.9
88.4
82.2
72.0
44.9
84.2
60.4
65.4
60.6
55.5
42.7
1,124,596
1,140,113
29, 451
24,199
26,991
24,163
15, 759
17,510
40, 840
25,043
29, 025
16,136
71.1
64.4
FEDERAL
126, 390
138,040
16,714
23. 623
141, 617
41.022
116, 834
70,196
164," 430"
117,339"
STATE
1943: J a n u a r y .„
February-
April 1943
910
915
916
920
924
64, 281
68,417
16, 804
62, 554
23, 809
77, 757
29, 830
76,983
45, 839
92,040
76,113
223
Directory of Member, Federal, and
Insured Institutions
Added during F e b r u a r y - M a r c h
I. I N S T I T U T I O N S A D M I T T E D T O M E M B E R S H I P I N
T H E F E D E R A L H O M E LOAN BANK SYSTEM
B E T W E E N F E B R U A R Y 16 A N D M A R C H 15, 1943
III. I N S T I T U T I O N S I N S U R E D BY T H E F E D E R A L
SAVINGS A N D LOAN I N S U R A N C E C O R P O R A T I O N
B E T W E E N F E B R U A R Y 16 A N D M A R C H 15, 1943
D I S T R I C T NO. 1
CONNECTICUT:
Bridgeport:
West End Savings and Loan Association, Incorporated, 401 Hancock
Avenue.
D I S T R I C T NO. 3
PENNSYLVANIA:
Etna:
The Peoples Building and Loan Association of Etna and Sharpsburg,
32 Bridge Street.
Mill vale:
The Revenue Building and Loan Association of Millvale Borough,
407 Grant Avenue.
Philadelphia:
John B. Stetson Building and Loan Association of Philadelphia, Fifth
and Montgomery Avenues.
D I S T R I C T NO. 2
N E W JERSEY:
Vineland:
Vineland Savings and Loan Association, 640 Landis Avenue.
N E W YORK:
Buffalo:
Lincoln Savings and Loan Association, 568 Genesee Street.
D I S T R I C T NO. 3
D I S T R I C T NO. 6
INDIANA:
Seymour:
Home Savings and Loan Association, 117 West Second Street.
PENNSYLVANIA:
Philadelphia:
Famous Building and Loan Association, 915 Lewis Tower Building.
D I S T R I C T NO. 7
WISCONSIN :
Green Bay:
Brown County Building and Loan Association, 308 Cherry Street.
TERMINATIONS OF M E M B E R S H I P IN THE F E D E R A L
HOME
L O A N B A N K S Y S T E M B E T W E E N F E B R U A R Y 16 AND M A R C H
15, 1943
INSURANCE CERTIFICATE CANCELLED BETWEEN
F E B R U A R Y 1 6 A N D M A R C H 15, 1943
CALIFORNIA:
Mill Valley:
Tamalpais Mutual Building and Loan Association, 74 Throckmorton
(merger with Northwestern Building and Loan Association, Mill
Valley).
WISCONSIN:
Wauwatosa:
Suburban Building and Loan Association, 6604 West North Avenue,
(liquidation and purchase of assets by the Consolidated Savings and
Loan Association, Milwaukee).
KANSAS:
Caldwell:
The Caldwell Home Building and Loan Association, 7 West First
Street (liquidation).
Winfield:
Winfield Building and Loan Association, 106 East Ninth Street (liquidation).
New England Federals Sponsor
V a r i e d W a r Activities
KENTUCKY:
Louisville:
Avery Building Association, 515-517 West Market Street.
N E W JERSEY:
Jersey City:
Kopernik Building and Loan Association, 921 Bergen Avenue (liquidation).
Spring Lake:
Spring Lake Building and Loan Association, 1108 Third Avenue
(liquidation).
Union City:
Conservative Building and Loan Association of Hudson County, 410
Thirty-eighth Street.
N E W YORK:
Buffalo:
Schiller Park Federal Savings and Loan Association of Buffalo, 2133
Genesee Street (merger with First Federal Savings and Loan Association of Buffalo).
PENNSYLVANIA:
Pittsburgh:
Twentieth Ward Building and Loan Association, 34 Wabash Street
(liquidation).
Waynesburg:
Security Building and Loan Association, 8 Messenger Building (liquidation).
OKLAHOMA:
Oklahoma City:
First Federal Savings and Loan Association of Oklahoma, 109 North
Broadway.
I I . F E D E R A L S A V I N G S A N D LOAN A S S O C I A T I O N S
C H A R T E R E D B E T W E E N F E B R U A R Y 16 A N D
M A R C H 15, 1943
D I S T R I C T NO. 2
N E W YORK:
Buffalo:
Lincoln Federal Savings and Loan Association of Buffalo, 568 Genesee
Street.
D I S T R I C T NO. 3
PENNSYLVANIA:
Philadelphia:
Famous Federal Savings and Loan Association, 915 Lewis Tower
Building.
C A N C E L L A T I O N O F F E D E R A L S A V I N G S AND L O A N A S S O C I A T I O N C H A R T E R B E T W E E N F E B R U A R Y 16 AND M A R C H 15,
1943
NEW YORK:
Buffalo:
Schiller Park Federal Savings and Loan Association of Buffalo, 2133
Genesee Street (merger with First Federal Savings and Loan Association of Buffalo).
224
•
The increasing momentum of the savings and
loan associations' efforts in essential war activities has not come about automatically. I t represents hard work and "imagineering."
Federal associations in New England, organized as
the New England Federal Savings League, have
promoted individual and co-operative participation
in a variety of fields allied with the war effort.
When the Treasury Department called for help in
distributing war bonds, New England Federals
applied in a body for agency authorization. Also,
since last December about 20 of the larger Federals
in this group have sponsored a weekly radio broadcast on a network covering their entire region. A
musical program is supplemented by 3-minute discussions of such pertinent subjects as bond sales,
rationing, Victory Gardens, and absenteeism.
Special departments in the various associations,
manned by experienced personnel and equipped with
appropriate displays of posters and literature, give
concrete backing to the radio appeals. Those of the
New England Federals which are equipped with
space for assembly have turned such rooms into
meeting places for defense and Red Cross workers.
Others are sponsoring a series of lectures on home
gardening to supplement Victory Garden Kits.
Federal Home Loan Bank Review
OFFICERS OF FEDERAL HOME LOAN BANKS
BOSTON
CHICAGO
B. J. ROTHWELL, Chairman; E. H. WEEKS, Vice Chairman; W. H.
NEAVES, President; H. N. FAULKNER, Vice President; L. £ . DONOVAN,
C. E. BROUCHTON, Chairman; H. G. ZANDER, JR., Vice Chairman; A. R.
GARDNER, President; J. P. DOMEIER, Vice President; H. C. JONES,
Secretary-Treasurer; P. A. HENDRICK, Counsel; BEATRICE £ . HOLLAND,
Treasurer; CONSTANCE M. WRIGHT, Secretary; UNGARO & SHERWOOD,
Assistant Secretary.
Counsel.
NEW
DES
YORK
GEORGE MACDONALD, Chairman; F. V. D. LLOYD, Vice Chairman;
NUGENT FALLON, President; ROBERT G. CLARKSON, Vice President;
DENTON C. LYON, Secretary; H. B. DIFFENDERFER, Treasurer.
PITTSBURGH
WINSTON-SALEM
H. S. HA WORTH, Chairman; E. C. BALTZ, Vice Chairman; O. K. LAROQUE,
President-Secretary; Jos. W. HOLT, Vice President-Treasurer;
T. SPRUILL THORNTON, Counsel.
CINCINNATI
A. L. MADDOX, Treasurer; TAFT, STETTINIUS & HOLLISTER, Gen-
eral Counsel.
INDIANAPOLIS
H. B. WELLS, Chairman; F. S. CANNON, Vice Chairman-Vice President;
FRED T. GREENE, President; G. E. OHMART, Vice President; C. RUSSELL
Secretary-Treasurer;
HAMMOND,
W. C. JONES, JR., Chairman; W. P. GULLET, Vice Chairman; B. H.
WOOTEN, President; H. D. WALLACE, Vice President-Secretary; J. C.
CONWAY, Vice President; W. F. TARVIN, Treasurer; W. H. CLARK, JR.,
Counsel.
TOPEKA
P. F. GOOD, Chairman; L. W. BAUERLE, Vice Chairman; C. A. STERLING,
President-Secretary; R. H. BURTON, Vice President-Treasurer; JOHN
S. DEAN, JR., General Counsel.
PORTLAND
R. P. DIETZMAN, Chairman; WM. MEGRUE BROCK, Vice Chairman;
WALTER D. SHULTZ, President; W. E. JULIUS, Vice President-Secretary;
ALEXANDER, Counsel.
urer; EMMERT, JAMES, NEEDHAM & LUNDGREN, Counsel.
LITTLE ROCK
E. T. TRIGG, Chairman; C. S. TIPPETTS, Vice Chairman; R. H. RICHARDS, President; G. R. PARKER, Vice President; H. H. GARBER,
Secretary-Treasurer; WILLIAM S. BENDER, Counsel.
PARKER,
MOINES
C. B. BOBBINS, Chairman; E. J. RUSSELL, Vice Chairman; R. J. RICHARDSON, President-Secretary; W. H. LOHMAN, Vice President-Treasurer;
J. M. MARTIN, Assistant Secretary; A. E. MUELLER, Assistant Treas-
BUSCHMANN,
ROLL
&
BEN A. PERHAM, Chairman; A. C. BOUCHER, Vice Chairman; F. H.
JOHNSON, President-Secretary; IRVING BOGARDUS, Vice PresidentTreasurer; Mrs. E. M. JENNESS, Assistant Secretary; VERNE DUSENBERY, Counsel.
Los ANGELES
D. G. DAVIS, Chairman; HORACE S. WILSON, Vice Chairman; M. M
HURFORD, President; C. E. BERRY, Vice President; F. C. NOON,
Secretary-Treasurer; VIVIAN SIMPSON, Assistant Secretary; HELEN
FREDERICKS, Attorney.
@FedFRASER