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FEDERAL
HOME
LOAN
BANK
Vol.
10, No. 7
N A T I O N A L HOUSING
AGENCY
John B. Blandford, Jr., Administrator
FEDERAL HOME LOAN
BANK ADMINISTRATION
Washington, D. C.
A P R I L 1944
The Broadening Concept of the City Problem Over Two
Decades
.177
Increased Stability of Share Capital
181
Savings and Loan Operations in City, Suburb, and
Small Town
184
John H. Fahey, Commissioner
REGULAR FEATURES
FEDERAL HOME LOAN
BANK SYSTEM
FEDERAL SAVINGS AND LOAN
ASSOCIATIONS
FEDERAL SAVINGS AND LOAN
INSURANCE CORPORATION
HOME OWNERS' LOAN
CORPORATION
UNITED STATES HOUSING
CORPORATION
Home Front
176
Post-War Jookshelf
176
Honor Roll
187
Monthly Survey
..
191
Directory Changes of Member, Federal, and Insured Institutions
200
TABLES
New family-dwelling units.
195-196
Building costs
196-197
Savings and loan lending
197-198
Mortgage recordings
198-199
Federal Home Loan Banks
199
Sales of U. S. war savings bonds
199
Savings in selected financial institutions
199
insured savings and loan associations
200
F H A activity
..
200
Savings and loans in
Louisville plan
Among middle-sized American cities,
Louisville, K e n t u c k y , is out in front in
its post-war planning organization,
just as Albert Lea, Minnesota, has
become t h e accepted model for planning a m o n g smaller towns. In Louisville, as in Albert Lea, members of the
savings a n d loan industry have t a k e n
an active p a r t .
M a y o r Wilson W y a t t writes t h a t
among those "officially connected with
the mortgage business in Louisville
who are active in the Louisville Area
Development Association" are T h o m a s
A. Barker, Avery Building Association;
Frank Withers, Greater Louisville
First Federal Savings a n d
Loan
Association; Stoner W'iggington, Jefferson Federal Savings a n d Loan Association; a n d William B. Furgerson,
P o r t l a n d Federal Savings a n d Loan
Association. Messrs. Barker, Withers
a n d Wiggington serve on t h e Housing
Committee, while Mr. Furgerson is on
t h e P a r k s a n d Recreation C o m m i t t e e .
T h e Louisville Area Development
Association, which has already drawn
favorable comment in leading newspapers a n d magazines, is unique in t h e
United States in t h a t its concept of
post-war planning involves t h e full
cooperative effort of every represent a t i v e factor in t h e community, a n d
does not place the responsibility either
totally upon local government or upon
local i n d u s t r y independent of local
government. Likewise, M a y o r W y a t t
has said, it is not merely " p o s t - w a r , "
b u t involves immediate a n d continuing action on a long-range basis. T h e
work of the Louisville and Jefferson
C o u n t y Planning a n d Zoning Commission is tied in very closely with
t h a t of t h e Development Association.
Committees of t h e L A D A include
the following: Agriculture, Business
a n d I n d u s t r y , Culture a n d E n t e r t a i n ment, Finance a n d Taxation, E d u c a tion, Government, Housing, Health,
Labor, Legislation, P a r k s a n d Recreation, Public Works, Safety, Sanita-
176
tion, State Co-operation, Streets a n d
Highways, T r a n s p o r t a t i o n , Utilities,
Welfare a n d Zoning.
Lumber conservation
In one of the dizzying reversals
characteristic of war, industries which
have been using lumber as a substit u t e for steel are now being urged to
use steel if necessary as a substitute
for lumber. The National Housing
Agency has urged t h a t everyone connected with the erection of war housing
cooperate in t h e u t m o s t possible conservation of lumber to aid in t h e prosecution of the War. As under procedures now in effect, control over lumber
uses lies with the builder, subject only
to limits imposed by W P B , t h e widest
understanding and cooperation of
builders will be needed if additional
conservation measures are t o be realized. F H A field offices have instructions which will aid t h e m in their
efforts to stretch t h e present lumber
supply as far as possible.
New York Associations sell money
orders, travel checks
Savings and loan associations in
New York State are now authorized t o
sell money orders a n d travel checks as
agent for any corporation, association,
or joint stock company empowered to
sell such i n s t r u m e n t s through agents
within t h e State. This additional
function became operative upon signat u r e by Governor Dewey of t h e
Williamson Bill amending t h e S t a t e
Banking Law.
War housing occupancy
There is a good reason, based on
the unavoidable shifts and changes of
war, for such vacancies as exist in warhousing projects. This was brought
out during t h e m o n t h by an N H A
s t a t e m e n t , which gave as one illustration t h e Kingsford Heights project
in Kingsbury, Indiana. A t o t a l of
2,974 demountable houses were built
to house workers a t an ordnance p l a n t
where peak employment was unoffi-
cially estimated a t 26,000. After rescheduling munitions production, emp l o y m e n t was cut to less t h a n 9,500
workers, most of w h o m c o m m u t e d
from other towns, a n d as a result,
most of t h e housing in t h e project was
m a d e unnecessary. Some 2,200 dem o u n t a b l e houses h a v e been or are
being moved to other places where
more war housing is urgently needed.
POST-WAR BOOKSHELF
Although
inclusion of title
does not
necessarily mean recommendation by the
REVIEW, the following recent publications
will be of interest.
ABSTRACTS
OF SELECTED
MATERIAL
ON POST-WAR
HOUSING
AND
URBAN
DEVELOPMENT:
REFERENCES
STATEMENTS
TO
POST-WAR
ON HOUSING IN
POLICY
U.S.A.
J a n u a r y 1944. Available from the
Division of U r b a n Studies, National
Housing Agency, Washington 25, D. C.
LAND USE IN CHICAGO:
2 of t h e report of the Chicago
survey. Available from t h e
Planning Commission, 20 N .
Drive, Chicago 6, 111.
Volume
land use
Chicago
Wacker
CITY
FINANCES:
1942; C I T Y E X PENDITURE I N 1942 (the cities covered
are those having populations over
25,000). Available from t h e U. S.
D e p a r t m e n t of Commerce, Bureau of
t h e Census, Washington, 25, D. C.
REPORT
ON WAR
AND
POSTWAR ADJUSTMENT
POLICIES:
By Bernard M. Baruch a n d J o h n M.
Hancock. F e b r u a r y 15, 1944. 108
pp.
Available from t h e Superintendent of D o c u m e n t s , G o v e r n m e n t Printing Office, Washington, 25, D . C.
NEIGHBORHOOD
CONSER VATION; A HANDBOOK
FOR
CITIZEN GROUPS:
By A. C. K a y a n a n .
Available from Cleveland Regional
Association, West Mall Drive, Cleveland 14, Ohio.
Federal Home Loon Bank Review
THE BROADENING CONCEPT OF THE CITY
PROBLEM OVER TWO DECADES
The war years have speeded the public's understanding of the underlying
problem of our cities. Housing, both privately and publicly financed,
now fits into the broader framework of urban redevelopment, which
savings and loan associations will find increasingly important to
their business.
U
WAR, with its overcrowding, unprecedented
migrations, restrictions upon civilian life and
heightened tensions, while intenshying the basic
problems of the American city, has broadened the
public's understanding of them to a hopeful degree.
Underlying causes may be found in data on population movements and the postponement of normal
building, and in other wartime phenomena no less
important because they cannot be graphed and
charted. For example, even those city dwellers
fortunate enough to escape other dislocations have
been affected by gasoline rationing; denied their
customary Sunday escape from the city by antemobile, citizens have had occasion to look at their
home towns more closely and critically than ever
before. The strain of War has apparently worked
with a suppressed, explosive force among urban
populations so that there is now talk of "rebuilding"
our cities just as if they had been bombed.
The 1939 Picture
Certainly in 1939 there was no indication of such
a widespread belief that something was basically
wrong with our cities. In that year, it will be
remembered, progress was evident both in the quantity and quality of privately financed homes, in the
art of planning subdivisions, roads and parks, and
in\home-financing. Little affected by the short,
sharp business recession of 1937-1938, and assisted
by Federal credit facilities, private builders and
lending institutions seemed well on their way to
satisfying the demand for better living on the
urban rim.
After a faltering start, in the later 1930's the
"public housing" program was embodied in the
United States Housing Act. The U. S. Housing
Authority was giving its assistance through local
housing authorities to provide housing for low income
families with provision for removal of an equivalent
number of substandard units. In 1939 USHA
projects were going up at the rate of 6,000 dwelling
April 1944
units a year. "Slum-clearance" was one of the
specified goals of this operation.
The Post-War Idea
The War and the defense program dropped a
curtain upon 1939, and the stage is apparently now
being set for a post-war period in which the provision of new housing will be only part of the larger
task of replanning and redeveloping our cities.
This dramatic change, within a few years, to a
broader concept of the urban problem applies more
to the general public's attitude than to the students
of urban housing. For many years, leaders in building and home finance, as well as city, State and
Federal officials, have been aware that blight can be
cured neither by flight to the suburbs nor by surgical
operation on slums, but that the disease requires
preventive and curative treatment throughout the
whole body of the city. I t is this idea which is now
moving from these circles into public discussion and
State and Federal law.
"Crowded around a business center developed to
meet nineteenth-century needs, a n d interlaced with roads
t h a t grew out of cart trails and paths, t h e modern
city's structure is out of joint with its needs. Under
these circumstances a vicious circle sets in.
When
taxpayers move out to the green hills, lakes, a n d valleys,
they take their taxes with t h e m . To make u p for its
losses, the city m u s t increase the tax rate. But t a x
assessments are already high from overcrowding a n d
sweating of land.
Real land values go down; distressed properties are thrown on the m a r k e t ; mortgages
cease to be conservative risks and become gambles. To
get enough income out of the land, it is necessary further
to subdivide and crowd it. Taxes go u p ; rents go u p ;
and the residents continue to go away. . ." l
Toward a Unified Approach
The future of the city, it is now coming to be
realized, must be approached as a whole. One-tenth
of all American residential real estate, it has been
estimated, lies in slums; one-fourth in definitely
1
Fortune, January 1944.
177
THE CITY PROBLEM: PROJECTS OF THE THIRTIES
•*~&&&lP»i?A •«&
Slum clearance, the removal of badly blighted areas and the
provision of decent housing for slum dwellers, was an often-stated
objective of the housing movement in the last decade.
These
il
before-and-after"
views of a Pittsburgh slum and the housing
project which replaced it are a dramatic contrast, although in
many cases the new housing was not on the slum site. At best
however, slum-clearance in itself is but a patch-work
operation,
leaving untouched, as these pictures suggest, the core of the city
problem, the causes of urban decay which create new slums
faster than old ones can be cleared.
During the 1930's private enterprise
improved
for suburban living. Chief upublic
housing1' contributions in this
field were three Greenbelt
towns, demonstrating the
wisdom
of
permanent,
protecting
greenbelts of
woods and fields.
But without re planning of the city's interior, the
flight of taxpayers to even the best of suburbs only
spreads blight downtown.
Eventually, this street
will become a slum, unless redeveloped within the
framework of a city-wide plan.
173
Fee/era/ Home Loan Bank Review
PLANS OF THE FORTIES:
London, badly bombed and first in post-war planning, already
has a Greenbelt, but it needs "bringing more into the centre
through green wedges . . . the parkways along the ring roads
giving access from one wedge to another.7'
It allows four open
acres per thousand people, including playing fields, large "amenity
parks," "riverside pleasaunces," private gardens, children's play
centers, and traditional London squares.
"Something much wider than slum clearance" is Boston's
post-war purpose.
Below, left, is the City Planning
Board's
"sample" of an existing blighted, tax-delinquent
neighborhood.
The plan for its post-war redevelopment, right, will fit into the
framework of a city-wide master plan.
Re zoned for residential
use only, and with new S-story apartments grouped around
courts, each with its own Utile children's playground, the redeveloped area would house 49.9 families per acre gross; same
existing streets and the school would be used, the old apartments
on Rose Street rehabilitated.
• \M •
April 1944
T or
»
*T
179
blighted areas, or slums in the making; and one-half
in houses 20 to 40 years old. For the most part,
these middle-aged houses, in which savings and loan
associations have a large part of their investment,
are in neighborhoods already touched, or at least
threatened by blight. The "conservation" of these
middle-aged neighborhoods as well as the "rehabilitation" of blighted areas is now becoming part of
the current vocabulary.
In 1940 the R E V I E W discussed the first organized
effort at conservation of a middle-aged neighborhood—the Waverly Plan in Baltimore. 1 At that
time, three States had passed enabling acts for the
redevelopment of urban neighborhoods; the number
has now grown to eight, 2 while Federal legislation
on the subject is now pending in Congress.
While a precise definition of "redevelopment"
(which does not even appear in a 1937 official glossary
of housing terms) is still lacking, it is much broader
in scope than "slum-clearance." According to some
of the State laws now on the books, redevelopment
of an urban area may be accomplished by private
corporations, with varying types of public aid such
as tax-exemptions, subsidies, and the construction
of public improvements. The post-war plans of
many American cities indicate that several kinds of
treatment may be administered within a "redeveloped" area—demolition of the severely blighted
portions, with replacement by parks, playgrounds,
landing fields or other needed improvements, as
well as by new housing, privately financed or publicly aided; and "conservation" of other sections,
perhaps with some remodeling and improved community facilities.
Yet the ultimate success of "redevelopment"
areas depends upon relating them to a master plan
for the city as a whole, including the orderly growrth
of the outward development which will continue
to affect the interior. Nor can "patching u p " a
city by redevelopment areas spotted here and there
be successful, in the long run, except as part of a
comprehensive "replanning" of the city's interior.
"Replanning," the broadest term of all, according
to a recent discussion should include in its goals:
Good dwelling accommodations for all who wish to live
in t h e city proper. Accessible location of residential
neighborhoods in relation to places of employment and
cultural a n d recreational facilities. Coordinated t r a n s portation S3^stems and a safe and efficient arrangement
of roads a n d streets.
i June, July, August 1940.
2 Maryland, Wisconsin, Kansas, Missouri. New York, Illinois, Michigan,
and Kentucky.
180
Property values t h a t will remain reasonably stable—to
provide valid incentives for home ownership a n d other
investment in real estate, a n d to p e r m i t t h e municipal
government to organize its fiscal affairs on a sound basis.
The Road We Have Come
To some laymen it may seem that such goals,
worthy as they may be, are too large in scope to
have much practical value. Yet looking back over
a period of half a century, it is easy to trace a
gradually broadening concept. The first organized
efforts toward solving the "city problem" were the
settlement-house and playground movements; improved building codes and zoning regulations, better
roads and a variety of other reforms also came during
the nineteenth century. The flight from the city
to garden developments, at one time advocated as
a cure-all, was gradually succeeded by the realization that it was hastening the decay of the city.
Even "slum-clearance" as an objective is now giving
place to "redevelopment" within the framework of
bold and broad replanning.
A n Agricultural Comparison
In a study of evolving public opinion it is sometimes helpful to go to another field for a comparison.
During the 1920's it was the agricultural rather than
urban problem which aroused the greater public
interest. A series of measures, loosely called "farm
relief," attempted to solve the "farm problem"
without notable success.
Only after the economic depression became general
was it seen how closely physical decay and economic
distress were related. In the 1930's, Federal and
State programs concerned with soil couservation,
flood-control and other phases of land use, farm
credit, and the rehabilitation of destitute farm
families (including better housing) w^ere then gradually joined in a nation-wide campaign to balance
agricultural production and increase consumption.
None of these programs sprang full-blown from
Federal legislation. Some, it should be noted,
were inspired to some extent by mortgage-holders:
banks, life insurance companies and other institutional lenders early took a keen interest in soil conservation and assistance in farm-and-home management for distressed mortgagor families.
The Farm Program, as the gradually unified
approach came to be known, has depended for its
success upon cooperative action of local people.
Soil conservation districts, for example, which are
local self-governing bodies organized along the
(Continued on p. 201)
Federal Home Loan Bank Review
INCREASED STABILITY OF SHARE CAPITAL
This fourth annual study of share capital trends provides an interesting
commentary on the behavior of private capital in all insured savings
and loan associations. Material for this study is based on an analysis
of 1943 data by the Division of Operating Statistics.
•
T H E story of American savings during 1943
forms one of the most encouraging chapters in
the current history of the public's reaction to a wartime economy. True, the "silk shirt" philosophy of
World War I which helped to set the stage for a postwar depression has not been completely eliminated.
However, all evidence points to the fact that it is
playing a considerably more minor role in the disposition of the increased income produced by World
War I I . In spite of growing demands on consumers'
income in the form of higher prices and taxes, an
unprecedented amount of money has been put and
kept in the various thrift reservoirs of the country.
That savings and loan associations have been
sharing in this surge of public saving has been revealed in month-to-month records. Final 1943
reports now make it possible to assess the scope and
significance of this trend in the light of an analysis
of turnover in share capital among all insured associations last year. Because of insurance of accounts,
the records of these associations are likely to be somewhat better than the average. Still, there is sufficient similarity to make this analysis indicative of
the pattern prevailing throughout the industry.
Results of this study show two significant things in
connection with the stability of private capital in
insured institutions during 1943. First, the volume
of repurchases in relation to new investments was
smaller last year than in any period on record. And
second, the rate of turnover, as measured by the
amount of repurchases in relation to average private
repurchasable capital outstanding during 1943, was
lower than in any of the 3 preceding years.
66, 62, and 57 percent in the 3 preceding years.
Even in pre-war years, the best record was a ratio of
56 percent in 1939. Aside from the anticipated
seasonal upturns in January and July, only one
month of 1943 showed an appreciable increase over
the previous month. This advance occurred in
September which was also the only month which
showed a substantial increase over the corresponding
month of 1942. The September 1943 increase can
undoubtedly be explained by the combined impact
on savings of an income tax instalment and the Third
War Loan.
A l l Regions Share in Improvement
The widespread character of this declining proportion of repurchases to new investments is shown
by the fact that all Bank Districts reported lower
repurchase ratios in 1943 than during the previous
year. The most outstanding changes were registered
in the New York region where the 1943 ratio was
only 63 percent compared with 83 in 1942, and in
the Topeka District which showed a repurchase
ratio of 53 percent in 1943 and of 70 percent the
previous year. The lowrest 1943 ratio, 39 percent,
was registered in the Pittsburgh Bank District and
Repurchases at Ail-Time Low
Following the first shock of our entry into the War,
repurchases soared to an entirely abnormal level.
However, this panic psychology was short-lived and
a complete reorientation in public thinking has
obviously taken place. Since May 1942, there has
been an almost continuous decline in the ratio of
repurchases to new investments, resulting in an annual average of 54 percent in 1943 compared with
April 1944
181
In 1943 the turnover rate declined for the second
consecutive year, reflecting the fact that average
outstanding capital again was increasing more
rapidly than withdrawals. The dollar volume of
average outstanding capital increased 19 percent
over the comparable figure for the preceding year
and stood at approximately $3,280,000,000 on December 31. Repurchases, on the other hand, increased only 8 percent to $623,722,000. The rate
of turnover was 19 percent, which compares favorably with the 21 percent recorded in 1942 and 22.5
percent the previous year.
Geographic Comparisons
the highest, 68 percent, in Little Rock which was the
region showing the least change last year. In 1942,
the lowest repurchase ratio was likewise in Pittsburgh but the highest ratio was recorded for the
New York region. As in past years, no particular
geographical pattern was evident in the ratios
reported by the various Banks.
Improved repurchase ratios were reported in all
but five States during 1943. Only West Virginia,
Arkansas, Mississippi, Arizona, and Tennessee
showed an increased proportion of repurchases last
year, compared with 36 States and the District of
Columbia where repurchase ratios advanced in 1942.
Aside from this small belt made up of four of the
five States which reported increases, no pronounced
geographical similarities were found. In fact, even
different States within the same District in most
cases did not show any definite uniformity.
Turnover Rate Also Drops
The repurchase ratio, which has just been discussed, expresses the relationship between the current inflow and the current outgo of private share
capital. To complete the analysis of the behavior
of private share capital in insured savings and loan
associations, repurchases during the year are expressed as a percent of the average private share
capital outstanding for the entire year. This gives
a turnover rate for total private share capital which
measures the relative stability of invested funds.
182
Turnover rates declined in all 12 Bank Districts.
As was the case in regard to the repurchase ratio,
New York and Topeka showed marked improvement. In New York, the turnover rate dropped
from 28.5 in 1942 to 24.2 in 1943. The rate in
Topeka last year was only 13.5 percent compared
with 17.0 in 1942. For the second consecutive
year, the lowest rate was registered in Little Rock—
12.3 percent in 1943, and 12.7 in 1942. New York
showed the highest turnover rate last year just as
it had in 1942.
In general, Districts with low turnover ratios had
low repurchase ratios and Districts with high turnover ratios had high repurchase ratios. Little
Rock, however, with the lowest turnover and the
highest repurchase ratio was a noted exception.
RATE OF CAPITAL TURNOVER IN INSURED
SAVINGS AND LOAN ASSOCIATIONS
1942-1943; BY FEDERAL HOME LOAN BANK DISTRICT
P E R C E N T
UNITED STATES
LOS ANGELES
WINSTON-SALEM
OES
MOINES
INDIANAPOLIS
LITTLE
ROCK
DIVISION OF OPERATING STATISTICS
FEDERAL HOME LOAN BANK ADMINISTRATION
Federal Home Loan Bank Review
I n this District, repurchases were relatively low in
dollar volume but high in relation to the volume of
new investments, with the result that the net
growth of insured associations averaged less here
than in other Districts.
The State picture shows a few deviations from the
downward trend but for the most part they were
very minor. Reference to the table on this page indicates that only Utah, Louisiana, Arkansas, Idaho,
Missouri, Delaware, and Arizona reported rises in
the rate of turnover. The latter two States, which
showed the largest increases, have fewer than 5
insured associations each. The range in other States
was between 8 and 29 percent.
Repurchase ratios and rates of capital turnover
by Bank District and State
Stability Here to Stay?
Whether this increased stability of investment
funds is purely a wartime occurrence is, of course,
entirely a matter of speculation. I t may be a product of the " saving for victory'' motif of Government and business, plus the restricted opportuaities
for spending. The post-war period is likely to
witness great local and regional variations in the
behavior of savings, incident upon migrations and
speed of readjustment to peace conditions. On the
other hand, the present intensive effort to encourage
thrift may carry over into the peacetime economy,
thus making this trend a continuing factor to be
reckoned with in terms of " n o r m a l " planning.
Meantime, this study provides valuable comparative
data for managers and boards of directors to judge
the progress of their own associations in the light
of present-day conditions.
Pittsburgh
1
Federal H o m e L o a n B a n k _
District and State
j
R e p u r c h a s e ratio
1943
UNITED STATES..
66.4
62.2
19.0
21.0 1
61.1
49.8
14.0
16.2
15.5
j
40.1
47.1
52.8
50.1
51.1
67.2
45.9
47.5
70.8
58.7
61.1
69.6
39.8
43.2
53.1
67.3
37.0
63.5
17.3 1
21.1
12.7
11.5
22.5
13.4
21.0
21.1
14.8
13.4
24.6
17.7
21.2
24.7
13.8
16.3
29.7
18.6
62.9
83.0
71.2
24.2
28.5
28.3
75.2 1 68.6
22.2
71.9 1 24.9
85.3
24.4
i
60.2
63.9
25.1
29.2
..
39.3
47.4
43.5
13.2
15.7
17.7
45.2
47.4
46.6 j
68.6
43.8
40.6
15.7
13.5
10.1
10.5
16.3
New York
.
April 1944
579838—44-
29.8 1
22.5
.
!
|
39.0
38.8
46.9
11.3 1
21.7
18.3
13.0
. .
j
54.4
65.6
51.7
20.0
23.5
24.3
51.4
56.8
54.6
44.9
47.7
69.2
80.0
47.1
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
12.8
21.9
28.8
16.1
20.1
21.1
14.0
12.4
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
60.7
71.3
75.8
22.5
23.7
27.8
50.3
61.8
51.5
66.3
73.1
47.1
63.9
78.5
42.6
9.8
24.6
16.3
11.5
25.7
16.8
12.5
30.4
17 5
Indianapolis..
46.2
60.6
68.6
15.0
16.9
18.1
Michigan
43.5
49.9
59.9
61.6
64.8
74.1
13.3
17.9
15.5
19.2
16 2
21 3
49.8
65.1
63.3
18.0
20.8
23 3
50.4
46.5
64.7
67.2
61.1
75.1
20.1
11.0
23.4
13.2
25 6
16.8
46.2
53.9
52.2
16.5
17.6
19.3
49.4
40.5
53.0
39.6 [
56.8 j
51.3
54.8
53.5
54.9
63.4 ]
41.2
56.1
54.1
39.0
58.0
14.0
18.7
15.5
15.2 1
17.4 1
16.7 1
22.2
14.4
18.7
16 6
25 7
15.6
16 9
20 6
68.9
70.1 I
55.2 |
12.3
12.7 1
13 0
76.1
81.0
54.2
49.2
62.9 1
58.2 1
81.4
47.5
75. 2
66.3 1
48.1
70.3
27.2
56.5
12.3
12.7
9.0
12.2
12.4
12.1 I
12.5
9.5
16.5
13.1
13
13
9
15
12
52.7 j
70.0 |
57.1 |
13.5
17.0
16 1
62.1 I
50. 2
43.8
50.2 1
64.1
65.4
61.9
82.0
53.2 j
57.8
56.7
59.1 |
18.2 1
15.4
11.4
10.2
19.5 I
19.9
14.9
14.2
17
19
16
13
|
53.3 |
57.0 |
60.9
26.5 |
27.0
29 2
i
!
55.0 1
68.2
53.3
44.2
54.1
56.6
58.5 1
71.3
57.0
48.8
57.4
58.4 1
63.8
66.2
54. 3
59.0
63.0
27.5 1
16.9
24.0
24.6
28.8
25.0 1
17.2
25.7
24.3
29.8
19.7
27 1
18*5
26 4
26* 2
32* 5
23 6
. . |
51.6 |
66.0 |
60.8 I
20.1 |
21.1 1
21 8
56. 3 1
51.0
27.5
50.9 I
66.7
65.7
51.4 I
61.5
48.4
38.4
19.5
8.4
33.4 I
20.8
15.3
37.8
21. 6
16. 7
Pennsylvania...
W e s t Virginia
Winston-Salem
D i s t r i c t of C o l u m b i a .
Florida
Maryland
North Carolina.
S o u t h Carolina
. _
Cincinnati
Kentucky
Ohio
_ .
Illinois
Wisconsin .
.
. .
.
Officers of Little Rock Bank
CHANGES in the management of the Federal
Home Loan Bank of Little Rock have been
announced. Effective May 1, Mr. B. H. Wooten,
who has been serving as president, becomes chairman of the Board of Directors. Mr. Wooten was
appointed a Public Interest Director on April 1,
upon resigning the Bank presidency to enter private
banking in Dallas, Texas. As chairman of the
Board, he succeeds Mr. Will C. Jones of Dallas,
resigned. Mr. H. D . Wallace, vice-president, now
becomes president and Mr. J. C. Conway, vicepresident. Mr. R. T. Pryor returns to the Bank as
secretary, following service with the Bank Administration in Washington and with private industry,
and Mr. W. F . Tarvin continues as treasurer.
1941
48.0
Minnesota...
Missouri...
North Dakota
South Dakota
•
1942 1
54.2
!
-i
.
1943
1
l
N e w Jersey
New York..
1941
--I
Boston
Connecticut
Maine
Massachusetts.
New Hampshire
Rhode Island ]
1942
R a t e of t u r n o v e r
Louisiana
...
N e w Mexico
Texas
Topeka..
__
. ..
.
__
. ..
Colorado
Kansas
Nebraska.._
Oklahoma
Portland
.
. . . .
Idaho ..
Montana
Oregon _
Utah .
Washington
Wyoming
. .
.
Los Angeles . . .
Arizona 1...
California
Nevada *
1
...
...
.
.
49.4
42.4 1
19.6
20.4
2
3
9
2
9
8
1
1
5
Less than 5 insured associations are located in these States.
I83
SAVINGS AND LOAN OPERATIONS IN CITY,
SUBURB, AND SMALL TOWN
An analysis of balance-sheet and operating characteristics of Federal
savings and loan associations, both centrally located and suburban,
within metropolitan districts, and those outside these districts, reveals
some further interesting comparisons as to their modus operandi.
•
TWO articles in the January issue of the R E V I E W
laid the basis for a further study of savings and
loan operations in relation to the size of cities.
The first, "Savings and Loans Follow the Urban
T r e n d / ' showed that only two-fifths of the member
institutions of the Bank System, holding but little
more than one-fifth of the total assets, are in the
smaller cities and towns of less than 50,000 population, located outside the 140 metropolitan districts
of the United States: 1 despite the fact that threefifths of all nonfarm homes are located in these places.
The second January article, "Dividend and Interest
Rate Structure of Member Associations," pointed
out that the larger associations, which are generally
located within metropolitan districts, have consistently lower dividend and interest rates than the
smaller.
Against this background, an analysis of the 1942
reports of the Federal associations (the only group
which it was feasible to study) throws further light
on the significant differences between the savings and
loan associations in the central cities, those in the
outlying parts of metropolitan districts, and those
which are outside metropolitan districts altogether.
(For convenience in discussing these three classes,
this article will use the terms "downtown," "suburban," and "small town.") Likewise, differences
are shown between operation of associations, whether
"downtown" or "suburban," located within metropolitan districts of varying size.
All Federals were deprived by wartime building restrictions of normal lending opportunities in 1942
and perhaps those in the smaller towns had even
fewer opportunities to finance war housing, particularly large scale projects.
A wide variation shows in the percentages as
among metropolitan districts of varying size. I n
the four largest—New York (including northeastern
New Jersey), Chicago, Los Angeles, and Philadelphia, each having more than 2,500,000 population—
Federals reported about 84 percent of resources^in
their first mortgage portfolios. I n the next largest
size districts, the percentage was 86, whereas associations in the cities of under 500,000 population
had less than 79 percent of their resources in first
mortgages.
Liquid Assets
Holding relatively fewer mortgages, small town associations at the end of 1942 naturally held the higher
RATIO OF SELECTED BALANCE SHEET ITEMS TO ASSETS
ALL FEDERAL'SAVINGS AND LOAN ASSNS. BY METROPOLITAN DISTRICTS AND OUTSIDE
DECEMBER 31, 1942
ASSETS
O
10
i The Census Bureau defines a metropolitan district as consisting of at least
one "central city" of 50,000 or more population and including "adjacent and contiguous minor civil divisions having a population of 150 or more per square mile."
In 1940, there were 140 such metropolitan districts encompassing every city of
50,000 or over in continental United States.
184
30
PERCENT
•I
1 ,1 ,
"1
:2%S%ZS2%2Z2%22?^^
]--DOWNTOWN! METROP.
— S U B U R B A N J DISTS
•SMALL TOWN
Mortgages Held
Highlighting the suburban trend, in the percentage
of total assets held in the form of mortgages the
suburban associations ranked first. They held 8 3 ^
percent of their assets in mortgages, compared with
81 percent for the "downtown" Federals and only
78 percent for the associations in the smaller towns.
20
CAPITAL AND LIABILITIES
PERCENT
WZZ
GOVERNMENT
INVESTMENTS
RESERVES 8
UNDIV. PROFITS
|p
U - D O W N T O W N l METROP.
SUBURBAN J DISTS.
SMALLTOWN
Federal Home Loan Bank Review
percentage of liquid assets: well over 15 percent of
their resources were in cash or Government obligations, compared with about 11 percent reported for
the 140 central cities and their suburbs. Associations in districts of under 250,000 population reported nearly 13 percent in liquid assets, compared
with almost 15 percent in the next-larger group of
250,000 to 500,000 population. Federals in these
cities, in respect to their proportions of liquid assets
as well as mortgages, were in much the same situa^
tion as those in small towns. However, in New
York, Chicago, Los Angeles, and Philadelphia, where
the Federals held 84 percent in mortgages, they reported only 10 percent in liquid assets.
Share Capital, Borrowed Money
In the Federals within metropolitan districts,
private repurchasable capital comprised but 81
percent of total resources at the end of 1942, while
Government investments were equal to nearly 6%
percent. The small-town Federals had more than
86 percent of their resources in private capital and
only about 4% percent in shares held by the Government. In this respect the smaller metropolitan
districts again followed the small-town pattern, the
reports showing higher percentages of private capital
and relatively low Government share investments,
compared to those reported from the larger cities.
Keflecting their relatively smaller holdings of
private capital, Federals in the metropolitan districts reported considerably greater borrowings at
the end of 1942 than those outside. Downtown
associations borrowed money equal to 4 percent of
total resources, the suburbanites, 5 percent, while the
small-town Federals reported borrowings of about
1% percent. Associations in the Big Four cities
reported borrowings equal to 7 percent of their
resources; the ratio graduated downward to about
2% percent in the districts of less than 500,000.
Reserves
I n the percentage of assets in general reserves and
undivided profits, associations in smaller metropolitan districts appear to be in a stronger position.
I n the smallest size of metropolitan district, with less
than 250,000 inhabitants, reserves and undivided
profits amounted to 7.3 percent of total resources; in
the small towns, they were 6.4. The lowest ratio, less
than- 5 percent, was reported from districts between
one half and 2}{ million population. The ratios
varied but little between downtown and suburban
associations.
April 1944
Operating Ratios
In making further comparison, it is well to remember that the average assets of metropolitan Federal
associations are much larger than the average for
those in the small towns—$2,433,000 compared with
only $687,000.
Gross operating income of Federals, whether downtown, suburban, or small-town, ranged close to
5 percent of assets, the average for the Federal
associations as a whole.
A contrast might be expected between the operating ratios of big city and sm.all-town associations, as
the metropolitans held the higher percentage of
mortgages among their assets; however, as previously
mentioned, metropolitan Federals received lower
interest rates. The average rate reported by the
downtown Federals was 5.52 percent, suburbanites,
5.75 percent, and small-town associations, 6.01.
There was considerable variation in their respective
sources of income. For the metropolitan Federals,
interest on mortgage loans was 92 percent of the
total, compared with 88 percent for those outside.
Within cities of different sizes, the percentages
ranged from 90 percent in metropolitan districts
between a quarter and a half million and 93.5 percent
in districts between 1 and 2)i million.
In 1942, a year when real-estate owned was of
dwindling importance, interest earned on real-estate
contracts and on investments together equaled less
than 4 percent of gross income for all Federals; the
operating ratio for these items was lowest, 2.1 percent, in the suburbs and highest, 4.6 percent, in small
towns; downtown associations showed 4 percent.
As might be expected, the small-town Federals
showed a much higher relative income from such
miscellaneous sources as commissions on loans,
appraisal, legal, or notary fees, etc.; these amounted
to 7.7 percent of operating income outside the districts, and only 3.9 percent for downtown metropolitan associations. This may indicate that the
latter institutions are absorbing a larger portion of
these initial loan costs.
Operating Expenses and Interest Charges
I t costs more to do business in a big city, not primarily because salaries are higher, but because
advertising and similar overhead items are larger in
relation to gross income. This axiom is further substantiated in the 1942 reports. The suburban
Federals, and those in small towns, reported operating expenses equivalent to only about 26.5 percent
185
The dividend rates reported for the three groups
are in line with these findings: for downtown
Federals, in 1942 the average rate was 2.95 percent,
for suburbanites, 3.03 percent, and for the smalltown Federals, 3.24 percent.
Conclusions
of their gross income, compared with nearly 29 percent for the downtown metropolitan Federals. Despite the higher salaries often paid in cities, compensation expenses were slightly lower, in relation to gross
operating income, for the metropolitan Federals than
for those outside. But metropolitan Federals reported that their ratio of advertising expenses was
twice as high. In line with their lesser need to
borrow, interest charges amounted to only 1.5 percent of gross operating income in the small towns.
In metropolitan districts, the ratio in this respect was
twice as high.
Net Income and Its Disposition
The net income w^as reported higher for the Federals in the small towns. On the average, they showed
a net income at the close of 1942 equal to 72 percent
of gross earnings and 3.8 percent of assets, compared
with 68 percent and 3.4 percent for the associations
"downtown."
Nevertheless, as a result of their lower dividend
rates, the metropolitan associations were able to set
aside a relatively larger share of their earnings in
reserves and undivided profits. The downtown
Federals allocated 32 percent of their net income to
these accounts, the suburbanites 34 percent, while
small town associations retained only 28.5 percent
of their net earnings in this form.
186
Comparison of these reports from Federal associations considered according to their location provides food for thought. In some respects savings
and loan associations within the suburbs of metropolitan districts appear, like other suburbanites, to
enjoy some advantages of both town and country;
they rank highest in the percentage of mortgages
held and of net income in comparison to assets, and
highest in the percentage of net income set aside for
a rainy day. Downtown associations, however, were
able to afford the lowest dividend rates. As between
all metropolitan associations, both downtown and
suburban, and those outside the district boundaries,
those in small towns have a higher percentage of
liquid assets and private repurchasable capital, compared to total resources, while in net earnings they
are tops. Yet, primarily because of higher dividend
rates, they set aside a somewhat smaller share of
their earnings, in 1942, for future protection.
Summer Plan for Fuel Saving
•
TWO Government agencies have recently
amended their credit regulations, easing restrictions on loans for the purpose of making essential
repairs and fuel conservation. The Federal Reserve
Board, on recommendation by the War Production
Board, has relaxed the provisions of Regulation W
in order that repairs and fuel savings may be effected.
The Federal Housing Administration has announced a " summer plan" for loans made on and
after April 1 under Title I, exclusively for the purpose of conversion of heating equipment, replacement or repair, or insulation. Under this arrangement, such loans may be for as much as $2,500 with
as long as 36 months for liquidation and first instalments may be deferred until November 1. Home
repairs essential to the maintenance of health and
sanitation are a wartime necessity, F H A pointed
out. Installations to conserve fuel are of great
importance because of the acute shortage "which
will probably get worse before it gets better," according to a statement by Assistant F H A Commissioner
Ernest P. Jones, Jr.
Federal Home Loan Bank Review
THE HONOR ROLL FOR THE FOURTH WAR LOAN
D U R I N G the Fourth War Loan the membership
of the Federal Home Loan Bank System again
made an impressive contribution to the financing of
the War and the stabilization of our national economic life. For the combined months of January
and February, which included the January 18February 15 period of the Drive, 328 member institutions reported sales—and sales only—equivalent to
7K percent or more of their assets, which was the
standard set for this combined Fourth War Loan
Honor Roll. Total sales to the public of reporting
institutions, which comprised some 69 percent of the
membership, aggregated $147,652,000 for the 2
months. They purchased bonds for their own account during January and February in the amount
of $264,730,000, a noteworthy achievement in view
of the heavy purchases already made in previous
War Loan drives and from month to month. The
total participation, both sales and purchases, reported by the Bank System membership for these 2
months was $412,382,000, a not insignificant portion
of the entire operation.
As between the two months of January and Februrary, there was only a slight decline in the volume
of sales reported for February, $72,246,000, compared with the $75,406,000 in war bonds and stamps
sold to individual purchasers in the previous month,
the period when the nationwide campaign was going
full blast. Evidently the Bank System members
showed little if any letdown after the conclusion of
the intense nationwide publicity campaign. Most
of the members' own purchases, however, were made
in January, February purchases totaling $98,408,000, compared with $166,322,000 reported for the
month before.
Purchases by corporation totaled $11,421 million.
Some comparisons here may be interesting. Insurance companies and mutual savings banks purchased $3,403 million; dealers and brokers, $433
million; and "other corporations," in which savings
and loan associations are included along with other
industrial corporations, accounted for $7,585 million.
Against this background the more than quarterbillion dollars in purchases made by the members of
the Federal Home Loan Bank System shows up in a
very favorable light. Reference to the chart on
page 189 shows that the total holdings of Government obligations of reporting members amounted to
$995,425,000 at the end of February.
Totals from M a y 1941
From M a y 1941 to the present, more than $86
billion worth of Government securities have been
sold, $66 billion of this during the four War Loan
drives, and $21 billion representing E Bond sales.
Six million volunteers have been enlisted during the
drives; 500,000 including the qualified agents among
savings and loan associations, work during non-drive
periods also. Sixty million Americans have bought
bonds.
SALES AND PURCHASES IN WAR LOAN DRIVES
ALL REPORTING MEMBER SAVINGS AND LOAN ASSOCIATIONS
/
SECOND
DRIVE
s~\
600 H
\
i
;500
:
Z-
The Fourth War Loan produced a total of $16,730,000,000 in non-bank subscriptions, exceeding the
$14 billion quota by $2,730 million, or nearly 20 percent. Individuals purchased $5,309,000,000, slightly
less than the goal of $5,500,000,000 which had been
set. Corporations, however, exceeded their purchase quota by 20 percent.
Purchases of E bonds by individuals, which totaled
$3,187,000,000, were 106 percent above their quota;
it was the purchase of other types of Government
securities by individuals which fell 15 percent below
the established goal.
April 1944
579838—44-
:
400;
1
E300
£00:
•Jl
THIRD
DRIVE
~^
r^
600.
z
4
: 3
z~<
a.~<0
: too
.t§r
MILLIONS
OF DOLLARS
-I
2
\
\
b
r500
Esoo
~
ZZ>
r
L.
F
z
I~
400^
L
z
;300
EL
L
I
~
r
E300
r
200 =
I
FOURTH
DRIVE
^ 3/">
1
1
j1
1
i•
i
/
600
i.
I
_~
z
z
400^
L-'
^-PURCHASES
Results of the Drive
/
'I'M 1 '
•
200:
Eioo
rt
r 100
~
MILLIONS
OF DOLLARS
MILLIONS
OF 00LLARS
DIVI SION OF OPERATING ST UTISTICS
FEDERAL HOME LOAN BANK ADMINISTRATION 1
187
No Breathing Spell
In war bond drives, as in other phases of the War,
1944 will not permit much breathing spell between
offensives. The May issue of the R E V I E W will
discuss the Bank System's plans for participation in
the Fifth War Loan, June 12-July 8, with a goal of
$16 billion, of which $6 billion is sought from individuals. The Honor Roll to be published in May,
covering the month of March, will be on the usual
basis of sales for the month equivalent to 1 percent
of assets.
NO. 1—BOSTON
Sharon Co-operative Bank, Sharon, Mass.
Windsor Locks Building and Loan Association, Windsor Locks, Conn.
NO. 2—NEW YORK
Amsterdam Federal Savings and Loan Association, Amsterdam, N. Y.
Berkeley Savings and Loan Association, Newark, N. J.
Center Savings and Loan Association, Clifton, N. J.
Central Savings and Loan Association, Albany, N. Y.
Cranford Savings and Loan Association, Cranford, N. J.
First Federal Savings and Loan Association, New York, N. Y.
First Federal Savings and Loan Association, Port Washington, N. Y.
Hastings-on-Hudson Savings and Loan Association, Hastings-on-Hudson, N. Y.
Haven Savings and Loan Association, Hoboken, N. J.
Long Beach Federal Savings and Loan Association, Long Beach, N. Y.
Maywood Savings and Loan Association, Maywood, N. J.
Midtown Savings and Loan Association, Newark, N. J.
New Brighton Savings and Loan Association, St. George, N. Y.
North Plainfield Building and Loan Association, North Plain field, N . J .
Pequannock & Wayne Building and Loan Association, Mountain View, N. J.
Progressive Savings and Loan Association, Hawthorne, N. J.
Pulaski Savings and Loan Association, Irvington, N. J.
Schuyler Building and Loan Association, Kearny, N. J.
Serial Federal Savings and Loan Association, New York, N. Y.
Walton Savings and Loan Association, Walton, N. Y.
White Plains Federal Savings and Loan Association, White Plains, N. Y.
NO. 3—PITTSBURGH
Brentwood Federal Savings and Loan Association, Brentwood, Pa.
Burton C. Simon Building and Loan Association, Philadelphia, Pa.
Cambria County Federal Savings and Loan Association, Cresson, Pa.
Capital Building and Loan Association, Philadelphia, Pa.
Colonial Federal Savings and Loan Association, Philadelphia, Pa.
Ellwood City Federal Savings and Loan Association, Ellwood City, Pa.
Fayetteville Federal Savings and Loan Association, Fayetteville, W. Va.
First Federal Savings and Loan Association, Logan, W. Va.
First Federal Savings and Loan Association, Mt. Oliver, Pa.
First Federal Savings and Loan Association, Wilkes-Barre, Pa.
Franklin Federal Savings and Loan Association, Pittsburgh, Pa.
Friendly City Federal Savings and Loan Association, Johnstown, Pa.
Investment Building and Loan Association, Altoona, Pa.
Lansdowne Federal Savings and Loan Association, Lansdowne, Pa.
Matoaca Building and Loan Association, Philadelphia, Pa.
Metropolitan Federal Savings and Loan Association, Philadelphia, Pa.
Mid-City Federal Savings and Loan Association, Philadelphia, Pa.
North Philadelphia Federal Savings and Loan Association, Philadelphia, r Pa.
Polonia Building and Loan Association, Pittsburgh, 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.
United Federal Savings and Loan Association, Morgantown, W. Va.
West Philadelphia Federal Savings and Loan Association, Philadelphia, Pa.
NO. 4—WINSTON-SALEM
Arlington Federal Savings and Loan Association, Baltimore, Md.
Asheville Federal Savings and Loan Association, Asheville, N. C.
Atlantic Building and Loan Association, Wilson, N. C.
Atlantic Federal Savings and Loan Association, Baltimore, Md.
Bartow Federal Savings and Loan Association, Bartow, Fla.
Baxley Federal Savings and Loan Association, Baxley, Ga.
Bohemian-American Building Association, Baltimore, Md.
Brevard Federal Savings and Loan Association, Brevard, N. C.
Canton Building and Loan Association, Canton, N. C.
Citizens Building and Loan Association, Carthage, N. C.
Clewiston Federal Savings and Loan Association, Clewiston, Fla.
Donalsonville Federal Savings and Loan Association, Donalsonville, Ga.
First Federal Savings and Loan Association, Andalusia, Ala.
First Federal Savings and Loan Association, Anderson, S. C.
First Federal Savings and Loan Association, Bainbridge, Ga.
First Federal Savings and Loan Association, Charleston, S. C.
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 Federal Savings and Loan Association, Eustis, Fla.
First Federal Savings and Loan Association, Gastonia, N. C.
188
First Federal Savings and Loan Association, Greenville, N. C.
First Federal Savings and Loan Association, Jasper, Ala.
First Federal Savings and Loan Association, Lakeland, Fla.
First Federal Savings and Loan Association, Miami, Fla.
First Federal Savings and Loan Association, Montgomery, Ala.
First Federal Savings and Loan Association, Phenix City, Ala.
First Federal Savings and Loan Association, Reidsville, N. C.
First Federal Savings and Loan Association, South Boston, Va.
First Federal Savings and Loan Association, Waycross, Ga.
First Federal Savings and Loan Association, Winder, Ga.
Fitzgerald Federal Savings and Loan Association, Fitzgerald, Ga.
Fort Hill Federal Savings and Loan Association, Clemson, S. C.
Gate City Building and Loan Association, Greensboro, N. C.
Gwinnett County Building and Loan Association, Buford, Ga.
Hamlet Building and Loan Association, Hamlet, N. C.
Home Building and Loan Association, Dunn, N. C.
Home Building and Loan Association, Easley, S. C.
Home Federal Savings and Loan Association, Fayetteville, N. C.
Lake City Federal Savings and Loan Association, Lake City, Fla.
Leeds Federal Savings and Loan Association, Arbutus, Md.
Lexington County Building and Loan Association, West Columbia, S. C.
Lithuanian Federal Savings and Loan Association, Baltimore, Md.
Marianna Federal Savings and Loan Association, Marianna, Fla.
Marion Federal Savings and Loan Association, Marion, S. C.
Miami Beach Federal Savings and Loan Association, Miami Beach, Fla.
Mutual Building and Loan Association, Martinsville, Va.
Orangeburg Building and Loan Association, Orangeburg, S. C.
Peoples Building and Loan Association, York, S. C.
Peoples Savings and Loan Association, Ensley, Ala.
Perpetual Building and Loan Association, Anderson, S. C.
Southern Pines Building and Loan Association, Southern Pines, N. C.
Stephens Federal Savings and Loan Association, Toccoa, Ga. lfe+~'
*- '
Tallahassee Federal Savings and Loan Association, Tallahassee, r Ela. '•'
Thomas County Federal Savings and Loan Association, Thomasville, Ga.
Tifton Federal Savings and Loan Association, Tifton, Ga.
Union Federal Savings and Loan Association, Baltimore, Md.
United Federal Savings and Loan Association, Glen Burnie, Md.
Weldon Building and Loan Association, Weldon, N. C.
Wyman Park Federal Savings and Loan Association, Baltimore,'Md.
NO. 5—CINCINNATI
Athens Federal Savings and Loan Association, Athens, Tenn.
Buckeye Loan and Building Company, Cincinnati, Ohio
Citizens Federal Savings and Loan Association, Dayton, Ohio
Commercial Building and Loan Company, Portsmouth, Ohio
Cookeville Federal Savings and Loan Association, Cookeville, Tenn.
First Federal Savings and Loan Association, Dickson, Tenn.
First Federal Savings and Loan Association, Greeneville, Tenn.
First Federal Savings and Loan Association, Hopkinsville, Ky.
First Federal Savings and Loan Association, La Follette, Tenn.
First Federal Savings and Loan Association, Paducah, Ky.
First Federal Savings and Loan Association, Pineville, Ky.
First Federal Savings and Loan Association, Union City, Tenn.
Fulton Building and Loan Association, Fulton, Ky.
Guernsey Building and Loan Company, Cambridge, Ohio
Hickman Federal Savings and Loan Association, Hickman, Ky.
Home Federal Savings and Loan Association, Cincinnati, Ohio
Indian Village Federal Savings and Loan Association, Gnadenhutten, Ohio
McKinley Federal Savings and Loan Association, Niles, Ohio
Mutual Federal Savings and Loan Association,Bowling Green,' Ohio
Newport Federal Savings and Loan Association, Newport, Tenn.
North Hill Savings and Loan Company, Akron, Ohio
Peoples Building and Loan Company, DeGraff, Ohio
Provident Building and Loan Association, Cleveland, Ohio
Sandusky County Federal Savings and Loan Association,-(Fremont, Ohio
South Side Federal Savings and Loan Association, Cleveland/jOhio
Third Equitable Building and Loan Company, Cadiz, Ohio
Union Building and Loan Company, St. Marys, Ohio
Van Wert Federal Savings and Loan Association, Van Wert, Ohio
Versailles Building and Loan Company, Versailles, Ohio
Warsaw Savings and Loan Association, Cleveland, Ohio
West Jefferson Building and Loan Company, West Jefferson, Ohio
Wm. H. Evans Building and Loan Association, Akron, Ohio
NO. 6—INDIANAPOLIS
Atkins Savings and Loan Association, Indianapolis, Ind.
Capitol Savings and Loan Association, Lansing, Mich.
Detroit Federal Savings and Loan Association, Detroit, Mich.
First Federal Savings and Loan Association, Detroit, Mich.
First Federal Savings and Loan Association, Marion, Ind.
First Federal Savings and Loan Association, Jefferson ville, Ind.
First Federal Savings and Loan Association, Rushville, Ind.
First State Savings and Loan Association, Gary, Ind.
Griffith Federal Savings and Loan Association, Griffith, Ind.
Iron Savings and Loan Association, Iron River, Mich.
Loogootee Federal Savings and Loan Association, Loogootee, Ind.
Monon Building and Loan Association, Monon, Ind.
Muncie Federal Savings and Loan Association, Muncie, Ind.
Muskegon Federal Savings and Loan Association, Muskegon, Mich.
Ottawa County Building and Loan Association, Holland, Mich.
Peoples Federal Savings and Loan Association, Detroit, Mich.
Peoples Federal Savings and Lean Association, Monroe, Mich.
Peoples Federal Savings and Loan Association, Royal Oak, Mich.
Peoples Savings Association, Benton Harbor, Mich.
Scottsburg Building and Loan Association, Scottsburg, Ind.
Sobieski Federal Savings and Loan Association, South Bend, Ind.
Three Rivers Building and Loan Association, Three Rivers, Mich.
Union Federal Savings and Loan Association, Evansville, Ind.
Wabash Federal Savings and Loan Association, Terre Haute, Ind.
Warsaw Building and Loan Association, Warsaw, Ind.
Federal Home Loan Bank Review
NO. 7—CHICAGO
Abraham Lincoln Savings and Loan Association, Chicago, 111.
Amery Federal Savings and Loan Association, Amery, Wis.
Atlas Savings and Loan Association, Milwaukee, Wis.
Auburn Building and Loan Association, Auburn, 111.
Central Federal Savings and Loan Association, Milwaukee, Wis.
Citizens Building and Loan Association, Peoria, 111.
Consolidated Savings and Loan Association, Milwaukee, Wis.
East Side Federal Savings and Loan Association, Milwaukee, Wis.
First Calumet City Savings and Loan Association, Calumet City, 111.
First Federal Savings and Loan Association, Barrington, 111.
First Federal Savings and Loan Association, Chicago, 111.
First Federal Savings and Loan Association, Lansing, 111.
Haller Savings and Loan Association, Chicago, 111.
Investors Savings and Loan Association, Chicago, 111.
Kinnickinnic Federal Savings and Loan Association, Milwaukee, Wis.
Lawndale Savings and Loan Association, Chicago, 111.
Libertyville Federal Savings and Loan Association, Libertyville, 111.
Lombard Building and Loan Association of DuPage County, Lombard, 111.
Morrisonville Building and Loan Association, Morrisonville, 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 London Savings and Loan Association, New London, Wis.
Peerless Federal Savings and Loan Association, Chicago, 111.
Reliance Building and Loan Association, Milwaukee, Wis.
Richland Center Federal Savings and Loan Association, Richland Center, Wis.
Sacramento Avenue Building and Loan Association, Chicago, 111.
United Savings Association, Taylorville, 111.
Universal Savings and Loan Association, Chicago, 111.
Uptown Federal Savings and Loan Association, Chicago, 111.
West Pullman Savings and Loan Association, Chicago, 111.
NO. 8—DES MOINES
Aberdeen Federal Savings and Loan Association, Aberdeen, S. Dak.
Butler Building and Loan Association, Butler, Mo.
Cedar Falls Building Loan and Savings Association, Cedar Falls, Iowa
First Federal Savings and Loan Association, Jamestown, N. Dak.
First Federal Savings and Loan Association, Rock Rapids, Iowa
First Federal Savings and Loan Association, St. Paul, Minn.
Guthrie & Adair County Building and Loan Association, Stuart, Iowa
Home Building and Loan Association, Marion, Iowa
Home Savings and Loan Association, Osage, Iowa
Independence Savings and Loan Association, Independence, Mo.
Mandan Building and Loan Association, Mandan, N . Dak.
Montevideo Building and Loan Association, Montevideo, Minn.
Standard Federal Savings and Loan Association, Kansas City, Mo.
Wells Federal Savings and Loan Association, Wells, Minn.
Worthington Federal Savings and Loan Association, Worthington, Minn.
NO. 9—LITTLE ROCK
Alamogordo Federal Savings and Loan Association, Alamogordo, N . Mex.
Amory Federal Savings and Loan Association, Amory, Miss.
Arkadelphia Federal Savings and Loan Association, Arkadelphia, Ark.
Atlanta Federal Savings and Loan Association, Atlanta, Tex.
Batesville Federal Savings and Loan Association, Batesville, Ark.
Bay City Federal Savings and Loan Association, Bay City, Tex.
Chaves County Building and Loan Association, Roswell, N . Mex.
Citizens Federal Savings and Loan Association, Jonesboro, Ark.
Clay County Federal Savings and Loan Association, West Point, Miss.
Colorado Federal Savings and Loan Association, Colorado, Tex.
Commerce Federal Savings and Loan Association, Commerce, Tex.
Cooperative Building and Loan Association, Tyler, Tex.
Continental Building and Loan Association, New Orleans, La.
Corsicana Federal Savings and Loan Association, Corsicana, Tex.
Cuero Federal Savings and Loan Association, Cuero, Tex.
Davy Crockett Federal Savings and Loan Association, Crockett, Tex.
Delta Federal Savings and Loan Association, Greenville, Miss.
Electra Federal Savings and Loan Association, Electra, Tex.
Equitable Building and Loan Association, Roswell, N . Mex.
First Federal Savings and Loan Association, Belzoni, Miss.
First Federal Savings and Loan Association, Canton, Miss.
First Federal Savings and Loan Association, Corinth, Miss.
First Federal Savings and Loan Association, Corpus Christi, Tex.
First Federal Savings and Loan Association, El Paso, Tex.
First Federal Savings and Loan Association, Helena, Ark.
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, Longview, Tex.
First Federal Savings and Loan Association, Lubbock, Tex.
First Federal Savings and Loan Association, Marshall, Tex.
First Federal Savings and Loan Association, McComb, Miss.
First Federal Savings and Loan Association, New Braunfels, Tex.
First Federal Savings and Loan Association, Paris, Tex.
First Federal Savings and Loan Association, Wichita Falls, Tex.
Fredericksburg Federal Savings and Loan Association, Fredericksburg, Tex.
Greater New Orleans Homestead Association, New Orleans, La.
Hammond Building and Loan Association, Hammond, La.
Helena Federal Savings and Loan Association, Helena, Ark.
Hesperian Building and Loan Association, Gainesville, Tex.
Home Building and Loan Association, Plainview, Tex.
Inter-City Federal Savings and Loan Association, Louisville, Miss.
Jennings Federal Savings and Loan Association, Jennings, La.
Morrilton Federal Savings and Loan Association, Morrilton, Ark.
Mount Pleasant Building and Loan Association, Mount Pleasant, Tex.
Mutual Building and Loan Association, Las Graces, N . Mex.
Nashville Federal Savings and Loan Association, Nashville, Ark.
Natchez Building and Loan Association, Natchez, Miss.
Newport Federal Savings and Loan Association, Newport, Ark.
North Texas Federal Savings and Loan Association, Wichita Falls, Tex.
April 1944
Oak Homestead Association, New Orleans, La.
Olney Federal Savings and Loan Association, Olney, Tex.
Peoples Building and Loan Association, Little Rock, Ark,
Peoples Federal Savings and Loan Association, Bay St. Louis, Miss.
Piggott Federal Savings and Loan Association, Piggott, Ark.
Ponchatoula Homestead Association, Ponchatoula, La.
Quanah Federal Savings and Loan Association, Quanah, Tex.
Rapides Building and Loan Association, Alexandria, La.
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.
St. Tammany Homestead Association, Covington, La.
Sulphur Springs Loan and Building Association, Sulphur Springs, Tex.
Travis Building and Loan Association, San Antonio, Tex.
Tucumcari Federal Savings and Loan Association, Tucumcari, N. Mex.
Union Federal Savings and Loan Association, Baton Rouge, La.
Waxahachie Federal Savings and Loan Association, Waxahachie, Tex.
Winnsboro Building and Loan Association, Winnsboro, Tex.
NO. 10—TOPEKA
Barber County Building and Loan Association, Medicine Lodge, Kans.
Brighton Federal Savings and Loan Association, Brighton, Colo.
Capitol Federal Savings and Loan Association, Topeka, Kans.
Century Building and Loan Association, Trinidad, Colo.
Citizens Federal Savings and Loan Association, Wichita, Kans.
Claremore Federal Savings and Loan Association, Claremore, Okla.
Columbia Building and Loan Association, Emporia, Kans.
Erie Building and Loan Association, Erie, Kans.
First Federal Savings and Loan Association of Dawson County, Cozad, Nebr.
First Federal Savings and Loan Association, Englewood, Colo.
First Federal Savings and Loan Association, Lamar, Colo.
First Federal Savings and Loan Association, Lincoln, Nebr.
First Federal Savings and Loan Association of Sumner County, Wellington,
Kans.
First Federal Savings and Loan Association, Wakeeney, Kans.
Garnett Savings and Loan Association, Garnett, Kans.
Home Federal Savings and Loan Association, Ada, Okla.
Home Federal Savings and Loan Association, Tulsa, Okla.
Mid-Continent Federal Savings and Loan Association, El Dorado, Kans.
Midland Federal Savings and Loan Association, Denver, Colo.
Nebraska City Federal Savings and Loan Association, Nebraska City, Nebr.
Peoples Federal Savings and Loan Association, Tulsa, Okla.
Routt County Federal Savings and Loan Association, Oak Creek, Colo.
Sapulpa Federal Savings and Loan Association, Sapulpa, Okla.
Schuyler Federal Savings and Loan Association, Schuyler, Nebr.
Security Building and Loan Association, Iola, Kans.
Tulsa Federal Savings and Loan Association, Tulsa, Okla.
Valley Federal Savings and Loan Association, Hutchinson, Kans.
NO. 11—PORTLAND
Buffalo Federal Savings and Loan Association, Buffalo, Wyo.
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, Medford, Oreg.
First Federal Savings and Loan Association, Pendleton, Oreg.
First Federal Savings and Loan Association, Salt Lake City, Utah
First Federal Savings and Loan Association, Sheridan, Wyo.
(Continued
on p. 200)
Purchases and holdings of U. S. Government
obligations by reporting member institutions
[Dollar a m o u n t s are shown in thousands]
Date
Holdings
a t end of
month
Number
reporting
Purchases
during
month
2,775
2,721
2, 732
2, 744
2, 642
2,447
2,431
2,452
3,035
2,469
2,387
2, 287
$39, 996
22, 083
29, 234
177, 536
17, 739
13, 432
32, 131
21, 534
327, 950
18, 881
13, 883
12, 083
$365, 105
376, 390
388, 170
537, 849
548, 552
530, 657
553, 533
537, 254
973, 026
772, 369
724, 538
703, 992
2,594
2,597
166, 322
98, 408
914, 683
995, 425
1943
January
February
March
April
May
June
July
August
September
October
November
December
1944
January
February
189
RESIDENTIAL BUILDING ACTIVITY AND SELECTED INFLUENCING FACTORS
\PRIVATE
1 a 2 FAMILY
\
\
/
1
f
Vie
X^SVbS.
120
f
100
MONTHS
/*
O L/V. Lfc/VU.
• (FED. HOME LOAN BANK ADM
V
\
80
^
) \ .^.
/PRIVATE
CONSTRUCTION
I a 2 FAMILY DWELL. UNITS ~
k
\r
•
.•*
/
i
v
/
'/
v
A
60
1
1—
VARIATION
CONSTRUCTION^^
DWELL. UNITS 1
S
(FED. HOME LOAN BANK ADM.) \~g
(U. S. DEPT OF LABOR RECORDS)^
180
140
BY
~1
1
1
1
1
ADJUSTED FOR SEASONAL
200
160
1935-1939= 100
BY YEARS
220,
S J
g
4
^ X - . - -•>
[L2s
40
IVUivr«rww
|
F(1RECL0SURES
(FED.
20
I I I I I 1 I I I 1 I I I I
0
140
1
100
^ (u. s . DEPT Ul- L# BOR)
„«^i
X.
>
80
60
300
,+•
• • • * . . -
«^> ^
~*m in
RENTS'*
Set //
0/f \1G hi fATF/ 7/4/
1
/kV
'BUILDING MATERIAL PRICES*.
...
RENTS
120
PR/f ?FS
(U. S. DEPT OF LABOR)
1
l
1
1
1
1 1
A
1 IA
V
1
1
1 I
1 1
1 |
1 |
1 i
i 1
1 1
1
V
1
1 A
r-
ADJUSTED FOR SEASONAL VARIATION
280
260
240
IND JSTR >IAL PRO OUCT /ON-
220
(FED RESE RVE BC)ARD)
/
\.
INDUSTRIAL
/
PRODUCTION-^
J
/
200
INCOME
180
160
4
140
80
PAYMENTS
f V MFG.
EMPLOYMENT
_L1 _L_L
_LL _L_L
/
ihinr
//VOL/wc
mr mciM i o
(U. S. DEPT. OF COMMERCE
120
100
/
/
/ / .•-
/
'J^ K
^v, ^••, ^
60 1i Q T nAY ' ^ i
.•
* v ^*
'-io
.NDEX W H O L E S A L E
/A
SJ^S
5
"V**
^ M r 6 . EMPLOYMENT
1 ^
«*"
1
' • * • *
'-*K
*1A
COMMODITY
'7C
'77
PRICES
'"ZQ
'•51Q
'/ir>
THOUSNEW
1
*Al
A
'/in
1
LL-N
V.«
RESIDENTIAL
1942
CONSTRUCTION
35,
180
_LL
JA
1943
1944
V-^'eo
^ L L O N S M O R T G A G E RECORDINGS-ALL LENDERS
1935-1939 = 100
JrPRIVATE I and 2 FAMILY
400
194 ? - < .
300|
200
^5
.*"'
V 944
s
\s
„-*'
*.—""s> ^>
«s
43
BUILDING MATERIALS*,
</"
TTl • • I • • I . ,
1941
190
ALL
INDUSTRIAL^
••l..i«,l.vr,,l.,i.
1942
1943
1
lnTM^.h\CT7rhJi^,T: T ^ l l l i i l n
JAN. FEB. MAR. APR. MAY
JUN. JUL. AUG. SEP OCT NOV. DEC.
Federal Home Loan Bank Review
MONTHLY
SURVEY
HIGHLIGHTS
/. While new residential construction in urban areas during February dropped to the lowest level reported for any one month since early
1936, savings and loan associations* construction loans more than doubled over February a year ago.
A. Home-purchase loans were 69 percent above February 1943.
B. All types of loans showed gains over the previous month.
II. During February 1944, permits were issued for only two-fifths as many dwelling units as in the same month last year. Privately financed
housing declined 5 percent from January.
Publicly financed housing declined 60 percent to reach the lowest point since April 1939.
(II. Contra-seasonally, mortgage-financing activity increased over January.
Only savings and loan associations and miscellaneous
lenders participated in the gain; recordings by other types of lenders declined.
IV. Building costs for both material and labor continued to rise.
V. Insured associations added $95,000,000
to their capital accounts during the month of February/ withdrawals totaled
$60,000,000,
dropping the repurchase ratio to 63.2.
VI. Other phases of the Nation's wartime economy, as measured by industrial activity, employment, retail sales, living costs and other
major indexes, remained relatively stable compared with the previous month and a year ago.
ft ft ft ft
BUSINESS CONDITIONS—Relative
stability noted
General business conditions in February and the
first part of March remained relatively stable. The
Federal Reserve Board's index of industrial production, seasonally adjusted, advanced 1 point to 243
percent of the 1935-1939 average. Steel production
continued to advance in February and the first 3
weeks of March. Freight carloadings for the month
were at an index figure of 143, compared with 145 in
January and 139 in February of last year. Total
retail sales in February continued about as large as
in January and exceeded somewhat the volume of a
year ago, although February department store sales
were about 10 percent smaller than last year when
there was a buying wave in clothing.
Most wholesale commodity prices showed little
change from mid-February to mid-March. Retail
food prices declined 1 percent, owing chiefly to
seasonal decreases. The combined cost-of-living
index of the Bureau of Labor Statistics for February,
on the basis of 1935-1939 = 100, stood at 123.7,
compared with 124.1 for January and 121.0 for
February 1943.
Total employment, reflecting the growing demands
of the draft, declined to 50.2 million in February,
compared with 51.7 million persons employed in
the same month of last year and 50.3 million in
January of this year.
Total construction contracts continued to show a
sharp decline in value, the preliminary index figure
April 1944
for February being 162, compared with 224 in January and 420 in February 1944. Higher prices were
reported during February. The decline was shared
by the contract value of residential and non-residential construction.
During the latter part of February and the first
half of March, money in circulation increased $400
millions and the gold stock declined by $130 millions.
Adjusted demand deposits in member banks of the
Federal Reserve System rose by $1.9 billion during
the 4 weeks ended March 15, representing a gain of
more than half of the funds withdrawn from such
accounts during the Fourth War Loan Drive.
Government deposits at these banks decreased by
approximately $2.6 billion during the month following this Drive.
The daily average of currency in circulation for the
week ended March 18 was reported at $20,986,000,000, compared with $16,112,000,000 for the corresponding week a year ago.
[1935-1939 = 100]
Feb.
1944
Jan.
1944
Percent
change
Feb.
1943
70.6
108.1
126.9
191.7
78.9
108.1
126.7
165.3
242.0
'173. 2
r
226.1
-10.5
0.0
+0.2
+16.0
+0.4
-1.9
+1.9
56.6
108.0
123.1
123.7
232.0
170.6
202.4
P243. 0
P169. 9
P230. 4
Percent
change
+24.7
+0.1
+3.1
+55.0
+4.7
-0.4
+13.8
1
Adjusted for normal seasonal variation,
p Preliminary.
Revised.
r
I9I
B U I L D I N G ACTIVITY-Residential
construction continues to drop
New residential construction in urban areas
dropped 19 percent from January to February to
the lowest number of permits issued for any one
month since early in 1936. The 8,962 dwelling units
for which permits were issued during February w^ere
only two-fifths of the number reported in the same
month last year. Private construction declined 5
percent from January with 1- and 2-family dwellings
accounting for the drop; multi-family dwelling units
increased 25 percent. Housing provided by public
funds was down 60 percent from January to the lowest point (1,160 dwelling units) since April 1939.
With acute housing shortages relieved in most
areas, publicly financed construction, which had
reached a peak of over 16,000 units in February 1943,
may be expected to continue at a low level. Under
present wartime building restrictions, privately
financed construction will also necessarily remain at
a minimum until after the War.
For the first 2 months of 1944 permits were issued
for approximately 20,100 dwelling units, with 16,000,
or 80 percent, of these financed by private funds.
During the same period in 1943, nearly 43,600 units
were provided with only 12,000, or 27 percent,
financed by funds from private sources.
The seasonally adjusted index of residential construction (1935-1939=100), based on private 1- and
2-family houses, dropped from 78.9 in January to
70.6 in February.
During the past 12 months total costs have advanced 4.9 percent. Material costs have risen 6
percent, and the cost of labor 2.9 percent above the
February 1943 level.
Of the 23 cities reporting building costs during
the current month, 14 showed increases and 9 indicated no change in construction costs of the standard
house from the previous reporting period.
Wholesale building material prices, as reported by
the U. S. Department of Labor, increased slightly
during February, carrying the composite index
(1935-1939 = 100) from 126.7 to 126.9 [TABLES 3,
4, and 5.]
MORTGAGE
upswing noted
LENDING—General
Savings and loan associations showed a decided
upswing in home-financing activity for the month of
February. The seasonally adjusted index (19351939 = 100) reached a new high—191.7. The $98,164,000 extended for new mortgages was 19 percent
greater than in February 1941; 28 percent above 1942;
and a 55-percent increase over the same month in
TOTAL LOANS MADE BY ALL SAVINGS AND LOAN ASSOCIATIONS
UNITED S T A T E S - B Y
OF DOLLARS
TYPE
BY
/(
OF
ASSOCIATION
MONTHS
TOTAL
ALL ASSOCIATIONS)
/
0i0mP
[TABLES 1 and 2.]
B U I L D I N G C O S T S - L a b o r and
materials again increase
STATE
Building costs for both material and labor continued to rise during February. Material prices
advanced 1.1 percent while labor charges increased
fractionally. The index of the total cost of constructing the standard 6-room frame house now
stands at 131.6 (1935-1939=100).
>L-y '
i
DEC.
FEDERALS
MAR.
JUN
J
SEP
1
I
DEC.
^ ^V ^
*
S*^,
NONMEMBERS*
1 1 1 1 1 1 1
i
..£&**'**
CHARTt ERED M iMBERi
4-—t>/>.
;
i
1 1
MAR.
1942
1 1
JUN
1 1
SEP.
i
i
i
i
i
i
i
i
DEC.
1943
UNITED
STATES - B Y
BY
PURPOSE
OF LOAN
MONTHS
140
120
Construction costs for the standard house
TOTAL
LOANS-
100
[Average month of 1935-1939=100]
80
Element of
cost
Feb.
1944
Jan.
1944
Percent
change
Feb.
1943
Percent
change
60
WHOM
" PURCh ASE
40
MaterialLabor ...
Total
129. 2
336.4
127. 8
136. 1
+ 1. 1
+ 0. 2
121. 9
132. 5
+ 6. 0
+ 2. 9
131. 6
130. 6
+ 0. 8
125. 5
+ 4. 9
v
20
v.<f£ NSTRUCTION
*-REFINA NCIN6
iTT'T'TTT'r-
r.i...i,
MAR.
JUN.
1942
192
SEP
DEC.
•—1—1—
MAR.
JUN.
1943
S=2 ^
SEP.
DEC.
RECOND TIONING
1 1
JUN.
SEP.
1944
Federal Home Loan Bank Review
1943. Each category of loans showed a sizable gain
over last month except " other purpose" loans with
only a 5-percent gain. Compared with February
1943, construction loans more than doubled; homepurchase activity increased 69 percent; "other purpose" loans gained 33 percent; loans for reconditioning remained practically constant; while those for
refinancing were the only type to show a decline—4
percent. Each month for the past 4 months, both
Federals and State members have exceeded the loans
made during the corresponding month of 1941, the
previous peak year.
Mortgage recordings by type of mortgagee
[Dollar amounts are shown in thousands]
T y p e of lender
Savings and loan associations
Insurance companies
Banks, t r u s t c o m p a n i e s , .
M u t u a l savings banks
Individuals
New mortgage loans distributed by purpose
Total
PerPercent
change cent
from of Feb.
1944
Jan.
1944 a m o u n t
+ 13. 1
-8.9
-2.9
-4. 5
-0. 5
+ 0. 7
32. 8
6. 1
19. 5
3.0
23. 3
15.3
+ 2. 5 100.0
Cumulative
recordings (2
months)
$191,
39,
122,
19,
144,
94,
592
338
526
025
846
266
611, 593
Percent
of total
recordings
31.
6.
20.
3.
23.
15.
3
4
1
1
7
4
100. 0
[Dollar amounts are shown in thousands]
Purpose
Feb.
1944
Jan.
1944
Percent
change
Feb.
1943
Percent
change
Construction
H o m e purchase
Refinancing
Reconditioning
Other purposes
$11, 195 $7, 872 + 42. 2 $4, 594 + 143. 7
66, 138 55, 000 + 20. 3 39, 084 + 69. 2
-4. 4
11, 955 9,976 + 19. 8 12, 510
+ 0.4
1,521 + 28. 9 1,953
1,960
+ 4. 6 5, 183 + 3 3 . 4
6, 916 6, 609
Total
98, 164 80, 978 + 21. 2 63, 324 + 5 5 . 0
For the first 2 months of 1944, lending activity
aggregating $179,000,000 was 48 percent above
that of last year. Nonmembers increased their
business by 14 percent; State members gained 44
percent; while Federals loaned 63 percent more than
in 1943. All areas showed a definite upturn with
gains varying from 24 percent in the Cincinnati
region to 75 percent in the Chicago District and 96
percent in the Los Angeles area. [TABLES 6 and 7.]
M O R T G A G E RECORDINGS -Contraseasonal sain in activity
Contrary to the usual pattern, mortgage financing
activity during the short second month of the year
was greater than that in January. The estimated
total of $309,644,000 in nonfarm mortgages of
$20,000 or less recorded during February was almost
3 percent above January volume and 41 percent
higher than in February 1943.
Recordings by savings and loan associations were
13 percent higher in February than during the previous month, while those of miscellaneous lenders
gained less than 1 percent. The remaining types of
mortgagees ^registered declines ranging from 9 perApril 1944
cent for insurance companies to one-half of 1 percent
for individual lenders.
Comparison of February recordings for 1944 and
1943 reveals that all classes of lenders shared in the
improvement over 1943 activity. Savings and loan
associations showed the greatest gain, 52 percent,
while at the other extreme, insurance companies
registered an increase of only 4 percent. For the
remaining types of mortgagees, advances ranged from
18 percent for mutual savings banks to 45 percent for
individual lenders. [TABLES 8 and 9.]
F H L B S Y S T E M — L i t t l e change
in outstanding advances
The balance of advances outstanding showed little
change from January to February, dropping only
about $400,000 to $114,154,000. This amount was,
however, 20 percent above the same month last
year. All banks with the exception of New York
reported increases in balances outstanding overFebruary 1943.
Current advances made during February reached
an unprecedented level for that month which is
usually characterized by the lowest volume during
the year. The total of $13,280,000 was $12 million
in excess of the amount recorded during the same
month last year and more than twice the previous
February peak ($5,928,000) reached in 1939. The
February 1944 advances, however, conformed to
the seasonal pattern in reflecting a decrease from
the previous month. They dropped $15 million
from the unusually high level of January. All
Bank Districts except Boston, Portland, and Los
Angeles shared in the lower volume of advances
made during February.
193
February repayments, which exceeded advances
by only about $400,000, wrere almost $11 million
below those of the previous month and $6 million
less than the February 1943 amount. Only the
Winston-Salem Bank showed an increase in repayments over the prior month. [TABLE 12.]
the year ending February 29, while $939,800,000
was drawn out. The repurchase ratio for all associations for the year again stood at 60 while insured
associations showed 55; uninsured members, 74;
and nonmembers, 78.
INSURED ASSOCIATIONS-Resoiirces
F L O W OF PRIVATE REPTJRCHASABLE CAPITAL
During February the public added $122,600,000
to their private share accounts in savings and loan
associations while withdrawals were $80,900,000.
Compared with the same month a year ago repurchases increased 19 percent while new share investment gained only 17 percent. Insured associations
showed a 6-point increase in their repurchase ratio
while uninsured members showed a more favorable
trend with a 3-point drop in their ratio of withdrawals to new money invested. Although nonmembers had 27 percent less new investments than
in February 1943, repurchases were down 38 percent so that their ratio decreased over 13 points.
Approximately $1,573,000,000 in private money
was invested in savings and loan associations during
increase during February
The 2,453 associations protected by insurance
showed a $69,000,000 increase in their resources compared with January. Private capital accounts were
increased by nearly $37,000,000. New capital in
the amount of $94,800,000 was attracted by these
associations while withdrawals totaled $59,900,000.
This brought the repurchase ratio down to 63.2 compared with 68.4 in January. In February 1943
this ratio stood at 57.3.
Progress in number a n d assets of Federals
[Dollar amounts are shown in thousands]
Number
Class of association
Share investments a n d repurchases, February 1 9 4 4
[Dollars amounts are shown in thousands]
I t e m and period
All associations
All insured associations
Uninsared
members
Nonmembers
Share
investments :
Year
ending
F e b r u a r y . _ $1, 573, 229 $1, 205, 460 $213, 225 $154, 544
February
1944
122, 592
94, 831 16, 289 11,472
February
1943
104, 368
73, 455 15, 269 15, 644
Percent c h a n g e .
+ 17
-27
+ 29
+7
Repurchases:
Year
ending
February. _
February
1944
February
1943
Percent change_
Repurchase r a t i o :
(Percent)
Year
ending
February._
February
1944
February
1943
194
$939, 826
$661, 755 $158, 012 $120, 059
80, 910
59, 890
12, 825
8, 195
67, 835
+ 19
42, 123
+ 42
12, 459
13, 253
-38
+3
59. 7
54. 9
74. 1
77.7
66.0
63.2
78. 7
71. 4
65. 0
57. 3
81. 6
84 7
New
Converted
Total
Approximate assets
Feb.
29,
1944
Jan.
31,
1944
F e b . 29,
1944
638
829
638
829
$881, 341
1, 803, 969
$861, 592
1, 775, 818
1,467
1,467
2, 685, 310
2, 637, 410
J a n . 31,
1944
FEDERAL SAVINGS AND LOAN ASSOCIATIONS
At the close of February there were 1,467 associations operating under Federal charter with assets
aggregating $2,685,000,000. Lending activity for the
month amounting to over $44,000,000 was 66 percent
greater than for the same month of 1943. For each
$100 invested in private shares, $61 was repurchased
during the month.
[TABLE 13.]
To the M e m b e r s of the Bank System:
The membership of the Federal Home Loan Bank
System cannot obtain proper credit for its efforts in the
Government bond drive unless you report your sales
and purchases regularly each month.
Please forward your monthly report of sales and
purchases of Government bonds and war stamps to
your District Bank promptly.
Federal Home Loan Bank Review
Table 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 1944, by Federal Home Loan Bank District and by State
[Source: U. S. Department of Labor]
[Dollar amounts are shown in thousands]
All p r i v a t e 1- a n d 2-family s t r u c t u r e s
All residential s t r u c t u r e s
N u m b e r of family dwelling
units
Federal H o m e L o a n B a n k D i s t r i c t a n d S t a t e
F e b . 1944
U N I T E D STATES
._
Connecticut - .
Maine..
M a s s a c h u s e t t s _._
New HampshireRhode Island
Vermont _ _
..
. . __
__ ._ -
_
22, 579
$27,612
$52, 035
6,570
5,264
$20,818
$15, 544
738
148
1,926
42
227
148
825
582
31
100
117
8
22
1,425
55
384
29
3
... _
29
3
9
152
7
68
117
8
22
518
19
288
2,556
319
4,820
98
240
319
660
229
2,327
283
36
604
4,216
89
9
213
27
283
36
577
83
71
2,667
248
6,848
60
252
243
984
69
2
8
2,645
14
247
1
24
6, 769
55
58
2
8
230
14
242
1
24
905
55
1.132
1,953
2.542
4,468
588
853
1,011
2,018
114
103
154
157
448
20
82
54
89
188
161
275
132
55
31
1,022
129
320
174
361
1,175
10
184
189
158
356
370
669
341
174
8
2,392
114
3
146
157
48
20
82
18
89
153
275
120
55
31
130
129
14
167
361
101
10
184
45
349
669
311
174
8
349
1,069
1,913
4,118
5,593
537
637
2,040
2,268
...
153
821
95
60
1,770
83
355
3.495
268
131
5,275
187
33
409
95
60
494
83
59
1, 713
268
131
1,950
187
..
665
2,318
3,267
5,873
665
618
3,267
2,481
...
61
604
1,622
696
211
3,056
3,238
2, 635
61
604
122
496
211
3,056
358
2,123
N o . 3—Pittsburgh
Delaware.. _
Pennsylvania
W e s t Virginia-..-- - . _ _ _ _
.
„_ _
N o . 4—Winston-Salem
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 C a r o l i n a . . . ___
S o u t h C a r o l i n a . . . __ __
V i r g i n i a . _.
_ __
...
.
.
..__ .
N o . 5—Cincinnati
_._.-.
.
.. .. .
N o . 6—Indianapolis
Indiana .
Michigan
.._ .
...
N o . 7—Chicago
Illinois
Wisconsin
N o . 8—Des M o i n e s .
I o w a . . -._
Minnesota
Missouri...
North Dakota
South Dakota
.
.
'....
- . - . - , _
. _ .
... ..
_ _ __.
. . . .__
__ _._
_ _. ._
N o . 9—Little Rock
.
Arkansas
Louisiana
Mississippi
N e w Mexico
Texas... . .
_
. .
__..<._
_.
.
._.
_ _.
..
_ .
.
N o . 10—Topeka
Colorado
Kansas . Nebraska
Oklahoma
.
. ._
N o . 11—Portland
Idaho
Montana
Oregon
Utah_~__
Washington
Wyoming
.__ _ . . . . .
N o . 12—Los Angeles.
Arizona.,
California
Nevada
- - - - - - - - . _ _.
__
April 1944
...
_. . . .
_.
.
158
495
226
2, 174
944
458
226
2,061
944
459
36
151
75
2, 054
120
634
310
438
20
151
75
1, 983
'
78
634
310
123
38
258
92
43
38
78
92
3
2
3
14
5
30
3
16
58
14
9
87
5
30
16
183
16
58
1
19
1
76
1
19
1
76
1, 273
998
1,845
1,272
1,050
776
1,653
900
40
259
37
29
908
43
117
151
25
662
9
194
17
24
1,601
11
201
144
29
887
40
59
37
29
885
43
117
79
25
512
9
41
17
24
1, 562
11
201
18
29
641
307
665
929
1,551
240
340
726
972
99
21
106
81
3
175
346
141
261
24
387
257
2
451
857
241
99
17
43
81
3
115
171
51
261
11
197
257
336
560
74
556
2,999
2,138
5. 980
391
184
1,533
641
i !
1
.
_.
1
r
89
9
_
.
62
9
98
..
_.
Kentucky
Ohio
Tennessee
1
1
_
F e b . 1943
42
25
N e w Jersey
New York.
F e b . 1944
F e b . 1943
8,962
_
__ __
N o . 2—New Y o r k
F e b . 1944
F e b . 1943
Permit valuation
__ _
.
N o . 1—Boston
F e b . 1944
F e b . 1943
N u m b e r of family dwelling
units
P e r m i t ^' a l u a t i o n
16
1
233
23
299
163
422
2,414
781
101 (
1,255 i
3,131
5,508
9,626
12,668
114
3,017
44
5,381
83
411
9,215
93
12,246
329
402
1,004 i
4,574
118 j
23
249
9
1
38
2
144
330
101
1,101
110
2,398
873
7,739
2,759
102
2,296
4
786
83
374
7,365
3
2,427
329
494
195
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
[Dollar amounts are shown in thousands]
Permit valuation
N u m b e r of family dwelling u n i t s
T y p e of construction
M o n t h l y totals
F e b . 1944
P r i v a t e construction
_
.
1-family dwellings
2-family dwellings l
3- a n d more-family dwellings
.
.
2
P u b l i c construction_
F e b . 1943
1944
1943
F e b . 1944
J a n . 1944
F e b . 1943
1944
1943
7,802
8, 222
6, 115
16, 024
11, 985
$24, 919
$26, 032
$17, 509
$50, 951
$34, 818
6, 161
409
1,232
6,257
977
988
4,676
588 !
851 i
12,418
1,386
2,220
8,243
1,486
2,256
19, 534
1,284
4,101
20, 073
3,074
2,885
13, 985
1,559
1,965
39, 607
4,358
6,986
25, 218
4,014
5,586
2,908 |
16,464 j
4,068
11. 130 1
22. 579 1
20. 092
1, 160
8, 962 1
Total u r b a n construction
1
J a n . 1944
J a n . - F e b . totals
M o n t h l y totals
J a n . - F e b . totals
31, 604
43,589 1
2
Includes 1- and 2-family dwellings combined with stores.
2,693
27.612 1
6,486
34, 526
9,179
66, 939
32.518
52, 035
60,130
101, 757
Includes multi-family dwellings combined with stores.
Table 3 — B U I L D I N G C O S T S — I ndex of building costs for the standard house in representative cities
in specific months '
[Average month of 1935-1939=100]
1944
1943
1942
1941
1940
1939
1938
March
March
March
March
March
Federal H o m e Loan B a n k District
and City
March
N o . 1—Boston:
Hartford, Conn
. .
N e w H a v e n , C o n n . _ _ __
Portland, Me
__ _
Boston, Mass
.
.
Manchester, N . H
Providence, R. I
Rutland, Vt
___ _ _
_
...
N o . 4—Winston-Salem:
Birmingham, Ala.
...
Washington, D . C
Tampa, Fla_.
Atlanta, Ga
'
_ ...
Baltimore, M d
Cumberland, M d
Asheville, N . C
Raleigh, N . C
Richmond, Va
Roanoke, Va
N o . 7—Chicago:
Chicago, 111
Peoria, 111
Springfield, 111
M i l w a u k e e , Wise
N o . 10—Topeka:
Denver, Colo.. _ .
Wichita, K a n s .
Omaha, Nebr
O k l a h o m a C i t y , Okla
.
.
.
Dec.
Sept.
June
March
134.6
140.5
125.6
133.3
118.6
136.2
126.8
134.5
r 138. 0
r 125. 6
133. 0
116.6
135.6
r 126. 0
130.3
132.5
117.7
128. 5
115.9
132.0
125.4
128. 2
130.0
117.8
126.8
114.8
128.4
125.2
128.2
130.5
117.8
128.2
114.8
123. 7
124. 5
128.6
129.0
103.1
123.8
108.4
119.6
' 120. 3
111.0
111.4
101.0
108. 0
99.6
111.4
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
126.7
146.7
130.2
134.6
125.2
146.6
130.2
134.6
144.1
118.7
144.7
115.9
143.3
134. 8
137.7
123.9
130.1
144.9
126.8
113.0
141.1
124.8
130.1
137.7
123.9
134.1
126.8
123.0"
r 133.4
126.8
135. 2
122.7
119.9
127.2
117.7
127.3
127.5
137.1
115.7
127.2
116.9
134.0
113.8
120.4
130.6
114.1
118.8
125. 3
131. 9
113.9
128.1
108.3
116.4
111.5
111.5
126.1
110.1
115.1
105.0
116.6
105.2
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
112.2
125.6
123.7
152. 0
129.3
r
'
'
'
111.2
125. 6
123. 7
149. 0
129. 3
110.2
124.1
' 119.8
146.7
133.6
109.4
124.1
'119.8
146.7
133. 6
109.0
119.7
'115.0
146.2
133.6
107.1
119.8
' 116.1
139.8
125.1
99.5
112.6
' 110. 7
120.9
111.6
99.8
108.9
' 104. 8
108.2
102. 5
100.4
99.8
'101.0
106.7
101.8
113.0
130.0
127.8
160. 8
'113.0
' 129. 7
r 126. 8
' 159. 8
110.9
125.3
122.2
' 157. 0
110.9
125.3
122.2
110.9
123.7
122.2
148. 9
110.1
116.2
111.0
*140.2
103.3
103.8
108.7
' 129. 4
98.9
103. 3
106.8
' 107. 7
101.0
109. 1
100.4
' 104. 7
«• 1 4 8 . 9
r
r
r
103. 2
103.8
103. 3
103.2
104 7
104. 3
101.8
101.3
104.1
r
1
Revised.
The house on which costs are reported is a detached 6-room home of 24,000 cubic feet volume. Living room, dining room, kitchen, and lavatory on first floor;
three bedrooms and bath on second floor. Exterior is wideboard siding with brick and stucco as features of design. Best quality materials and workmanship are used.
The house is not completed ready for occupany. It includes all fundamental structural elements, an attached 1-car garage, an unfinished cellar, an unfinished
attic, a fireplace, essential heating, plumbing, and electric wiring equipment, and complete insulation. It does not include wallpaper nor other wall nor ceiling finish
on interior plastered surface, lighting fixtures, refrigerators, water heaters, ranges, screens, weather stripping, nor window shades.
The index reflects the changes in material and labor costs in the house described above. Allowances for overhead and profit, which were previously included in the
total costs, were based upon a flat percentage of the material and labor costs and therefore did not affect the movements of the series; no such allowances are included,
now that the index is expressed in relative terms only.
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 3 months from the same dealers, and current wage rates are obtained from the
same reputable contractors and operative builders. The Bureau of Labor Statistics furnishes building material prices for some cities. Although shortages of materials
and priority restrictions preclude the actual construction of this house under wartime conditions, tests indicate that the indexes measure fairly closely the cost changes
for smaller frame structures that now can be built.
196
Federal Home Loan Bank Review
Table 4 . — B U I L D I N G COSTS—Index of building cost for the standard house
[Average month of 1935-1939=100]
F e b . 1944 J a n . 1944 D e c . 1943 N o v . 1943 Oct. 1943 Sept. 1943 Aug. 1943 J u l y 1943 J u n e 1943 M a y 1943 Apr. 1943 M a r . 1943 F e b . 1943
E l e m e n t of cost
Material
Labor
..
T o t a l cost
129.2
136.4
127.8
136.1
127.6
136.0
126.8
135.6
126.0
135.0
124.4
133.8
123.4
134.2
123.7
134.3
123.0
134.3
122.2
134.3
121.8
133.4
122.0
133.0
121.9
132.5
131.6
130.6
130.5 I
129.8
129.1
127.6
127.1
127.3
126.8
126.2
125.7
125.7
125. 5
Table 5 . — B U I L D I N G COSTS—Index ° f wholesale prices of building materials in the United States
[1935-1939 = 100; converted from 1926 base]
[Source: TJ. S. Department of Labor]
All b u i l d i n g
materials
Period
1942: F e b r u a r y
...
...
1943: F e b r u a r y
March,
April
May
__June..
July.
August
September
October.
November
D ecem bcr
..
-
- .
-.
-•.__
1914: J a n u a r y
..
February.
P e r c e n t change:
F e b r u a r y 1944-January 1944
_
F e b r u a r y 1944-February 1943
Brick a n d
tile
Cement
Lumber
Paint and
paint materials
Plumbing
and heating
Structural
steel
Other
122. 9
106.8
102.5
147.8
122.8
128.6
103.5
111.9
123.1
123.3
123.2
123.4
123.5
123.6
125.3
125.6
125.8
126.3
126.6
188.5
108.6
108.6
108.8
109.0
109.0
109.0
109.0
109.0
110.1
110.1
103.4
103.4
103.4
103.1
102.7
102.7
102.7
102.7
102.7
102.7
102.7
149.9
149.9
150.0
151.0
151.8
152.7
158. 1
158.9
159. 4
160.2
160.4
124.4
125.7
126.0
125.7
125.4
125.4
126.4
126.1
126.4
126.9
127.0
118.8
118.8
118.8
118.8
118.8
118.8
118.8
118. 5
118.5
120.6
120.6
103.5
103.5
103. 5
103.5
103.5
103. 5
103.5
103.5
103.5
103.5
103. 5
110.5
110.3
109.9
109. 9
110.0
109.5
109.7
110.3
110.5
110.5
111.2
126. 7
126.9
110.3
110.2
102.7
102.7
160. 5
160.9
127.2
127.7
120.6
120.6
103.5
103.5
111.2
111.2
+0.2
-0.1
0.0
+0.2
+0.4
0.0
0.0
0.0
+3.1
+ 1.6
-0.7
+7.3
+2.7
+ 1.5
0.0
+0.6
Table 6 . — M O R T G A G E LENDING—Estimated volume of new home-mortgage loans by a l l
savings and loan associations, by purpose and class of association
[Thousands of dollars]
P u r p o s e of loans
Class of association
Period
1942
February
1943
February
March
April
May
. -
__
_.
--_--
J u l y -_
August .
December
_
Reconditioning
L o a n s for
all other
purposes
Total
loans
Construction
H o m e purchase
Refinancing
$190,438
$573, 732
$165,816
$41,695
$78,820
$1,050,501
$412,828
$476,080
20, 799
33, 769
12,325
3,138
6,725
76, 756
31, 919
33,939
10, 898
106, 497
4,594
8,572
9,853
9,039
8,946
9,209
10.616
13,211
7,452
6,928
10,904
802, 371
39,084
55,235
65,088
67,826
74.885
77, 555
82, 894
86,016
83,259
73,053
64,656
167, 254
12,510
14,874
15,040
14,843
15,913
14,925
14,600
13,799
14,025
12.767
12,550
30, 441
1.953
2,377
2,484
2,606
2,707
2,807
2,809
3,229
2,874
2,638
2,290
77, 398
5,183
6,127
6,270
6,176
6,425
6,859
6,470
6,718
7,540
7,670
7,172
1,183, 961
63,324
87,185
98,735
100,490
108, 876
111,355
117, 389
122,973
115,150
103,056
97, 572
511,757
26, 566
37,850
42, 717
41,835
46,730
48, 370
51,172
54,100
50, 576
44,804
43,647
539. 299
28,175
38. 595
44,461
47, 818
50,182
50,648
53,497
55,907
52,026
47,108
43,972
132, 905
8,583
10, 740
11, 557
10,837
11,964
12, 337
12, 720
12,966
12, 548
11,144
9,953
7,872
11,195
55,000
66,138
9,976
11,955
1,521
1,960
6,609
6,916
80,978
98,164
37,076
44,144
35,456
44,139
8,446
9,881
Federals
State
members
Nonmembers
$161,593
1944:
February .
- -
-
April 1944
.. _ .
.
197
Table 7.—LENDING—Estimated volume of new
loans by savings and loan associations
Table 8.—RECORDINGS—Estimated nonfarm
mortgage recordings, $20,000 and under
[ T h o u s a n d s of dollars]
FEBRUARY
1944
[ T h o u s a n d s of dollars]
C u m u l a t i v e n e w loans
(2 m o n t h s )
N e w loans
Federal Home Loan Bank
D i s t r i c t a n d class of
association
February
1944
j Jan! uarv
! 1944
j Febj ruarv
1943
1943
18,164 |$80,978 !$63,324 $179,142
UNITED STATES..
Federal
State member
Nonmember
j 44,144 I 37.076 j 26,566
44,139 35.456 i 28,175
9,881
8,446 j 8.583
Boston.
5,678
Federal
State m e m b e r .
N o n m e m b e r . __
1, 738
3, 157
783
N e w York..
Federal
State m e m b e r .
Nonmember...
1,812
2,768
991
81, 220
79, 595
18, 327
3, 474
11, 249
1, 077
1,892
505
3, 550
5, 925
1,774
+47.8
49, 956
55, 085
16,139
+62.6
+44.5
+13. 6
',718
+45.8
2.321 ! + 5 3 . 0
4,067 | + 4 5 . 7
1,330 j + 3 3 . 4
6,517
4, 731
13, 462
9.053
+48/
1,668
4,176
1,101
1,654
3,398
1.465
863
2,417
1,451
3,322
7,574
2,566
1,924
4,570
2,559
+72. 7
+65.7
+0.3
10,975'
+36.4
3.512
2, 572
1,882
3,122
2,444
1.438
2, 344
1. 653
1. 764
6,634
5, 016
3,320
6.392
4,918
681
4,984
4,298
662
3,974
11,376
2,974 j 9,216
1,086 ! 1,343
Winston-Salem.
Federal
State member..
Nonmember...
$121,180
6,945
Pittsburgh.
Federal
State member..
Nonmember...
! Per| cent
I change
4.049 I + 6 3 . 8
3, 410 j + 4 7 . 1
3,516 i - 5 . 6
16,504
+32.9
7,912
6.617
1,975
+43.8
+39. 3
-32.0
23, 429
+24.4
Savings I n s u r - B a n k s
and
and
ance
loan
com- t r u s t
associa- panies companies
tions
Federal H o m e L o a n
Bank District
and State
12, 933
13, 543
Federal
State m e m b e r .
Nonmember...
6,413
7,497
1,702
5,502
6,861
1,180
4, 615
6. 835
1, 483
29, 155
11,915
14, 358
2,882
8.209
12. 605
2,615
+45. 1
+ 13.9
+ 10.2
Boston
Connecticut
Maine .
Massachusetts .
New Hampshire...
Rhode Island .
Vermont.. .
6, 532
Federal
State m e m b e r .
Nonmember...
10,633 i 8,057
Federal
State member.
N o n m e m b e r . __
Federal
State member .
Nonmember...
2,441
2,053
970
Little Rock..
7,964
+35. 5
3.869
3.611
484
+38.1
+36.7
+6.0
5,260
Federal.
State member
Nonmember
Portland...
Federal
State member
Nonmember
198
.
...
..
!
+74.6
4.043 ; + 8 4 . 0
5,166 i + 8 2 . 1
1. 497 I + 2 3 . 1
3,711
9, 175
5,519 i + 6 6 . 2
1,991 i 1,450 I
1,313 ! 1,035 !
407 |
605
4,432
3,366
1,377
2.766 ! + 6 0 . 2
1,790 I + 8 8 . 0
963 | + 4 3 . 0
;
2, 354
2,731
714
3,636
2,364 I 2.005
1.482
4,690 i 2.569 ! 2.089 I
93 I
50
65 !
Topeka
10,706
7,440
9,407
1,843
4.624
Federal
State member.
Nonmember...
5,343
4, 937
513
18, 690
4, 254
3, 186
5,499 I 3,908
880 | 963
Des'Moines.
Los Angeles.__
2, 237
2, 031
254
3,156
2,187
3,009 ! 1,928
367 j
146
Chicago.
Federal..
..
S tate m e m b e r . . .
Nonmember
4, 522
4, 261
3,804
3, 507
7,328 ! + 6 0 . 6
4,369
7,259
143
9.064
2,867 i + 5 2 . 4
4.364 , + 6 6 . 3
97 j + 4 7 . 4
6.193
+46. 1
2,517
1,514
1,229
1,882 i
1,019 !
903 :
2, 128
888
491
4,399
2, 533
2,132
3,694
1.698
801
+19. 1
+49.2
+166. 2
2,858
2,576
1,947
5, 434
3,839
+41.5
1,955
790
113
1,727
1,233
632
699 !
82
150 1
3,682
1,489
263
2,449
1,206
184
+50.3
+23. 5
+42.9
5,890
23, 444
11,952
+96.2
12,078
7,734
4,264
80
11,366
7,024 ! 2,809
4,251 '' 2,998
91
83
14, 758
8,515
171
5,853 + 152.1
5,981 + 4 2 . 4
118 + 4 4 . 9
Total
6,070
449
2,374 4,505
3,933
2,827
20,158
854
333
4,032
146
617
88
277
23
126
9
10
4
1,318 1,059
156
365
603 2,447
95
266
145
208
160
57
1,227
381
1,546
244
388
147
1,197
75
1,340
30
167
18
5,932
1,333
10, 094
790
1, 535
474
5,216
1,252
3,536 3,537
8,374
5,153
27, 068
2,130
3,086
512
740
1,948
1,588
312
3, 225
2,880
5,494
2,023
3, 130
9,805
17, 263
...
6,938
1,796
4,964
338
4,391
2,655
21, 082
Delaware
P e n n s y l v a n i a _. _ . _
W e s t Virginia .
168
5,986
784
121
1,435
240
153
3,958
853
34
304
207
3,643
541
105
2,414
136
788
17, 740
2,554
11,941
3,091
4,335
93
9,119
3,076
31, 655
447
1,956
1,458
1,816
2,632
1,678
342
1,612
529
209
1,121
373
96
388
204
171
431
283
616
1,009
631
268
342
755
725
821
3,376
838
995
682
407
1,275
316
214
660
403
552
302
189
440
2,448
3, 483
7,231
4,439
4,999
3,318
1,484
4,253
19, 228
1,554
9,110
413
4,884
6,768
41, 957
1,906
16, 722
600
277
783
494
643
8,014
453
413
217
4,181
486
137
4,592
2,039
3,180
34, 705
4,072
6,783
2,465
5,775
48
3,300
4,206
22, 577
5,005
1,778
900
1,565
2,267
3,508
48
1,469
1,831
747
3,459
10,436
12,141
11, 243
1,235
3,995
3
4,766
6,331
27, 573
8,713
2,530
865
370
2,574
1,421
3
2,656
2,110
5,965
366
20, 773
6,800
5,238
1,473
3,960
58
3,773
2,353
16, 855
1,243
1,785
1,887
202
121
172
429
835
20
17
1,012
493
2,219
84
152
621
853
2,091
106
102
190
279
1,822
37
25
3,238
3,897
8,854
449
417
8,468
2,292
1,499
5,365
2,924
20, 548
443
3, 761
299
131
3,834
74
318
202
4
1.694
217
212
218
179
673
497
1,150
377
195
3,146
35
918
118
14
1,839
1, 266
6,359
1,214
523
11,186
5,163
690
1,623
3,507
1,092
12, 075
795
1.243
963
2,162
56
112
302
220
175
497
362
589
1,698
377
410
1,022
279
123
159
531
3,003
2,352
2,196
4,524
2,800
327
2,331
299
2,387
1,940
10,084
217
207
619
216
1,385
156
19
20
174
73
41
94
27
157
372
1,545
136
36
265
194
1,019
182
572
155
136
30
387
50
1, 337
731
478
2,392
893
5,143
447
New York.
N e w Jersey
New York
Pittsburgh
Winston-Salem
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
Kentucky . .
Ohio
Tennessee^ __
.. _
Indianapolis
Indianapolis.
Other
mortgagees
$101, 705 $18, 753 $60, 346 $9, 294 $72, 246 $47, 300 j $309, 644
U N I T E D STATES . .
Cincinnati-.
Cincinnati..
Mutual
Indisav- v i d u ings
als
banks
Indiana
. .
Michigan
Chicago
Illinois . _ _ _ . _
Wisconsin
Des 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 Mexico
Texas
.
...
_.
.
Topeka
Colorado
Kansas
Nebraska
Oklahoma. . .
... _
...
...
.
.
Portland
Idaho..
Montana
Oregon
Utah
Washington..
Wyoming.
._
__
Los A n g e l e s . . _
Arizona
California.
Nevada-
. . . .
.
_
93
58
263
12, 617
2,129 16,844
18,447
7, 975
58,012
82
12, 474
61
6i
289
2,118 ' 16,484
1
71
5
583
1 17,722
!
142
37
7, 929
9
997
56, 727
288
Federal Home Loan Bank Review
Table 9 . — M O R T G A G E
RECORDINGS—Estimated volume of nonfarm mortgages recorded
[Dollar a m o u n t s are s h o w n in t h o u s a n d s ]
Savings a n d loan
associations
Insurance
companies
Banks and trust
companies
M u t u a l savings b a n k s
Other
mortgagees
Individuals
All
mortgagees
Period
1943: J a n u a r y - D e c e m b e r
February
M arch
April
May
June
July
August
September
0 ctober
November. _ _
December.-.
1944: J a n u a r y
February
Tabic
-
_
_.
Percent
Percent
Total
Percent
Total
$1,237,505
66, 938
85,642
.
101,135
107, 221
- . 113, 431
116, 406
119,385
126, 586
__
122, 832
111,818
101,176
32.1
30.5
31.8
32.7
32.8
32.5
33.1
33.6
33.2
31.8
31.6
30.6
$279,866
18,064
22,198
24, 558
24,435
26,613
25, 586
24,072
23, 996
25,141
23,115
22,188
7.2
8.2
8.2
8.0
7. 5
7.6
7.3
6.8
6.3
6.5
6.5
6.7
$752, 228
44, 273
53,186
63, 385
65, 688
65,656
64.766
68,043
72,140
74, 875
64,877
66, 699
89, 887
101, 705
29.8
32.8
20, 585
18, 753
6.8
6.1
62,180
60, 346
Total
_ .
1 0 . — S A V I N G S — S a k s of war bonds i
Total
19.5 $152,369
7,895
20.1
9,536
19.7
11,122
20.5
12, 940
20.1
18.8
14, 718
18.4
15, 329
19.1
15, 061
19.0
15, 332
19.4
15, 023
18.3
15,141
20.1
12, 227
20.6
19.5
9,731
9,294
19412
1942
1943
February
March
April
May
June
_.
.
July
August
_.
September
October
.
November
December.
1944
January
February
.
Total
Percent
Percent
Total
Percent
Total
3.9 $857, 681
3.6
49,854
3.5
59, 662
3.6
65,807
3.9
70. 054
4.2
75,183
4.4
78,594
4.2
78. 455
4.0
83,320
3.9
87, 430
4.3
82, 307
3.7
76, 432
22.2 $581, 752
22.7
32, 858
39,195
22 2
42,950
21.3
46. 754
21.4
53, 445
21.6
50, 835
22.3
50,416
22.1
59, 435
21.9
61, 002
22.6
56,415
23.3
52, 267
23.1
15.1 $3, 861, 401
14.9
219,882
14.6
269,419
13.9
308,957
14.3
327,092
15.3
349,046
14.5
351,516
14.2
355,432
15.6
380, 809
15.8
386, 303
16.0
353, 673
15.8
330, 989
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100. 0
100.0
3.2
3.0
24.0
23.3
15.6
15.3
301,949
309, 644
100.0
100.0
72,600
72, 246
46,966
47, 300
Table 11 . — 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]
E n d of period
Redemptions
Series E
Series F
Series G
Total
$1,622,496
$207,681
652,044
$1.184,868
2, 516,065
$3.015,045
5.988,849
9.156,958
$13,601
245, 547
10, 344,369
633. 572
_.
720, 407
1.006,786
995, 234
696, 213
682,871
661. 200
1,400,159
1, 340,148
665,293
727, 558
745,123
48. 328
43,858
109,517
85,893
35,149
37,579
28,095
138,984
93,124
23,449
24,081
2, 639,908
205. 295
180,011
353. 421
253, 857
144,128
169,241
112, 434
387, 412
274,877
109,404
101, 378
13, 729,402
887.195
944,276
1, 469, 724
1, 334,984
875, 491
889,691
801,729
1,926, 555
1,708,150
798,146
853, 017
1, 506, 894
69, 440
126, 621
95, 458
97,488
134, 822
131, 424
144,966
148,498
137,496
164,412
200, 840
1,084,637
2,102, 345
126,825
157, 422
486,942
521, 702
1,698,404
2, 781, 469
180,965
177, 980
Period
Percent
1941: D e c e m b e r
1942: J u n e
December
1943: F e b r u a r y .
March
April
May
June
Julv
August
September
October
November.
December
1944: J a n u a r y
February
Insured
savings a n d
loans l
$2. 597, 525
2,736,258
2,983,310
3,068,672
3.105,080
3,143,943
3.194,029
3, 270, S34
3, 318, 900
3, 362. 380
3, 389.891
3,435, 798
3, 488, 270
3, 573, 896
Mutual
savings
banks «
Insured
commercial
banks 3
$10,489,679
10,354,533
10,620.957
$13,261,402
13,030,610
« 13,820,000
11,104, 706
* 14,870,000
11,707,000
* 16,157,993
Postal
savings
5
$1,314,3C0
1,315,523
1,417,406
1,467,833
1, 492,966
1, 517,167
1,546, 397
1. 577, 526
1, 620,194
1,659,545
1,683, 381
1, 715, 579
1, 752,439
1, 788, 016
1,835,441
1, 867, 221
1
P r i v a t e r e p u r c h a s a b l e 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.
Estimated.
5
B a l a n c e on deposit to credit of depositors, i n c l u d i n g u n c l a i m e d a c c o u n t s .
T o t a l s since N o v e m b e r 1943 are u n a u d i t e d .
2
3
1
U . S. T r e a s u r y W a r Savings Staff, A c t u a l deposits m a d e to t h e credit of
t h e U . S. T r e a s u r y .
2
P r i o r to M a y 1941: " B a b y B o n d s . "
4
Table 1 2 . — F H L B A N K S — L ending operations and principal assets and liabilities
[ T h o u s a n d s of dollars]
L e n d i n g operations
F e b r u a r y 1944
P r i n c i p a l assets F e b r u a r y 29, 1944
C a p i t a l a n d principal liabilities
F e b r u a r y 29, 1944
F e d e r a l H o m e Loan B a n k
Advances
Boston
N e w York
Pittsburgh
Winston-Salem
Cincinnati
Indianapolis
Chicago
D e s Moines
L i t t l e Rock
Topeka
Portland
Los Angeles
Repayments
$3,100
900
1,099
2,516
131
645
1,662
590
315
20
920
1,382
$961
1,343
868
1,466
1,319
1,424
3,126
699
320
318
313
1,533
F e b r u a r y 1944 (All B a n k s ) .
13, 280
13, 690
J a n u a r y 1944
28, 949
F e b r u a r y 1943
1,240
I Government
I securities
Cash i
19, 015
Capital -
Debentures
Member
deposits
T o t a l assets
F e b r u a r y 29,
1944 i
$12, 334
16, 886
10, 304
10, 676
7,617
10, 289
16, 298
6,902
5, 463
3,909
2,261
11, 215
$2, 653
1,061
2, 330
1,792
3,057
886
1.512
2,481
909
1,059
510
2, 513
$9, 914
20, 618
12, 095
5, 335
22,156
13, 961
13, 330
11,090
10, 631
7,365
8,076
18, 538
$19, 703
27, 099
16, 382
17. 557
24, 689
13, 861
22, 215
12. 323
12, 430
10, 667
8,393
15, 472
$3,000
9,000
8,000
0
3,500
8,000
4.000
7,000
3,000
1.500
1,800
15, 500
$1,310
2,649
430
321
4,801
3,387
5,039
1,250
175
252
693
1,398
114,154
20. 763
153. 109
200, 791
64, 300
21, 705
289, 500
148, 482
199,708
64, 300
23, 291
293, 464
123, 391
192, 981
45, 500
25,119
264, 514
114,564
» I n c l u d e s i n t e r b a n k deposits.
April 1944
Advances
outstanding
95, 624
44, 223
2
$25,021
38, 778
24, 850
17, 878
33, 006
25, 270
31, 276
20, 590
17,11.2
12,423
10, 890
32, 406
C a p i t a l stock, s u r p l u s , a n d u n d i v i d e d profits.
199
Table 13.—INSURED A S S O C I A T I O N S
Progress of instifutions insured by the FSLIC *
jfc DIRECTORY
[Dollar a m o u n t s are s h o w n i n t h o u s a n d s ]
Ks?
Operations
Number of
associations
P e r i o d a n d class
of association
F E B R U A R Y 1 6 — M A R C H 15, 1944
Total
assets
New
mortloans
ALL
New
private
investments
Private
repurchases
Repurchase
ratio
K e y to C h a n g e s
*Admission to M e m b e r s h i p in B a n k S y s t e m
* * T e r m i n a t i o n of M e m b e r s h i p in B a n k S y s t e m
#Federal Charter Granted
##Cancellation of F e d e r a l C h a r t e r
^ I n s u r a n c e Certificate I s s u e d
0</>Insurance Certificate Canceled
INSURED
1943: F e b
March
April
May
June
July
Aug
Sept
Oct
Nov
Dec
1944: J a n
Feb
_-
2,415
2,415
2,417
2,422
2,428
2,435
2,433
2,440
2,439
2,442
2,447
$3,657,989
3,690,918
3, 757,464
3,811,473
3, 880,999
3,875, 269
3,920,852
4,037,926
4,081,472
4,127,212
4.182, 728
$44,076
61,139
69, 604
69, 471
76, 899
77,994
83, 068
87, 878
81,929
72, 936
70. 973
$73,455
83,403
83, 242
78,294
103,939
134,065
94,229
83,970
87,692
90,023
118,496
$42,123
48,955
47,171
33,684
33,704
97,117
50, 250
60,019
45.104
43,137
37,885
57.3
58.7
56.7
43.0
32.4
72.4
53.3
71.5
51.4
47.9
32.0
2,451
2,453
4,218,521
4, 287, 788
59,704
73,164
153,276
94,831
104,839
59, 890
68.4
63.2
1943: F e b
March
A pril
May
June
July
Aug
Sept
Oct
Nov
Dec
1944: J a n
Feb
1,468
1,467
1,466
1,466
1,468
1,468
1,466
1,471
1,468
1,467
1,466
2, 278,839
2,300, 638
2,349,831
2,380, 241
2,426,079
2,408,687
2,438,803
2, 523, 737
2, 550, 973
2, 580,481
2,617,431
26, 566
37,850
42, 717
41,835
46, 730
48, 370
51,172
54,100
50, 576
44,804
43, 647
48,412
54,824
53,675
50,732
68, 235
87,444
61, 351
53,138
56,490
57,915
76, 677
25,987
30, 238
27,774
20,045
19, 586
64,073
31, 253
37,274
26,825
24, 373
21,569
53.7
55.2
51.7
39.5
28.7
73.3
50.9
70.1
47.5
42.1
28.1
1.467
1,467
2.637.410
2, 685, 310
37,076
44,144
100,496
61,545
68, 509
37, 548
68.2
61.0
1,379,150
1, 390,280
1,407,633
1,431, 232
1,454,920
1,466, 582
1,482,049
1,514,189
1, 530,499
1, 546,731
1, 565, 297
17, 510
23,289
26,887
27,636
30,169
29,624
31,896
33., 778
31,353
28,132
27, 326
25,043
28, 579
29, 567
27,562
35,704
46,621
32,878
30,832
31,202
32,108
41,819
16.136
18,717
19, 397
13,639
14,118
33,044
18,997
22,745
18,279
18,764
16, 316
64.4
65.5
65.6
49.5
39.5
70.9
57.8
73.8
58.6
58.4
39.0
1, 581, 111
1, 602, 478
22,628
29, 020
52,780
33, 286
36, 330
22, 342
68.8
67.1
STATE
1943: F e b
March
April
May
June
July
Aug
Sept
Oct
Nov
Dec
...
947
948
951
956
960
967
967
969
971
975
981
1944: J a n
Feb
1
B a l a n c e sheet i t e m s , formerly s h o w n each m o n t h , n o w a p p e a r only in t h e
F e b r u a r y , M a y , A u g u s t , a n d N o v e m b e r issues of t h e R E V I E W .
Table 14.—FHA—Home mortgages insured1
Jersey C i t y :
**The L a f a y e t t e
Avenue.
NEW
Mutual
B u i l d i n g a n d L o a n Association, 305 Pacific
YORK:
Jamaica:
* C i t y Savings a n d L o a n Association, 168-25 Hillside A v e n u e .
DISTRICT N O . 3
Title VI
New
i
-"sq^j-sH-
February
Mamh
August
.. September
October
November
December . . . .
. .__
-
_
. . . ._
_.
Existing
Total
insured
at e n d of
period 2
$8, 495
5, 690
3,463
2,894
2, 606
2.424
1, 563
1, 479
818
833
747
$11,846
13,175
12, 704
15, 248
16, 759
18, 502
18,519
18, 737
18, 856
20,499
17, 401
$37,168
43, 523
35, 878
39,511
41,629
43, 445
49, 518
46, 365
48, 571
48, 421
42, 979
$4, 793, 316
4, 855, 704
4, 907, 749
4, 965, 402
5,026, 396
5,090, 767
5,160, 367
5, 226, 948
5, 295, 193
5, 364, 946
5. 426, 073
592
249
18. 397
13,795
49. 003
40,616
5. 494. 065
5, 548, 725
1
F i g u r e s r e p r e s e n t gross i n s u r a n c e w r i t t e n d u r i n g t h e period a n d do n o t t a k e
a c c o u n t of p r i n c i p a l r e p a y m e n t s on p r e v i o u s l y i n s u r e d l o a n s . Because of revisions being m a d e in t h e r e p o r t i n g of T i t l e I, Class 3 figures, t h i s series h a s been
d r o p p e d a t least t e m p o r a r i l y .
i
T h i s figure includes T i t l e I, Class 3, a m o u n t s t h a t were s h o w n prior to J a n u a r y
1943.
200
DISTRICT N O . 4
MARYLAND:
Chevy Chase:
</>The C h e v y C h a s e B u i l d i n g a n d L o a n Association, I n c . , 6940 Wisconsin
Avenue.
DISTRICT N O . 7
ILLINOIS:
Granite City:
^ F i r s t G r a n i t e C i t y Savings a n d L o a n Association, 1908 D e l m a r A v e n u e .
Savanna:
* S a v a n n a Savings B u i l d i n g a n d L o a n Association, 301 M a i n Street.
DISTRICT N O . 8
MISSOURI:
Liberty:
##</>0Liberty F e d e r a l Savings a n d L o a n Association, 9 N o r t h W a t e r Street
(merger w i t h Safety F e d e r a l Savings a n d L o a n Association, K a n s a s
City).
D I S T R I C T N O . 10
K ANSA s.-
Emporia:
</>The C o l u m b i a B u i l d i n g a n d L o a n Association, 427 C o m m e r c i a l A v e n u e
CALIFORNIA:
Title II
Period
Pittsburgh:
**Belmar B u i l d i n g a n d L o a n Association, 908 H o m e w o o d A v e n u e .
**Collins A v e n u e B u i l d i n g a n d L o a n Association, 127 Collins A v e n u e .
**Crescent B u i l d i n g a n d L o a n Association of N . S. P i t t s b u r g h (merger
w i t h S p r i n g H i l l Savings a n d L o a n Association of P i t t s b u r g h ) .
**Monroe B u i l d i n g a n d L o a n Association, 1804 C a r s o n Street.
**Prospect B u i l d i n g a n d L o a n Association of P i t t s b u r g h , 218 Shiloh Street
(merger w i t h D u q u e s n e - P r o s p e c t Savings a n d L o a n Association,
Pittsburgh).
##William P e n n F e d e r a l Savings a n d L o a n Association of P i t t s b u r g h ,
429 F o u r t h A v e n u e (merger w i t h F i r s t F e d e r a l Savings a n d L o a n
Association of P i t t s b u r g h ) .
D I S T R I C T N O . 12
[ P r e m i u m p a y i n g ; t h o u s a n d s of dollars]
1944: J a n u a r y
February
DISTRICT N O . 2
N E W JERSEY:
PENNSYLVANIA:
FEDERAL
1943:
P* CHANGES
Chino:
**Chino B u i l d i n g a n d L o a n Association, 652 D Street (sale of assets t o
E u c l i d Savings a n d L o a n Association, O n t a r i o ) .
Honor Roll
(Continued from p. 189)
F i r s t F e d e r a l Savings a n d L o a n Association, S p o k a n e , W a s h .
F i r s t F e d e r a l Savings a n d L o a n Association, T h e Dalles, Oreg.
L a k e v i e w F e d e r a l Savings a n d L o a n Association, L a k e v i e w , Oreg.
U m p q u a Savings a n d L o a n Association, R o s e b u r g , Oreg.
W e n a t c h e e F e d e r a l Savings a n d L o a n Association, W e n a t c h e e , W a s h .
N O . 12—LOS
ANGELES
C e n t r a l F e d e r a l Savings a n d L o a n Association, San Diego, Calif.
C i t r u s B e l t B u i l d i n g a n d L o a n Association, R i v e r s i d e , Calif.
E s c o n d i d o F e d e r a l Savings a n d L o a n Association, E s c o n d i d o , Calif.
F i r s t F e d e r a l S a v i n g s a n d L o a n Association, A l h a m b r a , Calif.
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.
L i b e r t y Savings a n d L o a n Association, L o s Angeles, Calif.
Oceanside F e d e r a l Savings a n d L o a n Association, Oceanside, Calif.
S a n t a M a r i a G u a r a n t e e B u i l d i n g - L o a n Association, S a n t a M a r i a , Calif.
S t a n d a r d F e d e r a l Savings a n d L o a n Association, L o s Angeles, Calif.
U n i o n F e d e r a l S a v i n g s a n d L o a n Association, L o s Angeles, Calif.
Federal Home Loan Bank Review
The City Problem
{Continued from p. 180)
geographical lines of wind or water erosion, suggest
some of the plans which have been proposed for
halting the decay of city neighborhoods. Certainly
the individual property owner or lending institution
can no more stop the advance of urban blight than
an individual farmer can protect his land against
a flood or dust storm.
While foresighted leaders as far back as Washington
and Jefferson had warned against the dangers of
soil depletion, it was only after the economic shoe
began to pinch that the public became aroused.
Similarly, it is the growing realization of the alarming economic consequences of urban decay which
now gives promise of a widespread post-war replanning, redevelopment, and rebuilding.
The Need Now is for Local Planning
I t could, however, be a mistake to assume that
such a development is inevitable. Administrator
Blandford of the National Housing Agency has
urged that cities and towns, large and small, should
be deciding now on the broadest practicable basis
what sort of future growth they want; only after this
has been done can private and public interests
determine their respective roles in meeting local
post-war housing needs. The Federal Government's
participation, as Mr. Blandford has pointed out,
must be determined last of all. And because community housing goals are the need of the hour, it
becomes increasingly important to acknowledge that
housing goals can make sense only in the framework
of comprehensive, locally inspired plans for an entire
community.
Savings and loan associations should participate
actively in making and executing such local plans,
which directly concern the future of their industry.
Their experience and the nature of their operations
particulaily fit them to aid such projects.
Wartime Lending in Britain
•
W A R T I M E lending policies among British
building societies are, as might be imagined,
the subject of the same serious consideration as in
this country. The spectre of inflationary realestate trends, based on the even greater dislocations
between supply and demand in the British housing
picture, has not gone unheeded.
The pattern in the two countries is substantia] ly
the same—curtailed construction, high savings, with
increasing competition for home purchase and refinancing loans. In some respects, factors in the
English situation tend even more strongly than in
this country toward an inflation in real-estate
prices. For one thing, the wartime demand for
housing has been accumulating for a longer time than
in the United States and the minimum need for
accommodations is proportionately greater because
of the large-scale bombings which have affected
one out of five houses in England.
Also, the effect of the greater rise in British building costs finds reflection in higher sales prices.
According to the Real Estate Analyst (November 29,
1943), construction costs, as measured by a British
'•yardstick" house, had increased 90 percent since
the War started. Construction costs of the standard
house as reported in the R E V I E W , which affords a
rough comparison, have advanced approximately 26
percent in the same period.
That British building societies are cognizant of
the dangers of the currently rising property values is
indicated by the 1943 report issued by the Burnley
Society of London, one of the largest in England.
The long-term benefits of a policy of caution in
regard to making mortgage loans for home-purchase
or refinancing purposes is emphasized. The report
states that in some cases a 50-percent rise has been
noted in real-estate prices, with the average increase
being about 40 percent. Other reports on conditions in England have carried an increase-figure as
high as 75 percent. This, it is recalled, is a repetition of the experience during and just after World
War I when over-generous advances tended to promote higher real-estate prices.
During 1943 the Building Societies Association
went on record by recommending to its member
societies precautionary lending policies based on the
uncertainties of prevailing conditions affecting property values. As stated in the report of the Seventh
Annual General Meeting of the association, "one
effect of the adoption of these recommendations,
which treat the 1939 valuation as a datum line, is to
afford no appreciable support to any highly inflated
selling prices of property." The report goes on to
say that although long-run predictions of property
values are uncertain, it is safe to expect some measure
of appreciation over pre-war levels for a considerable
period following the War. Meantime, the Building
Societies Year Book reports that these organizations
have been exercising a stabilizing influence.
April 1944
201
U. S . GOVERNMENT PRINTING O F F I C E : 1 9 4 4
FEDERAL HOME LOAN BANK DISTRICTS
YOfc^
••
BOUNDARIES OF FEDERAL HOME LOAN BANK DISTRICTS
ft
FEDERAL HOME LOAN BANK
CITIES.
7-l-?5
OFFICERS OF FEDERAL HOME LOAN BANKS
BOSTON
CHICAGO
B. J . R O T H W E L L , C h a i r m a n ; E . H . W E E K S , Vice C h a i r m a n ; W. H .
IN EAVES, P r e s i d e n t ; H . N . F A U L K N E R , Vice P r e s i d e n t ; L . E . D O N O V A N ,
C. E . B R O U G H T O N , C h a i r m a n ; H . G. Z A N D E R , J R . , Vice C h a i r m a n ; A. R .
S e c r e t a r y - T r e a s u r e r ; P . A. H E N D R I C K , Counsel; B E A T R I C E E . H O L L A N D ,
Assistant T r e a s u r e r ; CONSTANCE M . W R I G H T , Secretary; G E R A R D M .
U N G A R O , Counsel.
Assistant Secretary.
NEW
GEORGE
G A R D N E R , P r e s i d e n t ; J . P . D O M E I E R , Vice P r e s i d e n t ; L A U R E T T A Q U A M ,
DES
YORK
M A C D O N A L D , C h a i r m a n ; F . V. D . L L O Y D , Vice
Chairman;
N U G E N T F A L L O N , P r e s i d e n t ; R O B E R T G. C L A R K S O N , Vice P r e s i d e n t ;
D E N T O N C. LYON, Secretary; H . B . D I F F E N D E R F E R , Treasurer.
MOINES
E. J. R U S S E L L , C h a i r m a n ; E . A. P U R D Y , Vice C h a i r m a n ; R . J . R I C H A R D SON, President-Secretary; W . H . LOHMAN, Vice P r e s i d e n t - T r e a s u r e r ;
J. M . M A R T I N , Assistant Secretary; A. E . M U E L L E R , Assistant T r e a s urer; E M M E R T , J A M E S , N E E D H A M & L I N D G R E N , C o u n s e l .
PITTSBURGH
LITTLE
E . T . T R I G G , C h a i r m a n ; C. S. T I P P E T T S , Vice C h a i r m a n ; R. H . R I C H ARDS, P r e s i d e n t ; G. R . P A R K E R , Vice President; H . H . G A R B E R . Secr e t a r y - T r e a s u r e r ; W I L L I A M S. B E N D E R , Counsel.
ROCK
B . H . W O O T E N , C h a i r m a n ; W . P . G U L L E Y , Vice C h a i r m a n ; B . H .
W O O T E N , P r e s i d e n t : H . D . W A L L A C E , Vice P r e s i d e n t ; J . C . C O N W A Y ,
Vice P r e s i d e n t ; R . T . P R Y O R , Secretary; W . F . T A R V I N , Treasurer.
WINSTON-SALEM
TOPEKA
H . S. H A W O R T H , C h a i r m a n ; E . C . B A L T Z , Vice C h a i r m a n ; O. K . L a R O Q U E , President-Secretary; J o s . W . H O L T , Vice President-Treasurer.
P. F . G O O D , C h a i r m a n ; A. G. H A R T R O N F T , Vice C h a i r m a n ; C A. S T E R LING, President-Secretary; R . H . B U R T O N , Vice President-Treasurer;
J O H N S. D E A N , J R . , General Counsel.
CINCINNATI
W M . M E G R U E B R O C K , Vice C h a i r m a n ; W A L T E R
PORTLAND
D . SHULTZ, President;
W . E . J U L I U S , Vice President-Secretary; A. L . M A D D O X , Treasurer;
T A F T , S T E T T I N I U S & H O L L I S T E R , G e n e r a l Counsel.
INDIANAPOLIS
H . B . W E L L S , C h a i r m a n ; F . S. C A N N O N , Vice Chairman-Vice President;
F R E D . T . G R E E N E , P r e s i d e n t ; G. E . O H M A R T , Vice P r e s i d e n t ; C. R U S S E L L
PARKER,
Secretary-Treasurer:
A L E X A N D E R , Counsel.
HAMMOND,
BUSCHMANN,
ROLL
&
B E N A. P E R H A M , C h a i r m a n ; H . R . G R A N T , Vice C h a i r m a n ; F . 11.
J O H N S O N , President-Secretary; I R V I N G BOGARDUS, Vice PresidentT r e a s u r e r ; M r s . E , M . J E N N E S S , Assistant Secretary; V E R N E | D U S E N BERY, Counsel.
Los
ANGELES
D . G. D A V I S , C h a i r m a n ; C . A. C A R D E N , Vice C h a i r m a n ; M . M . H U R FORD, President; C . E . B E R R Y , Vice P r e s i d e n t ; F . C . N O O N , SecretaryTreasurer; H E L E N F R E D E R I C K S , A t t o r n e y .
S U B S C R I P T I O N P R I C E OF R E V I E W . The REVIEW is the Federal Home Loan Bank Administration's medium of communication with member institutions
of the Federal Home 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 25, D. C.
A P P R O V E D BY T H E B U R E A U OF T H E B U D G E T .
@FedFRASER