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No. 11
FEDERAL
HOME LOAN BANK
REVIEW
AUGUST
1940
ISSUED BY
FEDERAL HOME LOAN BANK BOARD
WASHINGTON D.C.
CONTENTS
FOR
SPECIAL
AUGUST
1940
ARTICLES
I'ngp
FEDERAL
HOME
Midway in 1940 . . . .
Operating ratios of savings and loan associations
Retirement and pension plans
Good designs reform Memphis home-building
Waverly: A demonstration of neighborhood conservation—Part 3
362
363
367
370
373
STATISTICS
LOAN
BANK
REVIEW
Published Monthly by the
FEDERAL HOME LOAN
BANK BOARD
John H. Fahey, Chairman
T. D. Webb, Vice Chairman
F. W. Catlett
W. H. Husband
F. W. Hancock, Jr.
FEDERAL HOME LOAN
BANK SYSTEM
FEDERAL SAVINGS AND LOAN
ASSOCIATIONS
FEDERAL SAVINGS AND LOAN
INSURANCE CORPORATION
Residential construction a n d home-financing activity
380
Residential construction
Small-house building costs
Mortgage recordings
Foreclosures
New mortgage-lending activity of savings and loan associations
Federal H o m e Loan Bank System
Condensed consolidated s t a t e m e n t of condition
Dividends paid or declared
Interest rates on advances to members
380
381
381
382
382
383
383
384
384
Federal Savings and Loan System
Federal Savings and Loan Insurance Corporation
Statistical tables:
Nos. 1, 2: N u m b e r a n d estimated cost of new family dwelling units. . . .
No. 3: Small-house building costs
Nos. 4, 5: E s t i m a t e d lending activity of all savings a n d loan associations .
No. 6: Index of wholesale price of building materials
No. 7: Progress of institutions insured by the Federal Savings and Loan
Insurance Corporation
No. 8: Lending operations of t h e Federal Home Loan Banks
No. 9: Government investments in savings and loan associations
Nos. 10, 11: H o m e Owners' Loan Corporation
Nos. 12, 13: Mortgage recordings
Supplemental tables:
A. Statement of condition of t h e Federal H o m e Loan B a n k s . . . . . . .
B. Statement of profit and loss for t h e Federal H o m e Loan Banks . . . .
385
385
386
388
390
391
392
393
393
393
394
396
398
REPORTS
HOME OWNERS' LOAN
CORPORATION
m
378
General business conditions
From t h e month's news
,
Resolutions of the Board
369
395
Advisory Council membership
400
Directory of member, Federal, and insured institutions added during J u n e - J u l y .
400
SUBSCRIPTION PRICE OF REVIEW. The FEDERAL H O M E LOAN BANK REVIEW is the Board's medium of communication with member
n s t i t u t i o n s of the Federal Home Loan Bank System and is t h e only official organ or periodical publication of the Board. The REVIEW
vill be sent to all member institutions without charge.
To others the annual subscription price, which covers the cost of paper and
m n t i n g , is $1. Single copies will be sold a t 10 cents. Outside of the United States, Canada, Mexico, and the insular possessions, subsc r i p t i o n price is $1.60 ; single copies, 15 cents. Subscriptions should be sent to and copies ordered from Superintendent of Documents,
Government Printing Office, Washington, D. C.
APPROVED BY T H E BUREAU OF T H E BUDGET^
248466—40
1
MIDWAY IN 1940
INCOME
PAYMENTS: Totals for each of the first six months of this year were above
those for the corresponding months of 1938 and 1939, and close to 1937
levels. Decreasing trend in evidence through April was reversed in May
and June.
INDUSTRIAL PRODUCTION:
Following four successive monthly decreases from the
new high peak of December 1939, industrial production turned upward
in May led by increased steel production.
National defense plans hold
key to future activity<
FACTORY
EMPLOYMENT:
The level of employment during the first half of 1940
was consistently above those of the two previous years, but not equal to
1937.
Prospects are good with the increased opportunities in armaments
and heavy goods,
FREIGHT-CAR LOADINGS:
Second-quarter increases in railroad shipments were
indications of the gradual broadening of the recovery movement, although
the June loading index was still below the level at the beginning of this
year.
BOND
YIELDS: The gradual downward trend of the yield on long-term Government
bonds was again interrupted during May and June by the spreading of
the European war, but reaction was not as sharp as that last September
when war began.
RESIDENTIAL CONSTRUCTION:
The seasonally adjusted index of new building in
cities of more than 10,000
population has turned downward from the
December 1939 peak. In actual number of dwellings, the first half of
1940 is 6,500 units ahead of similar 1939 totals.
REAL ESTATE SALES: Except for a slight dip in March, the trend of real estate sales
activity has been steadily upward thus far in 1940.
The level in June
was the highest for any month since January 1930.
FORECLOSURES: Setting a new post-depression low in February, the index of all
nonfarm foreclosures during the first half of 1940 remained well below
the figures for any year since 1928.
BUILDING COSTS-LABOR
BUILDING
COSTS—MATERIALS:
There was little change in the price of materials
used in the construction of the FHLBB standard 6-room house during the
first six months of this year, and prices were only slightly above those of
1939.
BUILDING
COSTS—LABOR: Charges for labor used in constructing the standard
house continued the gradual decline begun in the spring of 1939.
In
June, they were down 2.4 percent from the peaks reached in Septembei
1938 and March 1939.
RENTALS-NAT'L INDUS CONF BO.
TOTAL MORTGAGE LOANS- MEMBER S
RENTALS: Changes in the NICB index, which is sensitive to the effect of newly tenanted properties, during the first half of this year have been only fractional
although showing a slight upward tendency during the second quarter.
TOTAL
MORTGAGE
LOANS: The lending activity of member savings and loar
associations was higher during the first six months of this year than in any
other similar period since the formation of the Bank System in 1932 (com
parative 6-month periods: 1940—$461,528,000/
1939—$363,694,000
1937—
$354,370,000,
CONSTRUCTION
LOANS: The proportion of total loans by members devoted U
financing new construction continues to increase: during the first six month
of this year, 33.2 percent; of 1939, 32.0 percent/ of 1938, 28.0 percent
SHARE INVESTMENTS: The steady upward trend of the index of new investments it
comparable insured savings and loan associations reached a new hig\
peak in March with a volume three times as great as the average month o
1936 and 24 percent higher than the same 1939 month.
SHARE REPURCHASES: The volume of share repurchases during the first four month
of this year as measured by this six months1 moving average index wer
approximately 10 percent higher than in the corresponding months of lai
year.
id
362
MEMBER ASSETS: The index of the assets of all savings and loan members of th
Bank System is now 38 percent above the average month of 1936.
I
June the index was 4.5 percent higher than in December, and 7.5 percet
higher than a year ago*
Federal Home Loan Bank Review
OPERATING RATIOS OF SAVINGS AND LOAN
ASSOCIATIONS
Analysis
of the income and expense statements
of more
than
3 , 7 0 0 savings and loan members of the Federal Home Loan Bank
System provides additional
and boards of directors
information
to supplement
last month on the combined
balance
•
TO the progressive savings and loan leaders of
today, the balance sheet and operating statement showing income and expense are as necessary
and vital as a camera and compass are to the scientists and explorers who now search the territory of
Little America. The camera is the means of making
permanent records of an expedition's progress, of
portraying the geographic conditions of the region,
and of visualizing the physical condition of its equipment at the instantaneous click of a shutter. For managers, boards of directors, and shareholders, the
periodic balance sheet simulates the functions of a
camera and literally takes a statistical picture of an
association's progress, its financial condition, and an
economic appraisal of the value of its equipment at
any given moment, whether at the end of a day, a
month, or a fiscal year.
The analagous properties of a financial statement
of condition and a camera are self-evident, but so is
the relationship between the operating statement of
income and expense and the magnetic compass. Explorers and travelers use this scientific instrument as
a route-finder and guide along the path to their ultimate destination. Likewise, the impartial study and
analysis of an income and expense statement will go
far toward outlining the direction in which an association is headed and in describing the operations leading up to its present balance sheet condition. This
is accomplished through its summarization of the
income and expense items arising out of the normal
and the non-recurring operations of the association
during the period between balance sheets.
From the study of the combined balance sheet of
3,868 member savings and loan associations l , it was
evident that 1939 operations were featured by substantial increases in cash, first mortgage loans, and
private repurchasable shares. U. S. Government
investment, owned real estate, and junior mortgage
1
"Trends in the Combined Balance Sheat of Member Asscci.1t.ion3." FEDERAL
HOME LOAN BANK R E U E W , July 1910, p . 33S
August 1940
for association
managers
the material
presented
sheet of these
institutions.
liens exhibited declines for the year, while general
reserves increased.
That some of these changes might have been expected is evidenced by Table 1 on the following page
which presents selected operating ratios for 3,110
savings and loan members of the Bank System which
submitted statements of income and expense for the
year ending December 31, 1939. In comparison
with the percentages for a similar group of institutions reporting at the end of 1938, it will be noted
that the proportion of total gross operating income
received from mortgage loans was almost 1 point
higher in 1939 than in the previous year. Net
income from real estate owned dropped somewhat
as an income item reflecting the continued disposition
of institutionally owned properties at almost double
the 1938 rate. The increasing tendencies shown by
the general reserve accounts will be apparent from
the discussion later of the distribution of the net
income of these associations.
SELECTED OPERATING RATIOS
The upper part of Table 1 is devoted to an analysis
of the sources from which savings and loan associations derive their operating funds. From these,
management must pay its normal expenses as well as
dividends for the use of private share capital, interest
for the use of borrowed money, and must accumulate
the necessary reserve funds. The savings and loan
income dollar during 1939 was made up of interest
income on mortgage loans (86 cents), interest income
from real estate sold on contract (4 cents), net income
from real estate owned (3 cents), premiums, fees,
commissions, etc., (3 cents), and all other operating
income (4 cents).
The proportion of gross operating income represented by interest received on mortgage loans was
larger in 1939 for Federals and uninsured Statemembers, but slightly lower for the insured Statechartered associations. Net income from real estate
363
owned accounted for a smaller pari of association
income in 1939 than in 1938 for each class of association except the insured State-members. Income
of these associations from this source rose from 3.8
percent to 4.4 percent. The "all other operating
income'' classification (which includes such items as
dividends on F H L B stock and income from office
buildings) contributed a smaller percentage of the
total income during 1939 in each class of member
association.
for the maintenance of office quarters, including rent,
light, heat, repairs, and taxes. An additional 2
cents is spent for advertising, and the remaining
9 cents goes for such items as the depreciation of
buildings and equipment, the payment of insurance
and bond premiums, examination fees, and miscellaneous operating expenses like the cost of stationery,
printing, postage, telephone, and telegraph. In
comparison with 1938 data, changes in the percentage of income devoted to these purposes were only
fractional. The compensation and office maintenance ratios showed small decreases, while those for
advertising and other operating expenses rose
slightly.
In addition to the normal transactions inherent
in the operations of any business, there are always
certain extra non-recurring items for which an
accounting must be made. During 1939, income
arising from such transactions apparently exceeded
the loss or charges incurred. This was a reversal of
the situation in 1938, although the uninsured group
of State-chartered associations continued to report
an excess of non-operating charges.
DISPOSITION OF THE GROSS OPERATING INCOME
The lower section of Table 1. and Table 2 at the
top of page 366, contain an analysis of the disposition
of the savings and loan income dollar. In the first
place, approximately 26 cents is consumed in the
normal operating expenses of the association, and it
may be pointed out that this figure remained
practically constant in both the 1939 and 1938
statistics. Of this amount, 12^ cents or almost
half is used to pay the compensation of employees,
officers, and directors. About 2% cents is expended
Table 7.—Selected operating ratios for reporting savings and loan members of the Federal Home Loan
Bank System
[Calendar years 1938 a n d 1939]
All associations
Federals
Insured S t a t e chartered
Uninsured S t a t e chartered
Item
1939
1939
1938
3, 110
N u m b e r of i n s t i t u t i o n s .
1938
3, 094 j
1, 384
1,355
; Percent
I n t e r e s t income:
On mortgage loans
On real estate sold on contract
N e t income on real estate owned
Premiums, fees, commissions, etc
All other operating income
T o t a l operating expense
T o t a l non-operating i n c o m e .
T o t a l non-operating c h a r g e s .
T o t a l expense for the year
N e t income (before interest charges
364
Percent
Percent
642
Percent
1938
588
1939
1,084
1938
1, 151
Percent
Percent
Percent
83.
5.
3.
2.
4.
86.
2.
3.
2.
4.
84.
2.
4.
2.
5.
22
79
00
23
76
85. 23
3. 82
3.44
3. 24
4. 27
87.26
3. 81
1. 99
4. 06
2. 88
86. 77
3.73
2. 39
3. 90
3. 21
83. 20
5.29
4. 41
2. 92
4. 18
100. 00
100. 00
100. 00
100. 00
100. 00
29
80
01
32
13. 27
2. 88
3. 13
9.29
13.84
2.57
2. 11
10.85
13.
2.
1.
11.
92
53
92
19
10. 97
2.06
1. 00
6. 47
11.
2.
0.
6.
25. 94
28. 42
28. 57
29. 37
29. 56
20. 50
20. 59
2. 91
3.47
2. 40
2. 28
2. 61
2.44
3. 65
2. 61
3.25
2.31
2. 13
2. 59
3. 03
5. 39
25. 80 ! 26. 5.0
28. 30
28. 40
28. 33
28. 62 ;
20. 96
22. 95
74. 20 !
71. 70
71. 60
71. 67
71.38
79. 04
77.05
86.
3.
3.
3.
j
3.
T o t a l gross operating i n c o m e .
Compensation
Maintenance of office quarters
Advertising
All other operating expense
Percent
1939
!
;
12.
2.
2.
8.
61
49
12
71
25. 93
2. 59 |
2. 46 !
12.
2.
2.
8.
71
57
06
60
73. 50
13.
2.
3.
9.
21
28
82
97
72
100. 00
97
76
29
42
56
100. 00
80
96
38
67
19
100. 00
27
22
93
17
Federal Home Loan Bank Review
OPERATING RATIOS OF 1,398 FEDERAL SAVINGS AND LOAN ASSOCIATIONS
FOR THE YEAR ENDING DECEMBER 31,1939
RATIO OF OPERATING EXPENSE
TO GROSS OPERATING INCOME
RATIO OF OPERATING EXPENSE
TO AVERAGE NET ASSETS
RATIO OF GROSS OPERATING INCOME
TO AVERAGE NET ASSETS
2.0
7.0
f*GA\
6.5 [—J.
LA
77
i ?J
18
f | \
6.0
z
1.6
UJ
o
/ va ALL
CL ASSESJ>
5.5
1.5-
\
1.4
AVG.ALL CLASSES**
5.51 %
I
i
1
5,0
|
i
1.2
4.5
*~+~i
_
—.._J_
A B C D E F G H
ASSET
A
B
C
D
E
F
LESS THAN $ 7 5 , 0 0 0
7 5 , 0 0 0 TO 149,999
150,000 TO 299,999
3 0 0 , 0 0 0 TO 499,999
500,000 TO 749,999
750,000 TO 999,999
i
_.
1
4.0
_
J K
.M
j
D
E
F G
CLASSES
G
H
1
J
K
$ J,000,000 TO $ 1,499 „ 999
1,500,000 TO
2,499,999
2 , 5 0 0 , 0 0 0 TO
3,999,999
4 , 0 0 0 , 0 0 0 TO
5,999,99*
6,000,000 AND QVLR
DIVISION OF RESEARCH AND S T A T I S T I C S
F E D E R A L HOME LOAN BANK BOARD
The three charts above are indicative of the effect of size on the operating ratios of savings and loan associations. The ratio of operating expense to gross operating
income shown on the left, actually expresses the relationship existing between the lines in the other two charts in any given asset group. The trend-line in this first
chart indicates that expenses increase faster than operating income until associations have assets of from $500,000-$749.999. In spite of the irregular character of the line
from that point on, it is clear that the general trend is downward. From the other two charts, it is evident that as associations .increase in size their expense and gross
operating income, expressed as a percentage of assets, decline.
Total expense for the year, expressed as a percentage of gross operating income, may be found by
subtracting the excess (0.13 percent) of non-operating income over non-operating charges from the total
operating expense (25.93 percent)—leaving a total
of 25.80 percent. Deducting this amount from the
gross operating income (100.0 percent), there remains
a net income before interest charges equal to 74.20
percent—0.7 of a point higher than last year. This
means that of every dollar of gross income received
by the average savings and loan association during
1939 approximately three-fourths of it was available
for dividends and interest paid for the use of private
share capital and borrowed money, and for the
building up of reserves.
Analysis of the disposition of the net income is
Augusf 1940
presented in Table 2, and a study of this table
reveals the fact that almost three-fourths of all funds
remaining after the payment of expenses were turned
over to the shareholders in the form of dividends.
The trend toward reductions in association dividend
rates is undoubtedly responsible for the lower relationship of these disbursements to net income during
1939 than in the previous year. This movement
has been accompanied by an increased emphasis on
the accumulation of reserves and undivided profits.
Together these accounts absorbed slightly more than
one-fifth of the associations' net income. In 1939,
the combined allotment of these two accounts
amounted to 21.9 percent of total net income,
whereas during 1938 their share was only 18.7 percent. Interest on advances from the various Fed365
Table 2.—Disposition of net income for the year
[Before interest charges]
All associations
Insured Statechartered
Federals
; Uninsured S t a t e chartered
Item
1939
N u m b e r of institutions
.... |
!
Total n e t i n c o m e .
:
For bonus on shares
Legal reserves
Federal insurance reserveReserve for contingencies.
Real estate reserve
For other purposes
!
!
i1
Total transfers t o reserves
Dividends (including interest on deposits and
vestment certificates)
Interest on F H L B advances
Interest on other borrowed money
Balance t o undivided profits
.. _
1
1938
1939
1938
3. 110
3,094
1, 384
1, 355
642
588
1, 084
1, 151
Percent
100. 0
Percent
100.0
Percent
100.0
Percent
100. 0
Percent
100. 0
Percent
100. 0
Percent
100. 0
Percent
100. 0
0)
0)
0)
O
o.
1939
1938
1939
1938
0. 1
2. 7
3. 2
5. 2
1. 2
0. 7
0. 2
1. 5
5. 3
5. 4
1. 1
0. 3
0. 3
0. 2
5. 1
6. 6
1. 0
0. 3
0. 1
4. 4
4. 0
3. 0
1. 3
1. 3
0. 1
3.1
4. 8
2. 5
0. 8
1. 0
14. 0
13. 1
13. 8
13. 5
14. 1
12. 3
14. 2
13. 1
71. 5
3. 2
0. 4
7. 9
76. 6
4. 3
0. 4
5. 6
72. 4
4. 8
0. 2
8. 8
72. 6
6. 5
0. 2
7. 2
74. 6
3. 2
0. 4
7. 7
76. 2
3.9
0. 5
7. 1
76. 7
1. 6
0. 5
7. 0
81. 0
2. 3
0. 6
3. 0
I
4. l
3. 1
4 2
- 2
1.
1. 3
6. 8
3. 6
1. 4
2. 4
5. 0
5. 4
1. 7
1. 0
Less t h a n 0.1 percent.
eral Home Loan Banks and other sources totaled
3.6 percent of net income, and the decrease in the
proportion devoted to these payments reflects the
extensive repayments of borrowed money by member associations last year.
OPERATING
RATIOS
BY SIZE
{Continued on p. 377)
1
For an explanation of the basis upon which these ratios were computed, and
a definition of the terms used, see "Operating Ratios of Savings and Loan Asso-
ciations," FEDERAL H O M E LOAN BANK REVIEW, November 1939, p. 37.
FOR THE YEAR ENDING DECEMBER 31,1939
RATIO OF ADVERTISING
TO GROSS OPERATING INCOME
RATIO OF COMPENSATION
TO GROSS OPERATING INCOME
4.0
j
3.69%
OF ASSOCIATION
To facilitate the use of this material by individual
association executives, a special study has again
been made this year by the Office of the Governor of
the Federal Home Loan Bank System of the combined operating statements of 1.398 Federals by size
of institution. This enables a manager to measure
the relationships of certain items on his own statement of income and expense in the light of similar
ratios obtained by adding together the reports of a
group of associations of comparable size.1
The chart on the preceding page indicates the ratio
of operating expense to gross operating income, of
operating expense to average net assets, and of gross
operating income to average net assets for each of the
11 size groups. From these three line charts it is
evident that size does have a definite and marked
influence upon these relationships.
366
OPERATING RATIOS OF
1,398 FEDERAL SAVINGS AND LOAN ASSOCIATIONS
^
3.5
\
3.0
AVG.ALL CLASSES'/^
3.03% 1 1 I
2.5
20
1.5 „„_
A B C D E F
• s * —
ASSET
..LESS THAN $75,000
.. .75,000 T 149,999
O
. .150,000 T 299,999
O
...300,000 T 499,999
O
.500,000 T 749,999
O
.700,000 TO 999,999
--«—
CLASSES
6.. $1,000,000 TO $1,499,999
H
K500.000TO 2,499,999
I..-2,500,000 T 3,999,999
O
J 4,000,000 T 5,999,999
O
K....6,000,000 AND MORE
The pattern of the chart on the left is similar to that of the comparison of operating expense to gross operating income on page 365. Until associations have
assets of from $500,000-$750,000, compensation assumes an increasing proportion
of gross operating income. Beyond that point, the percentage of income devoted
to compensation tends to decrease.
Although advertising expense takes a much smaller proportion of association
income, it is interesting to note the opposite trend which prevails. In the case
of advertising, the larger associations generally spenl a greater share of their
income lor advertising.
Federal Home Loan Bank Review
RETIREMENT AND PENSION PLANS
Continuing the discussion of retirement and pension
plans for savings and loan association employees,
the following article outlines a group
annuity
plan developed by the New York State League of
Savings and Loan Associations for its members.
•
T O supplement the Federal Old Age Insurance
Benefits of the Social Security Act which provide
only the foundation of a satisfactory retirement
income, private retirement programs for employees
have been developed or are now in the process of
development by various types of institutions in eluding savings and loan associations, mutual savings
banks, and commercial banks. Last month hi the
first article on these private plans, five individual
programs in operation in savings and loan associations in various sections of the country were summarized. Four out of the five were compulsory.
requiring all full-time employees to participate.
This month the voluntary group annuity plan which
has been proposed for members of the New York
State League of Savings and Loan Associations is
outlined and the progress of another group plan
being developed for mutual savings banks 111 the
State of New York is also reported.
SAVINGS AND LOAN GROUP PLAN
At its Annual Convention in 1939, the New York
State League of Savings and Loan Associations
approved and adopted a proposed group retirement
program developed by its Pension Committee for
all member institutions, regardless of the number of
eligible employees. Before such a plan can be
placed in operation by State-chartered savings and
loan associations, however, at least 20 associations
with a minimum of 150 individual participants must
have made application and obtained the approval
of the Superintendent of Banks as required by law.
When this has been accomplished, the State League
will apply to the Metropolitan Life Insurance Company, which has been selected to underwrite the
plan, for a group-annuities contract under which the
plan will be operated. Similarly, Federal savings
and loan associations may legally establish the plan
when a group of such associations insuring at least
150 to 200 employees have signed up to participate.
After the Federal and the State-chartered groups
have launched their own programs, it is believed that
August 1940
Salary classes, benefits, and contributions
ass
2~_~~~~
3
ollllll
6
21.
r e
Annual r a t e of
earnings
Monthly r a t e
of service
annuity for
each completed
year as contributor in class
Under $ 2 , 0 0 0 !
$2,000.00-2,499.99.
$2,500.00-2,999.99.
$3,000.00-3,399.99$3,400.00-3,799.99.
$3,800.00-4,199.99_
etc., by $400 steps
to $9,800.00 and
over.
$1.00
1. 25
1. 50
2.00
2. 50
3. 00
etc., by 50^
steps to
$10.50.
acSK^^
^ ^
Employee
monthly
contribution
$2,00
2. 75
3. 50
5. 00
6. 50
8. 00
etc., by $1.50
steps to
$30.50.
t0 employces who have
t ] i e t w o couid
be merged with the approval of the
Superintendent of Banks.
Under the proposed plan, any employee under 64
years of age with at least one year of continuous
service to his credit will be eligible to join if he is
earning at least $2,000 a year or has reached his 40th
birthday. His contributions will range from a
minimum of $2.00 a month if he is 40 or over and
has a yearly salary of less than $2,000, to a maximum
of $30.50 if he earns $9,800 or over per year (see
table). These amounts will be deducted from his
paycheck and, together with the association's contribution (the balance of the net cost of the benefits),
turned over each month to the Metropolitan Life
Insurance Company.
EMPLOYEE B E N E F I T S
The total service annuity to which an employee
in any salary class is entitled may be determined by
multiplying the monthly rate of service annuity for
that class by the number of years he has been in that
class. For example, assume that an employee had
been contributing in Class 4 for 10 years, in Class 5
for five years, and then retired at 65 after making
contributions in Class 6 for another 10 years. By
367
multiplying the monthly rate of service annuity for
Class 4 which is $2.00 by 10 years, the r*.. -3 for Class 5
($2.50) by five years, and Class 6 ($3.00) by 10 years,
the resulting monthly income at retirement would be
$62.50 thereafter as long as he lives, in addition to
benefits received under the Social Security Act.
Although optional with each individual association, the plan provides for the purchase by the association of supplementary annuities in order to provide for those older employees who will not have
sufficient time to accumulate an adequate amount of
annuity before retirement. These additional benefits are open to employees over 41 years of age when
the plan is initiated. They must join, however,
when first eligible and continue to contribute until
retirement. The annual rate of this annuity from
normal retirement date will be equal to 1 percent of
the employee's yearly salary, as of the date the plan
becomes effective, for each full year of prior continuous service since his 40th birthday.
Although an employee's normal retirement date
will be the first of the month nearest his 65th birthday, special arrangements will be made for retirement
at any time not more than 10 years before normal
retirement or for postponement of annuity payments
to any date not more than five years after his normal
retirement date. In the former case, payments will
be on a reduced scale according to actual retirement
age; in the latter, they will be the same as from the
normal retirement date.
Upon termination of employment, both the employee's and the association's contributions cease,
in which case he has the Ghoice of two alternatives:
(1) He may leave his contributions with the insurance company to be paid at his normal retirement
date in the form of a service annuity. This annuity
will be based only on his own payments if he is
under 45 and has been a contributor for less than
five years. Otherwise, it will include his as well as
the association's contributions. (2) He may receive
a cash payment in the amount of his total contributions without interest, payable either in a lump sum
or in 12 equal monthly installments as determined
by the insurance company. In the event of death
before retirement, the employee's beneficiary will
receive the total amount of employee contributions
without interest.
SAVINGS B A N K GROUP PLAN
For almost four years the Savings Banks Association of the State of New York has been working
368
toward the development of a self-administered
retirement system embracing four separate benefits:
a service benefit for participants reaching 65 years
of age; a special service retirement allowance to
participants retired by their banks between the ages
of 60 and 65; a disability benefit for those who become permanently disabled after 10 or more years
of service; and a death benefit for the heirs or estate
of a participant dying in active service.
Although the exact rates of employee contributions have not yet been announced, they will be
based upon each person's age at entering the system.
At retirement each participant will receive an annuity, the amount of which will be based on his accumulated contributions plus interest. In addition, each
employee will receive a pension provided by the bank
in an amount equal to his annuity.
This group retirement plan which will be operated
under a trust agreement has been submitted to the
Superintendent of Banks for approval. When
approval has been obtained, it will be necessary for
at least 20 banks to agree formally to participate
before the plan can become effective. To date, 13
banks have submitted formal agreements to participate and almost an equal number have indicated
their desire to join as soon as the Superintendent
of Bank's approval has been secured.
Careful study is needed to determine the type of
program best suited to the needs of the individual
savings and loan association. The programs already
in operation and those in the process of development
indicate that association executives are showing
increasing interest in setting up provisions for
employee retirement and pension plans, which are
becoming recognized as important factors in creating
and maintaining employee loyalty.
ERRATUM
Word has been received from the management of
the Peoples Federal Savings and Loan Association of
Peoria, Illinois, that the description of their retirement plan which appeared on page 336 of the July
1940 R E V I E W requires additional information to
clarify two specific points. First, the association's
annual payment of 5 percent to the retirement fund
is based on its profits after dividends, reserves, and
any charge-offs have been taken care of. Second, instead of receiving from the association at retirement
an amount equal to his total contributions, each employee will receive his proportionate part of the
amount paid into the fund by the association.
Federal Home Loan Bank Review
«
« « FROM THE MONTH'S NEWS »
INDEPENDENCE: " I t is the first essential
of progress for every one to have an objective, a schedule, some plan of saving
clearly in view, always. . . . Thrift is
the open road to independence. I t can
be reached, like all worth while things, by
careful management. The method never
fails."
Charles F.Adams, TheMonth's
Work, June 1940.
HANDICAPS: "During the last war bad
housing conditions and shortages of space
became major handicaps to rearmament
and desperate last-minute efforts had to
be made. Today conditions are even
more serious in one important respect:
vacancy percentages in urban areas the
country over are much lower than they
were in 1917."
Coleman Woodbury, Director,
National Association of Housing Officials, June 14,1940.
EXCLUSIVE: "It's getting in some communities almost as difficult to find a
place which will rent to a family with
children as to a family with dogs or cats.
. . . As a result the normal family,
which consists of father, mother, and
children, is more and more finding it
expedient to fall back on owning their
own homes, just as their own parents most
likely did."
Paul Endicott, IT. S. Savings
and Loan League release, June
15, 1940.
»
»
Adequate defense
"To those citizens who, in following the progress of our national
defense program, tend to think in terms of planes and guns only,
I would like to say this: Adequate defense means a mobilization of
all our industrial forces. I t means dozens of other things besides
armaments. And high on the list of these other things are decent
homes for Americans, homes worth fighting for, homes in which the
defense industry worker or the sailor at his naval base can live a
normal, healthy life/'
Senator Elbert D. Thomas, Housing Legal Digest, June 1940.
Interest and dividend rates
"Conservative investments should only bear low interest rates,
and, while investors and savers want a fair return, they are more
interested in the safety of their investments. The difference between a 2-, 3-, or even a 4-percent return on your shares will not be
the difference between eating and not eating for your shareholders,
but loss of the investment in your shares might be. . . . There is
no reason why a first mortgage on improved property for which there
is an economic need, whether it be business or residential, should not
be accorded the lowest prevailing interest rate for properly secured
loans."
Jesse Jones, Administrator, Federal
Loan Agency, before joint meeting of the North Carolina League
and the Federal Home Loan Bank
of Winston-Salem.
HOUSES CITY FAMILIES CAN AEFOBO AND HOUSES BUIUH938
EASY MONEY: "Intensified warfare has
done nothing to break the back of the easy
money market. On the contrary, liquid
capital is present in greater quantities
than ever and it is being reflected in such
tangible ways as in a further reduction in
interest rates by some of the leading
savings institutions in New York City."
Wall Street Journal, June 17,
1940.
BETTER SHELTER: "Housing has been too
often approached not for the purpose of
providing better types of shelter, but
out of a desire to find new ways for using
materials; to find methods of hastening
land sales; to find sources of employment,
means of reviving the heavy industries,
and methods of clearing slums. . . .
The housing problem has been lost in the
confusion of all sorts of other problems."
Miles L. Colean, Architectural
Forum, July 1940.
August 1940
248466—40
PERCENT DISTRIBUTION-
$eurc«;- u s, Bureau of Uobor Statistic*
This chart, which is reproduced from figures presented at the recent hearings of the Temporary National
Economic Committee, indicates that houses built in 1938 were not adjusted to the pocketbooks of the
Nation. Although approximately 85 percent of the city families could not afford houses costing more than
$6,000, only about half of the houses built were within the economic reach of this group.
From the TNEC hearings on the
construction industry, Domestic
Commerce, July 10, 1940.
369
2
GOOD DESIGNS REFORM MEMPHIS
HOME-BUILDING
The lack of architectural service in small-house construction undermines the quality of design and consequently the building standards
of every community. In spite of the need for such counsel, authorities
in this Tennessee city were unable to enforce a State law requiring
architectural services on homes until the Memphis Small House Construction Bureau made them available on a practical low-cost fee basis.
•
W H E N single dwelling permits in Memphis
dropped from 752 in 1929 to a low of 44 in 1934,
there were other factors than the depression to
blame. For years houses had been built on almost
incredibly bad designs and lacking in many of the
fundamentals of good construction. Not only were
buyers disillusioned and dissatisfied but the sight
of the structures offered little incentive for other
people to invest their savings in homes.
Despite this situation, the operative builders who
erect 70 percent of Memphis homes again became
active with the impetus furnished by the Federal
Housing Administration and again began a considerable volume of residential construction. As unattractive low-cost homes started springing up, the
construction industry itself decided it would have to
"clean house", if any nleasure of public confidence
was to be revived and translated into business.
The fact that F H A reported 85 percent of all projects
submitted for commitments and approval as technically inadequate—plans crudely prepared and
specifications written without any apparent knowledge of even minimum requirements—gave a basis
for action.
370
Lenders, architects, builders and quality material
dealers began to examine the possibilities of developing a program which would achieve better architectural and construction standards. A State law
required the use of architectural services on all
construction projects, b u t because such services were
not available in Memphis at a reasonable fee, the
law could not be enforced generally on residential
projects, 91 percent of which amounted to less than
$5,000. As a result, houses similar to those reproduced at the bottom of this page were being constructed without the benefit of architectural advice.
The solution obviously lay in providing a modified
service at a price which was commensurate with the
home seeker's pocketbook—and enforcement of the
existing law.
The Federal Home Building Service Plan, sponsored by the Federal Home Loan Bank Board,
offered procedures to meet the situation b u t only
three member institutions of the Bank System were
represented in the general movement for better home
building and the other lenders were not prepared to
take all the steps then required by the Bank Board
for approval under its program. As a result, the
Federal Home Loan Bank Review
Memphis Small House Construction Bureau was
established in 1937, independent of the Service Plan
but embracing many of its essentials. Its leaders
worked in close harmony with the Federal Home
Building Service Section at Washington and local
FHA authorities.
Newspapers in Memphis, which had long recognized the potential blight of the existing building
situation, regarded the new program as a vital civic
reform and collaborated in every way. City authorities were enabled to enforce the State law requiring
architectural services, applying it to any project
costing more than $2,500. Memphis architects contributed a comprehensive portfolio of small-house
designs, particularly adapted to climate, building
conditions and public taste, and accepted other designs which could meet high requirements. All designs were approved under the Federal Home Building Service Plan, as were the architects who had
agreed to render the modified technical service.
The Small House Construction Bureau was only
a nucleus around which factors interested in good
building could focus and through which they could
function. I t did not even establish offices. Nevertheless, it enabled lenders, dealers, and contractors to
August 1940
Most of the current demand for Memphis homes has been in the price range
below $5,000. This attractive 5-room house with garage has recently sold for
$4,000. The house was constructed by an operative builder and has been registered under the Federal Home Building Service Plan. Both of the bedrooms
have three-way ventilation anld are isolated from the rest of the house. The
plans for this dwelling were drawn by J. Frazer Smith.
BATH
I
•
GARAGE
10-5" X !9'-2"
L I V I N G ROOM
12-0" X I 6 - 0 "
37I
offer Memphis home seekers financial advice, good
designs, proper specification of materials, aid in the
letting of contracts and supervision of construction—
all at an average cost to the home buyer of less than
one cent a day for the period of amortization.
According to the Tennessee State Director of the
Federal Housing Administration, the volume of
acceptable designs offered for commitment and
approval in 1938, 1939 and the first few months of
1940 averaged 95 percent, as compared to the previous figure of 15 percent. The Federal Home
Building Service Section, in cooperation with the
Division of Research and Statistics of the Bank
Board, made a survey in 1939 which showed beyond
dispute the improvement in the quality of homes
erected under the Small House Construction Bureau.
Public confidence in home ownership has been revived to an appreciable degree and the difference in
the "face" of Memphis is apparent to any discerning
visitor.
Whether Bureau-built or not, all small homes now
being constructed in Memphis have, to varying
degrees, the benefit of architectural services. Typical of the types of houses built with the assistance of
the Memphis Bureau is that produced on the
previous page. This attractive home, which has
372
Another low-cost Memphis project, this 5-room house recently sold for $3,900.
It was also designed by J. Frazer Smith and has been registered under the
Federal Home Building Service Plan.
been registered under the Federal Home Building
Service Plan, contains a living room, dinette, kitchen, two bedrooms, bath, and an attached onecar garage and is definitely within the price range
of the small-home buyer.
(Continued on p. 385)
Federal Home Loan Bank Review
WAVERLY: A DEMONSTRATION OF NEIGHBORHOOD CONSERVATION—Part 3
This third and concluding article presents the Master Plan
for the conservation of the Waverly area in Baltimore. It
tells the story of the proposals for financing necessary
reconditioning, and of the organization of the Neighborhood Conservation League, which will translate the recommendations of the Master Plan into physical improvements.
•
T H E potential structural life of the average
small home is usually far beyond that which has
been ascribed to it. With proper maintenance, such
life can be extended almost indefinitely. If, at
comparatively long intervals—and at reasonable
expense—equipment is also modernized, the unimpaired economic life of the neighborhood can be
similarly maintained. Therefore, as a first step in
halting neighborhood blight in the Waverly District
of Baltimore, all of the homes in the group must be
made suitable for normal use and maintained at that
level.
The equivalent of a surgical operation is not required in Waverly. Demolition is nowhere definitely
indicated. General renovation of the entire area is
neither necessary nor contemplated. The formula
for the successful treatment of Waverly's gradually
developing malady is neither costly nor dramatic.
It is a simple, preventive remedy which has aptly been
called "Organized Neighborhood Housekeeping", and
is compounded largely of the ingredients of "Conservation", "Street Adjustment", and "Concerted
and Continued Community Effort".
Based on the Field Survey and the Planning Study
of Waverly itself, a treatment has been developed
which can restore and preserve the value of this
district as a sound and desirable residential neighborhood. This treatment, as developed in the Master
Plan, has been divided into two parallel but not
necessarily integrated parts:
Part A—The early physical restoration of all
depreciated housing within the area, by minor repair
and major reconditioning, by remodeling and landscaping. This restoration would be supplemented
by continued maintenance at the level established
for the neighborhood.
Part B—As a parallel but separate program,
developed over a considerable period of time, the
August 1940
adjustment of zoning regulations and street patterns. This includes improvement of street lighting; increase in playground facilities; gradual elimination of non-conforming structures; progressive
street widening, starting with establishment of new
building lines and advancing slowly; street openings,
closings, paving and adjustments.
PART A OF THE M A S T E R PLAN
The physical restoration of depreciated residential
units in Waverly will restore to health those infected
spots which now menace the Area as a whole, if
this remedy is promptly, energetically, and generally
applied. Such a program helps to preserve present
economic and social values. I t provides an effective
defense against future objectionable encroachments
from the south. I t will safeguard the utility, school
and street investments which the city has made
within its borders and will retain the area as an
important city and State tax base. I t will protect
the residential neighborhoods contiguous to it on
the north, east, and west from subsequent infection.
The great majority of Waverly homes require
minor repairs, and a large number need extensive
reconditioning. This is particularly true of a considerable proportion of its single-family detached
and semi-detached houses, located in virtually all
sections of the Area. A general program for the
structural rehabilitation of virtually all depreciated
buildings in Waverly is estimated to cost approximately $150,000 for the exterior reconditioning and
for their architectural treatment.
The cost of interior decoration, structural repair
and replacement of obsolete plumbing, heating and
kitchen equipment, which is essential to the restoration of these structures to general neighborhood
standards, will be not less than $50,000. The fact is
stressed that although some increase in value over
373
cost is anticipated, the profit factor is of secondary
importance in Waverly. Preservation of social
values and protection of equities—rather than general
equity enhancement—are the primary purposes of
the Waverly program.
PART B OF THE M A S T E R P L A N
The adjustment of zoning regulations and street
patterns requires confirmation by the residents of
Waverly, and concurrence by the Plan Commission
and by the city. If desired by the residents or made
necessary by the financial position of the city, the
ultimate completion of this second phase of the
program may be postponed for some time.
The general zoning ordinance enacted by the city
of Baltimore in 1926 affected Waverly in three ways:
(a) it prohibited industrial operation in the area; (b)
it limited occupancy in terms of building heights and
families per acre; and (c) it defined those districts
to which commercial and multiple-family structures
were to be confined. The ordinance contained no
provision for the removal of those structures, existing at the time of its enactment, which it defined as
non-conforming and the use of these buildings can
therefore be continued until they are converted,
demolished, or destroyed.
Non-conformance to existing land use restrictions
definitely promotes property depreciation and encourages neighborhood decay. The problem in
Waverly is confined to eventual elimination of two
non-conforming manufacturing plants (one making
potato chips and the other making musical instruments, each employing from eight to fifteen persons),
a coal yard, and some 26 stores, housed in converted
residences, and devoted largely to food distribution.
Certain problems of "over-zoning" are also considered in the Master Plan, and eventual solutions
proposed. In Waverly, as in many other neighborhoods in American cities, serious over-zoning for
multiple family use, and for business purposes, has
been common. Therefore, in certain Waverly areas,
amendments to zoning ordinances are recommended,
reserving districts which warrant only the least
intensive land use to 1-family residential purposes.
In other districts, residents must cooperate in rigid
enforcement of these ordinance provisions which
relate to population density and land utilization, if
the development of future sources of infection is to
be avoided.
As so frequently happens in old or slowly maturing
communities, Waverly has an irregular and unscientific street pattern. Even during the past two
374
decades, in platting subdivisions only the most
obvious needs were considered. The resulting
imperfections constitute a definite functional and
economic handicap to both the newer and the older
sections of Waverly.
The proposed new street pattern provides: (1)
better land utilization, beneficial to all property
owners in the entire area; (2) a better traffic system;
(3) new street openings, which benefit a great number of property owners by means of additional new
street frontages. This street pattern will provide
for better cohesion between this Area and adjacent
territories. (The recommended adjustments will
increase the street area by approximately 5 percent.
About 33 percent of the total Area would then be
devoted to streets and alleys, a ratio accepted nationally as a proper economical proportion for any
neighborhood of this size.)
T H E SURVEY INFLUENCE
A more complete understanding of the direct cost
of neighborhood decay may one day inspire the
establishment in every large city of a Department of
Conservation, charged with the duty of promoting
community stabilization projects in potentially and
partially depreciated sections throughout the city.
Such a Department would help to form property
owners' associations designed to carry out conservation projects, and would make available to the
individual home owner through his neighborhood
organization technical information in rehabilitation
and maintenance. I t would introduce economies
through the mass purchase of materials and through
group contracts for maintenance, painting, repair,
fuel, etc.
Under present conditions, however, at the time
when preventive measures can most effectively be
applied—before neighborhood corrosion first begins
actually to show itself—the average owner is reluctant to admit the possible presence of obscure decay.
I t is therefore relatively difficult to enlist his cooperation in a program for the control of what appears
to him to be, at worst, only a distant and potential
danger.
During the early progress of the Survey, the average Waverly resident was reluctant to recognize the
threat of progressive neighborhood disintegration,
was doubtful of the potency of the proposed cure for
it, and was slow to accept the thesis that the coordinated effort of all home owners in the area is the
prime essential if community blight is to be checked.
Gradually, however, as the Survey progressed and
Federal Home Loan Bank Review
the Program methods and objectives became clearer,
the community began to realize that it was confronted with an existing, not a prospective, problem.
Already, even before the community effort has
been fully mobilized and the Program definitely
launched, the volume of repair and reconditioning
undertaken throughout the Area within the past
few months greatly exceeds that for any like period
in former years.
The volume of what appear to be protective
purchases also suggests the development of like
confidence. Several examples of small block programs of purchase and reconditioning by individuals,
stimulating extensive repairs by adjacent home
owners, have already been noted.
T H E WAVERLY NEIGHBORHOOD ORGANIZATION
The Survey and Master Plan production was a
process wholly distinct from the program which
must now be undertaken by some form of neighborhood organization designed to inspire and supervise
the completion of the recommended physical rehabili-
These illustrations show Waverly as it is today and as it will look if the recommendations of the Master Plan are carried out. The composite plan of a future Waverly is set up to provide groups of row houses, not more than six or seven in a row, within the major portion of the Area, thus counterbalancing the adjacent Guilford
development. In the northwest section, similar detached homes will be integrated with the high class development across Alameda Avenue. Utilities now in place can
care for the new structural pattern, with the addition of only 1,100 feet of new sanitary sewers. Three shopping centers will bo provided, located in the lower southeast
the central portion, and in the upper northwest; as far as possible shopping centers will be occupied by the commercial enterprises now scattered throughout the Area '
Expansion of playground facilities has presented a difficult problem, but several new play areas are recommended, and in addition, every block has its own inner
court outdoor area for the smaller children. Greater provision is made for parking, and the plan provides for entirely new lighting standards, serviced by electricity to
replace existing gas light in the Area, at an appreciable saving to the city in maintenance costs.
'
August 1940
375
tation of Waverly. No matter what may be the
technical merits and soundness of that study, its
ultimate success will depend on community integration, and on the clear recognition, by the mass of the
property owners themselves, of the importance of
their individual and joint problems. Without their
willingness and ability to mobilize cooperative and
continued effort, the Conservation Program cannot
long survive as an effective neighborhood force.
Recognizing these facts, the HOLC has accepted,
as its final obligation to the Waverly Project (other
than its participation in future cooperative activities, as one property owner among many) active
temporary leadership in the organization of a Neighborhood Conservation League, to which the plans
and recommendations for each property and for the
whole Area, as developed during the planning phase
of the Survey, may be entrusted.
With the aid of organizing personnel from HOLC,
an Advisory Committee of 25 persons made up of
civic-minded residents of Waverly, including the
executive heads of local improvement associations
and public-spirited leaders both from within the
Area and from other sections of the city, has been
formed to advise and support the Waverly Conservation League, and to cooperate with it in applying the Master Plan to the problems of the Area.
With the approval of the Advisory Committee, an
operating committee was formed. To be members
of this committee, a district chairman was selected
from each of the six districts in the Area; three additional members, all women, were appointed to represent the feminine residents of Waverly; and a tenth
member, elected at large by the other nine committeemen, will act as League President and chief executive.
Block captains, each representing the residents of a
single block in his district, will support each chairman. These captains will provide the necessary
contact between the operating committee and all
individual home owners in the Area in projecting
the program to them.
Membership in the Waverly Conservation League
will be open to all Waverly residents upon the payment of a nominal annual fee. As the League's central executive agency, the Operating Committee will
supervise the translation of the Master Plan into the
actual physical improvement and stabilization of the
Area. Fortunately, the procedure for the incorporation of such a non-profit organization as the Conservation League under the Maryland statutes is simple
and inexpensive. The corporation will not be subject to subsequent Federal or State taxation. 1
376
FINANCING A CONSERVATION PROGRAM
Before the preliminary organization of the Waverly
Conservation League, it was determined that the
contemplated program could be financed on a sound
basis. I t is fundamental that the final maturity of a
monthly installment repair loan, covering a variety
of items, shall be shorter than the average useful life
of the repairs involved. With this principle in mind,
a careful examination was made of the available
sources of funds for financing the Waverly conservation program as proposed in the Master Plan.
The investigation revealed that Title I of the
National Housing Act now provides a practical
formula for the financing of minor repairs for Waverly
residents, and that there is an abundance of funds in
Baltimore financial institutions which can be made
available for such Title I loans. Where the cost
of conservation reconditioning is relatively large,
however, the 3-year and 32-day repayment period
to which loans under Title I are now limited develops a monthly installment too heavy for the
average small-home owner to assume. In such
cases, the solution is made easier by the fact that
approximately 60 percent of the residential structures in Waverly are free of all encumbrance. I n
general, these properties are eligible as security for
long-term, monthly payment first mortgages, in
amounts at least sufficient to cover the cost of the
reconditioning recommended in the Master Plan.
The existing loans on the 40 percent of the Waverly
homes which are already mortgaged are generally
low in relation to appraised value. For this reason,
they can frequently be refunded with a new mortgage
covering the unpaid balance of the old lien and also
the amount of the cost of rehabilitation. This can
be done by extending the final maturity date of the
mortgage, without changing the monthly repayment
installment.
T H E F U T U R E OF WAVERLY AND O T H E R
PROGRAMS
The Federal Home Loan Bank Board participated
in this Waverly test program because of its own
vital concern with the stabilization of neighborhood
values. The combined value of the residential property with which the Board is, and for many years
will be, directly concerned now aggregates some
1
A full discussion of sources of funds for financing will be found in "Waverly:
A Study in Neighborhood Conservation", prepared by Arthur Goodwillie, as
Economic Assistant, under the direction of Donald H. McNeal, Deputy General
Manager of the Home Owners' Loan Corporation. This report may be ordered
when published from the Superintendent of Documents, Government Printmg
Office, Washington, D. C.
Federal Home Loan Bank Review
seven billions of dollars. Therefore, the Board considers it sound business policy to assist in any urban
conservation program in which there is a reasonable
opportunity to preserve potentially depressed areas
as genuine home neighborhoods.
In the course of its vast rehabilitation operations,
HOLC learned that the utility and investment value
of a depreciated residential structure, in a reasonably
good neighborhood, can usually be restored at a
cost somewhat less than the amount thereby added
to the value of the property. HOLC found, also,
in making a property a sound investment for itself,
that it frequently benefited surrounding property,
both by directly increasing values and by inspiring
neighboring owners to improve the condition of
their homes. On the other hand, HOLC discovered
that the individual effort of a single property owner,
even an owner with holdings as great as HOLC,
could not alone preserve a district from ultimate
destruction, once disintegration and decay had
really begun their menacing march. Thus, limited
by neighborhood conditions and the necessity for
avoiding over-improvement, the HOLC was unable
fully to restore many homes which otherwise it
would have completely reconditioned.
Successful execution of the Waverly Test Conservation Program may well lead to concerted efforts
in other cities in which HOLC may participate as
one property owner among many for the preservation of other essentially sound residential neighborhoods. The ultimate effectiveness of the program
will be measured by the extent and permanence of
the cooperation which the Waverly Conservation
League is able to inspire among the residents of the
Area as a whole. The formula which has been
embodied in the Master Plan for the solution of
Waverly's problems provides a pattern which is,
in general, suitable for the treatment of similarly
threatened small-unit, single-family residential neighborhoods elsewhere. The extent to which the formula may be applied to areas improved with structurally sound, large unit dwellings and apartment
buildings, can be determined only by the further
survey and study of selected Test Districts in which
structures of each of these two types predominate.
(Such a test is now being carried on in the Woodlawn
District of Chicago.) Followed consistently, however, that formula will, for an almost indefinite
period, halt the process of physical, social and economic disintegration which is so insidiously and
relentlessly attacking great urban districts throughout the United States.
and Loan Associations
(Continued from p. 366)
Generally speaking, both income and expense decrease as a percentage of average net assets as associations grow. This is demonstrated by the middle
and right-hand charts. The question which again
must be answered is: as associations increase in size,
do they operate with more, or less, or the same proportion of expense? Do the larger associations obtain an added advantage by virtue of the potential
economies of large-scale operations?
Clues to possible answers are found in the chart on
the left—the ratio of operating expense to gross
operating income, which actually expresses the
relationship existing between the other two charts in
any given size group. Although the curve is not as
smooth as that derived from last year's study, the
fact stands out that until associations have approximately $750,000 in assets the tendency is for expenses to assume greater proportions of the gross
operating income. The characteristics of a curve
which would fit these data give indications that
there is a point somewhere in the vicinity of the
$1,000,000 mark at which the situation reverses
itself, i. e., expenses do not grow as fast as income
and a larger share of the association's income receipts
remains for the payment of dividends, interest
charges, and the building of reserves.
Further analysis of the individual items on the
operating statements by size of association sheds
additional light on the effect of association size on
expense. The small chart on page 366 shows the
relationship of compensation and advertising to
gross operating income. From this it may be seen
that compensation costs, which account for approximately one-half of the total operating expenses of an
association, exhibit the same general pattern with a
peak in the $500,000-$749,999 group. Advertising
expenditures, on the other hand, present a rather
consistent upward trend as a percentage of gross
operating income with the increase of association
assets.
In conclusion, it must be pointed out that the presentation of figures in this article does not iu any sense
constitute a recommendation or opinion as to the
merit of any ratio. They are submitted solely for
their statistical significance as the result of the actual
operations of these associations during 1939.
377
August 1940
248466—40
Operating Ratios of Savings
3
SUMMARY OF RESIDENTIAL CONSTRUCTION
AND HOME-FINANCING ACTIVITY
I. Home-financing activity showed signs of slowing up in June following a record-breaking
May.
A. The total volume of nonfarm mortgages of $20,000
or less recorded during June was 5 percent below that of the preceding
month, but still 11 percent higher than in the corresponding period last year.
B. Savings and loan lending dropped 7 percent from May contrary to the usual May-to-June trend. Loans for new construction,
however, displayed strong resistance and were 19 percent higher than in June 1939.
II. For the second consecutive month, the total number of building permits issued in cities of 10,000
or more population was below the
1939 level.
A.
The number of 1-family structures continued to compare favorably with 1939 figures: first six months of this year,
units,- of last year, 80,000
units—o gain of 14 percent.
B. While 1-family construction has been gaining, multifamily permits issued during the first half of this year were 12
less than during the same 1939 period.
91,000
percent
III. There were only minor fluctuations in construction costs during June.
A. FHLB standard house index: material prices, unchanged/ labor costs, down slightly.
B. Wholesale building material index (Dept. of Labor): fractionally lower in June, but reports for the first three weeks of July
indicated rising prices.
IV.
The May-to-June rise in FHLB advances outstanding was the largest monthly increase since the establishment of the Bank System:
June advances, $23,500,000/
repayments, $3,600,000/
advances outstanding at end of June,
$157,400,000.
V. Prospects for sustained revival of business seem good. Increased department store sales and greater freight shipments during June
augur a broadening of the recovery movement.
New highs in the excess reserves of Federal Reserve member banks point to
continued low money rates.
RESIDENTIAL BUILDING ACTIVITY AND SELECTED INFLUENCING FACTORS
1926 * 100
600
1929
378
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
Federal Home Loan Bank Review
RESIDENTIAL CONSTRUCTION and HOME-FINANCING ACTIVITY
•
MORTGAGE-financing operations of most
classes of lenders suffered a setback during June.
Savings and loan associations led all other institu
tional lenders in this current downward movement
from what was probably the highest general level of
mortgage-lending volume in the last 10 years. On
the basis of information which is available for the
savings and loan industry, it is apparent that this
May-to-June drop was in contrast to a normal
seasonal increase.
Loans for the financing of reconditioning and for
the purchase of existing structures during June
showed greater weakness than other classes of loans
currently being made by savings and loan associations. The downward trend in the seasonally
corrected residential construction index which has
been in evidence so far this year, is apparently being
reflected in current home-financing activity, as
ESTIMATED
NUMBER AND COST OF FAMILY DWELLING UNITS PROVIDED IN ALL CITIES OF 10,000 OR MORE POPULATION
Source: Federal Home Loan Bank Board Compiled from residential building permits reported to U.S. Dept. of Labor
THOUSANDS
OF I NITS
MILLIONS
OF DC LLARS
NUM BER
30
/
25
\
1
20
CO ST
100
V*r/« 39
t
\\
\
V i
revealed by a decline of 4 percent from May in the
volume of new construction loan business of savings
and loan associations.
For two months, the total number of permits
obtained for new construction in cities of more than
10,000 population has been below the corresponding months of 1939 (see chart below). The volume
of single-family dwellings, however, continues to
exceed last year's totals. There were 91,000 1-family permits issued during the first half of 1940—a 14.5
percent increase over the same 1939 period.
Any tendency for home-building costs and housing
rentals to increase was effectively held in check during
the first half of 1940. Although the flurry of rising
building material prices which occurred in the autumn of 1939 has not been offset by subsequent
declines, further increases in building costs and in the
general price level have not as yet developed.
I
k
60
15
Ns<o \
10
"C
40
1\
A
„--
V
40
"
/
\/
\
/ \
\ ——
—
\
38
AV\
1
80
/
A
\*I939
%
t
/
\
\
t
\t
/
.„--'
/ ^
938
*\
.—•
- ""
tt
20
5
1C
JAN.
FEB
MAR
APR
MAY
CONSTRUCTION LOANS MADE BY
MILLIONS
OF DC LLARS
JUL.
AUG
OCT
NOV.
DE C
DEIC
JAN
AL L SAVINGS ft LOAN ASSOCIATIONS
/
J/
V
\
FEB
MAR
ADVANCES
APR
MAY
JUN.
JUL.
AUG
SEP
OCT
NOV
DEC. 1
FEDERAL HOME LOAN BANKS
OUTSTANDING AT END OF MONTH
v
1939-
•
*y/
s
^
fc
^/94C
20
SEP
. ^ ^ ^ ^ ^
30
25
JUN
/
*-^.^^~-~'
\
/
38
- \
/
15
/ \
10
5
a
C
JAN
FEB
MAR
August 1940
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV.
D
d
DEC
JAN
FEB
MAR
APR.
MAY
JUN
JUL
AUG.
SEP
OCT
NOV.
DEC.
379
[1926=100]
Type of index
Residential construction J __ _ _.
Foreclosures (metro, cities)-.
Rental index (NICB). „
Building material prices_
Industrial production l
Manufacturing employment
Manufacturing pay rolls
Average wage per employee
June
1940
May
1940
38.6
108.0
85.7
92.4
105.6
98.]
93.9
95.7
46.2
119.0
85.6
92.5
98.2
97.4
92.4
94.9
Percent
change
-16.5
-9.2
+0.1
-0.1
+7.5
+0.7
+1.6
+0.8
June
1939
42.7
161.0
84.9
89.5
90.8
91.9
83.0
90.3
Percent
change
-9.6
-32.9
+0.9
+3.2
+ 16.3
+6.7
+13.1
+6.0
i Corrected for normal seasonal variation.
General Business Conditions
C O N T I N U E D improvement in practically all
lines of business characterized operations during
June. The industrial production index of the Federal Reserve Board averaged 106 (1926=100) for the
month, which compares with 98 in May and 95 in
April—the lowest point thus far this year.
Encouraging is the fact that although the rate of
increase was slowing down toward the end of the
month, there were definite indications that the movement was broadening to include a greater proportion
of all production facilities. This is reflected in the
trend of railroad freight shipments. June freightcar loadings increased more than seasonally over the
May volume and reached a weekly total of more than
752,000 cars in the period ended June 29.
Department store sales displayed unusual resistance to normal declines during June and as a result
the seasonally adjusted index of the Federal Reserve
Board rose from 87 in May (1923-25 average equals
100) to 93 in June, on a level with activity during
the same month in 1937. This and other data such
as the contra-seasonal gain in the sales of automobiles from M a y to June are indicative of the spread
of the current recovery movement to consumption as
well as production.
According to reports of the Department of Commerce, export trade during the month of June is estimated to have reached $344,000,000—a gain of 8
percent over May, but still 4 percent below the January peak of $360,000,000. This amount was substantially in excess, however, of corresponding months
of 1937, 1938, and 1939. The increase of June exports was largely the result of increased shipments
of war materials to the United Kingdom and of airplanes to France during the first half of the month.
Trade with Canada and South America also ex
panded during June and established new highs for
any period since the war began. These increases
more than offset the severe curtailment of shipments
to the Mediterranean Area.
Wholesale commodity prices continued their
gradual downward movement during June with the
weekly index of the U. S. Department of Labor
reaching the lowest point since the first week of
September of last year. Prices of industrial commodities at wholesale remained virtually unchanged,
while those of building materials declined fractionally. During the first two weeks of July, however,
the all-commodity index registered a 1-percent
increase, reflecting primarily the rise in the prices of
farm products and foods.
GENERAL M O N E Y M A R K E T
•
38G
CONDITIONS
The movement of gold to this country continues
unabated. The Guaranty Survey estimates that
during the four weeks ended July 17, the monetary
gold stock of the United States rose $487,000,000,
reaching a record figure of $20,256,000,000. Despite
offsetting influences, Federal Reserve member bank
reserves rose $151,000,000 during this period and
total excess reserves of member banks stood at the
record total of $6,880,000,000 on July 17.
Reflecting on this condition, the Wall Street
Journal notes that "the best guide to interest rates
continues to be the volume of excess reserves of
Federal Reserve member banks. In 19 out of the 29
reporting dates so far in 1940 new record highs have
been hit in the level of idle funds for all member
banks. During this six and a half month period
these excess reserves have climbed from $5,270,000,000 to $6,880,000,000. A year ago the total was
$4,490,000,000."
I t continues by saying that "At such a high point,
any additions to excess reserves are of no great
importance. Only a sharp reduction would be likely
to influence an upward movement in rates; no such
development is in sight. Interest rates, therefore,
continue to hold at the extremely low level to which
the bankers have now been accustomed. Although
further fluctuations from time to time in interest
rates are expected no important change is looked for."
Residential Construction
[Tables 1 and 2]
•
ALTHOUGH the trend in the seasonally adjusted index of residential building had been
downward during the first four calendar months of
1940, more actual construction was being started
than in the same 1939 months. By M a y of this
year, however, the sagging volume of new building
as measured by permits obtained, had carried the
Federal Home Loan Bank Review
total slightly below the same month in the previous
year. The sharp drop which took place in June
brought the level of residential construction activity
in cities of 10,000 or more population down to 22,500
units, which was 10 percent less than in the corresponding month of 1939.
The current downward movement has not been
confined to any particular class or classes of building,
but so far in 1940 no individual month has evidenced
fewer 1-family or 2-family dwellings built than in the
like month of the preceding year. On the other
hand, construction of apartments has subsided drastically until in June they amounted to only 54
percent of the June 1939 total. During the year to
date, 91,000 1-family homes have been built in communities of over 10,000 population—nearly 12,000
more than in the same 1939 period—while new
multifamily dwelling units amounted to 44,000, or
6,000 less than in the comparable period a year ago.
Slowing down of the slum-clearance program of the
U. S. Housing Authority from the rapid pace set in
the last half of 1939 has contributed to the reversal
of the trend in total number of residential units
being provided. However, in neither the first six
months of 1940, nor in the equivalent period of last
year, were these government financed and subsidized
projects accounting for more than a relatively small
proportion of total new residential construction
volume—in each instance approximating 19,000
dwelling units.
Small-House Building Costs
[Tables 3 and 6]
L I T T L E change was evidenced in costs for the
construction of a standard 6-room frame house
during the last quarter-year. A large majority of
the cities reporting in April and July showed no
change, or a change of less than $25. Three of the
reporting communities had a cost decrease of $100
or more.
Material prices charged by dealers showed no
change from April and this index has remained
practically unchanged since November 1939. I t is
2 percent above the index for June a year ago,
however.
The index of wholesale price of building material,
which is based upon costs of materials used in all
classes of buildings, fell slightly during the month of
June, but reports for the first three weeks in July
indicate rising prices.
Construction costs for the standard house
[Average month of 1936 = 100]
Percent
change
Material
Labor _
Total
June
1940
May
1940
Percent
change
June
1939
104. 4
109. 7
Element of
cost
104. 4
109. 9
0.0
-0.2
102. 5
111. 3
+ 1.9
-1.4
106. 2
106. 2
0.0
105.4
+ 0.8
Rates paid for labor in constructing the standard
house continued the gradual downward swing which
was started over a year ago and this index is now
down more than 2 percent from the March 1939 peak.
Mortgage Recordings
[Tables 12 and 13]
•
D E S P I T E a general slowing down of mortgagefinancing operations during June, the total
volume of mortgages of $20,000 or less recorded on
nonfarm properties in the United States during the
first six months of this year amounted to almost
$1,900,000,000, an increase of 15 percent over the
corresponding period of 1939. All types of mortgage
lenders shared in this rise, which was general throughout, with increases ranging from 25 percent for
mutual savings banks to 8 percent for individuals.
Savings and loan association recording volume rose
$117,000,000, or 24 percent. The proportionate
share of total home-financing done by these institutions rose from 29.4 percent in 1939 to 31.7 percent
in 1940. Mutual savings banks and insurance
companies also increased their share of total business.
•
August 1940
Mortgage recordings by type of mortgagee
[Amounts are shown in thousands of dollars]
Type of lender
Savings and loan associations _
Insurance companies
Banks, trust companies
Mutual savings banks _
Individuals- _ __ __
Others _
Total
PerPerPerCumucent
cent
cent
lative
change of June recordof
from
total
1940 ings (six recordMay amount months)
1940
ings
-5.6
-0.6
-4.0
+ 7.1
-9.2
-3.7
-4.6
32.8 $598, 766
8. 1 151, 498
24.6 465, 342
4.7
75, 557
14.9 312, 861
14.9 282, 974
31. 7
8.0
24.7
4.0
16. 6
15. 0
100.0 1, 886, 998 100.0
381
Individuals led all other classes of lenders in the
May-to-June drop which occurred in all classes of
lenders except mutual savings banks; this represented
a distinct let-down from the rising trend in mortgagefinancing operations exhibited throughout the past
year. Savings and loan associations, with loans 6
percent below May, displayed greater weakness
than any other institutional type, although banks
and trust companies as well as the miscellaneous group
of mortgagees contributed to the current decline in
mortgage recordings. Life insurance companies
receded only fractionally.
Despite the downward movement of mortgage
financing in June, savings and loan associations
accounted for nearly 33 percent of the total for that
month as compared with only 30 percent in June of
last year.
TOTAL LOANS MADE BY ALL SAVINGS AND LOAN ASSOCIATIONS
UNITED STATES -
DEC
MAR
JUN
BY TYPE OF ASSOCIATION
SEP
SEP
DEC.
MAR
JUN
DEC
MAR
JUN
SEP
DEC
MAR
JUN
1937
1938
1939
1937
1938
1939
SEP
DEC.
1940
1940
Foreclosures
•
NORMALLY there is a slight seasonal rise in
foreclosure activity in metropolitan communities
during June and consequently the 9-percent decrease
from May is quite favorable. This decline brought
the monthly metropolitan index (1926 = 100) to 108
for the third time this year (January, April and
June). The June figure was 33 percent below that
for the same 1939 month.
Foreclosures during the first half of this year were
29 percent below the same period for 1939 and only
20 percent above that for 1926.
Of the 85 communities reportmg for both May
and June, 50 showed decreases and 32 increases,
while three reported no change in foreclosure activity
from the preceding month.
New Mortgage-Lending Activity of
Savings and Loan Associations
New mortgage loans made in June of this year,
despite the sharp drop from May, amounted to
almost $13,000,000 more than in June 1939. Federal and State-chartered member institutions
showed increases of 21 and 16 percent, respectively,
while nonmember institutions declined in this comparison. Construction and home-purchase loans of
all savings and loan associations accounted for 92
percent of this $13,000,000 June-to-June increase.
Four Federal Home Loan Bank Districts showed
increased total lending activity, but in only one of
these Districts did each of the three types of associations register gains over May.
[Tables 4 and 5]
•
A F T E R climbing to post-depression peaks in
both April and M a y of this year, new mortgagelending activity of savings and loan associations
showed signs of slowing up during June. New
mortgage loans totaling $107,000,000 were made, a
contra-seasonal decrease of $7,600,000, or 7 percent,
from the previous month. While new home-financing activity during June was 14 percent above the
corresponding month of last year, this is the smallest
percentage gain registered over the same month of a
previous year since March 1939.
382
New mortgage loans distributed by purpose
[Amounts are shown in thousands of dollars]
Purpose
June
1940
May
1940
Percent
change
June
1939
Percent
change
Construction
$35, 523 $36, 956
Home purchase. 38, 402 42, 049
Refinancing
17, 147 18, 034
Reconditioning _ 5,691 6,896
Other purposes _ 10, 221 10, 607
- 3 . 9 $29, 919
- 8 . 7 32, 228
- 4 . 9 17, 123
- 1 7 . 5 5,802
- 3 . 6 9,082
+ 18. 7
+ 19.2
+ 0. 1
-1. 9
+ 12.5
T o t a l . . . . 106, 984 114, 542
- 6 . 6 94, 154
+13. 6
Federal Home Loan Bank Review
Federal Home Loan Bank System
[Table 8; Supplemental Tables A and B]
•
D U R I N G the six months' period ended June 30,
1940, the advances outstandmg of the Federal
Home Loan Banks declined from $181,300,000 at the
beginning of the year to $157,400,000. This was
a 13-percent reduction, as compared with the 15-percent reduction experienced during this same period
last year. Gross advances and repayments during
the six months totaled $49,100,000 and $73,000,000,
respectively, a relative improvement from the
standpoint of Bank operations over the $35,900,000
in advances and $65,800,000 in repayments for the
comparable period of 1939.
Advances made during the month of June reached
the unprecedented high of $23,500,000 while repayments amounted to $3,600,000. These operations
resulted in advances outstanding of $157,400,000
on June 30 and reflect the largest monetary
($19,900,000) and percentage (14.5) increases during any given month since the period of organiza-
tion. A large volume of advances during June is
a normal seasonal occurrence as funds are usually
required for dividend payments and withdrawal
demands at this time of year.
All 12 of the Banks reported more advances during
June than in the previous month, and all but one
Bank received less repayments. Reports from the
Banks indicate that increases in advances outstanding ranged from 4.8 percent in New York to 41.5
percent in Portland. The largest monetary increase
of advances outstanding in June was made by the
Winston-Salem Bank in the amount of $3,800,000
(28.5 percent), while Portland was the only Bank
to exceed its volume of advances outstanding on
December 31, 1939.
The membership of the Banks on June 30 totaled
3,914, a net increase of three over May 31, resulting
from the admission of eight and the withdrawal of
five savings and loan associations. During the fiscal
Condensed consolidated statement of condition of the Federal Home Loan Banks as of June 3 0 , 1 9 4 0
ASSETS
CASH
(18.11%)
Cash on hand and on deposit in the U. S. Treasury and commercial banks.
CASH ON DEPOSIT IN SPECIAL ACCOUNT
IN T H E U. S. TREASURY
(0.01%)
To provide for retirement of $13,552.50 of consolidated debentures and interest previously
matured but not presented for redemption.
INVESTMENTS
(21.09%)
Book value of obligations of the U. S. Government and securities fully guaranteed by it.
ADVANCES OUTSTANDING
(60.52%)
Advances made under provisions of the Federal
Home Loan Bank Act to members.
ACCRUED I N T E R E S T RECEIVABLE
(0.19%)
Interest accrued but not due on investments, deposits, and advances outstanding.
D E F E R R E D CHARGES
(0.08%)
Prepaid expense items applicable to future operations.
OTHER ASSETS
(0.00%)
Accounts receivable and miscellaneous assets.
TOTAL ASSETS
(100.00%)
LIABILITIES AND CAPITAL
$47,109,586.84
LIABILITIES
13,552.50
54,856,103.91
157,397,047.16
485,526.68
198,049.81
7,592.45
$260,067,459.35
DEPOSITS
$33,171,820.81
Demand and time deposits of members totaled $33,114,867.20
and the deposits of applicants on stock subscribed in connection with membership applications, $56,953.61.
ACCRUED I N T E R E S T PAYABLE
187,848.47
Interest accrued but not due on members' time deposits,
$28,681.83 and on consolidated debentures, $159,166.64.
DIVIDENDS PAYABLE
542,200.62
Dividends payable in July 1940 on stock as of record June 30,
1940.
ACCOUNTS PAYABLE
15,057.20
Debentures matured and interest accrued on certificates not
presented for payment totaled $13,552.50, while miscellaneous items totaled $1,504.70.
D E B E N T U R E S OUTSTANDING
48,500,000.00
Consolidated debentures outstanding which are the joint and
several obligations of the Federal Home Loan Banks:
Series C—2%—12-1-40—$25,000,000.
Series D—2%— 4-1-43—$23,500,000.
P R E M I U M S ON D E B E N T U R E S
13,020.86
Unamortized portion of premiums received on sale of consolidated debentures.
TOTAL LIABILITIES
$82,429,947.96
CAPITAL
As of June 30, 1940, the U. S. Treasury held 74.5 percent of
the total capital stock in the Federal Home Loan Banks
which represented an investment of $124,741,000. The capital stock of the Banks owned by members totaled $42,647,900,
an increase of $1,640,200 or 4.0 percent over December 31,1939.
The members owed a balance of $15,425 on outstanding Bank
stock.
The Surplus-Reserve and Undivided Profits accounts of
the several Banks reflect an increase from $9,619,481.60 at the
close of 1939 to $10,264,036.39 on June 30, 1940, which is a gain
of 6.7 percent.
CAPITAL STOCK:
Fully paid issued and outstanding
$167,358,200.00
Subscribed for and partially paid. $30,700.00
Less unpaid balance
15,425.00
15,275.00
Total paid in
167,373,475.00
SURPLUS:
Legal reserve (20% of net earnings to date) _
_
4,908,673.89
Reserve for contingencies
901,701.25
Total surplus
UNDIVIDED PROFITS
5,810,375.14
4,453,661.25
TOTAL CAPITAL
TOTAL LIABILITIES AND CAPITAL
August 1940
177,637,511.39
.
$260,067,459.35
383
year ended June 30, 1940, the membership declined
from 3,946 to 3,914, reflecting the admission of 90
and the withdrawal of 122 members. Mergers and
voluntary liquidations accounted for more than 60
percent of the withdrawals. During this period
there were 59 State-chartered associations converting
to a Federal status. As of June 30, 1940, 96 applications for membership were pending in the several
Banks.
The total assets of the 12 Federal Home Loan
Banks on June 30, 1940, amounted to more than
$260,000,000, as is shown by the condensed consolidated statement of condition, on the previous page,
which presents the principal balance sheet items in
dollar and percentage figures and briefs the trends of
capital stock, surplus, and undivided profits.
Mid-year dividends of the Federal Home Loan
Banks have brought the total paid by them on their
capital stock since their establishment up to $14,272,763. The United States Treasury has received
$11,183,336 of this amount on its share holdings in
the Banks and $3,089,427 has gone to member
institutions of the Banks. Dividends were declared
for the 6-month period ended June 30 by 10 Banks at
annual rates ranging from 1 percent to 1}{ percent.
These 10 Banks distributed $706,063 in dividends
during this period, of which the United States
Government received $531,176 and member institutions of the Banks received $174,887. Details
relative to current dividends are set forth in the
table below.
INTEREST R A T E S
Interest rates on advances to members were further
reduced by the Banks of New York, Cincinnati, and
Boston during the first half of 1940, as shown in the
following table. The Federal Home Loan Bank
Interest rates on advances to members1
Federal H o m e Loan
Bank
R a t e in
effect
on July
1, 1940
T y p e of advance
Percent
No.
1—Boston.
No.
2—New York_
All short-term advances
amortized within one
year.
2% All long-term advances.
1/2 All short-term advances
amortized within one
year.
2>'2 All long-term advances.
All advances.
3
No. 3 — P i t t s b u r g h . _.
No. 4—WinstonSalem
N o . 5—Cincinnati
No. 6—Indianapolis 2
No. 7—Chicago
No. 8—Des M o i n e s . .
No. 9—Little Rock_.
No. 10—Topeka
No. 11—Portland
No. 12—Los Angeles..
3
3
3
3
3
3
3
3
All
All
All
All
All
All
All
All
All
advances.
advances.
advances.
advances.
advances.
advances.
advances.
advances.
advances.
1
Banks are required to charge % to 1 percent additional on
advances to nonmembers.
2
Effective August 1, 1940, interest rates on all short-term
advances for periods up to one year will be 2}£ per centum
per a n n u m .
Dividends paid or declared by the Federal Home Loan Banks through June 30, 1940
J a n . 1, 1940, t h r o u g h J u n e 30, 1940
Federal H o m e Loan
Bank
No. 1—Boston
N o . 2—New York
N ^ 3—Pittsburgh i
N o 4—Winston-Salem
N o . 5—Cincinnati
N o . 6—Indianapolis
N o . 7—Chicago
No. 8—Des Moines
No. 9—Little Rock
No. 10—Topeka
No. 11—Portland
No. 12—Los Angeles
Total..
1
__
Cumulative t h r o u g h J u n e 30, 1940
Rate
per
annum
Members
Government
Total
Percent
1.0
1.0
$20, 096. 16
23, 664. 19
$62, 337. 50
94, 816. 00
$82, 433. 66
118, 480. 19
Members
l
.._
1.0
1.0
1.0
1. 25
1.0
1.0
1.0
1.0
38,
14,
23,
15,
10,
8,
5,
14,
417.
576.
113.
242.
377.
706.
887.
804.
64
61
38
93
31
66
76
07
174, 886. 71
63,
32,
70,
46,
43,
36,
29,
49,
878.
887.
869.
218.
862.
668.
800.
839.
50
00
50
13
00
00
00
50
531, 176. 13
102,
47,
93,
61,
54,
45,
35,
64,
296.
463.
982.
461.
239.
374.
687.
643.
14
61
88
06
31
66
76
57
706, 062. 84
$231, 017.
404, 842.
186, 426.
223, 120.
774, 573.
248, 376.
406, 972.
174, 160.
136,568.
85, 735.
66, 645.
150, 988.
Government
69
05
77
94
82
26
50
02
11
27
09
81
$845,467.
1, 685, 484.
945, 574.
695, 907.
1, 723, 203.
706, 534.
1, 661, 687.
772, 967.
682, 890.
423, 256.
439, 190.
601, 171.
Total
11
75
39
29
04
59
45
70
62
56
88
61
$1, 076, 484. 80
2, 090, 326. 80
1, 132, 001. 16
919, 028. 23
2, 497, 776. 86
954, 910. 85
2, 068, 659. 95
947, 127. 72
819, 458. 73
508, 991. 83
505, 835. 97
752, 160. 42
3, 089, 427. 33 11, 183, 335. 99
14, 272, 763. 32
These Banks declare dividends as of December 3 1 .
384
Federal Home Loan Bank Review
of Indianapolis recently announced that the interest
rate on all short-term advances for periods up to one
year, made on or after August 1, 1940, will be reduced from 3 to 2}{ per centum per annum. Provision has been made to refinance at 2% per centum
per annum those short-term advances outstanding on
the effective date of the new rate.
The consolidated statement of condition of the
12 Federal Home Loan Banks as of June 30, 1940,
and the consolidated statement of profit and loss for
the 6-month period ending June 30, 1940, will be
found on pages 396 and 398 (Supplemental Tables
A and B).
Federal Savings and Loan System
[Table 7)
•
N I N E additional savings and loan institutions
were operating under Federal charter at the end
of June than at the close of the preceding month.
Assets of the Federal associations as of June 30
amounted to $1,729,000,000, a growth of $42,000,000,
or 2.5 percent from May. During the early years of
the Federal Savings and Loan System most of the
rapid growth was due to new chartering activity, but
since few charters are now being issued the great
bulk of current growth comes from the acquisition
of new share accounts and growth within existing
accounts invested in these institutions.
Funds continued to flow into Federal associations
in June far in excess of the volume of repurchases,
despite the seasonal tendency towards less investment activity immediately prior to the declaration
of dividends. Although lending activity of Federals
declined in June, the demand for mortgage funds
during that month was approximately $2,000,000 in
excess of the inflow of money as evidenced by the
net increase in private capital plus repayments on
outstanding mortgage loans.
Progress in number and assets of Federals
[Amounts are shown in thousands of dollars]
Number
Class of association
New.
Converted.
Total
August 1940
June
30,
1940
May
31,
1940
633
796
1,429
Approximate assets
June 30,
1940
May 31,
1940
633
787
$506, 588
1, 222, 277
$490, 762
1, 195, 948
1,420
1, 728, 865
1, 686, 710
Federal Savings and Loan Insurance
Corporation
[Table 7]
•
D U R I N G the six years since the organization
of the Federal Savings and Loan Insurance
Corporation, its assets have grown to nearly $125,000,000. In addition to the $100,000,000 invested
by the HOLC in its capital stock, the Corporation
by June 30 had accumulated reserves of $23,600,000.
These funds are practically all invested in Government and Government-guaranteed bonds.
In the second quarter, the FSLIC issued insurance
certificates to 22 associations with assets of $9,600,000,
and share and creditor liabilities of $8,400,000.
These totals are somewhat below those for the first
quarter of this year, and well below the new insurance activity of the second quarter of last year.
As of June 30, 1940, there were 2,235 insured associations in which 2,592,000 shareholders had a total
repurchasable investment of $2,020,000,000.
Memphis Home-building
(Continued from p. 372)
The house was sold for approximately $4,000.
Equally attractive is the Bureau-built home shown
at the top of page 372. Although both exterior and
interior arrangements differ from the house described
above, the two dwellings have approximately the
same amount of living space.
The Small House Construction Bureau—its preliminary work done and agreements on procedures
worked out with the Bank Board—recently became
affiliated with the Federal Home Building Service
Plan. As a result, homes being built to acceptable
standards in Memphis are now registered as certified
homes under the Plan. All lenders have been
approved and the same architectural services are
being offered.
When Memphis issued 1,591 single-dwelling permits in 1939, it more than doubled the previous
record established in 1929. More important than
new quantity records, however, is the fact that a
major American city, with the most advanced
requirements for technical advice, planning and
supervision, has found a way to enable authorities
to enforce the law and assure the public better
designed and better constructed homes.
385
Table 7.—Number and estimated cost of new family dwellins units provided in all cities of 10,000
population or over in the United States 1
[Source: Federal Home Loan Bank Board.
Compiled from residential building permits reported to U. S. Department of Labor]
[Amounts are shown in thousands of dollars]
N u m b e r of family units provided
January-June
M o n t h l y totals
T y p e of dwelling
June
1940
1-family dwellings _
__
2-family dwellings _
2
J o i n t home a n d business
3-and-more family dwellings
May
1940
T o t a l cost of units
M o n t h l y totals
totals
June
1939
1940
1939
May
1940
June
1940
16, 873 19, 406 15, 538 91, 362 79, 814 $66, 322. 7 $76,
1, 146 1,354 1,028
6, 928 5,726 2, 886. 5 3,
87
177.3
67
54
354
375
4 , 4 0 3 8,115 8, 188 44, 337 50, 490 11,886. 7 24,
J a n u a r y - J u n e totals
June
1939
371. 6 $62,
345. 6 2,
397.8
539. 7 25,
1939
1940
181. 2 $354, 338.
544. 4 16, 729.
299. 9
1, 489.
870. 5 135, 609.
6 $313,
6 14,
1,
9
1 161,
585.
448.
616.
680.
3
7
2
8
22, 476 28, 962 24, 821 142, 981 136, 405 81, 273. 2 104, 654. 7 90, 896. 0 508, 167. 2 491, 331. 0
Total residential
1
Estimate is based on reports from communities having approximately 95 percent of the population of all cities with population of 10,000 or over.
2
Includes 1- and 2-family dwellings with business property attached.
Table 2.—Number and estimated cost of new family dwelling units provided in all cities of 10,000
population or over, in June 1940, by Federal Home Loan Bank District and by State
[Source: Federal Home Loan Bank Board.
Compiled from residential building permits reported to U. S. Department of Labor]
[Amounts are shown in thousands of dollars]
All residential dwellings
N u m b e r of family
dwelling units
Federal H o m e Loan Bank
District a n d S t a t e
June
1940
22, 476
UNITED STATES. _
No. 1—Boston
. _ __
__
386
June
1939
June
1940
24, 821 $81, 273. 2 $90, 896. 0
957
5, 439. 4
4, 029. 9
348
76
677
58
180
13
223
57
480
51
122
24
1, 553. 8
196.8
2, 747. 4
184.2
693.5
63.7
970.
160.
2, 135.
180.,
490..
92,
2,942
5,537
982
1,960
__ _
__
N o . 3 — P i t t s b u r g h __ .
Delaware
_
Pennsylvania. _
West Virginia. _
June
1940
1,352
_
Connecticut
Maine
_ __ _ _ . _
Massachusetts »
New H a m p s h i r e . _
Khode Island _
_
Vermont __
New Jersey
New York
N u m b e r of family
dwelling units
E s t i m a t e d cost
June
1939
E s t i m a t e d cost
June
1940
16, 633 $69, 386. 5
18, 073
June
1939
$65, 025. 5
_ _
__
1, 234
902
5, 081. 0
3, 914. 8
9
7
2
8
2
1
342
54
587
58
180
13
219
46
446
51
116
24
1, 536. 8
149.4
2, 453. 4
184.2
693.5
63.7
960.
147.
2, 055.
180.
477.
92.
11, 193. 4
20, 035. 0
1,571
1,947
6, 972. 1
8, 559. 4
644
4,893
3, 711. 1
7, 482. 3
2, 785. 2
17, 249. 8
368
1,203
442
1,505
1, 657. 8
5, 314. 3
1, 925. 6
6, 633. 8
934
_
No. 2—New York
June
1939
All 1- a n d 2-family dwellings
1,477
4, 276. 6
6, 633. 4
865
1,053
4, 122. 7
4, 931. 2
10
844
80
1,377
100
54.9
3, 849. 4
372.3
6, 170. 3
463. 1
10
775
80
957
96
54.9
3, 695. 5
372. 3
4, 483. 1
448. 1
9
9
2
8
9
1
Federal Home Loan Bank Review
Table 2.—Number and estimated cost of new family dwelling units provided in all cities of 10,000
population or over, in June 1940, by Federal Home Loan Bank District and by State—Contd.
[Amounts are shown in thousands of dollars]
All 1- a n d 2-family dwellings
All residential dwellings
N u m b e r of family
dwelling units
Federal H o m e Loan Bank
District a n d State
E s t i m a t e d cost
N u m b e r of family
dwelling units
E s t i m a t e d cost
June
1940
June
1940
June
1939
June
1940
June
1939
June
1940
2,816
No. 4—Winston-Salem. _
June
1939
3,217
$9, 262. 0
$9, 923. 5
2,242
2,000
$7, 898. 0
$6, 786. 7
207
198
557
262
285
314
121
298
189
198
592
231
194
267
82
247
456.8
1, 351. 8
2, 010. 6
646.0
1, 007. 0
941.4
276.0
1, 208. 4
388.6
1, 089. 8
2, 095. 8
548.8
701.5
726.2
219.5
1, 016. 5
June
1939
207
350
645
534
285
346
135
314
205
457
1,182
235
307
362
85
384
1,
2,
1,
1,
1,
456.8
686. 8
261. 5
314. 4
007. 0
001. 9
295. 2
1, 238. 4
421.6
1, 815. 8
3, 603. 6
566. 4
1, 052. 5
859.3
229. 1
1, 375. 2
No. 5—Cincinnati _
1,996
2,757
7, 423. 3
10, 526. 5
1,222
971
5, 227. 3
4, 209. 4
Kentucky.
Ohio
Tennessee.
118
1,665
213
115
1,314
1,328
351. 8
6, 539. 6
531.9
306.0
5, 906. 4
4, 314. 1
113
896
213
111
679
181
343.6
4, 351. 8
531. 9
299.0
3, 361. 7
548.7
2,002
1,736
8, 296. 5
7, 737. 6
1,998
1,598
8, 288. 0
7, 099. 7
512
1,490
348
1,388
1, 856. 8
6, 439. 7
1, 254. 5
6, 483. 1
508
1,490
344
1,254
1, 848. 3
6, 439. 7
1, 244. 5
5, 855. 2
1, 330
1,017
6, 440. 1
5, 226. 6
1,299
1,008
6, 320. 0
5, 193. 7
897
433
692
325
4, 656. 1
1, 784. 0
3, 820. 3
1, 406. 3
866
433
686
322
4, 536. 0
1, 784. 0
3, 794. 9
1, 398. 8
No. 8—Des Moines
1,284
1,005
4, 902. 2
3, 897. 7
1,230
894
4, 779. 7
3, 519. 7
Iowa
Minnesota _ _
Missouri._
North Dakota
South D a k o t a
412
444
340
33
55
309
344
282
34
36
1, 501. 2
1, 913. 0
1, 243. 6
101.8
142.6
1, 109. 1
1, 581. 0
989.7
125.8
92. 1
400
430
312
33
55
303
298
227
34
32
1, 482. 2
1, 879. 5
1, 173. 6
101. 8
142.6
1, 102. 1
1, 349. 0
866.7
125. 8
76. 1
No. 9—Little Rock _ .
2,322
2,001
5, 952. 4
5, 611. 7
1, 706
1,943
4, 408. 6
5, 416. 5
Arkansas..
Louisiana
Mississippi _
New Mexico
Texas. _
82
252
166
55
1,767
95
291
183
64
1,368
196.9
704. 1
262.0
132. 3
4, 657. 1
205. 1
804.8
322.0
167. 4
4, 112. 4
82
252
162
50
1, 160
91
277
183
64
1,328
196.9
704. 1
253.5
124. 1
3, 130. 0
196. 1
772. 5
322.0
167.4
3, 958. 5
798
593
2, 526. 2
1, 898. 2
761
569
2, 476. 1
1, 853. 9
258
156
103
281
179
105
88
221
851. 8
455.6
362. 9
855.9
569.2
301.9
324.8
702. 3
243
151
90
277
167
99
82
221
841.8
449. 6
340.8
843.9
879
686
3, 132. 4
2, 385. 1
774
660
2, 820. 3
2, 338. 6
26
47
241
112
430
23
27
61
152
93
339
14
96.7
139. 4
870. 0
385. 3
1, 564. 8
76.2
91.8
161.4
562. 1
285.3
1, 190. 9
93.6
22
47
182
103
397
23
27
53
137
90
339
14
85.7
139.4
660.0
365.8
1, 493. 2
76.2
91.
150.
528.
283.
1, 190.
93.
3,821
3,838
12, 428. 7
12, 990. 8
3, 171
3,088
10, 992. 7
11,201. 9
206
3,599
16
62
3,757
19
437.8
11,912.0
78.9
201.7
12, 683. 0
106. 1
51
3, 104
16
62
3,007
19
155.6
10, 758. 2
78.9
201. 7
10, 894. 1
106. 1
Alabama
District of C o l u m b i a . __
Florida.
_
Georgia. _
Maryland.
N o r t h Carolina
South C a r o l i n a . _
Virginia
No. 6—Indianapolis __
I n d i a n a . __
Michigan
No. 7—Chicago. _
Illinois. _ _
Wisconsin
__
. __
_ _ __
No. 10—Topeka
Colorado.
Kansas
Nebraska
Oklahoma.
__
No. 11—Portland
Idaho _
Montana _
Oregon __
Utah
__
Washington
Wyoming
,
_.
-
No. 12—Los Angeles
Arizona
California.
Nevada.
August 1940
_ __
_
_
544.
293.
313.
702.
4
4
8
3
8
4
6
3
9
6
387
Table 3.—Cost of building the same standard house in representative cities in specific months1
NOTE.—These figures are subject to correction
[Source: Federal Home Loan Bank Board]
Total cost
Cubic-foot cost
Federal Home Loan Bank
District and city
1940
1940
July
1939
July
1939
1938
July
1937
July
$6, 176
5,872
5,660
5,811
6,120
$5, 743
5, 160
5, 100
5, 301
5,446
6,005
5,546
1936
July
July
Apr.
Jan.
Oct.
July
$0. 249 $0. 244
.232
.248 1
.229
.238
.230
.235
.234
.238
.238
.261
.226
.226
$5, 984
5,956
5,713
5,634
5,713
6,257
5,430
$6, 084
5,956
5,708
5,682
5,703
5,580
$6, 262
5,942
5,705
5,619
5,683
5,826
5,600
$6, 272
5,829
5,654
5,602
5,914
5,786
5,538
$5, 867
5,574
5,492
5,522
5,607
5,706
5,433
$5, 932
5,705
5,479
5,667
5,797
5,524
.255
.229
.246
.243
.236
.246
.248
.231
.255
.243
6, 111
5,491
5,896
5,843
5,658
6,110
5,486
5,898
5,822
5,515
6,116
5,582
5,804
5,816
5,490
6,095
5,725
5,848
5,935
5,672
5,897
5,956
5,553
6,118
5,824
5,806
5,343
6,142
5,914
5,816
5,866
6,032
6,334
5,795
5, 585
5,486
5,541
5, 293
5,118
No. 8—Des Moines:
Des Moines, Iowa
Duluth, Minn
St. Paul, Minn
Kansas City, Mo
St. Louis, Mo. _ _
Fargo, N. DakSioux Falls, S. Dak
.265
.257
.270
.245
.249
. 240
.257
.262
.250
.273
.255
.248
.234
.251
6,352
6,162
6,485
5,879
5,967
5,752
6,164
6,342
6,188
6,497
5,998
6,114
5,847
6, 168
6,339
6, 198
6,525
6,022
6,159
5.863
6, 099
6,303
6,043
6,550
5,960
6,052
5,841
6, 051
6,287
6,000
6,548
6,116
5,959
5,605
6,016
6, 117
6,199
6,546
5,751
6,027
5,843
6,374
6,464
6,272
6,820
6,239
6, 517
6,029
6,174
6,089
6, 571
5,472
5,311
6, 108
5,608
5,705
No. 11—Portland:
Boise, Idaho
Great Falls, Mont_
Portland, Oreg_
Salt Lake City, Utah
Seattle, Wash _
Spokane, Wash
Casper, Wyo
.261
.287
.225
.250
.264
.263
.251
.257
.289
.214
. 251
.261
.255
.272
6,270
6,888
5,392
6,010
6,342
6,314
6,024
6,253
6,906
5,351
6,014
6,357
6,310
6,263
6,220 1 6, 112
6,956
6, 887
5,345
5, 283
6,035
5, 998
6,315
6, 310
6,313
6, 282
6,435
6, 594
6,161
6,932
5,132
6,016
6,255
6, 114
6,522
5,860
7,109
5,087
5,911
6,256
6,620
6,452
6,134
7,027
5,936
6,064
6,600
6, 796
5, 656
6, 615
5, 281
5, 707
5, 728
5, 892
6, 144
No. 2—-New York:
Atlantic City, N. J __ _
Camden, N. J_
Newark, N. J__
Albany, N. Y
Buffalo, N. Y
Utica, N. Y
White Plains, N. Y
No. 6—Indianapolis:
Evansville, Ind _ _
Indianapolis, Ind
South Bend, Ind_
Detroit, Mich
Grand Rapids, Mich
_
1
1
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 wide-board siding with brick and stucco
as features of design. Best quality materials and workmanship are used throughout.
The house is not completed ready for occupancy. It includes all fundamental structural elements, an attached 1-car garage,
an unfinished cellar, an unfinished attic, a fireplace, essential heating, plumbing, and electric wiring equipment, and complete
insulation. It does not include wall-paper nor other wall nor ceiling finish on interior plastered surface, lighting fixtures, refrigerators, water heaters, ranges, screens, weather stripping, nor window shades.
Reported costs include, in addition to material and labor costs, compensation insurance, and allowance for contractor's
overhead and transportation of materials, plus 10 percent for builder's profit.
Reported costs do not include the cost of land nor of surveying the land, the cost of planting the lot, nor of providing walks
and driveways; they do not include architect's fee, cost of building permit, financing charges, nor sales costs.
In figuring costs, current prices on the same building materials list are obtained every three months from the same dealers,
and current wage rates are obtained from the same reputable contractors and operative builders.
388
Federal Home Loan Bank Review
RATE OF RESIDENTIAL BUILDING IN ALL CITIES OF 10,000 OR MORE POPULATION
REPRESENTS
THE ESTIMATED
NUMBER OF PRIVATELY FINANCED FAMILY DWELLING UNITS PROVIDED PER 100,000
POPULATION
Source: Federal Home Loon Bank Board. Compiled from Building Permits reported to U. S. Department of Lobor.
FEDERAL
HOME
LOAN BANK
JAN. FEB MAR APR. M AY JUN. JUL AUG SEP OCT NOV DEC
DISTRICTS
JAN FEB MAR APR »
DISTRICT 6
INDIANAPOLIS
DISTRICT 5
CINCINNATI
DISTRICT 8
DES MOINES
DISTRICT 7
CHICAGO
^1939
'n ^ _
I>*-(940
AUG SEP OCT NOV DEC
/•(93I-35 AVG
DISTRICT 12
LOS ANGELES
/93I-35 AVG
,-..—'
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
JAN FEB MAR APR MAY
JUN JUL AUG SEP t>CT NOV DEC
DISTRICT 10
TOPEKA
FUm
r, C
/-I93I-35 AVG
sl93l-3S 4
/93/-3S AVG
~r"L...,
i l ^
S SCP OCT NOV DEC
I. JUL AUG SEP OCT H
UNITED
SEP
August 1940
DEC
SEP
DEC
t
JUN
JUL AUG SEP OCT NOV
DEC
. AUG SEP OCT NOV DEC.
STATES AVERAGE
1931 - 1 9 4 0
JUN
SEP
DEC
JUN
SEf
DEC.
MAR
SEP
DEC.
389
Table 4.—Estimated volume of new mortgage-lending activity of savings and loan associations classified
by District and class of association
[Amounts are shown in thousands of dollars]
New loans
Federal H o m e Loan B a n k District a n d class of association
June
1940
United S t a t e s :
Total
$106, 984
Federal
_
47, 435
State m e m b e r .
42, 214
Nonmember.._
17, 335
District No. 1:
Total
Federal- ._
State m e m b e r _
Nonmember _ _
District No. 2:
May
1940
Percent
change,
M a y 1940
to
J u n e 1940
$114,542
49, 287
45, 803
19, 452
-6.6
-3.8
-7.8
-10.9
11,310
3,900
5,738
1,672
10, 966
3,906
5,604
1,456
Total
Federal.
State m e m b e r _
Nonmember _ _
9,969
2,830
2,849
4,290
District N o . 3 :
Total
Federal
State m e m b e r .
Nonmember _ _
District No. 4:
New
loans,
June
1939
$94,
39,
36,
18,
Percent Cumulative new loans (6 m o n t h s )
change,
J u n e 1939
to
Percent
1940
1939
J u n e 1940
change
154
094
465
595
+ 13. 6
+ 21.3
+ 15.8
-6.8
+ 3.1
-0.2
+ 2.4
+ 14.8
9,254
3, 110
3,966
2, 178
+ 22.2
+ 25.4
+ 44.7
-23.2
10, 332
3,153
2,733
4,446
-3.5
-10.2
+ 4.2
-3.5
9,909
4,223
2, 116
3,570
8,362
3,831
2, 113
2,418
9,010
3,663
2,265
3,082
-7.2
+ 4.6
-6.7
-21.5
Total
Federal.-_ .
State m e m b e r .
Nonmember _ _
15, 486
7,853
.6, 128
1, 505
17, 636
8,323
6,496
2,817
District N o . 5:
Total.
Federal—. _
State m e m b e r .
Nonmember. _
17, 390
6,776
7,695
2,919
District N o . 6:
Total
Federal
__
State m e m b e r .
Nonmember _ _
District N o . 7:
$558,
239,
222,
96,
361
334
194
833
956
855
839
262
+ 23.0
+ 31. 6
+ 22.2
+ 7.3
48, 830
16, 965
23, 654
8,211
38, 028
11,822
17, 423
8,783
+ 28.4
+43.5
+ 35.8
-6. 5
+ 0.6
-33.0
+ 34.6
+ 20.2
48,
14,
13,
19,
133
960
518
655
43, 212
16, 181
9,965
17, 066
+ 11.4
-7.5
+ 35. 7
+ 15.2
8, 338
2, 707
1,944
3,687
+ 0.3
+ 41.5
+ 8.7
-34.4
44, 324
16, 881
11,158
16, 285
38, 756
9,746
10, 245
18, 765
+ 14.4
+ 73.2
+ 8.9
-13.2
-12.2
-5.6
-5.7
-46.6
11,853
5,158
4,881
1,814
+ 30.7
+ 52.2
+ 25.5
-17.0
82, 244
39, 049
32,011
11, 184
60, 755
24, 212
26, 654
9,889
+
+
+
+
18, 994
7, 055
9,409
2,530
-8.4
-4.0
-18.2
+ 15.4
14, 474
5,867
7, 084
1,523
+ 20. 1
+ 15.5
+ 8.6
+ 91.7
91,
34,
43,
13,
367
347
673
347
72, 006
28, 749
34, 573
8,684
+ 26.9
+ 19. 5
+ 26.3
+53.7
6,016
3,078
2,671
267
5,782
2,713
2,701
368
+4.0
+ 13.5
-1. 1
-27.4
4,084
1,904
1,852
328
+47. 3
+ 61.7
+ 44.2
-18.6
28, 648
13, 516
13, 347
1,785
21, 195
9,956
9,765
1,474
+
+
+
+
Total
Federal
State m e m b e r .
Nonmember _ _
10, 527
4,774
4,670
1,083
11,358
4,570
5,279
1,509
-7.3
+ 4.5
-11.5
-28.2
9,771
3,389
4,240
2, 142
+ 7.7
+ 40.9
+ 10. 1
-49.4
57, 856
23, 393
25, 118
9,345
44,
15,
19,
10,
+ 28. 6
+ 55. 1
+ 29.4
-10.8
District N o . 8:
Total
Federal
State member.
Nonmember _ _
7, 195
3,602
2, 128
1,465
7,048
3,679
1,926
1,443
+ 2.1
-2. 1
+ 10.5
+ 1.5
6, 113
2,856
1,543
1,714
+ 17.7
+ 26. 1
+ 37.9
-14. 5
34, 804
16, 353
10, 807
7,644
27, 352
12, 812
8, 134
6,406
District No. 9:
Total
F e d e r a l . __ _
State member.
Nonmember _ _
5, 122
1,942
2,932
248
5,744
2,236
3,284
224
-10. 8
-13. 1
-10.7
+ 10.7
5, 184
2,011
3,083
90
-1.2
-3.4
-4.9
+ 175.6
29, 934
12, 049
16, 599
1,286
28,
12,
15,
1,
991
173
636
182
+ 3.3
-1.0
+ 6.2
+ 8.8
District N o . 10: T o t a l
Federal
State member.
Nonmember _ _
4,874
2,569
1,149
1, 156
4,815
2,568
1, 118
1, 129
1.2
0.0
2.8
2. 4
4,501
2,282
1, 140
1,079
+ 8.3
+ 12.6
+ 0.8
+ 7.1
25, 481
13, 591
5,839
6, 051
22, 853
11,392
5,940
5,521
+ 11. 5
+ 19.3
-1.7
+ 9. 6
D i s t r i c t N o . i l : Total
Federal.... _
State member.
Nonmember _ _
3,592
2,261
1,217
114
4, 199
2, 551
1,489
159
-14. 5
-11.4
-18.3
-28.3
3,608
1,915
1,413
280
-0.4
+ 18. 1
-13.9
-59.3
20, 397
12, 634
6,942
821
16, 107
9,715
5,581
811
+ 26.6
+ 30.0
+ 24.4
+ 1.2
District N o . 12: T o t a l
Federal _
State member.
Nonmember _ _
7,141
4,019
2,924
198
8,658
4,870
3,499
289
-17.5
-17. 5
-16.4
-31. 5
7,065
3,672
3,203
190
+ 1.1
+ 9.4
-8.7
+ 4. 2
46, 343
25, 596
19, 528
1,219
39, 723
20, 012
18, 507
1,204
+ 16.7
+ 27.9
+ 5.5
+ 1.2
390
+
+
+
+
$453,
181,
181,
90,
978
085
416
477
+
+
+
+
35. 4
61.3
20. 1
13. 1
35.2
35.8
36. 7
21. 1
27.2
27. 6
32.9
19.3
Federal Home Loan Bank Review
Table 5.—Estimated volume of new loans by all savings and loan associations, classified according to
purpose and class of association
[Thousands of dollars]
l
Class of association
Purpose of loans
Mortgage loans on homes
Period
Construc- Home pur- Refinancing
tion
chase
1938.
$220, 458
Jan.-June___
June
97, 891
19, 892
127, 322
25, 636
1939.
301, 039
339, 629
Jan.-June___
June
July
August
September. _
October
November. _
December. _.
156, 680
29, 919
26, 865
29, 863
27, 854
29, 255
26, 607
26, 923
180, 934
32, 228
29, 638
32, 282
31, 367
33,383
30, 434
27, 779
172, 594
19, 488
20, 152
26, 711
33, 764
36, 956
35, 523
197,
22,
25,
32,
37,
42,
38,
Reconditioning
Loans for
all other
purposes
Total
loans
Federals
State
members
Nonmembers
$58, 623
$93, 263
$797, 996
$286, 899
$333, 470
$177, 627
81, 956
13, 885
28, 334
5,211
47, 563
8,443
383, 066
73, 067
134, 795
26, 310
162,571
30, 350
85, 700
16, 407
182, 025
59, 463
104, 227
986, 383
400, 337
396, 041
190, 005
027
123
353
005
021
835
445
001
29, 517
5,802
5,133
5,909
5,544
5,784
4,720
4,335
53, 954
9,082
8, 183
9,979
8,946
9,040
8,870
9,074
520, 112
94, 154
85, 172
95, 038
89, 732
93, 297
86, 076
83, 112
218, 064
39, 094
34, 055
40, 645
37, 090
37, 854
34, 785
34, 053
206, 068
36, 465
34, 146
37, 340
36, 989
37, 847
34, 671
33, 209
95, 980
18, 595
16, 971
17, 053
15, 653
17, 596
16, 620
15, 850
101, 398
30, 233
3,455
3,437
4,657
6,097
6,896
5,691
56, 268
7,963
7,954
10, 063
9,460
10, 607
10, 221
558, 361
66, 944
71, 522
90, 368
108, 001
114, 542
106 984
239, 334
28, 008
29, 786
38, 241
46, 577
49, 287
47, 435
222,
25,
28,
36,
43,
45,
42,
96, 833
13, 199
12, 795
15, 643
18, 409
19, 452
17, 335
$265, 485 $160, 167
99,
17,
15,
17,
16,
15,
15,
15,
1940
Jan.~June__.
January
February
March
April
May
June
868
039
389
168
821
049
402
13, 999
14, 590
16, 769
20,859
18, 034
17, 147
194
737
941
484
015
803
214
Revised figures for 1936, 1937, and for the first 10 months of 1938 appear on p. 93 of the December 1938 issue.
Table~6.—Index of wholesale price of building materials in the United States
[1926=100]
[Source: U. S. Department of Labor]
Period
1938: June
1939: June
July
August
September
October
November
December
1940: January
February
March
April
May
June
Change:
June 1940-May 1940..
June 1940-June 1939__
All building mate- Brick and
tile
rials
Cement ]
Lumber
8.7
89.7
89. 5
89.7
89.6
90.9
92.8
93.0
93.0
90.6
91. 1
90.6
90.5
91.0
91.5
91.6
91.6
89.9
91. 5
91.5
91.3
91.3
91.3
91.3
91.3
93.4
93. 2
93.3
92. 5
92.5
92.4
91.6
91.2
90.4
90.2
90.2
90.2
-0.1%
+ 3. 2 %
0.0%
-1.0%
Paint and Plumbing
paint ma- and heat- Structural
steel
ing
terials
77.2
Other
79.3
79. 3
79.3
79.3
79.3
79.3
79.3
113.0
107.3
107.3
107.3
107.3
107.3
107.3
107.3
93.3
89.5
89.6
89.5
90.3
91.9
92.9
92.7
87.2
86.8
87.2
86.7
86.0
85.2
79.3
79. 1
81.0
80.9
80.6
80.5
107.3
107. 3
107.3
107.3
107.3
107.3
93.2
92.9
92.7
92.3
92.2
93.0
- 0 . 9%
+ 3. 4 %
-0.1%
+ 1.5%
0.0%
0.0%
+ 0. 9%
+ 3.9%
90.7
91.8
91.8
93.7
98.0
98.3
97.8
80. 1
82.4
82.2
82. 1
84.7
85.7
84.9
85. 5
91.4
91.4
91.2
90.3
90.5
90.6
97.6
97.6
97.8
96. 1
96.6
96.0
+ 0.1%
-1.0%
-0.6%
+ 5.8%
1
Based on delivered prices at 48 cities and introduced into the calculation of tha Bureau's general indexes of wholesale
prices beginning with March 1939.
August 1940
391
Table 7.—Prosress of institutions insured by the Federal Savings and Loan Insurance Corporation
[Amounts are shown in thousands of dollars]
NumPeriod a n d class ber of
of association
associations
ALL
Total
assets
N e t first
mortgages
held
Private
repurchasable
capital
Government
investment
Federal
Home
Loan
Bank
advances
Operations
N u m b e r of
investors
New
investments
Repurchases
New
mortgage
loans
INSURED
1938: J u n e
2 , 0 1 5 $1, 978, 476 $1, 472, 896 $1, 315, 936 $258, 403 $143, 004
December. 2 , 0 9 7 2, 128, 706 1, 605, 511 1, 452, 692 260, 904 149, 977
1, 832, 800 $27, 300 $13, 000 $38, 350
2, 035, 700 35, 900 13, 700 36, 763
1939: J u n e
July
August
September
October. _
November
December.
2, 170
2, 170
2, 177
2, 180
2, 188
2, 189
2, 195
2,339,411
2, 341, 735
2, 370, 200
2, 399, 847
2, 431, 801
2, 459, 038
2, 506, 944
1,769, 112
1, 795, 313
1, 832, 587
1, 869, 838
1, 898, 025
1, 921, 717
1, 943, 852
1,
1,
1,
1,
1,
1,
1,
657, 859
689, 462
709, 642
725, 529
747, 770
769, 033
811, 181
260, 451
257, 075
250, 445
250, 570
250, 705
250, 675
250, 725
127, 062
121, 031
120, 878
124,811
129, 881
129, 289
142, 729
2,
2,
2,
2,
2,
2,
2,
236, 000
261, 900
282, 900
307, 200
340, 200
351, 300
386, 000
40, 700
74, 300
44, 900
36, 800
41, 200
40, 000
48, 400
15, 800
52, 200
27, 200
29, 000
24, 200
19, 537
17, 445
55, 848
49, 488
57, 659
54, 275
54, 605
49, 809
49, 516
1940: J a n u a r y . .
February _
March
April _ _
May_ __.
June. _
2,205 I
2,211 1
2,216
2, 225
2,231
2,235 1
2,
2,
2,
2,
2,
2,
513, 765
543, 417
576, 885
615, 190
653, 685
708, 529
1, 959, 678
1,980,887
2,011,281
2, 050, 052
2, 089, 761
2, 129, 687
1,
1,
1,
1,
1,
2,
868, 736
901, 162
928, 835
958, 417
981, 445
019, 809
238, 496
236, 854
236, 714
236, 508
236, 553
236, 913
121, 271
111, 277
104, 993
101, 569
104, 546
124, 133
2,
2,
2,
2,
2,
2,
461, 000 102, 571
504, 000 55, 332
528, 200 51, 377
546, 800 55, 809
560, 900 46, 655
591, 600 43, 626
57, 096
28, 042
27, 195
28, 123
27, 150
20, 418
40, 342
43, 950
56, 270
68, 034
70, 990
67, 751
1938: J u n e
December.
1,336
1,360
1, 208, 357
1,311,080
938, 455
1,028,891
760, 953
857, 737
218, 567
219, 673
101, 318
106, 411
1, 027, 100
1, 162, 700
18, 100
23, 800
6,200
6,700
26, 310
25, 019
1939: June__ ._
July
August
September
October _ _
November
December.
1,383
1,382
1,384
1,386
1,389
1,390
1, 397
1, 441, 058
1, 442, 667
1,471,714
1, 484, 212
1, 512, 924
1, 535, 895
1, 574, 314
1,
1,
1,
1,
1,
1,
1,
135,
156,
185,
205,
231,
249,
268,
990, 248
1, 013, 503
1, 033, 325
1, 041, 188
1, 059, 869
1, 077, 918
1, 108, 481
217, 026
214, 186
208, 499
208, 524
208, 524
208, 597
208, 777
88, 298
82, 146
84, 480
88, 151
93, 096
93, 654
105, 870
1, 299, 100
1, 316, 900
1, 336, 500
1, 351, 200
1, 373, 300
1, 384, 800
1, 412, 200
27, 000
49, 100
30, 200
24, 700
28, 200
27, 300
32, 000
8,100
31, 500
16, 300
17, 200
14, 600
10, 970
9,231
39, 094
34, 055
40, 645
37, 090
37, 854
34, 785
34, 053
1940: J a n u a r y . _
FebruaryMarch
April
May l
June 2
1,400
1, 403
1,408
1,411
1,415
1,421
1, 574, 268
1, 597, 550
1, 623, 767
1,655, 179
1, 685, 324
1, 727, 337
1,
1,
1,
1,
1,
1,
279, 803
296, 198
317, 641
346, 608
375, 683
403, 933
1,
1,
1,
1,
1,
1,
149, 410
175, 480
197, 882
222, 025
239, 973
267, 156
197, 751
196, 701
196, 619
196, 813
196, 933
197, 268
87, 592
79, 391
74, 495
71, 577
74, 428
90, 489
1, 462, 700
1, 496, 100
1, 515, 000
1, 529, 500
1, 538, 000
1, 560, 900
71, 367
36, 951
35, 500
39, 329
31,915
29, 404
37, 689
15, 942
16, 200
16, 679
16, 124
11,022
28, 008
29, 786
38, 241
46, 577
49, 287
47, 435
1938: J u n e
December.
679
737
770, 119
817, 626
534, 441
576, 620
554, 983
594, 955
39, 836
41, 231
41, 686
43, 566
805,700
873, 000
9,200
12, 100
6,800
7,000
12, 040
11, 744
1939: J u n e _ __
July
August
September
October __
November
December.
787
788
793
794
799
799
798
898, 353
899, 068
898, 486
915, 635
918, 877
923, 143
932, 630
633, 601
638, 613
646, 787
663, 938
667, 025
671, 817
674, 980
667,611
675, 959
676, 317
684, 341
687, 901
691, 115
702, 700
43, 425
42, 889
41, 946
42, 046
42, 181
42, 078
41, 948
38, 764
38, 885
36, 398
36, 660
36, 785
35, 635
36, 859
936, 900
945, 000
946, 400
956, 000
966, 900
966, 500
973, 800
13, 700
25, 200
14, 700
12, 100
13, 000
12, 700
16, 400
7,700
20, 700
10, 900
11,800
9,600
8,567
8,214 !
16,754
15,433
17,014
17, 185
16, 751
15,024
15,463
1940: J a n u a r y __
February.
March
April.
M a y . __ ,
1
June
805
808
808
814
816
814
939, 497
945, 867
953, 118
960,011
968, 361 !
981, 192 !
679, 875
684, 689
693, 640
703, 444
714,078
725, 754
719, 326
725, 682
730, 953
736, 392
741, 472
752, 653
40, 745
40, 153
40, 095
39, 695
39, 620
39, 645
33, 679
31, 886
30, 498
29, 992
30]( 118
33., 644
998, 300
1, 007, 900
1,013,200
1,017,300
1, 022, 900
1, 030, 700
31, 204
18, 381
15, 877
16, 480
14, 740
14, 222
19, 407
12, 100
10, 995
11,444
11,026
9,396 !
12,334
14, 164
18, 029
21, 457
21, 703
20,316
FEDERAL
511
700
800
900
000
900
872
STATE
1
2
In addition, 5 Federals with assets of $1,386,000 had been approved for conversion but had not been insured as of May 31.
In addition, 8 Federals with assets of $1,528,000 had been approved for conversion but had not been insured as of June 30.
392
Federal Home Loan Bank Review
Table 8.—Lending operations of the Federal
Home Loan Banks
Table 9.—Government investments in savings and
loan associations *
[Thousands of dollars]
[Amounts are shown in thousands of dollars]
J u n e 1940
Federal H o m e
Loan Bank
Advances
M a v 1940
ReReAdPay- vances p a y ments
ments
Advances
outstanding,
J u n e 30,
1940
| Treasj ury
T y p e of operation ;
I Fedj erals 2
H o m e Owners' Loan
Corporation
Federals
State
members
Oct.
Boston
New York
Pittsburgh
Winston-Salem _ _
Cincinnati
Indianapolis
Chicago
Des Moines
Little Rock
Topeka
Portland
Los Angeles
$1, 225
1,360
657
079
285
310
982
2,857
1,077
912
2,032
2,705
$117 $377 $448
381 1,229
542
720
773
486
768
302 2,362
420
611
227
185
344
103
549
970 2, 198
566
569
172
79 , 595
161
246
221
215
191
43
378
255 1, 591 ! 269
$5, 743
17, 835
14, 913
17, 010
14, 645
9,422
25, 056
14, 369
6,692
9, 123
6,785
15, 804
Total
123, 481
3, 593 j9, 884 6, 186
157, 397
J a n . - J u n e 1940
J u n e 1939
J a n . - J u n e 1939
J u n e 1938
J a n . - J u n e 1938
Table
49,
16,
35,
14,
4L
111 73, 027
839 5,789
882 65, 762 1
846 5, 131
181 45, 050
1935-June 1
\
1940:
i
Applications:
j
966
Number
1 1,862!
4,625
Amount
|$50. 401 |$201, 627 $63, 347
Investments:
!
i
717
Number
i 1,831!
4,207
Amount
j$49, 300 ($176, 290 $44, 398
Repurchases
$15,163 | $13,159 $4, 505
Net o u t s t a n d i n g
\
i n v e s t m e n t s - _ _ | $ 3 4 , 137 !$163, 131 $39, 893
Total
0
0
0
0
5
$500
5
$500
0
0
0
1
$100
0
5
$360
$100
6
$460
$100
I
196, 225
Refers to n u m b e r of s e p a r a t e i n v e s t m e n t s , n o t to n u m b e r
of associations in which i n v e s t m e n t s are m a d e .
2
I n v e s t m e n t s in Federals b y t h e T r e a s u r y were m a d e
between December 1933 a n d N o v e m b e r 1935.
Table 11.—Properties acquired by H O L C through
foreclosure and voluntary deed 1
Period
Cases received 2 .
J u n e 1, 1934
through
May 3 1 ,
1940
J u n e 1,
1940
through
J u n e 30,
1940
1, 203, 529
4, 699
Cumulative
through
J u n e 30,
1940
1, 208, 228
Contracts awarded: \
Number
j
796,711
3,924
800, 635
Amount
|$158,106,655 $1,092,322 $159, 198, 977
Contracts
pleted:
Number,
Amount _
4, 118
791, 749
795, 867
$155,879,357 $1,192,343 $157, 071, 700
Prior to 1935
1935: J a n . 1 through
1936: J a n . 1 through
1937: J a n . 1 through
1938: J a n . 1 through
1939: J a n . 1 through
July
August
September
October
November
December
1940: J a n u a r y
February
March_T
April
May
June
Dec.
Dec.
Dec.
Dec.
June
31 _
31 _
31 _
31 _
30_
G r a n d total to J u n e 30, 1940_
1
All figures are subject to a d j u s t m e n t s . Figures include
52,269 reconditioning cases a m o u n t i n g to approximately
$6,800,000, completed by t h e Corporation prior to t h e organization of t h e Reconditioning Division on J u n e 1, 1934.
2
Includes all property management, advance, insurance a n d
loan cases referred to t h e Reconditioning Division which were
n o t withdrawn prior to preliminary inspection or cost estim a t e prior to Apr. 15, 1937.
August 1940
$203, 024
1
70.—Summary of operations of H O L C
Reconditioning Division through
June 30, 1 9 4 0 1
T y p e of operation
4, 924
$220, 688
$17, 664
—
J u n e 1940:
Applications:
|
Number-__
__
Amount.-;
Investments:
i
Number
|
A m o u n t _ _ __i
Repurchases
!
168, 962
5,591
$264, 974
Number
9
1,097
20, 324
50, 206
50, 919
19, 509
2,773
2,857
2,590
2,445
2,356
1,800
1,567
1,311
1, 657
1,323
1,466
1,543
165, 752
1
Does not include 7,961 properties bought in by H O L C a t
foreclosure sale b u t awaiting expiration of t h e redemption
period before title in absolute fee can be obtained.
In addition to t h e 165,752 completed cases, 978 properties
were sold a t foreclosure sale to parties other t h a n t h e H O L C
and 25,891 cases have been withdrawn due t o p a y m e n t of
delinquencies by borrowers after foreclosure proceedings
were authorized.
393
Table
12.—Summary
nonfarm mortgage recordings,1 $20,000
June 1940
of estimated
s h own
(Amoi n t s
F e d e r a l
Home
D i s t r i c t
Loan
and
Bank
\ S a v i n g s fc L o a n !
j a ss o c i a t i o n s j
S t a t e
VunTeTT
Insur ancc
Bank s
trust
compa
Amount ~
Air, o u n t I
- 4 5,564J$116,5951 5,922 $28,909
and
c<j m p a n i e s
Amount
ar e
i n
t ho u s a n ds
Mut u a l
s a v . ngs b a n k s
\um'i..e r A m o u n t
of
and under, during
d o l l a r s)
Amount
Number
Ot h e r
1
mortg agees
Indivi duals
per
1
To t a l
7\m~o~u~n~t j N u m b e r
Amount
capita
Amount
[
4,237 $16,493 27,896 $52,973
16, 126 $52,94l[ 26,73 1 $355,463
I2,55CT[
289
1,489
990
3,754
2,217
3,630
1,115
319
289
2,951
171
226
_.|
105
1, 128
683
9,2S0
412
792
253_j
77
28
172
3
7
2
502
95
830
21
28
328
96
342
90
7S
55
428 1,719
164
440
1, 167 4,007
211
653
1 17
377
130
401
406
152
94 7
82
142
50
912
229
2,008
106
310
65
328
97
602
14
65
9
2,627
8,203 [
438
2,442
2,039
l,34C
273
1,404
265
309
163
8,204
1,463
6,808
3 , 146
7,426
1,007
i ,620
3,306
4,897
256
182
1,252
1,190
941
1,098
3,829
4,375
96
1,367
515
6,293
1,257
1,889
3,202
4,224
3,145
~i7nT\
273
1,512
2,377
7,503
194
733
1,849
3,884
1,048
68
2,618
459
202
6,688
887
17
197
59
100
1,096
316
67
1,696
614
321
5,645
1,537
39
155
125
608
74
1,438
337
204
3,217
463
62
854
132
167
327
3 , 153 6,958
295J 1,601
1,1 19
20,407
3,498 j
974
4,374
2,371
7,024
42
169
4,278
7,753
2,41 1
6,334 17,251
42,607 1
79
78
292
154
37
165
47
122
363
603
1,2 54
735
219
565
18 5
450
153
129
259
407
285
331
206
601
329
848
799
915
874
1,062
534
1,663
362
390
720
434
414
7 57
446
755
673
1, 154
1,764
747
795
707
585
1,328
251
208
472
150
216
521
I7S
414
6,985 19,402
684
3,253
3,084
9,657
3,676
1,058 2,257
5,642 16,469
676
285
165
3 59
160
716
2,057
480
525
2, 118
441
1,190
7,21 1
1,256
3,602
7,471
636
2,914
3,286
9,300
17
23
2,515
1,087
4,706
2,765
273
363
1,092
1,822
1,123
2,163
2,920
6,380
17
23
6
UNITED STATES
No. I — Boston
4,06 Ij
Connecticut
Maine
Massachusetts
Rhode lsland__
Vermont
No. 2—New York
New York___ _
No. 3 — P i t t s b u r g h . _
Delaware ._
Pennsylvania
West V i r g i n i a
_
So. 4—Winston-Salem
7, 175 16,953 ]
Alabama
206
D i s t r i c t of Columbia.
536
Florida
902
Georgia.-.
_ _ _.
720
Maryland __
1,224
North C a r o l i n a . . . . _
2,023
South Carolina
.__
420
Virginia
_. _ . _ _ 1,144
No. 5 - - C i n c i n n a t i . _
Kentucky
Ohio
Tennessee
. . . .
No. 7—Chicaao
333 |
2,796
2,834
1,039
2,93 1
3,591
778
2,651
26,986 587,552
IJL
7,597
1,779
42
169
94
35 8
94
201
358 1,398
,385
1,984
3,264j 10,451
6,889
1,894
19,067
1,483
2,048
Sll|
2,017
1,288
1,886
174
826
1,528 6,181
26
57 1
232
636
16] _35l
7,855] 11,730
40,938 |
872
1, 145
2 , 9 6 4 | 4,429
4,891 j 7,301
15,068 |
25,870 j
" T,Tl5|
575
999
1,509
215
480
1,269
345
942
1,051
1,34 1
2,645
1,865
2,218
3,797
l,29S
3,036
2,273
6,400 j
8, 160
3,651
5,468
7, 194
2,42 7
7,034
1,620
4,245 14,451
80
866
674
225 2,029
2,776 10,477
1,244
L945
4,769
31,739
4,083
1, 158
2,186
927
3,369
9,656
769
1,417
304
623
880
2,489
4,679
4,977
10,390
14,873
22
1,686
3,730
1,260
5,723
8,756
995
265
4,875
848
5,685
3,071
20,158
8,228
No. 9 — L i t t l e Rock
6
22
692
994
7,651
553
2,677
2,080
5,213
42
256
2,729
4,674
1,588
4,498
10,318
105
244
135
20
49
479
1,213
759
83
143
644
595
684
51
106
1,590
1,46 1
l,8S8
85
179
431
6 16
1,510
57
1 15
680
1,151
2,644
55
144
232
252
l,C35
46
23
645
808
2,888
123
34
2,283
2,98 5
4,324
330
396
5, 198
8,067
10,293
701
710
6,963
707
3,203
786
1,982
1,927
3,295
1,604
5,030
7,956n
39
29
38
3
598
168
202
168
4
2,661
151
44
96
46
449
252
98
184
149
1,299
219
278
184
132
1, 114
232
550
287
415
1,81 1
72
321
102
59
1,050
188
1,023
242
93
3,484
704
1,474
• 556
410
4,812
1,285
4,280
1, 128
1,008
12,772
239
983
935
2,281
1,422
2, 130
8 20
2,514
'Tjso -
13,886
28
56
77
78
97
253
340
293
146
350
86
353
332
798
257
894
947
295
335
553
262
141
75
342
922
465
239
888
1,362
1,503
1, 188
2,127
3, 140
3,185
2,712
4,849
292
952
1,420
3,387
1,088
1,636
708
2,181
5,491
12,710
12 1
16
88
29
147
32
70
300
81
476
104
43
210
283
724
144
100
402
97
259
86
204
192
536
123
381
200
93
16
159
47
372
21
226
28
537
86
1,249
55
483
317
1,286
679
2,485
241
1,085
778
2,876
1,628
5,790
550
1,008
4,313 15,605
48,324
1
42
256
576
223
2 19
404
162
527
1
56
460 i 3,091 1 5,961
23,081
4,820
8,953
95
3,240
21
._
338
115
463
774
1,561
136
3,356 1 8,886
Oregon..
Utah
Washington
4 28
3 66
20,473
445
2,407
247
347
3,517
3.32
5.63
2.91
24,969
1,804
3, 178
2, 104
355
210
1,821 1 4,020
No. I I—Portland
4,272
1,894
350 ! 842
733 | 1,374
731 1,541
950 2,221
Nebraska
6, 166
1,06 1
596
2,764 ! 5,978
Texas
No. 10—Topeka
1,6 57
1,331
68 1
223
802
136
170
1,601
Mississippi
2,012
238
139
2,932
_
377
8,006
2,727
871
1,236
960
156
103
North Dakota
1 74
13 16
6 86
2 45
3.92
4.58
2 95
4.78
28,386
1,674
2,056
5 83
2.33
2.73
25,263
447
741
3,326
Iowa
3 85
2 18
40,591
38 1
2,868
427
2,699
1,071
._
4.53
3.02
4.62
3.68
3.05
3.69
8,886 "T57o~24~j
3,770 10,733
Wi scons in
$ 3.85
32,292
II
446
566
22,389
126
232
4,536
52
538
8,295
120
130 j 288
142
373
929
401
; 564
223
847 1,707
78 j
159
266
8,56 1
59
I
i
3
46
3,035
10
163
5,762
36
26
1 II
136
416
51
946
1 1
552
189
1,605
4,082 14,930
46,362
42
357
123 1
3 04
4 00
3.48
4 83
4 09
2 47
2.35
1.75
3.37
1.74
3.8 1
3.68
4. 17
2.71
3.42
3 53
4.24
2.34
3.94
4.15
4.60
3 61
4 77
9.17
4.78
Based upon county reports submitted through the cooperation of sav nas and loan associations, the U. S. ______ and Loan League, the Mortaaoe
Savings
Bankers Association, and the American T i t l e Association.
1
394
Federal Home Loan Bank Review
Table 73.—Estimated volume of nonfarm mortgages recorded, $20,000 and under, by type of mortgagee
[Amounts are shown in thousands of dollars]
Savings and
loan associations
Insurance
companies
B a n k s and
trust
!
companies
Mutual
savings
banks
Individuals
All
mortgagees
Other
mortgagees
Period
Total
Percent
Total
Number:
1939: J u n e 1
July
August
September. _
October
November, _
December
1940: J a n u a r y
February
March
April
May
June
38, 964
41, 048
44, 224
41,946
42, 091
38, 671
38, 018
30, 005
31,015
38, 734
44, 188
49, 166
45, 564
33. 2
34. 6
35.3
35. 6
34. 6
33. 3
33.6
31. 3
32. 8
34.7
35.4
36.3
36. 0
5, 114
5,946
6,014
5,352
5,636
5,443
5, 694
4,392
4, 240
4,631
5,484
5,887
5,922
Amount:
1939: J u n e i
July
August
September __
October
November..
December
1940: J a n u a r y
February
March
April. _
May
June
$96, 996
105, 890
112,516
104, 548
105, 229
98, 889
95, 724
74,711
76, 944
96, 244
110, 787
123, 485
116,595
30. 2
32. 1
32.6
33.0
31.6
30. 4
30. 2
28. 4
30. 1
32.0
32. 5
33. 1
32. 8
$24, 437
29, 777
30, 796
28, 086
28, 503
28, 286
28, 990
21,989
21, 350
23, 084
27, 091
29, 075
28, 909
1
Per- !
cent . T o t a l
4. 4
5.0
4.8
4. 5
4.6
4.7
5. 0
4. 6
4. 5!
4.2
4. 4
4. 3
4. 7
Per- |
cent T o t a l
25. 691 21. 9!
22, 860 19. 3
24, 750 19.7
23, 627 20. 0
25, 589 21. 0
24, 5941 21. 2!
24, 433 21. 6;
2 1 , 0 6 1 22. 0!
20, 110 21. 2!
24, 288! 21. 7
2 6 , 7 1 1 21. 4
28, 495 21. 0;
26, 986; 21. 3
i
1
I
7. 6IS82. 324!
9 . 0 74, 960
8.9 80, 049
8.9 74,5771
8. 6 84, 678!
8.7 80, 484
9 . 2 80,971;
8.4 66, 342!
8. 4 62, 065
7.7: 75, 650
8.0; 82, 569
7.8! 91, 164
8. l i ST. 552
3,-719
3,909
3, 908
3,924
3,718
3,994
3,692
2,675
2,548
2,823
3,465
4, 111
4, 237
25. 7!$13. 509
22.7. 13, 679
23. 2 13, 844
2 3 . 5 13, 470
25. 4 12, 966
24. 7 14, 571
25. 6 13, 550
25. 3 10, 520
24. 3 9,485
25. 2 10, 543
24. 3 13, 122
24. 5 15, 394
24. 6: 16, 493
Total
Percent
Total
Percent
27,
30,
31,
29,
29,
27,
27,
24,
24,
27,
29,
30,
27,
929
209
174
055
577
955
034
884
193
658
532
704
896
23. 8
25. 4
24. 9
24. 7
24.3
24. 1
23. 9
25. 9
25. 6
24. 7
23. 7
22. 7
22. 0
15, 902
14, 693
15, 339
14, 009
15, 195
15, 336
14, 370
12, 844
12, 548
13, 655
15, 341
17,219
16. 126
13. 5
12. 4
12.2
11.9
12. 5
13. 2
12. 7
13.4
13. 2
12. 2
12. 3
12. 7
12. 7
4. 2 $52,
4 . 2 58,
4 . 0 58,
4 . 2 53,
3 . 9 53,
4. 5 52,
4 . 3 49,
4 . 0 48,
3 . 7 45,
3 . 5 51,
3.9 56,
4. 1 58,
4. 7 52,
799
056
826
018
909
183
677
026
333
596
561
372
973
16. 5 $50, 748
17. 6 47, 621
17.0 49, 549
16. 7 43, 457
16. 2 47, 794
16. 1 50, 699
15.7 47, 629
18.3 4 1 , 0 9 5
17.7 40, 451
17.2 43, 303
16. 6 50, 203
15. 7 54, 981
14. 9 52, 941
Percent
3. 2
3.3
3. 1
3.3
3.0
3.5
3. 2
2.8
2. 7
2.5
2. 8
3.0
3. 3
Combined
total
Percent
117, 319
118,665
125, 409
117,913
121,806
115,993
113,241
95, 861
94, 654
111,789
124, 721
135, 582
126, 731
100. 0
100. 0
100. 0
100.0
100.0
100. 0
100.0
100. 0
100.0
100. 0
100. 0
100.0
100. 0
15. 8 $320, 813
14. 4 329, 983
14. 3 345, 580
13. 7 317, 156
14. 3 333, 079
15. 6 325, 112
15. 0 316,541
15.6 262, 683
15. 8 255, 628
14. 4 300, 420
14. 7 340, 333
14. 8 372. 471
14.9 355, 463
100. 0
100.0
100.0
100.0
100.0
100.0
100. 0
100. 0
100.0
100.0
100.0
100. 0
100. 0
Revised.
P R O P O S E D A M E N D M E N T TO R U L E S AND R E G U L A T I O N S
Resolutions of the Board
FOR F E D E R A L SAVINGS AND LOAN SYSTEM,
TO
PROPOSED AMENDMENTS
PERCENTAGE
OF APPRAISED
VALUE
RELATIVE
ON
LOANS
BEYOND T H E 50-MILE A R E A .
P R O P O S E D A M E N D M E N T TO R U L E S AND R E G U L A T I O N S
FOR I N S U R A N C E O F ACCOUNTS, R E L A T I V E TO P E R C E N T AGE
OF APPRAISED
VALUE
ON LOANS
BEYOND
THE
50-MILE A R E A .
On June 28, 1940, the Board of Trustees of the
Federal Savings and Loan Insurance Corporation
adopted a resolution proposing to amend Insurance
Regulation 301.11 (d) (4) to permit all insured institutions to extend the maximum percentage of
appraised value that may be loaned beyond the
50-mile limit to 75 percent. The proposed amendment substitutes the figure '75' for the figure '66%'
where it appears in the second sentence of paragraph
(4) of this section.
August 1940
The Federal Home Loan Bank Board on the same
day adopted a resolution proposing to change
Federal Regulation 203.12 (c) (3) by an amendment
of similar purpose. This proposed amendment
repeals paragraph (3) which now limits to 6673
percent the maximum percentage of appraised value
that may be loaned by Federals beyond the 50-mile
area, and renumbers paragraph (4) to paragraph (3).
Since all Federals must be insured, their operations
in this respect will be governed by the preceding
amendment to the Insurance Regulations, if adopted.
In accordance with regulations, these proposed
amendments will not be approved until at least 30
days after mailing to the Advisory Council.
395
Supplemental
Balance
sheet
item
.Con.oli4. e «4
Table A — S t a t e m e n t of condition of
Boston
Combined
New
York
Pittsburgh
ASSETS
CASH:
On Hand
On deposit with:
U. S. Treasurer
Commercial Banks
Commercial Banks - Certificates of Deposit
F. H. L. Bank of New York, Agent
Other Federal Home Loan Banks
Total Cash
Oeposit with U. S. Treasurer for matured obligations
*
5,484.32
$
5,484.32
$
500.00
$
500.00
$
5,185,047.64
241.388.75(a)
0
1,250.00
2.000.000.00
7,428,l86.39(a)
0
1,200.00
54,856,103.91
9,207,287.55
2,207,081.93
5,505,923.54
157,397,047.16
157,397,047.16
5,742,629.00
17,834,544.93
14,913,220.55
0
221,783.16
263,173.25
570.27
485,526.68
124.32
221,783.16
263,173.25
570.27
485,651.00
0
32,649.17
5,721.98
0
38,371.15
95.63
14,952.51
44,212.10
0
59,260.24
0
24,926.65
47,738.46
40,993.40
150,000.00
7,048-59
7.32
193,049.81
40,993.40
150,000.00
7,048.59
7.82
198,049.81
0
9,501.21
515.73
0
10,016.94
0
13,408.82
1,118.99
0
14,527.81
6,020.76
14,530.80
503.49
21,055.05
5,892.45
1,700.00
7,592.45
5,892.45
1,700.00
7.592.45
379.15
0
373.15
250.00
0
250.00
1,983.91
0
1,983.91
$260,067,459.35
$262,754,031.17
$20,014,963.50
$27,543,851.30
$21,687,730.07
$ 28,102,032.02
5,012,835-18
56.953.61
0
33,171.320.31
$ 23,102,032.02
5,012.835.18
56,953.61
2.700.000.00
35,871,820.81
$ 2,657,457.95
282,000.00
675.00
0
2,940,132.95
$ 2,520,915.13
154,400.00
4,475.00
0
2,679.790.18
$
23,531.33
0
159.166.64
187.343.47
23,531.83
124.32
159.166.64
137,972.79
6,041.55
0
0
6,041.55
122.04
0
0
122.04
339.692.13
142.508.49
542,200.62
ADVANCES OUTSTANDING - Members
ACCRUED INTEREST RECEIVABLE
Peposits - other F, H. L. Banks
Investments
Advances to members
Other
Total Accrued Interest Receivable
__
DEFERRED CHARGES:
Prepaid debenture expense
Prepaid assessment - F. H. L. 8. Board
Prepaid surety bond and insurance premiums
Other
Total Deferred Charges
_
OTHER ASSETS:
Accounts receivable
Miscellaneous
Total Other Assets
_ ._
TOTAL ASSETS
AND
2,980,197.73
2,034,331.98
0
1,250.00
0
5,016,279.71
0
54,856,103.91
INVESTMENTS:
U. S. Government obligations and securities fully guaranteed by
United States
LIABILITIES
35,265,505.86
11,463,596.66
360,000.00
15,000.00
2,700.000.00
49,809,586.84
0
399,592.13
142.508.49
542,200.62
62,337.50
20,096.16
82,433.66
35t265.505.86
11,463,596.66
360,000.00
15,000.00
0
47,109,586.81
'13,552.50
273,922.67
896,509.24
0
1,250.00
0
1,172,881.91(b)
0
0
72,665.11
I
0
CAPITAL
LIABILITIES:
DEPOSITS:
Members - time
Members - demand
Applicants
Other Federal Home Loan Banks
Total Deposits
ACCRUED INTEREST PAYABLE:
Deposits - members
Deposits - other F. H. L. Banks
Consolidated Debentures
Total Accrued Interest Payable
_
... _
__
___
__
DIVIDENDS PAYABLE:
U. S. Government
Members
Total Dividends Payable
0
0
0.
960,899.32
125,000.00
18,678.61
1,104,577.93
2,552.26
0
22,500.00
25,052.26
O
0
0
1,504.70
0
0
208.34
PREMIUMS ON CONSOLIDATED DEBENTURES
13.020.36
13,020.35
0
0
781.25
'CONSOLIDATED DEBENTURES:
2% Series C due Decenber 1. 1940
2% Series D due April 1, 1943
Total Consolidated Debentures
25.000.000.00
23.500,000.00
48,500.000.00
25.000.000.00
23.500.000.00
43,500,000.00
0
0
0
0
0
0
1,600,000.00
4,000,000.00
5,500,000.00
5.000.00
3.552.50
13.552.50
$ 82.429,947.96
0
0
0
0
0
0
0
0
0
0
0
0
$ 35.1 IS.519.78
$ 3,028,608.16
$ 2,679,912.22
$ 6,630,619.78
$ 42.517,200.00
30,700.00
42.647.300.00
15.425.00
42,632.475.00
$ 42.617.200.00
30.700.00
42.647,900.00
15.425.00
42.632.475.00
$ '1,063,700.00
0
4,063,700.00
0
4,063,700.00
$ 4,845,000.00
0
4,845,000.00
0
4,845,000.00
$ 2,757,000.00
3,900.00
2,761,500.00
2,100.00
2,759,400.00
124.741.000,00
IC7.373.475.00
124.741.000.00
JC7.373.475.00
12,407,500.00
16,531,200.00
18,963,200.00
23,308,200.00
11,146,300.00
13,905,700.00
4.90?.573.39
901.701.25
5,SI0.3"5.I4
4.903.673.89
901,701.25
5.310.375.14
306,365.02
0
306,365.02
629,260.84
104,893.21
734,154.05
456,682.29
0
456,682.29
4.453.651.25
I0.264.03C.33
SI77.C37.5il.39
u,453.661.25
110.264.036.39
$•77,63^.511.39
148.790.32
455,155.34
$16,980,355.34
321.585.03
1,055,739.08
$24,863,939.08
694,728.00
1,151,410.29
$15,057,110.29
$250,0->59.35
::*2,754.03I.I7
$20,014,963.50
$27,543,851.30
$21,687,730.07
ACCOUNTS PAYABLE
_
___._.
MATURED OBLIGATIONS:
Consolidated debentures
Interest on consolidated debentures
Total Matured Obligations
Total Liabilities
CAPITAL:
CAPITAL STOCK (PAR):
Members (fully paid)
_
_
_
Total
Less* Unpaid subscriptions
_
_ .
__ _
U. S. Government (fully paid)
Total paid in on Capital Stock
SURPLUS:
Reserve as required under Section 16 of Act
Total Surplus
UNDIVIDED PROFITS'
TOTAL LIABILITIES AND CAPITAL
(a)
(b)
. _
_
.
. .
1 .504.70
1
As of June 30, 1940 the Hew v0rk Bank administered as Agent for the 12 3an'<s 3- i-D'est - ;*d o- 315.000, from which debenture expenses, other than brokerage commissions
In addition the'Pittsburgh Bank on June 30. 1040. held in trust for certain associations " iltoona, Pennsylvania, the sum of $569,363.73 representing proceeds of
Consolidated Federal Hone Loan 8ank debentures issued by the Federal Home Loan 3a-< Soa-j i-: "ow outstanding are the joint and several obligations of all Federal
396
Federal Home Loan Bank Review
the Federal Home Loan Banks as of June 30, 1940
Win-ton-Salcn
$
Cincinnati
10.00
$
510.00
$
2,154.31
2,393,055.34
840,220.39
0
1,250.00
0
3,234,535.73
0
5,230,011.41
900,301.69
0
1,250.00
700,000.00
6,832,073.10
0
2,421,557.80'
750,146.01
360,000.00
l,250 l . 00
0
3,535,108.12
0
$
$
300.00
$
25.Of
Rock
25.00
3,303,471.55
70.219.42
0
f.250.00
0
3,380,965.98
0
3,206,232.19
5,140.783.27
0
1,25 C 0 0 '
C
8,348,565.76
0
Port
Toreka
L i t t l e
Chicago
Indianapolis
$
$
25.00
0
737,445.74
210,000,00
0
1,250.00
0
948,695.74
0
2,319,882.25
4,917.40
4,843,275.21
0
0
1,250.00
0
4,844,550.2!
0
Los
land
1,250.00
0
2,326,074.65
0
Angeles
$
235.00
2,365,406.03
374.778.51
0
1,250.00
0
2,741,669.54
0
1,519,182.90
8,448,878.48
4,440,000.00
t,367,000.00
2,200,000.00
1,938,750.00
1,355,000.00
3,214,687.50
14,644,948.53
9,421,954.95
25,056,486.23
14,369.080.00
6,692,327.62
9,122,588.58
6,785,386.61
15,803.643.16
0
6,044.41
47,111.42
0
53,155.83
0
53,605.75
41,854.28
0
95,488.72
28.69
27,711.65
4,605.59
0
32,887.51
0
17,308.8!
•5,926.18
570.27
23,234.99
0
U , 086.2 5
1:1,7(0.54
0
22.796.79
0
10,556.94
14,282.04
0
24,838.98
0
11,706.04
13,597.36
0
25,303.40
0
2,427.85
16,430.79
0
JS,858.64
0
8,807.13
9,982.51
0
18,789.64
4,479.45
12,762.38
313.C5
7.82
17,563.30
4,392.34
17,085.25
1,312.74
0
22,790.33
4,131.82
11,922.06
426.64
0
16,480.52
6,902.79
19,368.82
207.38
0
26,478.99
7.229.27
12,650.98
436.07
0
20.316.32
2,236.18
9,884.14
506.34
0
12,626.66
3,010.52
9,745.97
476.65
0
13,233.14
0
6,261.69
475.22
0
6,736.91
2,590.27
12,877.88
755.69
0
16,223.84
130.00
1.050.00
1,180.00
582.55
0
582.55
153.90
0
153.90
275.00
75.00
350.. 00
0
0
0
102.05
0
102.05
0
0
0
75.00
0
75.00
1,960.89
575.00
2,535.89
$21,835,854.76
$35,048^195.24
$21,455,463.48
$37,895,115.97
$19,160,159.09
$13,774,445.52
$13,425,949.77
$9,114,752.90
$21,797,549.57
$ 1,401,806.68
0
4,975.00
0
1,406,781.68
$ 4,609,500.00
3,012,902.24
14,100.00
0
7,636,502.24
$ 6,587,424.50
183,716.92
0
0
6,771,141.42
$ 6,481,178.fl
0
4. I5 0.CC
C
6,485,328.81
S
914,000.00
56,320.95
0
0
^970,320.95
0
682,500.00
175.00
700.000.00
1,382,675.00
$ 1,016,000.00
419,262.35
4,800.00
2,000,000.00
3,440,062.35
5,562.71
17,500.00
23,062.71
116.00
0
17,083.33
17,199.33
11,235.80
0
15.833.32
27,069.12
2,876.82
0
28.333.33
31,210.15
. 54.47
0
27.500.00
27.554.47
0
0
8,333.33
8,333.33
120.18
0
11,250.00
11.370.18
0
28.69
0
28.69
0
95.63
[0^833.33
10,928.96
0
0
0
i
13,452,312.01
17,010,237.00
63,878.50
38,410.27
102,288.77
32,887.00
14,576.61
47,463.61
70,869.50
23.113.38
93,982.88
46.218.13
15,242.93
61.461.06
43,862.00
10,377.31
54,239.31
0
0
0
29,800.00
5.887.76
35,687.70
49,839.50
14,804.07
64,643.57
o
0
73,254.83
0
0
73,254.83 "
952,849.58
23.477.89
4.925.00
0
381,252.47
$
"'
'
25.00
40.56
C
0
0
0
1,200.00
30.80
1,432.24
1,041.77
4, I6C.67
1.562.50
2G0.52
390.47
0
1,822.94
2,750,000.00
2.500.000.00
5,250,000.00
2,000,000.00
2.500,000.00
4,500,000.00
8,000.000.00
3,000,000.00
11,000,000.00
3.000.000.00
4.500.000.00
7.500,000.00
500,000.00
1,500,000.00
2,000,000.00
750,000.00
2,000,000.00
2,750,000.00
0
0
0
3,500,000.00
l,000,OOC.OO
4,500,000.00
6,931,406.89
0
0
0
13,007,447.58
0
0
0
11,346,756.48
0;
0
0__
17,614,688.51
0
0
0
E.571,830.50
0
0
0
2,136,087.99
0
0
0
3,732,081.60
0
0
0
1,419,591.45
0
0
0
8,017,488.62
4,513,800.00
3,000.00
4,516,800.00
1,750.00
4,515,050.00
7,810,100.00
11.100.00
7,821,200.00
4.775.00
7,816,425.00
2,961,600.00
500.00
2,962,100.00
375.00
2,961,725.00
4,810.400.00
1,800.00
4,812,200.00
1,025.00
4,811,175.00
2,532,600.00
fj6.00.00
2.534,200.00
1.200.00
2.533,000.00
2,125,600.00
0
2,125,600.00
0
2,125,600.00
1,779,200.00
0
1,779,200.00
0
1,779,200.00
1,274,000.00
800.00
1,274,800.00
200.00
1,274,600.00
3,143,600.00
8,000.00
3,151,600.00
4,000.00
3,147,600.00
9,208,200.00
13,723,250.00
12.775.700.00
20,592,125.00
6.577.400.00
9,539,125.00
14,173.900.00
18,985,075.00
-.394.900.00
9.927.900.00
8,772,400.00
10,898,000.00
7,333,600.00
9,112,800.00
5,960,000.00
7,234,600.00
9,967,900.00
13,115.500.00
420,045.21
152,334.49
572,379.70
789,460.46
194.473.55
983,934.01
304,908.25
0
304,908.25
672,802.4f
0
672.802.45
321.571.38
150.000.00
•+"1,571.38
311,975.28
0
311,975.28
218,713.21
0
218,713.21
193,286.25
200,000.00
393,286.25
283,603.22
100,000.00
383,603.22
608.818.17
1,181.197.87
$14,904,447.87
464,688.65
1.448.622.66
$22,040,747.66
264.673.75
569.582.00
$10,108,707.00
622.549.98
1,295,352.46
$20,280,427.46
J8f.857.2l
C60A28.59
*IO.:RP,328.59
428,382.25
740,357.53
$11,638,357.53
362,354.96
581,068.17
$ 9,693,868.17
67.275.20
460,561.45
$ 7.695,151.45
280,957.73
664,560.95
$13,780,060.95
$21,835,854.76
$35,048,195.24
$21,455,463.48
$37,895.115.9"
$19.'CC.159.09
$13,774,445.52
$13,425,949.77
$ 9.114,752.90
$21,797,549.57
0
.
1,562.50
3,000,000.00
2.500,000.00
5,500,000.00
0
L
f
1
1
f
J
o
0
i
r
and interest are paid. In addition the New York Bank held as Agent $122.£0 *z
RFC loans in connection with a plan of reorganization.
Home Loan Banks.
August 1940
~
tre tc,.~ent ot premiums on employees' group life insurance in the several Banks.
397
Supplemental Table B.—Statement of profit and loss for the Federal
Consolidated
6R0SS OPERATING
Interest earned
I n t e r e s t earned
I n t e r e s t earned
I n t e r e s t earned
$ 2,084,654.32
490,811.44
0
570.27
$2,084,654.32
490,811.44
3,541.68
570.27
$ 71,769.94
79,331.61
833.34
0
2,576,036.03
INCOME:
on advances
on investments
on deposits - other F. H. L. 8anks
on deposits - commercia 1 banks
Combined
2,579,577.71
151,934.89
Gross Operating Income
LESS - OPERATING CHARGES:
Compensation, Travel, etc. (Detail below)
Interest on debentures
Z_Z
Debenture expense - commissions
Debenture expense - other
Interest on deposits - members
Interest on deposits - other F. H. L. B a n k s 7
Assessment for expenses of F. H. L. B. Board
ZZ
Z ZZZ_ZZZ
Z_Z
482,507.53
469,374.98
16,291.57
8,184.88
121,058.23
0
150,000.00
:
_
,
I
"_"_"
~
~
~~ :
'
iOD - NON-OPERATING INCOME:
Profit on Sale of Investments
Miscellaneous
1,3237678/79
482,507.58
469,374.98
16,291.57
8,184.88
121,058.23
3,541.68
I 50,000.00
;
1,247,417.24
:
Total Operating Charges
NET OPERATING INCOME
Boston
T^2sJ\s779
$
sburgh
213,441.34
51,490.29
__1
59,358,
54,062.
1,624,
682.
682.07
10,845.67
C
15,618.87
5,381
597
13,595,
93,113.33
143,244.42
29,361.45
146.81
0
0
29,508.26
0
7.516.79
7,516.79
0
$ 1.350.610.26
$1,350,610.26
$106,182.62
$
NET INCOME
Pi tt
218,574.86
16,291.77
1,491.12
0
45,752.27
29.508.26
Total Noa-operating Income
LESS - NON-OPERATING CHARGES:
Premium charged off on investments
$
York
7067782762""
'
29.361.45
145.81
'_
New
30,251.81
0
0
^82.07
6,329.97
0
8,488.42
1,250,953.92
'
'
$
$
$129,628.49
DETAIL OF COMPENSATION, TRAVEL AND OTHER EXPENSES:
COMPENSATION:
Directors' fees
Officers' salaries
Counsel's compensation___ _
_
Other salaries
77
__
7"
7"
I
"
I
Total Compensation
315,402.04
20,170.00
138,349.98
24,025.00
132,357.06
$
1,200.00
13,125.00
1,600.00
4,600.00
2,880.00
12,649.98
3,000.00
23,179.00
315,402.04
20,525.00
14,927.93
15,404.85
9,348.98
14,927.93
15,404.85
9,348.98
506.36
1,201 .44
41.05
1,002.86
2,063.85
2,252.12
39,581.76
39,681.76
1,748.85
10,105.34
11,205.67
4,187.89
14,063.55
12,472.84
4,244.86
28,495.54
22,549.13
20,098.96
4,187.89
14,063.55
12,472.84
4,244.86
28,495.54
22,549.13
20,098.96
450
298
236
957
909
210
1 ,249
1 .242
2 ,423
1,274.44
1,970.26
1,338.62
3,217.15
1,764.20
567.00
4,174.98
3,074.17
1,558.09
Total Travel Expense
_7_7
L i g h t , power, e t c .
.
S t a t i o n e r y , p r i n t i n g ' a n d supplies
Insurance and surety bond premiums". _ I
F u r n i t u r e and f i x t u r e s purchased
Rent, less r e n t a l charged Examining D i v i s i o n - F. H. L. 8. Board
Services of Examining D i v i s i o n
_
M i s c e l l a n e o u s o p e r a t i n g expense
Total Other Expenses
$
91
06
54
14
50
II
98
45
27
482.507.58
$
SL'RPLL'S - RESERVE FOR CONTINGENCIES:
Credit 8alance - December 31, 1939
Credit Balance - June 30, 1940
~_
__
_
7
UNDIVIDED'PROFITS:
Credit Balance - December 31, 1939
Add: Profit first half 1940
,
December 1939' Dividend adjustment-members
Total Additions
~_~_ . 7 — 7 7 7 7 7 7 7 . . 7
Deduct: Dividends declared June~30, 1940 - U. S. Government
-Members
Allocation to legal reserve
Allocation to reserve for contingencies
Total Deductions
"_'_
~
Credit Balance - June 30, 1940
TOTAL SURPLUS AND UNDIVIDED PROFITS
1,282.57
1,006.49
84.11
1,052.45
1,017.59
546.49
3,763.08
3,609.96
1,698.63
14,061.37
7 ,977 96
18,938.91
$ 30 ,251 81
: 65,966.72
!
SURPLUS - RESERVE SECTION 16 O ACT:
F
C r e d i t Balance - December 3 1 , 1939
Add:
20% net earnings f i r s t h a l f mo'_
Credit Balance - June 30, 1940
1,636.41
1.742.56
909.83
482,507.58
Analysis
41,008.75
41,708.9
127,423.78
127.423.78
TOTAL
398
1,575.00
10,650.00
2,800.00
25,983.75
5,318.83
10.105.34
11,205.67
$
]
TRAVEL EXPENSE:
Directors
Officers
Other
OTHER EXPENSES:
Telephone and telegraph
Postage and express
20,170.00
138,349.98
24,025.00
132,857.06
$4,633,551.83
_270,I22.06_ I
4.9087573.89 ~ r~
901.701.25
" " 901.701.25"
4.079.223.52
1,350,610.26
~?•!!__
I .350.6 17'. 6 3
531,17-:.13
174.886.71
270,122.06
0 ;
976.184.90
$4,633,551.83
270.^22^06
47903,673.89
I
|
'
"
;
$285,128.49
21,236.53
3bC~365".02"
901.701.25
'~90f,70T.25~
'
$600,611.95
I
2 8 6 l J l 8 8 9
i
- _!
"629,260.84 ]
325,469.69
143,244.42
106.182.62
62,337.50
20,096.16
21.236.53
0
103,670.19
$4,453,661.25
$10.254.036.39
Surplus
146,277.89
106,182.62
1,350,617.63
531,176.13
174,886.71
270,122.06
0
976.184.90
$4,453,661.25
59,358.92
$430,756.59
25,925.70
456,682729"
J 04,893.21
104,893.21"
4,079.228.52
1,350,610.26
7.17_
$10,264,035.39
"
of
$
143,244.42
94,816.00
23.664.19
28,648.89
0__
147,"129.08 7
$148,790.32
j
$321,585.03
$455,155.34
$1,055,739.08
591,025.21
129,628.49
129,628.49
0
0
25,925.70
0
25.925.70
$694,728.00
I
$1,151,410.29
Federal Home Loan Bank Review
Home Loan Banks for the period Jan. 1 , 1940, through June 30, 1940
|
I n d i a n a p o l i s
|
i
|
i
!
$131,736.54
67,809.24
0
570.27
1
\
;
3[3,340.90_ _ |
Cincinnati
Winston-Salem
Des
Chicago
L i t t l e
Moines
Rock
P o r t l a n d
Los
Angeles
j
T O J J U
j
$134,022.83
23,611.62
0
0
$ 69,270.46
$195,943.90
14,105.31
30,636.89
0
T
$
$
202.084.02
19,869.50
0
0
221,953.52
|
39,642.79
53,125.00
1,874.94
682.08
5,765.69
196.72
11,376.85
206,899.09
106,262.85
178.96
0
338,699.25
32,561.71
1,038.26
0
$196,582.35
19,270.53
0
0
$105,629.74
29,570.12
0
0
200JI6.05
372,299.22
215,852.88
135,199.36
157.534.45
83,375.77
226,580.79
30,327.07
43,749.98
1,458.36
682.08
22,947.96
218.58
10,810.05
44,061.03
105,000.00
4,083.33
682.07
44,354.68
0
20,124.40
30,379.39
73,125.00
2,374.98
682.07
4,329.04
628.42
11,605.96
35,939.42
19,687.52
583.32
682.08
0
28,612.60
27,031.22
812.48
682.07
5,615.78
0
9,062.02
25,002.31
0
0
682.07
0
28.69
9,292.82
39,663.42
42,812.52
1,708.34
682.07
4,465.63
1,871.59
11,708.82
110,194.08
218,305.51
123,124.86
65,336.03
71.816.17
35,005.89
I02,9i2.39
92,728.02
69,863.83
85.818.28
43,369.88
123,668.40
53,302.10
50,781.24
1,770.84
682.08
11,022.13
0
19,872.79 _
!
i
i
:
137,431.18
! 12,654.07
153,993.71
89,921.97
175,909.72
109,289.45
$
o
8,443.69
;
:
0
•
0
0
0
0
7,520.82
0
0
146.81
0
0
21,840.63
0
0
0
0
0
0
0
0
0
7^_520.82
146.81
0
21,840.63
0 ___
0
0
1
°'
0
109,289.45
i.
$
175,909.72
!
!
$
i
I
1,220.00
10,000.00
1,200.00
12,517.00
2,450.00
15,900.00
2,500.00
13,923.53
j
24,937.00
I
i
I
1,343.17
1,566.38
1,870.54
I
4,780.09
0
0
0
0
154,140.52
$ 92,728.02
$ 91,704.46
$ 85,818.28
$ 48,369.88
$123,668.40
$
$
$
$
$
$
!
1,420.00
12,925.00
2,500.00
11,160.00
$ 89,926.00
$
0
$
7,516.79
$
_ __°__„
i
j
j
$
1,050.00
9,050.00
1,500.00
7,769.20
|
1,800.00
11,850.00
1,625.00
3,690.00
1,650.00
14,050.00
1,650.00
8,082.75
1,540.00
8,750.00
1,500.00
7,530.00
1,960.00
7,700.00
1,20 0.00
4,647.83
1,425.00
11,700.00
2,950.00
9,774.00
34,773.53
19,369.20
!
28,005.00
18,965.00
25,432.75
19,320.00
15,507.83
25,849.00
!
!
!
1,513.35
1,221.91
545.75
644.63
930.87
954.93
|
j
814.52
429.87
971.90
1,321.67
1,360.91
93.40
1,935.55
1,423.10
208.94
1,260.35
847.54
200.10
1,940.13
744.99
1,153.67
1,008.93
1,871.43
146.75
J
3,281.01
2,530.43
2,216.29
2,775.98
3,567.59
2,307.99
3,838.79
3,027.11
;
983.36
1,165.76
444.28
1,974.08
1,484.59
962.52
4,200.02
1,954.68
2,078.27
636.29
729.32
291.51
631.28
909.70
215.48
1,590.00
1,696.34
1,727.52
738.29
1,498.58
879.69
781.80
1,076.76
147.59
5,100.00
2,869.04
747.99
532.67
872.46
164.75
518.33
742.01
226.80
1,999.98
1,225.59
2,355.82
1,046.59
730.24
316.65
815.54
1,151.32
218.49
900.00
584.65
1,175.60
472.45
430.38
0
626.10
794.04
115.20
2,100.00
1,201.05
1,245.39
397.04
450.00
0
418.77
765.34
365.68
1,350.00
785.08
1,123.78
1,304.94
1,139.57
303.20
1,752.11
1,239.69
500.00
635.00
2,020.85
1,891.95
985.79
914.55
128.54
1.318.80
eis.io
169.50
1,432.50
2,285.27
2,072.65
!
1
j
1
15,247.56
8,427.44
13,839.74
8,638.41
6,939.08
6,984.61
5,655.69
10,787.31
53,302.10
$ 30,327.07
$
44,061.03
$ 30,379.39
$ 35,939.42
$ 28,612.60
$ 25,002.31
$ 39,663.42
754,278.52
35.131.94
789,460.46
$286,923.05
17,985.20
304,908.25
$
641,974.38
30,828.10
672,802.48
$303,025.78
18.545.60
321,571.38
$293,634.39
18,340.89
311,975.28
$201,549.55
17,163.66
218,713.21
183,612.27
9,673.98
193,286.25
$ 258,869.54
24,733.68
283,603.22
152,334.49
152,334.49
194,473.55
194,473.55
0
0
0
0
150,000.00
150,000.00
0
0
0
200,000.00
200,000.00
100,000.00
100,000.00
521,385.61
109,289.45
-0.—
109,289.45
0
0
21,857.89
0
21,857.89
426,249.64
175,909.72
7.37
175,917.09
63,878.50
38,417.64
35,181.94
0
137.478.08
240,196.56
89,926.00
0
89.92C.00
32,887.00
14,576.61
17,985.20
0
65,448.81
593,220.44
154,140.52
0
154,140.52
70,869.50
23,113.38
30,828.10
0
124,810.98
176,135.85
92,728.02
0
92,728.02
46,218.13
15,242.93
18,545.60
0
80,006.66
409,257.99
91,704.46
0
91,704.46
43,862.00
10,377.31
18,340.89
339,075.00
85,818.28
0
85,818.28
36,668.00
8,706.66
17,163.66
0
62,538.32
64,267.06
48,369.88
0
48,369.88
29,800.00
5,887.76
9,673.98
0
45,361.74
246,666.58
123,668.40
0
123,668.40
49,839.50
14,804.07
24,733.68
0
89,377.25
608,818.17
464,688.65
264,673.75
622,549.98
188,857.21
428,382.25
362,354.96
67,275.20
280,957.73
,131,197.87
$1,448,622.66
$569,582.00
$1,295,352.46
$660,428.59
$740,357.53
$581,068.17
$460,561.45
$664,560.95
1
9,925.70
$
j
$
39,642.79
de d
$
Profits
398.187.32
21,857.89
420,045.2!
_
$
August 1940
I
o
o
72,580.20
_j
$
399
Directory of Member, Federal, and
Insured Institutions
I. I N S T I T U T I O N S A D M I T T E D T O M E M B E R S H I P I N
T H E F E D E R A L H O M E LOAN BANK SYSTEM
B E T W E E N J U N E 16 A N D J U L Y 15, 1940
III. I N S T I T U T I O N S I N S U R E D BY T H E F E D E R A L
SAVINGS A N D LOAN I N S U R A N C E C O R P O R A T I O N
B E T W E E N J U N E 16 A N D J U L Y 15, 1940
PENNSYLVANIA:
D I S T R I C T NO. 3
Willow Grove:
Willow Grove Federal Savings & Loan Association, 75 North York Road.
NORTH CAROLINA:
D I S T R I C T NO. 4
Greensboro:
Home Building 6z Loan Association, 232 West Market Street.
(Listed by Federal Home Loan Bank Districts, States, and cities)
DISTRICT NO. 3
Advisory Council Membership
PENNSYLVANIA:
Altoona:
Investment Building & Loan Association of Altoona, Pennsylvania.
Kittanning Building & Loan Association of Altoona, Pennsylvania.
D I S T R I C T NO. 7 •
ILLINOIS:
Chicago:
West Albany Park Savings & Loan Association. 4204 Lawrence Avenue.
Edwardsville:
Clover Leaf Loan, 406 National Bank Building.
D I S T R I C T NO. 8
MINNESOTA:
Winona:
Fidelity Building & Loan Association of Winona, Minnesota.
WITHDRAWALS FROM THE FEDERAL H O M E LOAN
SYSTEM B E T W E E N J U N E 16 AND J U L Y 15, 1940
BANK
CALIFORNIA:
Los Angeles:
Torrance Mutual Building & Loan Association, 1335 Post Avenue
(merger with, and transfer of 48 shares of Bank stock to, Lincoln Building & Loan Association, Los Angeles, California).
INDIANA:
Indianapolis:
South Park Saving & Loan Association, 301 Kresge Building (conversion
by way of merger with, and under name of, Union Federal Savings &
Loan Association, Indianapolis, Indiana).
NEVADA:
Reno:
American Loan Society, 130 West Second Street (voluntary withdrawal).
N E W JERSEY:
Camden:
Mickle Building & Loan Association, Broadway at Berkeley (sale of
assets and transfer of 15 shares of Bank stock to Fidelity Mutual Building & Loan Association, Camden, New Jersey).
Union City:
Greater City Building & Loan Association, 336 Forty-eighth Street (voluntary liquidation).
NORTH CAROLINA:
Raleigh:
Durham Life Insurance Company. 324 Lafayette Street (voluntary withdrawal) .
Occidental Life Insurance Company. Professional Building (voluntary
withdrawal).
OHIO:
Trenton:
Trenton Building & Loan Association (liquidation).
PENNSYLVANIA:
Pittsburgh:
Pittsburgh Realty Building & Loan Association. 316 Fourth Avenue
(voluntary liquidation).
WISCONSIN:
West Allis:
Greenfield Avenue Building <c Loan Association, 7245 Greenfield Avenue
f
(voluntary liquidation).
I I . F E D E R A L S A V I N G S A N D LOAN A S S O C I A T I O N S
C H A R T E R E D B E T W E E N J U N E 16 A N D J U L Y 15,
1940
D I S T R I C T NO. 2
•
A N N O U N C E M E N T has been made recently
by the Federal Home Loan Bank Board of
the annual selections of members of the Federal
Savings and Loan Advisory Council. Members of
the Council who will confer with the Board during
the fiscal year, 1940-1941, on thrift and homefinancing problems include a representative from
each of the Federal Home Loan Banks and six
others appointed by the Board.
BANK ELECTIONS
Boston: R a y m o n d P. Harold, Worcester Cooperative Federal
Savings and Loan Association, Worcester, Massachusetts.
New York: L e G r a n d W. Pellett, T h e Building a n d Loan
Association of Newburgh, Newburgh, New York.
Pittsburgh: J a m e s J. O'Malley, First Federal Savings a n d
Loan Association of W ilkes-Barre, Wilkes-Barre, Pennsylvania.
Winston-Salem:
George W. West, First Federal Savings and
Loan Association of Atlanta, A t l a n t a , Georgia.
Cincinnati: H e r m a n F. Cellarius, T h e San Marco Building
a n d Loan Association, Cincinnati, Ohio.
Indianapolis:
William C. Walz, Ann Arbor Federal Savings
and Loan Association, Ann Arbor, Michigan.
Chicago: William E. H o d n e t t , Lincoln Savings a n d Loan
Association; Lincoln, Illinois.
Des Moines: J o h n W. Ballard, Safety Federal Savings a n d
Loan Association of K a n s a s City, K a n s a s City, Missouri.
Little Rock: I. Friedlander, Gibraltar Savings a n d Building
Association, Houston, Texas.
Topeka: George E. McKinnis, First Federal Savings a n d
Loan Association of Shawnee, Shawnee, Oklahoma.
Portland: F r a n k S. McWilliams, Fidelity Savings a n d Loan
Association, Spokane, Washington.
Los Angeles: P a u l Endicott, H o m e Builders' Loan Association,
Pomona, California.
N E W YORK:
New York:
Greater New York Federal Savings & Loan Association. 415 Lexington
Avenue (converted from the Greater New York Savings & Loan
Association).
D I S T R I C T NO. 5
OHIO:
Sidney:
Mutual Federal Savings & Loan Association, 127 Ohio Avenue (converted from the First Mutual Savings & Loan Company).
C A N C E L L A T I O N S O F F E D E R A L SAVINGS AND L O A N ASSOCIATION C H A R T E R S B E T W E E N J U N E 16 AND J U L Y 15, 1940
PENNSYLVANIA:
Philadelphia:
Allegheny Avenue Federal Savings & Loan Association, 1847 East
Allegheny Avenue (merger with North East Federal Savings & Loan
Association, Philadelphia, Pennsylvania).
BOARD
APPOINTMENTS
Joseph H . Soliday, Franklin Savings Bank, Boston, Massachusetts.
E r n e s t T. Trigg, National P a i n t , Varnish a n d Lacquer
Association, Philadelphia, Pennsylvania.
H e r m a n B. Wells, I n d i a n a University, Bloomington, I n d i a n a .
Will C. Jones, Jr., The M u r r a y C o m p a n y , Dallas, Texas.
P a u l F . Good, Good a n d Simons (law firm), Lincoln,
Nebraska.
David G. Davis, Raphael Weill and C o m p a n y (merchandising), San Francisco, California.
Federal Home Loan Bank Review
400
V
S, GOVERNMENT PRINT1N3 OFFICE^ t S * 0
FEDERAL HOME LOAN BANK DISTRICTS
i
BOUNDARIES OP FEDERAL HOME LOAN BANK DISTRICTS
FEDERAL HOME LOAN BANK CITIES.
$
OFFICERS OF FEDERAL HOME LOAN BANKS
BOSTON
B.
CHICAGO
J. ROTHWELL, Chairman; E . H . W E E K S , Vice Chairman; W . H .
NEAVES,
President; H .
N.
FAULKNER,
Vice
President;
FREDERICK
C. E . BROUGHTON, Chairman; H . G. ZANDER, J R . , Vice Chairman; A. R .
G A R D N E R , President; J. P . D O M E I E R , Vice President; H . C.
JONES,
W I N A N T , J R . , Treasurer; L . E . D O N O V A N , Secretary; P . A. H E N D R I C K ,
Treasurer; CONSTANCE M . W R I G H T , Secretary; UNGARO & SHERWOOD
Counsel.
Counsel.
N E W YORK
GEORGE
MACDONALD,
Chairman; F . V.
D E S MOINES
Chairman;
C. B . R O B B I N S , Chairman; E . J. R U S S E L L , Vice Chairman; R. J. R I C H A R D -
G. L . BLISS, President; F . G. STICKEL, J R . , Vice President-General
SON, President-Secretary; W. H . LOHMAN, Vice President-Treasurer;
J. M. M A R T I N , Assistant Secretary; A. E . M U E L L E R , Assistant Treasurer;
Counsel; R O B E R T G. CLARKSON, Vice
D.
LLOYD,
Vice
President-Secretary;
DENTON
C. L Y O N , Treasurer.
EMMERT, JAMES, N E E D H A M & L I N D G R E N , Counsel.
PITTSBURGH
LITTLE ROCK
E . T . TRIGG, Chairman; C. S. T I P P E T T S , Vice Chairman; R. H . R I C H ARDS, President;
G.
R.
PARKER,
Vice
President;
H.
H.
GARBER,
Secretary-Treasurer; R. A. CUNNINGHAM, Counsel.
W. C. JONES, J R . , Chairman; W . P . GULLEY, Vice Chairman; B . H .
WOOTEN, President; H . D . WALLACE, Vice President-Secretary; J. C.
CONWAY, Vice President; W . F . T A R V I N , Treasurer; W . H . CLARK, J R . ,
Counsel.
WINSTON-SALEM
E. C. BALTZ, Vice Chairman; O. K. L A R O Q U E , President-Secretary; G. E .
WALSTON, Vice President-Treasurer; Jos. W. HOLT, Assistant Secretary;
TOPEKA
P . F . GOOD, Chairman; G. E . M C K I N N I S , Vice Chairman; C. A. STERLING,
President-Secretary; R. H . BURTON, Vice President-Treasurer; JOHN
S. D E A N , JR., General Counsel.
T . SPRUILL THORNTON, Counsel.
CINCINNATI
W M . M E G R U E BROCK, Vice Chairman; W A L T E R
PORTLAND
D . SHULTZ, President;
W. E . J U L I U S , Vice President; D W I G H T W E B B , J R . , Secretary; A. L .
M A D D O X , Treasurer; T A F T , STETTINIUS & HOLLISTER, General Counsel.
F. S. MCWILLIAMS, Vice Chairman; F . H. JOHNSON, President-Secretary;
IRVING BOGARDUS, Vice Presjdent-Treasurer; Mrs. E . M .
JENNESS,
Assistant Secretary.
INDIANAPOLIS
H . B . WELLS, Chairman; F . S. CANNON, Vice Chairman-Vice President;
F R E D T . G R E E N E , President; G. E . OHMART, 2nd Vice President; J. C.
Los ANGELES
D . G. D A V I S , Chairman; A. J. E V E R S , Vice Chairman; M . M . H U R FORD, President; C. E . BERRY, Vice President; F . C. N O O N , Secretary-
M O R D E N , Secretary-Treasurer; J O N E S , HAMMOND, BUSCHMANN & G A R D -
Treasurer;
NER, Counsel.
PATRICK, General Counsel.
VIVIAN
SIMPSON,
Assistant
Secretary;
RICHARD
FITZ-
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