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FEDERAL
HOME
LOAN
BANK
Wdshinston, August 1943
^CSffl^WW*"^
CONTENTS
FOR
AUGUST
-
1943
FEDERAL
ARTICLES
Page
_
_^ ^
.
LENDING POLICIES IN A COMPETITIVE M A E K E T
Awm
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F I N A L R E S U L T S OF T H E M O R T G A G E C E N S U S
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327
^ n e c n a n S e m interest rates—Interest r a t e a n d loan size—Amortized
loans now in vast majority—Mortgage indebtedness—Mortgages on
homes built 1935-1940.
T H E RESIDENTIAL RESEARCH COMMITTEE—A
TION
D A , 1^1 \£
D # \ I ^ i l \
323
T h e n a t u r e of current property valuations—Dangers of "riding t h e
m a r k e t " — A note on appraisals—Statistics reveal larger average loans—
Revision of lending policies.
STUDY I N COMMUNITY C O O P E R A 331
W h a t t h e committee is—Operating plan—Sources of information—Quarterly reports—Financing and expenses—Continuing popularity.
REVIEW
— - — • — • — • — •
N A T I O N A L HOUSING
AGENCY
John B, Blandford, Jr., Administrator
mm
John H Fahey Commissioner
n
FEDERAL HOME LOAN
MONTHLY SURVEY
Highlights
,
General business conditions
Residential construction
Building costs
New mortgage-lending activity of savings a n d loan associations
Mortgage recordings
Foreclosures
Insured savings a n d loan associations
Federal H o m e Loan Bank System
341
341
342
342
342
343
343
344
345
N e w family dwelling units—Building costs—Savings a n d loan lending—Mortgage
recordings—-Total nonfarm foreclosures—FHA activity—Federal H o m e Loan
Banks—Sales of U. S. war-savings bonds—Savings in selected financial institutions—-Insured savings a n d loan associations
346-351
BANK SYSTEM
FEDERAL SAVINGS AND LOAN
ASSOCIATIONS
REPORTS
FEDERAL SAVINGS AND LOAN
INSURANCE CORPORATION
HOME OWNERS' LOAN
CORPORATION
UNITED STATES HOUSING
UNITED
STATES HOUSING
CORPORATION
rnRPHRATinw
"IT
Vol.9
, -r»
,
.
A m e n d m e n t t o Rules a n d Regulations
Directory of member, Federal, a n d insured institutions added during J u n e - J u l y .
T h e home front
a .
Honor
"
.7roll of war-bond
',',
~ ~ " sales
"""""
„F r o m t.,h e m o n t,,h ,s news
F r o m t h e m o n t h s news
326
326
333
334
"on
oon
339
339
No. 11
SUBSCRIPTION PRICE OF REVIEWS The REVIEW is the Federal Home Loan Bank Administration's medium of communication with member institutions
of the Federal Home Loan Bank System and is the only official organ or periodical publication of the Administration. The REVIEW will be sent to all member institutions without charge. To others the annual subscription price, which covers the cost of paper and printing, is $1. Single copies will be sold at 10 cents. Outside
of the Unitpd States, Canada, Mexico, and the insular possessions, subscription price is $1.60; single copies, 15 cents. Subscriptions should be sent to and copies ordered
from Superintendent of Documents, Government Printing Office, Washington, D. C.
APPROVED BY T H E BUREAU OF T H E BUDGET
INCREASE IN CIVILIAN POPULATION IN TWENTY
WAR PRODUCTION AREAS
{AMOUNTS IN THOUSANDS)
t*OB£
WASHINGTON, D.C.
Ti
SOURCE: The Wall Street Journal
o
o
o
Q
=i
CO
Q
TO
DIVISION OF OPERATING STATISTICS
F E D E R A L HOME LOAN BANK A D M I N I S T R A T I O N
This chart, based on the 1943 registrations for Ration Book No. 2, shows the growth in civilian population of war-production centers since the 1940 Census.
This growth is, of course, due in part to natural population increases, but the principal cause has been migration from other localities. How many of these
in-migrants will remain when the War is over is a question of great importance to mortgage lenders. According to an opinion survey conducted by the National
Association of Real Estate Boards, realtors seem to believe that about 40 percent of them will choose to stay.
LENDING POLICIES IN A COMPETITIVE
MARKET
There are increasing indications that institutions of every variety,
under the pressure of sharp competition for mortgage loans, are lending
maximum amounts on the basis of present-day appraisals. In many
communities, current property valuations reflect abnormal and probably temporary market conditions. This article discusses the hazards
involved in such lending practices.
•
T H E impact of War on mortgage-lending
institutions has intensified the highly competitive
conditions which existed even before Pearl Harbor
brought an end to normal mortgage-lending activity.
Caught between two equally powerful forces—an
abundance of funds pressing for investment and
reduced lending opportunities resulting from the
stoppage of non-war-housing construction—homefinancing institutions in many communities are facing
the danger of an unsound scramble for loans. General observation of market conditions, open discussion
among mortgage lenders, statistical data—all point
toward a growing tendency of financial institutions
of every type to "ride the market." This tendency
expresses itself primarily in lending maximum
amounts on the basis of present-day property appraisals.
T H E N A T U R E OF CURRENT PROPERTY VALUATIONS
Present property prices in a great number of
localities which benefit from feverish war activity
are substantially higher than they were 2 or 3 years
ago. This in itself is, of course, no indication that
the market situation is unsound. An increase in
prices, particularly a recovery from low depression
levels, may be a healthy and desirable trend. However, it cannot be overlooked that recent price rises,
especially in war-industry areas, are by no means
the result of a normal interplay of supply and
demand.
Under normal market conditions, new construction
is stimulated when the demand exceeds the supply of
accommodations, and this tends to keep the value
of existing properties within bounds. At the present
time, however, new building—except for a bare
minimum of war housing—has ceased. The supply
of homes in many communities is falling behind the
demand which is intensified by population influx and
improved incomes. Thus, the "safety valve" in
property values is removed.
Auaust 1943
Secondly, rent control has had the effect of freezing
the rental market. Prospective renters, in-migrants
or others, have been unable to bid for rental accommodations and have therefore been forced into the
acquisition of homes upon which there is no restriction on price. Many of these transactions involve
"forced purchases" rather than bargaining under
conditions where each party is under no necessity to
deal. Both factors have caused substantial increases
in valuations of existing homes offered for sale.
In addition, there are some indications that the
threat of inflation is prompting people to convert
money into real estate or equities, with the result
that sales prices are driven upward. In other words,
present property valuations in many communities
reflect the operation of war-time controls and restrictions as well as a panic psychology which looks
toward equity in real estate as a hedge against
inflation.
I t is not without interest to observe that a similar
development has occurred in the price of farm land.
The causes for higher farm-land prices may differ
from those responsible for increases in urban-property
valuations. Common to both areas, however, is the
effect of inflation psychology on the market. According to the U. S. Department of Agriculture, farmland values during the 12-month period ended March 1,
1943 experienced an estimated increase of 9 percent—
the most substantial rise that has occurred in any
year since 1920. An "opinion poll" of the Federal
Reserve Bank of Chicago, conducted among bankers
familiar with farm-credit conditions in that district,
revealed that farm-land values on April 1 were up
16 percent from a year ago.
DANGERS OF " R I D I N G THE M A R K E T "
Mortgage-lending practices "following" the present
artificial market situation have affected both homepurchase transactions and refinancing loans involving
no change in ownership. No objective observer of
323
the current mortgage market can blind himself to
the fact that home-financing institutions of every
variety have become engaged in portfolio raiding
involving the offering of larger loan amounts.
The principle of competitive enterprise is but a
weak argument in favor of such practice. Competition in itself is, of course, a healthy and desirable
condition in the mortgage field as well as in any
other market. However, competition in terms of
larger loan amounts, based on the inflated property
valuations of the moment, may undermine the very
soundness of our entire mortgage structure and invite an aftermath of deplorable consequences to home
owners and to mortgage lenders alike when wartime controls are removed. I t is axiomatic and
borne out by experience that unsound loans are more
likely to be made when money is plentiful and when
property prices are on the upgrade than during a
period of depression.
In evaluating the present situation, mortgage
lenders cannot afford to ignore the long-term character of mortgage loans. I t is true that borrowers
during this War may well be able to carry comfortably mortgage loans made on the basis of present
high valuations. However, the principal reduction
during the first few years of a long-term amortization loan is relatively small. When the War ends
and when normal market functions are restored,
lending institutions may find that their margin of
security that looked so well in terms of a 1943
appraisal is very low or even non-existent.
A N O T E ON APPRAISALS
P In this connectioD, a word on the meaning of
appraisals may be in order. There is fairly general
agreement that appraisals (except for income property) are in fact an indication of the price which a
piece of real estate can reasonably be expected to
command within a more or less short space of time.
When properties command inflated prices because
of conditions created by the War, appraisals cannot
help but be inflated. Appraisals of single-family
homes and similar properties generally are not designed to reflect, nor do they in actual fact reflect,
the "stand-up" value which, from the viewpoint of
the long-term mortgage lender, is more important than
the current valuation at the time when the mortgage
loan is made. The responsibility, then, for recognizing the factors which reflect current appraisals
rests clearly with the executive officers and boards of
directors of lending institutions. I t is up to them
to reduce the ratio of loans to appraisals below the
324
limitation set forth as being reasonable in normal
times, or to make such other adjustment as will
assure the soundness of the loan. The responsibility for determining such matters can not and
should not be passed on to the appraiser.
Adjustments of loan-to-value ratios and other loan
terms to allow for inflated prices are, of course, a
matter of sound judgment rather than of mathematical accuracy, and will probably vary from
community to community and even from case to
case in the same locality. Some institutions have
found it useful though expensive to obtain valuations
for a specified past period—for example, 1939 or
1940—in addition to current appraisals, on the theory
that property prices in the reference period were the
result of what was believed to be a normal market.
STATISTICS R E V E A L LARGER AVERAGE LOANS
Statistics are presented in this article as collateral
information bearing out the observations of many
mortgage lenders throughout the country. They
are not necessarily conclusive in themselves, nor do
they imply that one type of financial institution has
been participating in unsound lending practices to
any greater extent than the other.
Two sets of data, one from savings and loan statistics prepared by the FHLBA Division of Operating
Statistics and the other based on F H A figures,
indicate that the average amount of mortgage loans
has shown a continuous increase in the past few years.
In the case of both savings and loan and FHA-insured
mortgages, the increase in the average construction
loan can, of course, be partially explained by the
substantial rise in material and labor costs and the
pressure for urgently needed war housing. To the
extent that mortgage lending involving unusual risks
is required to finance war housing, the Government
has recognized this as a necessary contribution to the
war effort, and Title VI insurance has provided a
reasonable protection against the inescapable consequences. For mortgages on existing properties,
however, either for purchase or refinancing, there is
no such rationalization of haphazard lending policies.
Since such financing does not increase the total
supply of housing and is not subject to the particular
risks involved in financing new war housing, it is
inevitable that questions will now arise as to whether
special Government protection for such loans is
justified. In fact, competition between lending
institutions, involving increased loan amounts on
existing properties, is definitely in conflict with the
anti-inflationary policies of the Government which
Federal Home Loan Bank Review
looks toward accelerated reduction, rather than
expansion, of private debt.
Table 1 shows the average amount of loans made
by savings and loan associations reporting number
as well as amounts, separated by purpose of loan.
Comparing the average for the first 5 months of
1943 with that for the year 1940, construction loans
show an increase of 26 percent, home purchase
loans 11 percent, and refinancing and repair loans
(with refinancing loans in the vast majority) a rise
of 26 percent. The average for loans of all types ,
increased 13 percent during the period.
Table 7.—Average amount of loans made by
savings and loan associations
A n n u a l averages
Jan.-
May
C h a n g e in average 1940 to 19431
Dollars P e r c e n t
P u r p o s e of loan
1940
1941
1942
1943
.
$2, 432
$2,603
$2, 581
$2, 747
+$315
+13.0
Construction
H o m e purchase
Refinancing
repairs 2
Other
3,373
2,633
1,809
3,606
2,793
1,844
3,729
2,834
1,995
4,252
2,918
2,276
+879
+285
+467
+26.1
+10.8
+25.8
1,553
1,606
1,553
1,826
+273
+17.6
T o t a l loans -
_
and
1
January-May.
2 The increase in average dollar amounts for this category is due in large part
to a shift in composition as between refinancing and repair. In 1940, the proportion of repair loans in this item was 24.3 percent of the total dollar amount;
in 1942 and in the first 5 months of 1943, this proportion had declined to 20.1
and 13.6 percent, respectively. Repair loans generally are smaller in size than
refinancing loans.
Source: Federal Home Loan Bank Administration.
These percentage increases may seem to be innocuous at first sight. However, it must be considered
that present loan averages in this table are not compared with those of depression periods but rather with
1940 which was a year of fairly high activity- in the
field of home building and real estate. The same
observation applies to Table 2 which shows the average size of FHA-insured loans for new construction
under Titles I I and VI and for mortgages on existing
properties under Title I I .
The percentage increases found for FHA loans are
of a magnitude similar to that shown for savings and
loan mortgages. In the first 5 months of 1943 the
average amount of Title I I loans on new homes was
over 9 percent higher than in 1940. However, this
is probably not quite typical because only a small
number of Title I I loans on new property were made
in 1943. The average size of Title VI loans shows
a rise of 23 percent from 1941, when war-housing insurance was introduced, to the first 5 months of 1943.
The average amount of Title I I loans on existing
property increased 11 percent in a comparison of 1940
with the period January through May 1943.
August 1943
Table 2.—Average amount of FHA-insured
loans
[Premium-paying mortgages]
Change
in average
1940 to 1943
A n n u a l averages
Jan.May
1940
1941
1942
1943
New homes:
T i t l e I I (Sec. 203)
T i t l e V I (Sec. 603)i
$4,466
$4, 451
3,555
$4, 704
3,886
$4,882
4,363
2+$416
3+808
2+9.3
3+22. 7
Existing h o m e s :
T i t l e I I (Sec. 203)
4,110
4,260
4,431
4,557
2+447
2+10.9
P u r p o s e of loan
Amount Percent
1
Some part of the increase in the average loan may be due to the fact that, in
1942, the top limit for insurance of mortgages under Title VI was raised from $4,000
to2$5,400.
Change from 1940 to January-May 1943.
3
Change from 1941 to January-May 1943.
Source: Federal Housing Administration.
In passing it should be noted that the number of
loans underlying the data presented in Tables 1 and 2
precludes the possibility of chance results. In the
case of savings and loan statistics, the annual total
of loans included ranged from 300,000 to 400,000.
For FHA-insured loans the annual number of mortgages on new homes varied between 150,000 and
200,000, and the annual number of mortgages on
existing property fluctuated around 40,000.
The same trend of rising average loan amounts
is indicated, though to a lesser degree, by recording
statistics for nonfarm mortgages of $20,000 and
under, compiled by the Division of Operating
Statistics.
The average amount per mortgage
recorded rose from $2,769 in 1940 to $2,948 in the
first 5 months of 1943, or 6 percent. However, this
is a national average, and in areas favorably affected
by the war program, the increases of average loan
amounts have been much more dramatic.
Table 3a—Average amount of nonfarm mortgages
recorded in selected counties1
County, State and
principal city
1940
1941
1942
Jan.May
1943
Change
1940-19432
Dollar
Phoenix, Ariz. (Maricopa
Co.)
$2,656
Little Rock, Ark. (Pulaski Co.)
2,480
Washington, D. C
4,502
Columbus, Ga. (Muscogee
Co.)
2,148
Boston, Mass. (Suffolk
Co.)
3,672
Elmira, N. Y. (Chemung
Co.)
2,195
Portland, Oreg. (Multnomah Co.)
2,559
Seattle, Wash. (King Co.) 2,847
Milwaukee, Wis. (Milwaukee Co.)
3,400
$2,787
$3, 020 $2,970
Percent
+$314
+12
2,814
5,048
+334
+546
+13
+12
2,442
2,419
+271
+13
3,771
3,789
4,173
+501
+14
2,604
4,948
2,788
4,882
2,291
H
2,392
2,880
2,935
+740
+34
2,654
3,091
2,814
3,372
3,124
3,549
+565
+702
+22
+25
3,533
3,614
3,872
+472
+ 14
i Based on recordings of mortgages of $20,000 or under.
2 January—May.
Source: Federal Home Loan Bank Administration.
REVISION OF LENDING POLICIES
Any unsound lending practices at the present time
cannot fail to entail grave dangers for institutions
making long-term loans, much as excesses during the
boom of the twenties resulted in the bitter experiences of the early thirties. The ability and, what is
perhaps more important, the responsibility for preventing such excesses lies with the mortgage-lending
institutions of the country. I t is the individual
responsibility of every institution as well as the collective responsibility of mortgage lenders as a group.
How can this responsibility be discharged? In
the first place, sound operators realize that stress
on mortgage volume should give way to emphasis on
quality of loans, at the price of a halt in institutional
growth or even of retrogression. In many cases it is
still possible to make low-percentage mortgages—
low in terms of present appraisals—if attractive
terms, particularly low interest rates, are offered and
if a real affort is made to obtain them. This may,
in some instances, necessitate adjustments in the
rate of return paid to investors and savers, but
institutions which have taken the lead in making
such adjustments generally have fared better than
institutions which have chosen to lag behind. Experience would indicate that no basically sound
mortgage-lending organization has suffered permanent harm from a downward revision of the cost of
money.
Also, conservative mortgage lenders are taking
great care in the present market to investigate
thoroughly the personal credit standing of prospective borrowers and the conditions surrounding the
purchase of properties. Information on the type
and duration of present as well as past employment,
stability of job and current income, as well as the
reasons for home purchase or refinancing, yields a
"case history" of great value in appraising the future
performance of the mortgagor. These factors, of
course, have always been considered by mortgagelending institutions but they require more-thanordinary attention in a rising market, particularly in
the areas benefiting from large-scale migration.
No general recipe can be prescribed as a cure
against the incipient disease of inflationary trends in
the mortgage market. The first need is one for full
recognition of these tendencies among mortgage
lenders and for a change in attitude of financial
institutions as a group. If this article is making a
contribution toward this objective it has fully served
its purpose.
326
Amendment to Rules and Regulations
FHLBA
Bulletin No. 26
A M E N D M E N T TO T H E R U L E S AND REGULATIONS FOR T H E
FEDERAL SAVINGS AND LOAN SYSTEM RELATING TO T H E
CONSERVATORSHIP AND R E C E I V E R S H I P SECTIONS.
(Adopted
July 21, 1943; effective July 22, 1943).
The Federal Home Loan Bank Administration
on July 21 formally adopted the changes, proposed
on M a y 19, in the conservatorship and receivership
sections of the Rules and Regulations for the Federal
Savings and Loan System. These changes in Sections
205, 206, and 207 were accomplished as follows:
(1) By striking out in section 205.2 the following language:
"If the association is turned over to an examiner, he shall forthwith post a notice
in substantially the following form on the door of the home office of the association:
"By request of the board of directors of this Association, the undersigned
is temporarily in charge of
Federal Savings and Loan Association
,
,
Date
Examiner, Federal Home Loan Bank Administration";
(2) By amending section 206.1 as follows:
(a) By striking out in subdivision numbered (2) the language "or has a person
or persons in a position or situation of dominance or control, or exercising dominance or control, who is or are an unsafe or improper person or persons to be in
such position or situation or to exercise such dominance or control", and the
comma immediately preceding said language, and inserting in lieu thereof the
following: "to manage a Federal savings and loan association"; and
(b) By striking out in subdivision numbered (10) the words "failed or refused"
and inserting in lieu thereof the words "refused or failed";
(3) By amending section 207.2 as follows:
(a) By striking out all of paragraph (a);
(b) By relettering paragraph (b) as paragraph (a) and by striking out the
word "and" at the end of said paragraph; and
(c) By striking out all of paragraph (c) and inserting in lieu thereof the following:
"(b) file with the Secretary of the Federal Home Loan Bank Administration a statement (1) that he has taken possession, pursuant to section 207.1
of these rules and regulations, of such Federal association and (2) of the time
of such taking of possession; and such statement shall be conclusive evidence
of such taking of possession and of the time of such taking of possession, and
"(c) if the ground, or one of the grounds, of his appointment is the ground
set forth in subdivision numbered (4) of section 206.1 of these rules, and
regulations, post a notice in substantially the following form on the door of
the home office of such association:
Federal Savings and Loan Association
,
,
, is in the possession and
charge of the undersigned as Conservator under appointment by the
Federal Home Loan Bank Administration.
Date
Conservator";
(4) By striking out in section 207.3 the language "the posting of the notice on
the door of such Federal association as provided in paragraph (a) of section 207.2
of these rules and regulations" and inserting in lieu thereof the following: "taking
possession, pursuant to section 207.1 of these rules and regulations, of such Federal
association"; and
(5) By striking out in section 207.5 the language "posting notice pursuant to
paragraph (a) of section 207.2" and inserting in lieu thereof the following: "taking
possession pursuant to section 207.1".
Directory of Member Institutions
Added during June-July
I. INSTITUTIONS ADMITTED TO MEMBERSHIP
IN THE FEDERAL HOME LOAN BANK SYSTEM
BETWEEN JUNE 16 AND JULY 15, 1943
D I S T R I C T NO. 2
N E W JERSEY:
Atlantic City:
Anchor Savings and Loan Association, 1535 Atlantic Avenue.
Guardian Savings and Loan Association, 1507 Atlantic Avenue.
Newark:
Yorke Savings and Loan Association, 167 Bloomfield Avenue.
D I S T R I C T NO. 3
PENNSYLVANIA:
Pittsburgh:
South Pittsburgh Savings and Loan Association, 1712 East Carson
Street.
(Continued on p. 388)
Federal Home Loan Bank Review
FINAL RESULTS OF THE MORTGAGE CENSUS
Previous articles in this series have summarized the preliminary
findings of the 1940 Mortgage Census. Completion of the publication of comprehensive State data now permits analysis of Census
results on a broad basis. In addition, a summary of the characteristics of mortgages on houses built between 1935 and 1940 is available.
•
W I T H the publication of all of the 48 State
bulletins on mortgage characteristics of owneroccupied 1- to 4-family homes, it is now possible to
obtain a complete picture of the results of the 1940
Mortgage Census. The Census findings on interest
rates, debt-to-value ratios, average mortgage indebtedness, and loan payments are of lasting value
to home-financing institutions and others interested
in an analysis of the home-mortgage structure.
T H E CHANGE IN I N T E R E S T
OWNER-OCCUPIED
NONFARM
PROPERTIES
1920 AND 1940
RATES
The current information on mortgage interest rates
now permits a comparison with the 1920 Census, which
showed the latest corresponding data. The average
interest rate on first mortgages secured by owneroccupied 1- to 4-family houses was 5.54 percent in
April 1940. This is the average per loan outstanding at that time. The average rate for loans on
single-family dwellings was 5.55 percent, and the
average rate for mortgages secured by 2- to 4-family
houses, 5.45 percent. After adjustments to assure
comparability, it is found that this represents a
reduction of about two-thirds of 1 percent from the
average rate per loan reported in the Census of 1920.
No interest-rate data were reported for junior liens.
The decline in interest rates is also evidenced by
figures showing the number of mortgages in different
interest-rate classes on the two Census dates. In
1940, almost one-half of the mortgages on singlefamily properties carried rates of less than 6 percent
and one-fifth bore rates of less than 5 percent. I n
1920, only 16 percent of the mortgages had interest
rates below 6 percent, and the proportion of loans
carrying a rate of less than 5 percent was as small as
two for every 100 mortgages.
In actual fact, the decline of interest costs to the
home owner has been greater than appears in this
statistical comparison. Because of the high loan-tovalue ratios common in recent mortgage-lending
practice, the first mortgage in 1940 covered security
ranges which frequently had been covered by first
and second liens in previous periods. I t is a matter of
common knowledge that interest costs on junior
August 1943
DISTRIBUTION OF INTEREST RATES
UNDER
5%
5 %
5.1-5.9%
SOURCE- Bureau of the Census
This chart presents a graphic illustration of the predominance of lower interest
rates in 1940 than in 1920. In both years the fi-percent rate for mortgages on
owner-occupied nonfarm structures was by far the most common. However,
in 1940 a considerably larger number of mortgages fell in the lower interest-rate
group than was the case in 1920.
mortgages often had been exorbitant, and the
elimination of second liens by first mortgages of
higher loan-to-value ratios has helped to reduce
financing costs even more than appears from a rate
comparison for first mortgages alone.
Finally, it should be noted that the 1940 data do
not show the whole picture of progress that has been
made toward lower interest rates. These data do
not reflect mortgage interest rates current at that
time but rather the rates carried on all loans outstanding. Many of these mortgages had, of course,
been written in previous years when interest rates
were higher than those charged for new loans made
in 1940. Furthermore, still additional reduction of
the interest rate has been effected since the Census
enumeration.
I N T E R E S T K A T E AND LOAN SIZE
Among the various types of mortgage lenders, the
Home Owners' Loan Corporation shows the lowest
average interest rate, 4.5 percent, or nearly 1 percent
less than the next lowest average rate reported for
327
any other class of lender. The loans held by the
HOLC represent, of course, the result of a Government-financed emergency operation, and the HOLC
rates can not, without qualification, be compared
with interest charged by private mortgage lenders in
normal loan operations. In spite of the progressing
liquidation of the HOLC, its importance in the homemortgage field by 1940 is illustrated by the data on
the average interest rate if HOLC loans are omitted.
The average interest rate for loans on single-family
homes was 5.55 percent in 1940. Exclusion of
HOLC mortgages raises this average to 5.72 percent
which was the average for all first mortgage loans on
single-family properties held by private lenders.
Except for the HOLC, the Census revealed a
surprisingly narrow range of average interest rates
reported for the different types of mortgagees, varying between 5.42 percent for life insurance companies
and 5.92 percent for savings and loan associations,
with banks and mortgage companies holding an intermediate position. Generally, interest rates shown
for the various classes of mortgage lenders must be
analyzed in conjunction with the average amount of
debt outstanding and the average debt-to-value
ratio. The cost of handling small loans usually
requires a somewhat higher interest rate, and a higher
debt-to-value ratio usually warrants an interest
income large enough to offset the special risks involved in high-percentage mortgages. As will be
seen in the accompanying table, the average mortgage held by savings and loan associations was the
smallest among all institutional lenders—$2,030.
On the other hand, the average debt-to-value ratio
shown for savings and loan associations was also low—
50 percent. In contrast, life insurance companies
reported the largest average amount outstanding for
any type of mortgagee—$4,055. Their debt-tovalue ratio averaged 53 percent, midway between
the lowest and highest ratios. Again disregarding the
HOLC, debt-to-value ratios show relatively small
differences as between the various classes of lenders,
ranging from 55.8 percent for mortgage companies
to 48.6 percent for commercial banks.
Census data on the average amount of the mortgage and the average debt-to-value ratio reflect, of
course, the status of loans outstanding at the time of
the Census rather than the status of the original loan
at the time when it was made. Nevertheless, the
Census figures show a pattern worthy of study, if
debt-to-value ratios and interest rates are related
to property valuations as reported by owners. The
chart on page 329 indicates that generally the debtto-value ratio is lower the higher the property valuation, and that there is an unbroken downward progression in average interest rates as the property
value and loan size increase. The largest debt-tovalue ratio for 1-family owner-occupied nonfarm
homes was reported for properties valued at $1,000
or less. The average rate of interest charged on these
loans was reported as being 6.14 percent—nearly
1 percent higher than the average for loans on
properties valued at $20,000 or over. !
AMORTIZED LOANS N O W IN VAST MAJORITY
Census findings confirm the now almost universal
acceptance of the amortized loan in home-mortgagelending practice. More than four-fifths of all mortgages on single-family owner-occupied homes, for
V i t a l mortgage data from the housing census
[Figures refer to first mortgages on 1- to 4-family owner-occupied properties in nonfarm areas, April 1940]
Reporting Building
holder of and loan
associafirst
tion
mortgage
Average interest r a t e (%)
(unweighted)
No. reporting debt and
value *
Distribution (%)
D e b t ($000,000)!
Distribution (%)
Average d e b t per unit
Average value per unit
Debt-to-value ratio (%) _ _
5. 54
5.92
. 399, 182 866, 258
100. 0
19. 7
$10, 668 $1, 758|
100. 0
16. 5
$2, 425, $2, 0301
$4, 698 $4, 065
49. 91
51. 6
Commercial and savings
banks
Total
5. 59
CommerSavings
cial
5. 67|
5. 53
Life
Mortinsurgage
HOLC
ance
company company;
5.42
5. 61
4. 50|
103, 574 507, 756 595, 818 187, 429 203, 217 602, 085
25. 1
11. 5
13. 5
4.3
13. 7
4. 61
$760|
$603 $1, 454
$3, 090 $11, 383 $1, 708
13.0
13. 6
16.0
7. 1
5.6
29.0
$2, 800 $2, 723 $2, 866 $4, 055| $2, 965 $2, 4161
$5, 595 $5, 602 $5, 590 $7, 711 $5, 316 $4, 308
52. 61
50.0
48. 61
56. 1
51. 3
55. 8
Individual
5.79
Other
5. 49
109, 233 327, 386
25.2
17. 4
$2, 173l
$830
20.4
7.8
$1, 959 $2, 534
$3, 929 $4, 559
49. 9
55. 6
i Excludes unclassified returns.
328
Federal Home Loan Bank Review
RELATIONSHIP OF LOAN SIZE AND DEBT RATIO TO INTEREST RATES
FIRST MORTGAGES ON OWNER-OCCUPIED ONE-FAMILY PROPERTIES
APRIL
AVERAGE DEBT
THOUSANDS OF DOLLARS
4
6
8
PROPERTY VALUE 0
UNDER $1,000
1
$1,000-$1,499
•I
1940
AVERAGE DEBT-TO-VALUE RATIO
10
12
0
20
PERCENT
40
60
80
100
AVERAGE INTEREST RATE
0
I
2
PERCENT
3
4
5
6
7
$1,500-$1,999
$ 2 , 0 0 0 - $2,499
$2,500-$2,999
s
$ 3 , 0 0 0 - $3,999
$4,000-$4,999
$5,000-$5,999
$6,000-$7,499
$7,500-$9,999
$10,000-$14,999
$15,000-$19,999
$20,000 AND OVER
SOURCE: Bureau of the Census
The above chart relates the average debt-to-value ratio and the average interest rate to the size of the outstanding indebtedness. The average debt-to-value ratio
tends to be smaller in the higher property-value and debt brackets than in the lower brackets. The average interest rate shows a consistent tendency to decline as the
average debt and the property value increase. Value data used in these comparisons are those reported by owners.
which the type of payment was reported, required
regular principal payments. Among private institutional lenders, savings and loan associations showed
the largest proportion of amortized loans—95.4
percent, and savings banks indicated the smallest
proportion—70.4 percent. Even the mortgages held
by individuals called for regular principal payments
in almost two-thirds of the cases.
In contrast, inclusion of taxes in the mortgage
payment still has a long way to go before becoming a
generally adopted method. Only 26.4 percent of the
reported amortized mortgages provided for tax payments to be made with the mortgage payments. In
this respect, mortgage companies showed the largest
proportion among institutional mortgagees, 39.5
percent, and savings and loan associations reported
the smallest proportion—less than 25 percent.
MORTGAGE INDEBTEDNESS
On the basis of final Census Bureau figures, the
mortgage indebtedness reported as outstanding on
1- to 4-family owner-occupied houses in April 1940
was just short of $11,000,000,000. This figure
represents the total debt, including $130,000,000 of
reported junior liens, on more than 4,800,000
properties in nonfarm areas.
Users of these U. S. figures, as well as of similar
State-by-State data, should bear in mind that the
1940 Census attempted to ascertain but a portion of
the total mortgage indebtedness on 1- to 4-family
August 1943
542325—43
nonfarm homes. The Census was restricted to
owner-occupied properties and it excluded all those
residences which are combined with stores and other
businesses. Also, in answering questions of the
Census enumerators, some home owners apparently
were reluctant to report that their properties were
mortgaged; others did not know the amount of debt
outstanding. Such deficiencies are unavoidable in
the enumeration system employed by the Census.
These are the principal reasons why Census reports show total mortgage-debt figures considerably
below estimates which are more comprehensive in
coverage. The above aggregate compares, for
example, with an estimated $18,216,000,000 of
mortgages outstanding on all 1- to 4-family nonfarm
homes at the end of 1939, according to FHLBA
records which are based primarily on the combined
balance sheets of mortgage-lending institutions.
This over-all figure includes tenant-occupied as well
as owner-occupied homes and comprises dwellings
for exclusively residential use as well as structures
combining residence with business.
For the same reasons, Census totals for the various
types of mortgagees can not be compared with
known data obtained from financial statements of
mortgage lenders and similar sources. The most
substantial difference is revealed for mortgages held
by savings and loan associations. According to the
Census Bureau there is reason to believe that some
understatement exists in its figures for savings and
329
2
loan associations, and some overstatement for commercial and savings banks, since respondents frequently used the term " b a n k " to denote any thrift
institution.
MORTGAGES ON H O M E S B U I L T 1935-1940
In addition to the general information on mortgages, the Census Bureau has issued a Supplement
A—which summarizes the characteristics of mortgages on 1-family owner-occupied homes built between 1935 and 1940. This bulletin is, in many
respects, among the most interesting results of the
Mortgage Census. By grouping loans on houses
built in the second half of the last decade the Census
Bureau has given us the nearest thing yet to a summary of current mortgage-lending practices.
Comparisons of information for mortgages on
properties reported as built between 1935 and 1940
and those constructed prior to that time reveal some
interesting facts, particularly when the data are
analyzed by type of institution. For the purpose of
this analysis, mortgages held by the HOLC are not
considered in the total.
The average value of mortgaged properties built
between 1935 and 1940, as reported to enumerators,
was slightly above $5,000. The average for properties constructed prior to 1935 was just over $4,300.
The highest average property valuation reported in
1940 was for properties mortgaged to insurance
companies—$8,729. This is about $1,650 above the
corresponding figure for insurance-company loans
on properties built prior to 1935.
The lowest average 1940 valuation reported was
that for properties mortgaged by individual lenders—
$3,163. This average is almost exactly $500 lower
than the average reported for properties which were
built prior to 1935 and on which individual lenders
hold mortgages.
The experience of individual lenders—a lower
valuation for newer than for older properties—is not
duplicated for any type of institutional lender. In
every instance, the average valuation on newer
properties was between $500 and $1,650 greater for
dwellings built between 1935 and 1940 than for
those constructed prior to that time.
As would be expected, the average mortgage debt
reported was substantially larger on newer than on
older properties. For all lenders, the average outstanding indebtedness reported on newer properties
was $3,083, not quite $1,000 greater than the average
debt outstanding against older properties. Individual lenders again represented an exception to the
330
The accompanying chart shows the differences in the characteristics of mortgages held by all types of lenders on newer structures as compared with those
of earlier date. It will be seen that there is a consistent pattern among all lenders
except individuals. In every respect other than debt-to-value ratio, the mortgages held by individuals reverse the positions of mortages held by other types
of lenders on the relatively newer properties.
rule. Their average outstanding indebtedness was
reported at $1,688 for properties built between 1935
and 1940 and at $1,814 for properties built prior
to that period.
As the accompanying chart shows, debt-to-value
ratios were reported as being consistently higher on
newer properties than on those built prior to 1935.
In addition, the average interest rate, 5.56 percent,
was lower than the average rate of 5.76 percent reported for properties built prior to 1935.
This bulletin is of particular interest since information on property values, loan size, debt-to-value
ratios, holders of mortgages, and other similar
material is broken down by geographical sections,
States, principal cities, and metropolitan areas. The
bulletin (Housing, Fourth Series—Homes Built in
1935-1940, Supplement A) may be obtained from
the Census Bureau, Washington 25, D. C. The price
is 50 cents.
*
*
*
*
*
The FHLBA Division of Operating Statistics is
preparing brief summaries of vital Mortgage Census
data for each State as well as a composite summary
for the United States. A limited number of copies
is available for member institutions and can be
obtained by writing to the Director, Division of
Operating Statistics, FHLBA, Washington 25, D. C.
Federal Home Loan Bank Review
THE RESIDENTIAL RESEARCH COMMITTEE—
A STUDY IN COMMUNITY COOPERATION
Five years ago a group of lending institutions, Government agencies,
and companies directly and indirectly concerned with residential
construction and mortgage lending in Los Angeles combined to sponsor
a venture in cooperative research. This article summarizes the
methods of operation and the accomplishments of the Residential
Research Committee.
•
M O R T G A G E lending and real-estate operators,
along with progressive business men in general,
have come to recognize the necessity for having sound
statistical information as a basis for planning both
day-to-day and long-range operations. Guess work
has become a luxury which they can no longer afford,
if in fact they ever could.
D a t a and records exist in great number in every
community. However, the mere fact of their existence is no guarantee of their profitable use. Their
heterogeneous sources and the varying purposes for
which they were compiled make the task of collecting, integrating, and properly interpreting them too
difficult and too expensive for individual executives
and companies to undertake.
W H A T THE COMMITTEE I S
To meet this problem the Residential Research
Committee was established in 1939 by a group of
Los Angeles business men—representatives of the
savings and loan industry, commercial banks, other
mortgage-lending institutions, home builders, and
others in allied lines of work. This Committee is
operated as a non-profit, cooperative community
organization. The purpose is the development and
distribution of factual information on conditions and
trends in housing, mortgage lending, and related
fields. By utilizing all reliable local sources of data
the Residential Research Committee has succeeded
in producing Quarterly Reports which are simple,
objective, and authoritative. These copyrighted
reports have been sold to participating groups and
individuals at a price sufficient to cover all costs of
production.
The success of this venture in Los Angeles and
the fact that there are no special local features inherent in its organization or product suggest that
it merits the consideration of similar business groups
in other communities.
August 1943
OPERATING PLAN
Membership in the Residential Research Committee is invited from all organizations interested
and active in fields allied with housing and mortgage
lending. The only limitation is the understanding
that no part of the reports shall be used by cooperating groups for promotional purposes.
The organization is composed largely of volunteer
representatives of the various participating groups.
In addition, to give the Committee continuity and
integration, it has the permanent offices of Chairman
and Secretary-Treasurer. These officers, however,
do not serve on a full-time basis but are executives
of cooperating institutions.
The survey work is guided by the Executive Committee which is composed of representatives from
the various lines of business participating in the
work of the Committee. Direct supervision of the
statistical work and formulation of comments on
each report are the responsibility of a Survey SubCommittee. This group consists of the Chairman
of that committee, the Chairman of the Residential
Research Committee, the Secretary-Treasurer, and
member representatives of considerable business
experience who have particular knowledge of statistical work.
The Survey Sub-Committee contracts with a firm
of statisticians who gather, verify, and prepare the
data for publication. I t will be seen from the
description of operations that most of the routine
statistical work and the actual production of the
reports is done by the hired statisticians. However,
the motivating force of the enterprise is the sustained
cooperative effort of participating members through
their active representatives. All members of the
Committee serve without compensation. This is an
established policy of the organization because it is
felt that under those conditions there is less occasion
to try to reflect in the reports the beliefs or policies
of any particular group.
33!
SOURCES OF INFORMATION
Figures are collected from reliable agencies which
cover various phases of residential-construction,
selling, and financing activities. City and county
records constitute an important source of primary
data. From them are collected building-permit
records, deeds and mechanics' lien data, mortgage
recordings, and other standard measures of realestate activity. Other data are furnished by
Government agencies—the National Housing Agency, the Federal Home Loan Bank of Los Angeles,
and the Federal Housing Administration—and by
the local Real Estate Board, the Los Angeles Apartment House Association, commercial banks, savings
institutions, and similar private organizations.
To supplement the supply of available primary
data, the statistical firm producing the report employs checkers who gather statistics not otherwise
available from a reliable source. These checkers
alsofyerify occupancy for rental and for sale and
other similar information which is obtained directly
on behalf of the^Committee.
In some instances, savings and loan associations,
mortgage brokers, statistical departments of commercial banks and title companies, and other mem-
RESIDENTIAL
RESEARCH C O M M I T T E E
431 WEST FIFTH
STREET
A
COMMUNITY
NON-PROFIT
DISTRIBUTION
AFFECTING
LOS ANGELES
ORGANIZATION
FOR
THE
PHONEi MADISON
7651
DEVELOPMENT
AND
TO SUBSCRIBERS OF FACTUAL INFORMATION ON
H O U S I N G , MORTGAGE
LENDING, CONSTRUCTION
ASPECTS OF REAL ESTATE IN LOS ANGELES
CONDITIONS
AND
RELATED
COUNTY.
bers furnish certain information on vacancies, sales
and price trends, mortgage recordings, or similar subjects. This information is used for the published
reports only when the organizations are conducting
complete, unbiased statistical studies on particular
operations of general interest. Active contributing
members make a practice of referring to the Committee any information which is pertinent to the
Committee's research.
QUARTERLY R E P O R T S
The information gathered from these various
sources is presented to member-subscribers in Quarterly Reports. These reports, which are mimeographed and usually run about 12 to 14 pages, are
copyrighted to prevent their use by non-members
who do not contribute to the support of the Committee.
Analytical comments on outstanding conditions
and trends evident during the period studied make
up the first part of the report. Sometimes the
analysis section includes a summary of the entire
report; or, as a variation, the items in the table of
contents are highlighted by a single phrase explaining
the current trend in each subject covered.
The material covered includes vacancies, building
permits, real-estate market developments, and prospective building operations. War-housing activities
have, of course, recently occupied a prominent place
in this over-all picture of real-estate activity. The
various phases of these developments are treated in
an objective, reportorial manner. Government programs and important rulings on such matters as rent
control, construction activities, priorities regulations,
and the Government conversion program receive due
attention. Comments on such subjects as transportation, employment, and marriage statistics are
frequently included as background material.
The remainder of each Quarterly Report is made
up of statistical tables based on data gathered from
the sources mentioned above. I n short, the material
presented is designed to give a well-rounded picture
of over-all activities in the area.
FINANCING AND E X P E N S E S
PARTICIPATING:
PROPERTY
BANKS •
OWNERS
•
TITLE
BUILOING
AND LOAN ASSOCIATIONS •
PUBLIC U T I L I T I E S
•
REALTORS
INSURANCE COMPANIES
•
•
INSURANCE
RETAIL STORES •
COMPANIES
SAVINGS
AGENCIES OF THE U N I T E D STATES
•
MORTGAGE
AND LOAN
COMPANIES
ASSOCIATIONS
The Residential Research Committee operates on
a budget of approximately $3,000 a year. This
money is obtained solely from membership fees.
The cost of a year's membership, which includes a
subscription to the Quarterly Reports, is $25.
GOVERNMENT
(Continued on p. S38)
332
Federal Home Loan Bank Review
N H A - W P B liberalize
war-housing rules
To encourage rapid production of
privately financed war housing, the
N H A and W P B have liberalized regulations governing the sale and rentaloccupancy of such properties. Builders
are now permitted to sell u p to onethird of t h e total dwelling units constructed in any one war-housing area
u n d e r priorities applied for on or after
F e b r u a r y 10, 1943. Notice of t h e
proposed sale m u s t be s u b m i t t e d to
the Federal Housing Administration
in advance of t h e transaction. For
priorities applied for on or after
August 1; the proposed sales-price
range m u s t be submitted with t h e
application. If t h e sale is n o t cons u m m a t e d within 15 days after the
final F H A inspection t h e units will
become subject to rental requirements.
T h e units which are held for rental
may, a t the option of t h e occupant, be
sold to eligible war-worker t e n a n t s
after 2 months'
t e n a n t occupancy
instead of the 4-month period previously required.
These amendments do not alter t h e
requirements t h a t occupancy, whether
on a sales or rental basis, be reserved
for essential in-migrant war workers.
Sales prices will continue to be subject
to t h e general condition t h a t they m u s t
n o t be in excess of t h e fair m a r k e t
price or $6,000, whichever is lower.
T h e C o u r t stated t h a t " t h e vital
importance of t h e r e n t control program
to t h e war effort is a p p a r e n t . "
ft ft ft ft ft
Rent-control
regulations modified
Property owners desiring to change
their properties from unfurnished to a
fully furnished status now m a y do so
prior to obtaining specific authorization for new rent schedules from t h e
local rental office. New rental schedules must, however, be submitted to
t h e area rent director for approval.
Within 30 days after t h e change in
status of t h e property, information
m u s t be presented by t h e .property
owner to t h e rent director. Reductions in rents specified m a y be m a d e
by the rent office if they are found to
be higher t h a n rentals charged for
equivalent accommodations on the
maximum rent date.
ft ft ft ft ft
Constitutionality of
rent control upheld
T h e constitutionality of the R e n t
Regulations contained in the Emergency Price Control Act was reaffirmed
in three recent decisions of the E m e r gency C o u r t of Appeals.
I n rejecting t h e contentions of comp l a i n a n t s in San Francisco, Chicago,
a n d Cleveland, this three-man Federal
C o u r t held t h a t : (1) rent regulations
a r e valid if t h e y are generally fair a n d
equitable to landlords; (2) the Admini s t r a t o r is not required to g r a n t r e n t
a d j u s t m e n t s on t h e basis of individual
cost increases; and (3) landlords whose
rentals are lower t h a n rents for comparable properties are not entitled to
increases on this basis alone.
August 1943
Prosress of homeconversion program
Accommodations for more t h a n
28,000 war-worker families will be provided in properties now being converted into additional family units
under t h e Homes Use Program.
Leases for 16,600 units under t h e
publicly financed program h a d been
m a d e through J u n e 30, a n d t h e H O L C
h a d under negotiation a t t h e end of
J u n e leases covering another 6,575
units. I n addition, conversion applications for privately financed family
units totaled 11,478 since t h e first of
t h e year.
Conversion of t h e publicly financed
units represents an original saving to
t h e Government of more t h a n $23
million a n d one-fourth to one-half in
critical materials compared with t h e
outlay necessary for new construction
on the same scale. Moreover, much
of t h e original investment will be
recovered in rent received from these
properties.
T h e average cost per conversion
unit to date is $1,339, less t h a n half
t h e per-unit cost of new temporary
construction.
The 2-story singlefamily house has been the most common t y p e of .structure submitted for
conversion b u t an increasing n u m b e r of
commercial properties are being offered
for lease.
ft ft ft ft ft
Construction materials under
C M P Regulation N o . 6
A uniform m e t h o d for obtaining
construction materials a n d a control
over t h e flow of these materials t o
building projects has been provided
by t h e W a r Production Board. Under
the newly issued Controlled Materials
Plan Regulation No. 6, construction
materials will be subject t o controls
similar to those exercised over t h e
same production materials under C M P
Regulation No. 1. (See " T h e H o m e
F r o n t " , F H L B R E V I E W , May 1943).
This new regulation does not eliminate t h e necessity for obtaining
authorization to construct under t e r m s
of t h e " S t o p - C o n s t r u c t i o n " Order.
Persons who have received allotments
for authorized construction (which
includes restoration, reconstruction, or
remodeling) m a y place authorized
controlled materials orders w i t h a
warehouse or distributor, or with any
controlled materials producer, unless
otherwise specifically directed.
Claimant agencies will be p e r m i t t e d
to make advance allotments t o prime
consumers within specified limits.
This will tend, according to t h e W P B ,
t o insure completion of any long-term
construction schedules.
ft ft ft ft ft
A revision of ' 'Critical Construction
Materials Design G u i d e ' ' has been
published by t h e W P B . T h e guide
is designed to assist engineers a n d
architects in expediting planning of
projects and drawing of specifications.
Copies m a y be obtained from regional or district offices of t h e WPB.,
333
HONOR ROLL OF WAR BOND SALES
r\^y<^w
During the first 6 months of this year,
"BYBoirjT^j member institutions of the Federal
[WfE-K^y
Home Loan Bank System had sold to
^ - ^
the public $183,679,000 in bonds and
war stamps. This is an average of $30,613,162 per
month. A recent check revealed that 96.1 percent
of the total assets of the Bank System is represented
by members who are qualified as issuing agents for
bond and stamp sales. During the same 6-month
period reporting members purchased $298,784,000
for their own portfolios.
Total sales during June amounted to $18,843,133.
With the requirement for the June Honor Roll
being cumulative 6-month sales equal to 6 percent
of assets, 592 institutions qualified for this list. Of
these, over half (259) had sold at least twice that
amount.
Member institutions represented in the "Tops in
Volume" box remained the same for June as during
the previous month, with a few changes in place.
On the basis of June sales of $2,414,853, the First
Federal Savings and Loan Association of Chicago,
Illinois, retained undisputed lead. Cumulative sales
of this association during 1943 amounted to over
$9 million. The Citizens Federal Savings and
Loan Association of Dayton, Ohio, rose to second
place by reason of sales during June of $323,389—the
second highest monthly volume.
As in previous lists, the first asterisk indicates
that an institution has done twice as well as necessary
to qualify for a place on the Honor Roll—in this
instance, sales equal to 12 percent of assets. Each
additional asterisk represents sales equal to another
5 percent. An association appearing in italics has
sold an amount of bonds and stamps equal to 100
percent of its assets, and one appearing in capital
and small capital letters has sold 200 percent. Each
star in these cases indicates an additional 5 percent.
NO. 1—BOSTON
Bristol Federal Savings and Loan Association, Bristol, Conn.
First Federal Savings and Loan Association, Greenwich, Conn.
First Federal Savings and Loan Association, Norwalk, Conn.
** First Federal Savings and Loan Association, Providence, R . I .
Savings Bank of Manchester, Manchester, Conn.
Suffolk Cooperative Federal Savings and Loan Association, Boston, Mass.
Telephone Workers Building and Loan Association, Providence, R. I.
Uxbridge Cooperative Bank, TJxbridge, Mass.
**Windsor Federal Savings and Loan Association, Windsor, V.t—
•••Windsor Locks Building and Loan Association, Windsor Locks, Conn.
NO. 2—NEW YORK
••Amsterdam Federal Savings and Loan Association, Amsterdam, N. Y.
Berkeley Savings and Loan Association, Newark, N. J.
Bloomfield Savings Institution, Bloomfield, N. J.
••Bronx Federal Savings and Loan Association, Bronx, N. Y.
334
••••••Bronxville Federal Savings and Loan Association, Bronxville, N. Y.
****Center Savings and Loan Association, Clifton, N . J.
Closter Mutual Savings and Loan Association, Closter, N. J.
Columbia Savings and Loan Association, Woodhaven, N. Y.
••••Cranford Savings and Loan Association, Cranford, N . J.
East Rochester Federal Savings and Loan Association, East Rochester, N. Y.
••••••Economia Savings and Loan Association, Trenton, N . J.
Edison Savings and Loan Association, New York, N . Y.
**First Federal Savings and Loan Association, New York, N . Y.
First Federal Savings and Loan Association, Rochester, N . Y.
Genesee County Savings and Loan Association, Batavia, N . Y.
Haddon Heights Victory Savings and Loan Association, Haddon Heights, N. J.
Investors Savings and Loan Association, Milburn, N . J.
••Long Beach Federal Savings and Loan Association, Long Beach, N. Y.
*Maywood Savings and Loan Association, Maywood, N . J.
Midtown Savings and Loan Association, Newark, N . J.
Mohawk Savings and Loan Association, Newark, N . J .
North Jersey Savings and Loan Association, Passaic, N. J.
*North Park Savings and Loan Association, Elizabeth, N . J.
**North Plainfield Building and Loan Association, North Plainfield, N. J.
* Oneida Federal Savings and Loan Association, Oneida, N . Y.
Pequannock and Wayne Building and Loan Association, Mountain View, N . J .
•Reliance Federal Savings and Loan Association, Queens Village, N. Y.
Saranac Lake Federal Savings and Loan Association, Saranac Lake, N. Y.
•Schuyler Building and Loan Association, Kearny, N . J.
•Summit Federal Savings and Loan Association, Summit, N . J.
Volunteer Building and Loan Association, Little Ferry, N . J.
Walton Savings and Loan Association, Walton, N . Y.
White Plains Federal Savings and Loan Association, White Plains, N. Y.
NO. 3—PITTSBURGH
Benjamin Franklin Federal Savings and Loan Association, Philadelphia, Pa.
•••Brentwood Federal Savings and Loan Association, Brentwood, Pa.
Burton C. Simon Building and Loan Association, Philadelphia, Pa.
Cambria County Federal Savings and Loan Association, Cresson, Pa.
****Capital Building and Loan Association, Philadelphia, Pa.
Cayuga Federal Savings and Loan Association, Philadelphia, Pa.
**************Q0jonial F e ( j e r a i Savings and Loan Association, Philadelphia, Pa.
•Conshohocken Federal Savings and Loan Association, Conshohocken, Pa.
•Duquesne Heights Building and Loan Association, Pittsburgh, Pa.
•Ellwood City Federal Savings and Loan Association, Ellwood City, Pa.
•Fidelity Federal Savings and Loan Association, Philadelphia, Pa.
First Federal Savings and Loan Association, Beaver Falls, Pa.
First Federal Savings and Loan Association, Carnegie, Pa.
First Federal Savings and Loan Association, Charleston, W. Va.
First Federal Savings and Loan Association, Fairmont, W. Va.
First Federal Savings and Loan Association, Homestead, Pa.
First Federal Savings and Loan Association, Indiana, Pa.
•••••First Federal Savings and Loan Association, Logan, W. Va.
First Federal Savings and Loan Association of Mt. Oliver, Pittsburgh, Pa.
First Federal Savings and Loan Association, Pittston, Pa.
•First Federal Savings and Loan Association, Wilkes-Barre, Pa.
** First Federal Savings and Loan Association, Wilmerding, Pa.
•Frankin Federal Savings and Loan Association, Pittsburgh, Pa.
Friendly City Federal Savings and Loan Association, Johnstown, Pa.
Garfield Federal Savings and Loan Association, Philadelphia, Pa.
Grand Union Federal Savings and Loan Association, Philadelphia, Pa.
•Hazleton Federal Savings and Loan Association, Hazleton, Pa.
Investment Building and Loan Association, Altoona, Pa.
•Lansdowne Federal Savings and Loan Association, Lansdowne, Pa.
••Liberty Federal Savings and Loan Association, Philadelphia, Pa.
••Metropolitan Federal Savings and Loan Association, Philadelphia, Pa.
••••••••Mid-City Federal Savings and Loan Association, Philadelphia, Pa.
Monaca Federal Savings and Loan Association, Monaca, Pa.
••••••North Philadelphia Federal Savings and Loan Association, Philadelphia,
Pa.
Mountour Valley Savings, Building and Loan Association, Imperial, Pa.
Olney Savings and Loan Association, Philadelphia, Pa.
Peoples Federal Savings and Loan Association, Brackenridge, Pa.
Pioneer Savings and Loan Association of Bloomfield, Pittsburgh, Pa.
Protected Future Savings and Loan Association, Philadelphia, Pa.
•••Real Estate Loan Association, Philadelphia, Pa.
Reliance Building and Loan Association, Altoona, Pa,
Reliance Federal Savings and Loan Association, Philadelphia, Pa.
•••••••••••Roxborough-Manayunk Federal Savings and Loan Association,
Philadelphia, Pa.
Security Savings Fund and Loan Association, Pittsburgh, Pa.
**St. Edmond's Building and Loan Association, Philadelphia, Pa.
Third Federal Savings and Loan Association, Philadelphia, Pa.
********* United Federal Savings and Loan Association, Morgantown, W. Va.
•••West Philadelphia Federal Savings and Loan Association, Philadelphia, Pa.
West View Building and Loan Association, West View, Pa.
Willow Grove Federal Savings and Loan Association, Willow Grove, Pa.
NO. 4—WINSTON-SALEM
•Aberdeen Building and Loan Association, Aberdeen, N. C.
Albemarle Building and Loan Association, Elizabeth City, N. C.
Arlington Federal Savings and Loan Association, Baltimore, Md.
Arundel Federal Savings and Loan Association, Baltimore, Md.
Atlantic Building and Loan Association, Wilson, N. C.
••Atlantic Federal Savings and Loan Association, Baltimore, Md.
•Bartow Federal Savings and Loan Association, Bartow, Fla.
Federal Home Loan Bank Review
Belmont Building and Loan Association, Belmont, N. C.
Birmingham Federal Savings and Loan Association, Birmingham, Ala.
Bohemian American Building Association, Baltimore, Md.
*****Brevard Federal Savings and Loan Association, Brevard, N. C.
Citizens Building and Loan Association, Carthage, N. C.
Citizens Building and Loan Association, Salisbury, N . C.
Citizens Federal Savings and Loan Association, Rome, Ga.
*Clewiston Federal Savings and Loan Association, Clewiston, Fla.
Coral Gables Federal Savings and Loan Association, Coral Gables, Fla.
Cullman Savings and Loan Association, Cullman, Ala.
**Donalsonville Federal Savings and Loan Association, Donalsonville, Ga.
•••••First Federal Savings and Loan Association, Andalusia, Ala.
First Federal Savings and Loan Association, Anderson, S. C.
First Federal Savings and Loan Association, Augusta, Ga.
*First Federal Savings and Loan Association, Charleston, S. C.
***First Federal Savings and Loan Association, Columbus, Ga.
********First Federal Savings and Loan Association, Cordele, Ga.
*First Federal Savings and Loan Association, Darlington, S. C.
***First Federal Savings and Loan Association, Decatur, Ala.
***First Federal Savings and Loan Association, Eustis, Fla.
**First Federal Savings and Loan Association, Forest City, N. C.
••First Federal Savings and Loan Association, Gastonia, N. C.
•First Federal Savings and Loan Association, Greenville, N. C.
First Federal Savings and Loan Association, Huntsville, Ala.
**First Federal Savings and Loan Association, Jasper, Ala.
First Federal Savings and Loan Association, Lancaster, S. C.
First Federal Savings and Loan Association, Mobile, Ala.
•First Federal Savings and Loan Association, Montgomery, Ala.
First Federal Savings and Loan xissociation, Panama City, Fla.
*First Federal Savings and Loan Association, Phenix City, Ala.
First Federal Savings and Loan Association, Rocky Mount, N. C.
****First Federal Savings and Loan Association, South Boston, Va.
First Federal Savings and Loan Association, St. Petersburg, Fla.
*First Federal Savings and Loan Association, Sumter, S. C.
First Federal Savings and Loan Association, Valdosta, Ga.
*First Federal Savings and Loan Association, Vero Beach, Fla.
First Federal Savings and Loan Association, "Waycross, Ga.
***First Federal Savings and Loan Association, Winder, Ga.
Fitzgerald Federal Savings and Loan Association, Fitzgerald, Ga.
**Fort Hill Federal Savings and Loan Association, Clemson, S. C.
**Gate City Building and Loan Association, Greensboro, N. C.
Gwinnett County Building and Loan Association, Buford, Ga.
**Hamlet Building and Loan Association, Hamlet, N. C.
************Home Building and Loan Association, Easley, S. C.
Home Building and Loan Association, LaGrange, Ga.
Home Building and Loan Association, Spray, N. C.
*Lake City Federal Savings and Loan Association, Lake City, Fla.
Lexington County Building and Loan Association, West Columbia, S. C.
"""Lithuanian Federal Savings and Loan Association, Baltimore, Md.
***Marion Federal Savings and Loan Association, Marion, S. C.
Mechanics Federal Savings and Loan Association, Rock Hill, S. C.
Miami Beach Federal Savings and Loan Association, Miami Beach, Fla.
**Moultrie Federal Savings and Loan Association, Moultrie, Ga.
Mutual Building and Loan Association, Danville, Va.
•Mutual Building and Loan Association, Martinsville, Va.
Newberry Federal Savings and Loan Association, Newberry, S. C.
•Palatka Federal Savings and Loan Association, Palatka, Fla.
••Peoples Building and Loan Association, Whiteville, N. C.
•••••Peoples Mutual Building and Loan Association, Mount Gilead, N. C.
Peoples Savings and Loan Association, Ensley, Ala.
Perpetual Building and Loan Association, Anderson, S. C.
Raleigh Building and Loan Association, Raleigh, N. C.
•Richmond County Building and Loan Association, Rockingham, N. C.
Riverside Federal Savings and Loan Association, Baltimore, Md.
••Southern Pines Building and Loan Association, Southern Pines, N. C.
Sun Federal Savings and Loan Association, Baltimore, Md.
Taylorsville Building and Loan Association, Taylorsville, N. C.
Thomas County Federal Savings and Loan Association, Thomasville, Ga.
•••••••Tifton Federal Savings and Loan Association, Tifton, Ga.
••Union Federal Savings and Loan Association, Baltimore, Md.
••••Weldon Building and Loan Association, Weldon, N. C.
Wilson Home and Loan Association, Wilson, N. C.
Workmen's Federal Savings and Loan Association, Mount Airy, N. C.
Wyman Park Federal Savings and Loan Association, Baltimore, Md.
NO. 5—CINCINNATI
Anderson Ferry Building and Loan Company, Cincinnati, Ohio
Athens Federal Savings and Loan Association, Athens, Tenn.
•Bedford Savings and Loan Company, Bedford, Ohio
••Buckeye Loan and Building Company, Cincinnati, Ohio
•••Citizens Federal Savings and Loan Association, Dayton, Ohio
Cleveland Federal Savings and Loan Association, Cleveland, Tenn.
••Cookeville Federal Savings and Loan Association, Cookeville, Tenn.
Dyer County Federal Savings and Loan Association, Dyersburg, Tenn.
East Cleveland Savings and Loan Company, East Cleveland, Ohio
Elmwood Place Loan and Building Company, Elmwood Place, Ohio
•Falls Savings and Loan Association, Cuyahoga Falls, Ohio
••Favorite Federal Savings and Loan Association, Newport, Ky.
Fidelity Building Association, Dayton, Ohio
First Federal Savings and Loan Association, Ashland, Ky.
•••First Federal Savings and Loan Association, Bucyrus, Ohio
First Federal Savings and Loan Association, Canton, Ohio
First Federal Savings and Loan Association, Centerburg, Ohio
First Federal Savings and Loan Association, Defiance, Ohio
First Federal Savings and Loan Association, Dickson, Tenn.
First Federal Savings and Loan Association, Galion, Ohio
•••••First Federal Savings and Loan Association, Greenville, Tenn.
•••First Federal Savings and Loan Association, Hopkinsville, Ky.
•First Federal Savings and Loan Association, Johnson City, Tenn.
First Federal Savings and Loan Association, LaFollette, Tenn.
First Federal Savings and Loan Association, Lakewood, Ohio
First Federal Savings and Loan Association, Lorain, Ohio
August 1943
First Federal Savings and Loan Association, Paducah, Ky.
First Federal Savings and Loan Association, Sidney, Ohio
First Federal Savings and Loan Association, St. Bernard, Ohio
***Fulton Building and Loan Association, Fulton, Ky.
Genoa Savings and Loan Company, Genoa, Ohio
H. B. Smith Building and Loan Company, Fremont, Ohio
Hancock Savings and Loan Company, Findlay, Ohio
•Harvest Home Building and Savings Association, Cheviot, Ohio
•Hickman Federal Savings and Loan Association, Hickman, Ky.
•Home Builders Loan and Savings Company, Cincinnati, Ohio
••Home Federal Savings and Loan Association, Cincinnati, Ohio
Home Federal Savings and Loan Association, Knoxville, Tenn.
••Home Loan and Savings Company, Coshocton, Ohio
Home Savings and Loan Association, Dayton, Ohio
Home Savings and Loan Association, Wapakoneta, Ohio
••Home Savings and Loan Company, Columbiana, Ohio
Hyde Park Building and Loan Company, Cincinnati, Ohio
Indian Village Federal Savings and Loan Association, Gnadenhutten, Ohio
Lincoln Federal Savings and Loan Association, Dayton, Ohio
•Lincoln Heights Savings and Loan Company, Cleveland, Ohio
Maury County Federal Savings and Loan Association, Mt. Pleasant, Tenn.
•McKinley Federal Savings and Loan Association, Niles, Ohio
Mt. Adams Building Company, Cincinnati, Ohio
Mutual Federal Savings and Loan Association, Bowling Green, Ohio
••••Newport Federal Savings and Loan Association, Newport, Tenn.
North Hill Savings and Loan Company, Akron, Ohio
Oakley Building and Loan Company, Cincinnati, Ohio
O'Bryonville Building and Loan ComDany, Cincinnati, Ohio
Orleans Federal Savings and Loan Association, Cleveland, Ohio
*Orol Federal Savings and Loan Association, Lakewood, Ohio
Paris Federal Savings and Loan Association, Paris, Ky.
Peoples Federal Savings and Loan Association, Leetonia, Ohio
•Peoples Loan and Savings Company, Sandusky, Ohio
Progress Savings and Loan Company, Cleveland, Ohio
Provident Building and Loan Association, Cleveland, Ohio
San Marco Building and Loan Association, Cincinnati, Ohio
Security Federal Savings and Loan Association, Bellefontaine, Ohio
Security Savings and Loan Company, Cleveland, Ohio
Tops in Volume
The 25 member institutions which reported the largest cumulative sales of
aar-savings bonds and stamps during January-June 1943
1. First Federal Savings and Loan Association, Chicago, 111..
2. Citizens Federal Savings and Loan'Association, Dayton,
Ohio
3. First Federal Savings and Loan Association, New York,
N. Y
4. Harvey Federal Savings and Loan Association, Harvey, 111.
5. Minnesota Federal Savings and Loan Association, St.
Paul, Minn
6. Home Federal Savings and Loan Association,Tulsa, Okla._
7. Bloomfield Savings Institution, Bloomneld, N. J
8. Colonial Federal Savings and Loan Association, Philadelphia, Pa
9. First Federal Savings and Loan Association, Rochester,
N. Y
10. Edison Savings and Loan Association, New York, N. Y__
11. Roxborough-Manayunk Federal Savings and Loan Association, Philadelphia, Pa
12. First Federal Savings and Loan Association,Canton, Ohio.
13. Independent Building-Loan Association, San Jose, CaliL__
14. First Federal Savings and Loan Association, Detroit,
Mich
15. Worcester Co-Operative Federal Savings and Loan Association, Worcester, Mass
16. Old Colony Cooperative Bank, Providence, R. I
17. Railroadmen's Federal Savings and Loan Association,
Indianapolis, Ind
18. Savings Bank of Manchester, Manchester, Conn
19. Wm. H. Evans Building and Loan Association, Akron,
Ohio
20. San Antonio Building and Loan Association, San Antonio,
Tex
21. Worcester County Institution for Savings, Worcester,
Mass
22. Waterbury Savings Bank, Waterbury, Conn
23. Mid-City Federal Savings and Loan Association, Philadelphia, Pa
24. Bronxville Federal Savings and Loan Association, Bronxville, N. Y
25. Suffolk Cooperative Federal Savings and Loan Association, Boston, Mass
$9,223, 385
2,839,757
2,694,486
1,893,910
1,495,471
1,461, 638
1. 389, 390
1,361,441
1,169,582
1,154,408
l, 118,149
1,116,774
1,114,711
1,108,032
1,106, 657
1,086,260
1,001, 430
986, 895
977.794
962,716
958,733
944, 565
869,532
839,797
816,463
335
South Akron Savings Association, Akron, Ohio
South Euclid Savings and Loan Company, South Euclid, Ohio
Star Federal Savings and Loan Association, Covington, Ky.
*Suburban Federal Savings and Loan Association, Covington, Ky.
Tatra Savings and Loan Company, Cleveland, Ohio
Taylor County Federal Savings and Loan Association, Campbellsville Ky.
"Third Equitable Building and Loan Company, Cadiz, Ohio
Third Federal Savings and Loan Association, Cleveland, Ohio
Tri-County Savings and Loan Company, Galion, Ohio
•Ukrainian Savings Company, Cleveland, Ohio
**Union Building and Loan Company, St. Marys, Ohio
Union County Federal Savings and Loan Association. M^arysville, Ohio
Valley Central Building and Loan Company, Reading, Ohio
*Van Wert Federal Savings and Loan Association, Van Wert, Ohio
Versailles Building and Loan Company, Versailles, Ohio
*Warsaw Savings and Loan Association, Cleveland, Ohio
*West Jefferson Building and Loan Company, West Jefferson, Ohio
*Wm. H. Evans Building and Loan Association, Akron, Ohio
NO. 6—INDIANAPOLIS
Adrian Federal Savings and Loan Association, Adrian, Mich.
Atkins Savings and Loan Association, Indianapolis, Ind.
Birmingham Federal Savings and Loan Association, Birmingham, Mich.
Charlotte Federal Savings and Loan Association, Charlotte, Mich.
Citizens Building and Loan Association, Columbus, Ind.
Dearborn Federal Savings and Loan Association, Dearborn, Mich.
•••••Detroit Federal Savings and Loan Association, Detroit, Mich.
First Federal Savings and Loan Association, Detroit, Mich.
First Federal Savings and Loan Association, Indianapolis, Ind.
First Federal Savings and Loan Association, Marion, Ind.
First Federal Savings and Loan Association, Michigan City, Ind.
First Federal Savings and Loan Association, Shelbyville, Ind.
First Federal Savings and Loan Association, Washington, Ind.
•Griffith Federal Savings and Loan Association, Griffith, Ind.
*Homestead Loan and Building Association, Albion, Mich.
Industrial Savings and Loan Association of Indiana Harbor, East Chicago, Ind.
Kentland Building and Loan Association, Kentland, Ind.
•••Liberty Savings and Loan Association, Whiting, Ind.
**Logansport Building and Loan Association, Logansport, Ind.
*Marshall County Building and Loan Association, Plymouth, Ind.
••••••Monon Building, Loan and Savings Association, Monon, Ind.
Mt. Clemens Federal Savings and Loan Association, Mt. Clemens, Mich.
****Ottawa County Building and Loan Association, Holland, Mich.
Peoples Federal Savings and Loan Association, Detroit, Mich.
Peoples Federal Savings and Loan Association, East Chicago, Ind.
••••Peoples Federal Savings and Loan Association, Monroe, Mich.
Peoples Federal Savings and Loan Association, Royal Oak, Mich.
Peoples Savings and Loan Association, Huntington, Ind.
Sobieski Federal Savings and Loan Association, South Bend, Ind.
Twelve Points, Savings and Loan Association, Terre Haute, Ind.
Wabash Federal Savings and Loan Association, Terre Haute, Ind.
NO. 7—CHICAGO
***Abraham Lincoln Savings and Loan Association, Chicago, 111.
******** Acme Savings and Loan Association, Milwaukee, Wis.
**Amery Federal Savings and Loan Association, Amery, Wis.
Amity Federal Savings and Loan Association, Chicago, 111.
Atlas Savings and Loan Association, Chicago, 111.
Atlas Savings and Loan Association, Milwaukee, Wis.
Auburn Building and Loan Association, Auburn, 111.
Avondale Building and Loan Association, Chicago, 111.
Black Hawk Federal Savings and Loan Association, Rock Island, 111.
*Bushnell Federal Savings and Loan Association, Bushnell, 111.
**Citizens Building and Loan Association, Peoria, 111.
*City Savings and Loan Association, Chicago, 111.
Clyde Savings and Loan Association, Cicero, 111.
Community Building and Loan Association, Milwaukee, Wis.
Concord Savings and Loan Association, Chicago, 111.
Continental Savings and Loan Association, Chicago, 111.
Cook County Federal Savings and Loan Association, Chicago, 111.
Cragin Savings and Loan Association, Chicago, 111.
Damen Savings and Loan Association, Chicago, 111.
Des Plaines State Building and Loan Association, Des Plaines, 111.
*DuQuoin Homestead and Loan Association, DuQ.uoin, 111.
East Side Federal Savings and Loan Association, Milwaukee, Wis.
Fairfield Savings and Loan Association, Chicago, 111.
*****First Calumet City Savings and Loan Association, Calumet City, 111.
***First Federal Savings and Loan Association, Barrington, 111.
************* First Federal and Savings and Loan Association, Chicago, 111.
First Federal Savings and Loan Association, Lansing, 111.
First Federal Savings and Loan Association, Moline, 111.
* First Federal Savings and Loan Association, Streator, 111.
First Federal Savings and Loan Association, Wilmette, 111.
Flora Mutual Building, Loan and Homestead Association, Flora, 111.
*Gage Park Savings and Loan Association, Chicago, 111.
General Sowinski Building and Loan Association, Cicero, 111.
Grand Crossing Savings and Building Loan Association, Chicago, 111.
Guaranty Savings and Loan Association, Chicago, 111.
**************** HALLER SAVINGS AND LOAN ASSOCIATION, CHICAGO, I I I .
********* Harvey Federal Savings and Loan Association, Harvey, 111.
Hemlock Savings and Loan Association, Chicago, 111.
** Illinois Federal Savings and Loan Association, Chicago, 111.
•Investors Savings and Loan Association, Chicago, 111.
*** Jugoslav Savings and Loan Association, Chicago, 111.
Keistuto Savings and Loan Association, Chicago, 111.
Kewanee Federal Savings and Loan Association, Kewanee, 111.
King City Federal Savings and Loan Association, Mt. Vernon, 111.
King Zygmunt the First Building and Loan Association, Chicago, 111.
**Kinnickinnic Federal Savings and Loan Association, Milwaukee, Wis.
Labe Savings and Loan Association, Chicago, 111.
•Lawn Manor Building and Loan Association, Chicago, 111.
336
•Lawndale Savings and Loan Association, Chicago, 111.
Liberty Savings and Loan Association, Chicago, 111.
***Libertyville Federal Savings and Loan Association, Libertyville, 111.
*Lombard Building and Loan Association of DuPage County, Lombard, 111.
*****Merchants & Mechanics Building and Loan Association, Springfield, 111.
Merrill Federal Savings and Loan Association, Merrill, Wis.
Midwest Savings and Loan Association, Chicago, 111.
*Mt. Vernon Loan and Building Association, Mt. Vernon, 111.
**Naperville Building and Loan Association, Naperville, 111.
Naprstek Savings and Loan Association, Chicago, 111.
*****Narodni Savings and Loan Association, Chicago, 111.
•National Savings and Loan Association, Chicago, 111.
National Savings and Loan Association, Milwaukee, Wis.
New City Savings and Loan Association, Chicago, 111.
New London Savings and Loan Association, New London, Wis.
North Shore Building and Loan Association, North Chicago, 111.
**Northwestern Bohemian Building and Loan Association, Chicago, 111.
*Ogden Federal Savings and Loan Association, Berwyn, 111.
Peerless Federal Savings and Loan Association, Chicago, 111.
Peoples Federal Savings and Loan Association, Peoria,r 111.
Peoples Savings and Loan Association, Milwaukee, W is.
•Peoples Savings and Loan Association of Roseland, Chicago, 111.
Piatt County Loan Association, Monticello, 111.
*Prairie State Savings and Loan Association, Chicago, 111.
Public Savings and Loan Association, Chicago, 111.
Pulaski Savings and Loan Association, Chicago, 111.
**Reliance Building and Loan Association, Milwaukee, Wis.
Reliance Federal Savings and Loan Association, Chicago, 111.
****Richland Center Federal Savings and Loan Association, Richland Center,
Wis.
Sacramento Avenue Building and Loan Association, Chicago, 111.
•Security Federal Savings and Loan Association, Chicago, 111.
St. Anthony Savings and Loan Association, Cicero, 111.
**Sturgeon Bay Building and Loan Association, Sturgeon Bay, Wis.
Tabor Savings and Loan Association, Chicago, 111.
United Savings and Loan Association, Chicago, 111.
***United Saving Association, Taylorville, 111.
*Universal Savings and Loan Association, Chicago, 111.
••Uptown Federal Savings and Loan Association, Chicago, 111.
Valentine Federal Savings and Loan Association, Cicero, 111.
West Highland Savings and Loan Association, Chicago, 111.
NO. 8—DES MOINES
Aberdeen Federal Savings and Loan Association, Aberdeen, S. Dak.
Albert Lea Building and Loan Association, Albert Lea, Minn.
Burlington Federal Savings and Loan Association, Burlington, Iowa
Butler Building and Loan Association, Butler, Mo. y
Central Savings and Loan Association, Chariton, Iow a
Dubuque Building and Loan Association, Dubuque, Iowa
East Grand Forks Federal Savings and Loan Association, East Grand Forks,
Minn.
First Federal Savings and Loan Association, Canton, S. Dak.
••••First Federal Savings and Loan Association, Jamestown, N. Dak.
First Federal Savings and Loan Association, Rock Rapids, Iowa
First Federal Savings and Loan Association, St. Paul, Minn.
•Guthrie and Adair County Building and Loan Association, Stuart, Iowa
Home Building and Loan Association, Fort Dodge, Iowa
Home Building and Loan Association, Hardin, Mo.
Home Building and Loan Association, Joplin, Mo.
***************jj ome Building %nd Loan Association, Marion, Iowa
•••••••••Independence Savings and Loan Association, Independence, Mo.
***Mandan Building and Loan Association, Mandan, N . Dak.
Minnesota Federal Savings and Loan Association, St. Paul, Minn.
Minot Federal Savings and Loan Association, Minot, N . Dak.
North American Savings and Loan Association, Kansas City, Mo.
••Oelwein Federal Savings and Loan Association, Oelwein, Iowa
•••••••••••Owatonna Federal Savings and Loan Association, Owatonna, Minn.
••Perry Federal Savings and Loan Association, Perry, Iowa
•Postal Employees' Building Loan and Savings Association, St. Louis, Mo.
Public Service Company's Savings and Loan Association, Kansas City, Mo.
Red Oak Building and Savings Association, Red Oak, Iowa
Sentinel Federal Savings and Loan Association, Kansas City, Mo.
•Slayton Building and Loan Association, Slayton, Minn.
•St. Joseph Savings and Loan Association, St. Joseph, Mo.
••Standard Federal Savings and Loan Association, Kansas City, Mo.
•Wells Federal Savings and Loan Association, Wells, Minn.
NO. 9—LITTLE ROCK
Alamogordo Federal Savings and Loan Association, Alamogordo, N. Mex.
American Homestead Company, New Orleans, La.
•••Amory Federal Savings and Loan Association, Amory, Miss.
Arkadelphia Federal Savings and Loan Association, Arkadelphia, Ark.
* * * * * * * * * * * * * * * * A t j a n t a F e ( j e r a ] savings and Loan Association, Atlanta, Tex.
*******Batesville Federal Savings and Loan Association, Batesville, Ark.
Brownwood Federal Savings and Loan Association, Brownwood, Tex.
Chaves County Building and Loan Association, Roswell, N. Mex.
•Citizens Federal Savings and Loan Association, Jonesboro, Ark.
•Clay County Federal Savings and Loan Association, West Point, Miss.
•Coast Federal Savings and Loan Association, Gulfport, Miss.
••Colorado Federal Savings and Loan Association, Colorado City, Tex.
Continental Building and Loan Association, New Orleans, La.
*Corsicana Federal Savings and Loan Association, Corsicana, Tex.
****Dalhart Federal Savings and Loan Association, Dalhart, Tex.
•••Davy Crockett Federal Savings and Loan Association, Crockett, Tex.
•Delta Federal Savings and Loan Association, Greenville, Miss.
••••••Deming Federal Savings and Loan Association, Deming, N. Mex.
***Electra Federal Savings and Loan Association, Electra, Tex.
El Paso Federal Savings and Loan Association, El Paso, Tex.
Equitable Building and Loan Association, Fort Worth, Tex.
••Equitable Building and Loan Association, Roswell, N. Mex.
•Fifth District Homestead Association, New Orleans, La.
Federal Home Loan Bank Review
* First Federal Savings and Loan Association, Beaumont, Tex.
**First Federal Savings and Loan Association, Belzoni, Miss.
**First Federal Savings and Loan Association, Big Spring, Tex.
****First Federal Savings and Loan Association, Canton, Miss.
First Federal Savings and Loan Association, Clarksdale, Miss.
*******First Federal Savings and Loan Association, Corinth, Miss.
•** First Federal Savings and Loan Association, Corpus Christi, Tex.
* First Federal Savings and Loan Association, El Dorado, Ark.
'•First Federal Savings and Loan Association, Helena, Ark.
First Federal Savings and Loan Association, Hot Springs, Ark.
First Federal Savings and Loan Association, Laredo, Tex.
•First Federal Savings and Loan Association, Las Vegas, N. Mex.
First Federal Savings and Loan Association, Little Rock, Ark.
* First Federal Savings and Loan Association, Lubbock, Tex.
First Federal Savings and Loan Association, Luling, Tex.
First Federal Savings and Loan Association, Marshall, Tex.
First Federal Savings and Loan Association, McComb, Miss.
* First Federal Savings and Loan Association, Natchitoches, La.
First "Federal Savings and Loan Association, New Braunfels, Tex.
**First Federal Savings and Loan Association, Paris, Tex.
••First Federal Savings and Loan Association, Waco, Tex.
First Homestead and Savings Association, New Orleans, La.
Gilmer Building and Loan Association, Gilmer, Tex.
******** Glade wa ter Federal Savings and Loan Association, Gladewater, Tex.
******** Greater New Orleans Homestead Association, New Orleans, La.
Guaranty Savings and Homestead Association. New Orleans, La.
Hammond Building and Loan Association, Hammond, La.
Hope Federal Savings and Loan Association, Hope, Ark.
******Inter-City Federal Savings and Loan Association, Louisville, Miss.
**************jennmgS Federal Savings and Loan Association, Jennings, La.
Kosciusko Building and Loan Association, Kosciusko, Miss.
Liberty County Federal Savings and Loan Association, Liberty, Tex.
Mineral Wells Building and Loan Association, Mineral Wells, Tex.
•*Morrilton Federal Savings and Loan Association, Morrilton, Ark.
Mutual Building and Loan Association, Fort Worth, Tex.
••Mutual Building and Loan Association, Las Cruces. N. Mex.
****Nashville Federal Savings and Loan Association, Nashville, Ark.
***Natchez Building and Loan Association, Natchez, Miss.
*******Navasota Federal Savings and Loan Association, Navasota, Tex.
North Texas Federal Savings and Loan Association, Wichita Falls, Tex.
Oak Homestead Association, New Orleans, La.
*01ney Federal Savings and Loan Association, Olney, Tex.
*Panola County Federal Savings and Loan Association, Batesville, Miss.
Peoples Federal Savings and Loan Association, Bay St. Louis. Miss.
*********Piggott Federal Savings and Loan Association, Piggott, Ark.
Pioneer Building and Loan Association, Waco, Tex.
***** Pocahontas Federal Savings and Lean Association Pocahontas, Ark.
****Ponchatoula Homestead Association, Ponchatoula, La.
************Quanah Federal Savings and Loan Association, Quanah, Tex.
* Rapides Building and Loan Association, Alexandria, La.
************Riceland Federal Savings and Loan Association, Stuttgart, Ark.
****Roswell Building and Loan Association, Roswell, N. Mex.
San Angelo Federal Savings and Loan Association, San Angelo, Tex.
**San Antonio Building and Loan Association, San Antonio. Tex.
***Searcy Federal Savings and Loan Association, Searcy, Ark.
**Slidell Savings and Homestead Association, Slidell, La.
*St. Tammany Homestead Association, Covington, La.
"••Sulphur Springs Loan and Building Association, Sulphur Springs, Tex.
Tarrant County Building and Loan Association, Fort Worth, Tex.
*Teche Federal Savings and Loan Association, Franklin, La.
*Travis Building and Loan Association, San Antonio, Tex.
*****Tueumcari Federal Savings and Loan Association, Tucumcari, N . Mex.
*Union Federal Savings and Loan Association, Baton Rouge, La.
Waxahachie Federal Savings and Loan Association, Waxahachie, Tex.
NO. 10—TOPEKA
American Building and Loan Association, Oklahoma City, Okla.
Bonner Springs Building and Loan Association, Bonner Springs, Kans.
Broken Arrow Federal Savings and Loan Association, Broken Arrow, Okla.
**Citizens Federal Savings and Loan Association, Wichita, Kans.
**Columbia Building and Loan Association, Emporia, Kans.
Concordia Building and Loan Association, Concordia, Kans.
Dodge City Savings and Loan Association, Dodge City, Kans.
Durango Savings and Building Association, Durango, Colo.
Equitable Building and Loan Association, Fremont, Nebr.
Erie Building and Loan Association, Erie, Kans.
First Federal Savings and Loan Association, Beloit, Kans.
***First Federal Savings and Loan Association of Dawson County, Cozad, Nebr.
*First Federal Savings and Loan Association, Englewood, Colo.
First Federal Savings and Loan Association, La Junta, Colo.
**First Federal Savings and Loan Association, Lamar, Colo.
First Federal Savings and Loan Association, Liberal, Kans.
First Federal Savings and Loan Association, Lincoln, Nebr.
First Federal Savings and Loan Association, Shawnee, Okla.
**********First Federal Savings and Loan Association of Sumner County, Wellington, Kans.
Garden City Building and Loan Association, Garden City, Kans.
Garnett Savings and Loan Association, Garnett, Kans.
Hays Building and Loan Association, Hays, Kans.
Home Building and Loan Association, Lawton, Okla.
•Home Federal Savings and Loan Association, Ada, Okla.
•Home Federal Savings and Loan Association, Tulsa, Okla.
Horton Building, Loan and Savings Association, Horton, Kans.
Industrial Federal Savings and Loan Association, Denver, Colo.
Liberty Savings and Loan Association, Fort Scott, Kans.
Lyons Building and Loan Association, Lyons, Kans.
•Miami Building and Loan Association, Miami, Okla.
Morgan County Federal Savings and Loan Association, Ft. Morgan, Colo.
Nebraska City Federal Savings and Loan Association, Nebraska City, Nebr.
Northwestern Federal Savings and Loan Association, Clay Center, Kans.
Osage Federal Savings and Loan Association, Pawhuska, Okla.
•••Peoples FederalfSavings"and|Loan*Association,|;Tulsa,,Okla.
August 1943
Reserve Building and Loan Association, Oberlin, Kans.
Salida Building and Loan Association, Salida, Colo.
***************genUyjer Federal Savings and Loan Association, Schuyler, Nebr.
Security Building and Loan Association, Iola, Kans.
••••Wayne Federal Savings and Loan Association, Wayne, Nebr.
NO. 11—PORTLAND
Auburn Federal Savings and Loan Association, Auburn, Wash.
Bellingham First Federal Savings and Loan Association, Bellingham, Wash.
Centralia Federal Savings and Loan Association, Centralia, Wash.
•••Cheyenne Federa .Savings and Loan Association, Cheyenne, Wyo.
Citizens Federal Savings and Loan Association, Seattle, Wash.
•Commercial Savings and Loan Association, Kelso, Wash.
••Deer Lodge Federal Savings and Loan Association, Deer Lodge, Mont
First Federal Savings and Loan Association, Hoquiam, Wash.
•First Federal Savings and Loan Association, Idaho Falls, Idaho
First Federal Savings and Loan Association, Mt. Vernon, Wash.
First Federal Savings and Loan Association, Pendleton, Oreg.
First Federal Savings and Loan Association, Salt Lake City, Utah
••First Federal Savings and Loan Association, Sheridan, Wyo.
•••••First Federal Savings and Loan Association. The Dalles, Oreg.
Guaranty Federal Savings and Loan Association. Pocatello, Idaho.
Hoquiam Savings and Loan Association, Hoquiam, Wash.
••Lakeview Federal Savings and Loan Association, Lakeview, Oreg.
•Liberty Savings and Loan Association, Yakima, Wash.
Polk County Federal Savings and Loan Association, Dallas, Oreg.
Port Angeles Savings and Loan Association, Port Angeles, Wash.
Rawlins Federal Savings and Loan Association, Rawlins, Wyo.
•Raymond Federal Savings and Loan Association, Raymond, Wash
••Umpqua Savings and Loan Association, Roseburg, Oreg.
Washington Federal Savings and Loan Association, Hillsboro, Oreg.
Wenatchee Federal Savings and Loan Association, Wenatchee, Wash.
•Yakima Federal Savings and Loan Association, Yakima, Wash.
NO. 12—LOS ANGELES
Berkeley Guarantee Building and Loan Association, Berkeley, Calif.
••Carmel Building and Loan Association, Carmel, Calif.
•••••Central Federal Savings and Loan Association, San Diego, Calif.
Century Federal Savings and Loan Association, Santa Monica, Calif.
Citrus Belt Building and Loan Association, Riverside, Calif.
Compton Federal Savings and Loan Association, Compton, Calif.
Coronado Federal Savings and Loan Association, Coronado, Calif.
Escondido Federal Savings and Loan Association, Escondido, Calif.
First Federal Savings and Loan Association, Alhambra, Calif.
First Federal Savings and Loan Association of Hawaii, Honolulu, T. H.
••••First Federal Savings and Loan Association, Huntington Park, Calif.
First Federal Savings and Loan Association, San Jose, Calif.
First Federal Savings and Loan Association, San Pedro, Calif.
Glendale Federal Savings and Loan Association, Glendale, Calif.
Great Western Building and Loan Association, Los Angeles, Calif.
Hollywood Building and Loan Association, Hollywood, Calif.
Home Building and Loan Association, Los Angeles, Calif.
••••**Home Federal Savings and Loan Association, San Diego, Calif,
••Independent Building-Loan Association, San Jose, Calif.
•Inglewood Federal Savings and Loan Association, Inglewood, Calif.
International Building and Loan Association, Ltd., Honolulu, T. H.
La Jolla Federal Savings and Loan Association, La Jolla, Calif.
••Liberty Building-Loan Association, Los Angeles, Calif.
••Marin County Mutual Building and Loan Association, San Rafael, Calif.
••Oceanside Federal Savings and Loan Association, Oceanside, Calif.
Porterville Mutual Building and Loan Association, Porterville, Calif.
Santa Maria Guarantee Building-Loan Association, Santa Maria, Calif.
Santa Paula Building and Loan Association, Santa Paula, Calif.
Santa Rosa Building and Loan Association, Santa Rosa, Calif
•Sausalito Mutual Loan Association, Sausalito, Calif.
Surety Building and Loan Association, San Jose, Calif.
•Union Federal Savings and Loan Association, Los Angeles, Calif.
Fibreboard W a l l s for Low-Cost
Housing
•
A new pamphlet recently published by the National Bureau of Standards outlines the results of
experiments in the use of fibre insulating board for
wall and ceiling finishes. Cooperating with the Insulation Board Institute, the Bureau of Standards has
developed a new technique which permits the same
decorative surface treatment as for plaster walls.
This innovation opens new possibilities for interior
design, particularly in low-cost housing construction.
The pamphlet, No. BMS97, "Experimental Drywall
Construction with Insulating Fibre Board," is
available from the Government Printing Office,
Washington 25, D . C. The price is 10^.
337
Directory
(Continued from p. 326)
INDIANA:
D I S T R I C T NO. 6
Oxford:
The Oxford Building and Loan Association.
D I S T R I C T NO. 7
WISCONSIN:
Milwaukee:
Fidelity Savings and Loan Association, 2049 West Fond du Lac Avenue.
TEEMINATIONS OF MEMBERSHIP IN THE FEDERAL HOME LOAN
BANK SYSTEM BETWEEN JUNE 16 AND JULY 15, 1943
ARKANSAS:
Little Rock:
Pyramid Life Insurance Company, Pyramid Building.
CALIFORNIA:
Upland:
Magnolia FederaJ Savings and Loan Association, 237 North Second
Avenue (merger with Pomona First Federal Savings and Loan Association, Pomona).
N E W JERSEY:
Atlantic City:
Equitable Building and Loan Association of Atlantic City, N . J., 1421
Atlantic Avenue (merger with Anchor Savings and Loan Association,
Atlantic City).
The Mutual Building and Loan Association of Atlantic City, 415 Guaranty Trust Building (merger with Anchor Savings and Loan Association, Atlantic City).
Peoples Building and Loan Association of Atlantic City, N . J., 1421
Atlantic Avenue (merger with Anchor Savings and Loan Association,
Atlantic City).
Ventnor Building and Loan Association, 520 Guaranty Trust Building
(merger with Anchor Savings and Loan Association, Atlantic City).
Newark:
The Prudential Building and Loan Association, 20 Belmont Avenue
(merger with Yorke Savings and Loan Association, Newark).
PENNSYLVANIA:
Philadelphia:
Famous Federal Savings and Loan Association, 915 Lewis Tower Building (merger with First Wayne Federal Savings and Loan Association,
Wayne).
Pittsburgh:
Brushton District Building and Loan Association, 7800 Franktown
Avenue (merger with Homewood Savings and Loan Association,
Pittsburgh).
The Hastings Building and Loan Association, 1116 Bradish Street
(liquidation).
II. FEDERAL SAVINGS AND LOAN ASSOCIATIONS
CHARTERED BETWEEN JUNE 16 AND JULY 15,
1943
DISTRICT NO. 4
NORTH CAROLINA:
Charlotte:
Home Federal Savings and Loan Association, 116 East Fourth Street.
DISTRICT NO. 10
KANSAS:
Dodge City:
First Federal Savings and Loan Association of Dodge City, 207 Walnut
Street.
III. INSTITUTIONS INSURED BY THE FEDERAL
SAVINGS AND LOAN INSURANCE CORPORATION
BETWEEN JUNE 16 AND JULY 15, 1943
DISTRICT NO. 1
CONNECTICUT:
Wallingford:
The Wallingford Building and Loan Association, Inc., 1 South Colony
Street.
DISTRICT NO. 2
N E W JERSEY:
Atlantic City:
Anchor Savings and Loan Association, 1535 Atlantic Avenue.
Guardian Savings and Loan Association, 1507 Atlantic Avenue.
Newark:
Central Mutual Savings and Loan Association, 494 Central Avenue.
Yorke Savings and Loan Association, 167 Bloomfield Avenue.
N E W YORK:
Catskill:
Catskill Savings and Loan Association, 389 Main Street.
Fairport:
Fairport Savings and Loan Association, 45 South Main Street.
DISTRICT NO. 3
PENNSYLVANIA:
Freedom:
Freedom Federal Savings and Loan Association, 799 Third Avenue.
Hatfield:
Hatfield Building and Loan Association, Hatfield Fire Company Building.
338
PitstDurgn:
South Pittsburgh Savings and Loan Association, 1712 East Carson
Street.
DISTRICT NO. 10
KANSAS:
Dodge City:
First Federal Savings and Loan Association of Dodge City, 207 Walnut
Street.
DISTRICT NO. 12
CALIFORNIA:
Wilmington:
Wilmington Mutual
Boulevard.
Building and Loan Association, 728 Avalon
Cooperative Research
{Continued from p. 382)
Again, as a means of insuring against the development of any special vested interest which might find
reflection in the reports, it is stipulated that no
subscriber may contribute more than 10 memberships a year. Some subscribe to varying numbers of
memberships as a means of supplemental support of
the Committee's work.
The greatest item of expense is, of course, the work
done on contract by the statistical firm. This
amounts to $250 per Quarterly Report plus any
amount that this firm has to spend for additional
employees to compile and set up the reports.
CONTINUING POPULARITY
During the relatively short career of the Residential Research Committee it has come to be considered
by its participating members as an indispensable
service. In its present form, the report represents an
evolution to that form which is believed to meet
most generally the requirements of members at a
minimum cost in money and time contributed.
Last Fall the officers of the Residential Research
Committee were of the opinion that, because of the
exigencies of War, there would be little demand for
the continuation of these reports. Frozen building
activities, rent control, and the abnormal relationship between supply and demand in housing and its
allied fields seemed to them to militate against the
necessity and usefulness of many aspects of the
research work. This did not prove to be the case.
A canvass of members revealed a demand that the
work be continued even though certain phases of it
would have little meaning due to present conditions.
The future of the Committee's operations is, of
course, entirely a matter of conjecture. The information already amassed, in itself a valuable
history of recent real-estate conditions, should
assume added importance as a guide to the future.
If the current record of war-time conditions can be
maintained, the data will undoubtedly be of great
value in preparingjfor post-war housing activity.
Federal Home Loan Bank Review
«
FROM THE MONTH'S NEWS
«
»
»
Foundation
DIVIDENDS: "Many of us recall the
reluctance with which the banks first
decided to reduce dividend rates as the
depression deepened in the early thirties.
Quite generally the management of these
banks felt that any decrease in dividends
would disturb confidence and cause withdrawals. The fact is, however, that our
mutual savings banks system has not
only survived, but its total deposits today
stand at an all-time high."
William R. White, Savings
Bank Journal, July 1943.
HOUSING INVESTMENT: "Private debt
will be in a healthy state at the end of the
War. Institutional funds will be plentiful and credit will be amply available.
War savings in the hands of individuals
can also be converted into housing investments in the form of down payments."
Fred T. Greene, American
Savings and Loan News, June
1943.
DEPRECIATION: "While
it
may seem
like a dismal philosophy, the appraiser
should look for depreciation rather than
for increment. His is the responsibility
to apply the brakes to the optimism which
is the natural result of a returning
prosperity."
"A great deal is being said and written about plans for the postwar period. While it is difficult, if not impossible, to prescribe at
this time any definite set of standards or plans to be applied after
the war, we must, if we are to avoid the economic decline and pitfalls
t h a t we encountered following the cessation of hostilities in 1918,
have at least a sound and formidable foundation for such plans."
Abner H. Ferguson, InsuredMortgage Portfolio, Second
Quarter 1943.
Prepayment Penalties
John H. Fahey, before 10th
Annual Stockholders' Meeting, F H L Bank of Chicago.
August 1943
.
.
.
Elliott V. Bell, before the New York State League o
Savings and Loan Associations.
HHHI
H ^
iteiilBfcilBiiii
TOMORROW'S HOUSE: "There is no
'building industry' in the sense that there
is an automobile industry. No one or two
manufacturers set the pace by a new
model house. . . . That is why the
house which will emerge after the war
won't be changed overnight. By and
large, we'll start in where we left off,
and add the new materials, techniques
and inventions as they prove themselves."
PREPAREDNESS: " I t is quite possible that
the need of re-housing our people will in
a very large way contribute to the writing of a new chapter in our economy in
the critical years following the war. For
this we must be prepared. We must
strengthen our banks. We must strengthen our member institutions. We must
add to their power and resources in every
possible direction. Let us not face another peace unprepared and unable to do
our part toward making it secure."
.
"There should be no thought at this time of penalizing debtors
who seek to prepay their obligations. This is particularly desirable
with respect to mortgages on old properties because it is these older
properties which are likely to come back upon the hands of the
lender later on when new properties again become available.
"Such a policy is particularly desirable in boom areas. These
areas are experiencing a shortage of housing at the same time that
they are witnessing a great increase in the amount of money people
have to spend. Later on when the war is over and the war orders
diminish, such areas may experience a surplus of housing at the
same time that there are reduced earnings on the part of borrowers."
O. H. Price, Savings and Loan
Journal, July 1943.
National&Real Estate Journal,
June 1943.
.
n i l Sill iliiiUJTON WM
1.5
1,0
.5
o
BILLKWS
$2.0 |
^iilililcguTOi
$2.0r
,,l„,l,.
' ,1
,1.
i ,i
i „ i
iiliil^ii#ftEDi^;:
I I
-LJ_
Source;
1 I.
BILLIONS
J F M A M <iU A S 0 N 0 J F M A M
19^2
1943
Fs^^ff^^^Mf^^XMW'M^-
This chart shows graphically the effect of war-time conditions and regulations on selected items of consumer credit. The conversion of the automobile industry has brought the largest decrease in credit to
that line. Regulation W, one of the Government's anti-inflationary tools, has served to contract other
forms of consumer credit, in spite of greatly increased payrolls.
339
RESIDENTIAL BUILDING ACTIVITY AND SELECTED INFLUENCING FACTORS
BY YEARS
INDEX
260
1935-1939 =
l0
°
BY MONTHS
i
1
i
1
1
1
260
1
ADJUSTED FOR SEASONAL VARIATION
1
1
I
1
1
1
240
A ^PRIVATE
I y^r
220
240
CONSTRUCTION
i a z FAMILY DWELLING UNITS
220
200
200
fPRIVATE CONSTRUCTION-
180
160
140
120
100
A A
a 2 FAMILY DWELLING UNITS
FEDERAL HOME LOAN BANK ADMIN.)
(U. S. DEPT OF LABOR RECORDS) A
(
\
/x-,u/
f
\
\
f
SVGO. Ol LASMIV L.CIVU.
\(FE DE&4L HOME LOAN BANK ADMIf i )
\
160
\
1\
>\ /
\
80
\
60
\
<>
r
'
180
"N% 1 / \
f
s SVGS. 8 LOAN LEND.
4\
/
.\ A
/ --/
140
120
\
i
100
4
'x.
t-
y
/
..-»'
40
80
7~
J
1
*
1 ^
^J^
v
-^ <
* NONFARM
FORECLOSURES'
1
1
1
i
^NONFARM
1
1
60
l\A
FORECLOSURES*
40
(FEDERAL HOME LOAN BANK ADMIN.)
20
20
11 1
1 .1.
li
1 1 1 1_L_L ... 1 1 1 1 1 1
1
1 1
1
1,1
T~
BUILDING MATERIAL PRICES
-/?
120
100
RENTS'
^BUILDING
80
MATERIAL PRICES]
(U. S. DEPARTMENT OF LABOR)
I
I
I
L
L _ _
V
240
L-N/
l 1 1 i i I i 1 I i i 1 i i 1 i i
AH eo
l l 1 I I I l I
240
~i
1
1
1
1
1
1—
ADJUSTED FOR SEASONAL VARIATION
220
220
200
INDUSTRIAL
200
PRODUCTION^
180
180
INDUSTRIAL
160
PRODUCTION^
160
(FEDERAL RESERVE BOARD)
140
^INCOME
140
PAYMENTS
-INCOME PAYMENTS
120
120
100
100
80
80
60
0
140
1930 "31
*32 '33 '34
'35 '36 '37
c COST OF STANDARD SIX-ROOM HOUSE
'38 '39 '40 *4I
U\J 1 I11II II1I IIIII II II III IIIIIII I
1941
1 9 4 2
1 9 4 3
'42
INDEX WHOLESALE COMMODITY PRICES
J
*•**'
150
~r
LUMBER^
yIP
%r
LABOR-.
A^***
X.
140
•>•"•'£%
*'
y y ,.••
^MATERIAL
130
y /••*
i
y/
340
i , , 1111, i
1941
>/
r'
f'
.-•
.-/'
BUILDING MATERIAL^
#.......
,19 *3
120
.yy
NO
,,
x#<iy
f!9
.y
J
r;iv.tTtti-L.
1940
60
MILLIONS F H . L B . ADVANCES OUTSTANDING
$250r
1935-19 39=100
1935-1939=100
AH
H l n l n l n i..i.. 1
1942
1943
1
y
-rr;.. i
100 rr£V«ft".4<7
1940
1941
V / J L L INDUSTRIAL
L i
1942
^
,,l,,l..l,.
1943
JAN. FEB. MAR. APR. MAY
JUN. JUL. AUG. SEP OCT. NOV. DEC.
Federal Home Loan Bank Review
MONTHLY
SURVEY
HIGHLIGHTS
/. Total residential construction in all urban areas was about 38 percent less during the first 6 months of 1943 than in the same period
last year. Building activity so far this year has been almost equally divided between public and private projects, according to
building-permit figures of the Bureau of Labor Statistics. In the first half of 1942, private construction accounted for more than
two-thirds of all permits reported.
A. Construction of privately financed 1- and 2-family structures was 55 percent less in the first 6 months of this year than in the
first half of last.
B. The number of Government-financed structures built through June of this year is only 5 percent less than the total of 54,400
units for which permits were issued in the same period a year ago.
II. Lending activity of all savings and loan associations, which has shown a steady rise in recent months, was only 3 percent less for the
first half of this year than for the like period of 1942.
A. Home purchase loans have continued throughout the year to increase steadily. By June, these loans accounted for nearly
70 percent of all lending activity.
B. Loans to finance new home construction have declined steadily in recent months. For the month of June, they made up only
8 percent of savings and loan lending.
III. Mortgage-recording activity continued its upward course during June. The nearly $350,000,000
of recordings of $20,000
or less
reported in the month was 2 percent more than the total for June 1942. However, cumulative recordings for the first half of this
IV.
year were about 15 percent less than for the same period of 1942.
The rate of growth of assets of insured associations continued at an accelerated pace during the first 6 months of 1943. New private
investments during the month reached an all-time June high of
$103,900,000.
A. This trend has been accompanied by a very substantial growth in Government bond holdings.
B. The recent advance in home-purchase lending has brought a gain in the total mortgage portfolio of these institutions.
BUSINESS CONDITIONS
In June industrial production showed a slight
decline from May levels. Although output of plants
producing such essential war materials as rubber,
chemicals, and transportation equipment continued
their expansion, the volume of production of coal,
coke, pig iron and steel fell off sharply. As a result,
the Federal Reserve Board's seasonally adjusted
index declined from 203 in May to an estimated 201
in June (1935-1939 = 100).
Employment in factories continued to gain in
June. The seasonally adjusted index of employment
of the Department of Labor advanced from 168.2 in
M a y to an estimated 169.2 in June (1939=100).
Employment in both durable and nondurable goods
industries gained, but the index for employment in
industries manufacturing durable goods showed the
more substantial rise from 226 to an estimated 227.4.
With expanding employment, income payments,
particularly payrolls, have continued to gain steadily.
I n the first 5 months of 1943 income payments—as
estimated by the Department of Commerce—have
aggregated $54,760,000,000. This is 27 percent above
the then record-breaking total of $43,089,000,000
recorded in the first 5 months of 1942.
The disparity between goods available for civilian
consumption and income, a condition typical of all
August 1943
wars, will inevitably grow greater until the peak of
the war effort is reached. I t represents the most
outstanding feature of the current economic situation.
For the first time since the Winter of 1941, living
costs for the average city worker showed a month-tomonth decline. From M a y 15 to June 15 prices of
"cost of living" items declined fractionally. Decreases in fruit and vegetable prices were largely
responsible for the decrease in total costs.
Government expenditures for war purposes continued to increase but at a diminished rate of growth
compared with 1942, while tax receipts were larger.
Thus, the growth of the public debt was at a less
rapid rate than in the last half of 1942.
[1935-1939= 100]
June
1943
Type of index
Home construction (private) *
Foreclosures (nonfarm) 1
Rental index (BLS)
Building material prices
_
Savings and loan lending * _____
Industrial production l
l
Manufacturing employment
Income payments l
P
P
P
May
1943
62.2
59.6
16.9
16.1
108.0
108.0
123.5
123.4
142.3
132.9
201.0
203.0
173.6 *r 172.1
211.5
208.7
Percent
change
June
1942
-4.2
-4.7
0.0
+0.1
+7.1
-1.0
+0.9
+1.3
62.3
28.0
108.5
122.9
122.9
176.0
154.8
169.6
Percent
change
-4.3
-42.5
-0.5
+0.5
+15.8
+14.2
+12.1
+24.7
pr Preliminary.
Revised.
1
Adjusted for normal seasonal variation.
34!
BUILDING ACTIVITY—Public
and private construction drop
The volume of new residential construction in
urban areas of the United States dropped 26 percent from May to June, due almost entirely to a
reduction in publicly financed construction. Only
2,500 such units were reported for June, the lowest
number in any month since December 1941. This
was less than one-fourth of the total number of
Federally financed units for which permits were
issued in June 1942. During the first 6 months of
1943, the number of publicly financed dwelling
units in urban areas registered a decline of 5 percent compared with the same period last year.
Private construction declined 7 percent from
May, the decrease in multi-family units being
somewhat less than in 1- and 2-family dwellings.
Construction of privately financed 1- and 2-family
dwellings was 8 percent less than in the previous
month but, since a drop of 4 percent from May is
usually experienced, this contraction is not as
unfavorable as would appear. Permits for 44,500
dwelling units in 1- and 2-family structures were
issued during the first 6 months of 1943, less than
one-half the number in the same 1942 period.
The effect of war-time restrictions on residential
building, both public and private, is reflected in
the decline of new family units from 171,600 in
the first 6 months of 1942 to 106,400 for the same
period this year. [TABLES 1 and 2.]
NEW RESIDENTIAL CONSTRUCTION IN ALL URBAN AREAS
PERMITS ISSUED FOR PUBLICLY AND PRIVATELY FINANCED DWELLING UNITS
THOUSANDS OF
DWE .LING Ul^ ITS
35
\>p-PRIV ATE I at dZFAht ILY
30
25
stood at 102.9 (1935-1939 = 100). By the time we
entered World War II, it had reached 119.9. In
the 19 months since December 1941 the index has
co ntinued upward to reach 126.8 in June of this
year. During the last year and a half, the rate
of increase in the cost of materials for the standard
h ouse was considerably less than that shown by
la bor costs.
During June, the total cost index rose from
126.2 to 126.8, an increase of one-half of 1 percent.
This resulted from an increase of 0.7 in material
costs. Labor costs remained unchanged from May.
[ T A B L E S 3, 4, and
5.]
Construction costs for the standard house
[Average month of 1935-1939=100]
Element of cost
Material
Labor
Total
June
1943
May
1943
Percent
change
June
1942
123.0
134.3
122. 2
134.3
+ 0. 7
0.0
121. 3
127.8
+ 1.4
+ 5. 1
126. 8
126.2
+ 0. 5
123. 5
+ 2.7
Percent
change
MORTGAGE LENDING-Activity
remains heavy
The strong recovery in mortgage-lending activity
of savings and loan associations was continued in
June when the volume of new loans aggregated almost
$109,000,000. This is an increase of 8 percent from
May and 16 percent over June 1942.
The steady gain in mortgage lending by these
institutions, evident during the last 5 months, has
been paced by loans for the purchase of existing
homes. Loans for this purpose increased 10 percent
from May to June. Construction loans declined
slightly from JMay while remaining types increased.
20
«\
15
ALL PUBLI
10
5
V\*
/v.V1\.
F"* V *
K K
wA p
PRtVAT: MULTI-FAM.^S , , '
°DEC
MAR.
JUN.
1941
SEP
DEC.
MAR.
New mortgage loans distributed by purpose
[Amounts are shown in thousands of dollars]
i
• )'—*\
iV"
\
"T-f
*
1943
1 1
JUN.
SEP
1942
DEC.
i
JUN.
MAR.
i
Purpose
i
SEP
DE:c.
BUILDING COSTS-Labor costs
Since the Autumn of 1940, the cost of
ing the standard 6-room frame house
slowly but consistently. In September
beginning of the present upward trend,
May
1943
Percent
change
June
1942
Percent
change
i
stationary; materials increase
342
June
1943
constructhas risen
1940, the
the index
Construction
Home purchase
Refinancing _
Reconditioning
Other purposes
Total
$8, 946 $9, 039 - 1 . 0 $15,
74, 885 67, 826 + 10.4 52,
15, 913 14, 843 + 7.2 15,
2,707 2,606 + 3. 9 3,
6,425 6, 176 + 4.0 7,
108, 876 100, 490
930
112
184
566
303
-43.8
+ 43.7
+ 4.8
-24. 1
-12. 0
+ 8.3 94, 095 + 15.7
Federal Home Loan Bank Review
first time in 1943 that mortgage recordings have
exceeded the total of the same month in 1942.
Mutual savings banks and miscellaneous lenders
reported a 14-percent increase over May activity,
while gains for the remaining three groups ranged
from less than one-half of 1 percent for commercial
banks to 9 percent for insurance companies.
Cumulative recordings for the first half of 1943
were 15 percent below those for the same period of
last year and 23 percent less than in the same
months of 1941. A reduction of 28 percent in
mortgage recordings from the January-June period
of 1942 was shown for insurance companies while
commercial banks recorded 26 percent less than
last year. At the other extreme, individual lenders
showed a 3-percent gain over the first half of 1942.
Among institutional lenders, savings and loan associations experienced the smallest reduction—10
percent—while mutual savings banks dropped 23
percent and miscellaneous lenders declined 20 percent. [TABLES 8 and 9.]
Mortgage recordings by type of mortgagee
[Amounts are shown in thousands of dollars]
Type of lender
During June, home-purchase loans accounted for
69 cents of every dollar loaned by savings and loan
associations, a new high. In June 1942, loans for
this purpose accounted for 55 cents of every dollar
loaned, and during 1941, only 42 cents.
The seasonally adjusted new mortgage-lending
index (1935-1939 = 100) reached 142 in June, an
increase of 7 percent from May. By way of comparison, the average monthly index for 1942 was 132
and during 1941 the index averaged 172.
I n the first 6 months of this year, loan volume has
been only 3 percent less than in the like period of
1942. The total volume of loans reported in the
January-June interval of this year was $516,500,000
while last year loan totals were $531,800,000.
[TABLES 6 and
7.]
M O R T G A G E RECORDINGS—Upward
trend continues
For the fourth consecutive month mortgagerecording activity expanded during June, showing a
gain of almost 7 percent over the May volume.
Nonfarm mortgages of $20,000 or less recorded in
June totaled $349,046,000, almost 2 percent more
than in the same month of last year. This is the
August 1943
Percent Percent
change of June
from
1943
May amount
1943
Savings and loan asso+ 5.8
ciations. _
Insurance companies,__ +1 8.9
Banks, trust companies.
0.0
Mutual savings banks- _ + 13.7
Individuals
+ 7.3
+ 14.3
Others.
Total
1
+ 6. 7
Cumulative
recordings (6
months)
Percent
of total
recordings
$539, 302
135, 768
340, 828
64, 256
371, 143
251, 382
31.7
8.0
20.0
3.8
21.8
14.7
100. 0 1, 702, 679
100. 0
32.5
7.6
18.8
4.2
21.6
15.3
Less than 0.05 percent.
FORECLOSURES—Decline exceeds
seasonal expectations
Foreclosures on nonfarm properties in the United
States were estimated at 2,217 for June. This represents a drop of 7 percent from May—exceeding
the anticipated seasonal decline of 2 percent. Thus
far, each month of 1943 has shown a marked reduction from the corresponding month of 1942.
During the first 6 months of 1943, nonfarm foreclosures continued the decline which has prevailed
since 1933. Foreclosures during the first half of
1943 are estimated at 14,179, a decline of 39 percent
from the comparable period of 1942 and 56 percent
less than foreclosures during the same period of 1941.
343
All Federal Home Loan Bank Districts participated in the downward movement. Decreases from
the January-June period of 1942 ranged from 56
percent in the Indianapolis District to 29 percent
in the New York District.
The manpower requirements of our war effort
have resulted in population shifts of considerable
proportion. To determine the effects of these
changes on foreclosure activity in specific areas, an
analysis was recently made of the foreclosure records
of approximately 2,000 counties. This investigation
revealed that foreclosures have increased in but 1
percent of the counties examined and that these increases were, for the most part, sporadic and not
indicative of adverse effects of population losses on
the real estate situation. [TABLE 10.]
INSURED ASSOCIATIONS—Assets
advance at accelerated pace
Total resources of insured savings and loan associations continued upward at an accelerated pace
during the first 6 months of 1943, increasing $229,000,000, or 6 percent, to $3,881,000,000 at the end
of June. During June, these institutions continued
to^ attract new capital and by the month-end their
total private repurchasable capital amounted to
more than $3,271,000,000, an increase of $77,000,000,
or 2 percent, from M a y and a gain of 20 percent
from June 1942.
New private investments for the current month
aggregated over $103,900,000—an all-time high for
any June since these data were recorded. Private
repurchases amounted to $33,700,000. As a result
of the wide spread, the ratio of repurchases to new
investments was only 32 percent. Although June
(as well as December) usually shows a low repurchase ratio, this is the most favorable relationship
on record.
Progress in number and assets of Federals
[Amounts are shown in t h o u s a n d s of dollars]
Number
Class of association
New.
Converted.
Total
__
June
30,
1943
639
829
May
31,
1943
Approximate assets
June 30,
1943
639 $785, 431
827 1, 640, 648
1,468 1,466
May 31,
1943
$764, 126
1, 616, 115
2, 426, 079 2, 380, 241
FEDERAL SAVINGS AND LOAN ASSOCIATIONS
Although the number of associations operating
under federal charter remained practically the same
during the last 12 months, assets of these institutions gained $220,000,000, or 10 percent, during
this period. Increasing at almost twice the rate
of assets, private repurchasable capital of Federals
rose 19 percent to $2,060,500,000. Liquid resources of these institutions amounted to $406,300,000 at the end of June. [TABLE 15.J
Flow of private repurchasable capital
During June, the public invested approximately
$137,000,000 in the shares of savings and loan
associations, $32,000,000 more than was estimated
for May. Meanwhile, repurchases of private capital increased fractionally to $53,000,000. Thus
the ratio of share repurchases to new investments
was only 39 percent for the month. This ratio was
48 percent for May and 45 percent for last June.
Over $99,000,000, or 75 percent, of new capital
received by all savings and loan associations during
June was invested in associations insured by the
Federal Savings and Loan Insurance Corporation.
Withdrawals from insured associations were equivalent to 63 percent of total withdrawals from all
savings and loan associations.
Share investments and repurchases, June 1943
[Amounts are shown in t h o u s a n d s of dollars]
I t e m a n d period
Share investments :
Year
ending,
June
— $1,
M a y 1943.
J u n e 1943_
J u n e 1942_
Percent c h a n g e .
(June 1943J u n e 1942)
Repurchases:
Year ending
June
M a y 1943_
J u n e 1943_
J u n e 1942.
Percent change(June 1943J u n e 1942)
Repurchase ratio:
Year ending
June
M a y 1943.
J u n e 1943_
J u n e 1942.
1
344
All associations
All insured UninNonsured
associations
members members
400, 020] $1, 013, 271 $208,
104, 821
78, 2941 16,
136, 9691
103, 939! 18,
108, 242
72, 788 18,
+ 43
+ 27
855, 806
50, 168
53, 2281
48, 510
+ 10
61. 1
47.9
38.9
44. 8
197 $178, 552
0781 10, 449
797 14, 233
1121 17, 342
-18
+4
557, 594 164, 324 133, 888
33, 684
9, 799
6,685
33, 704
11, 344
8,180
26, 1521 11, 376
10, 982
1
+ 29
-26
o
55.0
43. 0|
32.4
35. 9
78.9
60.9
60.4
62.
75.0
64.0
57.5
63.3
Less than 0.5 percent.
Federal Home Loan Bank Review
Federal Home Loan Bank System
A 6-month survey of the operations of the 12
Federal Home Loan Banks in 1943 reveals the
accentuated effect of the War. On the whole, the
period from January through June showed a considerable excess of repayments over new advances
and an attendant heavy reduction in the balance
of advances outstanding. April and June were the
only months in which repayments were lower than
the volume of new advances; however, these specific
movements failed to compensate for the general
downward trend in the credit operations of the
Banks.
Curtailed lending opportunities of member institutions in the face of large cash receipts served
to reduce the total of Bank advances made during
this interval to $52,084,000—approximately $3,000,000 less than the corresponding amount in 1942.
At the same time, members used the continued flow
of funds received by them to retire their indebtedness
to the F H L Banks. Thus, the 6-month total of
repayments was $91,104,000 compared with $82000,000 in the first 6 months of 1942. This was an
excess of $39 million over advances made, in contrast to a corresponding excess of only $27 million
in the same period of last year.
The balance of advances outstanding on June 30,
1943 stood at $90,192,000—about $102,000,000 less
than the same date last year and the lowest June-end
figure since 1936. The total assets of the 12 F H L
Banks have shown no corresponding decrease. They
now stand at $264,112,000, down $47,614,000 from
June 30, 1942, the reduction in advances being
partly offset by an increase in the holdings of
Government securities. At the end of June, these
holdings totaled $154,932,000 compared with $69,368,000 the year before. On the liability side,
the principal change was the reduction of consolidated debentures outstanding from $91,500,000
at the end of June last year to $35,000,000 on June
30, 1943.
Advances made during June of this year amounted
to $18,000,000, following the seasonal pattern of a
substantial increase over May—in this case $16
{Continued on p. 352)
Condensed consolidated statement of condition of the Federal Home Loan Banks as of June 30, 1943
LIABILITIES AND CAPITAL
ASSETS
CASH
(5.66%) $14,772,757.04
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%)
16,164.20
To provide for retirement of $15,000 of matured
consolidated debentures and $1,164.20 in interest,
coupons which have not been presented for payment
INVESTMENTS
(59.45%)
154,931,939.48
United States Treasury Discount Bills $11,055,408.67
Book value of obligations of the U. S. Government and securities fullv guaranteed by
it $143,876,530.81
ADVANCES OUTSTANDING
(34.60%)
90,191,576.76
Advances made under provisions of the Federal
Home Loan Bank Act to members
ACCRUED INTEREST RECEIVABLE
(0.27%)
695,777.68
Interest accrued but not due on investments and
advances outstanding
D E F E R R E D CHARGES
(0.01%)
11,922.44
Prepaid expense items applicable to future operations
O T H E R ASSETS
(0.00%)
8,209.06
Accounts receivable and miscellaneous assets
TOTAL ASSETS
(100.00%) $260,628,346.66
As of June 30, 1943, the Reconstruction Finance Corporatkm.
held 69.5 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
$54,784,900, an increase of $3,016,200 or 5.8 percent over December
31, 1942. The members owed a balance of $64,050 on outstanding
Bank stock.
The Surplus-Reserve and Undivided Profits accounts of the
several Banks reflect an increase from $14,810,553.19 at the close
of 1942 to $16,143,396.38 on June 30, 1943, which is a gain of 9.0
percent.
August 1943
LIABILITIES
DEPOSITS
Demand and time deposits of members totaled $29,215,949.52
and the deposits of applicants on stock subscribed in connection with membership aoplications, $46,325.00
ACCRUED INTEREST PAYABLE
Interest accrued but not due on members' time deposits.
$11:057.47 and on consolidated debentures $64,895.84
DIVIDENDS PAYABLE
Dividends payable in July 1943 on stock as of record June 30,
1943
ACCOUNTS PAYABLE
_.
Debentures matured and interest accrued on certificates not
presented for payment totaled $16,164.20 while miscellaneous items totaled $8,001.48
D E B E N T U R E S OUTSTANDING
Consolidated debentures outstanding which are the joint
and several obligations of the Federal Home Loan Banks:
Series N-%% due 10-1-43
$29, 262,274.52
75,953. 31
24,165. 68
35,000,000.00
TOTAL LIABILITIES
CAPITAL
CAPITAL STOCK:
Fully paid issued and outstanding
Subscribed for and partially
paid
$157,600.00
Less unpaid balance
64,050.00
Total paid in
SURPLUS:
Legal reserve (20% of net earnings)
Reserve for contingencies
Total Surplus
UNDIVIDED PROFITS
TOTAL CAPITAL
TOTAL LIABILITIES AND CAPITAL
$179,368,300.00
93,550.00
179,461,850.00
7,292,016.39
2,170,531.03
9, 462, 547.42
6,680,848.96
195,605,246.38
$260,628,346.66
345
Table 1 . — B U I L D I N G A C T I V I T Y — E s t i m a t e d number and valuation of new family-dwelling
units provided in all urban areas in June 1943, by Federal Home Loan Bank District and by State
[Source: U. S. Department of Labor]
[Amounts are shown in thousands of dollars]
a.11 residential s t r u c t u r e s
Federal H o m e Loan B a n k District and State
N o . 2—New Y o r k .
.
N e w Jersey
N e w York
_
_
N u m b e r of family
dwelling u n i t s
Permit valuation
June
1943
June
1943
June
1942
June
1943
June
1943
$40,818
$65,125
June
1942
9,539 •
$29,731
2747T
2,145
523"
505~
2,089
T7941
.
487
7
162
2
1
268
80
195
8
31
2
1,876
8
579
9
2
1,118
214
677
11
122
3
351
7
162
2
1
257
16
191
8
31
2
1,491
8
579
9
2
1,098
34
673
11
122
3
892~
3,298
2,149
12,778
477"
1,291
251
641
901
2,397
385
1,764
3,122
9,656
86
391
...
.
_
_ -
___ __
_
_ _ . . _ - _
_____
.
_
__ __ ___
Alabama.
D i s t r i c t of C o l u m b i a
Florida
Georgia
Marlyand
N o r t h Carolina
South Carolina..
__
Virginia _
N o . 5—Cincinnati _
_._ __
______
__
_ -
_
__
_.
__
;
_
_ _ _ _ _ _
_ _.
_ _.
_
.
_ _
.
_ _
_ ._.
_
.
_ _
___ ___
..
_ _ _ _ _
__ __ ___ __ ___ __ _
N o . 6—Indianaoplis
___
Indiana.
Michigan
_
._
. . . . __ __
N o . 7—Chicago. _ __
. __
Illinois
Wisconsin.
_
_
_
_ ___
N o . 8—Des M o i n e s
__
__
..
Iowa
Minnestoa
Missouri.
._
North Dakota
South Dakota
_ __ __
__ . . . . _ _
_ ..."_
___._-_.__._ __
__ _ __
_
_
_
. _
_ _
____•-
.
.
__
_ .
_ .
__
_
_
_______
N o . 10—Topeka
.
______
.
... .
_
_
.
______
N o . 11—Portland
.
Idaho
Montana
Oregon..
Utah.
Washington _
Wyoming
_
N o . 12—Los Angeles
_
__
. _ .__
.. _
. . ___ . _
...
_ _
. . .
..
_
.
346
:
_. _
_ .. ... . .
. _. _ . _ _ _ __
._ .
__
. . ._
.
.
_ ._
_ -
.
_
_ ...
_
.
_
...
1,437
47414
252
1,185
2,624
1,790
997~
1,895
3,692
48T
1,865
925
16
478
2
152
473
372
48
1,846
1
627
1,797
1,268
16
462
2
2
228
22
48
1,816
1
2
862
61
2,717
2,930
7,246
7785F
1,308
1,123
3,485
27477
183
1,007
418
226
283
119
12
469
435
821
111
132
643
97
74
617
358
2,993
1,044
609
556
407
5
1,274
785
2,101
192
265
1,764
245
178
2,328
183
113
402
226
179
99
12
94
280
73
107
132
240
97
70
124
358
580
998
609
363
341
5
231
372
222
180
265
646
245
175
372
1,121
965~
3,915
3,674
7lT
899"
2,839
37508
23
1,008
90
44
836
85
43
3,677
195
119
3,371
184
11
610
90
32
782
85
25
2,619
195
97
2,227
184
2,016
1,477
7,749
6,080
1,448
1,477
6,377
67080
80
1,936
406
1,071
131
7,618
1,502
4,578
62
1,386
406
1,071
114
6,263
1,502
4,578
475
507~
1,849
V927~
408~
478~
1,624
-7856
310
165
352
155
1,232
617
1,351
576
267
141
337
141
1,075
549
1,326
530
29"~
7
6
5
~
479~
36"
I757T
29~
420~
36~
151
141
181
2
4
7
3
1
7
6
5
11
151
141
122
2
4
7
3
1
25
491
492
586
1
1
25
491
492
426
1
1
2,574
1,658
1,289
820"
2,358
.7532
51
60
64
95
1,019
52
139
93
20
516
55
42
47
284
1,930
87
317
64
39
1,025
1,077
1,725
297
242
511
27
324
216
102
1,083
870"
-7411
102
139
93
20
516
55
86
51
452
1,930
212
317
64
39
1,026
406"
717"
1,181
1,983
350~
624~
116
91
165
34
139
96
32
450
322
251
581
27
339
250
102
1,292
104
87
125
34
131
80
32
381
906~
3,535
3,177
8,806
768~
519"
2,793
1,463
1
7
119
203
556
20
8
4
2,278
127
1,115
3
2
25
474
675
1,944
57
10
10
5,529
343
2,912 I
2
1
7
82
203
467
8
8
4
106
123
275
3
2
25
294
675
1,770
27
10
10
311
331
799
2
2,784
5,710 ~~
6,573
12,953
1,335
1,131 j
3,751
37505
20
2,754
10
12
5,658
40
7
6,564
2
20
12,848
85
20
1,305
10
8
1,087
36
7
3,742 1
2
12
3,417
76
51
96
68
195
1,019
_
$30,837
496"
11
. . __
9,126
744
547
252~
1,429
N o . 9—Little R o c k
Arkansas. . . .
Louisiana
Mississippi
N e w Mexico
Texas
June
1942
58T
_._
___ ._
22,069
June
1942
659"
_ _
__ _
___
Kentucky.
Ohio
Tennessee
...
_.
._.
.
N o . 4—Winston-Salem
.
. ._
_
.
.
Delaware.-.
Pennsylvania
W e s t Virginia
_
-
...
N o . 3—Pittsburgh.
Arizona
California
Nevada
Permit valuation
13,930
_
Connecticut
Maine
Massachusetts.__
N e w H a m p s h i r e _. _ . .
Rhode Island
__
Vermont
Colorado. _
Kansas
Nebraska
Oklahoma
N u m b e r of family
dwelling u n i t s
___
U N I T E D STATES
N o . 1—Boston
All p r i v a t e 1- a n d 2-family s t r u c t u r e s
Federal Home Loan Bank Review
Tabic 2 . — B U I L D I N G A C T I V I T Y — E s t i m a t e d number and valuation of new family-dwelling units
provided in all urban areas of the United States
[Source: U. S. Department of Labor]
[Amounts are shown in thousands of dollars]
N u m b e r of family-dwelling u n i t s
M o n t h l y totals
T y p e of construction
P r i v a t e construction
P u b l i c construction
2
M a y 1943
J u n e 1942
11,422
12,346
11,433
54,940
7,440
1,686
2,296
8,326
1,646
2,374
8,467
1,072
1,894
37, 202
7,254
10,484
.
T o t a l u r b a n construction
._. .
M o n t h l y totals
J a n u a r y - J u n e totals
J u n e 1943
_ __
1-family dwellings
2-family dwellings *_..,_
3 a n d m o r e family dwellings
Permit valuation
1943
1942
J a n u a r y - J u n e totals
1942
J u n e 1943
M a y 1943
J u n e 1942
117,165
$35,455
$37,456
$36,129
$166, 342
$386,950
89, 523
9,284
18, 358
25, 305
4,426
5,724
26,854
4,045
6,557
27,823
3,014
5,292
120,060
19, 224
27,058
315, 542
24, 591
46, 817
1943
... .
2,508
6,574
10, 636
51, 505
54,411
5,363
13,180
28, 996
108,981
184, 659
_ _
13, 930
18,920
22, 069
106,445
171, 576
40,818
48, 636
65,125
275,323
571, 609
1
Includes 1- and 2-family dwellings combined with stores.
2 Includes multi-family dwellings combined with stores.
Table 3 . — B U I L D I N G COSTS—Index of building costs for the standard house in representative
cities in specific months l
[Average month of 1935-1939=100]
1942
1943
1941
1940
1939
July
July
July
j
1938
1937
July
July
Federal H o m e L o a n B a n k District a n d city
July
N o . 2—New Y o r k :
Atlantic City, N . J
Camden, N . J
Newark, N . J
______
Albany, N . Y
Buffalo, N Y
W h i t e Plains, N . Y
N o . 6—Indianapolis:
Evansville, Ind
Indianapolis, Ind
South Bend, Ind _ . _
Detroit, M i c h . .
Grand Rapids, Mich
N o . 8—Des M o i n e s :
Des Moines, Iowa
Duluth, Minn
St. P a u l , M i n n
R ansas C i t y , M o
St. L o u i s M o
Fargo, N . D
Sioux Falls, S. D
_
.
_____
_____
_
_
...
_ __
_ _
_
- _ . _
...
_ __. _ _ _ _ _ _
_ _
. _._ _
.
_ _ __
. . .
N o . 11—Portland:
Boise, I d a h o
_ __ _
_ _
..__ _ . .
G r e a t Falls, M o n t
. __ _ ._ _ . . _ _ _ _ _._
P o r t l a n d , Ore
_._ _ . . __
_
_ _ _ _ _
Salt L a k e C i t y , U t a h
Seattle, W a s h
S p o k a n e , W a s h __ . . .
.
______
_ ___
Casper, W y o
...
. .
July
125.4
147.0
* 153.9
134.2
128.1
127.8
125.3
145.9
146.3
130.9
128.2
126. 2
120.6
124.2
131.1
120.6
117.3
117.0
100.7
108.8
106.7
102.5
101.1
97.1
98.7
101.8
102.6
100.4
99.2
97.2
126.4
125.1
132. 5
130.5
127.8
126.4
123.2
132. 5
128.3
128.6
126.2
128.3
132.3
128.3
128.5
126. 4
126.4
131.2
122.2
127.0
114. 4
117.9
117.8
112.3
118.5
107.0
96.9
104.5
102.4
102.6
114.2
118.5
119.2
114.2
118.5
119.2
111.9
118.5
117.4
111.9
118.6
117.4
114.2
118.5
119.1
129.6
111.8
118.6
118.6
113.8
118.1
118.7
129.3
111.9
115.4
118. 3
113.0
118.4
118.7
125.6
131.9
113. 6
116.4
100.5
105. 7
109.7
110.8
104.6
101.8
104.4
132.9
132.9
r 130. 9
122.3
' 125. 3
121.5
117.1
122.3
123.0
* 132.9
112.8
' 117.1
* 122. 3
' 121.3
121.1
103.4
113.8
107.2
99.3
116. 3
117.1
115.1
100.8
125.1
130.5
_ __
Oct.
125.4
145.6
155. 5
144.8
128.2
129.0
______
_
Jan.
125.6
145.6
156.1
147.5
130.8
129.7
150.0
145.6
167.0
154.7
130.2
129.7
__
Apr.
114.0
99.8
104.2
102.4
103.1
102.6
103.9
107.3
105.7
105. 7
108.3
107.4
103.3
105.1
98.5
107.2
105.6
102.4
94.7
107.6
107.3
101.9
103.5
107.0
111.0
105.1
102.8
104.3
107.1
104.4
99.2
100.7
103. 3
101.8
101.6
108.2
108.6
96.5
98.1
100.8
99.0
105.0
108.1
102.1
97.2
102.3
106.8
104.6
106.2
112.7
110.8
109.0
105.5
103.4
106.5
101.3
97.5
102.7
103.3
101.5
95.0
104.6
101.9
96.2
102.8
101.9
98.2
102.9
99.5
104.5
95.4
101.0
101.9
106.4
101.8
104.2
103.3
111.3
103.6
107.6
109.2
r
Revised.
i The house on which costs are reported is a detached 6-room home of 24,000 cubic volume. Living room, dining room, kitchen, and lavatory on first floor; three
bedrooms and bath on second floor. Exterior is wide-board siding with brick and stucco as features of design. Best quality materials and workmanship are used throughout.
The house is not completed ready for occupancy. It includes all fundamental structural elements, an attached 1-car garage, an unfinished cellar, an unfinished
attic, a fireplace, essential heating, plumbing, and electric wiring equipment, and complete insulation. It does not include wallpaper nor other wall nor ceiling finish on
interior plastered surface, lighting fixtures, refrigerators, water heaters, ranges, screens, weather stripping, nor window shades.
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 3 months from the same dealers, and current wage rates are obtained from the
same reputable contractors and operative builders.
August 1943
347
Table 4 . — B U I L D I N G COSTS—Index of building costs (or the standard house
[Average m o n t h of 1935-1939-100]
J u n e 1943 M a y 1943 A p r . 1943 M a r . 1943 F e b . 1943
E l e m e n t of cost
Material
Labor
T o t a l cost
J a n . 1943 D e c . 1942 N o v . 1942 Oct. 1942 Sept. 1942 A u g . 1942 J u l y 1942 J u n e 1942
123.0
134.3
122.2
134.3
121.8
133.4
122.0
133.0
121.9
132.5
121.5
130.9
121.4
130.7
121.5
130.2
121.6
130.2
121.5
130.2
121.2
129.4
121.2
128.5
121.3
127.8
126.8
126.2
125.7
125.7
125.5
124.7
124.5
124.4
124.5
124.4
124.0
123.7
123.6
Table 5 . — B U I L D I N G COSTS—Index of wholesale price of building materials in the United States
[1935-1939=100; converted from 1926 base]
[Source: U. S. Department of Labor
All b u i l d i n g
material
Period
Brick a n d
tile
Paint and
paint materials
Lumber
Cement
Structural
steel
Plumbing
and heating
Other
1941: J u n e
112.8
101.8
100.9
131.0
111.0
109.0
103.5
104.8
1942: J u n e
July
August
September
October
November
December
122.9
123.2
123.2
123.3
123.3
122.9
122.8
108.0
107.9
108.6
108.6
108.6
108.5
108.6
103.4
103.4
103.4
103.4
103.4
103.4
103.4
146.7
148.0
148.1
148.3
148.4
148.2
148.4
123.3
123.8
123.1
123.4
124.2
123.8
123.3
129.4
123.6
123.6
123.6
123.6
122.4
118.8
103.5
103.5
103.5
103.5
103.5
103.5
103.5
112.3
112.3
112.3
112.3
111.7
111.3
111.4
122.6
123.1
123.3
123.2
123.4
123.5
108.6
108.5
108.6
108.6
108.8
109.0
103.4
103.4
103.4
103.4
103.1
102.7
148.4
149.9
149.9
150.0
151.0
151.8
123.7
124.4
125.7
126. 0
125. 7
125.4
118.8
118.8
118.8
118.8
118.8
118.0
103.5
103.5
103. 5
103.5
103.5
103.5
110.5
110.5
110.3
109.9
109.9
110.0
1943: J a n u a r y
February
March
April
May
June
_.
_
__.
_
.__ . .
-
.
P e r c e n t change:
J u n e 1943-May 1943
._._
J u n e 1943-June 1942
+0.1
+0.2
-0.4
+0.5
-0.2
0.0
0.0
+0.1
+0.5
+0.9
-0.7
+3.5
+1.7
-8.2
0.0
-2.0
Table 6 . — M O R T G A G E " LENDING—Estimated volume of new home-mortgage loans by all
savings and loan associations, by purpose and class of association
[Thousands of dollars]
Class of association
P u r p o s e of loans
Period
1941
January-June.
.
June
.-- -
. -
---- - ---
1942
January-June.
June
July
August..
September
October
November..
December
1943
January-June
January
February
March
.
A p r i l . . __
Mav
June
348
__
___.
_ .
.
_ _ - - -_
-_
Reconditioning
L o a n s for
all other
purposes
Total
loans
State
members
Nonmembers
Construction
H o m e purchase
Refinancing
$437,065
$580,503
$190,573
$61,328
$109,215
$1,378,684
$584,220
$583,804
$210,660
210,263
44,207
258,961
55,993
98,054
17,891
30,053
5,633
55,825
9,916
653.156
133,640
279,679
57,542
273.503
54,857
99,974
21,241
Federals
190,438
573,732
165,816
41,695
78,820
1,050,501
412,828
476,080
161,593
119,393
15,930
17,709
12,568
12,449
10,572
9,275
8,472
266,229
52,112
52,190
55,301
58,060
56, 528
43,984
41,440
81,703
15,184
16,097
14, 019
14,063
14,694
12,472
12,768
21,390
3,566
3,671
4,126
3,804
3,498
3,007
2,199
43,092
7,303
6,130
6,549
5,679
6,380
5,241
5,749
531,807
94,095
95, 797
92,563
94,055
91,672
73,979
70,628
210,115
35, 279
37,007
36, 620
37,987
35,555
28,163
27,381
238,488
44,265
43,665
41,549
42, 249
41,937
35,441
32,751
83,204
14, 551
15,125
14,394
13,819
14,180
10,375
10,496
48,177
7,173
4,597
8,572
9,853
9.039
8,946
334,938
32,820
39,084
55, 235
65,088
67, F26
74,885
84, 588
11,408
12,510
14,874
15,040
14,843
15,913
13,794
1,667
1,953
2,377
2,484
2,f06
2,707
34,969
4,788
5,183
6,127
6,270
6,176
6,425
516,466
57,856
63,324
87,185
98,735
100,490
108,876
219,088
23,390
26, 566
37,850
42,717
41,835
46,730
236,141
26,910
28,175
38, 595
44,461
47,818
50,182
61,237
7,556
8,583
10,740
11,557
10, 837
11,964
Federal Home Loan Bank Review
Table 7.—LENDING—Estimated volume of
new loans by savings and loan associations
Table 8.—RECORDINGS—Estimated nonfarm
mortgage recordings, $20,000 and under
June 1943
[Amounts are shown in thousands of dollars]
[Thousands of dollars]
C u m u l a t i v e n e w loans
(6 m o n t h s )
N e w loans
Federal H o m e Loan Bank
D i s t r i c t a n d class of
association
UNITED STATES.
Federal
State member
Nonmember
._
Boston.
Federal
State member
Nonmember
N e w York
Federal
__
State member
Nonmember
_.
Pittsburgh
Federal
State member
Nonmember
._
.
June
1943
May
1943
June
1942
1943
1942
Percent
change
$108,876 $100,490 $94,095 $516,466 $531,807
-2.9
35,279 219,088 210,115
44, 265 236,141 238,488
14, 551 61, 237 83, 204
+4.3
-1.0
-26.4
46, 730
50,182
11,964
41,835
47,818
10,837
10,160
9,215
9,884
40, 391
49, 871
-19.0
2,797
5,541
1,822
2,534
5, 277
1,404
2,830
5,923
1,131
11, 666
21, 941
6,784
15, 342
26,823
7,706
-24.0
-18.2
-12.0
8,886
7,239
9,924
37,126
54,277
-31. 6
2,277
4,912
1,697
1,557
3,838
1,844
2,313
4,141
3,470
8,662
19, 237
9,227
13, 056
19, 207
22,014
-33.7
+0.2
-58.1
9,000
8,313
9, 293
45, 275
47, 768
-5.2
3,750
2,797
2,453
3,361
2,927
2,025
3, 440
2, 621
3,232
17,484
14,126
13, 665
16, 972
14, 592
16,204
+3.0
-3.2
-15.7
Winston-Salem.._
11, 856
11, 542
13,459
62, 316
74,215
-16.0
Federal.._ _
State member
Nonmember...
6,067
4, 587
1,202
5,918
4,505
1,119
5,247
6, 523
1,689
31,506
24,115
6,695
31,821
34, 295
8,099
-1.0
-29.7
-17.3
20, 385
19, 720
17, 394
99, 321
97, 332
+2.0
7,715
11, 095
1,575
7,397
11,045
1,278
6,484
9,404
1,506
37, 099
54, 080
8,142
36,468
51, 215
9,649
+1.7
+5.6
-15.6
6,285
5,767
4,975
30,468
28, 870
+5.5
Cincinnati
Federal
S t a t e m e m b e r ._
Nonmember
Indianapolis _
Federal
State member
Nonmember
3,208
2, 695
382
Chicago
Federal
State m e m b e r .
Nonmember. _
.
Des M o i n e s . .
F e d e r a l . . ._
State member
Nonmember.
Federal
State member
Nonmember _
Topeka
Federal
State member.._
N o n m e m b e r . __
.
Portland
Federal
State member
Nonmember...
L o s Angeles
Federal
State member
Nonmember.
August 1943
.
2,480
2,344
151
15, 343
13, 293
1,832
14, 231
13,079
1.560
+7.8
+1.6
+17.4
11,205
10,024
9,172
50, 796
53, 439
-4.9
4,420
5,676
1,109
3,797
5,129
1,098
3,332
4,272
1,568
19,800
25, 200
5,796
19, 473
25,955
8,011
+1.7
-2.9
—27.6
5,909
5,954
4,842
27,822
25, 608
+8.6
3,297
1,948
664
2,969
2,204
781
2,119
1,853
870
13,957
9,802
4,063
12,027
9,242
4,339
+16.0
+6.1
-6.4
Savings and I n s u r loan
ance
assocomciapanies
tions
U N I T E D STATES
$113,431 $26,613 $65, 656 $14,718 $75,183 $53,445 $349,046
Boston
..
..
Connecticut
Maine . .
Massachusetts...
New Hampshire.
Rhode Island
Vermont
..
New York
._ _ ._
New Jersey. . . .
N e w Y o r k . . __
Pittsburgh
..
Delaware. _
Pennsylvania
W e s t Virginia
Winston-Salem
Alabama..
D i s t r i c t of Columbia. .
Florida
Georgia
Maryland .
North Carolina. .
South Carolina. _
Virginia _ _
Kentucky.
Ohio
Tennessee.
Indianapolis
Indiana
Michigan...
_
Chicago
Illinois
.
Wisconsin
..
Des Moines
.
Iowa
Minnesota.
Missouri.
. ..
North Dakota.__
South Dakota
Little Rock
Arkansas
L o u i s i a n a . . . _.
Mississippi
N e w Mexico . _ _
Texas
Mutual
savings
banks
Individuals
Other
mortgagees
Total
10, 252
694
2,848
6,937
5,286
3,263
29, 280
1,164
712
7,052
353
759
212
410
72
153
32
7
20
1,178
247
837
147
351
88
1,615
710
3,496
502
312
302
1,529
487
2,219
303
566
182
1,364
80
1,414
45
333
27
7,260
2,308
15,171
1,382
2,328
831
6,912
1,920
5,317
5,340
10,890
6,528
36, 907
2,742
4,170
621
1,299
2,837
2,480
695
4,645
4,509
6,381
2,484
4,044
13, 888
23,019
7,701
27125
67613
678
47482 " " 4 , 0 3 8
24, 637
146
6,737
818
143
1,835
147
112
4,529
972
44
617
17
209
3,715
558
77
3,812
149
731
21,245
2,661
12, 526
57448
4,897
146
9,203
5,615
37,835
309
422
308
816
444
2,299
2,514
1,087
1,230
3,264
1,886
359
1,877
818
685
642
344
290
194
2,053
532
715
956
694
258
314
1,120
146
1,037
2,685
1,049
1,046
746
340
1,484
752
669
638
803
413
284
1,612
5,653
5,841
4,515
6,297
3,593
1,491
8,146
37477 ""97402
920
4,936
4,135 " 4 6 , 4 6 5
920
224
4,219
493
176
2,346
1,613
4,019
38, 590
3,856
' 23,595
Cincinnati
Banks
and
trust
companies
2,210
20,838
547
501
2,411
565
908
7,856
638
6,356
2,205
5,937
18
27583
4,438
21, 537
4,070
2,286
610
1,595
1,964
3,973
18
761
1,822
848
3,590
8,271
13, 266
11, 994
1,458
5,815
5,060
8,527
32, 854
8,976
3,018
880
578
3,946
1,869
2,924
2,136
7,562
965
24, 288
8,566
6,717
1,962
4,980
4,366
3,210
21, 414
1,811
2,367
2,225
184
130
152
842
921
37
' 10
1,281
916
2,543
63
177
710
1,080
2,269
127
180
289
417
2,459
25
20
4,243
5,801
10, 417
436
517
7,421
2,778
1, 778
5,336
2,706
20,019
502
2,187
272
123
4,337
131
210
186
4
2,247
199
83
170
193
1,133
344
887
389
193
3,523
603
260
352
15
1,476
1,779
3,627
1,369
528
12, 716
5,592
801
27317
3,384
1,681
13, 775
1, 006
1,569
1,012
2,005
63
136
218
384
316
629
556
816
1,701
434
380
869
604
427
122
528
3,690
3,195
2,288
4,602
3,958
487
3,339
2,715
3,879
14,878
261
289
735
433
2,113
127
9
31
257
85
105
159
134
301
620
2,068
57
205
287
1,125
237
695
166
155
30
690
375
2,602
27
789
771
3,129
1,750
8.062
377
T79
179
5,077
5, 363
4,013
26,884
26, 445
+1.7
2,161
2,819
97
2,099
3,189
75
1,241
2,686
86
11,117
15,330
437
10, 295
15, 700
450
+8.0
—2.4
—2.9
5,137
4,701
3,330
26,138
23,112
+13.1
3,035
1,419
683
2, 553
1,440
708
1,815
1,032
483
15, 257
7,490
3,391
12, 905
6,545
3,662
+18.2
+14.4
-7.4
4,410
3, 719
2,638
19,902
17,063
+16 6
2,999
1,211
200
2,369
1,172
178
1,462
871
305
12, 660
6,423
819
10, 646
5,287
1,130
+18.9
+21. 5
-27. 5
10, 566
8,933
5,171
50,027
33,807
+48.0
Los Angeles
10, 407
3,258 ""137413
16, 942
5,425
49,445
5,004
5,482
80
4,276
4, 607
50
2,516
2,595
24, 537
25,104
386
16, 879
16, 548
380
+45.4
+51.7
+1.6
ii
L i t t l e Rock
3,005
2,485
277
Federal H o m e L o a n
B a n k District
a n d State
304
10,029
74
54
3,191
13
683
16, 092
167
108
5,291
26
1,340
47, 778
327
fiO
Topeka
Colorado _. __
Kansas
Nebraska.
Oklahoma
Portland
Idaho
Montana
O r e g o n . . __
Utah .
Washington
Wyoming
191
13,175
47
500
21
479
349
Table 9 . — M O R T G A G E
RECORDINGS—Estimated volume of nonfarm mortgages recorded
A m o u n t s are s h o w n in t h o u s a n d s of dollars]
Savings a n d loan
associations
Insurance
companies
Banks and trust
companies
M u t u a l savings b a n k s
Other
mortgagees
Individuals
All
mortgagees
Period
Total
Per
cent
Total
Per
cent
Total
Per
cent
Total
1942: J a n u a r y - J u n e .
June
July
August
September
October
November
December
$599,417
105,278
104, 712
102, 628
104,155
103,170
80, 970
75,494
29.9
30.8
29.6
30.5
30.1
28.9
29.1
28.4
$188,268
29, 764
31,898
28, 299
31,448
32, 577
25,950
23, 303
9.4
8.7
9.0
8.4
9.1
9.1
9.3
$460,171
74,588
80, 736
72,480
77,530
79, 224
58,519
57,050
22.9
21.8
22.8
21.5
22.4
22.2
21.0
21.5
$83,347
16,043
15,669
14, 793
14,812
14,817
11, 596
10,640
1943: J a n u a r y - J u n e .
January
February
March
April
May
June
539, 302
64,935
66, 938
85,642
101,135
107, 221
113,431
31.7
28.4
30.5
31.8
32.7
32.8
32.5
135, 768
19,900
18,064
22,198
24, 558
24,435
26,613
8.0
8.7
8.2
8.2
8.0
7.5
7.6
340,828
48,640
44,273
53,186
63, 385
65, 688
65,656
20.0
21.3
20.1
19.7
20.5
20.1
18.8
64, 256
8,045
7,895
9,536
11,122
12,940
14, 718
Table 10.—FORECLOSURES—Estimated nonfarm real-estate foreclosures, by Federal
Home Loan Bank District
Percent
Percent
Total
4.2 $361,982
4.7
62,730
4.4
64,808
4.4
62,824
4.3
65,423
4.2
67, 623
4.2
55,830
4.0
54,207
3.5
3.6
3.5
3.6
3.9
4.2
371,143
50,583
49,854
59, 662
65,807
70, 054
75,183
Percent
Total
18.0 $312,293
53,847
18.3
55, 688
18.4
55,826
18.6
18.9
52, 596
18.9
59, 672
20.1
45,456
20.4
44, 712
15.6 $2,005,478
15.7
342, 250
15.8
353, 511
16.6
336, 850
15.2
345, 964
16.7
357,083
16.3
278, 321
16.9
265,406
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
21.8
22.2
22.7
22.2
21.3
21.4
21.6
14.7
15.9
14.9
14.6
13.9
14.3
15.3
100.0
100.0
100.0
100.0
100.0
100.0
100.0
251, 382
36,180
32,858
39,195
42,950
46, 754
53, 445
1, 702,679
228,283
219,882
269,419
308,957
327,092
349, 046
Table 1 1 . — F H A — H o m e mortgages insured
[ P r e m i u m p a y i n g ; t h o u s a n d s of dollars]
Title I I
Title I
Class 3
._
June
1943
May
1943
June
1942
1943
1942
2,217
2,375
3,859
14,179
23,108
-38.6
282
642
359
270
156
45
109
119
61
71
17
86
292
568
372
365
191
51
111
129
72
113
29
82
473
898
590
426
373
116
230
220
144
143
50
196
1,405
3,801
2,419
1,710
1,121
292
804
873
470
527
139
618
2,675
5,359
3,839
2,596
2,130
665
1,422
1,438
822
838
306
1,018
-47.5
-29.1
-37.0
-34.1
-47.4
-56.1
-43.5
-39.3
-42.8
-37.1
-54.6
-39.3
Boston. _
_
N e w York
Pittsburgh
_______
W i n s t o n - S a l e m - _ __ __
Cincinnati
-- -I n d i a n a p o l i s _ ._
Chicago
. _ _ .
Des Moines
_ _
L i t t l e Rock
Topeka... _.
______
Portland
_______
Los Angeles
_ __
Title V I
New
Percent
change
Federal H o m e L o a n B a n k
District
U N I T E D STATES _
Period
Cumulative
(6 m o n t h s )
Foreclosures
Percent
Total
Existing
Total
insured
at e n d of
period
1942: J u n e
July
August
September.
O c t o b e r , __
November.
December.
$1, 781
919
1,246
104
802
726
557
$46,493
43.157
35.158
30, 529
26,831
21,893
19,187
$19,317
19,571
16, 655
17,044
17,639
17,071
19, 530
$15, 876
20,621
25,030
31, 524
38, 265
40,195
43, 214
$4,166, 434
4, 250, 702
4, 328, 791
4,407,992
4,491,529
4, 581,414
4,663,902
1943: J a n u a r y . __
February._
March
April
May
June
167
84
706
2-50
41
2-19
14,172
8,495
5,690
3,463
2,894
2,606
17,084
11, 846
13,175
12, 704
15, 248
16, 759
40, 649
37,168
43,523
35, 878
39, 511
41, 629
4, 735, 974
4, 793, 570
4,856, 664
4, 908, 659
4, 966, 353
5,027, 328
i F i g u r e s represent gross i n s u r a n c e w r i t t e n d u r i n g t h e period a n d do n o t t a k e
a c c o u n t of principal r e p a y m e n t s o n p r e v i o u s l y i n s u r e d loans.
2
A d j u s t m e n t s in l o a n s r e p o r t e d in p r e v i o u s m o n t h s .
Table 1 2 . — F H L B A N K S — L e n d i n g operations and principal assets and liabilities
[ T h o u s a n d s of dollars]
P r i n c i p a l assets
J u n e 30, 1943
L e a d i n g operations
J u n e 1943
C a p i t a l a n d p r i n c i p a l liabilities
J u n e 30, 1943
Federal H o m e Loan Bank
Repayments
Advances
outstanding
$591
1,502
830
893
350
411
1,012
232
416
118
129
612
$5,564
16, 541
8,075
7,980
5,929
10,086
12, 250
3,888
2,058
4,025
1,247
12, 549
18,066
7,096
90,192
18, 272
154,932
195, 605
35, 000
29,216
264, 112
2,710
10,858
79,221
22,170
156,266
195, 656
35, 000
26, 985
258,763
21,144
9,664
192, 645
49, 068
69,368
189,639
91, 500
27, 697
311,726
Advances
Boston.
N e w York
Pittsburgh
____
_
Cincinnati
Indianapolis
Chicago-.
Des Moines _ _ _ _ _
Little Rock
T o p e k a __. _
Portland
L o s Angeles
______
_.
-
._ _
...
J u n e 1943 (all B a n k s )
M a y 1943
J u n e 1942
_
i I n c l u d e s i n t e r b a n k deposits.
350
T o t a l assets 1
J u n e 30, 1943
$760
996
1,045
3,590
566
3,266
3,091
990
842
461
230
2,229
Cashi
$2,675
640
2,219
2,343
2,651
867
968
2,438
1,355
804
667
645
1
Government
securities
$14,863
19,650
10, 575
7,974
23, 691
11, 738
18,692
11,125
10,385
7,368
8,441
10, 430
Capital 2
$19,036
26,692
16,098
17,298
23, 671
13, 244
21, 710
12,038
12,288
10, 239
8,233
15, 058
Debentures
$2, 000
8,000
4,000
2,500
4,000
4,000
3,500
1,500
1,000
1,500
3,000
Member
deposits
$2, 022
2,250
790
1,046
6,072
3,901
6,100
1,897
1
995
605
3,537
$23,158
36,960
20,931
18, 345
32,363
22, 741
31,970
17, 510
13, 848
12, 238
10, 378
23, 670
C a p i t a l stock, s u r p l u s , a n d u n d i v i d e d profits.
Federal Home Loan Bank Review
Table 1 3 . — S A V I N G S — S a l e s of war bonds 1
Table 14. - S A V I N G S — H e l d by institutions
[Thousands of dollars]
1941.
1942..
June
July
August
September
October
November
December
1943
January
February
March
April
May
June
[Thousands of dollars]
Redemptions
Series E 2
Series F
Series G
Total
$1,622,496
5,988,849
433, 223
508,118
474,206
566,609
587,854
541, 573
__
725, 777
$207,681
652,044
41,041
73, 691
55,586
66, 728
51,321
44,766
65,994
$1,184,868
2, 516,065
159,681
319,053
204,548
204,907
175,178
148, 211
222,398
$3, 015,045
9.156, 958
633,945
900,861
734,340
838. 244
814,353
734, 549
1,014,168
$13, 601
245, 547
14,852
17,820
23,147
25,933
32,190
36,843
47,919
348, 450
205, 295
180,011
353.421
253,857
144,128
1,240,444
887,195
944,276
1,469, 724
1, 334, 984
875, 491
55,429
69.440
126,621
95. 458
97,488
134,822
Period
814,928
633, 572
720,407
1.006,786
995, 234
696,213
77,066
48,328
43,858
109.517
85,893
35.149
1 U. S. Treasury War Savings Staff, Actual deposits made to the credit of
the U. S. Treasury.
* Prior to May 1941: "Baby bonds."
Insured
savings a n d
loans l
E n d of period
$2,433, 513
2, 597, 525
2, 736, 258
2, 757,929
2, 798,621
2.834.079
2,873,822
2,912, 717
2, 983,310
3,030,919
3,068,672
3.105.080
3,143,943
3,194,029
3, 270, 834
1941: J u n e
December
1942: J u n e
July...
August
September
October
November
December
1943: J a n u a r y
February
March
April
May
June
Mutual
savings
banks 2
Insured
commercial
banks 3
$10,606, 224
10,489,679
10, 354, 533
$13,107,022
13, 261,402
13,030,610
10,620,957
< 13,820,000
Postal
savings
11,104,706
8
$1, 304,153
1, 314, 360
1, 315, 523
1,329, 210
1, 344,478
1. 357, 718
1, 376,898
1, 396, 242
1,417,406
1,445, 268
1,467,833
1,492, 966
1, 517,167
6
1, 544, 712
6
1, 576. 266
1
Private repurchasable capital as reported to the FHLB Administration.
2 Month's Work. All deposits.
« F D I C . Time deposits evidenced by savings passbooks.
4 Estimated by FDIC.
s6 Balance on deposit to credit of depositors, including unclaimed accounts.
Unaudited.
Table 1 5 . — I N S U R E D A S S O C I A T I O N S — P r o g r e s s of institutions insured by the FSLIC
[Amounts are shown in thousands of dollars]
Operations
P e r i o d a n d class of association
ALL
Number
of associations
Total
assets
N e t first
mortgages
held
Cash
Government
bond
holdings
Private
repurchasable
capital
Government
share
capital
Federal
Home
Loan
Bank
advances
INSURED
New
mortgage
loans
N e w private
investments
Private
repurchases
Repurchase
ratio
1941: J u n e
December
2,313
2,343
$3,159,763
3,362,942
$2, 555,393
2, 751,938
$190, 671
206, 457
$33,518
43,892
$2,433,905
2, 597, 525
$206,301
196,240
$144,331
193,275
$85,117
63,506
$61,448
74,801
$26,779
35,728
1942: J u n e
July
August
September
3,461,228
3,439,097
3,482,056
3,513,096
3,548,692
3, 588,995
3,651,598
2,827,956
2,837, 925
2,856, 588
2,866,497
2,871,968
2,875,165
2,871, 641
219, 374
70,852
193,817
116,035
December
2,374
2,380
2,380
2,386
2,390
2,396
2,398
256,470
193,452
2, 736,258
2, 757,929
2,798,621
2,834,079
2,873,822
2,912,717
2,983,310
185,783
176,995
169,493
169,202
169,162
169,257
169,167
170,066
152,302
139,670
125,308
113,856
103,329
113,977
58,642
61,062
58,785
61,508
59,021
48,017
46, 705
72, 788
103,821
70,262
68,082
73,124
64,697
91,029
26,152
87,059
41, 534
40,114
37,720
30,738
30,219
35.9
83.9
59.1
58.9
51.6
47.5
33.2
1943: J a n u a r y
February
March
April .
May ...
June
2,405
2,415
2.415
2,417
2,422
2,428
3,627,828
3,657.989
3,690.918
3,757,464
3,811,473
3, 880, 999
2,865,632
2,866,839
2,868.410
2,881.247
2,892,665
2, 918, 577
260,749
241,818
276, 785
376,177
3,030,919
3,068,672
3,105,080
3,143.943
3,194.029
3, 270, 834
148. 220
120,308
120,138
119,572
119,547
119,252
99,037
82,652
66, 970
75,664
67,631
78,155
39,149
44,076
61,139
69,604
69,471
76,899
119,923
73,455
83,403
83, 242
78, 294
103, 939
84, 573
42,123
48,955
47,171
33, 684
33, 704
70.5
57.3
58.7
56.7
43.0
32.4
1941: J u n e . . .
December
1,452
1,460
2,-028,138
2,173,326
1.687,087
1,824,646
126,390
138,040
16,714
23.623
1,553,712
1,668.415
169,247
160,060
103,696
144.049
57, 542
41,182
40.030
48,872
14, 530
20,400
36.3
41.7
1942: J u n e
July
August
September
1,464
1.465
1,464
1,466
1,466
1.468
1,467
2, 205,921
2,182,337
2,198, 357
2, 214,101
2, 235, 726
2.259,670
2, 299,895
1,849,400
1,852,972
1,856, 269
1,861,062
1,862, 593
1,862. 796
1,853,868
141,617
41.022
116,834
70,196
164,430
117,339
1,735,932
1,748, 584
1, 767,665
1,788,000
1,814,156
1,839, 506
1,882,051
150, 776
143,324
136,779
136, 518
137, 108
137,208
137,208
127,623
113,347
103,180
92,943
83,095
75,865
84,135
35, 279
37,007
36,620
37,987
35,555
28,163
27,381
47,495
69,919
45,724
44, 589
47, 222
42,076
58,937
14,794
58,508
26,707
24,745
22,019
18,174
16, 530
31.1
83.7
58.4
55.5
46.6
43.2
28.0
1,467
1,468
1,467
1,466
1,466
1,468
2,264,817
2, 278,839
2,300,638
2,349, 831
2, 380, 241
2, 426,079
1,843,714
1,839 245
1,839,302
1,846, 536
1, 849, 999
1, 865, 991
156,792
146,537
170, 730
235, 524
1,906,323
1,928, 559
1,953.846
1,979.864
2,011,373
2,060,502
118,769
96,109
96,109
96.109
96,109
96,109
72,046
58,489
46,820
54,254
47, 725
56, 553
23,390
26,566
37,850
42,717
41,835
46, 730
79,083
48,412
54,824
53, 675
50,732
68, 235
55,548
25,987
30,238
27,774
20,045
19, 586
70.2
53.7
55.2
51.7
39.5
28.7
1941: J u n e
December
861
883
1,131.625
1,189,616
868,307
927,292
64,281
68,417
16,804
20,269
800,193
929,110
37.054
36,180
40,635
49,226
27,575
22,324
21,418
25,929
12,249
15,328
57.2
59.1
1942: J u n e
July
August
September.
October
November
December
910
915
916
920
024
928
931
1,255,307
1,256,760
1,283. 699
1,298,995
1,312,966
1,329,325
1,351,703
978,556
984,953
1,000,319
1,005,435
1,009,375
1,012,369
1,017.773
77,757
29,830
76,983
45,839
92,040
76,113
1,000,326
1,009,345
1,030,956
1,046.079
1,059 666
1,073,211
1,101, 259
35,007
33,671
32,714
32,684
32,054
32,049
31,959
42,443
38,955
36,490
32,365
30,761
27,464
29,842
23,363
24,005
22 165
23,521
23,466
19,854
19.324
25, 293
33,902
24,538
23,493
25,902
22, 621
32,092
11,358
28,551
14,827
15,369
15, 701
12. 564
13,689
44.9
84.2
60 4
65.4
60 6
55 5
42.7
1943: J a n u a r y
February
March
April
May.
June.
938
947
948
951
956
960
1,363,011
1,379.150
1,390, 280
1,407. 633
1,431.232
1, 454, 920
1,021.918
1,027,594
1,029.108
1,034,711
1,04?, 666
1, 052, 586
103,957
95,281
1,124,596
1,140.113
1,151. 234
1,164,079
1,182,656
1, 210, 332
29,451
24,199
24,029
23,463
23,438
23,143
26,991
24,163
20,150
21,410
19, 906
21, 602
15,759
17,510
23,289
26.887
27, 636
30,169
40, 840
25.043
28.579
29, 567
27,562
35, 704
29,025
16,136
18,717
19,397
13, 639
14,118
71 1
64 4
65.5
65.6
49.5
39.5
...
_ __. -_-
1
43.6
47.8
FEDERAL
November
December
1943: J a n u a r y
February
March
April
May
June _.
._
.- _
8TATE
August 1943
. . .
-_
'106,055" "140,653
351
Interest rates on advances to members1
Bank System
(Continued from p. 345)
million. This represented an increased amount
advanced by each Bank, as well as an excess in each
District of current advances over repayments.
Repayments received during June were less than
during May in all but two Bank Districts—Topeka
and Los Angeles. The total for all Banks was
$7,096,000—down $3,700,000 from the previous
month and $2,500,000 from the year before. New
York was the only Bank District to report a lower
balance of advances in June than in May.
DIVIDENDS
Federal Home Loan
Bank
New York.
Pittsburgh
Indianapolis
Chicago
Des Moines
L:ttle Rock
TopekaPortland.
Los Angeles
Federal Home Loan Bank
Boston
__ _
New York
_
_ _
Pittsburgh 2 2
Winston-Salem
Cincinnati.
__ _
Indianapolis
Des Moines__ _
Little Rock
Topeka
_ _ _ _ _ -__ _
Portland _
Los Angeles _. _ _ _ _ _
Total
.
Members
Government J
Percent
1.0
1.0
$28,192.11
29, 967.43
$62, 337. 50
94,816.00
$90, 529. 61
124, 783, 43
42, 608. 23
37, 444.18
42,054.72
20, 741.13
12,117.44
10,041.16
7,816.60
18,161.98
63,878. 50
49, 330. 50
106, 304. 25
46, 218.13
43, 862.00
36, 668.00
29, 800.00
49, 839.50
106, 486. 73
86, 774.68
148, 358.97
66, 959.26
55, 979. 44
46, 709.16
37, 616. 60
68,001.48
249,144.98
583, 054.38
832,199.36
1.0
m
1H
1.0
1.0
1.0
1.0
Total
1
On February 20, 1941, the Reconstruction Finance Corporation purchased
the U. S. Treasury holdings of Federal Home Loan Bank stock as provided for by
an2 Act of the Congress, approved June 25,1940.
These Banks declare dividends as of December 31.
INTEREST RATES
The downward trend in interest rates on F H L B
advances continued during the past 6-month period.
The rate on short-term advances now ranges from
1% to 2% percent.
Interest rates on long-term advances, at the end
of June, varied from 2 percent to 3 percent. During
352
Short-term advances amortized within 1 year,
or secured b y Government Bonds
On advances for 5 years, for defense housing
purposes, not exceeding 10% of member's
assets, amortized at not less t h a n 5% quarterly
2V2 All other advances
1H Short-term advances amortized within 1 year
2 Hi Long-term advances
l h Short-term advances for purchase of Government bonds
Advances for 5 years with amortization of 10%
2
per annum, payable quarterly, for purpose
of retiring Government investments in stock
All other advances
3
All advances
2
VA On advances not exceeding 6 months, for purchase of U. S. securities or for the retirement
of members' securities owned by the H O L C
or the U. S. Treasury
2V2 All other advarces
iM On advances not exceeding 6 months
2
On advances not exceeding 1 year, b u t in excess of 6 months
On long-term advances for the first year of the
2
note
2M On long-term advances beginning with the
second year from the date of the note
advances 2 amortized in equal
\y> Short-term
monthly instalments
For a 6-month period ending 12/31/43—on 1
2
year unamortized advances for purpose of
repurchasing share investments made by
H O L C or Treasury, or purchase of Treasury
obligations
Short-term
advances 2 amortized by not less
2H
than V/2% quarterly
All other advances
3
Advances not exceeding 1 year
2
2V£ Advances exceeding 1 year
All advances
2
2J/2 All advances
Advances not exceeding 90 days, when col2
lateralized by Government obligations (no
restrictions on renewals)
Advances not exceeding 6 months for purpose
2
of retiring Government investments in stock
Effective during July only
AI1 other advances
3
Secured advances not exceeding $50,000 or 10%
2
of member's line of credit, whichever is
greater, for purchase of Government obligations
2M All other advances
W2
2
Dividends paid or declared by the Federal Home
Loan Banks on June 30, 1943
Rate per
annum
T y p e of advance
Percent
Boston ._ . .
Winston-Salem
Cincinnati . .
. _.
Ten Banks declared dividends in June totaling
$832,000 for the first half-year of 1943. This brings
the cumulative total of dividends paid since the
establishment of the Bank System in 1932 to $20,310,127. Of this amount, approximately $5,000,000
has been received by member institutions.
Of the total dividends declared in June, the Reconstruction Finance Corporation received $583,000
while $249,000 went to member institutions. The
most common rate of dividends was 1 percent—that
amount being paid by seven of the Banks. One
Bank declared a dividend rate of 1}{ percent, and
two Banks paid \){ percent.
Rate in
effect,
July 1,
1943
2
Rates on advances to nonmembers are y2 percent higher.
Advances must not exceed 10 percent of members' assets.
the past 6 months the Des Moines Bank reduced its
long-term rate to 2% percent.
The F H L B of Boston has instituted a special
2-percent rate for certain 5-year advances to be
used for war-housing financing. Three other Banks—
Pittsburgh, Chicago, and Portland—are charging a
special 2-percent rate on certain advances to be used
for the retirement of Government investments in
member institutions.
Interest rates paid to members on time deposits
held over 90 days are one-half of 1 percent in all
Banks except Portland which makes no provision for
such payment. The Boston Bank pays one-half
of 1 percent on time deposits remaining over 30 days
and the Indianapolis Bank pays the same on deposits
over 60 days. [TABLE 12.]
Federal Home Loan Bank Review
FEDERAL HOME LOAN BANK DISTRICTS
i
BOUNDARIES OF FEDERAL HOME LOAN BANK OISTRICTS
FEDERAL HOME LOAN BANK CITIES.
$
OFFICERS OF FEDERAL HOME LOAN BANKS
BOSTON
CHICAGO
B. J . R O T H W E L L , C h a i r m a n ; E . H . W E E K S , Vice C h a i r m a n ; W . H .
C. E . BROUGHTON, C h a i r m a n ; H . G. ZANDER, J R . , Vice C h a i r m a n ; A. R .
N E A V E S , P r e s i d e n t ; H . N . F A U L K N E R , Vice P r e s i d e n t ; L . E . D O N O V A N ,
G A R D N E R , P r e s i d e n t ; J . P . D O M E I E R , Vice P r e s i d e n t ; H . C . J O N E S ,
S e c r e t a r y - T r e a s u r e r ; P . A. H E N D R I C K , C o u n s e l ; B E A T R I C E E . H O L L A N D ,
Treasurer; CONSTANCE M . W R I G H T , Secretary; UNGARO & SHERWOOD,
Assistant Secretary.
Counsel.
NEW
GEORGE
MACDONALD,
Chairman;
DES
YORK
F.
V.
D.
LLOYD,
Vice
Chairman;
N U G E N T F A L L O N , P r e s i d e n t ; R O B E R T G . C L A R K S O N , Vice P r e s i d e n t ;
D E N T O N C. L Y O N , S e c r e t a r y ; H . B . D I F F E N D E R F E R ,
Secretary;
Treasurer.
A.
E.
MUELLER,
ARDS, President; G. R . P A R K E R , Vice President; H . H . G A R B E R , Sec-
C O N W A Y , Vice P r e s i d e n t ; W . F . T A R V I N , T r e a s u r e r ; W . H . C L A R K , J R . ,
Counsel.
H . S. H A WORTH, C h a i r m a n ; E . C . B A L T Z , Vice C h a i r m a n ; O. K . L a R O Q U E , President-Secretary; J o s . W . H O L T , Vice President-Treasurer;
TOPEKA
P . F . G O O D , C h a i r m a n ; L . W . B A U E R L E , Vice C h a i r m a n ; C . A. S T E R L I N G ,
President-Secretary; R . H . B U R T O N , Vice President-Treasurer; J O H N
S. D E A N , J R . , General Counsel.
T . S P R U I L L T H O R N T O N , Counsel.
CINCINNATI
Chairman;
W M . MEGRUE
BROCK,
Vice
PORTLAND
Chairman;
W A L T E R D . S H U L T Z , P r e s i d e n t ; W . E . J U L I U S , Vice P r e s i d e n t - S e c r e t a r y ;
A. L . M A D D O X , T r e a s u r e r ; T A F T , S T E T T I N I U S & H O L L I S T E R ,
B E N A. P E R H A M , C h a i r m a n ; A . C . B O U C H E R , Vice C h a i r m a n ; F . H .
General
JOHNSON,
Counsel.
President-Secretary;
BOGARDUS,
Vice
President-
F R E D T . G R E E N E , P r e s i d e n t ; G . E . O H M A R T , Vice P r e s i d e n t ; C. R U S S E L L
Secretary-Treasurer;
A L E X A N D E R , Counsel.
HAMMOND,
DUSEN-
B E R Y , Counsel.
Los ANGELES
H. B . W E L L S , C h a i r m a n ; F . S. C A N N O N , Vice Chairman-Vice President;
IRVING
Treasurer; M r s . E . M . J E N N E S S , Assistant Secretary; V E R N E
INDIANAPOLIS
PARKER,
EMMERT, JAMES,
W . C . J O N E S , J R . , C h a i r m a n ; W . P . G U L L E Y , Vice C h a i r m a n ; B . H .
W O O T E N , President; H . D . W A L L A C E , Vice President-Secretary; J . C .
WINSTON-SALEM
DIETZMAN,
Treasurer;
LITTLE ROCK
RICH-
r e t a r y - T r e a s u r e r ; W I L L I A M S. B E N D E R , C o u n s e l .
P.
Assistant
N E E D H A M & L U N D G R E N , Counsel.
PITTSBURGH
E . T . T R I G G , C h a i r m a n ; C . S. T I P P E T T S , Vice C h a i r m a n ; R . H .
R.
MOINES
E . J . R U S S E L L , Vice C h a i r m a n ; R . J . RICHARDSON, President-Secretary;
W . H . LOHMAN, Vice President-Treasurer; J . M . M A R T I N , Assistant
BUSCHMANN,
ROLL
&
D.
G. D A V I S , C h a i r m a n ;
HURFORD,
President;
H O R A C E S. W I L S O N , Vice C h a i r m a n ;
C.
E.
BERRY,
Vice P r e s i d e n t ;
Secretary-Treasurer; H E L E N FREDERICKS, Attorney.
F.
C.
M. M.
NOON,
@FedFRASER