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FEDERAL
HOME
LOAN
BANK
Washington, December 1942
Offices to apartments—
privately financed
THE 1 0 1 FRONT
Repair and maintenance
get top priority ratings
Recognizing the importance of keeping the Nation's civilian economy in a
healthy condition, the War Production
Board has authorized top priority ratings of AA-1 for essential repair and
maintenance.
Included in the scope of the order,
which becomes basic policy for the
early months of 1943, are essential
repairs for and maintenance of productive facilities, utilities, housing,
and consumers' durable goods.
ft
ft
ft
*
ft
Houses at the rate
of 200 per day
Demountable dwellings, at the rate
of more than 200 a day, are being made
available by the FPHA in the Hampton Roads, Virginia, region. This
area now contains more public war
housing than any similar area in the
United States.
The four projects of prefabricated
houses—located at Newport News,
Norfolk, and Portsmouth—cover an
aggregate area of approximately 3
square miles and represent only a part
of the program to house military and
essential civilian personnel.
These demountable houses, which
have from 1 to 3 bedrooms and rent for
an average of about $27.50 a month,
have been used to avert the danger of
permanent over-housing in these areas.
It is anticipated that post-war housing
needs of these communities will absorb
the permanent units erected with
public and private funds.
ft
*
ft
ft
ft
New steel allotments
permit more home building
Allotment of 15,000 additional ingot
tons of steel and companion materials
by the War Production Board early in
November will permit the construction
of 20,000 units of the war-housing
program already authorized by the
NHA.
The new allotment brings to 46,000
ingot tons the total amount of steel
approved for war housing during the
fourth quarter of 1942. This provides
To meet an acute need for-centrally
located a p a r t m e n t s , a Baltimore,
Maryland, insurance firm has OOnver|p^
a six-floor office building into an aj&tment hotel. Completely xei/^&ted
and redecorated during the * ^ j few
weeks, the building now 7 j ' contain
35 small apartments suite/ ^ fae n e e d s
of Army and Navy o ^ ^ a n d others
who must spend a Uf ^eeks or months
in the city. This; ^ ^ i s p r i vately
financed.
/
Sponsors of tji c o n v e r s i 0 n point out
that the b u i T f ^ l i k e m a n y o t n e r
small office ^ r u c t u r e s in every city,
has been o i t y p a r t i a l l y occupied for
many year/; I t i s b e l i e v e d t h a t complete o c o r a p a n c y c a n b e obtained.
for some 60,000 public and private
housing units.
All new projects must comply with
the standards of design and materials
consumption permitted by the "War
Housing Construction Standards"
which became effective on October 28.
*
ft
*
ft
ft
Rent ceilings for
68 new areas
Residential rents in 68 additional
defense-rental areas were brought
under Federal control on December 1,
and rents were set back to the level
prevailing on March 1 of this year.
Included in the list of cities affected
are Bangor, Nashville, Richmond,
Lincoln, Omaha, and Charleston.
Of the 398 defense-rental areas designated prior to the over-all blanketing
of the entire country on October 5,
only 43 remain in which Federal control has not been made effective. I n
these 43 areas, which now are under
study, rent control may be put in
effect at any time deemed advisable.
Since the 60-day period required by
law now has elapsed for all remaining
areas designated on October 5, rent
control may become a fact whenever
OPA regulations are issued.
*
ft
ft
ft
/ *
ft
ft
ft
ft^t
Am
*%dm*nH issued
*it resulations
^Supplementary amendments to Fede
| k l rent regulations have been issued
% the OPA, revising provisions reng minimum services, furniture,
fishings, and equipment.
^ h e current requirement of "the
**mZ type, quality and quantity" of
^ ^ k c e s as were being provided on
the A L ^ i j ^ a a r e n t date is changed.
EffectfC ft D e c e m b e r 1 "the same essential servk ftnd equipment" (that is,
those whicY.H c o n t r i b u t e to health and
sanitary cone ^ o n s ) m u s t be provided;
as to other S v % i c e s a n d e q u i p m e n t ,
"not substantially ^ 8 » ^ ^ required.
In a s t a t e m e ^ r ^nod with the
amendments, OPA pointt^^ Q U ^ that
a landlord will be requiredto \ supply
the maximum amount of heat ant** ^ot
water which he can provide under tu4»«>
rationing order. Where there is a re-,
duction because of compliance with
fuel-oil rationing, the amendments
exclude a reduction in the maximum
rent.
to r
ft
A total of 50,000,000 Americans now
have purchased War Savings Bonds, a
figure which, according to a recent
Treasury survey, brings the ownership
of bonds to a new record. More than
112,000,000 Series E Bonds are in the
hands of the American people, of which
80 percent are in the $25 and $50 denominations.
TO HOUSE 1,600,000 WORKERS
moving Into war production centers, July '42 to July '43, U. S. has scheduled 1,320,000 living s
650,000 In existing structures! NEW CONSTRUCTION
8270,000 family dwellings
PRIVATE
*Seme mlrtmdy built or building
PUBLIC
New construction: 400,000 family dwellings,
dormitory r&oms, dormitory apartments
Each symbol=100,0O0
DATA • NHA
CONTENTS FOR DECEMBER
FEDERAL
HOME
LOAN
BANK
1942
ARTICLES
Page
T H E E F F E C T OF T H E W A R ON H O M E F I N A N C I N G
66
Geographic variations—Experience of t h e various lenders—-Analysis by
States a n d type of lender—Individual lenders a n d "other" mortgagees
show best records.
THE
P R O G R E S S OF T H E C O N V E R S I O N P R O G R A M — - F I R S T L E A S E S S I G N E D
. . . .
F R O M THE A N N U A L R E P O R T
73
Institutions in t h e war effort-—Problems arising from the war—Specific
recommendations—-Strengthening of reserves—-Lending policies a n d interest rates—Review of operations during t h e year—Federal H o m e Loan
Bank System—Federal Savings a n d Loan Insurance Corporation—Home
Owners' Loan Corporation.
SAVINGS AND L O A N A S S E T S I N C R E A S E FOR T H E SECOND SUCCESSIVE Y E A R .
REVIEW
70
First conversion projects—Program extended t o additional communities
— P r i o r i t y clearance a s s u r e d — R e n t regulations waived—The role of
mortgage-lending institutions.
.
.
77
Four-fifths of savings and loan assets included in Bank System membership-—Mortgage holdings show substantial gain—Greater liquidity—-Share
/.•£•& capital increase almost doubled t h e 1940 gain—-Bank District analysis—
],rj4djustment for pledged-share accounts.
MONTHLY SURVEY
NATIONAL HOUSING
AGENCY
John 8, Blandford, Jr., Administrator
FEDERAL HOME LOAN
BANK ADMINISTRATION
John H. Fahey, Commissioner
Highlights^
General business conditions
Residential construction
Building costs
New mortgage-lending activity of savings a n d loan associations
Mortgage recordings
Foreclosures
Federal H o m e Loan Bank System
Insured savings a n d loan associations
.
85
85
86
86
86
87
87
88
STATISTICAL TABLES
FEDERAL HOME LOAN
BANK SYSTEM
FEOERAL SAVINGS AND LOAN
ASSOCIATIONS
FEDERAL SAVINGS AND LOAN
INSURANCE CORPORATION
]j,
HOME OWNERS' LOAN
CORPORATION
laJOJ B
N , T E D STATES
HOUSING
CORPORATION
^61.9
New 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—Quarterly tables
90-96
REPORTS
Directory of member, Federal, a n d insured institutions added during OctoberNovember
Appointment of Public Interest Directors. . , , ,
F r o m the m o n t h ' s news
Honor roll of war-bond sales
.
72
72
76
80
No. 3
SUBSCRIPTION P R I C E OF REVIEW. The REVIEWVIS the Federal Home Loan Bank Administration's medium of communication with member institutions
of the Federal Home Loan Bank System and is the only official organ or periodical publication of the Administration. The REVIEW will be sent to all member institutions without charge. To others the annual subscription price, which covers the cost of paper and printing, is $1. Single copies will be sold at 10 cents. Outside
of the United States, Canada, Mexico, and the insular possessions, subscription price is $1.60; single>opies, 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 B U D G E T
THE EFFECT OF THE WAR ON HOME FINANCING
Statistics on the total volume of mortgages recorded since the first of
this year provide a comprehensive picture of the effect of the War on
home-financing activities. Commercial banks, savings and loan associations, and mutual savings banks seem^to be the hardest hit, but all
mortgagees report reductions from 1941 totals.
•
TOTAL home-financing activity by all types of
mortgage lenders has been reduced nearly 15
percent during the first year of operations under war
conditions. From a post-depression peak of more
than $4,700,000,000 in 1941, the total volume of
mortgages of $20,000 or less recorded during the
full year of 1942 will drop to $4,000,000,000, about
equal to the 1940 activity. These estimates are
based on mortgage-recording statistics reported to
the Federal Home Loan Bank Administration from
areas containing more than two-thirds of the nonfarm population in the entire country.
As in the case of residential construction, a comparison of the story of 1942 mortgage-financing
operations with that of the preceding year is one
which has become progressively unfavorable. January figures were actually 4 percent higher than in the
first month of last year. However, February showed
a fractional decline, and the downward trend was on.
By April the current year figures were running 10
percent below the 1941 totals; and in May, 20 percent. Since that time, the declines have leveled off
somewhat, although August registered the poorest
year-to-year comparison—a drop of slightly more
than 21 percent.
Recordings during the first quarter of the year
were only $310,000 below the same 1941 period; in
the second 3 months the gap was widened to more
than $200,000,000; and third quarter totals were
almost $260,000,000 under the level of a year ago.
GEOGRAPHIC VARIATIONS
From the map on the facing page, it is apparent
that there has been some definite geographic pattern
in the degree to which the current decline in homefinancing activity has affected various sections of
the country. Generally speaking, the Southwestern
and Middle Atlantic States have been able to make
the best records, with six States in these areas (plus
Maine) actually showing some increase over last
year's volume; and several other States in these
sections of the country registered declines of less than
10 percent.
66
The Pacific Coast and northern Rocky Mountain
sections, together with the South Atlantic States of
Florida, South Carolina, and North Carolina,
reported the largest decreases from 1941 totals.
South Dakota, Idaho, and Florida have each experienced reductions of more than 40 percent during the
first 9 months of this year.
On a Bank District basis, the Little Rock region
was the only District to show even a fractional
increase so far this year; and the sharpest declines
were evident in the Los Angeles and Winston-Salem
areas. The drop in these two Districts (more than
$180,000,000) was equal to almost 40 percent of the
net reduction suffered by all lenders throughout the
entire country.
E X P E R I E N C E OF THE VARIOUS LENDERS
There have been sharp differences in the experience of the various types of mortgage lenders. On
the basis of the recording data, commercial banks
and trust companies, savings and loan associations,
and mutual savings banks have been the most seriously affected, registering declines of 20, 19, and 18
percent, respectively. On the other hand, insurance
companies, individuals, and the miscellaneous classification of institutional lenders showed drops of only
5, 4, and 3 percent, respectively, in a comparison of
the first 9 months of 1941 and 1942.
The net effect of these changes has been to bring
about a shift in the proportion of total activity attributable to each lender: The share of savings and
loan associations, while still the largest single portion, has been reduced from 32 percent of the total
volume to 30 percent. Banks and trust companies
have dropped from 25 to 23 percent, w h f i Mutual
savings banks were able to maintain thelljfatio of 4
percent. The largest relative increase was registered
by the miscellaneous classification of institutional
lenders, principally mortgage companies, which accounted for 16 percent of this year's total as against
only 14 percent in the first 9 months of last year.
Individual lenders and insurance companies each
added one point to their share of the aggregate
Federal Home Loan Bank Review
business and now account for 18 and 9 percent,
respectively. The increased proportion of lending by
individuals has been one of the features of recent
mortgage recording data. Throughout 1939 and
1940, the share of business done by this classification
was growing steadily smaller, but now that trend
seems to have been altered at least temporarily.
One phase of current home fin an dug—the sale of
mortgages—is difficult to trace through recording
statistics. In most cases the mortgage instruments
are simply assigned to the new owner, and it is not
necessary to record the mortgage on* county records
again. For example, the activity of mortgage companies, which is included in the " o t h e r " mortgagee
classification, does not indicate the ultimate holder
of the loan as these institutions specialize in making
and then selling mortgages. This fact does not
alter the value of the statistics, however, in measuring the part each lender plays in the competition
for making the original loans.
ANALYSIS BY STATES AND T Y P E OF LENDER
TO bring the facts closer to the operations of each
individual mortgage lender, the table on page 69
shows the percentage change for each mortgagee
classification in all the States and in the District of
Columbia.
Savings and loan associations, which reported an
over-all drop of 19 percent, showed declines in six
out of every seven States. In only seven States
(Maine, Vermont, Delaware, Maryland, Utah, New
Mexico, and Nevada) were the 1942 totals higher
than in the same period of the previous year. The
greatest percentage decline was registered in Florida
The effects of the War on home-financing activity have not been felt equally in all parts of the country, as the map below demonstrates. With the total volume of
recordings down 13 percent, it is logical that more States are found in the range from 11 to 20 percent decreases. Ten of the 15 areas in this group were located east
of the Mississippi River. Generally speaking, the southwestern sections of the country were least affected by the current decline, while States in the Northwest and
Southeast were hit the hardest.
THE DECLINE IN HOME-FINANCING ACTIVITY
COMPARISON OF FIRST NINE MONTHS OF 1942 AND 1941
(Based on Recordings of All Non-farm Mortgages of $20,000 or Less)
INCREASE
I % TO 10% DECREASE
11% TO 20% DECREASE
21% TO 30% DECREASE
MORE THAN 30% DECREASE
December 1942
67
where association recordings dropped 62 percent
from $19,000,000 to slightly more than $7,000,000.
Whereas, in 1941, savings and loan associations in
this State accounted for 28 percent of all recordings,
their share during the first three quarters of this
year has been reduced to 18 percent.
Savings and loan associations did a smaller share
of the total business in two out of every three States.
In 5 States, these institutions were able to maintain
their proportion of the aggregate volume; and in 12
others, increased their respective share of the mortgages recorded.
Banks and trust companies, which showed the largest decline in total volume (20 percent), were also
affected in every part of the country. Without
exception the 1942 totals for banks in each State and
in the District of Columbia were below the levels
for the same period of last year.
In California, which still accounts for more than
one-fifth of all commercial bank recordings, lending
by these institutions was down 28 percent. The
largest percentage decline, however, was shown in
Idaho where their 1942 activity was less than half
that carried out in 1941 and where their share
dropped from one-fourth to only one-seventh.
Banks and trust companies accounted for a smaller
proportion of the business done in 31 States and in
the District of Columbia. They were able to hold
their 1941 positions in eight States, and made relative gains in nine other scattered States. 1
1
Although a mortgagee showed a decline in his activity during the period, this
did not preclude his obtaining a larger share of the total business, if the percentage reduction which he experienced was smaller than the percentage reduction
in the total lending by all mortgagees in that area. In South Carolina, for
example, bank and trust company recordings were down 13 percent, but the
total for all lenders in that State was down 32 percent. A s a result, the share
of business accounted for by banks increased from one-fifth of the total in 1941
to almost one-fourth of the total for this year.
The charts below show the change in the volume of business handled by each type of lender in the various Federal Home Loan Bank Districts, and compare the
activity during the first 9 months of this year with the same period in 1941. If the bar of any mortgagee is above the total bar, that indicates that he has done a larger
share of the total business this year than he did a year ago. The miscellaneous classification of institutional lenders ("other mortgagees") had the best record in 4 out
of the 12 Bank Districts; individual lenders were on top in 4 regions; insurance companies in 3; and mutual savings banks, 1.
HOW MORTGAGE LENDERS HAVE BEEN AFFECT ED
IN VARIOUS BANK DISTRICTS i
FIRST NINE MONTHS OF 1942 COMPARED WITH FtRST NINE WORTHS OF 1941
DIST
-40
-30
- BOSTON
-20
i^ta '
INS. COS.
TOTAL
-40 - 3 0
-20
'
••
]
•
OTHERS
MUT. S. B.
<
PERCENT
-10
0
+10 +20 +30
1
!
1
OTHERS
TOTAL
• •
S.aL.A.
INS COS.
TOTAL
TOTAL
BANKS
1
OTHERS
INDIV
S.&L.A.
BANKS
' lllll
68
1
•
^
-40
'
'
'
•
INS. COS.
•
TOTAL
BANKS
'
'
'
-40
OTHERS
BANKS
•
1
1
PERCENT
-30 - 2 0 -10
0
+10 +20 +30
INDIV.
'
'
SBL.A.
-40
1
•
INDIV.
INS. COS.
•
•
OTHERS
TOTAL
m%7/.
INS.COS.
OTHERS
•
BANKS
• • •
MUT.S.B.
1
r
|
TOTAL
• • • §
•PIPE
i
i
PERCENT
'
|
H |
^H
i
DIST 12-LOS ANGELES
^
f
PERCENT
-20 -10
0
+10 +20 +30
i
i
i
1 ^ ^ ^ ^ ^ ^ *
TOTAL
j
-30
Y///////A
INDIV.
BANKS
S.aL.A.
~
MUT. S. B.
1
|
f
INS.COS.
TOTAL
'
i
OTHERS
DIST. II-PORTLAND
PERCENT
-40 -30 - 2 0 -10
0
+10 +20 +30
1
1
>
1
-40
• •
•••
L_^HH|BH
DIST. 8 - DES MOINES
^ ^
•
Y///////A
INDIV.
•
•
i
WM
BANKS
,
•
^
i
,
PERCENT
- 3 0 - 2 0 -10
0 +10 +20 +30
INDIV.
MUT. S. B.
I
.._.!
DIST 7-CHICAGO
INS. COS.
TOTAL
M
|
§ • •
HHH
PERCENT
-10
0
+10 +20 +30
1
1
1
INS. COS.
BANKS
OTHERS '
DIST 10-TOPEKA
DIST 9 - LITTLE ROCK
'
j
PERCENT
- 3 0 - 2 0 -10
0 +10 +20 +30
•
MUT.
'
,
1
SBL.A
-40 -30 -20
,
OTHERS '
INDIV.
BANKS
S.aL.A.
•
•••••
INS. COS.
INDIV.
&
DIST. 6 - INDIANAPOLIS
-40
1
PERCENT
-20 -10
0 +10 +20 +30
INS. COS.
TOTAL
•
S. B.
•!•!
|
INS. COS.
i
MUT. S. B.
-4P_ -30
MUT.S.B.
INDIV.
MUT S. B.
i
OTHERS
DIST. 4 -WINSTON-SALEM
INS. COS.
• • •
•
PERCENT
-30 -20 -10
0 +10 +20 +30
•
s.aL.A.
i
•
-40
^
S.8L.A.
1 _ ^ ^ ^ ^
+20 +30
•'
BANKS
DIST. 5 - CINCINNATI
•»•••*•
PERCENT
-20 -10
0
+10
OTHERS
1
INDIV.
Y
-30
TOTAL
BANKS
>
-40
INDIV.
OTHERS
INDIV.
DIST 3-PITTSBURGH
DIST 2 - NEW YORK
PERCENT
-10
0
+10 +20 +30
'
'
1
•
V////////A
BANKS
1
1
1
S.aL.A.
FgptRAL MOM* LOAN «AW AOM*«HStlM|T
b*
Federal Home Loan Bank Review
The experience of insurance companies, generally
speaking, was somewhat above the average for other
types of lenders. In 19 States loans by these institutions were higher during the first 9 months of this
year than in the same 1941 period. These increases
were particularly concentrated in New England and
in the Little Rock District. The gains in these
areas, however, were not enough to offset the declines
iti the other parts of the country, and the net result
was a 5-percent drop in total insurance company
recordings. The largest increase in volume was
registered in Texas (up 25 percent); and the greatest
decline was recorded in California.
The ratio of insurance company recordings to the
total business written showed gains in 29 States;
stayed the same in 8 States and the District of Columbia; and declined in 11 States.
Mutual savings banks, of course, are active lenders
in only about 18 States and more than seven-tenths of
all their business was carried on in Connecticut,
Massachusetts, and New York. The declines in
these areas were more than enough to offset the
relatively small gains registered in six States.
The drop of 26 percent in New York reduced the
mutual savings bank share of the total business in
that State from nearly one-quarter of the 1941
volume to just over one-fifth of the aggregate recordings during the first three quarters of this year.
Their share of the total business was also reduced in
five other States, but in most areas they were able
to maintain their position.
INDIVIDUAL LENDERS AND " O T H E R " MORTGAGEES
SHOW B E S T RECORDS
The relative stability of individual lenders is
apparent from the fact that the 1942 totals for this
classification were higher than in the preceding year
in 17 out of the 48 States. More than half of these
States were located in areas near the Atlantic Coast.
Percentagewise, the biggest gains by these lenders
were registered in Delaware, Vermont, and Utah.
On the other hand, the biggest reductions were found
in South Carolina and Tennessee.
Individual lenders increased their share of the total
business in about two out of every three States.
This was the best record on this score for any of the
various mortgagee classifications. In every State
in the New York, Pittsburgh, Indianapolis, Chicago,
Des Moines, and Portland Bank Districts, these
lenders were able to secure a larger share of this
year's activity than they were a year ago, or were at
(Continued on p. 96)
December 1942
Percentage change in the volume of mortgage
recordings, by type of lender
[First 9 months of 1941 and 1942]
Federal H o m e L o a n
B a n k District
Total
Savings I n s u r and
ance
loan as- comsocia- p a n i e s
tions
Banks
and
trust
companies
Mutual
savings vIinddu ia-l s O t h e r s
banks
-13.4
-19.0
-4.8
-20.3
-18.0
-4.3
-3.0
_._
-12.6
-17.2
+15.4
-19.9
-17.6
-3.2
+10.0
Connecticut
Maine.
..
Massachusetts
New Hampshire..
Rhode Island
Vermont
-10.7
+15.2
-15.2
-19.2
-16.1
-11.0
-15.6
+37.6
-20.6
-14.3
-18.6
+3.0
+11.1
+30.4
+17.9
+280.8
-25.9
+431.1
-22.1
-13.3
-13.1
-25.8
-37.2
-14.1
-24.1
+17.0
-14.1
-34.2
-14.8
-38.2
+3.2
+7.9
-9.1
+17.9
-4.1
+27.6
+5.7
+25.3
+14.0
-6.5
+20.7
+45.0
-9.7
-17.2
-20.5
-12.0
-23.3
+7.3
+0.1
+2.4
-17.3
-3.4
-25. 2
-14.4
-26.4
-8.5
-16.7
+14.1
-26.4
+14.7
+2.7
+21.7
-15.8
-5.6
-11.5
+3.6
-17.5
+13.6
-0.7
+22.7
+26.0
-3.9
-23.3
+106.9
-11.6
-22.4
-9.9
+2.1
+17.0
-24.1
-14.3
-32.2
+80.4
+8.6
+31.0
+72.3
+0.1
-20.7
+89.2
+26.1
-31.3
+10.0
-16.8
-18.0
+0.4
-9.9
-21.7
-15.8
+3.1
-30.0
-41.8
-19.4
-4.8
-23.1
-45.7
-29.7
+81.1
-54.4
-33.3
+10.3
UNITED
STATES
Boston
New York.
N e w Jersey
New York
Pittsburgh
.
.
D e l a w a r e . ..
Pennsylvania
W e s t Virginia
Winston-Salem
Alabama...
District of CoL .
Florida
.
Georgia
Maryland
.
North Carolina...
S o u t h C a r o l i n a . __
Virginia
_ ...
Cincinnati
Kentucky
Ohio
Tennessee _
Indianapolis
Indiana
Michigan
. .
.
Chicago
Illinois
.
... _
Wisconsin^..
Des Moines
Iowa
. -.
Minnesota
Missouri
North Dakota
South D a k o t a
Little Rock
Arkansas
.
Louisiana .
MissiSvSippi
N e w Mexico
Texas
_. .
Topeka
. ..
Colorado
Kansas
Nebraska
Oklahoma
Portland
-19.7
-22.6
-9.9
-24.8
-10.7
-23.8
-40.8
-16.6
+11.4
-33.0
-32.4
-9.1
-19.1
-25.7
-62.0
-16.8
+6.8
-30.6
-45. 3
-9.7
+12.5
-24.1
-33.3
-0.9
+6.9
-35.6
-1.8
+57.8
-37.2
-39.6
-36.6
-14.1
-3.8
-25.6
-12.6
-27.1
-13.9
-14.2
-13.2
-22.4
-8.6
-1.0
-5.0
-24.8
-10.9
-22.9
-27.3
-12.4
-12.8
-15.3
-15. 2
-5.0
-26.9
-15.1
-50.7
-8.6
-4.6
+6.2
-41. 2
-28.2
-4.7
-2. 0
-7.1
-18.4
-3.0
-12.0.
-32.7
+1.3
+18.9
-6.9
-7.2
-13.8
-25.8
-17.4
+7.8
-4.6
-16.1
-32.7
+7.3
-1.4
+29.6
+15.9
-14.4
-20.5
-11.8
-18.0
-7.8
-7.1
-7.0
-17.0
-5.9
-22.5
-13.7
-11.4
-13.3
-20. 4
-12.4
-7.8
-14.5
+4.3
-9.8
+19.4
-18.5
-28.0
-10.7
-19.6
-20.8
-8.7
— 14.4
-18.7
-29.0
-8.9
-36.4
-45.1
-21.9
-39. 3
-16.1
-41.4
-47.6
-31.4
-2.0
-1.0
-40.8
-69.4
-19.2
-33.3
-11.6
-42.4
-37.6
-15.5
-24.6
+11.7
-13.1
-30.8
-0.4
-28.7
— 13 0
-26. 0
-46.2
+0.4
-5.2
+6.1
-10.7
-1.6
+2.7
+4.1
-16.9
-9.3
-15.6
+4.8
-0.1
-9.6
-12.8
+0.2
-10.6
-9.2
-21.6
-2.1
-14.2
-14.5
-24.3
-2.7
-36.9
-9.5
-8.9
+42.0
-28.3
-17.2
Idaho
-44.4
Montana
-33. 3
Oregon
_ _ _. - 2 2 . 7
Utah
-2.1
Washington
. -10.5
3
5.0
Wyoming
_
Los Ancreles
Arizona
California. _
Nevada
. ..
+10.0
-20.8
-1.7
+0.1
-9.6-1.9
+0.6
-8.9
-0.4
+74.8
—37 5
+16.4
-+-42. 8
+6 6
-10.7
—5. 7
—9.8
-33.5
-6.7
-15.2
-2.2
+1.5
—7.5
-17.5
-10.6
-8.4
+2.1
- 42 2
-7.7
+29.3 ^ - 2 0 . 3
+63.2
+30.1
+35.4
+299.1
+24.8
-9.0
-46.7
-26.5
-4.8
-20.8
-12.3
-20.9
-17.2
-58.0
-35. 7 -27.7
-13.9
-39.1
+3.4
+1.2
-12.1
-25.4
- 2 9 . 7 +410.0
-69. 8
-37.4
-28.6
-15.3
-9.0
-46.0
-20. 9
-34.7
-14.2
-27.1
-18.1
-21.1
-15.6
-1.9
-35.8
+4.6
-51.8
-13.7
-46.6
-4.6
-27.6
-7.8 .
-25.4
. -9. 5
-1.3
-26.8
-10.2
-28. i
+7.0
+23.3
-8.4
-24.7
-34.9
-36.0
— 14.7
4-60 8
+10.7
—50 1
-25.2
-3.6
—7 8
-29.8
-1.9
-24.9
-44.7
-6.9
—39 8
69
PROGRESS OF THE CONVERSION P R O G R A M FIRST LEASES SIGNED
Response to the NHA's program to provide war housing through the
conversion of existing dwellings indicates widespread interest in this
new plan. Initial projects are already under way in Alexandria,
Virginia, and Mobile, Alabama.
Additional cities have been approved for operations.
•
T H E first leases under the National HousingAgency's program for the conversion of private
property into additional living quarters for war workers have already been signed, and operations are now
under way. By Christmas, it is expected that at
least some of these units will be ready for occupancy.
Hundreds of applications were received from private property owners following the inauguration of
the program which is designed to save time, critical
materials, labor, transportation, and money. The
properties are now being inspected for their acceptability in line with these standards. Special efforts
are being made to secure the support and cooperation
of mortgage-lending institutions which can play a
major role in the success of this new phase of war
housing.
Four new cities have been added to the list,
published in the November R E V I E W , of communities
in which the plan is now in operation. The ReadingPottstown, Pennsylvania area, and the west coast
The Meaher office building located at the corner of St. Michael and St. Joseph
Streets, in Mobile, Alabama, is the first major nonresidential structure to be
leased by the Government for conversion into housing facilities. Remodeling
will require only minor structural alterations to yield 200 dormitory units for
use in one of the country's most critical housing situations.
70
cities of Los Angeles and San Diego are now included,
bringing the total to 76. The program in Erie,
Pennsylvania, has been temporarily deferred
F I R S T COIVVERSION
PROJECTS
On November 19, leases on the first two conversion
projects were signed: one on a resideuce in Alexandria, Virginia, to be remodeled into apartments for
family use; and the other on an office building in
Mobile, Alabama, to be converted into dormitory
space for single workers.
The residential property (illustrated on the next
page) is owned by a Brigadier General in the United
States Army. I t is a 3-story, brick structure which
now contains 14 rooms and 4 baths. When the
projected conversion process is completed, this house
will yield six 3-room apartment units, each with a
living-room, bedroom, kitchen, and bath. Bids for
the contract to make these changes have been obtained by the HOLC, which is handling the conversion projects for the Homes Use Service of the NHA.
The HOLC not only awards the contract, b u t will
also supervise the remodeling, and rent and manage
all family-dwelling units converted under the Homes
Use program.
The office building in Mobile was leased, and will
be converted, by the Federal Public HousingAuthority as the first nonresidential property to be
included in this program. This structure will yield
200 dormitory units and requires only the installation of showers, relocation of room partitions,
refinishing of the floors, and painting of interiors.
Remodeling work began on November 23 and the
building is to be ready for occupancy by war workers
within 30 days from that date.
PRIORITY CLEARANCE
ASSURED
The procedure under which priority assistance
will be granted for these conversion projects has
Federal Home Loan Bank Review
been streamlined to assure the speedy delivery of
all materials necessary to complete the remodeling.
An AxA-4 rating has been assigned them, which
parallels the rating granted to new construction.
At the present time, all applications for priority
assistance are sent to the HOLC offices in New York
City where they are taken directly to the W P B Construction Bureau (also in New York City) for immediate processing. Arrangements have been completed,
and wdll be effective in the near future, to decentralize
the approval of priority certificates. Regional offices
of the HOLC will then act for the War Production
Board in the processing and granting of priorities
certificates for these conversion projects.
R E N T REGULATIONS WAIVED
Housing accommodations leased to the Government under the Conversion Program are now exempt
from Federal rent regulations, by a special amendment of the Office of Price Administration. This
exemption allows the owner of a building which will
be leased to the Government to discontinue the
services furnished on the maximum rent date.
However, rents charged by the National Housing
Agency to war workers occupying the remodeled
units will conform to the regulations. Rents charged
for the converted dwellings will be comparable to the
prevailing rents for similar housing accommodations
in that area.
The property pictured below is the first home leased by the National Housing Agency for conversion purposes. Located at 908-910 Cameron Street, Alexandria,
Virginia, the house contains 14 rooms and 4 baths according to the present floor plans. The architect's suggestions for converting the property into six 3-room units
are also shown. When remodeled according to these plans, each of the six apartments will contain a living-room, bedroom, kitchen, and private bath. Only a minimum
amount of critical materials will be required to produce these additional housing units.
FIRST FLOOR
PRESENT LAYOUT
SECOND FLOOR
PRESENT LAYOUT
I^^4j
FIRST FLOOR
PROPOSED CONVERSION
December 1942
PRESENT
THIRD FLOOR
LAYOUT
PROPOSEO
CONVERSION
SECOND FLOOR
PROPOSED CONVERSION
71
THE
ROLE
OF MORTGAGE-LENDING
INSTITUTIONS
Mortgage-lending institutions have a dual role to
perform in furthering NHA's Conversion Program.
First, they can encourage borrowers to convert their
own properties for housing war workers, either with
private funds advanced by the lending institutions
or under the Government-lease plan. Second, they
can study the properties which they own to see that
maximum use is made of these structures.
In the case of real estate it now owns, if the property is converted under the Government-lease plan,
the institution will be assured of a cash income as
long as the property is leased. Further, the sale of
these properties should be stimulated because—instead of offering more or less obsolete single-family
dwellings—an institution can offer income properties
already leased, with carrying charges guaranteed.
Structures not sold during the war period will revert
to the owning institution as an income property
without lien for conversion.
The conversion of a property now covered by an
existing mortgage loan will strengthen the security
behind the loan portfolio in two ways, because (1)
the value of the property will be increased; and (2)
the expanded use of existing community assets will
tend to stabilize values during and after the War.
Finally, the risk that existing sales contracts will
revert to the owned-property account will be lessened
to the extent that purchasers participate in the Conversion Program and thus assure the uninterrupted
payment of charges, taxes, and—usually—principal
reductions by the Government.
Mortgage lenders, 'therefore, have an unusual opportunity to combine war service with a legitimate
strengthening of loan portfolios and a solution to
the problem of owned real estate.
Directory of Member Institutions
Added during October-November
I. INSTITUTIONS ADMITTED TO MEMBERSHIP IN
THE FEDERAL HOME LOAN BANK SYSTEM
BETWEEN OCTOBER 16, AND NOVEMBER 15. 1942
D I S T R I C T NO. 2
N E W JERSEY:
Kearny:
Monarch Savings and Loan Association, 255 Kearny Avenue.
Morristown:
The Morris County Savings Bank, 21 South Street.
Newark:
Plymouth Savings and Loan Association, 359 Springfield Avenue.
DISTRICT NO. 3
PENNSYLVANIA:
Harrisburg:
Penn State Building and Loan Association, 21 South Second Street.
Philadelphia:
S. A. V. E. Building and Loan Association, 3218 North Front Street.
The Trust Building and Loan Association, 1936 East Cumberland Street.
72
TERMINATIONS OF MEMBERSHIP IN THE FEDERAL HOME LOAN
BANK SYSTEM BETWEEN OCTOBER 16, AND NOVEMBER 15,
1942
KENTUCKY:
Covington:
The Fifth District Building Association, 1736 Holrnan Avenue (liquidation) .
Newport:
Workingmen's Loan and Building Association of Newport, 103 East
Seventh Street (sale of assets to Security Savings, Loan and Building
Association, Newport).
N E W JERSEY:
Millburn:
Millburn Building and Loan Association, 62 Main Street (sale of assets to
Investors Savings and Loan Association of Millburn).
Jersey City:
Jackson Building and Loan Association, 746 Grand Street (liquidation).
Phoenix Loan and Building Association, 746 Grand Street (liquidation).
Newark:
Beaver Building and Loan Association, 31 Clinton Street (liquidation).
Prosperity Building and Loan Association, 550 Central Avenue (liquidation).
PENNSYLVANIA:
Pittsburgh:
Twenty-Eighth Ward Building and Loan Association of Pittsburgh,
131 South Seventeenth Street.
TEXAS:
Palestine:
Mechanics Building and Loan Association.
WISCONSIN:
Milwaukee:
Northern Federal Savings and Loan Association, 2746 Teutonia Avenue
(merger with United Federal Savings and Loan Association, Milwaukee).
II. FEDERAL SAVINGS AND LOAN ASSOCIATIONS
CHARTERED BETWEEN OCTOBER 16, AND NOVEMBER 15, 1942
DISTRICT NO. 3
PENNSYLVANIA:
Philadelphia:
Old York Road Federal Savings and Loan Association, North Philadelphia Trust Company Building.
S. A. V. E. Federal Savings and Loan Association, 3218 North Front
Street.
The Trust Federal Savings and Loan Association, 1936 East Cumberland
Street.
DISTRICT NO. 5
OHIO:
Greenville:
Greenville Federal Savings and Loan Association, 324 Broadway.
(Continued on p. 89)
Public Interest Directors Appointed
•
PUBLIC Interest Directors for 10 of the Federal
Home Loan Banks have recently been named
by the Federal Home Loan Bank Administration
to fill vacancies occurring January 1, 1943. All of
these Directors are now serving in this capacity; the
reappointments will expire December 31, 1946.
BOSTON: Eaton D. Sargent, manufacturer, Nashua, New
Hampshire.
NEW YORK: James Bruce, National Dairy Products Company, New York, New York.
PITTSBURGH: Charles S. Tippetts, Mercersburg Academy,
Mercersburg, Pennsylvania.
WINSTON-SALEM: Horace S. Haworth, attorney, High Point,
North Carolina.
CINCINNATI: Richard Priest Dietzman, attorney,, Louisville,
Kentucky.
INDIANAPOLIS: Herman B. Wells, University of Indiana,
Bloomington, Indiana.
CHICAGO: Philip Kinzer, Carnation Milk Company, Milwaukee, Wisconsin.
DES MOINES: E. A. Purdy, Minneapolis, Minnesota.
TOPEKA: H. S. Sands, consulting engineer, Denver, Colorado.
PORTLAND: Ben A. Perham, Perham Fruit Company,
Yakima, Washington.
Federal Home Loan Bank Review
FROM THE ANNUAL REPORT
This year, for the first time, the Annual Report of the Federal Home
Loan Bank Administration will not be published for general distribution
to member institutions.
This article summarizes the main sections of
the Tenth Annual Report covering the fiscal year 1942 and highlights
the observations of the Administration
on wartime problems and
policies.
M
W H I L E thrift and home-financing institutions
have been less vitally affected by the War than
many other industries, it already is obvious that
operation under a war economy will involve major
shifts in operating policies. In past years, member
institutions have been better able to evaluate local
trends by analyzing their own operations in the light
of national tendencies described in the annual
reports of the Federal Home Loan Bank Administration. This year, however, as a wartime economy,
the Administration will not print the report in
quantities sufficient for distribution to member institutions. Realizing that at this time, more than ever
before, local management needs to be fully informed
of national trends in the industry, the R E V I E W will
present in some detail those sections of the Tenth
Annual Report of the FHLBA which are pertinent
to current problems.
Since the report covers only the period from
July 1, 1941 to June 30, 1942, much of the material
included in the survey for the fiscal year reflects
conditions prevailing prior to the War. The overall picture, however, mirrors with considerable
accuracy the major shifts in general conditions with
which mortgage institutions are concerned.
INSTITUTIONS IN THE W A R
EFFORT
Members of the F H L B System have two main
functions in the war effort: namely, the financing of
needed home construction in war-industry areas, and
active participation in the sale of war bonds and
stamps as well as the purchase of Government obligations for their own accounts. I t is estimated in
the Annual Report that during the last fiscal year
savings and loan association members of the Bank
System made loans in the total amount of $814,000,000 in war-industry areas. Of this amount,
$319,000,000 was advanced for the construction of
approximately 106,600 new houses.
The Bank Administration has encouraged member
institutions to engage in financing war housing to the
limit of their abilities. Regulations have been reDecember 1942
496598—-42——2
vised to permit associations, under certain conditions,
to sell mortgages to obtain funds for additional
construction loans.
The virtual elimination of new construction in
many areas makes it probable that for many institutions the sale of war bonds and stamps will provide the only avenue for direct participation in the
war effort. At the close of the fiscal year, 72 percent
of all member savings and loan associations were
eligible to sell war bonds and. stamps and were making the war-bond campaign a major activity. These
institutions held some 9G percent of all assets of
association members of the System.
Sales of bonds during July 1942 totaled over
$35,000,000 (maturity value), an increase of 82
percent over June figures. In succeeding months,
sales of member institutions have fluctuated above
and below $30,000,000, averaging approximately
that figure for the four-month period from July
through October.
PROBLEMS ARISING FROM THE W A R
At the close of the fiscal year, it already was evi
dent that lending institutions were faced with at
least two major changes in operation. The declining volume of residential construction, particularly
of the permanent, family-type unit which might
suitably be financed by home-mortgage lending institutions, had by then become a problem. I t was
then, as it is now, evident that home mortgages,
which last year represented four-fifths of total assets
of all savings and loan associations, 1 would in future
war years constitute a decreasing outlet for the
investment of funds.
By June it also was apparent that for the duration of the War private investment in home-financing institutions would proceed at a somewhat slower
rate. Higher taxes and the tendency of individuals
to place an ever-increasing proportion of savings in
war bonds and stamps must inevitably decrease the
flow of funds into normal savings channels.
1
See "Assets of All Savings and Loan Associations Rise for Second Year,"
p. 77.
73
Several factors have cushioned the immediate impact of these forces upon lending-institution earnings. As the Annual Report shows, sales of existing
properties increased so markedly during the first 6
months of the fiscal year that home mortgages made
by lending institutions were running ahead of the
previous year, in spite of the decrease in loans for
new construction. However, during the last half of
the fiscal year and during recent months, the volume
was not sufficient to offset the decline in construction
lendiug.
I t must also be remembered, in looking toward
the future, that the cessation of new home construction has come at a time when mortgage holdings of
financial institutions are at a high level. This fact,
should tend to assure that earnings will be maintained at a reasonable level during the War.
SPECIFIC
RECOMMENDATIONS
While the onset of real war conditions has, thus,
been postponed for many institutions, it is evident
that any attempt to operate on a " business as
usual" basis will be impossible. As the Report
points out, such a policy would inevitably involve
the institution in future difficulties.
Institution management should regard the war
period as an opportunity for fortifying against the
inevitable adjustments that must take place at the
end of the War. Cooperating with other supervisory authorities and with leaders of the savings
and loan industry, the FHLBA has urged lending
institutions to adopt for the duration a definite
program which should include some or all of the
following points.
STRENGTHENING
L E N D I N G POLICIES AND I N T E R E S T R A T E S
During the next few years, the local supply of
private funds is likely to exceed the demand for loans.
The competition for loans which will develop in local
markets as a result of this situation should not
tempt lending institutions to relax their standards.
Sound appraisal and risk analysis have never been
more important than at this time, and institutions
can guard against future losses only if they insist
that every loan shall meet the same standards
which have always been a safeguard against losses.
Active competition for loans also may necessitate
some change in policies regarding interest and
dividend rates. Such rates should be re-examined
in the light of new conditions and readjusted at
levels which will permit the institution to obtain
and hold sound mortgage loans, to build adequate
reserves, and at the same time to meet local competition for savings funds.
PREPAYMENT P L A N S
A final suggestion of the Bank* Administration
concerns the use of mortgage-prepayment plans.
While many institutions have felt, in past years,
that prepayments on mortgages by any sizable
number of borrowers would upset the balance of
mortgage portfolios, it is now believed that the
advantages of prepayment outweigh the disadvantages, at least for the time being.
OF R E S E R V E S
The accumulation of reserves on a systematic
basis is perhaps the best method of planning in
advance to absorb future losses over which the institution may have little control. As the Report suggests, the regulatory level of reserves should be considered by most institutions as a bare minimum and
all institutions should plan to build well above this
figure as soon as possible.
To dispose of owned real estate is another means
of building strength against the future. While the
real-estate overhang is no longer a national problem
of first importance, the "real-estate owned" account
on the books of many institutions still is too large
for safety, considering the adjustments which may
be necessary in the period following the War. Because of the growing demand for used properties in
74
many areas, a coordinated effort to clear books of
real estate should be assured of success.
While total membership of home-financing institutions in the Federal Home
Loan Bank System has declined slightly from the June 1938 peak, assets of
member institutions have shown a steady upward trend. Assets of Federal
savings and loan associations have shown the most consistent gain, rising
from $1,211,000,000 in June 1938 to $2,206,000,000 in the same month of 1942.
Federal
Home
Loan Bank Review
Considering the fact that employment adjustments after the War may place a serious strain on
the ability of many workers to meet mortgage pajrments, institutions are encouraging borrowers to
build up a reserve against just such contingencies.
Since prepayments are anti-inflationary in effect,
the plan has the endorsement of the President, homefinancing leaders, and Government officials.
R E V I E W OF OPERATIONS D U R I N G Y E A R
A brief summary of the operations of the Federal
Home Loan Bank Administration during the fiscal
year ending June 30, 1942 follows:
F E D E R A L H O M E L O A N B A N K SYSTEM
T h e consolidated resources of the 12 Federal H o m e Loan
B a n k s a m o u n t e d to $300,000,000 a t t h e end of t h e fiscal year.
While B a n k advances outstanding reached, on December 31,
1941, t h e highest point in Bank System history, t h e effects
of t h e W a r h a v e since t h a t time reversed t h e trend. Since
December 31, when outstanding advances a m o u n t e d to
$219,446,000, there has been a downward t r e n d in new
Bank advances a n d an increase in borrower r e p a y m e n t s .
By t h e end of t h e fiscal year, advances outstanding h a d
dropped to $192,000,000. T h e slackening of Bank advances
has been more noticeable in recent m o n t h s a n d t h e general
tendency of member r e p a y m e n t s has been u p w a r d .
Analysis of advances of the 12 Federal H o m e Loan Banks
shows t h a t short-term advances—for one year or less—again
h a v e gained a t t h e expense of long-term loans. Last year
such advances a m o u n t e d to $80,121,000, or 41.6 percent of
t h e total, compared with only 38.7 percent in t h e previous
period.
F E D E R A L SAVINGS AND LOAN I N S U R A N C E CORPORATION
Total assets of t h e Federal Savings and Loan Insurance
Corporation on J u n e 30 were $134,371,000, an increase of
nearly $4,000,000 over t h e previous reporting period. Premiums for the year aggregated $3,534,000.
Some 63 percent of all savings and loan members of the
Bank System now are insured by t h e Corporation. These
institutions hold more t h a n 70 percent of t h e t o t a l consolidated resources of all member associations.
I n t h e 8 years of its operation, 35 insured associations have
experienced difficulties requiring action by t h e Insurance
Corporation. After careful analysis, it was found t h a t no
assistance was necessarj* in two of these cases. In 23 of the
remaining 33 cases, t h e Corporation has m a d e net cash disb u r s e m e n t s of $4,251,000 to prevent default. Additional
c o m m i t m e n t s of $332,000 were outstanding on J u n e 30.
Three of t h e associations assisted have voluntarily liquid a t e d ; three have merged with other associations; and 17
have continued to operate as separate units. Seven institutions are in default and have been placed in liquidation.
Three additional cases are being studied.
I t is estimated t h a t final losses sustained in all cases where
t h e Corporation has made or authorized contributions or perm i t t e d associations to be placed in liquidation will a m o u n t to
$5,342,000.
December 1942
The bar chart above illustrates graphically the progress of the liquidation of
the Home Owners' Loan Corporation during the 4 years ending June 30, 1942.
The bar on the left represents the cumulative total amount to be liquidated.
The remainder of the chart shows the year-by-year reduction in the balance
of the original loans, the amount represented by properties owned, and the
amount due from the sale of properties acquired by foreclosure.
HOME
OWNERS'
LOAN
CORPORATION
/The progress in the liquidation of t h e H O L C , the largest
single holder of home mortgages, is of considerable interest to
private home-financing institutions. I n its original refinancing operations, t h e Corporation closed loans in the a m o u n t of
$3,093,000,000. Advances and other subsequent additions
brought the total balance to be liquidated to $3,476,000,000
as of June 30, 1942. Of this a m o u n t , $1,538,000,000, or over
44 percent, had been liquidated on t h a t date, leaving $1,938,000,000 for future liquidation.
Over three-fourths of this net reduction has resulted from
principal repayments by original borrowers. Another 10
percent represents receipts from property sales and repayments by new purchasers. T h e remaining 15 percent of t h e
reduction is a t t r i b u t a b l e to charge-offs and losses, on which
the Corporation has been able to m a k e substantial recovery
from operating income.
During the past year, liquidation progressed somewhat
more rapidly t h a n during any previous reporting period, primarily as a result of a higher r a t e of collection and of a rapid
decline in property holdings. Current collections indicate
the stronger financial position now enjoyed by m a n y H O L C
borrowers. In some instances substantial prepayments h a v e
been m a d e by groups of borrowers.
Another indication of t h e improved position of borrowers is
to be found in t h e lower rate of foreclosures. During the last
fiscal year only 2,660 properties were acquired after foreclosure, a reduction of 76 percent in the number of such actions
from t h e previous year.
On J u n e 30 only 37,998 properties out of a t o t a l of 190,191
acquired since the beginning of the program remained on
H O L C books.
75
«
«
«
FROM THE MONTH'S NEWS
COOPERATION: "It will be better for
both banking and savings and loan progress if, in the face of the new plethora of
money and the known and unknown
problems which lie ahead, American banks
and American savings and loan associations get together more to discuss their
mutual problems."
The American Banker, Nov. 17,
1942.
PUNISHMENT: "Nobody can control inflation for us if we overspend and undersave. Inflation is simply an automatic
punishment for our failure as individual
citizens to see this simple truth."
Lionel D. Edie, The Minute
Man, Nov. 15, 1942.
RESERVES: "How much should an institution have in reserves before it should
stop worrying about them? That is a
question no one can answer—yet. The
safe answer is always 'more than we have
now/ "
E. L. Hevelone, Savings and
Loans, November 1942".
BLIGHTED AREAS: "The property in
that fifth of urban United States, now
under the 'dead hand' influence of blight,
will have to be rehabilitated sooner or
later if the American city is not to suffer
really serious disintegration—and it looks
as though it will be the nation's most
immediate and important post-war job."
Frederick
American
1942.
P. Champ, The
City, November
SUBURBIA: "We all know that the bad
features of urban life tend to reproduce
themselves in the suburbs. Suburbs
grow and they themselves come to exhibit
all of the same evils. While suburbs
have given us our best in American home
life, they are themselves unable to stop
growing and to halt their own deterioration."
Desire for ownership
. . . . . .
"'
Three-fifths of those living in rental quarters in American
cities would like to own their own homes, whereas slightly more than
one-third prefer renting
Desire for home ownership decreases with age; a higher percentage of the older people of 50 years
of age and over do not want to own, since m a n y of them are living
alone and others do not wish to assume added responsibilities late
in life; 61 percent between 30 and 49 years of age, and three-quarters
of the younger men and women under 30 would prefer their own
homes."
Urban Planning and Public Opinion, Bureau of Urban
Research, Princeton University, 1942.
W h a t about dividends?
.
J. M . Bryan, The Mortgage
Banker, November 1942.
.
.
u
With mortgage balances being reduced as they are and
downward adjustments in interest rates being necessary in many
cases, and with the relatively low rate of return on Government
Bonds, how can we maintain our present rate of return to our investors? The only realistic reaction to this question—not necessarily
the one we would most desire—is t h a t these rates will trend downward and t h a t sound operations will dictate rates in keeping with
the earnings t h a t are possible under the circumstances."
Walter D. Shultz, American Savings and Loan News,
November 1942.
NEW CONSTRUCTION EXPENDlTUftES
IN THE UNITED STATES
TOTAt
Of
FIRST NM£ MONTHS I94t AND 1942
PRIVATE
PUBLIC
COLLARS
OF DOLUVtfS
no
10
RESIDENTIAL —*» ; '•"..
OTHER PUB.HIGHWAYS-
Frederick M . Babcock, Real
Estate Record and Builders
Guide, Oct. 24, 1942.
WAR INSURANCE: " I n our capacity as
administrators of trust funds, we have at
least the obligation of informing all our
mortgagors of the need for War Damage
Insurance. In the event of damage, I
am wondering if we wouldn't receive
serious and unfavorable reaction to our
companies from borrowers if we hadn't
done our part in educating them to the
necessity for this insurance."
» » »
**r-FARM
PUB. UTIL.
NONRESID
RESIDENTIAL
1941
1942
1941
I94£
1941
1942
DIVISION OF 0**SRATI«G $rATt$T»C5
FEDCRAL mm
LOA« SANK AOftMHiSTBAtUDfr
Total new construction amounted to $10,509,000,000 during the first 9 months of 1942 as against
$8,147,000,000 in the comparable 1941 period. This gain was entirely in the field of public construction
which almost doubled, while privately financed building decreased by 34 percent. War housing financed
by Federal funds increased 11 percent during the first three quarters of this year.
V, S. Department of Labor.
Federal Home Loan Bank Review
SAVINGS AND LOAN ASSETS INCREASE FOR THE
SECOND SUCCESSIVE YEAR
Again reversing the downward trend of the thirties, total assets of all
savings and loan associations were 6 percent higher at the end of 1941
than at the close of the previous year.
Reductions in real estate
owned, a substantial gain in mortgage holdings, and increased liquidity
featured the 1941 operations of these institutions.
•
AT the end of 1941, total assets of all operating
savings and loan associations in the United States
had passed $6,000,000,000, with a gain of nearly
$339,000,000 over their resources at the end of the
previous year. This rise of nearly 6 percent more
than doubled the increase noted at the close of 1940
when, for the first time since 1930, total assets compared favorably with the previous year-end figures.
The full effects of the general business conditions
prevailing in the late twenties and early thirties were
not felt by the savings and loan industry until long
after the same reactions had been evident in other
fields. The peak of savings and loan assets, as the
accompanying chart shows, was reached in 1930
when holdings of these home-financing institutions
reached a total of nearly $9,000,000,000. While the
major reduction in assets occurred in the period from
1931 to 1935, the bottom was not reached until 1939.
The recovery in savings and loan asset trends during recent years has been retarded by an extensive
rehabilitation process. I t now is apparent that the
effects of liquidations and consolidations have at
last been overcome and gains during 1940 and 1941
have wiped out the losses incurred in the years from
1935 through 1939. Total assets at the end of the
past year were the highest since 1934.
4-percent decrease in the number of active institutions. At the end of the year, 6,905 savings and
loan associations were listed as being in operation,
as against 7,184 at the end of 1940. The effect of
these divergent trends was, of course, to increase the
average size of the associations from $790,000 to
more than $870,000—a 10-percent rise. The average size of member associations of the Bank System
was slightly more than $1,272,000 at the end of 194L
MORTGAGE HOLDINGS SHOW SUBSTANTIAL GAIN
Mortgage-loan portfolios of all savings and loan
associations increased nearly 10 percent during 1941
on the crest of the largest annual loan volume in
ASSET TRENDS IN THE
SAVINGS AND LOAN INDUSTRY
BILLIONS
OF DOLLARS "1
I
I
I
I
I
I
I
F O U R - F I F T H S OF SAVINGS AND LOAN ASSETS
INCLUDED IN BANK SYSTEM M E M B E R S H I P
As the chart also shows, assets of savings and loan
members of the Federal Home Loan Bank System
have risen more sharply in the past 2 years than
have the combined assets of all operating associations.
The 1940-1941 increase of member association assets
amounted to 9 percent, and brought their total
resources to a new high of $4,800,000,000. Eighty
percent of all savings and loan assets were included
in the Bank System at the end of 1941, in contrast
to 78 percent the year before.
The increase in the assets of all savings and loan
associations during 1941 occurred in the face of a
December 1942
The trend of the total assets of all operating savings and loan associations is
again on the upgrade, as is shown graphically in the chart above. With aggregate
resources at the end of 1941 of just over $6,000,000,000, association assets were at
the highest level since 1934.
77
more than a decade. The net gain in the balance of
loans outstanding amounted to almost $425,000,000—•
one-third larger than the net rise in the previous
year. The combined mortgage-loan portfolios of all
associations stood at approximately $4,800,000,000
at the end of the period, and accounted for 80 percent
of their total resources.
The intensive efforts to dispose of real estate
resulted in the elimination of one-third of the balance
in this account which had been on hand at the beginning of the year. Properties remaining at the end
of the period were valued on the books of the associations at $328,000,000—a net decrease of almost
$165,000,000 during the 12 months. This account
now represents only slightly more than 5 percent of
total savings and loan assets, and there is $1.43 of
reserves, undivided profits and surplus for every
$1.00 of real estate still owned.
Cash holdings of these institutions amounted to
$340,000,000 at the end of last year—a figure ap-
proximately $39,000,000, or 13 percent, above 1940
totals. Cash funds have increased at a more rapid
rate, proportionately, than total assets. In 1940,
cash on hand represented 5.3 percent of total assets
while last year it accounted for 5.7 percent of all
assets.
The 23-percent gain in investments held by savings
and loan associations is another trend worth noting
because of its direct bearing on the matter of liquidity.
From data available for member associations, it is
evident that a major portion of the $35,000,000 increase was the result of the purchase of war bonds
and other Government obligations which could be
converted into cash if necessary. The combined
cash and investment accounts aggregated more than
a half-billion dollars and were equal to almost 9
percent of total assets as compared with a little less
than 8 percent at the end of the previous year.
The furniture and fixture account was the only
other asset to show a major change. The 50-percent
Comparative statement of condition for all operating savings and loan associations in the United States,
1941 and 1940
[Source: Annual reports of S t a t e savings a n d loan supervisors'—Summary of members' annual reports as consolidated by Federal
H o m e Loan Bank Presidents]
[Amounts are shown in thousands of dollars]
All operating associations ]
Ratio to t o t a l
assets
Increase or decrease
1941 t o 1940
Item
1941
(6, 905)
Mortgage loans 2
Other loans
Real estate sold on contract
Real estate owned
Investments
Cash
Office building
Furniture and
Other assets
;
—
fixtures
Total assets.
$4, 798, 453
59,922
219, 181
327, 620
183, 542
339,751
56,105
8, 366
18,297
6, 011, 237
1940
(7, 184)
1941
1940
Amount
Percent
change
855
560
820
171
866
496
824
576
209
Percent
79. 82
1.00
3.65
5.45
3.05
5.65
0. 93
0. 14
0. 31
Percent
77. 11
1. 12
3.65
8.68
2. 62
5. 31
0.97
0. 10
0. 44
+ $424,598
-3,638
+ 12,361
-164,551
+ 34,676
+ 38,255
+ 1,281
+ 2, 790
-6,912
+ 9. 71
- 5 . 72
+ 5.98
- 3 3 . 43
+ 23. 29
+ 1 2 . 69
+ 2.34
+ 50. 04
- 2 7 . 42
5, 672, 377
100. 00
100. 00
-338,860
-5. 97
661
132
930
299
798
871
686
78.20
6.54
4.25
1.21
1. 45
0. 54
7. 81
77.80
6. 52
4. 11
1. 17
1. 79
0. 56
8. 05
+ $288,290
+ 22, 726
+ 22,620
+ 6,248
-14,632
+ 858
+ 12,750
+ 6.53
+ 6. 14
+ 9. 71
+ 9. 42
- 1 4 . 37
+ 2. 69
+ 2. 79
5, 672, 377
100. 00
100. 00
+ 338,860
+ 5. 97
$4, 373,
63,
206,
492,
148,
301,
54,
5,
25,
L I A B I L I T I E S AND C A P I T A L
Shares
Deposits a n d investment certificates
Borrowed money
Incomplete loans
Other liabilities 3
P e r m a n e n t reserve, and g u a r a n t y stock
•General reserves, undivided profits a n d s u r p l u s .
T o t a l liabilities a n d capital
$4, 700,
392,
255,
72,
87,
32,
469,
951
858
550
547
166
729
436
6,011,237
$4, 412,
370,
232,
66,
101,
31,
456,
1
Excludes State-chartered associations in liquidation (both voluntary a n d involuntary) when s t a t u s is so reported in t h e
S t a t e supervisors' reports or by other reliable sources.
2
Includes advances and accrued receivables, t h e latter principally interest due on mortgages.
3
Includes deferred credits a n d specific reserves.
78
Federal Home Loan Bank Review
increase in this item indicates that a sizable number
of associations were improving and modernizing
their office quarters during 1941.
SHARE
CAPITAL
GAIN
Primary ehange in the liability accounts of all
savings and loan associations was the substantial increase in the funds invested in these institutions by
the public. Purchase of shares during the year
resulted in a net increase of $288,000,000—or 6.5
percent—in this account, and brought the total share
liability to more than $4,700,000,000. The 1941 gain
was almost double the rise made in the preceding
year. In those States which permit the use of deposit
accounts and investment certificates, these accounts
also showed appreciable increases and amounted to
$390,000,000 at the end of the year.
There was almost a 10-percent increase in borrowed money during the calendar year 1941, most of
which was reflected in the all-time high of Federal
Home Loan Bank advances at the end of the period.
The loans-in-process account showed a 9-percent
gain and miscellaneous liabilities were reduced 14
percent; but both of these accounts make up a minor
part of the total liabilities.
Almost $13,000,000 was added to the general reserve, undivided profits, and surplus accounts of
all savings and loan associations during 1941, but
this 3-percent increment was somewhat less than
the rate of gain shown by total assets. The ratio of
these accounts to total assets, therefore, declined
slightly, but was still equal to almost 8 percent.
This was the first time in several years that the
dollar volume of these accounts had increased from
one year to the next, and is all the more significant
in view of the substantial amount of real estate
which was sold during the period.
B A N K DISTRICT ANALYSIS
Analysis of savings and loan trends by Federal
Home Loan Bank Districts reveals that for the
second successive year, the Winston-Salem District
led all others with a 15-percent rise in the assets of
all associations in that region. Assets of institutions
in the Los Angeles, Portland, and Des Moines areas
registered gains of 10 percent or more.
Only in the New York and Pittsburgh areas were
decreases in the total assets of associations noted;
and the decline in the Pittsburgh area was far smaller
than during the preceding 12-month period. In
these two areas, where a considerable number of
• [Amounts are shown in thousands of dollars]
INCREASE ALMOST DOUBLED THE
1940
December 1942
Estimated number and amount of assets held
by all operating savings and loan
associations, 1941-1940
Assets
Number
Federal H o m e Loan
Bank District
1941 1940
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1941
1940
U N I T E D STATES
6, 905 7, 184 $6,011,237 $5,672,377
1—Boston,
2—New York
3—Pittsburgh
4—Winston-Salem
5—Cincinnati
6—Indianapolis
7—Chicago
8—Des Moines
9—Little Rock
10—Topeka
11—Portland
12—Los Angeles
690, 390 654, 097
353 354
825, 945 856, 537
1, 115 1,261
500, 659 501, 478
1,402 1,503
680 686 664, 322 576, 954
883 893 1, 064, 451 1, 009, 213
326 326 324, 955 300, 134
782 788 563, 506 517, 048
389 394 319, 190 289, 136
316 316 256, 709 235, 700
306 308 249, 613 243, 926
162
190, 817 169, 346
157
193 360, 680 318, 808
196
institutions are still being liquidated or reorganized,
there were 247 fewer operating savings and loan
associations at the end of 1941 than at the end of
1940.
ADJUSTMENT FOR PLEDGED-SHARE ACCOUNTS
The mortgage-loan balances and total asset
figures for all operating savings and loan associations
are somewhat overstated, statistically speaking, by
the volume of pledged shares which associations are
holding to offset amounts due on sinking-fund loans.
Although loans of this type have generally been replaced by the more modern direct-reduction plan,
some of the older loans are still on the books of many
operating institutions. 1
To arrive at the adjusted assets of all savings and
loan associations, it is necessary to substract the
amount of pledged shares from the mortgage-loan
balance and the share-account liability. At the
close of 1941, pledged shares were estimated at
$246,000,000, or $44,000,000 less than at the close of
the preceding year. Adjusted assets, which have
been rising since 1936, were $5,765,000,000 at the
end of last December.
Allowing for the decline in pledged shares, the
asset gain registered by all savings and loan associations during 1941 was even more substantial than
indicated by the gross figures—amounting to
$373,000,000, or almost 7 percent.
i See "Decline in Pledged Shares Indicates Wide Acceptance of Direct-Reduction Loans," FHLB REVIEW, April 1942, p. 231.
79
HONOR ROLL OF WAR BOND SALES
i \ ^ ^ ^
" T o p That 10 Percent by New Year's"
|^ESEIS(TM\
is the new slogan for the national
ATlEASTJlj|JfJ campaign for war-bond sales by pay^^bi^^
roll allotment plans. I n October this
system of saving was in operation in 30,000 firms
which employ 100 or more people. Twenty-two
million persons were participating, saving 7.7 percent of their salaries. The monthly volume of
sales on this basis has been $287,000,000—the new
goal is at least $350,000,000.
HONOR R O L L " S I G H T S " GOING U P
In the 4 months that the R E V I E W Honor Roll has
been based on war-bond sales of at least 10 percent
of the assets of member institutions, it has grown
from 245 to 552 names. The current month alone
(sales during October) showed a gain of 124 member
institutions. At the present rate the distinctive
character of the Honor Roll is rapidly fading. In
line with the Treasury's increased goals, as well as
the upward trend in sales throughout the industry,
next month the minimum requirement for a place
on this list will be raised to include only those member institutions which have sold war bonds equal to
15 percent or more of their current assets.
The First Federal Savings and Loan Association
of Chicago, Illinois, has the distinction of leading in
monthly sales during October with a total of over
$509,000. This association jumped from sixteenth
to sixth place in the " T o p s in Volume" box. This
list, incidentally, is getting constantly closer to a
million-dollar minimum. On the basis of October
reports, only three leaders showed total sales below
that figure. Two associations are now in the twomillion-dollar class.
This month, for the last time, one asterisk will
denote sales of 15 to 20 percent, and each additional
asterisk, another 5 percent. Italics indicate warbond sales of 100 percent of the member's assets
with one asterisk for each 5 percent in excess of that
amount.
CREDIT W H E R E CREDIT I S D U E
In discussing the war-bond sales of member
institutions during September (page 48, November
R E V I E W ) , credit for the largest monthly volume
rightly belonged to the Colonial Federal Savings and
Loan Association of Philadelphia, Pennsylvania.
This institution reported total sales of $556,000 for
September.
80
NO. 1-BOSTON
•Branford Federal Savings and Loan Association, Branford, Conn.
•Bristol Federal Savings and Loan Association, Bristol, Conn.
First Federal Savings and Loan Association, Greenwich, Conn.
Sharon Cooperative Bank, Sharon, Mass.
••Telephone Workers Building and Loan Association, Providence, R . I .
Uxbridge Co-operative Bank, Uxbridge, Mass.
•••Windsor Federal Savings and Loan Association, Windsor, Vt.
Windsor Locks Building and Loan Association, Windsor Locks, Conn.
NO. 2—NEW YORK
****Amsterdam Federal Savings and Loan Association, Amsterdam, N. Y.
Bellmore Savings and Loan Association, Bellmore, N . Y.
Black Rock-Riverside Savings and Loan Association, Buffalo, N . Y.
***Broad Avenue Building and Loan Association, Palisades, N . J.
•Bronx Federal Savings and Loan Association, Bronx, N . Y.
Caldwell Building and Loan Association, Caldwell, N. J.
Carthage Savings and Loan Association, Carthage, N . Y.
••••••Center Savings and Loan Association, Clifton, N . J.
Central Savings and Loan Association, Albany, N . Y.
Chemung Valley Savings and Loan Association, Elmira, N. Y.
*City Savings and Loan Association, Elizabeth, N . J.
Cranford Savings and Loan Association, Cranford, N . J.
Dime Banking and Loan Association, Rochester, N . Y.
Dime Savings Institution, Newark, N . J.
East Rochester Federal Savings and Loan Association, East Rochester, X. Y.
••••Economia Savings and Loan Association, Trenton, N. J.
Edison Savings and Loan Association, New York, N . Y.
Fair City Savings and Loan Association, Syracuse. N. Y.
•First Federal Savings and Loan Association, New York, N . Y.
•First Federal Savings and Loan Association, Rochester, N . Y.
Fourth Federal Savings and Loan Association, New York, N . Y.
•Genesee County Savings and Loan Association, Batavia, N . Y.
Guttenberg Savings and Loan Association, Guttenberg, N . J.
Highland Falls, West Point and Fort Montgomery Federal Savings and Loan
Association, Highland Falls, N. Y.
•Jackson Heights Savings and Loan Association, Jackson Heights, N . Y.
Kensington Savings and Loan Association, Kensington, N . Y.
•••Long Beach Federal Savings and Loan Association, Long Beach, N . Y.
Manhattan Savings and Loan Association, New York, 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.
Mutual Savings and Loan Association of Richmond County, Port Richmond,
' N.Y.
•New Brighton Savings and Loan Association, St. George, N. Y.
•North Belleville Savings and Loan Association, Belleville, N . J.
•North Jersey Savings and Loan Association, Passaic, N . J.
North Park Savings and Loan Association, Elizabeth, N . J.
Oneida Federal Savings and Loan Association, Oneida, N. Y.
•••••Owego Federal Savings and Loan Association, Owego, N . Y.
Polifly Savings and Loan Association, Hasbrouck Heights, N . J.
Queens County Federal Savings and Loan Association, Jamaica, N . Y.
Salamanca Federal Savings and Loan Association, Salamanca, N. Y.
•Schuyler Building and Loan Association, Kearny, N. J.
•••••••Shepherd Savings and Loan Association, East Orange, N . J.
•Summit Federal Savings and Loan Association, Summit, N . J.
Sunnyside Federal Savings and Loan Association, Irvington, N. Y.
Trenton Saving Fund Society, Trenton, N . J.
Union City Savings and Loan Association, Union City, N . J.
United Savings and Loan Association, Paterson, N. J.
•Volunteer Building and Loan Association, Little Ferry, N . J.
Walton Savings and Loan Association, Walton, N . Y.
NO. 3 — P I T T S B U R G H
•Alvin Progressive Federal Savings and Loan Association, Philadelphia, Pa.
Brentwood Federal Savings and Loan Association, Pittsburgh, Pa.
Cambria County Federal Savings and Loan Association, Cresson, Pa.
************** colonial Federal Savings and Loan Association, Philadelphia, 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 of Bucks County, Bristol, Pa.
Federal Home Loan Bank Review
First Federal Savings and Loan Association, Carnegie, Pa.
* First Federal Savings and Loan Association, Homestead, Pa.
* First Federal Savings and Loan Association, Logan, W. Va.
First Federal Savings and Loan Association of South Philadelphia, Philadelphia,
Pa.
**First Federal Savings and Loan Association, Wilkes-Barre, Pa.
**First Federal Savings and Loan Association, WUmerding, Pa.
**Franklin Federal Savings and Loan Association, Pittsburgh, Pa.
Girard Federal Savings and Loan Association, Philadelphia, Pa.
Grand Union Federal Savings and Loan Association, Philadelphia, Pa.
Hazleton Federal Savings and Loan Association, Hazleton, Pa.
Home Mutual Savings and Loan Association, Pittsburgh, Pa.
Lansdowne Federal Savings and Loan Association, Lansdowne, Pa.
Metropolitan Federal Savings and Loan Association, Philadelphia, Pa.
**Mid-City Federal Savings and Loan Association, Philadelphia, Pa.
Montour Valley Savings, Building and Loan Association, Imperial, Pa.
**Mutual Building and Loan Association, Erie, Pa.
North East Federal Savings and Loan Association, Philadelphia, Pa.
*North Philadelphia Federal Savings and Loan Association, Philadelphia, Pa.
Reading Federal Savings and Loan Association, Reading, Pa.
Reliance Federal Savings and Loan Association, Philadelphia, Pa.
Troy Hill Federal Savings and Loan Association, Pittsburgh, Pa.
******United Federal Savings and Loan Association, Morgantown, W. Va.
West View Building and Loan Association, West View, Pa.
NO. 4—WINSTON-SALEM
Atlantic Federal Savings and Loan Association, Baltimore, Md.
***Bohemian American Building Association, Baltimore, Md.
***Bohemian Building Loan and Savings Association "Slavie," Baltimore, M
Brevard Federal Savings and Loan Association, Brevard, N. C.
Carrollton Federal Savings and Loan Association, Carrollton, Ga.
Coral Gables Federal Savings and Loan Association, Coral Gables, Fla.
DeLand Federal Savings and Loan Association, DeLand, Fla.
Donaldsonville Federal Savings and Loan Association, Donaldsonville, Ga.
**First Federal Savings and Loan Association, Andalusia, Ala.
First Federal Savings and Loan Association, Anderson, S. C.
**First Federal Savings and Loan Association, Bessemer, Ala.
* 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, Gainesville, Ga.
First Federal Savings and Loan Association, Gastonia, N. C.
First Federal Savings and Loan Association, Hendersonville, N. C.
First Federal Savings and Loan Association, Huntsville, Ala.
First Federal Savings and Loan Association, 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 Association, Phenix City, Ala.
First Federal Savings and Loan Association, Rock Hill, S. C.
First Federal Savings and Loan Association, Sumter, S. C.
*******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.
Hamilton Federal Savings and Loan Association, Baltimore, Md.
************ j j o m e Building a n ( j Loan Association, Easley, S. C.
Improved Savings and Loan Association, Cullman, Ala.
Jefferson Federal Savings and Loan Association, Birmingham, Ala.
Lexington County Building and Loan Association, West Columbia, S. C.
Lithuanian Federal Savings and Loan Association, Baltimore, Md.
*Meriwether Federal Savings and Loan Association, Manchester, Ga.
***Moultrie Federal Savings and Loan Association, Moultrie, Ga.
Mutual Building and Loan Association, Martinsville, Va.
Mutual Building and Loan Association, Pensacola, Fla.
New Home Building and Loan Association, Rocky Mount, N. C.
Peoples Building and Loan Association, Whiteville, N. C.
*Peoples Mutual Building and Loan Association, Mt. Gilead, N. C.
Peoples Savings and Loan Association, Ansley, Ala.
Piedmont Federal Savings and Loan Association, Winston-Salem, N. C.
Raleigh Building and Loan Association, Raleigh, N. C.
Seneca Building and Loan Association, Seneca, S. C.
Sheffield Federal Savings and Loan Association, Sheffield, Ala.
Southern Federal Savings and Loan Association, Atlanta, Ga.
December 1942
***Southern Pines Building and Loan Association, Southern Pines, N. C.
Sun Federal Savings and Loan Association, Baltimore, Md.
Tallahassee Federal Savings and Loan Association, Tallahassee, Fla.
*****Tifton Federal Savings and Loan Association, Tifton, Ga.
Union Federal Savings and Loan Association, Baltimore, Md.
Workmen's Federal Savings and Loan Association, Mt. Airy, N C
NO. 5—CINCINNATI
* Anderson Ferry Building and Loan Company, Cincinnati, Ohio
Antonio Savings and Loan Company, Cincinnati, Ohio
**Bedford Savings and Loan Company, Bedford, Ohio
Bellefontaine Federal Savings and Loan Association, Bellefontaine, Ohio
Buckeye Loan and Building Company, Cincinnati, Ohio
Chagrin Falls Savings and Loan Company, Chagrin Falls, Ohio
Citizens Federal Savings and Loan Association, Bellefontaine, Ohio
*Citizens Federal Savings and Loan Association, Dayton, Ohio
Citizens Federal Savings and Loan Association, Marysville, Ohio
Citizens Savings and Loan Company, Akron, Ohio
Cleveland Federal Savings and Loan Association, Cleveland, Tenn.
Cleveland Savings and Loan Company, Cleveland, Ohio
Cookeville Federal Savings and Loan Association, Cookeville, Tenn.
Covington Building and Loan Association, Covington, Ohio
Dollar Federal Savings and Loan Association, Hamilton, Ohio
*East Cleveland Savings and Loan Company, East Cleveland, Ohio
First Federal Savings and Loan Association, Akron, Ohio
****First Federal Savings and Loan Association, Bucyrus, Ohio
First Federal Savings and Loan Association, Cleveland, Ohio
First Federal Savings and Loan Association, Covington, Ky.
First Federal Savings and Loan Association, Defiance, Ohio
First Federal Savings and Loan Association, Dickson, Tenn.
* First Federal Savings and Loan Association, Gallon, Ohio
***First Federal Savings and Loan Association, Greeneville, Tenn.
**First Federal Savings and Loan Association, Hopkinsville, K y /
First Federal Savings and Loan Association, Lima, Ohio
***First Federal Savings and Loan Association, Lorain, Ohio
First Federal Savings and Loan Association, Sidney, Ohio
**First Federal Savings and Loan Association, Van Wert, Ohio
First Federal Savings and Loan Association, Warren, Ohio
Girard Federal Savings and Loan Association, Girard, Ohio
*Glandorf German Building and Loan Company, Glandorf, Ohio
*Great Northern Building and Loan Company, Barberton, Ohio
Greenville Building Company, Greenville, Ohio
H. B. Smith Building and Loan Company, Fremont, Ohio
*Hancock Savings and Loan Company, Findlay, Ohio
**Hickman Federal Savings and Loan Association, Hickman, Ky.
*Hicksville Building, Loan and Savings Company, Hicksville, Ohio
Home Federal Savings and Loan Association, Knoxville, Tenn.
Home Loan and Savings Company, Coshocton, Ohio
"Hopkinsville Federal Savings and Loan Association, Hopkinsville. Ky.
Industrial Savings and Loan Association, Bellevue, Ohio
Kentucky Federal Savings and Loan Association, Covington, Ky
*Lincoln Heights Savings and Loan Company, Cleveland, Ohio
*Logan Federal Savings and Loan Association, Logan, Ohio
Marion Federal Savings and Loan Association, Marion, Ohio
*McArthur Savings and Loan Company, McArthur, Ohio
McKinley Federal Savings and Loan Association, Niles, Ohio
Murfreesboro Federal Savings and Loan Association, Murfreesboro, Tenn.
* North Hill Savings and Loan Company, Akron, Ohio
**Ohio Savings and Loan Association, Fostoria, Ohio
Orleans Federal Savings and Loan Association, Cleveland, Ohio
Orol Federal Savings and Loan Association, Lakewood, Ohio
^Peoples Federal Savings and Loan Association, Leetonia, Ohio
Peoples Savings and Loan Association, Cleveland, Ohio.
Peoples Savings and Loan Company, Bucyrus, Ohio
Pleasant Ridge Building and Loan Company, Cincinnati, Ohio
**Progress Savings and Loan Company, Cleveland, Ohio
Provident Building and Loan Association, Cleveland, Ohio
Savings, Building and Loan Company, Sandusky, Ohio
South Akron Savings Association, Akron, Ohio
**Suburban Federal Savings and Loan Association, Covington, Ky.
*****Tatra Savings and Loan Company, Cleveland, Ohio
Third Equitable Building and Loan Company, Cadiz, Ohio
* Third Federal Savings and Loan Association, Cleveland, Ohio
**Ukrainian Savings Company, Cleveland, Ohio
Union County Federal Savings and Loan Association, Marysville, Ohio
*Van Wert Federal Savings and Loan Association, Van Wert, Ohio
**Versailles Building and Loan Company, Versailles, Ohio
81
***Warsaw Savings and Loan Association, Cleveland, Ohio
*West Jefferson Building and Loan Company, West Jefferson, Ohio
Women's Federal Savings and Loan Association, Cleveland, Ohio
NO. 6—INDIANAPOLIS
Adrian Federal Savings and Loan Association, Adrian, Mich.
Atkins Savings and Loan Association, Indianapolis, Ind.
**Bedford Federal Savings and Loan Association, Bedford, Ind.
•Charlotte Federal Savings and Loan Association, Charlotte, Mich.
•Citizens Federal Savings and Loan Association, Port Huron, Mich.
Crawfordsville Building Loan Fund and Savings Association, Crawfordsville,
Ind.
Dearborn Federal Savings and Loan Association, Dearborn, Mich.
•••••••Detroit Federal Savings and Loan Association, Detroit, Mich.
•East Chicago Federal Savings and Loan Association, East Chicago, Ind.
Fayette Federal Savings and Loan Association, Connersville, Ind.
First Federal Savings and Loan Association, East Chicago, Ind.
First Federal Savings and Loan Association, Greensburg, Ind.
* First Federal Savings and Loan Association, Indianapolis, Ind.
First Federal Savings and Loan Association, Jeffersonville, Ind.
*First Federal Savings and Loan Association, Kokomo, Ind.
First Federal Savings and Loan Association, Logansport, Ind.
First Federal Savings and Loan Association, New Albany, Ind.
First Federal Savings and Loan Association, Rush ville, Ind.
First Federal Savings and Loan Association, Sullivan, Ind.
••First Federal Savings and Loan Association, Washington, Ind.
First State Savings and Loan Association, Gary, Ind.
•••Griffith Federal Savings and Loan Association, Griffith, Ind.
Hobart Federal Savings and Loan Association, Hobart, Ind.
Home Building and Loan Association, Washington, Ind.
* Homestead Loan and Building Association, Albion, Mich.
Indiana Loan Association, Noblesville, Ind.
Industrial Savings and Loan Association of Indiana Harbor, East Chicago, Ind.
***Liberty Savings and Loan Association, Whiting, Ind.
*Loogootee Federal Savings and Loan Association, Loogootee, Ind.
•••Marshall County Building and Loan Association, Plymouth, Ind.
•Monon Building, Loan and Savings Association, Monon, Ind.
Mooresville Federal Savings and Loan Association, Mooresville, Ind.
•Muskegon Federal Savings and Loan Association, Muskegon, Mich.
Niles Federal Savings and Loan Association, Niles, 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 Association, Benton Harbor, Mich.
Peoples Savings and Loan Association, Huntington, Ind.
••Port Huron Loan and Building Association, Port Huron, Mich.
Rural Loan and Savings Association, Hartford City, Ind.
•••••Sobieski Federal Savings and Loan Association, South Bend. Ind.
Steel City Federal Savings and Loan Association, Gary, Ind.
"•Twelve Points Savings and Loan Association, Terre Haute, Ind.
•Wayne County Federal Savings and Loan Association, Detroit, Mich.
Workingmen's Federal Savings and Loan Association, Bloomington, Ind.
NO. 7—CHICAGO
Abingdon Federal Savings and Loan Association, Abingdon, 111.
******Acme Savings and Loan Association, Milwaukee, Wis.
•Amery Federal Savings and Loan Association, Amery, Wis.
Amity Federal Savings and Loan Association, Chicago, 111.
Auburn Building and Loan Association, Auburn, 111.
Austin Federal Savings and Loan Association, Chicago, 111.
Avon Building and Loan Association, Avon, 111.
•Avondale Building and Loan Association, Chicago, 111.
Black Hawk Federal Savings and Loan Association, Rock Island, 111.
Bushnell Federal Savings and Loan Association, Bushnell, 111.
Chicago Heights Federal Savings and Loan Association, Chicago Heights, 111.
Chicago Savings and Loan Association, Chicago, 111.
Cicero Home Savings and Loan Association, Cicero, 111.
****** City s a v i n g S a nd Loan Association, Chicago, 111.
Clyde Savings and Loan Association, Cicero, 111.
Columbus Savings and Loan Association, Chicago, 111.
•Concord Savings and Loan Association, Chicago, 111.
•Continental Savings and Loan Association, Chicago, 111.
•••Cook County Federal Savings and Loan Association, Chicago, 111.
******* Copernicus Building and Loan Association, Chicago, 111.
•••Cragin Savings and Loan Association, Chicago, 111.
•Cudahy Savings and Loan Association, Cudahy, Wis.
Damen Savings and Loan Association, Chicago, 111.
•DuQuoin Home Loan Association, DuQuoin, 111.
82
•Fairfield Savings and Loan Association, Chicago, 111.
***** •First Calumet City Savings and Loan Association, Calumet City, 111.
First Federal Savings and Loan Association, Chicago, 111.
••First Federal Savings and Loan Association, Des Plaines, 111.
First Federal Savings and Loan Association, Lansing, 111.
•••First Federal Savings and Loan Association, Moline, 111.
•First Federal Savings and Loan Association, Shelby ville, 111.
First Federal Savings and Loan Association, Springfield, 111.
First Federal Savings and Loan Association, Waukegan, 111.
First Federal Savings and Loan Association, Wilmette, 111.
•First Savings and Loan Association of Hegewisch, Chicago, 111.
•Flora Mutual Building, Loan and Homestead Association, Flora, 111.
Gage Park Savings and Loan Association, Chicago, 111.
Gediminas Building and Loan Association, Chicago, 111.
General Sowinski Building and Loan Association, Cicero, 111.
************Qe0Tge Washington Savings and Loan Association, Chicago, III.
"••Grand Crossing Savings and Building Loan Association, Chicago, 111.
Grunwald Savings and Loan Association, Chicago, 111.
••Guaranty Savings and Loan Association, Chicago, 111.
•Guaranty Savings and Loan Association, Milwaukee, Wis.
************* Ha jj er g a v m g g and Loan Association, Chicago, 111.
*******jj arve y Federal Savings and Loan Association, Harvey, 111.
Hegewisch Federal Savings and Loan Association, Chicago, 111.
*Hemlock Savings and Loan Association, Chicago, 111.
***********Homewood Building and Loan Association, Homewood, 111.
Hoyne Savings and Loan Association, Chicago, 111.
****+**Investors Savings and Loan Association, Chicago, 111.
"'••Jackson County Federal Savings and Loan Association, Black River Falls,
Wis.
Joliet Federal Savings and Loan Association, Joliet, 111.
Tops in V o l u m e
The 25 member institutions which have reported the largest cumulative sales
of war savings bonds and stamps through October 31
1. First Federal Savings and Loan Association, New York,
N. Y
2. Old Colony Cooperative Bank, Providence, R. I
3. Edison Savings and Loan Association, New York, N. Y_
4. Trenton Savings Fund Society, Trenton, N. J
5. First Federal Savings and Loan Association, Rochester,
N. Y
6. First Federal Savings and Loan Association, Chicago, 111.
7. Home Federal Savings and Loan Association, Tulsa,Okie*.
8. Minnesota Federal Savings and Loan Association, St.
Paul, Minn
9. Worcester Cooperative Federal Savings and Loan Association, Worcester, Mass
10. Citizens Federal Savings and Loan Association, Dayton,
Ohio
11. Harvey Federal Savings and Loan Association, Harvey,
111
12. Railroad Federal Savings and Loan Association, New
York, N. Y
13. Pacific First Federal Savings and Loan Association,
Tacoma, Wash
14. Fourth Federal Savings and Loan Association, New
York, N. Y
15. Talman Federal Savings and Loan Association, Chicago,
111
16. Railroadmen's Federal Savings and Loan Association,
Indianapolis, Ind
17. Colonial Federal Savings and Loan Association, Philadelphia, Pa
18. Perpetual Building Association, Washington, D. C
19. Gem City Building and Loan Association, Dayton, Ohio_
20. First Federal Savings and Loan Association, Miami, Fla.
21. Dime Savings Institution, Newark, N. J
22. First Federal Savings and Loan Association, Youngstown, Ohio
....
23. Home Savings and Loan Company, Youngstown, Ohio..
24. Home Federal Savings and Loan Association, Chicago,
111
25. Peoples Federal Savings and Loan Association, Peoria, 111
$2,154, 756
2,128,936
1, 976,800
1,863, 588
1,797,458
1, 651, 623
1, 605,986
1,581,868
1, 534,424
1,518,616
1,493,264
1,480,150
1,448,198
1,369,210
1,278,287
1,261,465
1,252,725
1,208,547
1,184,125
1,112, 294
1,066,444
1,009,968
984,202
979,039
886, 706
Federal Home Loan Bank Review
****Jugoslav Savings and Loan Association, Chicago, 111.
Keistuto Savings and Loan Association, Chicago, 111.
King Zygmunt The First Building and Loan Association, Chicago, 111.
*Lawn Manor Building and Loan Association, Chicago, 111.
*Lawn Savings and Loan Association, Chicago, 111.
**********L awn d a ] e Savings and Loan Association, Chicago, 111.
* Liberty Savings and Loan Association, Chicago, 111.
***Liberty ville Federal Savings and Loan Association, Libertyville, 111.
**Lombard Building and Loan Association of DuPage County, Lombard, 111.
Loomis Savings and Loan Association, Chicago, 111.
**Midwest Savings and Loan Association, Chicago, 111.
Morton Park Federal Savings and Loan Association, Cicero, 111.
Mt. Vernon Loan and Building Association, Mt. Vernon, 111.
Mutual Federal Savings and Loan Association, Chicago, 111.
***Na per ville 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.
***North Side Federal Savings and Loan Association, Chicago, 111.
North West Federal Savings and Loan Association, Chicago, 111.
Northwestern Bohemian Building and Loan Association, Chicago, 111.
* Northwestern Savings and Loan Association, Chicago, Til.
Ogden Federal Savings and Loan Association, Berwyn, 111.
Peerless Federal Savings and Loan Association, Chicago, 111.
Peoples Savings and Loan Association of Roseland, Chicago, 111.
*Prairie State Savings and Loan Association, Chicago, 111.
*Prospect Federal Savings and Loan Association, Chicago, 111.
***Pulaski Savings and Loan Association, Chicago, 111.
Radnice Savings and Loan Association, Chicago, 111.
Reliance Federal Savings and Loan Association, Chicago, 111.
Republic Savings and Loan Association, Chicago, HI.
******Richland Center Federal Savings and Loan Association, Richland Center,
Wis.
Ripon Federal Savings and Loan Association, Ripon, Wis.
Second Federal Savings and Loan Association, Chicago, 111.
* Security Federal Savings and Loan Association, Chicago, 111.
***Springfield Building and Loan Association, Springfield, 111.
*:,***St. Anthony Savings and Loan Association, Cicero, 111.
Standard Federal Savings and Loan Association, Chicago, 111.
*****Sturgeon Bay Building and Loan Association, Sturgeon Bay, Wis.
Talman Federal Savings and Loan Association, Chicago, 111.
Tocin Savings and Loan Association, Berwyn, 111.
* Union Federal Savings and Loan Association, Kewanee, 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.
***West Pullman Savings and Loan Association, Chicago, 111.
Western Federal Savings and Loan Association, Chicago, 111.
NO. 8—DES MOINES
American Home Building and Loan Association, St. Louis, Mo.
Ames Building and Loan Association, Ames, Iowa
**Burlington Federal Savings and Loan Association, Burlington, Iowa
Cass Federal Savings and Loan Association, St. Louis, Mo.
* First Federal Savings and Loan Association, Fargo, No. Dak.
*****First Federal Savings and Loan Association, Jamestown, No. Dak.
First Federal Savings and Loan Association, Rock Rapids, Iowa
**First Federal Savings and Loan Association, Sioux City, Iowa
Grand Forks Building and Loan Association, Grand Forks, No. Dak.
Home Building and Loan Association, Marion, Iowa
•Independence Savings and Loan Association, Independence, Mo.
**Insurance Plan Savings and Loan Association, Mt. Pleasant, Iowa
Lake City Federal Savings and Loan Association, Lake City, Minn.
Minot Federal Savings and Loan Association, Minot, No. Dak.
Nevada Federal Savings and Loan Association, Nevada, Iowa
Northwestern Mutual Savings and Loan Association, Fargo, No. Dak.
***Owatonna Federal Savings and Loan Association, Owatonna, Minn.
Peoples Federal Savings and Loan Association, Minneapolis, Minn.
** Perry Federal Savings and Loan Association, Perry, Iowa
Postal Employees Building Loan and Savings Association, St. Louis, Mo.
Provident Building and Loan Association, St. Joseph, Mo.
Public Service Company's Savings and Loan Association, Kansas City, Mo.
Security Federal Savings and Loan Association, St. Cloud, Minn.
December 1942
*Sentinel Federal Savings and Loan Association, Kansas City, Mo.
Wells Federal Savings and Loan Association, Wells, Minn.
Willmar Federal Savings and Loan Association, Willmar, Minn.
NO. 9—LITTLE ROCK
**Amory Federal Savings and Loan Association, Amory, Miss.
*Argenta Building and Loan Association, North Little Rock, Ark.
Arkadelphia Federal Savings and Loan Association, Arkadelphia, Ark.
****Atlanta Federal Savings and Loan Association, Atlanta, Tex.
****Batesville Federal Savings and Loan Association, Batesville, Ark.
*Bell County Federal Savings and Loan Association, Belton, Tex.
Brownwood Federal Savings and Loan Association, Brownwood, Tex.
Citizens Federal Savings and Loan Association, Jonesboro, Ark.
*****Clay County Federal Savings and Loan Association, West Point, Miss.
**Colorado Federal Savings and Loan Association, Colorado, Tex.
Corsicana Federal Savings and Loan Association, Corsicana, 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.
**E1 Paso Federal Savings and Loan Association, El Paso, Tex.
Fayetteville Building and Loan Association, Fayetteville, Ark.
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, Corinth, Miss.
****First Federal Savings and Loan Association, Corpus Christi, Tex.
**First Federal Savings and Loan Association, Dallas, Tex.
First Federal Savings and Loan Association, El Paso, Tex.
**First Federal Savings and Loan Association, Helena, Ark.
First Federal Savings and Loan Association, Little Rock, Ark.
First Federal Savings and Loan Association, Longview, Tex.
***First Federal Savings and Loan Association, Lubbock, Tex.
*First Federal Savings and Loan Association, McComb, Miss.
*First Federal Savings and Loan Association, Monroe, La.
First Federal Savings and Loan Association, Natchitoches, La.
First Federal Savings and Loan Association, Starkville, Miss.
**First Federal Savings and Loan Association, Waco, Tex.
***Gladewater 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.
Hillsboro Federal Savings and Loan Association Hillsboro, Tex.
**Horae Building and Loan Association, Plainview, Tex.
*Lufkin Federal Savings and Loan Association, Lufkin, Tex.
*****Marianna Federal Savings and Loan Association, Marianna, Ark.
*Mineral Wells Building and Loan Association, Mineral Wrells, Tex.
*****Morrilton Federal Savings and Loan Association, Morrilton, Ark.
**Mutual Building and Loan Association, Las Cruces, N . Mex.
*Mutual Deposit and Loan Company, Austin, Tex.
*****Nash ville Federal Savings and Loan Association, Nashville, Ark.
*Navasota Federal Savings and Loan Association, Navasota, Tex.
Oak Homestead Association, New Orleans, La.
*Orange Federal Savings and Loan Association, Orange, Tex.
Panola County Federal Savings and Loan Association, Batesville, Miss.
***************pigg0tt F e ( j e r a i Savings and Loan Association, Piggott, Ark.
Pioneer Building and Loan Association, Waco, Tex.
**Pocahontas Federal Savings and Loan Association, Pocahontas, Ark.
*****Ponchatoula Homestead Association, Ponchatoula, La.
********Quanah F e ( } e r a i Savings and Loan Association, Quanah, Tex.
****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.
*Slidell Savings and Homestead Association, Slidell, La.
St. Tammany Homestead Association, Covington, La.
*Tucumcari Federal Savings and Loan Associ ation, Tucumcari, N. Mex
Valley Federal Savings and Loan Association, McADen, T ex.
NO. 10—TOPE K A
* American Building and Loan Association, Oklahoma City, Okla.
Century Building and Loan Association, Trinidad, Colo.
* Citizens Federal Savings and Loan Association, Wichita, Kans.
**Erie Building and Loan Association, Erie, Kans.
Eureka Federal Savings and Loan Association, Eureka, Kans.
First Federal Savings and Loan Association, Beloit, Kans.
First Federal Savings and Loan Association, Englewood, Colo.
* * * * * * * * * * * * * * * F j r s t F e ( j e r a i s a v m g s a n d Loan Association, Lamar, Colo.
(Continued on p> 89)
83
RESIDENTIAL BUILDING ACTIVITY AND SELECTED INFLUENCING FACTORS
1935-1939 = 100
BY Y E A R S
INDEX
BY MONTHS
280
1
'
'
|
" 1 •
" T
280
1
ADJUSTED FOR SEASONAL VARIATION
1
260
1
1
1
1
1
1
260
-PRIVATE CONSTRUCTION^.
240
240
^<§L
1 a 2 FAMILY DWELLING UNITS
220
220
200
200
180
PRIVATE CONSTRUCTION
1 a 2 FAMILY DWELLING UNITS
160
\
140
120
A
w
^V.
(U. S. DEPT OF LAB OR RECORDS)""!
1
|
80
f\
/
V.
)AN BANK AOMIN.)
Ss
1 V-...
1 1 / ••I . /
\:
/
\y\^svGS.a LOA NLENDING]
100
/
^K
^
/"^
«?r*7«?.
/
S *vt
180
160
"\
140
\ r% A-**?"- 1
1 *r
1
.ENt ING
GV L.l/A@fY
120
K/ .•**
iOO
80
AM
\
60
••w.
'*"* f\
NONFARM \
,..—X / 1 FORECLOSURES^** \
f
40
60
—1—h^-i-J^ 1
(FEDERAL HOME LOAN BANK ADMIN.)
40
• ^ —
20
20
1
0
140
11
i
i
i
1 1
1 1
1 1
i
l
i
i
i.
1 !
0
140
..•••••• *l
BUILDING MATERIAL PRICES^
1 ...J.
I.......> - ' —
U..~u 5KSSK;I55S*" ,
•
J/ \
L 1
-
120
too
-REt
^RENTS-
80
(NATIONAL INDUSTRIAL CONFERENCE BOARD)
I
60 L V 200
I
I
I
I
I
A/-1
L^
, 1 1
i
1 1
i
i
i
i
i
i
i
i
i
i
I
i
i
i
i
i
i
i
i
,
i
-"J 6 0
200
i
ADJUSTED FOR SEASONAL VARIATION
180
^-INL usr/ ?/4L
160
...«••••
> ^ - J 180
.••--L_
PRODUCTION*
f60
• 1 '/TJ^
140
INDUSTRIAL PRODUCTION^
(FEDERAL RESERVE BOARD)
120
/\
K
[O.**'-^
..„..••*
140
120
//vccW£ /=Mrw E w r e
•*-.
100
100
80
80
60
'31
'32
'33
'34
'35
'36
INDEX COST OF STANDARD SIX-ROOM HOUSE
135
1935-1939*100
'37
'38
'39
'40
rfy
'41
LMU
i
i
WHOLESALE COMMODITY PRICES
1935-1939 = 100
1 I
i
i
i
i
f
1940
1
i
i
_j
|__
,,
i
1941
i
,|
1942
- J A J 60
MILLIONS FKL.B. ADVANCES OUTSTANDING
$240
/942.
fi\
si9
4,
~^
f 940
-**•
» ' • ' ' t • lAjJ
J/& FEB MAR. APR. MAY
84
J UN JUL.
AUG.
SEP OCT NOV. DEC
Federal Home Loan Bank Review
MONTHLY
SURVEY
HIGHLIGHTS
/. Bolstered by an unusually heavy volume of permits for publicly financed
construction rose 13 percent from September to October.
A. After 3 months of gradual improvement, permits for privately
apartment-type structures were only half of the volume for
declines are felt in November rather than October.
B. Publicly financed residential construction permits were three
housing units, total building permits for all urban residential
financed 1- and 2-family structures dropped 12 percent/ and
the previous month.
This is significant since seasonal*permit
times September
totals.
II. Mortgage-financing activity still held surprisingly firm, with transactions involving existing structures largely, compensating for the decline in residential-construction financing.
A. Mortgage recordings showed their usual seasonal increase between September and October, with all types of lenders except
savings and loan associations participating in the upward trend.
B. Total mortgage loans of all savings and loan associations declined 2 percent during the month. Lending of all institutions
during the first 10 months was more than $900,000,000,
a decline of 23 percent from last year's totals.
III. Little change was evidenced in building costs during the month. From October
against a gain of 13 percent during the previous 12-month period.
IV.
1941 to October 1942, costs rose only 5 percent as
Government bond holdings of all insured savings and loan associations at the end of September
March, and were three times those of September a year ago.
had more than doubled since
V. American industry continues to set new production records, with October at the[highest level yet reached.
total industrial output is now for war purposes.
Well over 50 percent of
BUSINESS CONDITIONS
The Federal Reserve Board's seasonally adjusted
index of industrial production established another
new high during the month of October, reaching 188
percent of the 1935-1939 average. This marked a
rise of 12 percent since the end of last year. Gains in
armament production accounted for most of the increase, and it is now estimated by the Federal Reserve
that well over 50 percent of our total industrial'output is for war purposes. In the field of durable
goods, approximately 80 percent of present production is now concentrated in products essential to the
war effort.
Exports of merchandise from the United States
(including shipments under the Lend-Lease program)
exceeded $700,000,000 per month in both August and
September. Totals for the first 9 months of this year
have already surpassed the volume of shipments
during the entire year 1941.
Estimates by the Department of Commerce of
monthly income payments to individuals continue
to reflect steady monthly gains. Income payments
in the third quarter were at an annual rate of 115
billion dollars, in comparison with 109 billion dollars
during the second quarter; and only 106 billion
dollars for the first quarter. Payments for the
month of September exceeded 10 billion dollars.
December 1942
Department store sales have been maintained at
relatively high levels in line with the increased consumer incomes and despite the present restrictions
on credit extension and limitations on the sale of
many durable goods items. October sales, when
adjusted for seasonal factors, were at the highest
level in recent years, with the exception of this past
January. November sales increased further, according to the Federal Reserve reports, and daring the
first half of the month were 17 percent larger than in
the corresponding period last year.
The Bureau of Labor Statistics' cost-of-living index
rose 1 percent in the month ending October 15, due
principally to a further increase in food prices. In
the 5-month period since the general maximum price
regulations were made effective on May 15, food
[1935-1939=100]
Oct.
1942
Sept.
1942
Percent
change
Oct.
1941
68.6
23.9
111.3
123.3
P126. 6
188.0
152.7
285.4
175.5
79.2
25.3
111.3
123.3
132.3
185.0
'152.6
' 281.0
'172.8
-13.4
-5.5
0.0
0.0
-4.3
+1.6
+0.1
+1.6
+1.6
189.9
34.2
109.3
119.8
176.5
163.0
'137.1
'204.3
P145.4
Percent
change
-63.9
-30.1
+1.8
+2.9
-28.3
+15.3
+11.4
+39.7
+20.7
1
Adjusted for normal seasonal variation,
p Preliminary
' Revised
85
prices have risen almost 7 percent. Changes in all
other components of the index have been minor:
rents have declined 2 percent, and clothing 0.2 percent. House furnishings have increased 1 percent
as have items in the fuel, electricity, and ice classification and the miscellaneous group.
B U I L D I N G ACTIVITY—Further drop
in private construction
Contraseasonal reductions in privately financed
residential construction in all urban areas were felt
during October after 3 months of gradual improvement. Greatest decline among the various classes of
housing was noted for new apartments which were
being built at only about one-half the September
volume. Single family and 2-family building also
eased off but at a more moderate rate, with the total
of these groups displaying a 12-percent decrease.
Since the usual Autumn curtailment- in urban
home building is not ordinarily noted until about a
month later, the October decline is significant. This
no doubt reflects the preliminary results of the virtual
denial by the WPB during that month of priority
assistance to any further building of privately
financed residences. Although subsequently modified, the restrictions on new construction continue to
be much more stringent.
Permits for new publicly financed housing, on the
other hand, were three times the September figure
for urban areas. As is evident from the chart in
this column, the trend of permits for public housing
is extremely erratic. The recovery in October
follows 3 months at unusually low levels.
Totals for the first 10 months of 1942 reveal a
47-percent decline in private residential construction in all urban areas, in contrast to less than a 1percent reduction in publicly financed housing.
[TABLES 1 and
2.]
NEW RESIDENTIAL CONSTRUCTION IN ALL URBAN AREAS
PERMITS ISSUED FOR PUBLICLY AND PRIVATELY FINANCED DWELLING UNITS
THOUSANDS OF
DWE LLING U JITS
35
/andPRIVATE
2 FAMILY
30
"7
25
20
\
15
10
ALL PUB
5
°« ;'T'V.,
EC.
MAR.
JUN
1940
86
/\Ju*.
A.
/ •
/
^ PRIVATE MULTI-FAMILY , | , ,
A
1
SEP
DEC
MAR
M
•:
,:
JUN.
1941
SEP
DEC
!
s--
s
^\ Jv^Ns,
MAR
JUN.
1942
SEP
D
:c
B U I L D I N G C O S T S — O n l y fractional
changes apparent
Little change was evidenced in the costs for the
construction of the standard 6-room house during
October. Material costs charged by dealers rose
less than %0 of 1 percent, while labor charges showed
no change.
In the past year construction costs have continued
upward at a much more moderate pace than in the
late Summer and Fall of 1941. Total costs rose
only 5 percent from October 1941 to October 1942,
as contrasted with a gain of 13 percent during the
preceding 12-month period.
Trends in the total cost figures for individual
cities during the period from August to October were
varied. Seven of the cities reported increases, six
indicated no change, and four showed decreases.
Wholesale building material prices as reported by
the U. S. Department of Labor showed no change
during the month of October. Slight increases were
indicated in the wholesale prices of lumber, and
paint and paint materials, but these were offset by a
decline in the "miscellaneous items" group. [TABLES
3, 4, and 5.]
Construction costs for the standard house
[Average month of 1935-1939=100]
Element of
cost
Material
Labor
Total
October Septem- Percent
ber 1942 change
1942
October
1941
Percentchange
121. 6
130. 2
121. 5
130. 2
+ 0. 1
0.0
116. 0
123. 3
+ 4. 8
+ 5. 6
124. 5
124. 4
+ 0. 1
118. 5
+ 5. 1
M O R T G A G E L E N D I N G — O c t o b e r lending
down 3 percent
Total mortgage loans of all savings and loan associations declined 2 percent during the month of
October. This reduction, which occurred at a time
of year when little change is normally noted, was
largely the result of further drop in new construction
loans coupled with a slight decrease in home-purchase
lending.
Lending for all purposes totaled almost $92,000,000
and brought the cumulative figures for the year to
date to more than 900 million dollars. The net
decline in comparison with the first 10 months of
1941 amounts to 23 percent. Of the various classes
of associations, Federals have been the hardest hit.
Their lending has dropped 29 percent so far this
Federal Home Loan Bank Review
TOTAL LOANS MADE BY ALL SAVINGS AND LOAN ASSOCIATIONS
UNITED STATES-BY TYPE OF ASSOCIATION
OF DOLLARS
BY
MONTHS
^ "
TOTAL - * * '
(A L L ASSOCIATIONS)^
Vy
^FEDERALS
:*»•«£*•
%
/ y ^
Sis^f\
ST/\TE CHARTERED*"*
MEMBfIRS
1
vj
1
1
1 1
OF D O L L A R S
,,
T;
\~..t&—- ^U
-
Tr
SER
-^'
^NONM EMBERS
1 .
, 11. 1
CUMULATIVE AS OF OCT. 31
i i I i i
JUN.
i i
DEC.
EACH YEAR
cent, was displayed by "miscellaneous" lending
institutions, which include mortgage companies.
The decline in savings and loan association recordings
was nominal.
Almost $3,400,000,000 in mortgages have been
recorded during the January-October interval of
this year, a decrease of 14 percent from the same
1941 period. Little change in the cumulative picture has been observed in recent months.
As has been noted previously, the mortgagerecording series has been less sensitive than other
statistical series to emergency restrictions on financial operations. As time goes on, however, the
volume should contract fuither as the result of
recent checks placed upon the construction of residences and upon the sale of tenant-occupied structures. [TABLES 8 and 9.J
Mortgage recordings by type of mortgagee
[Amounts are shown in t h o u s a n d s of dollars]
Type of lender
1940
1941
STATE-CHARTERED
1942
MEMBERS
1940
1941
1942
NONMEMBERS
year, as against 17 percent for State-chartered member associations, and 22 percent for nonmembers.
This may be explained primarily by the emphasis
which Federal associations had placed on construction lending in recent years—and this type of financing has been the most drastically affected.
Loans for the purchase of homes have displayed
strongest resistance to wartime difficulties. In fact,
during the first 10 months of 1942, only a fraction less
was loaned for this purpose than in the same 1941
period. In contrast, total loans for new construction
were down 54 percent during this same interval.
[TABLES 6 and 7.]
M O R T G A G E RECORDINGS—Small
seasonal increase noted
Despite the decline in construction-leu ding activity, the total volume of mortgages recorded during
October was up 3 percent from September—a gain
equivalent to that registered during the same interval
in other years.
All classes of mortgagees, with the single exception
of savings and loan associations, shared to some
extent in the September-to-October rise in recording
activity. Greatest proportionate rise, nearly 14 perDecember 1942
PerPerPercent
Cumulacent of
change| cent of
tive reOct.
total
from
cordings
1942 (10 months) record
Sept.
ings
1942 amount
Savings a n d loanassociations
. -0. 9
Insurance companies
+ 3. 6
Banks, t r u s t companies_ + 2. 2
M u t u a l savings banks___
0. 0|
+ 3.4
Individuals
+ 13. 51
Others
Total
-3.- 2
28. 9|
9. 1
22. 21
4. 2
18. 9
16. 7
100. 0
$1,014,082
312, 490J
770, 141
143, 4381
622, 660
536, 075
29. 8
9. 2
22. 7
4. 2
18. 3
15. 8
3, 398, 886 100. 0
FORECLOSURES—Downward trend
reaches 1 5-year low level
The seasonally adjusted index for nonfarm foreclosures reached a 15-year low level in October,
dropping from 25.3 in September to 23.9 (1935-1939
= 100). Although the 3,083 cases reported throughout the country were slightly higher than the record
low reported in August, the month's activity was 8
percent below September and 30 percent less than
October 1941. Since a decline of only 3 percent is
usually expected during the September-October
interval, this resulted in a more-than-seasonal
decline in the index.
Foreclosures for the first 10 months of this year
were 27 percent below those for the same period of
1941. A little more than half of the 36,147 cases
87
were reported from cities of 60,000 or more dwellings.
I t is again to be noted that, in relation to total nonfarm dwellings, the highest rate of foreclosures
occurred in the larger cities and a progressively lower
rate was noted for smaller cities. In other words,
the smaller the city, the lower the rate of foreclosure.
[TABLE
10.]
B A N K S Y S T E M -Outstanding advances
continue to decline
October figures showed no change in the downward
trend of Federal Home Loan Bank advances outstanding. The total at the end of the month was
$131,377,000—a decrease of $13,375,000 from September. This is the lowest balance shown in any
month since September 1936. The cumulative decline since the first of the year has been $88,000,000.
New advances made during October exceeded the
September total by $1,500,000, but were $7,450,000
below the same month of last year. Eight Federal
Home Loan Banks (Boston, New York, WinstonSalem,, Chicago, Des Moines, Topeka, Portland, and
Los Angeles) made greater advances during October
than in the previous month. The Boston Bank was
the only one to report an excess of monthly advances
made over repayments.
The drop in repayments from September to October was negligible and the total of $19,065,000 is
more than twice as much as in any previous October.
Six Bank districts—Boston, Pittsburgh, WinstonSalem, Des Moines, Little Rock, and Los Angeles—
reported greater repayments in October than in the
preceding month.
Total assets of the 12 Banks increased $165,000
during the month. At the close of October there
were 3,801 member institutions in the Bank System
with total assets of $5,657,551,000. [TABLE 12.]
INSURED ASSOCIATIONS-Government
bond holdings double in six months
Continued expansion in private share capital
resulting from the favorable flow of funds during
recent months has raised a number of new investment problems for insured savings and loan associations. Whereas total private repurchasable capital
grew by $138,000,000 from the close of June through
October, mortgage holdings increased less than
$50,000,000.
A special survey of Government obligations and
cash holdings of insured associations, recently con88
U. S. Government bonds held by all
savings and loan associations
insured
[Amounts are shown in thousands of dollars]
u. s.
E n d of m o n t h
J u n e 1941
September 1941
December 1941
M a r c h 1942
J u n e 1942
September 1942___
GovernNumber
of asso- T o t a l assets
ment
obligaciations
tions
2 , 3 1 3 $3, 160, 000 $33,
3, 224, 000 34,
2,330
3, 363, 000 45,
2,343
3, 335, 000 52,
2,358
3, 461, 000 70,
2,374
3, 513, 000 116,
2,386
Percent
of t o t a l
assets
1. 06
1.07
1.35
1. 58
2. 05
3.30
500
400
400
600
900
000
ducted by the Division of Operating Statistics,
reveals that associations are investing a large share
of new funds in securities of the United States.
The study indicates that as late as September 1941
these institutions held only $34,400,000, or 1.1 percent of total assets, in Government securities.
Gains through December of t h a t year and in the first
quarter of 1942 were accelerated due to our entry
into the War, but increases during recent periods
have been even more spectacular. At the close of
September 1942, $116,000,000 in Government securities—the equivalent of 3.3 percent of assets—
were held by insured associations. This was more
than double the amount of such holdings at the
end of March and triple those of September 1941.
In addition to larger Government holdings,
insured associations have increased their cash
position by about 31 percent since September 1941.
Other excess funds have been used to reduce F H L B
advances by more than one-sixth and Treasury and
HOLC investments by one-eighth in the year endingSeptember 1942. October witnessed further contractions in F H L B advances.
Progress in number and assets of Federals
[Amounts are shown in thousands of dollars]
Number
Approximate assets
Class of association
Oct. 3 1 , Sept. 30,
1942
1942
New
Converted
Total
642
824
1,466
Oct. 3 1 ,
1942
Sept. 30,
1942
641 $709, 685 $702, 480
825 1, 526, 041 1, 511, 621
1,466
2, 235, 726 2, 214, 101
Federal Home Loan Bank Review
FEDERAL SAVINGS AND LOAN ASSOCIATIONS
Total resources of Federal associations expanded
$21,600,000 during October to a total of
$2,235,700,000 at the end of that month. New
and converted associations shared proportionately
in the 1-perceut rise during the month. The total
number of Federals remained unchanged from
September at 1,466 associations.
[TABLE 15.]
Directory
(Continued from p. 72)
C A N C E L L A T I O N S O F F E D E R A L SAVINGS AND L O A N ASSOCIATIONS C H A R T E R S B E T W E E N O C T O B E R 16, AND N O V E M B E R
15, 1942
KANSAS:
Topeka:
First Federal Savings and Loan Association of Topeka, 204 West Sixth
Avenue (merger with Shawnee Federal Savings and Loan Association,
Topeka).
WISCONSIN:
^
Milwaukee:
Northern Federal Savings and Loan Association, 2746 Teutonia Avenue
(merger with United Federal Savings and Loan Association,
Milwaukee). r<$
||
III. INSTITUTIONS INSURED BY T H E F E D E R A L
SAVINGS A N D LOAN I N S U R A N C E C O R P O R A T I O N
B E T W E E N O C T O B E R 16, A N D N O V E M B E R 15, 1942
DISTRICT NO. 2
N E W JERSEY:
Millburn:
Investors Savings and Loan Association of Millburn, 312 Millburn
Avenue.
Newark:
Plymouth Savings and Loan Association of Newark, 359 Springfield
Avenue.
DISTRICT NO. 4
SOUTH CAROLINA:
Greenwood:
Mutual Building and Loan Association, Hodges Building.
DISTRICT NO. 5
OHIO:
Greenville:
Greenville Federal Savings and Loan Association, 324 Broadway.
DISTRICT NO. 12
CALIFORNIA:
Arcadia:
Greater Arcadia Building-Loan Association, 118 East Huntington Drive.
Santa Barbara:
The Loan and Building Association of Santa Barbara, 814 State Street.
I N S U R A N C E C E R T I F I C A T E C A N C E L L E D B E T W E E N O C T O B E R 16,
AND N O V E M B E R 15, 1942
WISCONSIN:
Milwaukee:
Northern Federal Savings and Loan Association, 2746 Teutonia Avenue.
Honor Roll
(Continued from p. 83)
** First Federal Savings and Loan Association, Liberal, Kans.
First Federal Savings and Loan Association, Seminole, Okla.
* First Federal Savings and Loan Association, Shawnee, Okla.
**********First Federal Savings and Loan Association of Sumner County, Wellington, Kans.
***First Federal Savings and Loan Association, Wakeeney, Kans.
*Garnett Savings and Loan Association, Garnett, Kans.
*Hays Building and Loan Association, Hays, Kans.
*Home Federal Savings and Loan Association, Ada, Okla.
**Home Federal Savings and Loan Association, Grand Island, Nebr.
**Home Federal Savings and Loan Association, Tulsa, Okla.
*********Horton Building, Loan and Savings Association, Horton, Kans.
Lyons Building and Loan Association, Lyons, Kans.
McCurtain County Building and Loan Association, Idabel, Okla.
Monte Vista Building Association, Monte Vista, Colo.
December 1942
Northwestern Federal Savings and Loan Association, Clay Center, Kans.
****************Qsage F e d e r a i Savings and Loan Association, Pawhuska, Okla.
Peoples Federal Savings and Loan Association, Ardmore, Okla.
**Peoples Federal Savings and Loan Association, Tulsa, Okla.
*Routt County Federal Savings and Loan Association, Oak Creek, Colo.
San Luis Valley Federal Savings and Loan Association, Alamosa, Colo.
**********Schuyler Federal Savings and Loan Association, Schuyler, Nebr.
Security Building and Loan Association, Iola, Kans.
Sumner County Building and Loan Association, Wellington, Kans.
NO. 11—PORTLAND
***Auburn Federal Savings and Loan Association, Auburn, Wash.
Capital Savings and Loan Association, Olympia, Wash.
*Cheyenne Federal Savings and Loan Association, Cheyenne, Wyo.
Commercial Savings and Loan Association, Kelso, Wash.
*Deer Lodge Federal Savings and Loan Association, Deer Lodge, Mont.
*Ellensburg Federal Savings and Loan Association, Ellensburg, Wash.
First Federal Savings and Loan Association, Boise, Idaho
First Federal Savings and Loan Association, Bremerton, Wash.
•First Federal Savings and Loan Association, Chehalis, Wash.
* First Federal Savings and Loan Association, Everett, Wash.
First Federal Savings and Loan Association, Idaho Falls, Idaho
**First Federal Savings and Loan Association, Klamath Falls, Oreg.
*First Federal Savings and Loan Association, Lewiston, Idaho
*First Federal Savings and Loan Association, McMinnville, Oreg.
****First Federal Savings and Loan Association, Mt. Vernon, Wrash.
First Federal Savings and Loan Association, Pendleton, Oreg.
*First Federal Savings and Loan Association, Port Angeles, Wash.
First Federal Savings and Loan Association, Renton, Wash.
*First Federal Savings and Loan Association, Sheridan, Wyo.
First Federal Savings and Loan Association, Spokane, Wash.
******First Federal Savings and Loan Association, The Dalles, Oreg.
First Federal Savings and Loan Association, Walla Walla, Wash.
Lewis County Savings and Loan Association, Chehalis, Wash.
*Liberty Savings and Loan Association, Yakima, Wash.
*Mason County Savings and Loan Association, Shelton, Wash.
Olympia Federal Savings and Loan Association, Olympia, Wash.
**Polk County Federal Savings and Loan Association, Dallas, Oreg.
*Port Angeles Savings and Loan Association, Port Angeles, Wash.
Provident Federal Savings and Loan Association, Casper, Wyo.
**Prudential Savings and Loan Association, Seattle, Wash.
Puget Sound Savings and Loan Association, Seattle, Wash.
*Rawlins Federal Savings and Loan Association, Rawlins, Wyo.
Seattle Federal Savings and Loan Association, Seattle, Wash.
Security Building and Loan Association, Billings, Mont.
Thurston County Federal Savings and Loan Association, Olympia, Wash.
Vancouver Federal Savings and Loan Association, Vancouver, Wash.
* Walla Walla Federal Savings and Loan Association, Walla Walla, Wash.
Washington Federal Savings and Loan Association, Bothell, Wrash.
*Wenatchee Federal Savings and Loan Association, Wenatchee, Wash.
***West Side Federal Savings and Loan Association, Seattle, Wash.
* Yakima Federal Savings and Loan Association, Yakima, Wash.
NO. 12—LOS ANGELES
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.
Euclid Guarantee Building and Loan Association, Ontario, Calif.
First Federal Savings and Loan Association, Bellflower, Calif.
First Federal Savings and Loan Association, Honolulu, Hawaii
***First Federal Savings and Loan Association, Huntington Park, Calif.
First Federal Savings and Loan Association, Santa Barbara, Calif.
*First Federal Savings and Loan Association, Santa Monica, Calif.
Greater Arcadia Building-Loan Association, Arcadia, Calif.
Hollywood Building and Loan Association, Hollywood, 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.
Laguna Federal Savings and Loan Association, Laguna Beach, Calif.
*Liberty Building-Loan Association, Los Angeles, Calif.
Los Angeles American Building and Loan Association, Los Angeles, Calif.
Magnolia Federal Savings and Loan Association, Upland, Calif.
Marysville Guarantee Building and Loan Association, Marysville, Calif.
North Hollywood Federal Savings and Loan Association, North Hollywood,
Calif.
Redlands Federal Savings and Loan Association, Redlands, Calif.
Santa Maria Guarantee Building-Loan Association, Santa Maria, Calif.
Tucson Federal Savings and Loan Association, Tucson, Ariz.
89
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 October 1942, by Federal Home Loan Bank District and by State
[Source: U. S. Department of Labor]
[Amounts are shown in thousands of dollars]
All p r i v a t e 1- a n d 2-family dwellings
All residential dwellings
N u m b e r of family
dwelling u n i t s
Federal H o m e L o a n B a n k D i s t r i c t a n d S t a t e
Oct. 1942
Oct. 1941
N u m b e r of family
dwelling u n i t s
P e r m i t palliation
Oct. 1942
Oct. 1942
Oct. 1941
|
Oct. 1941
P e r m i t valuation
Oct. 1942
Oct. 1941
1
UNITED STATES
...
N o . 1—Boston,. _
___ __
...
__ .
.._
.
Connecticut _ . _ _ _ .
Maine-___ _ ___
Massachusetts.
_. .
___
New Hampshire
Rhode Island
______
Vermont..
. ._
_.
.....
___
_______
___
N o . 3 —Pittsburgh
Delaware
Pennsylvania
W e s t Virginia -
_
N o . 4—Winston-Salem
_
Alabama
District of C o l u m b i a
Florida
Georgia,. _
Maryland.
N o r t h CarolinaSouth Carolina.
Virginia
N o . 5—Cincinnati
___
-
..
_. _ _
_
-. _
....
.
. _
...
. .
..
_
. - -
Kentucky
Ohio—
Tennessee
_ i
- ...
__ .
j
_ _ __
N o . 6—Indianapolis
...
_.
Indiana...M i c h i g a n . . . _•_
N o . 7—Chicago
- -
Illinois- W i s c o n s i n . ___
______
.....
_
N o . 8—DesMoincs__ __
Iowa
M i n n e s o t a . _..
Missouri.... . . .
North Dakota.
South Dakota
_ - . . . - _ . . . . '
-
90
._.
..
N o . 10—Topeka
:
Colorado. _ . . . . . .
Kansas.
_.
Nebraska
Oklahoma
N o . 12—Los Angeles
Arizona _
California
N e v a d a _.
. .
. ....
.
j
j
- -
N o . 9—Little R o c k
Arkansas.
Louisiana
Mississippi.
N e w Mexico.
Texas .
N o . 11—Portland
Idaho..
Montana _
Oregon
Utah
Washington.
Wyoming
"
._.
.
.
__
. .
.
_
_
___
_
_
_
_ _
.
1
1
7, 953 1
904 1
1,669
3, 757 1
1, 821
966
2,814
444 1
142
242
535
I
535
80
807
89
189
33 |
$127, 233
244
12
254
3,495
386
843
161
9, 660
___
1
6
26, 727
72
751
89
189
33
$32, 325 1
3,464
1,723 1
539
946
$104,430
7, 793
2,814
244
12
229
3, 360
386
843
161
11, 561
776
3, 591
2, 285
15, 906
586
2,457
1,917
433
343
1,178
2,413
1,279
1.006
5, 289
10,617
365
221
905
1, 552
1,128
789 1
4, 234
7,327
819
1,305
3,389
5,777
500
1, 292
2,093
5, 740
813
6
24
1,048
233
3. 378
11
127
4, 865
785
494
6
24
1, 035
233
2,082
11
127
4,828
785
3,092
6,163
9, 443
20,440
1,139
4,083
2,660
13, 557
554
489
757
205
618
199
17
253
424
518
1,225
391
1,950
812
240
603
1,749
1,163
2.419
438
2,099
517
41
1,017
831
1,767
4,430
827
7,349
2,276
584
2,376
154
8
245
193
198
163
17
161
410
160
1,066
370
738
673
196
470
154
30
549
419
499
432
41
536
811
975
4,075
806
2,373
1,915
540
2,062
1,178
2,440
8,221
10, 301
834
2, 231
3,306
9,714
66
1,088
24
245
1,761
434
192
7,945
84
646
8,580
1,075
66
744
24
237
1, 593
401
192
3,030
84
625
8,032
1,057
2,105
2, 248
8,499
9,653
1,521
2,234
6,123
9,615
374
1, 731
750
1,498
1,059
7, 440
2,785
6, 868
310
1,211
750
1,484
951
5,172
2 786
6,829
1.954
1,891
7, 361
9, 493
682
1, 783
2,667
9,204
1,003
951
1,285
606
4,020
3, 341
6,860
2, 633
555
127
1,212
571
2,190
477
6,660
2,544
168
1,520
497
6,106
168
1,289
497
5, 277
54
52
42
4
16
536
497
367
64
56
183
164
96
10
44
2,066
2,216
1,402
240
182
54
52
42
4
16
1S3
164
96
10
44
1,309
2,216
1 330
240
182
1, 058
71
51
26
28
882
3, 577
2,476
9, 776
742
309
388
310
108
2,462
190
110
24
78
2, 074
708
1,159
444
265
7,200
71
51
26
28
566
3,025
302
380
310
93
1,940
1,583
190
110
24
78
1,181
8,030
701
1,144
444
240
5,501
294
1, 455
331
571
185
368
4, 658
1,002 j
1,916
681
1,059
266
1,068
327
188
185
368
659
12
127
301
219
3, 249
8
62
106
90
5,310
414 1
307
1,217
687
2,421
264
466
1,226
61 1
84
266
200
555
60
1, 561
2
10 '
419
206
924
4, 325
4,370
5,795 1
16, 365
63
4,248
13 1
5,578
204 1
227
15, 936
202
125
137
1,894
2,644 j
56 1
2,525
__
_
6, 800
2,162 !
1
._ -_- __
_
_______
._.____.____
$66, 225
1, 733
8
90
106
90
...
... _
33, 646
2,202
980
896
250 I
1
70
6
N o . 2—New Y o r k
N e w Jersey
N e w York-
18,452
63 1
1, 544
136
93
351
204
694
66
6,179
83 1
6,037
59 1
715
12 J
183
301
219
7.953
2 J
10
' 445
352
7,144 |
8,586
21,860
188 I
8,194
204 1
257 1
21,401
202 1
1 j
109
77
274
1,852 1
5
1,784
63 1
327
497 1
345
64
56
59 1
991
519
681
1,058
200
296
890
677
2,012
250
Federal Home Loan Bank Review
Table 2 . — B U I L D I N G A C T I V I T Y — E s t i m a t e d number and valuation of new family dwelling units
provided in all urban areas of the United States
[Source: U. S. Department of Labor]
[Amounts are shown in thousands of dollars]
N u m b e r of familv dwelling u n i t s
M o n t h l y totals
T y p e of c o n s t r u c t i o n
1-family dwellings
-..
2-family dwellings i
3- a n d more-family dwellings 2
Public construction
_ ..
_
Sept. 1942
Oct. 1941
11,181
13,907
8,527
1,133
1,521
9,711
1,326
2,870
- __
_ __
Total urban construction. _ _ .
1
2
Jan.-Oct. totals
Oct. 1942
Private construction
Permit valuation
1942
1941
29, 709
172,829
24, 727
2,000
2,982
126, 026
14,179
32, 624
M o n t h l y totals
Jan.-Oct. totals
1941
Oct. 1942
Sept. 1942
Oct. 1941
1942
328, 030
$36, 824
$42, 610
$112, 710
$566,469
$1, 230, 579
262, 600
20, 285
45,145
28,958
3, 367
3,899
31, 871
3,661
7,078
99,025
5,405
8,280
435,122
39, 561
91, 786
1,050,762
52,423
127,394
7,271
2,358
3,937
63, 790
64, 346
26,401
7,637
14, 523
214, 381
216, 952
18, 452
16, 265
33, 646
236, 619
392,376
62, 625
50, 247
127, 233
780,850
1,447, 531
Includes 1- and 2-family dwellings combined with stores.
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 1
[Average month of 1935-1939=100]
NOTE:—These figures are subject to correction.
1942
1941
1940
1939
1938
1937
1936
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Federal H o m e L o a n B a n k D i s t r i c t a n d city
Nov.
N o . 3—PittsburghW i l m i n g t o n , Del
Philadelphia, P a
Pittsburgh, Pa
Charleston, W. Va
Wheeling, W . V a
N o . 5—Cincinnati:
Louisville, K v
Cincinnati, O
Cleveland, O
Columbus, O
Memphis, Tenn
Nashville, T e n n
__ . . . .
N o . 9—Little R o c k :
Little Rock, Ark
N e w Orleans, L a
Jackson, M i s s
Albuquerque, N . M
Dalias, T e x
San A n t o n i o , Tex
May
Feb.
135.4
143.4
129.2
123.5
122.0
135.4
145.5
128.3
123.5
122.7
145.9
132.2
117.2
122.7
134.9
139.1
120.7
115.0
116.4
126.6
136.0
120.7
113.8
114.3
107.8
119.4
106.5
104.0
107.6
97.0
105. 6
105.9
101.9
104.6
106.2
101.8
106.0
102. 7
99.0
104.6
108.9
111.2
108.8
109.4
96.2
96.0
101.0
98.2
95.3
140. 3
112.0
119.5
117.6
126.7
121.4
140.3
111.9
119.6
117.2
126.6
121.4
137. 9
113.1
119.5
116.9
, 125. 8
121.5
138.1
111. 1
117.7
115.7
125.1
120.4
135.8
111.0
116.9
115.6
121.0
118.3
104.8
100.5
109.3
103.4
106.2
103.2
104.0
97.4
107.6
101.0
104.0
97.9
100.8
97.9
100.9
100.2
103.1
99.7
103.6
105.4
108.0
106.6
104.9
106.7
99.6
98.0
97.8
99.3
97.0
99.7
109.0
116.1
111.9
109.0
116.2
111.9
128.2
128.0
123. 7
127.4
102.2
115.8
110.4
102.4
116.0
112.1
128.3
123.9
127.6
134.3
132. 0
132.6
102.2
114. 3
110.5
122.7
131.5
127.8
131. 4
100.5
108.2
103. 5
106.5
105. 2
110.7
100.7
99.8
105. 3
105.1
99.5
93. 2
09.9
98.1
100.1
104. 3
105.9
103.0
100. 4
100.8
102.3
99.9
107.1
104.2
104.7
106.0
104.6
107.5
98.9
97.5
95.2
98.3
98.4
97.8
95.6
120. 5
113.2
126.3
121. 6
121.5
120.5
113. 5
125.0
121.6
121. 5
119.0
113.3
124.1
118.9
119. 7
117.9
109. 2
123.1
114.3
119.3
106.0
99.9
107.0
103.1
104.9
99.4
96.3
95.9
102.3
104.3
103.3
99.3
102.0
103.4
102.2
107.7
107.6
108.4
103.5
103.7
96.6
99.4
97.8
98.5
98.9
128.8
125.2
128.5
..
Aug.
N o . 12—Los Angeles:
Los Angeles, Calif .
.
. .
San Diego, Calif.. . . . . . . _ _ _
San Francisco, Calif
Reno, Nev
...
. _
. . . . . .
_
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 wall-paper nor other wall nor ceiling finish
on interior plastered surface, lighting fixtures, refrigerators, water heaters, ranges, screens, weather stripping, nor window shades.
Reported costs include, in addition to material and labor costs, compensation insurance, and allowance for contractor's overhead and transportation of materials
plus 10 percent for builder's profit.
Reported costs do not include the cost of land nor of surveying the land, the cost of planting the lot, nor of providing walks and driveways; they do not include
architect's fee, cost of building permit, financing charges, nor sales costs.
In figuring costs, current prices on the same building materials list are obtained every three months from the same dealers, and current wage rates are obtained from
the same reputable contractors and operative builders.
December 1942
91
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]
Oct. 1942 S e p t . 1942 A u g . 1942 J u l y 1942 J u n e 1942 M a y 1942 A p r . 1942 M a r . 1942 F e b . 1942 J a n . 1942 D e c . 1941 N o v . 1941 Oct. 1941
E l e m e n t of cost
Material...
Labor
T o t a l cost
121.6
130.2
121.5
130.2
121.2
129.4
121.2
128.5
121.3
127.8
121.0
126.4
120.5
125.9
120.0
126.0
119.3
125.0
118. 6
124.5
117.7
124.2
116.9
123.9
116.0
123.3
124.5
124.4
124.0
123.7
123.5
122.8
122.3
122.0
121.2
120.6
119.9
119.2
118. 5
Tabic 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 building
materials
Period
Brick and
tile
Lumber
Cement
Paint and
paint materials
Plumbing
a n d heating
Structural
steel
Other
1940: October
109.2
99.3
99.5
127.4
104. 3
105.8
103.5
101.4
1941: October
November
December...
119.8
120.0
120.4
106.3
106.3
106.4
101. 7
102.2
102.5
144.2
143.3
144.1
118.0
117.2
118.6
115.3
115.5
117.1
103.5
103.5
103.5
109.8
111.6
110.8
1942: J a n u a r y
February
March
April
May
June.
July...
August..
September
October _
122.0
122.9
123.4
123.1
122.9
122.9
123.2
123.2
123.3
123.3
106.6
106.8
106.9
107.9
107.9
108.0
107.9
108.6
108.6
108.6
102.5
102.5
102.7
103.3
103.4
103.4
103.4
103.4
103.4
103.4
146.5
147.8
148.2
146.8
146.4
146.7
148.0
148.1
148.3
148.4
121.8
122.8
123.9
123.7
123.7
123.3
123.8
123.1
123.4
124.2
123.0
128.6
129.0
129.4
129.4
129.4
123.6
123.6
123.6
123.6
103.5
103.5
103.5
103.5
103. 5
103.5
103.5
103.5
103.5
103.5
111.5
111.9
112.3
112.3
112.3
112.3
112.3
112.3
112.3
111.7
._
.
-
. .
P e r c e n t change:
Oct. 1942-Sept. 1942
Oct. 1942-Oct. 1941
._
.
0.0
0.0
0.0
+0.1
+0.6
0.0
0.0
— 0.5
+2.9
+2.2
+1.7
+2.9
+5.3
+7.2
0.0
+1.7
Table 6 . — M O R T G A G E LENDING—Estimated volume of new home-mortgage loans
savings and loan associations, by purpose and class of association
by all
[Thousands of dollars]
Purpose of loans
Period
1940
January-October..
October
Construc- Home pur- j Refinanction
chase
|
ing
Class of association
Reconditioning
$398,632
!6,151
$198,148
$63,583 j
336,061
41,610
369, 811
40,771
169,132
16, 840
Loans for
all other
purposes
$113,065
Total
loans
State
members
Nonm embers
$509,713
$483,499
$206,367
433,102
48, 307
406, 627
46, 224
176,730
19, 896
Federals
$1,199,579
437,065
580, 503
190,573
54, 466
5,756
61,328
109, 215
i, 378,684
584,220
583,804
210,660
Janu ar y- O ctober..
October
November
December
376, 672
37, 722
30,103
30,290
488, 542
59,874
48, 816
43,145
162, 809
16, 283
13,340
14,424
52,891
5,361
4,267
4,170
92,813
8,698
8,223
8,179
1,173, 727
127,938
104, 749
100,208
501,128
52,507
41, 910
41,182
492,954
54,930
46,890
43,960
179,645
20,501
15,949
15,066
1942
January-October P
January
February
March
April
May
June
July—.1
August "
September
October D
172, 698
22, 791
20,799
21,775
20,488
17,610
15,930
17, 709
12,568
12,449
10,579
488, 357
34,127
33, 769
40,930
52,196
53,095
52,112
52,190
140, 591
12, 854
12,325
13, 225
14,508
13,607
15,184
16,097
14,019
14,063
14, 709
36,496
3,190
3,138
3,547
4,083
3,866
3,566
3,671
4,126
3,804
3,505
67,837
6,571
6,725
7,890
7,772
6,831
7,303
6,130
6,549
5,679
6,387
905,979
79,533
76,756
87, 367
99,047
95,009
94,095
95,797
92, 563
94,055
91, 757
357, 319
31,142
31,919
36,325
. 38,484
36,966
35, 279
37,007
36,620
37,987
35,590
407, 895
35,312
33,939
38,030
43,937
43,005
44, 265
43, 665
41,549
42,249
41, 944
140, 765
13,079
10,898
13,012
16,626
15,038
14, 551
15,125
14,394
1941
p Preliminary.
92
r
55, 301
58,060
56, 577
96,034
9, 423
1,016, 459
114,400
13, 819
14, 223
Revised.
Federal Home Loan Bank Review
Table 7.—LENDING—Estimated volume of new
loans by all savings and loan associations
Table 8.—RECORDINGS—Estimated nonfarm
mortgage recordings, $20,000 and under
[Amounts are shown in thousands of dollars]
October, 1942
[Thousands of dollars]
. C u m u l a t i v e n e w loans
(10 m o n t h s
N e w loans
Federal Home Loan i
B a n k D i s t r i c t a n d class
Octo- Septemof association
ber
ber
1942
1942 P
October
1941
1942 P
1941
Percent
change
Federal
State member
-
Boston
Federal
State member
Nonmember
Federal
..
State member
Nonmember
Pittsburgh
I
Federal
State member
Winston-Salem _
-1
Federal
State member
Nonmember
-
Cincinnati
Federal
State m e m b e r
Nonmember.
Indianapolis
.
_
-
Federal _ .
State member
Nonmember
C hicago
-.-
Federal
Nonmember
Des Moines
Federal _
State member
N o n m e m b e r ._ .
Little Rock
_
_
Federal
State member
Nonmember.
--
Federal. _
State member
Nonmember
_
Portland
Federal- _ _
State member
Nonmember
L o s Angeles
p Preliminary.
December
1942
1,118
121
348
1,433
385
930
1,810
510
4,047
2,023
313
2,886
2,124
55
752
9, 934
2,097
16, 740
285
755
171
15
59
309
35
300
398
180
127
414
76
292
786
2,168
471
7.758
2,013
7,575
5,108
10,110
7,189
39, 753
N e w Jersey
N e w Y o r k . _.
Pittsburgh
4,015
3,743
87255
849
1,164
4,274
3,301
17,461
22, 292
7,297
3,934
6,176
4,867
3,788
3,401
3,106
601
4, 507
678
57098
29,301
208
7,273
774
11,812
114
2,528
464
5,179
83
5,899
1,315
67
598
13
202
300
4,017
550
8,859
105
4,808
185
5,210
877
25,123
3,301
36,147
523
673
393
1,189
658
3,436
2,067
559
1,153
3,763
445
563
684
279
265
579
860
798
202
1,255
1,517
880
1,330
739
528
589
1,064
4,771
3,746
4,166
7,436
1,585
397
277
813
362
3,434
424
1.738
305
1,408
454
1, 421
1,728
7,430
44, 393
10,068
14, 615
90,177
124, 345
-27.5
2,823
4,842
1,698
3,127
5,168
1,773
4,728
7,284
2,603
27,358
48, 382
14,437
42,922
63,110
18,313
-36.3
-23.3
-21.2
8,929
9,279
13,729
91,634
115, 541
-20.7
2,271
3,942
2,716
2,291
3,990
2,998
3,801
4,648
5,280
21,761
34, 599
35,274
34,166
35,905
45, 470
-36.3
-3.6
-22.4
9,002
7,796
11, 285
82,958
93,827
-11.6
3,168
2,502
3,332
2,862
2,430
2,504
3,860
3,036
4,389
30, 643
24, 620
27, 695
35, 908
24,184
33,735
-14.7
+1.8
-17.9
11,169
11,941
17, 247 121, 586
160, 545
-24.3
4,427
5, 314
1,428
5,725
5,019
1,197
78, 262
68,035
14,248
-33.7
-17.3
-5.6
6,118
9,349
2,169
6,810
9, 779
2, 356
21, 277 167,346
200,098
-16.4
8,045
10, 804
2,428
62,139
87, 765
17,442
74, 634
99, 787
25, 677
-16.7
-12.0
-32.1
D e l a w a r e . . .Pennsylvania, .
W e s t Virginia—
Winston-Salem
Alabama.
District of Columbia
Florida
Georgia
Maryland
North Carolina
South Carolina _ . - _.
Virginia
..
Cincinnati
20, 024
9,389
948
4,811
2,032
17,298
694
406
3,334
989
848
8,101
440
948
166
4.151
494
191
2,834
1,467
3,643
36, 666
4.084
6,087
3,218
9,188
47
2, 589
5,203
26,332
3,784
2,303
9.920
1,369
1.849
2,190
3,697
5,491
47
853
1,736
6,407
5
4,463
1,334
3.869
9,705
11,084
15. 248
32, b90
1,560
630
2,463
4,155
2. 252
5
72
2,624
1, 839
4,010
7,846
1,859
23 696
8,994
Des Moines
7,511
2, 409
6 070
3,457
20, 842
Iowa . ._
...
Minnesota
Missouri
North Dakota.
South Dakota .
Little P o c k
1,348
2,242
2,226
209
45
6,630
344
1,040
992
55
32
3,216
1,127
834
2,686
33
90
1,459
580
1,096
2,138
104
92
3,756
5,666
10,724
423
273
4,306
357
382
2,682
22
14
3,932
Arkansas . . .
Louisiana
Mississippi
New Mexico-..
Texas
514
2,306
348
215
3,247
4,656
196
516
292
21
2,191
953
272
118
223
96
750
2,230
337
610
512
95
2, 752
174
335
279
31
3,113
2,691
3,118
1,493
3,885
1,654
458
12, 053
13, 648
687
1,482
808
1,679
91
157
360
345
207
693
292
1,038
1,380
336
248
727
714
1.128
163
1,113
3,079
3,796
1,871
4,902
3,253
618
3,009
512
1,800
4,717
13, 909
140
136
671
599
1,567
140
31
31
269
132
155
81
75
196
819
1,763
75
39
119
186
768
119
470
138
120
24
1,292
98
3,122
61
491
452
3,235
1,767
7,550
414
7,578
3,281
19,864
13,278
4, 328
48, 329
162
7,347
69
62
3,200
19
268
19, 423
173
506
12, 673
99
50
4,241
37
1,048
46,884
397
5,218
5, 206
6,535
49, 367
60,095
-17.9
2,678 I
2,317
223
2,660
2, 357
189
3,111
3,155
269
24, 713
22,140
2, 514
30, 394
27, 391
2,310
-18.7
-19.2
+8.8
Indiana
Michigan
Chicago
8,634
8,481
12, 555
88,189
117,140
-24.7
3,291 1
4,260
1,083
3,288
3, 975
1,218
4,977
6,219
1,359
32,068
42, 810
13,311
45,444
56,139
15, 557
-29.4
-23.7
-14.4
4,556
4,405
6, 558
44,495
64,285
-30.8
2,188 1
1,756
612
2,215
1, 565
625
3, 252 1 20,887
2, 229 16, 516
7,092
1,077
32,043
21, 330
10,912
-34.8
-22.6
-35.0
3, 720
6,260
42, 287
57, 508
-26.5
1,509
2,314
1,428
2,202
90 ;
2, 682
3,471
107
15,969
25,525
793
24, 277
31,874
1,357
-34.2
-19.9
-41.6
3, 664
4,822
38, 321
46,990
-18.4
1,972
1,048
644
2, 671
1,098
1,053
21,104
10, 988
6, 229
25, 949
11, 303
9,738
-18.7
-2.8
-36.0
3,011
2, 676
4,191
28, 306
42,130
-32.8
1,954
782
274
1, 577 i
940
159
2,592
1,315
284
17, 772
8, 652
1,882
27, 303
13,314
1,513
-34.9
-35.0
+24.4
6,756
7,874
8,864
61, 313
91,223
-32.8
3,141
3,545
70
4,032
3, 776
66
4, 325
4,467
72
31,021
29, 652
640
49,826
40,582
815
-37.7
-26.9
-21.5
3,60C
2,025
1,02C
55£
1
4,885
255
1,015
4,492
Kentucky
Ohio
Tennessee
Indianapolis
3,883
9
290
1,848
4,729
_-
Illinois
Wisconsin
Tooeka
Colorado
Kansas
Nebraska
Oklahoma
Portland
Idaho
Montana
Oregon
Utah
Washington
Wyoming
_.
Los Angeles
i
Federal
State member
Nonmember
1,426
713
7,777
9,363
6C
Topeka
C o n n e c t i c u t . _.
Maine..
Massachusetts .
New
Hampshire
Rhode Island..
Vermont
N e w Y o r k __
501,128
492,954
179. 645
18,945
Total
-28.7
-17.3
-21.6
52, 507 357, 319
54, 930 407,895
20, 501 140, 765
17, 636
Other
mortgagees
Boston
37,987
42,249
13,819
51,884
56,246
13, 456
Individuals
-22.8
35, 590
41,944
14,223
8,463
7,204
1,580
Mutual
savings
banks
$103,170 $32, 577 $79, 224 $14,817 $67. 623 $59, 672 $357, 083
7,245
5,839
3,223 32,196
3,151
1,611
11,127
UNITED STATES
$91, 757 $94,055 $127,938 $905,979 $1,173,727
U N I T E D STATES
Banks
and
trust
companies
InsurFederal H o m e L o a n Savings
ance
& loan
Bank District
associa- comand State
panies
tions
4,770
72
473
19, 543
Table 9 . - M O R T G A G E RECORDINGS—Estimated volume of nonfarm mortgages recorded
[Amounts are shown in thousands of dollars]
Savings and loan
associations
Insurance
companies
Banks and trust
companies
Mutual savings banks
Individuals
Other
mortgagees
All
mortgagees
Period
Total
Percent
Total
Percent
Total
Percent
1941: October....
November.
December.
$138, 670
113, 353
112, 764
31.0
30.0
28.7
$39, 896
32, 527
37,185
8.9
8.6
9.5
$106,109
92, 316
99, 855
1942: January...
February..
March
April
May
June
July.
August
.
September
October...
90,572
86, 752
100, 296
108, 582
107, 937
105, 278
104, 712
102, 628
104,155
103,170
28.2
29.3
29.9
30.2
30.8
30.8
29.6
30.5
30.1
31,062
28, 546
32, 650
34,466
31, 780
29, 764
31, 898
28, 299
31,448
32,577
9.7
9.7
9.7
9.6
9.1
8.7
9.0
8.4
9.1
9.1
77,631
70, 221
78,086
82,082
77, 563
74, 588
80, 736
72,480
77,530
79, 224
Table 1 0 — F O R E C L O S U R E S — E s t i m a t e d nonfarm real-estate foreclosures, by size of county
Total
Percent
23.7 $22, 788
24.4 19.653
25.5 19, 253
13, 523
10,405
12,162
15, 310
15, 904
16,043
15, 669
14, 793
14,812
14,817
24.1
23.7
23.3
22.8
22.2
21.8
22.8
21.5
22.4
22.2
Percent
Total
5.1 $74,891
5.2 64,024
4.9 64, 524
4.2
3.5
3.6
4.2
4.5
4.7
4.4
4.4
4.3
4.2
59, 033
53, 383
60,322
62, 707
63.807
62, 730
64.808
62, 824
65,423
67,623
Period
49,840
4,408
4.204
4,337
1941: Jan.-Oct...
October
November
December.
1942: Jan.-Oct...
January...
February __
March
April
May
June
July
August
September
October. __
Percent
16.7 $65, 636
17.0 55,810
16.4 58,774
14.6
14.8
15.0
18.4
18.0
18.0
17.4
18.2
18.3
18.4
18.6
18.9
18.9
15.4
15.8
15.5
15.8
15.2
15.7
15.8
16.6
15.2
16.7
49, 575
46, 734
52,120
56,821
53,196
53, 847
55, 688
55, 826
52. 596
59, 672
Combined Pertotal
cent
$447, 990 100.0
377, 683 100.0
392,355 100.0
321,396
296,041
335, 636
359,968
350,187
342, 250
353, 511
336, 850
345.964
357, 083
[ Premium-paying; thousands of dollars]
M o n t h l y volume
Period
Less
than
5,000
5,00019,999
60,000
and
over
20,00059,999
5,496
544
448
524
7,636
697
705
659
10, 743
945
1,028
25,965
2,222
2,161
2,126
3,841
439
370
669
461
333
367
333
401
303
385
5,832
635
592
678
561
623
637
565
499
527
524
8,085
814
808
863
867
968
835
727
707
818
683
18, 389
2,112
1, 860
1,944
1,967
1,889
2,011
1,933
1,465
1,717
1,491
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100 0
100.0
Table 1 1 . — F H A — H o m e mortgages insured *
County size (dwellings)
U. S.
total
Total
Total
insured
at end of
period
Title I
Class 3
Title I I
Title V I
1941: October
November
December
$1,536
1,361
1,850
$85, 290
76, 920
87, 516
$2,190
3,578
5,294
$3,504,111
3, 585,970
3, 680, 630
1942: J a n u a r y
February
March
April
May
June
July
August...
September
October
1,885
1,455
1,502
1,967
1,867
1,781
919
1,246
104
802
87,167
70, 799
67, 780
55,448
60,177
65, 810
62. 728
51, 813
47,573
44,470
6, 556
8,483
12, 273
11,424
13, 554
15, 876
20, 621
25,030
31,524
38, 265
3, 776, 238
3, 856,975
3, 938, 530
4,007, 369
4,082,967
4,166, 434
4, 250, 702
4,328, 791
4. 407, 992
4, 491, 529
...
i Figures represent gross insurance written during the period and do not take
account of principal repayments on previously insured loans.
Table 1 2 . — F H L B A N K S — L e n d i n g operations and principal assets and liabilities
[Thousands of dollars]
L e n d i n g operations
October 1942
C a p i t a l a n d principal liabilities October 31, 1942
Principal assets October 31, 1942
Federal H o m e Loan B a n k
Advances
Repayments
Advances
outstanding
Cash i
Government
securities
Capital2
Debentures
Total
assets
October 31 ,
Member
1942 1
deposits
$1,928
802
416
505
56
181
380
222
5
210
30
955
$1,575
2,068
1,612
3,897
653
832
2,453
1,012
1,392
633
955
1,983
$10,510
22, 518
11,892
14,498
10,506
9,411
20, 393
8,687
4,448
5,057
1,845
11,612
$3,921
4,043
5, 337
13,844
3,178
4,651
12,123
5,277
1,868
2,540
2,689
5,057
$10,297
10,103
8,164
5,874
17,590
10,600
10,391
7,018
7,300
5,420
6,900
6,621
$18, 768
26, 274
15,985
17,127
23,326
11,825
21,593
11,266
12,173
10,126
8,158
14,756
$4,000
8,500
9,000
16,500
2,500
9,000
16.000
8,500
1,500
2,000
3,000
7,000
$2,032
1,852
422
617
5, 551
3,882
5,308
1,238
1
928
313
1,575
$24,811
36,761
25, 480
34, 308
31,389
24, 742
42,981
21,032
13,677
13,058
11,477
23, 354
All B a n k s (October 1942)
5,690
19,065
131,377
64, 528
106,278
191,377
87,500
23,719
303,070
S e p t e m b e r 1942
4,157
19,606
144, 752
68, 283
89,179
190, 963
87, 500
23, 876
302, 885
13,139
7,019
184, 311
40,403
62, 543 I
185,760
75, 500
24, 111
288,139
Boston
New York
Pittsburgh
Little Rock
Topeka
October 1941
- -
.
. .
.
'.
1
1
Includes interbank deposits.
94
2
Capital stock, surplus, and undivided profits.
Federal Home Loan Bank Review
Tabic 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]
[Thousands of dollars]
1941
October,
November
December..
2
Series E
Period
$1, 622,496
122,884
109,475
341,085
.
1942: J a n u a r y
February
M arch
April.
Mav
June
July
August
September
October
667,411
397, 989
337,599
326, 660
421,831
433,223
508,118
453, 967
509,855
587, 900
-
._
Series G
Series F
$207, 681
22, 963
18,977
33,272
77,559
51,820
41,070 ,
40,003
42,465
41,041
73,691
52, 268
60,803
51. 321
Insured
savings a n d
loans l
E n d of period
Total
$1.184,868
124,866
105,035
154, 242
$3.015,045
270, 713
233, 487
528, 599
315,577
253,391
179,223
163,839
170,060
159, 681
319,053
191,020
184,026
175,178
1,060,547
703, 200
557,892
530, 502
634, 357
633, 945
900,862
697, 255
754,684
814, 353
1 U. S. Treasury War Savings Staff, Actual deposits made to the credit of
the2 U. S. Treasury.
Prior to May 1941: "Baby bonds."
1940: J u n e
December
1941: J u n e
October
November. . _
December
1942: J a n u a r y
February
March
April
May..
June
July
August
September
October
1
2
3
_.
..
..
__
$2,020,123
2,202, 556
2, 433, 513
2, 518,158
2, 552,037
2, 597, 525
2, 589, 466
2, 600,172
2, 612, 736
2, 633,014
2, 660,098
2,736, 258
2, 757,929
2,798,621
2,834, 079
2. 873.822
Mutual
savings
banks2
Insured
commercial
banks *
$10, 589,838
10, 617, 759
10, 606, 224
$12,754,750
13,062, 315
13,107,022
10,489, 679
13,261,402
10, 354, 533
13,030, 610
Private repurchasable capital as reported to the F H L B Administration.
Month's Work. All deposits.
FDIC. Time deposits evidenced by savings passbooks.
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
Federal
Home
Private
L o a n B a n k N e w m o r t - N e w prie investrepuradvances
gage loans v a tm
ents
chases
Total
assets
N e t first
mortgages
held
Private
repurchasable
capital
2,237
2,277
$2, 709,184
2.932,305
$2,130,124
2,343,047
$2,020,123
2, 202, 556
$236,913
220, 789
$124,133
171,347
$67, 751
56, 363
$43, 626
65,586
$20,418
22,865
46.8
34.9
2,313
2,332
2,343
2,343
3,159, 763
3,262,886
3,303,296
3,362,942
2, 555, 393
2,712,697
2, 738,311
2,751,938
2, 433, 905
2, 518,158
2,552,037
2,597,525
206, 301
195,787
196,059
196,240
144,331
159,298
161,199
193,275
85,117
80, 767
65,241
63, 506
61,448
67,132
60,818
74,801
26, 779
40,142
33,263
35,728
43.6
59.8
54.7
47.8
2,349
2,353
2,358
2,363
2,363
2,374
2,380
2,380
2,386
2,390
3,313,418
3,323,180
3,335,101
3,356,213
3, 384, 344
3,461, 228
3, 439,097
3,482,056
3, 513, 096
3,548,692
2, 754, 777
2, 763,579
2, 774,108
2,790,135
2,800,673
2,827,956
2,837, 925
2,856,588
2, 866, 497
2, 871,968
2,589,466
2,600,172
2, 612, 736
2,633,014
2,660,098
2, 736,258
2, 757,929
2, 798,621
2, 834. 079
2,873,822
191, 769
186,254
185,664
185,651
185, 710
185, 783
176, 995
169,493
169,202
169,162
180,360
172,260
167,535
161,571
157,870
170,066
152,302
139, 670
125,308
113,856
49,549
49,387
56,934
62,015
59,006
58,642
61,062
58.785
61.508
P 59,056
105, 792
53,449
56,701
58,193
53,808
72,788
103, 821
70,262
68,082
73,124
118,666
47,229
47,086
40,443
31,503
26,152
87,059
41, 534
40,114
37,720
112.2
88.4
83.0
69.5
58.5
35.9
83.9
59.1
58.9
51.6
1,421
1,437
1,725,817
1,871,379
1,403, 289
1,544,494
1, 266,041
1, 386,823
197, 268
181,431
90.489
127,255
47,435
37, 715
29,404
44, 531
11,022
12,135
37.5
27.3
1,452
1,458
1,462
1,460
2,028.138
2,103,674
2,127, 561
2,173,326
1, 687,087
1,801,033
1,815,666
1,824,646
1, 553, 712
1.615,812
1,637,238
1,668,415
169, 247
159, 775
159,925
160,060
103, 696
116, 723
117,666
144,049
57, 542
52, 507
41,910
41,182
40,030
44, 341
39, 212
48,872
14, 530
23,799
18, 984
20,400
36 3
53.7
48.4
41.7
1,461
1,461
1,461
1,464
1,464
1,464
1,465
1.464
1,466
1,466
2,131, 212
2,133, 251
2,137,579
2,151,862
2,170,868
2,205,921
2,182, 337
2,198. 357
2,214,101
2,235, 726
1,824,376
1,829, 218
1,832,341
1,842,422
1,846,790
1, 849, 400
1,852,972
1, 856.269
1, 861,062
1, 862, 593
1,658,444
1,662,269
1, 667,983
1,683,232
1, 701,065
1, 735,932
1, 748, 584
1,767,665
1, 788,000
1,814,156
156,079
151,295
150,776
150,776
150,776
150, 776
143, 324
136,779
136,518
137,108
132,843
127,235
123,748
118,639
116,327
127, 623
113, 347
103,180
92,943
83, 095
31,142
31,919
36,325
38,484
36,966
35, 279
'37,007
36, 620
37, 987
P 35, 590
70,962
35,670
37,377
38, 301
35,759
47,495
69, 919
45. 724
44, 589
47, 222
81,663
30,714
30,000
24,088
18, 515
14, 794
58,508
26, 707
24, 745
22,019
115.1
86.1
80.3
62.9
51.8
31.1
83.7
58.4
55.5
46.6
816
840
983, 367
1,060,926
726,835
798,553
754,082
815,733
39, 645
39,358
33, 644
44,092
20,316
18. 648
14,222
21,055
9,396
10, 730
66.1
51 0
...
861
874
881
883
1,131, 625
1,159,212
1,175, 735
1,189,616
868, 307
911,664
922, 645
927, 292
800,193
902,346
914,799
929.110
37,054
36,012
36,134
36,180
40, 635
42,575
43, 533
49,226
27, 575
28,260
23,331
22.324
21,418
22,791
21, 606
25,929
12, 249
16,343
14,279
15,328
5^2
71.7
66.1
59.1
..
888
892
897
899
899
910
915
916
920
924
1,182,206
1,189,929
1,197,522
1,204,351
1,213,476
1,255,307
1,256,760 i
1,283,699
1,298,995
1,312,966 1
930,401
934,361
941, 767
947, 713
953,883
978,556
984,953
1,000,319"
1,005,435
1.009,375 1
931,022
937,903
944,753
949,782
959,033
1,000,326
1,009,345
1,030,956
1,046.079
1.059,666 1
35,690
34,959
34,888
34, 875
34,934
35,007
33,671
32, 714
32,684
32, 054
47, 517
45,025
43,787
42,932
41,543
42,443
38,955
36,490
32,365
30, 761
18,407
17,468
20,609
23,531
22,040
23, 363
24,005
22,165
23,521
23,466
34,830
17,779
19.324
19,892
18,049
25,293
33, 902
24,538
23,493
25,902 I
37,003
16, 515
17,086
16,355
12,988
11, 358
28,551
14, 827
15, 369
15,701
106 2
92 9
88 4
82 2
72 0
44 9
84 2
60 4
65 4
60.6
N u m b e r of
associations
P e r i o d a n d class of association
Governm e n t investment
Repurchase ratio
ALL INSURED
1940: J u n e
December
_
1941: J u n e
October
November
December
_
1942: J a n u a r y _ _
February
March
April__
May
June
July
August
September
October
..
_
_. _.
..
_ _ _.
FEDERAL
1940: J u n e
December
. . . ._
1941: J u n e
October
November . . .
December...
1942: J a n u a r y
February
March
April
May
June
July..
August
September
O ctober
... ... ..
. . .
...
_
..
....
.
... ... .
._ .
...
STATE
1940: J u n e
December. _
1941: J u n e
October
November
December
1942: J a n u a r y
February
March
April
May
June
July
August
September
October
p Preliminary.
December 1942
_
QUARTERLY TABLES
Table 17—GOVERNMENT SHARES
Table 16.—HOLC—Mortgage loans outstanding and properties on hand
Investments in member associations1
[Amounts are shown in thousands of dollars]
[Amounts are shown in thousands of dollars]
Properties owned
D u e on
original
loans
E n d of period
D u e on
property
sold
Book
value
Number >
Federals
State
members
4,703
$212,811
1,000
$67,185
5,703
$279,996
1,831
4, 237
$49,300
$177,626
$31,752
$58,132
$17,548 J $119,494
743
$46,131
$13, 244
$32,887
4,980
$223,757
$71, 376
$152,381
0
0
1
$250
0
0
$2, 326
0
0
$14, 689
Federals
$1, 667, 296
$310, 280
$351, 890
54,433
1941: J u l y
August
._
S e p t e m b e r . . . .__
October
_
November
. . . ._ _
December
___
1, 502,710
1, 485, 558
1, 467, 786
1, 449, 502
1, 433,186
1, 415, 563
351, 868
354, 377
356, 683
358, 922
360, 318
361, 355
298,165
293,132
288,116
282, 904
278, 532
274, 608
43, 933
42, 807
41, 697
40, 614
39, 743
38, 957
1942: J a n u a r y
_
F e b r u a r y . _ ._ .
M a r c h . . _ . . . ___
April
._ . . . .
Mav. _ ...
June _ _ . .
July
August
September
October
1, 397,411
1, 381, 568
1, 363, 957
1, 347, 703
1, 329, 955
1, 311, 851
1, 293,416
1, 274, 912
1, 255, 847
1, 236, 432
360, 541
360, 309
360,167
360, 762
362,156
363, 995
363, 578
364, 761
366, 069
366, 427
272, 859
271, 086
268, 660
265,159
259, 548
253, 234
250,126
243, 979
237, 378
231, 950
38, 599
38, 209
37, 792
37,176
36,187
35,192
34, 672
33, 603
32, 525
31, 594
1940: October
H o m e O w n e r s ' L o a n Corporation
Treasury
T y p e of operation
October 1935-September 1942:
Applications:
Number
.
Amount
_
Investments:
Number
_ _. _ .
Amount
. ..
R e p u r c h a s e s , __ _
Net outstanding investments
T h i r d q u a r t e r 1942:
Applications:
Number
Amount
Investments:
Number
Amount
Repurchases
2
1,862
$50,401
-
.
0
0
_
0
0
$1, 895
-_
1
$250
0
0
Total
$12, 363
1
1
Includes reacquisitions of properties previously sold.
Refers to number of separate investments, not to number of associations in
which investments are made.
2
Investments in Federals by the Treasury were made between December 1933
and November 1935.
Table 18.—FHA—Insured home mortgages (Titles II and V I ) held, by class of institution x
[Thousands of dollars]
Total
C u m u l a t i v e t h r o u g h e n d of m o n t h
Commercial
banks
M u t u a l savings b a n k s
Savings a n d
loan associations
Insurance
companies
Federal
agencies 2
Others 3
1936: D e c e m b e r
$365,157
$221,946
$14,345
$55,601
$41, 358
$4, 648
1937: D e c e m b e r
771,115
422, 772
34,844
110,290
117,936
32,129
53,184
1938: D e c e m b e r
1,198,675
619, 535
51, 813
148,798
212, 206
76,778
89, 545
1939: D e c e m b e r
__
1940: J u n e
September
December
--
- --
.._
1941: M a r c h
._ _
June.
__ .
September
_
December
.
1942: M a r c h
June
- -- -
__'
- -
-..
.
-
_ ... .
-
... .
- -
_ _ _ _ _ _
_-
$27,259
1, 792,980
885,051
88, 641
191, 709
341, 587
152,716
133,276
2,074,739
2,231,998
2,409,197
1,008,147
1,075,090
1,142,949
117,851
129,751
149, 239
208, 218
216,324
224,328
431, 527
479, 623
541, 561
182,327
190,350
201,032
126, 669
140,860
150,089
2, 598,348
2,754,725
2,943, 574
3,115,616
1,226,856
1,300,734
1,381,609
1,447,101
165,421
174,706
189,736
205,748
230,412
237,056
246,588
255,296
606,052
668,069
722,019
791,617
209,989
220,400
225,076
233,628
159,618
153,760
178,546
182,226
3,332, 231
3,551,421
1,533,896
1,614,362
222,351
242,619
266.079
277, 704
867,293
966,440
237,849
245,206
204,764
205,058
i Original face amount of mortgages held; does not include terminated mortgages and cases in transit to or being audited at the Federal Housing Administration.
The R F C Mortgage Company, the Federal National Mortgage Association, and the United States Housing Corporation.
Includes mortgage companies, finance companies, industrial banks, endowed institutions, private and State benefit funds, etc.
2
3
Home Financins
(Continued from p. 69)
least able to maintain their positions. In 12
scattered States, however, their relative importance
showed declines.
The miscellaneous classification of institutional
lenders ("other mortgagees") demonstrated the best
96
all-around comparisons with last year's activity.
In 20 out of the 48 States, this classification reported
a higher volume of loans and these gains were
distributed generally throughout the entire country.
Gains in Delaware and Maryland set the pace for
these institutions, b u t the declines registered in 28
States and the District of Columbia were more than
enough to offset all increases, and the net result was
a 3-percent reduction for the group as a whole.
Federal Home Loan Bank Review
U . S . GOVERNMENT PRINTING O F F I C E : 1 9 4 2
FEDERAL HOME LOAN BANK DISTRICTS
« • » BOUNDARIES OF FEDERAL HOME LOAN BANK OISTHICTS.
9
FEDERAL HOME LOAN BANK CITIES.
m
OFFICERS OF FEDERAL HOME LOAN BANKS
BOSTON
CHICAGO
B. J. ROTHWELL, Chairman; E . H . W E E K S , Vice Chairman; W. H .
C. E . BROUGHTON, Chairman; H . G. ZANDER, Jr., Vice Chairman; A. R.
N E A V E S , President; H . N . F A U L K N E R , Vice President; L. E . D O N O V A N ,
G A R D N E R , President; J. P . D O M E I E R , Vice President; H . C
Secretary-Treasurer; P . A. H E N D R I C K , Counsel; B E A T R I C E E . H O L L A N D ,
Treasurer; CONSTANCE M . W R I G H T , Secretary; UNGARO & SHERWOOD,
Assistant Secretary.
Counsel.
NEW
DES
YORK
JONES,
MOINES
Chairman;
C. B . B O B B I N S , Chairman; E . J. R U S S E L L , Vice Chairman; R. J . R I C H A R D -
N U G E N T FALLON, President; R O B E R T G. CLARK SON, Vice President;
SON, President-Secretary; W . H . LOHMAN, Vice President-Treasurer;
J. M . MARTIN, Assistant Secretary; A. E . MUELLER, Assistant Treas-
GEORGE
MACDONALD,
Chairman; F .
V. D .
LLOYD,
Vice
D E N T O N C. L Y O N , Secretary; H . B . D I F F E N D E R F E R , Treasurer.
urer; EMMERT, JAMES, N E E D H A M & L I N D G R E N , Counsel.
PITTSBURGH
LITTLE ROCK
E.
T . T R I G G , Chairman; C. S. T I P P E T T S , Vice Chairman; R. H . R I C H ARDS,
President;
G.
R.
PARKER,
Vice
President;
H.
H.
GARBER,
Secretary-Treasurer.
W. C. JONES, Jr., Chairman; W. P . GULLEY, Vice Chairman; B . H .
WOOTEN, President; H . D . WALLACE, Vice President-Secretary; J. C.
CONWAY, Vice President; W. F . T A R V I N , Treasurer; W. H . C L A R K , Jr.,
WINSTON-SALEM
Counsel.
H. S. H A WORTH, Chairman; E . C . BALTZ, Vice Chairman; O. K. L A ROQUE, President-Secretary; Jos. W. HOLT, Vice President-Treasurer;
T . SPRUILL THORNTON, Counsel.
CINCINNATI
R.
P . DIETZMAN,
WALTER
tary;
A.
Chairman; W M . M E G R U B
BROCK,
Vice
MADDOX,
Treasurer; T A F T ,
STETTTNIUS
&
P . F. GOOD, Chairman; R o s s THOMPSON, Vice Chairman; C. A. STERLING,
President-Secretary; R. H . BURTON, Vice President-Treasurer; JOHN
S. D E A N , Jr., General Counsel.
PORTLAND
Chairman;
D . SHULTZ, President; W . E . J U L I U S , Vice President-SecreL.
TOPEKA
B E N A. PERHAM, Chairman; E . E . CUSHING, Vice Chairman; F . H .
HOLLISTKR,
JOHNSON,
General Counsel.
President-Secretary;
F R E D T . G R E E N E , President; G. E . O H H A R T , Vice President; C. R U S S E L L
Secretary-Treasurer;
Vice
President-
Los ANGELES
H . B . WELLS, Chairman; F . S. CANNON, Vice Chairman-Vice President;
D E V A U L T , Counsel
BOGARDUS,
BERY, Counsel.
INDIANAPOLIS
PARKER,
IRVING
Treasurer; Mrs. E . M . J E N N E S S , Assistant Secretary; V E R N E D U S E N -
HAMMOND,
BUSCHMANN,
KRIEG
&
D.
G.
DAVIS,
HURFORD,
Chairman;
President;
PAUL
ENDICOTT,
C. E . B E R R Y ,
Vice
Chairman;
Vice President;
F.
Secretary-Treasurer; VIVIAN SIMPSON, Assistant Secretary.
C.
M.
M.
NOON,
@FedFRASER