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FEDERAL
HOME
LOAN
BANK
Washington, July 1942
,r&*
rfttffttAi' NQMI iOAN *A«J< ^ M I I M I f f l A f l O I I
Tenth Anniversary of the Federal
Home Loan Bank System
July 22, 1932—July 22, 1942
As this month draws to a close, 10 years will
have passed since the Federal Home Loan Bank
Act became a law of the land and brought the
Federal Home Loan Bank System into being.
The War in which our Nation is engaged
permits little retrospection—and yet, while
our thoughts are centered in the present and
the future, this important milestone in the
history of the Bank System should not pass
unnoticed.
Next month, in a special issue devoted to the
tenth anniversary of the Federal Home Loan
Bank System, the R E V I E W will retrace the
steps leading to the enactment of the legislation creating a credit reservoir for thrift and
home-financing institutions, and will give a
bird's-eye view of the System's operations and
accomplishments during its first 10 years of
existence.
FEDERAL
CONTENTS
FOR
JULY
-
1942
ARTICLES
Page
BATTLE FOR A BILLION
HOME
323
T h e goal is within reach—Sustained effort necessary—Increasing results
of savings a n d loan participation—Toward m a x i m u m service.
T H E C H A N G I N G P A T T E R N OF M O R T G A G E - L E N D I N G A C T I V I T Y
LOAN
325
Opposite trends in construction a n d home-purchase loans—-Total lending
below last year b u t close [to 1940 r a t e — " S t r a w s in t h e wind"-—Variat i o n s b y class of institution a n d geographic area.
PRESENT-DAY
PROBLEMS IN PERSONNEL
329
F a c t s a b o u t t h e survey—Competitive hiring—The problem of replacem e n t s — H o l d i n g present personnel—Added personnel for war bonds.
BANK
REVIEW
T H E C O N D I T I O N OF M E M B E R S A T ^ T H E ^ O U T B R E A K J O F W A R
331
T r e n d s in t h e combined balance sheet of m e m b e r savings a n d loan associations—Real-estate holdings substantially reduced—Liquidity positions
s t r e n g t h e n e d — F u r t h e r additions to'treserves—Mortgage-loan a n d p r i v a t e share-capital accounts reach new highs.
MONTHLY SURVEY
NATIONAL HOUSING
AGENCY
John B. Blandford, Jr., Administrator
FEDERAL HOME LOAN
BANK ADMINISTRATION
Highlights and s u m m a r y
General business conditions
Residential construction
Building costs
N e w mortgage-lending activity ofjsavings a n d loan associations
Mortgage recordings
Foreclosures
Federal H o m e Loan B a n k System
Insured savings a n d loan associations
341
342
342
343
343
344
344
344
345
John H, Fahey, Commissioner
FEDERAL HOME LOAN
BANK SYSTEM
FEDERAL SAVINGS AND LOAN
ASSOCIATIONS
FEDERAL SAVINGS AND LOAN
INSURANCE CORPORATION
HOME OWNERS' LOAN
CORPORATION
UNITED STATES HOUSING
CORPORATION
Vol. 8
up
STATISTICAL TABLES
N e w family dwelling units—Building costs—Savings and loan lending—Mortgage
\ recordings—Total nonfarm foreclosures—FHA activity—Federal H o m e Loan
B a n k s — S a l e s of U. S. war savings bonds—Savings in selected financial
institutions—Insured ~savings^and_ loan associations
346-351
REPORTS
T h e home front
F r o m t h e m o n t h ' s news
Honor roll of war bond sales
Directory of member, Federal, and insured institutions added during
June
322
328
336
May352
No. 10
SUBSCEIPTION PRICE OF REVIEW. The REVIEW is the Federal Home Loan Bank Administration's medium of communication with member institutions
of the Federal Home Loan Bank System and is the only official organ or periodical publication of the Administration. The REVIEW will be sent to all member institutions without charge. To others the annual subscription price, which covers the cost of paper and printing, is $1. Single copies will be sold at 10 cents. Outside
of the United States, Canada, Mexico, and the insular possessions, subscription price is $1.60; single copies, 15 cents. Subscriptions should be sent to and copies ordered
from Superintendent of Documents, Government Printing Office, Washington, D. C.
APPROVED BY THE BUREAU OF THE BUDGET.
nn
Actions to improve
the lumber situation
01
Redemptions of war bonds
have been small
Clarifying unwarranted speculation
on the volume of redemptions of warsavings bonds, the Treasury has recently issued statistics showing that
through May of this year only little
over $60,000,000, or 1 percent of the
total volume of war bonds outstanding, has been presented for redemption.
In the case of Series E bonds the percentage is 1.5 and for Series F and G
bonds, 0.5 and 0.4 percent,respectively.
ft ft ft ft ft
property with material of like kind
and quality within a reasonable time
after the loss." It excludes any coverage of consequential loss such as
use and occupancy, rent and rental
value, or other indirect losses.
If no agreement can be reached on
the amount of loss, the policy provides
for an appraisal procedure eventually
culminating in the selection of an
umpire by a judge of a Federal court
of the district in which the property
is located. Insurance is payable 60
days after final determination of the
loss.
Regulations on W a r
Damage Insurance
Supplementing the announcement
summarized last month on this page,
the War Damage Corporation has
now issued the rules and regulations
under which war damage insurance is
to be written from July 1.
Gf particular importance to mortgage lenders are the provisions that
policies may be issued to mortgagees
or other parties having a financial
interest in eligible properties, and that
properties under the same ownership,
whether at one or more locations,
may be protected by blanket insurance. This blanket coverage applies
also to mortgagees' policies and carries
a premium rate equal to that for the
highest rated building. No "mortgagee clause'; will be attached to the
policy; loss payment will be made to
the insured unless another payee is
expressly indicated in the contract.
Policies run a year and may be
canceled by the insured only in case
of change in ownership or in the insured's interest. Only one policy is
permitted to the insured on any one
property (or group of properties, if
written blanket). The contract makes
co-insurance permissible; however, the
co-insurance clause does not apply to
dwellings" comprising less than five
family units, nor to farm properties.
The policy stipulates that "the
amount of loss shall not exceed the
actual cash value of the property nor
the interest of the insured therein at
the time of loss, nor the amount it
would cost to repair or replace the
322
Gronf for OEM
Maintenance provisions
of construction freeze order
Repairing and redecorating that
constitute ordinary maintenance or
repair of property have been specifically exempted from the control of
civilian construction exercised under
Conservation Order L-41. In the
event that such work is essential to
maintain or return a structure to
sound working condition without a
change of design, no specific authorization is necessary. Changes in material or type of equipment are also
permissible if the change does not
substantially alter the structural plan.
This policy of the War Production
Board is consistent with the Office of
Price Administration's requirement
that landlords perform customary
maintenance once a rent ceiling,
allowing for that item, has been set.
Cognizance has been taken by responsible war agencies of the double
threat developing in the current lumber
situation. On the one hand, the demands of the War and allied industries
bid fair to outstrip present production
and shipping facilities so that lumber
may soon be in a critical category similar to steel. In order to consolidate
efforts to carry out action programs,
including improved methods of granting priority assistance to the lumber
industry, the War Production Board
has appointed an administrator and an
advisory board for the Western lumber industry.
On the other hand, the lag of production behind peak war demands has
been tending to jack up prices. The
Office of Price Administration has,
therefore, issued a series of new ceiling-price orders to halt this trend.
Maximum price schedules were extended to additional lumber items
processed from Douglas fir, West
Coast hemlock, and all species of true
fir, setting dollars-and-cents ceilings,
effective June 29. Products from
several northern California counties
and similar Canadian imports are now
included, in addition to the originally
covered items from western areas of
Washington and Oregon.
Price ceilings for the major species
of West Coast logs were also set and
red-cedar shingles were included in a
price order. It is estimated that, including Canadian imports of shingles,
99 percent of the total production of
that item falls within the scope of this
regulation.
Standard grades of Appalachian
hardwood lumber were earlier placed
under separate price restrictions to
restore the normal competitive relationships between that type and
Southern hardwood lumber which
prevailed in October 1941.
ft ft ft ft ft
The provisions of the Inventory
Limitation Order have been lifted by
the War Production Board from certain slow-moving, noncritical building
materials. Included in this list are
Portland and natural cement, lime,
gypsum and its products, cut and
crushed stone, sand, gravel, accoustical
and bituminous roofing materials,
brass, lumber, and wooden millwork.
Federal Home Loan Bank Review
BATTLE FOR A BILLION
The voluntary war-savings program is now in its decisive phase, marked
by the one billion-dollar goal set for July. War-bond sales by savings
and loan members of the Bank System during May showed a 45-percent
increase over April, but still greater efforts are needed to make the
u
battle for a billion" a continued success.
r^^^
/^X
AS this issue goes to press a battle is
IWlttBOWiruu reaching its climax—a battle in which
jHBnWU^y every man, woman, and child is on
" ^ C ^
the firing line. I t is being fought in
every city, town, and hamlet in the United States.
Dollars are the only kind of bullets used, and the
people's pay checks are the guns and rifles. The
dragon of inflation is the common enemy, and the
battle is truly a peoples' war because Government
measures alone, no matter how far-sighted and
efficient, will never win this battle. Only if every
citizen realizes his own responsibility, by cutting
down all unnecessary spending and by saving a
maximum portion of his current income, can the
menace of inflation be controlled and the country's
financial stability during and after the War be
assured. This is the battle for a billion—the goal
set in the Treasury's war-savings drive for July and
as the monthly objective thereafter.
should make it a certainty that at least one billion
dollars, or approximately 10 percent of the present
monthly rate of income payments, will go into
Treasury coffers if an all-out effort is made.
SUSTAINED E F F O R T NECESSARY
However, the real test of the voluntary savings
drive lies in the maintenance of this high volume
of war-bond sales. This task is even harder than
the one-time attainment of the goal, and the financial
institutions cooperating in the campaign will need
all the resourcefulness at their command to sustain
the billion-dollar sales per month in the future. If
the battle for a billion is a people's war, then it can
rightly be said that the issuing agents are the vital
procurement centers on the efficiency of which the
outcome depends.
T H E GOAL I S W I T H I N R E A C H
This goal is within our reach. We passed it in
January of this year, immediately after the attack
on Pearl Harbor brought the Nation face to face
with the reality of war. In the past 2 months we
have gradually approached it in accordance with
Treasury plans which set a quota of $600,000,000
for M a y and $800,000,000 for June.
Meanwhile, " a t least 10 percent of America's payroll" has been made the battle cry of the campaign.
Payroll war-savings plans for workers and salaried
employees have been extended over more and more
industrial and other business enterprises. School
savings drives have been intensified. An individual
pledge campaign to reach the large numbers of
citizens who do not work for regular wages has been
undertaken by over a million "Volunteer Minute
M e n " in every State of the Union; and the ceiling
on annual purchases of F and G bonds which are
designed for sale to financial institutions, corporations, trust funds, and other big investors has been
raised from $50,000 to $100,000. All these steps
July 1942
The performance in the war-savings drive so far has fallen clearly into two
periods. From May through November 1941 monthly sales showed a tendency
to decline and never reached the volume of the first month of the campaign.
Pearl Harbor resulted in sudden jumps in sales volume during December and
January, followed by continuous drops in the 3 subsequent months. May sales
totaled $634,357,000, somewhat over the Treasury quota of $600,000,000. June
sales—reported too late to be included in the above chart—were $633,945,000,
substantially below the quota of $800,000,000.
323
Savings and loan executives have demonstrated
in the past their ability to channel the savings of
millions of people into useful investment by their
own institutions which for over 100 years have
specialized in the promotion of thrift. As Governor
Twohy pointed out in his message in the June issue
of the R E V I E W , they now have an unequaled opportunity for making their experience and salesmanship
serve the Nation.
INCREASING R E S U L T S OF SAVINGS AND LOAN
PARTICIPATION
Already, the intensified efforts of the member
institutions of the Federal Home Loan Bank System
have shown increasing results. The volume of
bonds and stamps sold by members in M a y was 45
percent above the April volume. The third Honor
Roll published on page 336 of this issue includes 401
associations which have sold bonds equal to 5 percent or more of their assets, as against 210 listed 2
months before. Of these institutions, 96 have sold
amounts equal to 10 percent or more of assets. In
addition, there are 21 associations which have reported cumulative sales of at least $500,000 as of
May 31.
In several States, every member savings and loan
association is now qualified to act as issuing agent.
In others at least all Federal associations are qualified to sell bonds and stamps. The officers and staffs
of the Federal Home Loan Banks have been devoting
an increasing portion of their time and field activities
to assisting and coordinating the promotional efforts
of individual member institutions.
These efforts have such a wide range that no brief
account can cover them fully: from individual and
group advertising as well as posters and window
displays to solicitation of investors and borrowers by
individual letters; payroll-allotment plans for association employees; financing of patriotic rallies and
bond-promotion days; organization of school savings drives; free safe-deposit service for war-bond
purchasers; and the handling of payroll-savings
plans for the employees of local business establishments. The recent individual pledge campaign
opens up new opportunities for contacting citizens
not yet reached by any of these methods. The
accompanying ad exemplifies how savings and loan
associations are tying in their war-bond advertising
with the "Minute M e n " campaign. A number of
institutions have taken the occasion upon the declaration of dividends on July 1 to urge their investors,
through advertising and other media, that these
current earnings be used for the purchase of warsavings bonds and stamps.
TOWARD MAXIMUM SERVICE
In many communities savings and loan associations have banded together
to undertake cooperative advertising campaigns for the promotion of war-bond
sales. The above ad is an example of such a cooperative undertaking by associations in Cook County. This ad which appeared during the Minute Men campaign shows the regular pledge card and extends the following invitation: "On
the pledge form which you will sign, if you will indicate the name of the savings
and loan association located most convenient to your home or work, that institution will be happy to serve you when you purchase bonds or stamps each payday."
324
Still—many savings and loan associations are not
yet making maximum use of their pulling power for
the benefit of the war-bond drive. Those institutions which have not yet qualified as issuing agents
should do so at the first opportunity even if they are
small and even though they cannot hope to show
impressive dollar sales records; for the larger the
number of sales outlets, the greater will be the aggregate result. Others will find a fertile field in the
handling of payroll-allotment plans for the employees
of small business firms, many of which are not as yet
included in this systematic payroll-savings campaign. The potentialities which lie in the close
contact of savings and loan associations^with their
{Continued on p. SS9)
Federal Home Loan Bank Review
THE CHANGING PATTERN OF MORTGAGE
LENDING ACTIVITY
Lending institutions are beginning to feel the inevitable effect of the
War on mortgage-financing operations, as shown by a sharp drop in
construction loans and a recession in total lending activity of savings
and loan associations. This confronts management with major adjustment problems including the prospect of intensified competition
for mortgage loans.
•
LOOKING over the record of mortgage-financing activity during the past few months, savings
and loan executives are wondering what is ahead in
mortgage lending. Led by a 31-percent drop in
construction loans, the total volume of loans written
by savings and loan associations during the first
4 months of this year was down almost 12 percent
from the 1941 level. Moreover, each month since
the beginning of the year has shown a widening gap
between amounts loaned in 1942 and 1941. Mortgage financing until recently had felt none of the
pinches accompanying the transition from a peace to
a war economy. Does it now face a contraction similar to that experienced by other peace-time businesses?
An analysis of lending statistics for the first 4
months of 1942 will throw some light on this question.
While pertaining to savings and loan associations,
these data are at the same time representative of
general trends in the home-financing field.
OPPOSITE
T R E N D S IN CONSTRUCTION
PURCHASE LOANS
AND
HOME-
The first mortgage-business category to be hit
by the exigencies of war was, of course, the construction loan. I t is more than coincidence that the
recession in construction loans made by savings and
loan associations began in the Fall of last year when
the first restrictions on building activity were applied.
Ever since October 1941 the estimated dollar amounts
advanced on new construction have been below corresponding figures for the preceding year, with an
insignificant exception in December. The April
1942 volume was but little over one-half of the
1941 level and the lowest reported for any April
since 1938. I n the first 4 months of 1942 only
$86,000,000 was loaned on new construction as
against $125,000,000 in the same period of 1941
and $100,000,000 in 1940.
July 1942
The impact of the decline in construction business
has been softened until recently by a vigorous expansion of loans for home purchase. Stimulated
by improving real-estate markets in many communities, loans for the acquisition of existing properties showed considerable increases beginning in
the Spring of 1941, and by the Summer and Fall
they reached rates twice as high as in 1939. However, in the past few months the gains over comparable periods have narrowed down, and January-toApril totals for home-purchase loans aggregated
$161,000,000 compared with $148,200,000 in 1941—
too small an increase to compensate for the 39 milliondollar drop in construction loans during the same
interval. This leveling-off in home-purchase loans
may be attributable in part to the earlier decline in
new construction as some of the mortgages reported
as " home-purchase loans'' really represent the permanent financing of new houses after completion.
The full effect of the reduction in this type of activity
is, of course, not felt before some time after the drop
in new building.
TOTAL LENDING B E L O W LAST Y E A R B U T CLOSE TO
1940 K A T E
Business volume in the remaining loan classifications—refinancing, reconditioning, and "other"—
during the first 4 months of this year has been almost
$20,000,000 below the same period of last year, and
this served to accentuate the downward movement
of aggregate lending activity. More than that,
4-month totals in each of these loan categories were
at the lowest level registered during the past 4 or 5
years.
As a result of these movements in the various loan
classifications, the total volume of loans made by
savings and loan associations from January to April—$343,000,000—was almost $46,000,000 below the
same period of 1941 but still a few millions over the
325
This "dashboard" indicates where lending activity by savings and loan associations "is going." With the exception of home-purchase loans, all loan categories during the first 4 months of this year have shown more or less pronounced
declines from 1941 figures. The sharpest drops occurred in construction and
reconditioning loans which reflected the tightening-up of building restrictions.
In evaluating these figures, however, it must be taken into account that loan
volumes in 1941 were at very high levels.
1940 amount. I n other words, the recession so
far has not gone beyond wiping out the gains made
last year.
Within this reduced volume, construction loans
accounted for only one-quarter of the total amount
loaned as against one-third in 1941, while the proportion of home-purchase loans was 47 percent compared with 38 the year before. The relative importance of combined refinancing, reconditioning,
and "other" loans declined from 30 to 28 percent
of the aggregate volume.
chase-money mortgages.
The real-estate-owned
accounts have now been reduced to such low levels
that this type of lending activity is likely to decline.
Migrations to war-industry centers, which in the
past have stimulated home purchases, will undoubtedly continue but they will be more and more of a
temporary type. Finally, the prospect of service in
the armed forces will caution an increasing number
of potential home purchasers against long-term commitments such as the purchase of a home. All these
factors are likely to limit the extent to which hDmepurchase loans can be expanded or maintained at
their present levels.
With the decline in new construction business,
mortgage departments will now be free to devote
more attection to loaa categories which in the past
2 or 3 years had been somewhat neglected: refinance
ing and reconditioning loans. T h a t some institutions are fully aware of the opportunities for refinancing existing loans on a basis profitable to both lender
and boiTower is borne out by the accompanying ads.
" S T R A W S IN THE W I N D "
Speculating on the immediate prospects for lending activity, it is apparent that the volume of construction loans is bound to show further shrinkage
as the difficulties in securing critical materials even
for much-needed war housing become more pronounced.
Home-purchase loans will retain a key position in
the future lending pattern of savings and loan associations but it is an open question whether they will
be sufficient to offset the gap opened by the everwidening loss in construction-loan business. The
drop in new construction itself may reduce transactions in existing properties because frequently the
addition of newly built houses sets off a number of
purchases of existing homes, caused by the initial
movement of families to the new structures. Moreover, a large volume of home-purchase loans in the
past 2 or 3 years was due to the rapid disposition of
institutionally owned properties sold against pur326
The above ads demonstrate the emphasis placed by some associations on refinancing loans. Many mortgages, particularly those held by individual lenders,
are still on a straight basis or carry interest charges not consistent with present
market rates. The ads stress the advantages of the direct-reduction loans offered
by the associations, their low cost, the systematic reduction of principal, the
absence of commissions and renewal charges, and the importance to the home
owner of dealing with a local lending institution.
Federal Home Loan Bank Review
Reconditioaing loans have an important function in
war-production centers where remodeling of existing
structures is counted upon to absorb a large portion
of the workers moving into these communities.
This activity, for which materials priorities are made
available, frequently calls for financing by lending
institutions and its po ten tie li ties have recently been
demonstrated by the home-modernization campaign
in New Orleans, discussed in the April issue of the
PERCENT CHANGES IN TOTAL LENDING ACTIVITY
OF ALL SAVINGS AND LOAN ASSOCIATIONS
BY FEDERAL HOME LOAN BANK DISTRICT
(JANUARY THROUGH APRIL)
REVIEW.
Leaders in the savings and loan industry have
repeatedly emphasized that a recession from the
high lending volume of 1940 and 1941 need not be
deplored and may, in fact, be "a blessing in disguise."
At the same time, effects on the mortgage market of
a declining loan demand will bear caiefui watching,
since competition for mortgages is likely to be
unabated so long as large pools of institutional and
individual funds are still seeking profitable investment. Even if the flow of new money into financial
institutions continues to slow up because new savings are channeled into war bonds, the accelerated
repayment of existing mortgages during the War
will tend to maintain a large supply of potential
loan funds in the face of a reduced demand—a
situation which may breed the temptation to lower
lending standards.
VARIATIONS BY CLASS OF INSTITUTION AND
GEOGRAPHIC A R E A
The outlook for mortgage lending differs, of course,
from institution to institution and from locality to
locality. Already some notable variations have become apparent in the past few months. Among the
different classes of savings and loan associations,
Federals have suffered a greater shrinkage in lending
volume than State-chartered institutions—due to
the larger portion of construction loans in their total
financing activity, which now demands more farreaching adjustments in lending policies. In the
first 4 months of 1942 aggregate loans made by
Federals were down 17 percent from the 1941 volume;
those written by State-chartered members of the
Bank System declined only 8 percent; and in the case
of nonmember savings and loan associations the decrease was 7 percent.
This has led to some shifts in the relative importance of the various classes of institutions in total
savings and loan financing. The proportion of
Federals in the aggregate loan volume has declined
from 42.4 percent in the calendar year 1941 to 40.2
in the first 4 months of this year. Conversely, the
July 1942
DIST. DIST. DIST. DIST. DIST. DIST. DIST. DIST. DIST. DIST. DIST. DIST.
I
2
3
4
5
6
7
8
9 1 0
II
12
DIVISION OF RESEARCH AND STATISTICS
FEDERAL HOME LOAN BANK ADMINISTRATION
That recent trends in mortgage-lending activity have been far from uniform
is evidenced by the above chart. Comparing 1941 with 1940, changes in Januaryto-April totals ranged from a 38-percent gain in the Boston Federal Home Loan
Bank District to a 1-percent decline in the Des Moines area. Comparing 1942
with 1941, percent changes varied between a 4-percent increase in the Pittsburgh
region to a 32-percent decrease in the Los Angeles District.
share of State-chartered members of the Bank
System has increased from 42.3 percent to 44.1 and
that of nonmembers from 15.3 to 15.6. Within the
membership of the Bank System, the dollar volume
of new loans made by State-chartered associations
has exceeded that of Federals since October 1941,
reversing the top position maintained continuously
by the latter institutions during the preceding 2%
years.
Similarly, there have been marked differences in
lending performance from region to region, as evidenced by the accompanying bar chart. Those
Federal Home Loan Bank Districts where construction loans had been of more-than-average importance
in the lending pattern of savings and loan associations experienced the sharpest declines in financing
activity during the past few months. In contrast,
those areas where home-purchase loans have been
predominant were only mildly affected by war
conditions. The Pittsburgh Federal Home Loan
Bank District is the only one to show an increase in
1942 lending over 1941; this region shows also the
highest proportion of home-purchase loans in the
total lending volume of savings and loan associations.
The New York and Topeka Districts have suffered
only fractional declines. The largest drops in ag~
(Continued on p. 339)
327
«
«
FROM THE MONTH'S NEWS »
CONTRIBUTION: "Associations can make
no more direct or important contribution
to victory than by accepting all the
savings of the public offered and investing this money in Government bonds.
If a dividend adjustment is necessary as
part of this war program, it should be
made."
United States Savings and
Loan League's Committee on
War Policies and Activities.
NEW MATERIALS: " B r i t i s h housing
turns to new commodities under war
pressure. Softwood sawdust, chalk, flour,
cement and other ingredients are mixed,
poured into a mold. The panels thus
made—strong, light, fire-resistant—are
thrown together for a prefabricated home.
Semi-skilled labor, requiring no special
tools or equipment, can put up such a
house."
The Wall Street
June 9, 1942.
Journal,
NOT BOMBED: "A published estimate
of damage done in London by the air
raids about a year ago places the amount
at $450,000,000. In the City of Los
Angeles in the decade between 1931 and
1941, the tax assessment roll decreased
$740,000,000 but we were not bombed."
Gordon Whitnall, The Savings
and Loan Journal, June 1942.
»
»
Aftermath
" The redevelopment of the central slum areas of all our great cities
might well be one of the major methods of affecting a transition from
a war to a peace economy. This would have adverse effects on
some priveteiy owned real estate, but if it saves us from a depression
similar to the one which was the ultimate aftermath of World War I,
it will prove to be a boon to privately owned property in the long
run."
Homer Hoyt, The Appraisal Journal, April 1942.
Changing concepts
" W h e n defense housing became war housing, we did not at once
change our concepts of the character of the shelter we should and
could provide for war workers. This lag in our thinking, and the
very natural reluctance to accept the new and harsher standards of
living under total war conditions, resulted in a collision between our
housing program and our ability to provide the materials with
which to execute it. T h a t is an outline explanation of what m a y
seem to be an abrupt recasting of the whole plan for housing the
in-migrant war workers.
"Unhappily it is becoming increasingly evident that one, two, and
three bedroom detached houses for war workers are luxuries we can
no longer afford to indulge in wholesale."
Sullivan W. Jones, Chief, Housing Priorities Branch,
War Production Board.
INSTALMENT DEBT DROPS: " I t may be
expected that the recent rate of decline
in consumer instalment debt—about 250
million dollars a month—will continue for
several months on the basis of the decrease in the supply of consumers' durable
goods and that after that it may slacken."
Review of the Month, Federal
Reserve Bulletin, May 1942.
CAUSE: "A high tax rate is not the primary cause of decentralization, but decentralization is a cause of the high tax
rate."
City Planning Board of
Boston, The American City,
May 1942.
INTEREST RATES: "The fact that interest
rates have been and are exceptionally
low has attracted investors to real estate
as a means of getting a better yield than
was offered by other outlets."
"William MacRossie, President, American Institute of
Real Estate Appraisers.
DANGEROUS: "In a nation at war 'spending as usual* is as dangerous as 'business
as usual'."
Henry A. Morgenthau, Jr.,
The Minute Man, May 15,
328
The extent to which Federal rent control has blanketed the country is indicated by the map produced
above. Districts thus far affected include 366 regions in every State except North Dakota. More than
two out of every three families in the Nation live in these "defense-rental areas". Concentration is
particularly evident in the North Atlantic States, the steel-producing centers of Ohio and Pennsylvania,
and on the West Coast.
Federal Home Loan Bank Review
PRESENT-DAY PROBLEMS IN PERSONNEL
Mobilization of the Nation's manpower and the increasing demand
for women replacements are creating new personnel problems. Recent
savings and loan experience was the subject of a special survey by
the REVIEW of representative associations. Here are the results.
I
W I T H business as usual definitely out of the
picture for the duration, successful operations
depend more than ever on careful planning and management to make the most of every resource. One of
of the chief resources of any business, particularly
of a service industry like savings and loan associations, is its personnel. What has happened to savings and loan personnel in the present war emergency?
To answer this question, the R E V I E W sent a comprehensive questionnaire to 100 member savings
and loan associations of varying size, located in
every section of the country. Replies were received
from better than three out of every four associations
canvassed, indicating widespread interest in this
management problem.
On the basis of the replies received, it is evident
that present-day problems in personnel are largely
two-fold: (1) how to secure and maintain an adequate staff in the face of the call of our armed forces
and of a booming employment market; and (2) how
to achieve the best results with available personnel.
I n most institutions these problems have not yet
reached critical proportions, but a substantial group
already has made, or is in the process of making,
fundamental adjustments in personnel policies.
FACTS ABOUT THE SURVEY
Questionnaires were mailed early in May to a
selected list of 100 institutions ranging in size from
$1,000,000 to the largest association in the country.
Returns were received from 76 associations located
in 32 States. Their aggregate assets total more
than $600,000,000 or almost 13 percent of the
resources of all savings and loan members of the
Bank System. There were 16 institutions with
assets of less than $2,500,000; 19 in the group from
$2,500,000 to $5,000,000; 22 in the $5,000,000$10,000,000 range; and 19 with resources over
$10,000,000. Altogether their payrolls included
approximately 1,500 employees.
Information has been assembled on questions of
general personnel administration, remuneration and
job classification, employee training and education,
and employee welfare and benefits. Material in-
E F F E C T OF THE D R A F T
About one out of every eight male employees of
this selected group of associations had been called
into the armed forces at the time of the survey.
Proportionately, the largest institutions have been
the hardest hit, losing 65 men out of 450. Associations in the second size group ($2,500,000-$5,000,000)
had had 11 of their 86 men taken in the draft. I n
some individual institutions, the men called represented as much as one-fourth of the total personnel.
Thirty-Dine associations, or half of those reporting,
indicated no loss of personnel on this account. I n
many cases, however, a " n o t y e t " answer showed a
realistic attitude toward future developments.
There was an even division between the associations which replied to the question: "Are you making
it a definite policy to make financial adjustments for
employees who are entering military service?" Of
those who do follow such procedure, 14 have a uniform
policy, while 12 base their action on individual cases.
Many of those which had no such policy had not yet
lost any men to the services. Extra pay for drafted
employees was usually two weeks' or a month's salary.
COMPETITIVE H I R I N G
To sound out the repercussions of the general
economic upswing resulting from the war effort, this
question was asked: "Have you experienced any
unusual difficulty with competitive hiring of your
trained personnel?" The answers to this indicate
that, at least insofar as the R E V I E W ' S pollis concerned,
the effect of the employment boom on savings and
loan personnel has been negligible. Associations have
been fortunate in this lespect compared^with other
types of business.
Only 10 out of the 73 associations replying to this
question have had any trouble on this account.
329
July 1942
468894—42
eluded in this article is confined to those phases of
personnel operations of primary importance now:
selective service, competitive hiring, salary adjustments, and war-bond sales. General personnel
practices will be discussed in a later article.
2
However, managers are none too sanguine about
being able to hold their employees in the future.
Whereas only 10 reported difficulties so far, 25 others
were anticipating trouble. Disregarding the possibility of migration, the effect of competition upon hiring
or retaining employees undoubtedly depends to a
great extent on the proximity of associations to warindustry areas.
T H E PROBLEM OF REPLACEMENTS
If this questionnaire can be considered a fair reflection of the attitude of the entire industry, at least
the immediate future holds considerable promise of
opportunities for women in savings and loan positions.
Those answering a question about replacement possibilities indicated that women are to be given better
than a 2-to-l preference over older men in the hiring
of new employees. One large association answered
"not yet" on the possibility of employing older men,
and "more" on the employment of women. An even
more emphatic answer came from one of the largest
Federals—"certainly no older people." Another
reply said, "older men, no; women, some." The inference here, of course, is that this is another case
where not all vacancies are to be filled.
There are now almost half as many women as men
among employees covered by this survey. I t is to be
presumed that the present figuie includes largely
clerical and stenographic personnel, but if and when
women replace the men now employed, more of the
professional positions may fall to their lot. Already
several associations have substituted women for men
in teller positions.
HOLDING P R E S E N T PERSONNEL
The competitive employment situation, unlike the
military needs of the country, is to a considerable
extent within the control of the associations themselves. Progressive personnel policies are the most
effective defense against this type of problem, and it
is apparent from this survey that a substantial number of savings and loan associations are already meeting the challenge.
There are two ways in which this is done—obviously by increased wages, and less obviously by
what is known in personnel parlance as "psychic
income." The latter, a recognition of the fact that
most people do consider something other than
money as an important factor in their employment,
includes such things as job security, vacation policies,
sick leave, group insurance plans, retirement funds,
recreational activities, and working hours and con330
ditions. These, of course, are fundamental personnel practices.
Salary adjustments which have been made to
meet increased living costs also help to forestall at
least partially the inducement for employees to
change jobs. To the question: "Have you made
any salary advances to compensate for recent increases in the cost of living?", 50 replied in the affirmative, 22 in the negative, of whom 12 indicated that
they planned or were at least considering such a
step. Several associations reported that they were
not giving additional increases because their salaries
were already above those paid for comparable positions. One association, which had already lost one
employee and anticipated future difficulties, operates
on a plan of dividing the extra work caused by resignations and splitting the salary propoitionately
among the remaining employees.
One midwestern association with assets of approximately $3,000,000 has worked out a definite and
not too complicated system of comparative compensation. Based on the maximum amount available
for salary distribution as determined by the board
of directors, the following 6-point schedule is used
as a yardstick: (1) base pay representing the responsibilities of the position, (2) credit for seniority,
(3) credit for conduct, (4) credit for cost of living,
(5) progress of the association, and (6) overtime
work. The feature of tying a cost-of-living index
into salary determination is a new factor introduced
by several types of business recently. In this case
the U. S. Department of Labor index is used as the
basis of measuring changes. All salaries are reviewed
semiannually and adjustments are made at that
time.
The distribution of bonuses in the regular course
of operations was given in several instances as the
reason for not making specific adjustments currently.
A far-western institution, which had not increased
regular salaries, reported that "This was covered by
an added amount of bonuses in 1941, and each year
we expect to consider this in paying bonuses."
Another association manager casts doubt on being
able to continue this practice by the answer "conditions permitting."
ADDED PERSONNEL FOR W A R BONDS
"Has the handling of war-bond sales necessitated
hiring any new employees?" Up to the time this
question was asked, the promotion of war-bond sales
had rarely necessitated an increase in the number of
(Continued on p. 335)
Federal Home Loan Bank Review
THE CONDITION OF MEMBERS AT THE OUTBREAK
OF WAR
The combined statement of condition as of December 31, 1941 for all
sayings and loan members of the Bank System reflects the status of these
institutions in the opening month of the War.
Comparison with
previous year-end statements reveals continued improvement in
virtually every section of the balance sheet.
•
iVS though in preparation for what was to come,
savings and loan operations during 1941 were
directed toward the building of bulwarks against
future uncertainties: liquidity positions were strengthened with additional cash and Government bonds;
real-estate holdings were slashed 37 percent; and
substantial amounts were added to general reserve
and undivided-profit accounts. At the same time,
mortgage-loan portfolios and private-share-capital
accounts were raised to new high levels for the present
period. The net result of this activity and of other
gains in recent years finds most savings and loan
associations in well-fortified positions capable of
withstanding the strains which may develop during
the course of the War.
Year-end assets of all savings and loan members of
the Bank System were at the highest level on record,
and amounted to almost $4,800,000,000—an increase
of $387,000,000, or 9 percent, during the 12-month
period. In terms of dollars, this rise was well above
the gain registered during 1940, but percentagewise
it was about equal to the previous year's mark.
The
number of member associations continued to decline
gradually, however, in line with the trend toward
fewer but larger and stronger institutions. On
December 31, there were 3,771 reporting savings
and loan members—a net decline of 47 during the
year. The combined effect of the increase in assets
and decrease in membership raised the average size
of associations from $1,155,000 to $1,272,000, a rise
of $117,000.
OUTSTANDING ASSET T R E N D S
Real-estate owned: Undoubtedly the most marked
improvement on the asset side of savings and loan
ledgers during the past year was in the extensive sale
of institutionally owned properties. Taking advantage of active real-estate markets and generally favorable economic conditions, member associations
reduced their real-estate-owned accounts 37 percent
and brought the net holdings below $200,000,000 for
July 1942
the first time since the depression. The balance of
$189,000,000 was $110,000,000 less than the amount
on the books at the beginning of the year, and accounted for less than 4 percent of their total assets,
as against almost 7 percent at the end of 1940 and
more than 9 percent 2 years ago.
Proportionately, the greatest reductions were registered in the Winston-Salem, Indianapolis, and New
York Bank Districts. In only 4 of the 12 Kegions
does the real-estate-owned account amount to as
much as 5 percent of association assets.
Liquidity factors: For the fourth consecutive year,
the ratio of cash funds of savings and loan members
of the Bank System showed a significant increase.
Member associations were carrying 15 percent more
cash on hand or in banks at the end of the past year
than they held on December 31, 1940. The $36,000,000-rise in the cash account duplicated the 1940 gain
and brought the total of these funds to more than
$278,000,000, or approximately 5.8 percent of their
total assets. This may be compared with 5.5 percent
a year previous and a low point of 3.5 percent in 1937.
In addition to a stronger cash position, associations also added substantially to their holdings of
U. S. Government obligations which may be converted readily into cash in case of need. Government bond portfolios were raised to more than $75,000,000—an increase of 64 percent over the 1940
balance. Purchase of Series F and G war bonds for
association accounts since the first of this year has
undoubtedly raised this total still higher.
The combined cash, Government bond, and other
investment accounts of member associations were
equal to almost 8 percent of total association assets
in contrast to a little more than 7 percent at the
end of 1940 and only 6 percent in 1937.
Mortgage-loan accounts: As might have been expected in view of the record-breaking volume of
new loans consummated during 1941, the balance of
first mortgages held by member associations experienced a sizeable jump between the past two year33!
Combined statement of condition (or all savings and loan members
NOTE.—Percentage figures show the
[Amounts are shown in
a l a n c e sheet
item
Pittsburgh
3,771
Number of members-
493
377
ASSETS
First mortgage loans (including interest and advances)Junior mortgage liens (including interest and advances)
Other loans (including share loans)
Real estate sold on contract
Real estate owned
Federal Home Loan Bank Stock
Other investments (including accrued interest)
Cash on hand and in banks
Office building (net)
Furniture, fixtures, and equipment (net)
Other assets2
Total assets-
$3,918,967
81.68%
2,985
0.06%
29,577
0.62%
173,598
3.62%
189,429
3.95%
47,553
0.99%
96,283
2.01%
278,696
5.81%
47,229
0.98%
5,293
0.11%
8,148
0.17%
$457,323
83.74%
14
0.00%
5,486
1.01%
705
0.13%
25,718
4.71%
4,545
0.83%
19,208
3.52%
27,041
4.95%
3,394
0.62%
288
0.05%
2,402
0.44%
$376,959
77.71%
273
0.06%
3,646
0.75%
13,177
2.72%
37,093
7.65%
5,280
1.09%
12,408
2.56%
29,981
6.18%
4,832
0.99%
804
0.16%
647
0.13%
$231,185
83.27%
2,117
0.76%
1,860
0.67%
7,053
2.54%
16,016
5.77%
3,122
1.12%
1,545
0.56%
12,431
4.48%
1,385
0.50%
315
0.11%
599
0.22%
$4,797,758
100.00%
$546,124
100.00^
$485,100
100.00%
$277,628
100.00%
$24,338
50.2%
$8,248
2.97%
368,910
76.05%
17,179
3.54%
0
0
24,876
5.13%
5,513
1.14%
4,473
0.92%
1,500
0.31%
962
0.20%
0
0
752
0.15%
916
0.19%
23,378
4.82%
322
0.06%
11,981
2.47%
200,117
72.08%
22,124
7.97%
79
0.03%
17,867
6.44%
2,299
0.83%
2,279
0.82%
1,286
0.46%
903
0.32%
0
0
420
0.15%
952
0.34%
18,031
6.50%
16
0.01%
3.007
1.08%
$485,100
100.00%
$277,628
100.00%
LIABILITIES AND CAPITAL
U. S. Government investment (shares and deposits)Private repurchasable shares
Mortgage-pledged shares
Deposits and investment cert ificates-Advances from Federal Home Loan BanksOther borrowed money—
Loans in process
Advance payments by borrowers—*•
Other 1iabi1ities
Permanent, reserve, or guaranty stockDeferred credits to future operationsSpec i f i c reserves
General reserves
Bonus on shares
Undivided profits
Total liabilities and capital
$195,692
4.08%
15.094
3,416,075
71.20%
438,193
80.23%
43,230
7.92%
0
0
130,777
2.73%
331,926
6.91%
217,881
4.54%
21,345
0.45%
66,786
1.39%
17,620
0.37%
20,826
0.43%
26,519
0.55%
16,044
0.34%
8,050
0.17%
211,337
4.41%
623
0.01%
116,257
2.42%
$4,797,758
100.00%
0.93%
15,224
2.79%
2,203
0.40%
5,309
0.97%
1,627
0.30%
2,067
0.38%
0
0
90
0.02%
214
0.04%
19,434
3.56%
63
0.01%
13,376
2.45%
$546,124 .
100.00%
1
This information has been supplied by the 12 Federal Home Loan Banks who advise that in a few instances reports for member institutions could not be
obtained as of December 31, 1941, and that either estimates or reports of some other date were used.
332
Federal Home Loan Bank Review
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""5
ends and by the close of 1941 was within striking
distance of the $4,000,000,000-mark.
Mortgageloans outstanding increased $423,000,000, or 12
percent, and stood at $3,919,000,000 on December
31. (The 1940 gain was $388,000,000, or 12.5 percent.) Largest percentage increases were registered
by the Winston-Salem, Portland, and Los Angeles
Federal Home Loan Bank Districts; and WinstonSalem also had the distinction of recording the
greatest dollar gain—more than $70,000,000.
The balance of first mortage loans outstanding
accounted for more than four-fifths (81.7 percent)
of association aggregate assets. The Bank Districts
were equally distributed above and below this dividing line, with Winston-Salem again showing the
highest ratio (91 percent) and Indianapolis the
lowest (72 percent).
The elimination of junior mortgage liens from the
investment portfolios of member institutions continued and these secondary securities now account
for a little more than one-half of 1 percent of total
assets.
Sale of real-estate owned on a land-contract basis
resulted in a net increase of more than $6,000,000
in contract accounts. This was a nominal gain,
however, in view of the substantial movement of
real-estate owned, a r d indicated that most sales
were made outright.
Other asset items: I n relation to total assets, changes
in other asset accounts were slight. Member holdings of Fedeial Home Loan Bank stock were up
$4,000,000, or 9 percent. "Other" loans, including
share loans, showed almost no change. Office building and furniture and fixture accounts were 2 percent and 19 percent above their 1940 totals.
LIABILITY AND CAPITAL ACCOUNT CHANGES
Changes in share accounts: Biggest single change
on the credit side of the ledger was, of course, the
11-percent increase in private share capital invested
in member associations. The net gain of $347,
Trends of selected balance-sheet items in relation
to total assets
Item
First mortgage loans
Real-estate owned
Real-estate contracts
C a s h a n d other i n v e s t m e n t s . _
1941 1940 1939 1938
Pet. Pet. Pet. Pet.
81.68 79. 2576. 767 4 . 4 1
3.95 6.80 9.30 11.99
3.62 3. 79 3.84 3 . 7 8
7.82 7.05 6.81 6.32
Trends of selected balance-sheet items in relation
to total liabilities and capital
Item
1941 1940 1939 1938
Pet. Pet. Pet. I Pet.
Private repurchasable capital
71.20 69. 57 67. 43 65. 13
Government share investments
4. 08 5.00 6. 17 6.90
Pledged shares
2 . 7 3 3. 31 4. 11. 4 . 8 0
F H L B advances a n d other borrowed
money
4. 99 4. 92 4 . 9 3 5. 77
General reserves a n d undivided
profits
6.83 6.89 7. 04 7. 15
000,000 during the year was slightly in excess of the
1940 rise and lifted the private-repurchasable-capital
accounts to more than $3,400,000,000. Together
with deposit and investment certificates, the total
private funds invested in these institutions accounted
for 78.1 percent of their aggregate resources, compared with 76.5 percent at the end of 1940 and 74.6
percent 2 years ago.
The greatest improvements in share-capital accounts were shown in the Los Angeles, WinstonSalem, and Portland Bank Districts; and WinstonSalem reported the largest dollar increase—-more
than $71,000,000. In only three Districts did the
growth of share capital keep pace with the net
increase in the mortgage-loan accounts.
Government investments in the shares of member
associations were further reduced during 1941 an
now account for only 4 percent of total assets/
There is now about $19 of private money for ever
$1 of Government funds invested in these institu
tions. A year ago the ratio was 15-to-l, and it was
12-to-l in 1939. The decline of $25,000,000 in
Government investments during the year, although
somewhat below the 1940 volume of repurchases,
again indicates voluntary repayments by associations over and above the rate required.
Mortgage-pledged shares were reduced another
10 percent during the past year and now account for
less than 3 percent of total assets.
Borrowed money: Federal Home Loan Bank advances, reaching the highest level in the history of
Bank operations, accounted for more than fourfifths of the $22,000,000-increase in funds borrowed
by member savings and loan associations. The
relation of total borrowings to aggregate assets
showed little change, however, rising from 4.92
percent at the end of 1940 to 4.99 percent at the close
of last year. In the first 5 months of 1942, the balance of Federal Home Loan Bank advances has been
reduced more than $38,000,000.
Federal Home Loan Bank Review
Current liabilities: Two factors are undoubtedly
responsible for the substantial $4,000,000-increase
in advance payments by borrowers: (1) further
extension of the plan to collect taxes and insurance
premiums in regular advance monthly payments;
and (2) loan prepayments by borrowers which have
not yet been credited to outstanding mortgage
balances. Almost $18,000,000 was being held by
member associations at the end of 1941 for these
purposes.
Loans-in-process accounts likewise showed a
$4,000,000-rise during the 12-month period ending
in December. Funds being held in these accounts
amounted to over $66,000,000 at the year-end.
Reserves and undivided profits: Despite the large
volume of real-estate sales, which frequently "eat
Percentage distribution of balance-sheet items
for all savings and loan members of the Federal
Home Loan Bank System, 1940 and 1941
Balance-sheet i t e m
All s a v i n g s
a n d loan
members
1941
N u m b e r of m e m b e r institutions
ASSETS
Federal
1941
1940
3,771 3,818 1,456
Percent
Percent
Percent
1940
1,433
Percent
Insured
State
1941
1940
1941
1,437
1,550
Percent
Percent
Percent
878
Percent
Uninsured
State
"st mortgage loans (inc.
iterest a n d a d v a n c e s ) . . . 81.681 79.251 84.45 83.21 79.34 76.99| 79. 45
^ N \ | f m o r t g a g e liens (inc.
«iiterest a n d a d v a n c e s ) . _ 0.06 0.09 0.03 0.041 0.07 o.iol 0.11
j t h e r loans (inc. s h a r e
' loans)
0.62 0.68 0.39 0.38 0.46| 0.53 1.08
R e a l e s t a t e sold on con3.62 t 3.79 2.87 3.23 4.
4.871 3.63
tract
6.80| 2.39 4.14 4.49| 7.19 5.83
Real estate owned
3.95
Federal Home Loan Bank
1.07
1.07 0.98 0.99 0.88
0.
stock
0.99|
U . S. G o v e r n m e n t obli1.04|
gations
1.57
O t h e r i n v e s t m e n t s (inc.
0.51
accrued interest)
0.44
C a s h on h a n d a n d in
banks
5.81 5.501 6.33 5.99 5.90 5.79 4.97
1.22 0.93
0.98| 1.05 0.941 1.02
Office b u i l d i n g (net)
1.13
F u r n i t u r e , fixtures, a n d
e q u i p m e n t (net)
0.11 0.10 0.14 0.13 0.12 0.12 0.061
0.171 0.20 0.101 0.10 0.18 0.24 0.27
O t h e r assets
1940
75.90
0.14
1.15
3.73
9.85
0.87
I-
T o t a l assets
100.00
4.67
0.97
0.06
0.31
100.00
100.00
LIABILITIES AND
CAPITAL
U . S. G o v e r n m e n t investm e n t (shares a n d deposits)
Private repurchasable
shares
M o r t g a g e pledged s h a r e s ,
Deposits and investment
certificates
A d v a n c e s from F e d e r a l
Home Loan Banks
Other borrowed money
L o a n s in process
O t h e r liabilities
C a p i t a l , p e r m a n e n t reserve or g u a r a n t y stock..
Specific reserves
G e n e r a l reserves
U n d i v i d e d profits
T o t a l liabilities a n d
capital
July 1942
5.00
7.36J
9.69
3.06
3.73
0.02|
into reserves/' member savings and loan associations were able to add more than $24,000,000 to
their general reserve and undivided profit accounts
during 1941. The 8-percent increase, however, was
slightly below the rate of growth in total assets and
consequently the ratio of reserves and undivided
profits to total assets slipped fractionally from 6.88
percent to 6.83 percent. This is the smallest decline
registered in recent years and with real-estate holdings now reduced to more normal levels, the current
year may well mark the turning point in reserve
ratios.
Present reserves exceed the book value of the real
estate remaining on association books by more than
70 percent. At the end of 1941 there was $1.73 of
reserves for every $1 of real-estate owned. This can
be compared with $1.01 at the end of 1940 and only
76 cents in 1939.
Some indication of improved collections on mortgage loans during 1941 is evident in the $1,500,000decline in the specific reserve accounts which are
largely composed of the reserve for uncollected
interest.
0.01
74.45| 61.26 60.28 70.53 70.04
71.20 69.57 77.
2.73 3.31 0.35] 0.52 1.45| 1.
7.31 7.84
6.91
6.961
0.01
0.02 17.01 16.82|
8.99|
8.67
4.541
0.45
1.39
1.14
4.54
0.38
1.42
1.13
6.63
0.30
1.82
1.15
6.79
0.26
2.06|
1.13
4.16
0.47
1.51
1.42|
4.19
0.401
1.50
1.38
1.73
0.651
0.66|
0.89
1.96
0.52
0.58
0.94
0.55
0.18|
4.41
2.421
0.58
0.22
4.49
2.40
0.00
0.18
3.23
1.87
0.00|
0.21
3.151
1.72
1.
0.18
5.33
2.28
2.00
0.26|
5.41
2.201
0.31
0.151
5.401
3.36
0.32
0.20
5.52
3.40
100.00 100.00 100.00 100.00 100.00
Personnel Problems
(Continued from p. 330)
employees to carry on association operations. Relatively few had taken on new people for this work,
although several expected to do so in the future.
The answer of one official undoubtedly sums up the
situation for the majority—"We all work harder and
longer. ;;
Declines in other phases of association operations
have made it unnecessary for some institutions to
take on new employees to handle this extra work.
One association solved the problem by transferring
three employees who had formerly been in the loan
department to the war-bond department. One organization is using part-time help for this work, and
two others stated that the presence of volunteer
workers enabled them to manage with the addition
of only one new employee.
The largest increases resulting from war-bond
work came from associations which were active in
promoting payroll-allotment plans. A large eastern
association, handling a substantial volume of payrolldeduction accounts, hired 12 new employees for the
bookkeeping and clerical duties involved in bond
transactions. Another large institution stated that
from 1 to 6 extra people were taken on for bond-sale
work, depending upon the time of the year.
335
HONOR ROLL OF WAR BOND SALES
•
T H E Honor Koll is growing, and this is one of
the few occasions where the Editor, habitually
concerned about space, is only too happy to "sacrifice" another column or page. The following list,
the third of its kind, includes 401 member institutions which have earned honorable mention by
selling war bonds and stamps equal to 5 percent or
more of their assets.
The lengthening of the list, from 210 in May and
264 in June to 401 in this issue, in a way measures
the increasing results of savings and loan cooperation in the war-savings drive.
As last month, special recognition is given to
associations which have sold bonds in amounts equivalent to 10 percent or more of their assets, by marking them with asterisks for each additional 5 percent.
This category includes 96 associations, or 24 percent
of the total. As many as 16 institutions have established sales records of 20 percent or more of their
own resources; in most cases these associations are
handling payroll-savings plans for enterprises in
their community.
Associations which have sold more than $500,000
of war-savings bonds and stamps now total 21 as
against 16 last month, and 3 of those have passed
the one million-dollar mark. The list is based on
reported sales (maturity values in the case of appreciation bonds) through M a y 31.
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, Meriden, Conn.
Foxborough Co-operative Federal Savings and Loan Association, Foxborough,
Mass.
Sharon Co-operative Bank, Sharon, Mass.
Windsor Federal Savings and Loan Association, Windsor, Vt.
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 Park, N. J.
Bronx Federal Savings and Loan Association, Bronx, N. Y.
Brooklyn Federal Savings and Loan Association, Brooklyn, 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.
Colonial Federal Savings and Loan Association, Dongan Hills, S. I., N. Y.
Columbia Savings and Loan Association, Woodhaven, N. Y.
Community Savings and Loan Association, Ridgewood, N. J.
Cranford Savings and Loan Association, Cranford, N . J.
East Rochester Federal Savings and Loan Association, East Rochester, 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.
336
Genesee County Savings and Loan Association, Batavia, N. Y.
Guttenberg Savings and Loan Association, Guttenberg, N. J.
Hamilton Federal Savings and Loan Association, Brooklyn, N. Y.
Home Federal Savings and Loan Association, Ridgewood, N. Y.
Jackson Heights Savings and Loan Association, Jackson Heights, N. Y.
Kensington Savings and Loan Association, Buffalo, N. Y.
Long Beach Federal Savings and Loan Association, Long Beach, N . Y.
Midtown Savings and Loan Association, Newark, N. J.
Mohawk Savings and Loan Association, Newark, N. J.
Mutual Savings and Loan Association, Port Richmond, N. Y.
New Brighton Savings and Loan Association, St. George, N. Y.
Northport Federal Savings and Loan Association, Northport, 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.
Summit Federal Savings and Loan Association, Summit, N. J.
Union City Savings and Loan Association, Union City, N. J.
United Roosevelt Savings and Loan Association, Carteret, N. J.
United Savings and Loan Association, Paterson, N. J.
Walton Savings and Loan Association, Walton, N. Y.
NO.
3—PITTSBURGH
•Alvin Progressive Federal Savings and Loan Association, Philadelphia, Pa.
Ambridge Building and Loan Association, Ambridge, Pa.
Benjamin Franklin Federal Savings and Loan Association, Philadelphia, Pa.
Colonial Federal Savings and Loan Association, Philadelphia, Pa.
Columbia Building and Loan Association, Altoona, Pa.
*EUwood City Federal Savings and Loan Association, Ellwood City, Pa.
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, Philadelphia, Pa.
First Federal Savings and Loan Association, Scranton, Pa.
First Federal Savings and Loan Association of South Philadelphia, Philadelph
Pa.
•First Federal Savings and Loan Association, Wilkes-Barre, Pa.
* * * * * * * * * * * * F j r s t Federal Savings and Loan Association, Wilmerding, Pa
First Philadelphia Savings and Loan Association, Philadelphia, 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.
Metropolitan Federal Savings and Loan Association, Philadelphia, Pa.
Mid-City Federal Savings and Loan Association, Philadelphia, Pa.
Mutual Building and Loan Association, Erie, Pa.
North Philadelphia Federal Savings and Loan Association, Philadelphia, Pa.
Peoples Federal Savings and Loan Association, Brackenridge, Pa.
Prudential Savings and Loan Association, Philadelphia, Pa.
Reading Federal Savings and Loan Association, Reading, Pa.
Troy Hill Federal Savings and Loan Association, Pittsburgh, Pa.
United Federal Savings and Loan Association, Morgantown, W. Va.
Vandergrift Federal Savings and Loan Association, Vandergrift, Pa.
York Road Federal Savings and Loan Association, Jenkintown, Pa.
NO.
4^-WINSTON-SALEM
Acadia Federal Savings and Loan Association, Baltimore, Md.
•Bohemian American Building Association, Baltimore, Md.
•••Bohemian Building Loan and Savings Association "Slavie", Baltimore, Md.
Chase Federal Savings and Loan Association, Miami Beach, Fla.
Coral Gables Federal Savings and Loan Association, Coral Gables, Fla.
•First Federal Savings and Loan Association, Bessemer, Ala.
First Federal Savings and Loan Association, Birmingham, 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, Huntsville, Ala.
First Federal Savings and Loan Association, Montgomery, Alabama.
Federal Home Loan Bank Review
•First Federal Savings and Loan Association, Phenix City, Ala.
***First Federal Savings and Loan Association, Winder, Ga.
*Fort Hill Federal Savings and Loan Association, Clemson, S. C.
Home Building and Loan Association, Atlanta, Ga.
****Home Building and Loan Association, Easley, S. C.
Homeseekers Federal Savings and Loan Association, Baltimore, Md.
Jefferson Federal Savings and Loan Association, Birmingham, Ala.
Lake Worth Federal Savings and Loan Association, Lake Worth, Fla.
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.
Mutual Building and Loan Association, Martinsville, Va.
Mutual Building and Loan Association, Pensacola, Fla.
Seneca Building and Loan Association, Seneca, S. C.
Sheffield Federal Savings and Loan Association, Sheffield, Ala.
Standard Building and Loan Association, Columbia, S. C.
Tifton Federal Savings and L oan Association, Tifton, Ga.
Union Federal Savings and Loan Association, Baltimore, Md.
NO. 5—CINCINNATI
American Building and Loan Association, Middletown, Ohio
Anderson Ferry Building and Loan Company, Cincinnati, Ohio
Ashtabula County Building and Savings Company, Ashtabula, Ohio
Bedford Savings and Loan Company, Bedford, Ohio
Belmont Savings and Loan Company, Bellaire, Ohio
Broadview Savings and Loan Company, Cleveland, Ohio
•Buckeye Loan and Building Company, Cincinnati, Ohio
Chagrin Falls Savings and Loan Company, Chagrin Falls, Ohio
Citizens Federal Savings and Loan Association, Beliefontaine, Ohio
Citizens Federal Savings and Loan Association, Marysville, Ohio
Citizens Savings and Loan Company, Akron, Ohio
Cleveland Savings and Loan Company, Cleveland, Ohio
Doan Savings and Loan Company, Cleveland, Ohio
Dollar Federal Savings and Loan Association, Hamilton, Ohio
East Cleveland Savings and Loan Company, East Cleveland, Ohio
Fairfield Federal Savings and Loan Association, Lancaster, 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, Columbus, Ohio
irst Federal Savings and Loan Association, Dickson, Tenn.
First Federal Savings and Loan Association, Greeneville, Tenn.
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
First Federal Savings and Loan Association, Youngstown, Ohio
First Federal Savings and Loan Association, Zanesville, Ohio
First Home Federal Savings and Loan Association, Owensboro, Ky.
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, Marion, Ohio
Home Savings and Loan Company, Coshocton, Ohio
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
Monroe Federal Savings and Loan Association, Tipp City, Ohio
Newport Federal Savings and Loan Association, Newport, Tenn.
North Hill Savings and Loan Company, Akron, Ohio
Oakley Building and Loan Company, Cincinnati, Ohio
•Ohio Savings and Loan Association, Fostoria, Ohio
Orleans Federal Savings and Loan Association, Cleveland, Ohio
Orol Federal Savings and Loan Association, Lakewood, Ohio
Owensboro Federal Savings and Loan Association, Owensboro, Ky.
Park View Savings and Loan Association, Cleveland, Ohio
Peoples Federal Savings and Loan Association, Hamilton, Ohio
•Peoples Federal Savings and Loan Association, Leetonia, Ohio
Peoples Savings and Loan Association, Cleveland, Ohio
Peoples Savings and Loan Company, Bucyrus, Ohio
•Progress Savings and Loan Company, Cleveland, Ohio
July 1942
Safety Building and Loan Company, Georgetown, Ohio
Shaker Heights Savings Association, Shaker Heights, Ohio
••Suburban Federal Savings and Loan Association, Covington, Ky.
••Tatra Savings and Loan Company, Cleveland, Ohio
Third Federal Savings and Loan Association, Cleveland, Ohio
Third Savings and Loan Company, Piqua, Ohio
•Ukrainian Savings Company, Cleveland, Ohio
Union County Federal Savings and Loan Association, Marysville, Ohio
United Savings and Loan Association, Toledo, Ohio
•Versailles Building and Loan Company, Versailles, Ohio
••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
•American Building and Aid #6, Madison, Ind.
•Atkins Savings and Loan Association, Indianapolis, Ind.
Bedford Federal Savings and Loan Association, Bedford, Ind.
Crawfordsville Building Loan Fund and Savings Association, Crawfordsville,
Ind.
Dearborn Federal Savings and Loan Association, Dearborn, Mich.
East Chicago Federal Savings and Loan Association, East Chicago, Ind.
First Federal Savings and Loan Association, East Chicago, Ind.
First Federal Savings and Loan Association, Gary, Ind.
First Federal Savings and Loan Association, Indianapolis, Ind.
•First Federal Savings and Loan Association, Kokomo, Ind.
First Federal Savings and Loan Association, Logansport, Ind.
First Federal Savings and Loan Association, Michigan City, Ind.
First Federal Savings and Loan Association, New Albany, Ind.
•First Federal Savings and Loan Association, Washington, Ind.
Griffith Federal Savings and Loan Association, Griffith, Ind.
Home Building and Loan Association, Indianapolis, Ind.
Home Building and Loan Association, Washington, Ind.
Home Savings and Loan Association, Seymour, Ind.
Tops in volume
Member associations which have sold more than $500,000 of war savings
bonds through May Si
1. First Federal Savings and Loan Association, New York,
N. Y.
$1,177,741
2. Old Colony Cooperative Bank, Providence, R. I.
1,113, 393
3. Railroad Federal Savings and Loan Association, New
York, N. Y.
1,018,025
4. Fourth Federal Savings and Loan Association, New York,
N. Y.
935,787
890, 554
5. Home Federal Savings and Loan Association, Tulsa, Okla.
6. Minnesota Federal Savings and Loan Association, St. Paul,
Minn.
885, 069
7. Talman Federal Savings and Loa Association, Chicago,
111.
873, 333
8. Perpetual Building Association, Washington, D. C.
818, 287
9. Worcester Cooperative Federal Savings and Loan Association, Worcester, Mass.
784, 297
10. Railroadmen's Federal Savings and Loan Association,
Indianapolis, Ind.
783, 350
11. Pacific First Federal Savings and Loan Association, Ta744,192
coma, Wash.
12. First Federal Savings and Loan Association, Miami, Fla.
716, 580
13. First Federal Savings and Loan Association, Rochester,
709,811
N. Y.
14. Edison Savings and Loan Association, New York, N. Y.
683, 375
15. Gem City Building and Loan Association, Dayton, Ohio
668,025
16. First Federal Savings and Loan Association, Chicago, 111.
664,813
17. Home Savings and Loan Company, Youngstown, Ohio
604,178
18. Harvey Federal Savings and Loan Association, Harvey,
111.
554,300
19. First Federal Savings and Loan Association, Detroit, Mich. 542, 724
20. First Federal Savings and Loan Association, Youngstown,
Ohio
540, 728
21. Long Beach Federal Savings and Loan Association, Long
534,200
Beach, Calif.
\
|
**Homestead Loan and Building Association, Albion, Mich.
Indiana Loan Association, Noblesville, Ind.
Indiana Savings, Loan and Building Association, Terre Haute, Ind.
Ladoga Building Loan Fund and Savings Association, Ladoga, Ind.
•Liberty Savings and Loan Association, Whiting, Ind.
Muncie Federal Savings and Loan Association, Muncie, Ind.
•Muskegon Federal Savings and Loan Association, Muskegon, Mich.
North Side Federal Savings and Loan Association, Vincennes, Ind.
Oakland City Federal Savings and Loan Association, Oakland City, Ind.
Ottawa County Building and Loan Association, Holland, Mich.
•Peoples Federal Savings and Loan Association,. East Chicago, Ind.
Peoples Federal Savings and Loan Association, Monroe, 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.
Shelby Street Federal Savings and Loan Association, Indianapolis, Ind.
•••Sobieski Federal Savings and Loan Association, South Bend, Ind.
Steel City Federal Savings and Loan Association, Gary, Ind.
Terre Haute Mutual Savings Association, Terre Haute, Ind.
Twelve Points Savings and Loan Association, Terre Haute, Ind.
Wayne County Federal Savings and Loan Association, Wayne, Mich.
NO. 7—CHICAGO
•••Acme Savings and Loan Association, Milwaukee, Wise.
Alliance Savings and Loan Association, Chicago, 111.
American Savings and Loan Association, Chicago, 111.
Amery Federal Savings and Loan Association, Amery, Wise.
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.
Cicero Home Savings and Loan Association, Cicero, 111.
••City 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, Wise.
Damen Savings and Loan Association, Chicago, 111.
Des Plaines State Building and Loan Association, Des Plaines, 111.
Empire Federal Savings and Loan Association, Milwaukee, Wise.
•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, Springfield, 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.
•Grand Crossing Savings and Building Loan Association, Chicago, IU.
Grunwald Savings and Loan Association, Chicago, 111.
•Guaranty Savings and Loan Association, Chicago, 111.
••Harvey Federal Savings and Loan Association, Harvey, 111.
Hegewisch Federal Savings and Loan Association, Chicago, 111.
Hemlock Savings and Loan Association, Chicago, 111.
••••Investors Savings and Loan Association, Chicago, 111.
Joliet Federal Savings and Loan Association, Joliet, 111.
••Jugoslav Savings and Loan Association, Chicago, 111.
•Lawn Manor Building and Loan Association, Chicago, 111.
Lawn Savings and Loan Association, Chicago, 111.
********Lawndale Savings and Loan Association, Chicago, 111.
Libertyville Federal Savings and Loan Association, Libertyville, 111.
•Lombard Building and Loan Association of DuPage County, Lombard, 111.
Loomis Savings and Loan Association, Chicago, 111.
•Midwest Savings and Loan Association, Chicago, 111.
Morton Park Federal Savings and Loan Association, Cicero, 111.
Mutual Federal Savings and Loan Association, Chicago, 111.
•Naperville Building and Loan Association, Naperville, 111.
Naprstek Savings and Loan Association, Chicago, 111.
National Savings and Loan Association, Chicago, 111.
338
National Savings and Loan Association, Milwaukee, Wise.
New City Savings and Loan Association, Chicago, 111.
New London Savings and Loan Association, New London, Wise.
North Side Federal Savings and Loan Association, Chicago, 111.
North West Federal Savings and Loan Association, Chicago, 111.
Northwestern Savings and Loan Association, Chicago, 111.
Norwood Park Building and Loan Association, Chicago, 111.
Olympic Savings and Loan Association, Berwyn, 111.
Peerless Federal Savings and Loan Association, Chicago, 111.
Peru Federal Savings and Loan Association, Peru, 111.
Prairie State Savings and Loan Association, Chicago, 111.
•Prospect Federal Savings and Loan Association, Chicago, 111.
••Pulaski Savings and Loan Association, Chicago, 111.
Pulaski Savings and Loan Association, Milwaukee, Wise.
Radnice Savings and Loan Association, Chicago, 111.
Republic Savings and Loan Association, Chicago, 111.
Richland Center Federal Savings and Loan Association, Richland Center, Wise.
•••St. Anthony Savings and Loan Association, Cicero, 111.
Second Federal Savings and Loan Association, Chicago, 111.
Security Federal Savings and Loan Association, Chicago, 111.
Springfield Building and Loan Association, Springfield, 111.
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.
Western Federal Savings and Loan. Association, Chicago, 111.
NO. 8—DES MOINES
American Home Building and Loan Association, St. Louis, Mo.
•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, St. Paul, Minn.
••First Federal Savings and Loan Association, Sioux City, Iowa
Independence Savings and Loan Association, Independence, Mo.
Le Mars Federal Savings and Loan Association, Le Mars, Iowa
Northwestern Federal Savings and Loan Association, Minneapolis, Minn.
Perry Federal Savings and Loan Association, Perry, Iowa
Provident Building and Loan Association, St. Joseph, Mo.
St. Paul Federal Savings and Loan Association, St. Paul, Minn.
Security Federal Savings and Loan Association, St. Cloud, Minn.
Sentinel Federal Savings and Loan Association, Kansas City, Mo.
NO. 9--LITTLE ROCK
Amory Federal Savings and Loan Association, Arnory, Miss.
Argenta Building and Loan Association, North Little Rock, Ark.
•Batesville Federal Savings and Loan Association, Batesville, Ark.
Commonwealth Federal Savings and Loan Association, Little Rock, Ark.
Corsicana Federal Savings and Loan Association, Corsicana, Tex.
De Soto Federal Savings and Loan Association, Mansfield, La.
•Deming Federal Savings and Loan Association, Deming, N. Mex.
•El Paso Federal Savings and Loan Association, El Paso, Tex.
•Electra Federal Savings and Loan Association, Electra, Tex.
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, Dallas, Tex.
First Federal Savings and Loan Association, Helena, Ark.
••First Federal Savings and Loan Association, Lubbock, Tex.
First Federal Savings and Loan Association, Waco, Tex.
•Marianna Federal Savings and Loan Association, Marianna, Ark.
McKinney Federal Savings and Loan Association, McKinney, Tex.
Mutual Building and Loan Association, Las Cruces, N . Mex.
Mutual Deposit and Loan Company, Austin, Tex.
•••Nashville Federal Savings and Loan Association, Nashville, Ark.
Oak Homestead Association, New Orleans, La.
Piggott Federal Savings and Loan Association, Piggott, Ark.
Pocahontas Federal Savings and Loan Association, Pocahontas, Ark.
•Ponchatoula Homestead Association, Ponchatoula, La.
•••••Quanah Federal Savings and Loan Association, Quanah, Tex.
Riceland Federal Savings and Loan Association, Stuttgart, Ark.
Roswell Building and Loan Association, Roswell, N. Mex.
Federal Home Loan Bank Review
NO. 1 0 - T O P E K A
American Building and Loan Association, Oklahoma City, Okla.
Century Building and Loan Association, Trinidad, Colo.
Citizens Federal Savings and Loan Association, Wichita, Kan.
First Federal Savings and Loan Association, Colorado Springs, Colo.
********First Federal Savings and Loan Association, Lamar, Colo.
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, Topeka, Kan.
*Garnett Savings and Loan Association, Garnett, Kan.
Golden Belt Savings and Loan Association, Ellis, Kan.
Hays Building and Loan Association, Hays, Kan.
Home Federal Savings and Loan Association, Ada, Okla.
Home Federal Savings and Loan Association, Grand Island, Neb.
*Home Federal Savings and Loan Association, Tulsa, Okla.
****Horton Building Loan and Savings Association, Horton, Kan.
Lyons Building and Loan Association, Lyons, Kan.
***************Osage Federal Savings and Loan Association, Pawhuska, Okla.
**Peoples Federal Savings and Loan Association, Tulsa, Okla.
****Schuyler Federal Savings and Loan Association, Schuyler, Neb.
Shawnee Federal Savings and Loan Association, Topeka, Kan.
NO. 11—PORTLAND
Auburn Federal Savings and Loan Association, Auburn, Wash.
Commercial Savings and Loan Association, Kelso, Wash.
Deer Lodge Federal Savings and Loan Association, Deer Lodge, Mont.
*EUensburg Federal Savings and Loan Association, Ellensburg, 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.
Pattern of Lending Activity
(Continued from p. 827)
gregate lending were found in the Portland and Los
Angeles areas—24 and 32 percent, respectively; in
both these areas the financing of new construction—
mostly war housing—had been at an unusually high
rate a year ago. Other losses in lending activity
ranged from 8 percent in the Indianapolis District
to 21 percent in the Des Moines Federal Home Loan
Bank District.
Every one of the Federal Home Loan Bank Districts has experienced a recession in construction-loan
business as well as in aggregate refinancing, reconditioning, and other loans. However, in 10 out of
the 12 areas expanding home-purchase loans have
filled part of the gap, the Chicago and Portland
areas being the two exceptions.
Extending the comparison of January-to-April
totals over the past 4 years, which up to the recent
break had shown a continuous expansion of lending
activity, it is interesting to note that loan mortgagevolumes in the Winston-Salem, Chicago, Des Moines,
and Portland areas have dropped below 1940 figures.
In two Federal Home Loan Bank Districts, Little
Kock and Los Angeles, new lending activity has even
fallen below 1939 levels. In the remaining Districts
July 1942
First Federal Savings and Loan Association, Lewiston, Idaho
First Federal Savings and Loan Association, McMinnville, Ore.
*First Federal Savings and Loan Association, Mount Vernon, Wash.
First Federal Savings and Loan Association, Port Angeles, Wash.
First Federal Savings and Loan Association, Sheridan, Wyo.
First Federal Savings and Loan Association, The Dalles, Ore.
Liberty Savings and Loan Association, Yakima, Wash.
Olympia Federal Savings and Loan Association, Olympia, Wash.
Polk County Federal Savings and Loan Association, Dallas, Ore.
Puget Sound Savings and Loan Association, Seattle, Wash.
Eawlins Federal Savings and Loan Association, Rawlins, Wyo.
Security Savings and Loan Association, Billings, Mont.
Union Federal Savings and Loan Association, Seattle, Wash.
Walla Walla Federal Savings and Loan Association, Walla Walla, 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.
First Federal Savings and Loan Association of Hawaii, Honolulu, Hawaii
First Federal Savings and Loan Association, Santa Barbara, Calif.
Fresno Guarantee Building-Loan Association, Fresno, Calif.
Greater Arcadia Building-Loan Association, Arcadia, Calif.
Liberty Building-Loan Association, Los Angeles, Calif.
Long Beach Federal Savings and Loan Association, Long Beach, Calif.
Los Angeles American Building and Loan Association, Los Angeles, Calif.
Magnolia Federal Savings and Loan Association, Upland, Calif.
North Hollywood Federal Savings and Loan Association, North Hollywood,
Calif.
Santa Cruz County Building and Loan Association, Santa Cruz, Calif.
Surety Building and Loan Association, San Jose, Calif.
Tucson Federal Savings and Loan Association, Tucson, Ariz.
Wilshire Federal Savings and Loan Association, Los Angeles, Calif.
mortgage-financing activity of savings and loan
associations compared favorably with both 1939 and
1940 which were years of relatively high loan
volumes.
Battle for a Billion
(Continued from p. 324)
vast numbers of members—seven million thrifty
families which are either savers or mortgage borrowers—have not yet been fully exploited. Investments in war bonds by the institutions themselves
will be boosted by the doubling of the annual purchase limits for Series F and G bonds.
With the growing curtailment of war-housing
financing, attendant upon the tightening restrictions
on new construction, the promotion of war-bond
sales becomes the principal contribution to the war
effort which savings and loan associations will be
able to make. In the words of the recent subcommittee report of the War Policies Committee of
the U. S. Savings and Loan League: " F o r a savings
and loan association to fail to sell these bonds is to
fail the Government and to fail in its responsibilities
to its members, its community, and those who are
giving their lives to make possible the continuance of
the American home."
339
RESIDENTIAL BUILDING ACTIVITY AND SELECTED INFLUENCING FACTORS
1935-1939= 100
BY YEARS
BY MONTHS
INDEX
280
—
-i
•
i
i
|
i
i
INDEX
280
i
ADJUSTED FOR SEASONAL VARIATION
260
-PRIVATE CONSTRUCTION^-
240
^S.Jk
1 a 2 FAMILY DWELLING UNITS
220
200
180
PRIVATE CONSTRUCTION
1 a 2 FAMILY DWELLING UNITS
160
140
\
w
(U. S. OEPT OF LAB OR RECORDS)
M
\
ir
\
'«.«•*• / \
•'*'
As*s \ -
CV
ovoo.
UWMIW
.ENL ING
.•*
120
100
.,•
"~v
Yy
\ y \ jrSVGS. a LOAN LENDING | •**'"*
V
J ^
\
(FEDERAL HOME LOAN BANK ADM1N.)
V
80
^
\/J0^
\
, ,,
60
'*';-•......'•"
*/ f\[
f
40
'MNFARMl s
FORECLOSURES-**
(FEDERAL HOME LOAN BANK A O M I N j
p*-
s^
20
|
0
140
Ll ,„l_
I
.A
1
1
1
1 1
•
1 1
1 1
1 1
i
|(U. S. DEPARTMENT OF LABOR)
|
I
'
psssnsn* .«••••«••••••-
d
1
i
i
i
i
i
..I.I
i
,
i
i
-^
i
, , -*v
1—
j BUILDING MATERIAL PRICES
BUILDING MATERIAL PRICES-^
i
i
1
1
•
T
"*""!
/"
"REt
^
A/-1
-^v
,
1
i
1 1
200
,,
i
i
i
i
i
i
i
i
i
i ,
11
i
i
i
ADJUSTED FOR SEASONAL VARIATION
180
1
I
| |
INDUSTRIAL
160
140
INDUSTRIAL PRODUCTION^
/\A
k
120
1
PRODUCTION*
U—f" 1.
*•»—• 1
L.'1—1 1! >/ r
..,...••*
./_ .
1
INCC>ME /°AYMENTS
100
80
60
1930
'31
'32
'33
'34
'35
'36
'37
INDEX COST OF STANDARD SIX-ROOM HOUSE
INDEX
135
160 (
1935-1939 = 100
'38
*39
'40
-V
'41
LAL.
11
1 I
i
i
i
,,
i
WHOLESALE COMMODITY PRICES
i
i
, ,
i
i
1941
1940
i
1942
MILLIONS EH.LB. ADVANCES OUTSTANDING
1935-1939=100
220
\942,
200
180
160
/A
r
V
^
Ss
s
140
940
120
I^lo^J
340
1 0 0
J& FEB. MAR. APR. MAY
J UN JUL. AUG. SEP OCT NOV. DEC.
Federal Home Loan Bank Review
MONTHLY
SURVEY
» »
HIGHLIGHTS
/. The progressive shrinkage of private residential construction is now fully reflected in building statistics.
A. The number of new privately financed dwelling units in May was less than half the number reported for April and less than
one-third of the volume in May of last year.
B. Although publicly financed housing reached a peak level and for the first time exceeded the volume of private construction,
the total number of new family units in May was one-third below last year's level.
II. Building costs showed only fractional changes. The index of wholesale material prices declined somewhat, while the construction cost
for the standard house increased slightly in both the material and labor components.
III.
Mortgage-financing
activity continued to recede from last year's level and the April-to-May
downward movement was
seasonal expectations.
A. Recordings of nonfarm mortgages of $20,000
or less were down 3 percent from April and 20 percent from May
B. Total lending by all savings and loan associations during May was 27 percent below last May—the largest
decline for any month this year.
C For the first 5 months of this year, construction financing by these institutions dropped 38 percent below the
period, while home-purchase loans were up 5 percent.
IV. Private savings in insured savings and loan associations expanded by more than $22,000,000
received in good volume and repurchases fell below last year's level.
in May
contrary to
of last year.
comparative
same 1941
as new investments were
V. The largest monthly increase in industrial production so far this year pushed the Federal Reserve index to a new all-time high.
expenditures during May
almost reached
Total war
$4,000,000,000.
SUMMARY
Reflecting the phenomenal performance of this
country's economy in converting to a war basis,
the trend of industrial production has been generally
upward ever since the United States entered the
War last December—this in spite of the sharp contraction in the manufacture of goods for civilian use.
I t is now estimated that nearly one-balf of the material currently produced is for war purposes, and a
large proportion of this amount has been made possible through direct conversion of existing plant
facilities previously turning out peace-time equipment and supplies.
Part and parcel of this conversion program is the
adaptation of the construction industry in meeting
demands for housing of war workers. By building
dwellings of the types and price-range suitable to
such housing, and by redesigning structures to contain less critical materials, the construction of residences in areas of concentrated war activity is being
sustained at a reasonably high level. But, since many
materials used in the building of houses are necessary
for the production of armaments, the construction of
homes other than for war workers has been brought
to a standstill.
Evidence that the cessation of nonessential building has seriously affected the industry as a whole is
found in the sharp decline in the number of dwellings
July 1942
built so far this year. Despite the huge war-housing
program being sponsored by the Federal government, the total number of new dwelling units built in
the January-May period stood almost 16 percent
under last year. Privately financed units housing
one or two families evidenced a 31-percent drop
during this period.
Concurrently, savings and loan associations loaned
38 percent less for the financing of newly built homes
than in the first 5 months of 1941, or a somewhat
greater decrease than was shown for all 1- and 2family homes newly constructed. The decline in
construction lending is having increasing effects on
total mortgage-financing activity, analyzed on page
325 of this issue.
[1935-1939=100]
T y p e of index
Home construction—private1
Foreclosures (nonfarm) i
R e n t a l index ( N I C B )
B u i l d i n g m a t e r i a l prices
Savings a n d loan l e n d i n g *
Industrial production l
Manufacturing employment1
M a n u f a c t u r i n g p a y rolls 1
Income p a y m e n t s 1
May
1942
Apr.
1942
Percent
change
May
1941
70.5
27.2
111.7
122.9
125.7
176.0
141.3
222.9 !
P162. 7
130.6
29.1
111.5
123.1
134.3
'173.0
'139.4
'215.1
'lfil.fi
-46.0
-6.5
+0.2
-0.2
-6.4
+1.7
+1.4
+3.6
+0.7
208.0
38.3
107.9
112.1
173.2
154.0
128.8
166.7
133.6
Percent
change
-66.1
—29.0
+3.5
+9.6
—27.4
+14 3
+9.7
+33.7
+21.8
P Preliminary. 'Revised.
» Adjusted for normal seasonal variation.
341
BUSINESS C O N D I T I O N S — E x p a n d i n g
war effort is the keynote
Total industrial production, as measured by the
seasonally adjusted index of the Federal Reserve
Board, took the largest monthly step upward since
the beginning of the year, rising from 173 in April to
an estimated 176 in M a y (1935-1939 = 100). As in
other recent months, machinery and transportationequipment industries now largely devoted to war
work were responsible for much of these gains. Production of nondurable items wTas unchanged from
April, and only 3 percent above the level of a year
ago. The output of durable goods, on the other
hand, was up 3 percent from April and almost 26
percent higher than in M a y 1941.
Evidence of the substantial progress which is being
made in the war effort is apparent from the increasing
tide of war expenditures. Total disbursements for
the war program during M a y are estimated at almost
$4,000,000,000, more than nine-tenths of which was
accounted for by the War and Navy Departments
alone. Lease-lend expenditures for the single month
of May were equal to almost three-fourths of the
amount spent for this purpose during the entire year
of 1941.
On the home front, national income payments during the month of May were estimated at almost
$9,000,000,000, and analysis by the Department of
Commerce of first-quarter national income indicates
an annual rate of nearly $109,000,000,000. Despite
the high level of income, retail sales during the month
of May fell 21 percent below the physical volume of
M a y 1941. I n the face of lower consumer demand—
which may indicate that consumers are becoming
"stocked-up" on many, essential items—merchants
have been making " spectacular additions to their
inventories." This was undoubtedly in anticipation
of the stop-production dates on many consumer
goods.
Price-control regulations which were made effective during M a y have already been reflected in
cost-of-living indexes of the U. S. Department of
Labor and in the wholesale price indexes. After 19
months of increase, the cost of living in large cities on
June 2 was slightly lower than on M a y 15. Rent
reductions, especially in the first group of areas in
which nationwide rent-control measures became
effective, resulted in a 1.2-percent decline in the
average for large cities between May 15 and June 2.
Further areas were put under control on July 1.
M a n y food items in the average family budget were
brought under control but 19 of the 54 items in the
342
Bureau of Labor food-cost index are still uncontrolled and the net result was a slight increase.
Wholesale prices were relatively unchanged during
May, but showed slight downward tendencies during
the first 2 weeks in June primarily because of a drop
in prices for farm products and foods. Building
material prices fluctuated within an extremely narrow
range in the 6-week period ending June 20.
BUILDING ACTIVITY—Sharp drop in
private construction
During M a y the effect of the War on housingconstruction activity became more pronounced than
in previous months. The number of privately
financed 1- and 2-family units in urban areas declined
to the lowest M a y level since 1936. The 12,700
family dwelling units provided in M a y by private
enterprise were less than half the number reported
in the preceding month and less than one-third of the
number of a year ago. On the other hand, Government-sponsored war-housing projects reached an
all-time peak of 16,600 dwelling units, an increase of
nearly 80 percent over April. M a y was the first
month in which the volume of publicly financed
construction exceeded the volume of privately
financed building.
The net effect of these contrary movements has
been to reduce the total of all new construction in
urban areas some 18 percent below April and onethird below May of 1941, while the normal seasonal
change during the April-May interval is negligible—
only a 1-percent decline.
January-to-May totals this year were almost 16
percent below those for the same period in 1941; the
decline in the volume of private construction alone,
however, was over 31 percent. [TABLES 1 and 2.]
Federal Home Loan Bank Review
BUILDING COSTS
-Small
TOTAL LOANS MADE BY ALL SAVINGS AND LOAN ASSOCIATIONS
change during M a y
UNITED S T A T E S - B Y
The costs involved in the construction of the
standard 6-room house rose fractionally in M a y .
The increase of 0.4 percent is slightly more than that
shown for April, but so far this year costs have been
moving upward a t a slower pace than in the last
half of 1941. Both material and labor contributed
in approximately equal proportions to the May rise.
The total cost index now stands 23 percent above
the average month of 1935-1939. Labor costs have
shown the greater increase and in M a y were more
than 26 percent above the average month of the
base period. Dealers' prices for materials were 21
percent higher than this average.
Of the 27 cities reporting costs for the past quarter,
21 showed increases; however, only 7 registered
rises of $100 or more.
Wholesale building material prices as reported by
the U. S. Department of Labor moved fractionally
downward during the month of May, carrying the
composite index (1935-1939=100) to 123. Cement
and lumber indicated the only changes since last
month. Cement showed a slight increase while
lumber continued the downward movement begun
in April due to adjustments—price ceilings, especially
on Southern pine lumber. [TABLES 3, 4, and 5.]
Construction costs for the standard house
[Average month of 1935-1939 = 100]
Element of cost
Material
Labor .
Total
r
Percent
change
May
1942
Apr.
1942
Percent
change
May
1941
121. 0
126. 4
120. 5
125. 9
+ 0.4
+ 0.4
108. 8
117. 0
+ 11. 2
+ 8. 0
122. 3
+ 0.4
111. 6
+ 10.0
122. 8
r
BY
140
TYPE
OF
ASSOCIATION
MONTHS
^^
TOTAL - * ^
\-~/
. (A LL ASSOCIATIONS)
.FED E R A L S
/Z^>
^
^s^
•
*
*
—
•
STATE CHARTERED
1 MEMBERS
—v
'
1 1
i
i
•*•—"*»
%
*****
v—&
^NONMEMBERS
" ^
M I M I M I " ,
, 1 M
1 1
1 1 1
CUMULATIVE AS OF MAY 31 EACH YEAR
1940
1941
STATE-CHARTEREO
1942
MEMBERS
1940
1941
1942
NONMEMBERS
further drop of 14 percent in this series. As a result
of these and earlier monthly declines May construction-loan financing was 57 percent under the same
period in 1941.
Home-purchase loans have meanwhile continued
firm. After a relatively minor setback in the Winter
and early Spring, loans for the acquisition of existing
homes increased 28 percent in April, followed by a
2-percent rise in May. The reduction of only 3
percent in home-purchase mortgages when compared with one year ago is in sharp contrast to the
curtailments of at least 26 percent in each of the
Revised.
M O R T G A G E LENDING—Continued
decline, mainly in construction loans
Severe restrictions placed on residential building
in order to divert scarce materials into war-production
channels have caused new construction loans of
savings and loan associations to recede rapidly so
far this year. Following the recent W P B Order
which virtually put a stop to nonessential construction, loans for new building during the month of
April fell 6 percent below similar new mortgages
in the preceding month, while M a y witnessed a
July 1942
New mortgage loans distributed by purpose
[Amounts are shown in thousands of dollars]
Purpose
Construction
H o m e purchaseRefinancing
Reconditioning
Other purposes
Total
May
1942
April
1942
$17, 610 $20, 488
53, 095 52, 196
13, 607 14, 508
3,866
4,083
7,772
6,831
Percent
change
May
1941
- 1 4 . 0 $40, 975
+ 1.7 54, 781
- 6 . 2 18, 506
- 5 . 3 5,930
- 1 2 . 1 10, 761
Percent
change
-57.0
-3. 1
-26. 5
-34.8
-36.5
95, 009 99, 047 - 4 . 1 130, 953 - 2 7 . 4
other four major categories. For the first 5 months
of this year, the home-purchase loans were 5 percent
above the 1941 level as compared with a retrenchment of 29 percent in all other new mortgage loans.
Viewing the total lending activity of savings and
loan associations so far this year, it is noted that the
margin of retrenchment from a year ago has been
continuously widening since January. At that time
the decline from the same 1941 month amounted to
only 1 percent, while bjr M a y a loss of 27 percent
was noted. Total loans for the entire J a n u a r y - M a y
interval have averaged 16 percent less than in the
same period of last year. [TABLES 6 and 7.]
M O R T G A G E RECORDINGS-Sharp
curtailment of dollar volume
Mortgage-financing operations were curtailed
sharply during May, a month during which mortgage-recording activity normally is expected to approach a peak for the year. The volume of nonfarm
mortgages of $20,000 or less filed for public record
during M a y amounted to $350,000,000, a reduction
of $10,000,000 or 3 percent from April, and of 20
percent from May of last year. This decline from
April to May compares unfavorably with the 10-percent average increase shown in these months during
the last 3 years.
Mortgage-financing activity in the past few
months has receded steadily from the level of 1941.
Nonfarm mortgages recorded during January were
4 percent more than during the same 1941 month.
During February, however, recordings were fractionally below the same period of last year, and each
succeeding month has witnessed an increase in the
rate of decline from comparable 1941 months. I t
Mortgage recordings by type of mortgagee
[Amounts are shown in thousands of dollars]
Type of lender
PerPercent Percent Cumulacent
change of May tive reof
from
1942
cordings total
April amount (5 months) record1942
ings
Savings and loan associations
-a 6
Insurance companies __ - 7 . 8
Banks, trust companies. _ -5.5
Mutual savings banks
+ 3.9
Individuals.
_
+ 1.8
Others
-6.4
Total
-2.7
$494, 139
158, 504
385, 583
67, 304
299, 252
258, 446
29. 7
9. 5
23. 2
4. 1
18. 0
15. 5
100. 0 1, 663, 228
100.0
30.8
9. 1
22.2
4. 5
18. 2
15.2
is also interesting to note that, whereas the average
size of mortgages recorded tended upward throughout 1941, there has been a downward trend during
the January-May period of this year. [TABLES 8
and 9.]
NOTE: The subheading of Table 8 in the June issue of the REVIEW should read
April 1942 instead of March 1942.
FORECLOSURES—Down 29 percent
from last year
Persistent reductions in the number of nonfarm
real-estate foreclosures, which have been characteristic of the period since the depression of the early
thirties, continued through May. The total of
3,813 cases estimated for the month of May represents a decrease of 1 percent from the previous
month—a favorable movement when compared with
the customary April-to-May increase of 6 percent.
As a result, the seasonally adjusted foreclosure
index declined 6.5 percent in the month of M a y and
now stands at another new low of 27.2 compared
with the average level of the 1935-1939 base period.
May foreclosures were down 29 percent from the
same month last year. Each Federal Home Loan
Bank District and all b u t 10 scattered States shared
in this improvement over 1941. During the 12
months ending May 31, a total of 50,700 foreclosures
took place—a volume 28 percent below the same
period a year previous. [TABLE 10.]
B A N K SYSTEM—Advances outstanding
fail to reflect seasonal upturn
The volume of advances outstanding on M a y 31
failed to show the usual seasonal upturn for that
month; instead, the steady decline which was evident
since January of this year continued. This is
probably due to the sharp drop in construction
lending by member institutions wrhich in normal
periods required an increasing volume of advances
during the building season.
The balance of advances outstanding at the end
of May—$181,165,000—was approximately $4,000,000 below the April figure which made a 5-month
recession of $38,300,000 from the all-time high of
last December. The May figure, however, was the
highest for that month since 1938. Only the Boston,
Cincinnati, Indianapolis, and Topeka Banks reported
amounts outstanding in excess of April.
As is customary, there was a greater demand for
new advances during May than in the preceding
month—indicated by the almost $l,500,000-increase
over the April figure. However, this increase was
Federal Home Loan Bank Review
smaller than in similar periods of earlier years. The
Bank Districts were evenly divided in their participation in the current rise in new advances. Those
showing a gain over last month were Boston, New
York, Cincinnati, Indianapolis, Chicago, and Topeka.
Repayments during May by far exceeded the
amounts recorded in previous years although they
showed a slight decline ($600,000) from April. Only
in four areas—New York, Winston-Salem, Chicago,
and Portland—were the repayments greater than
in April.
Progress in number and assets of Federals
[Amounts are shown in thousands of dollars]
Number
Approximate
assets
Class of association
M a y 31, Apr. 30, M a y 31,
1942
1942
1942
New.
Converted
__
Apr. 30,
1942
640
824
640 $688, 020 $680, 037
824 1, 482, 848 1, 471, 825
1,464
1,464 2, 170, 868 2, 151, 862
[TABLE 12.]
Total
INSURED ASSOCIATIONS—Share
repurchases show further reductions
Private share capital of the associations insured by
the FSLIC has been increasing at accelerated rates
in each month since January when a temporary reduction was experienced. During the month of M a y
the growth in the combined savings entrusted to
insured savings and loan associations amounted to
$22,000,000, an expansion nearly equal to that reported in May 1941.
Difficulties in sustaining new loan business during
the war emergency have also caused mortgage portfolios to grow less rapidly than in former periods.
Nevertheless, in the first quarter of this year combined mortgage holdings of all insured institutions
expanded more than the harder-hit capital accounts.
The situation was reversed this Spring, when the impact of the stringent "Stop-Construction" Order was
felt in a falling-off of new loan business at a time
when capital was flowing in more freely. In May
the growth in mortgages held was only $6,000,000 in
the face of a rise of $22,000,000 in private share
capital. This resulted in continued repayments of
F H L B advances at a time of the year when such
borrowings normally increase rather sharply.
FEDERAL SAVINGS AND LOAN ASSOCIATIONS
Although the number of Federal associations remained the same during the month of May, total
assets of these institutions continued to grow by
$19,000,000. This increase came closer to that for
the same period of 1941 than in any other month so
far this year, despite the current obstacles to maintaining normal lending operations.
The repurchase ratio showed further improvement
in May and was, in fact, lower than in the same
month of 1941 for Federals as well as State-chartered
insured institutions. I t is well from time to time to
review the truejmeaning of this figure. The reJuly 1942
purchase ratio measures the outgo of private savings
funds as a percent of the inflow of new savings and as
such is an important operating yardstick. However,
the repurchase ratio is no indication of the ability of
associations to meet withdrawal requests. New investments are only one of the several sources from
which associations may be able to meet repurchase
demands. Other sources are cash and Government
securities convertible into cash, mortgage repayments
and miscellaneous cash receipts such as down payments from properties sold. In addition, associations may obtain Federal Home Loan Bank advances to supplement their own cash resources. As
anyone familiar with the operation of savings and
loan associations knows, mortgage repayments alone
account for a considerable portion of total cash
receipts.
[TABLE 15.]
U. S. Information Service
•
W H I L E executives of member institutions of the
Bank System have their own Washington contacts through the Federal Home Loan Bank Administration and other units of the National Housing Agency, they may wish to call the attention of
other businessmen to the following communication
from the United States Information Service:
Businessmen, industrialists and others coming to Washington who require information, or who are in doubt as
to the proper Government official or officials to contact
for a discussion of their problems, will avoid confusion and
save time by making use of the expanded services of the
United States Information Service, conveniently located
at 1400 Pennsylvania Avenue, N. W.
Trained information clerks are available to answer
questions, and staff specialists are available for personal
interviews. Telephone inquiries may bejnade by calling Executive 3300.
345
Table 1 . — B U I L D I N G A C T I V I T Y — E s t i m a t e d number and valuation of new family dwelling units
provided in all urban areas, in M a y 1942, by Federal Home Loan Bank District and by State
[Source: U. S. Department of Labor]
[Amounts are shown in thousands of dollars]
All residential dwellings
N u m b e r of family dwelling
units
Federal H o m e Loan B a n k District and State
M a y 1942
M a y 1941
All p r i v a t e 1- a n d 2-family dwellings
N u m b e r of family dwelling
units
Permit valuation
M a y 1942
M a y 1941
M a y 1942
M a y 1941
Permit valuation
M a y 1942
M a y 1941
29,231
43,885
$92,357
$158,915
11,300
33,355
$38,085
$129,585
1,001
2,560
3,575
10,425
932
1,880
3,292
8,441
596
33
331
10
30
1
1,159
120
941
133
158
49
2,106
96
1,239
14
117
3
4,447
388
4,131
511
719
229
593
33
265
10
30
1
556
116
877
124
158
49
2,098
96
964
14
117
3
2,622
375
4,000
496
719
229
2,237
5,255
8,122 ~
20,933
1,178
2,964
4,038
13,456
1,353
884
1,945
3,310
4,955
3,167
7,780
13,153
705
473
1,207
1,757
2,395
1,643
5,201
8,255
958
2,899
3,700
12,294
658
2,427
2,504
10,651
0
931
27
33
2,608
258
0
3,608
92
199
11,140
955
0
631
27
33
2,143
251
0
2,412
92
199
9,513
939
4,095
8,322
11,806
23,725
1,084
4,411
2,857
14,241
297
387
120
137
2,360
34
10
750
949
1,324
1,233
702
1,943
598
296
1,277
662
922
255
255
7,179
55
17
2,461
2,408
4,287
4,305
1,385
4,587
1,523
668
4,562
124
10
120
137
460
34
10
189
429
241
953
668
576
572
268
704
169
19
255
255
1,420
55
17
667
908
1,528
3,636
1,347
1,678
1,468
613
3,063
N o . 5—C i n c i n n a t i . .
2,454
3,009
8,967
12,306
l7ll3
2,441
4,340
10,629
Kentucky
Ohio
T e n n e s s e e . . . ._
70
1,860
524
337
2,222
450
182
7,358
1,427
834
10,291
1,181
62
996
55
329
1,670
442
164
4,092
84
820
8,637
1,172
1,524
3,478
6,195
15,308
1,524
3,433
6,195
15,083
447
1,077
881
2,597
1,621
4,574
3,411
11,897
447
1,077
842
2,591
1,621
4,574
3,195
11,888
1,540
2,778
5,299
13,116
687
2,304
2,739
11,653
1,384
156
1,595
1,183
4,693
606
8,584
4,532
535
152
1,554
750
2,143
596
8,428
3,225
U N I T E D STATES
N o . 1—Boston
._ _
Connecticut...
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
_
__.
__
N o . 2—New Y o r k
N e w Jersey
N e w York
...
___
_ ._
_
.
N o . 3—Pittsburgh
..
Delaware
Pennsylvania
W e s t Virginia
._
_
N o . 4—Winston-Salem
Alabama
D i s t r i c t of C o l u m b i a
Florida
Georgia
Maryland
North Carolina...
South Carolina..
Virginia
N o . 6—Indianapolis
..
Indiana
Michigan
N o . 7—Chicago
Illinois
Wisconsin
510 ~"
27097
l7746
8,220
498
1,980
1,710
7, 916
184
226
91
6
3
522
839
574
92
70
611
829
293
11
2
2,049
3,627
1,992
315
237
184
218
87
6
3
518
807
507
78
70
611
803
283
11
2
2,024
3,522
1,845
288
237
1,140
3,392
2,608
8,627
1,129
3,297
2,590
8,453
51
185
63
28
813
239
462
403
149
2,139
95
507
53
85
1,868
614
1,307
551
390
5,765
48
181
63
28
809
228
458
395
137
2,079
90
503
53
85
1,859
592
1,301
542
368
5,650
769
1,575
2,205
4,574
681
1,313
2,015
3,928
,
58
370
56
285
581
348
152
494
126
1,024
182
873
1,783
858
598
1,335
58
282
56
285
362
305
152
494
126
834
182
873
1,195
801
597
1,335
j
8,397
1,699
24,131
5,843
555
1,552
1,710
5,477
4
126
110
381
307
726
49
7
5
5,554
4,171
14,394
0
399
337
1,240
1,064
2,607
196
4
3
73
115
360
0
126
110
323
304
640
49
7
5
231
332
1,135
0
399
337
1,113
1,055
2,377
196
N o . 8—Des M o i n e s
Iowa
Minnesota
Missouri
N o r t h D a k o t a ._
South D a k o t a . .
N o . 9—Little B o c k , ,
Arkansas
Louisiana
Mississippi
N e w Mexico
Texas
_
.
_
_
_
N o . 10—Topeka
_
Colorado
Kansas.
Nebraska
Oklahoma
.
.
_
N o . 11—Portland
Idaho
Montana
Oregon
Utah
Washington
Wyoming
_
.
_
1
N o . 12—Los Angeles
Arizona
California
Nevada
346
1,947
1,519
4,924
_ ..
4,606
6,821
14,003
23, 544
1,261
5,353
4,095
19,657
.
17
4,508
81
90
6,671
60
46
13,707
250
265
23,010
269
17
1,167
77
85
5,212
56
46
3,803
246
255
19,144
258
_
.
_
_
o
. .
__. _._
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 unit?
provided in all urban areas of the United States
ISource: U. S. Department of Labor]
[Amounts are shown in thousands of dollars]
Permit valuation
N u m b e r of family dwelling u n i t s
M o n t h l y totals
T y p e of construction
P r i v a t e construction
1-family dwellings
2-family dwellings l
3-and more-family dwellings 2
__
Public construction
1942
1941
39,405
106,987
30,967
2,388
6,050
81,397
8,214
17,376
4,480
43,885
M a y 1942
A p r i l 1942
M a y 1941
12,667
26,484
10, 384
916
1,367
18,399
2,761
5,324
16, 564
T o t a l u r b a n construction
29, 231
r
9, 218
* 35, 702
M o n t h l y totals
Jan . - M a y totals
J a n . - M a y totals
M a y 1942
A p r i l 1942
M a y 1941
155, 715
$41, 798
$85,394
$145,133
$357,188
$571, 928
120,070
9,818
25,827
35, 511
2,574
3,713
64,326
6,893
14,175
123,626
5,959
15,548
290,546
21,611
45,031
473, 533
24, 543
73,852
48, 013
27, 985
50, 559
* 32, 350
13,782
158,889
88,243
155,000
183, 700
92, 357
' 117,744
158,915
516,077
660,171
1942
1941
* Includes 1- and 2-family dwellings combined with stores.
Includes multi-family dwellings combined with stores.
Revised.
2
r
Table 3.-BUILDING COSTS
-Cost of building the same standard house in representative cities in
specific months *
NOTE.—These figures are subject to correction
[Source: Federal Home Loan Bank Administration]
T o t a l cost
C u b i c foot cost
Federal H o m e Loan B a n k District
and city
N o . 1—Boston:
Hartford, Conn
New Haven, Conn
Portland, M e
Boston, Mass
Manchester, N . H
Providence, R . I
Rutland, Vt
...
._
._
___
N o . 4—Winston-Salem:
B i r m i n g h a m , Ala
Washington, D . C
Tampa, Fla
Atlanta, Ga
Baltimore, M d _
Cumberland, M d
Asheville, N . C
Raleigh, N . C
C o l u m b i a , S. C
R i c h m o n d , V a - ..
Roanoke, Va
N o . 7—Chicago:
Chicago, 111
Peoria, 111
Springfield, 111
Milwaukee, Wis
O s h k o s h , W i s __
N o . 10—Topeka:
D e n v e r , Colo
Wichita, Kans
Omaha, Neb
O k l a h o m a C i t y , Okla
_.
.
_-
__
_
._
1942
1941
June
June
•
1942
June
1941
Mar.
Dec.
Sept.
June
1940
1939
1938
June
June
June
$0.316
.308
,229
.319
.249
.289
.278
$0.276
.277
.226
291
.245
.265
.247
$7, 584
7,390
5,486
7,667
5,983
6,925
6,681
$7,490
7,286
5,483
7,490
5,983
6,822
6,602
$7,204
7,171
5,493
7,353
5,969
6,701
6,361
$7.166
7,131
5,424
7,122
5,884
6,554
6,316
$6,615
6,650
5,424
6,986
5,882
6,355
5,917
$6,019
5,868
5,256
6,484
5,390
6.066
5,327
$5,842
5,597
5,294
6,286
5,427
5,996
5,427
$5,659
5,616
5,526
6,079
5,392
5,933
5,676
.298
.288
.262
.257
.265
.276
.250
.272
.262
.252
.267
.271
.257
.256
.247
.257
.250
.238
.229
.239
.233
.247
7,155
6,919
6,293
6.179
6,366
6,634
6,004
6,536
6.282
6,050
6,415
' 7,153
6,682
6,284
6,197
6,306
6,282
5,940
6, 534
' 6, 271
5,969
6,300
»7,107
6,396
6,229
6,194
6,280
6,287
5,939
6,155
' 6,100
5,940
6,157
* 6,978
6,170
6,186
6,138
6,180
6,264
5,779
6,088
' 5. 935
5,944
6,034
6,494
6,173
6,152
5,939
6,157
6,006
5,708
5,502
5,734
5,600
5,936
5,071
5,735
5,673
4,873
4,750
4,979
5,010
4,660
4,819
5,205
5,310
5,655
5,576
4,822
4,746
5,539
4,872
4,952
4,783
4,936
5,150
6,068
5,989
5,608
5,207
4,739
5,535
5,194
5,430
4,776
5,249
5,056
.331
.322
.326
.289
.279
.307
.304
.311
.255
.251
7,940
7,727
7,826
6,926
6,702
7,940
7,727
7, 826
6,926
6, 701
7,863
7,707
7,881
6,632
6,544
7,783
7,686
7,838
6,500
6,431
7,371
7,288
7,463
6,117
6,029
6,773
7,082
7,145
5,369
5,416
6,846
6,556
6,789
5,300
5,498
6,904
6,695
6,965
5,072
5,609
.290
.272
.269
.335
.269
.252
.262
.273
6,953
6,528
6,458
8,030
6, 928
6,483
6,400
7,772
6,826
6,376
6,288
7,772
6,754
6,126
6,275
7,069
6,456
6,058
6,287
6,552
6,092
5,838
6,132
6,117
6,376
6,021
5,778
5,860
6,464
5,866
5,814
5,840
» Revised.
i The house on which costs are reported is a detached 6-room home of 24,000 cubic feet volume. Living room, dining room, kitchen, and lavatory on first floor; three
bedrooms and bath on second floor. Exterior is wide-board siding with brick and stucco as features of design. Best quality materials and workmanship are used throughout.
The house is not completed r eady for occupancy. It includes all fundamental structural elements, an attached 1-car garage, an unfinished cellar, and 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, lighti ng fixtures, refrigerators, water heaters, ranges, screens, weather stripping, nor window shades.
Reported costs include, in add ition 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.
July 1942
347
Table 4 . — B U I L D I N G COSTS—Index of building costs for the standard house
[Average month of 1935-1939=100]
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 Sept. 1941 A u g . 1941 J u l y 1941 J u n e 1941 M a y 1941
E l e m e n t of cost
Material
Labor..
T o t a l cost
r
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
114.4
120.7
112.6
120.0
110.7
119.3
109.2
118.6
108.8
117.0
122.8
' 122. 3
122.0
121.2
120.6
119.9
119.2
118.5
116.5
115.1
113.6
112.4
111.6
Revised.
Table 5 . — B U I L D I N G COSTS—Index of wholesale price of building materials in the United States
[1935-1939=100; converted from 1926 base]
[Source: U. S. Department of Labor]
All b u i l d i n g
materials
Period
Brick and
tile
Paint and
paint materials
Lumber
Cement
Plumbing
and heating
Structural
steel
Other
1940: M a y
103.3
99.3
99.3
106.9
105.7
105.9
103.5
99.7
1941: M a y
June
July...
August
September
October
November _
December
112.1
112.8
115.1
117.8
118.8
119.8
120.0
120.4
101.1
101.8
103.7
104.7
105.3
106.3
106.3
106.4
100.4
100.9
101.1
101.1
101.2
101.7
102.2
102.5
130.1
131.0
136.2
142.0
143.8
144.2
143.3
144.1
109.8
111.0
112. 6
114. 7
116.4
118.0
117.2
118.6
109.0
109.2
109.3
114.0
114.4
115.3
115.5
117.1
103.5
103.5
103.5
103.5
103.5
103.5
103.5
103.5
104.1
104.8
106.4
108.0
108.4
109.8
111.6
110.8
122.0
122.9
123.4
123.1
122.9
106.6
106.8
106.9
107.9
107.9
102.5
102.5
102.7
103.3
103.4
146.5
147.8
148.2
146.8
146.4
121. 8
122.8
123.9
123.7
123. 7
123.0
128.6
129.0
129.4
129.4
103.5
103.5
103.5
103.5
103.5
111.5
111.9
112.3
112.3
112.3
.
__..__
_
._ __
.
._
.. .
_
1942: J a n u a r y
February
March.
April
May
... __
.. . ._ _
.
_ _
Percent change:
M a y 1942-Apr. 1942
-0.2
0.0
+0.1
-0.3
0.0
0.0
0.0
0.0
M a y 1942-May 1941
+9.6
+6.7
+3.0
+12.5
+12.7
+18.7
0.0
+7.9
Table 6 . — M O R T G A G E LENDING—Estimated volume of new home-mortgage loans by
savings and loan associations, by purpose and class of association
al
[Thousands of dollars]
P u r p o s e of loans
Period
1940
Jan.-May
May...
_.
_
1941...
Jan.-May
May
June
July.
August
September
October
November
December
_.
1942
Jan.-May..
January...
February
March
__
April.
May
348
_
_.
_
_
_
_
_
_.
Class of association
Reconditioning
L o a n s for
all other
purposes
Total
loans
Construction
H o m e purchase
Refinancing
$398,632
$426,151
$198,148
$63, 583
$113,065
$1,199,579
$509,713
$483,499
$206,367
137,071
36,956
159, 466
42,049
84,251
18,043
24,542
6,896
46,047
10,607
451,377
114,542
191,899
49,287
179,980
45,803
79,498
19,452
437,065
580, 503
190,573
61,328
109,215
1, 378, 684
584,220
583,804
210,660
166,056
40, 975
44, 207
44, 918
42,987
40,782
37,722
30,103
30,290
202,968
54, 781
55,993
55,682
55,973
58,052
59, 874
48, 816
43,145
80,163
18,506
17,891
16,816
15,785
15,871
16,283
13, 340
14,424
24,420
5,930
5,633
6,022
5,571
5,884
5,361
4,267
4,170
45,909
10, 76f
9,916
9,534
9,411
9,345
8,698
8,223
8,179
519,506
130, 953
133, 640
132,972
129, 727
129, 934
127,938
104, 749
100, 208
222,137
55, 396
57, 542
56,564
57,592
54,786
52, 507
41, 910
41,182
218,646
54,495
54,857
55,676
54,542
54,303
54,930
46,890
43,960
78,733
21,062
21, 241
20,732
17,593
20,845
20, 501
15,949
15,066
103,463
22, 791
20,799
21, 775
20, 488
17,610
214,117
34,127
33, 769
40, 930
52,196
53,095
66,519
12,854
12, 325
13,225
14, 508
13, 607
17, 824
3,190
3,138
3,547
4,083
3,866
35,789
6,571
6,725
7,890
7,772
6,831
437,712
79, 533
76, 756
87,367
99,047
95,009
174,836
31,142
31,919
36,325
38, 484
36, 966
194,223
35, 312
33,939
38,030
43,937
1
43,005
68, 653
13,079
10,898
13,012
16,626
15,038
Federals
State
members
Nomwembers
Federal Home Loan Bank Review
Table 7.—LENDING—Estimated volume of new
loans by savings and loan associations
Table 8.—RECORDINGS—Estimated nonfarm
mortgage recordings, $20,000 and under
[Amounts are shown in thousands of dollars]
[May 1942]
[Thousands of dollars]
C u m u l a t i v e n e w loans
(5 m o n t h s )
]\ T ew loans
Federal Home Loan
Bank District and
class of association
May
1942
April
1942
May
1941
1942
1941
Percent
change
Savings Insurand
ance
loan
comassociations panies
Federal H o m e
Loan Bank
District and
State
$95, 009
3,031
7,706
5,759
8
38
1,476
217
1,062
70
125
81
1,716
586
4,513
355
317
219
1, 715
414
3,076
182
221
151
2,173
1,241
107
591
17
176
41
31, 290
7,856
2,136
18,193
887
1,426
792
8,710
3,602
5,108
2,504
1,349
1,155
8,929
5,104
3,825
5,977
781
5,196
10, 063
4,137
5,926
6, 569
42, 752
3,198
3,371
18,171
24, 581
7,946
205
6,998
743
2,314
7,465
314
6,222
929
941
5,051
227
4,205
619
5,167
110
4,852
205
28, 884
156
1,742
416
14, 204
295
2,232
971
1,448
4,111
2,166
540
2,441
4, 231
454
465
1,019
611
285
331
251
815
5,703
579
391
413
995
698
725
483
1,419
198
7,997
801
1,039
1,672
812
1,218
547
367
1,541
4,997
541
434
803
679
1,050
312
290
888
37, 330
2,670
4, 561
4,878
4,545
7,560
4,081
1,931
7,104
Cincinnati
Kentucky
Ohio
Tennessee
21, 276
2,138
18, 468
670
3,201
510
1,834
857
9,158
927
7,294
937
536
4,037
267
3,514
256
4,280
178
2, 542
1,560
42, 488
4,020
34,188
4,280
Indianapolis
Indiana
Michigan
6,028
3,684
8,171
26
2,887
4,715
25,511
-11.0
3,720
2,308
1,216
2,468
3,131
5, 040
26
892
1,995
890
3,825
9,875
15, 636
13, 658
12, 099
1,091
-14.0
-11.3
+29.1
Chicago
6,535
4,583
1,952
4,960
2,818
2,142
6,902
-17.6
2,293
1,760
533
17
53, 710
10, 896
7,916
2,980
5,956
946
31, 603
23, 033
8,570
109
4,349
692
1,420
2,070
57
110
4,791
743
647
3,353
18
30
24, 661
4,602
6,612
12, 628
428
391
$99,047 $130, 953 $437, 712 $519, 516
-15.7
36,966
43, 005
15, 038
38, 484
43, 937
16, 626
55, 396
54, 495
21, 062
174, 836
194, 223
68, 653
222,137
218,646
78, 733
-21.3
-11.2
-12.8
9,963
9,089
13, 834
39, 987
50, 576
-20.9
Federal..State m e m b e r
Nonmember
2,911
5,857
1,195
2,993
4, 652
1,444
4,618
6,980
2,236
12, 512
20, 900
6,575
17,438
25,112
8,026
-28.2
-16.8
-18.1
New York: Total
10, 336
10, 528
13. 579
44, 353
47, 802
-7.2
Federal
State m e m b e r
Nonmember.
2,118
3,681
4,537
2,013
3, 580
4,935
3.746
4,010
5, 823
10, 743
15, 066
18, 544
13, 256
14, 468
20, 078
-19.0
+4.1
-7.6
Pittsburgh: Total
8,062
8,806
10, 949
38, 475
40, 269
-4.5
Federal
State member
Nonmember
3,032
2,827
2,203
2,918
2,682
3,206
3,847
2,979
4,123
13, 532
11.971
12.972
15,112
11, 052
14.105
-10.5
+8.3
-8.0
W i n s t o n - S a l e m : T o t a l - . 12,382
13, 440
17,186
60, 756
71,139
-14.6
5,483
5,591
1,308
5,458
6,550
1,432
8,214
7,406
1,566
26, 574
27, 772
6,410
34, 585
30, 282
6,272
-23.2
-8.3
+2.2
18, 470
18, 327
22, 684
79, 938
90, 219
-11.4
6,829
9,768
1,873
6,929
9,720
1,678
8,709
11, 305
2,670
29,984
41, 811
8,143
33, 735
45, 541
10,943
-11.1
-8.2
-25.6
4,996
5,230
6,367
23,895
26, 848
2,475
2,273
248
2,492
2,329
409
3,201
2,913
253
11, 751
10, 735
1,409
9,788
10, 379
13, 210
44, 267
Federal...
State m e m b e r
Nonmember
_ .
Boston: Total
Federal
State m e m b e r
Nonmember
Cincinnati: Total
_._
Federal .
State m e m b e r
Nonmember.
Indianapolis: Total
F e d e r a l - . . ___
State m e m b e r
Nonmember
_.
Chicago: T o t a l
Federal
State m e m b e r
Nonmember
_
Des Moines: Total
Federal
State m e m b e r
Nonmember
__
Little Rock: Total
Federal
State m e m b e r
Nonmember
.-
Topeka: Total
Federal
State m e m b e r
N o n m e m b e r . . . _.. -
3,567
4, 473
1,748
3,836
4,975
1,568
5,349
6,163
1,698
16,141
21, 683
6,443
20, 823
25, 404
7,483
-22.5
-14.6
-13.9
4,602
5,005
7,281
20, 766
27, 614
-24. 8
2,277
1,493
832
2,561
1,679
765
3,739
2,410
1,132
9,908
7,389
3,469
13, 803
9,357
4,454
-28.2
-21.0
-22.1
4,394
4,636
6,053
22,432
25,989
-13.7
1,620
2,711
63
1,911
2,634
91
2,538
3.378
137
9,054
13, 014
364
10, 982
14, 499
508
-17.6
-10.2
-28.3
3,824
4,453
5,657
19, 782
21, 674
-8.7
2,193
936
695
2,379
1,192
882
3,325
1,135
1,197
11,090
5.513
3,179
12, 026
4,989
4,659
-7.8
+10.5
-31.8
2,835
3,195
4,862
14, 425
20, 068
-28.1
Federal
State member
jNonmember
1,777
782
276
2,084
970
141
3,219
1,490
153
9,184
4, 416
.825
13, 446
6,064
558
-31.7
-27.2
+47.8
Los Angeles: T o t a l
5,357
5.959
9,291
28, 636
43, 608
-34.3
2,684
2,613
60
2,910
2,974
75
4,891
4,326
74
14. 363
13,953
320
23, 273
19,779
556
-38.3
-29.5
-42.4
t
July 1942
Boston
Connecticut
Maine
Massachusetts.—
New Hampshire.
Rhode Island
Vermont
New York
N e w Jersey
New York
Pittsburgh
Portland: Total
Federal _
State member
Nonmember
Total
$107,937 $31, 780 $77, 563 $15, 904 $63,807 $53,196 $350, 187
U N I T E D STATES
U N I T E D STATES: Total.
Banks
and
Mutual
Other
Indit r u s t savings
mortcomb a n k s v i d u a l s gagee?
panies
Delaware
Pennsylvania
W e s t Virginia
Winston-Salem
Alabama _ _ D i s t r i c t of C o l . . .
F l o r i d a . . . . ._.
Georgia
Maryland
North Carolina..
South Carolina. _
Virginia
Illinois.- .
Wisconsin
11, 562
1,090
705
8,663
263
579
262
1, 059
618
107
288
119
817
5
198
536
17
1,131
24, 836
2.917
Des Moines
I o w a .-_
__
Minnesota-.. . . .
Missouri
_ __
North Dakota
South Dakota
6,307 .
1,447
2,150
2,400
246
64
3,374
407
1,323
1,506
64
74
5,731
1,313
963
3,299
43
113
Little Rock
Arkansas
Louisiana^ ___ _.
Mississippi
N e w Mexico
Texas-..
7,146
422
2,539
227
195
3,763
4,122
203
754
205
17
2,943
2,421
457
122
329
292
1,221
3,752
321
801
356
146
2,128
5,466
545
615
344
86
3,876
22, 907
1,948
4,831
1,461
736
13, 931
Topeka__
Colorado...
Kansas
Nebraska
Oklahoma
4,803
635
1,366
1,102
1,700
1,061
76
258
254
473
2,038
183
878
296
681
2,326
1,050
345
271
660
2,123
894
523
147
559
12, 351
2,838
3 370
2,070
4,073
3,050
1,240
35
57
511
119
507
11
2,457
394
73
1,870
124
195
641
225
536
149
2,416
128
32
350
209
1,631
66
11 427
73
99
307
643
1,260
75
2,697
19
2,673
5
15, 924
10, 756
425
10, 227
104
3,597
38, 983
26
3, 565
6
1 076
37, 644
263
Portland
Idaho.
Montana
Oregon
Utah
Washington
Wyoming
Los Angeles.
Arizona
California
Nevada
.
.
123
181
655
526
1,406
159
6,009
_
270
5,673
66
336
15, 506
82
109
321
483
564
2,537
1,722
5,661
460
349
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
Percent
Total
1941: May
June
July
August
September.
October. _November.
December.
$143,770
139,647
142,695
139,156
135, 754
138,670
113,353
112, 764
1942: J a n u a r y February. .
March
April
May.
90, 572
86,752
100,296
108,582
107, 937
Percent
Total
Percent
Total
33.0 $35, 635
32.4 37,372
32.2 37, 262
32.5 35,995
31.9 36,250
31.0 39,896
30.0 32,527
28.7 37,185
8.2
8.7
8.4
8.4
8.5
8.9
8.6
9.5
$107,151
107,827
108, 555
105,153
100, 712
106,109
92,316
99,855
28.2
29.3
29.9
30.2
30.8
9.7
9.7
9.7
9.6
9.1
77,631
70, 221
78,086
82,082
77,563
31,062
28, 546
32, 650
34,466
31, 780
Mutual savings banks
Banks and trust
companies
Period
Percent
Total
Percent
Total
Less
than
5,000
1941: Jan.-May.
May
June
July
August
September.
October...
November.
December.
26,894
5,375
5,047
4,834
4,251
4,374
4,408
4,204
4,337
2,971
630
630
437
399
515
544
448
524
1942: Jan.-May.
January...
February..
March
April
May
19,224
4,000
3,630
3,935
3,856
3,813
2,052
439
370
669
461
333
5,00019,999
4,149
837
727
741
668
654
697
705
659
635
592
678
561
623
Combined Pertotal
cent
4.5 $69,836
4.8 67,380
4.8 71,456
4.5 69,002
4.9 70,377
5.1 74,891
6.2 64,024
4.9 64,524
16.0 $59,864
15.6 57,487
16.1 61,991
16.1 59,580
16.6 61,034
16.7 65,636
17.0 55,810
16.4 58,774
13.7
13.4
14.0
13.9
14.4
14.6
14.8
15.0
$435,961
430,216
443,039
428,099
424,929
447,990
377,683
392,355
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
24.1
23.7
23.3
22.8
22.2
4.2
3.5
18.4
18.0
18.0
17.4
18.2
15.4
15.8
15.5
15.8
15.2
321,396
296,041
335,636
359,968
350,187
100.0
100.0
100.0
100.0
100.0
13, 523
10,405
12,162
15,310
15,904
4.2
4.5
59,033
53,383
60,322
62,707
63,807
49,575
46,734
52,120
56,821
53,196
[Premium-paying; thousands of dollars]
Monthly volume
Period
60,000
and
over
20,000-
Percent
24.6 $19, 705
25.1 20, 503
24.5 21, 080
24.6 19,213
23.7 20,802
23.7 22,788
24.4 19,653
25.5 19, 253
County size (dwellings)
Period
Total
All
mortgagees
Table 1 1 . — F H A — H o m e mortgages insured *
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
U.S.
total
Other
mortgagees
Individuals
5,735
1,236
1,149
959
948
975
945
890
1,028
14,039
2,672
2,541
2,697
2,236
2,230
2,222
2,161
2,126
4,311
814
9,772
2,112
1,860
1,944
'1,967
1,889
'Revised.
Title I
Class 3
Title II
Title VI
Total
insured
at end of
period
1941: May
June
July
August
September
October...
November.
December.
$427
* 3,289
2,809
1,126
1,552
1,536
1,361
1,850
$65,277
74,809
81,531
70,227
73,083
85, 290
76,920
87,516
$230
436
560
1,143
2,190
3,578
5,294
$3,104,301
3,182,629
3,267,406
3,339,317
3,415,095
3,504, 111
3,585,970
3,680,630
1942: January...
FebruaryMarch
April
May
1,885
1,455
1,502
1,967
1,867
87,167
70,799
67,780
55,448
60,177
6,556
8,483
12,273
11,424
13,554
3,776,238
3,856,975
3,938,530
4,007,369
4,082,967
* Figures represent gross insurance written during the period and do not take
account of principal repayments on previously insured loans.
* January-June loans insured under February Amendment included in June
total.
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]
Lending operations
May 1942
Federal Home Loan Bank
Advances
Boston.
New York. _
Pittsburgh _ _
Winston-Salem
Cincinnati
Indianapolis
Chicago
Des Moines
Little Rock..
Topeka . .
Portland _
Los Angeles
-
-
-
-
$1,189
810
508
444
1,013
1,084
1,321
100
54
216
50
95
Repayments
Principal assets May 31,1942
Advances
outstanding
Cash*
Government
securities
Capital and principal liabilities
May 31,1942
Capital 2 Debentures
Member
deposits
Total assets
May 31,
19421
$1,125
1,361
874
1,131
806
361
1,595
1,133
492
179
814
1,146
$11,482
25,343
14,268
24,071
13,930
11,897
28.158
12; 469
9,514
6,467
6,527
17,039
$5,152
4,637
4,628
7,845
5,008
2,110
8,842
5,888
1,737
3,086
2,864
6,238
$7,738
7,476
6,203
2,325
13,044
9,812
5,562
4,051
3,875
3,619
1,930
2,495
$18, 586
25,970
15,817
16,998
23, 230
11,071
21,596
11,408
12,185
10,080
8,144
14,873
$4,000
8,500
9,000
16,750
2,500
9,000
16,000
10,000
2,500
2,000
3,000
8,250
$1,844
3,056
317
569
6,371
3,842
5,069
1,041
1
1,146
198
1,492
$24,477
37,576
25, 200
34,355
32,121
23,947
42,699
22,481
15,194
13, 233
11,348
25,885
May 1942 (All Banks)
6,884
11,017
181,165
58,035
68,130
189,958
91,500
24,946
308, 516
April 1942
5,411
11,618
185,298
58,456
62,912
189,143
91, 500
24, 710
307, 566
9,133
5,688
145,273
84,966
56,590
183,401
75, 500
28, 534
287,841
May 1941
_
1 Includes interbank deposits.
350
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 1 4 . — S A V I N G S — H e l d by institutions
[Thousands of dollars]
[Thousands of dollars]
Series E *
Period
1942: January
February
March
April
May
Series G
Total
$207,681
$1,184,868
$3,015,045
_.
100,581
102,517
145.274
117,603
105,241
122,884
109,475
341,085
37,817
28,876
27,359
20,318
18,099
22,963
18,977
33,272
211,420
183,134
169,499
127,685
108,987
124,866
105,035
154,242
349,818
314,527
342,132
265,606
232,327
270,713
233,487
528,599
_
667,411
397,989
337,599
326,660
421,831
77,559
51,820
41,070
40,003
42,465
315,577
253,391
179,223
163,839
170,060
1,060,547
703,200
557,892
530,502
634,357
i TJ. S. Treasury War Savings Staff, Actual deposits made to the credit of
the U. S. Treasury.
2 Prior to May 1941: "Baby bonds."
1940: June
December
1941: May
June _
July
August
September
October
November
December
1942: January
February
March
April
May
-
__
_
Mutual
savings2
banks
Insured
savings and
loans l
End of period
$1,622,496
1941
May
June
July
August
September
October
November.
December.—,
Series F
$2,019,809
2,202,135
2,379,856
2,433,513
2,449,807
2,465,223
2,486,992
2,518,006
2,551, 528
2,597,373
2,589,466
2,601,055
2,615,277
2,638,152
2,660,302
Insured
commercial
banks 3
$10,589,838
10,617,759
$12,754,750
13,062,315
10,606,224
13,107,022
10,489,679
13,261,402
1
J
Private repurchasable capital as reported to the F H L B Administration.
Month's Work. All deposits.
3 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
Net first Private re- Govern- Home
Loan
Number of Total assets mortgages
purchasable ment inBank ad- New mort- New pri- Private reassociations
capital
vestment
held
invest- purchases Repurchase
vances
gage loans vate
ratio
ments
Period and class of association
ALL INSURED
1941: May
June
July
August
September
October
November
December
-
1942: January _
February
March
April
May
2,302
2,310
2,313
2,319
2,326
2,330
2,339
2,343
$3,079,396
3,158,251
3,154,228
3,185,814
3, 222,299
3,261,689
3,301,462
3,361,792
$2,501,582
2,554,274
2,595,114
2,636,536
2,672,985
2,711,854
2,737,015
2,751,050
$2,379,856
2,433,513
2,449,807
2,465,223
2,486,992
2,518,006
2,551,528
2,597,373
$206,304
206,301
203,512
195,572
195,584
195,787
196,059
196,240
$119,242
114,331
142,870
147,044
153,897
159,298
161,199
193,275
$82,443
85,117
84,994
84,794
82,993
80,767
65,241
63,506
$57,755
61,448
103,886
62,374
61,495
67,132
60,818
74,801
$35,122
26,779
90,728
48,010
42,800
40,142
33,263
35,728
60.8
43.6
87.3
77.0
69.6
59.8
54.7
47.8
2,349
2,354
2,360
2,365
2,364
3,312,482
3,323,170
3,339,487
3,363,251
3,384,050
2,754,076
2,762,878
2,776,379
2,793,996
2,799,861
2,589,466
2,601,055
2,615,277
2,638,152
2,660,302
191,769
186,254
186,188
186,175
186,234
180,360
172,260
167,535
161,571
157,870
49,549
49,387
56,934
62,015
59,006
105,792
53,449
56,701
58,193
53,808
118,666
47,229
47,086
40,443
31,503
112.2
88.4
83.0
69.5
58.5
1,447
1,450
1,452
1,454
1,456
1,457
1,457
1,459
1,977,162
2,028,045
2,022,886
2,049,184
2,075,513
2,103,664
2,125,880
2,172,332
1,656,899
1,687,088
1,715,819
1,749,214
1,774,371
1,801,237
1,814,477
1,823,879
1,522,675
1,554,374
1,565,799
1, 579,671
1,595,119
1,616,605
1,636,837
1,668,372
169,247
169,247
166,464
159,622
159,614
159,775
159,925
160,060
83,674
103,696
102,513
106,624
112,033
116,723
117,666
144,049
55,396
57,542
56,564
57,592
54,786
52,507
41,910
41,182
38,423
40,030
70,290
40,730
40,254
44,341
39,212
48,872
20,582
14,530
61,061
30,443
26,765
23,799
18,984
20,400
53.6
36.3
86.9
74.7
66.5
53.7
48.4
41.7
1,462
1,462
1,462
1,464
1,464
2,131,098
2,133,398
2,141,965
2,155,517
2,170,574
1,824,292
1,828,662
1,834,612
1,844,132
1,845,978
1,658,966
1,663,272
1,670, 524
1,685,131
1,701, 269
156,079
151, 295
151,300
151,300
151,300
132,843
127,235
123,748
118, 639
116,327
31,142
31,919
36.325
38,484
36,966
70,962
35,670
37,377
38,301
35,759
81,663
30,714
30,000
24,088
18,515
115 1
86.1
80.3
62.9
51.8
855 1,102,234
1,130,206
860
861 1,131,342
1,136,630
865
870 : 1,146,786
873 ' 1,158,025
1,175,582
882
1,189,460
884
844,683
867,186
879,295
887,322
898,614
910,617
922,538
927,171
857,181
879,139
884,008
885,552
891,873
901,401
914,691
929,001
37,057
37,054
37,048
35,950
35,970
36,012
36,134
36,180
35,568
40,635
40,357
40,420
41,864
42,575
43, 533
49,226
27,047
27,575
28,430
27,202
28,207
28,260
23,331
22,324
19,332
21,418
33,596
21,644
21,241
22,791
21,606
25,929
14,540
12,249
29,667
17,567
16,035
16,343
14,279
15,328
75.2
57 2
88 3
8L2
75 5
71 7
66 1
59 1
1,181,384
1,189,772
1,197,522
1,207.734
1,213,476
929,784
934,216
941,767
949,864
953,883
930,500
937,783
944,753
953,021
959,033
35,690
34,959
34,888
34,875
34,934
47,517
45,025
43,787
42,932
41,543
18,407
17,468
20,609
23,531
22,040
34,830
17,779
19,324
19,892
18,049
37,003
16,515
17,086
16,355
12,988
* 106 2
92.9
88.4
82.2
72.0
FEDERAL
1941: May
June
July
August
_
October
November
December
1942: January
February
March
April»
May3
_
STATE
1941: May
June
July
August
September.._
October
November
December
1942: January
February
March
April
May...
_
__
887
892
898
901
900
i In addition, two converted Federals with assets of $1,171,000 were not insured as of April 30,1942. However, included in the 1,464 are two Federals with assets of
$4,826,000 whose insurance certificates were outstanding but whose membership had been canceled.
2 In addition, one converted Federal with assets of $1,220,000 was not insured as of May 31,1942. However, included in the 1,464 is one Federal with assets of $926,000
whose insurance certificate was outstanding but whose membership had been canceled.
July 1942
351
Directory of Member Institutions
Added during M a y - J u n e
I. I N S T I T U T I O N S A D M I T T E D T O M E M B E R S H I P
I N T H E F E D E R A L H O M E LOAN BANK SYSTEM
B E T W E E N M A Y 16, A N D J U N E 15, 1942
D I S T R I C T NO. 1
D I S T R I C T NO. 4
NORTH CAROLINA:
Sanford:
Sanford Building and Loan Association, Steele Street.
INSURANCE CERTIFICATES
AND J U N E 15, 1942
CANCELLED
BETWEEN
M A Y 16,
CALIFORNIA:
Los Angeles:
Westwood Hills Federal Savings and Loan Association of Los Angeles,
1081 Westwood Boulevard (membership cancelled February 1942).
N E W JERSEY:
Ridgefield Park:
Park Building and Loan Association of Ridgefield Park, New Jersey,
198 Main Street.
Hackensack (Teaneck):
Teaneck Building and Loan Association, 396 Cedar Lane.
CONNECTICUT:
Norwich:
Chelsea Savings Bank, 1 Franklin Square.
MASSACHUSETTS:
Attleboro:
Attleborough Savings and Loan Association, 27 Park Street.
D I S T R I C T NO. 2
N E W JERSEY:
Recent Publications of Interest to
Home-Financing Institutions
Newark (Belleville):
De Witt Savings and Loan Association, 280 Washington Avenue.
N E W YORK:
Kingston:
Home-Seekers' Savings and Loan Association of Kingston, New York,
20 Ferry Street.
D I S T R I C T NO. 4
ALABAMA:
Birmingham:
City Federal Savings and Loan Association, 314 North Twenty-first
Street.
VIRGINIA:
Danville:
Mutual Building and Loan Association of Danville, Virginia, Inc., 522
Main Street.
D I S T R I C T NO. 8
MISSOURI:
Fulton:
Fulton Building and Loan Association, 413 Court Street.
WITHDRAWALS FROM THE FEDERAL H O M E LOAN BANK SYSTEM B E T W E E N M A Y 16, AND J U N E 15, 1942
GEORGIA:
Jessup:
Jessup Building and Loan Association, City Hall.
N E W JERSEY:
Hackensack (Teaneck):
Teaneck Building and Loan Association, 396 Cedar Lane (merger with
Central Bergen Savings and Loan Association, Ridgefield Park).
Newark (Belleville):
Central Building and Loan Association, 280 Washington Avenue (segregation and sale to the De Witt Savings and Loan Association, Newark).
Oakland:
Oakland Building and Loan Association, Oakland Avenue (merger with
Trust Building and Loan Association, Ramsey).
Ridgefield Park:
Park Building and Loan Association of Ridgefield Park, New Jersey,
198 Main Street (merger with Central Bergen Savings and Loan
Association, Ridgefield Park).
PENNSYLVANIA:
Philadelphia:
The Mortgage Security Building and Loan Association, 3624 North
Broad Street (member's request).
Shamokin:
Union Building and Loan Association, 405-411 East Sunbury Street
(liquidation anticipated).
W E S T VIRGINIA:
Grafton:
Home Building and Loan Association of Grafton, West Virginia, 1201
West Main Street (member's request).
II.
C A N C E L L A T I O N OF F E D E R A L SAVINGS AND L O A N A S S O CIATION C H A R T E R B E T W E E N M A Y 16, AND J U N E 15, 1942
CALIFORNIA:
Los Angeles:
Westwood Hills Federal Savings and Loan Association of Los Angeles,
1081 Westwood Boulevard.
I I I . I N S T I T U T I O N S I N S U R E D B Y T H E F E D E R A L SAVINGS
AND L O A N 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 M A Y 16,
AND J U N E 15, 1942
D I S T R I C T NO. 2
N E W JERSEY:
Newark (Belleville):
De Witt Savings and Loan Association, 280 Washington Avenue.
N E W YORK:
New York:
Edison Savings and Loan Association, Room 950-S, 4 Irving Place.
Manhattan Savings and Loan Association, 2394 SecondjAvenue, j
352
•
T H E Central Housing Committee and the N a tional Bureau of Standards announce two new
publications of interest to builders, mortgagelending institutions, and others concerned with construction and especially war housing:
Recommended Building Code Requirements j or New
Dwelling Construction is a report of the Subcommittee
on Building Codes of the Central Housing Committee.
With special reference to war housing, this document presents a sample code incorporating the experience and standards developed by government housing agencies, the National Bureau of Standards, and
private sources.
Recognizing that emergency conditions have
limited the availability of certain materials, required
stringent economy in the use of others, and made
the use of substitutes necessary in some cases, these
matters are covered by the general sections of the
code which provide for compliance with minimum
requirements. Similarly, the subjects of new materials and construction methods are treated in a general
way, providing for acceptance on submittal of satisfactory evidence that they are suitable.
A new guide to the inspection of materials and workmanship is now available in the form of a Field Inspector's Check List for Building Construction. Published by the National Bureau of Standards, this is a
report of the Subcommittee on Structures of the
Central Housing Committee and is intended to assist
a field inspector in the performance of his duties
and to insure that no important step is overlooked as
construction progresses. The material is published
as an outline of normal construction procedures based
upon the varied experience of Government agencies
conducting construction activities. I t s convenient,
pocket-size form makes it a ready-reference manual
for all field inspectors.
^
fc
Federal Home Loan Bank Review
B. S. GOVERNMENT PRINTING OFFICE: 1942
FEDERAL HOME LOAN BANK DISTRICTS
• BOUNDARIES OF FEDERAL HOME LOAN BANK DISTRICTS.
FEDERAL HOME LOAN BANK CITIES.
OFFICERS OF FEDERAL HOME LOAN BANKS
BOSTON
CHICAGO
B . J . R O T H W E L L , Chairman; E . H . W E E K S , Vice Chairman; W . H .
C . E . BROUGHTON, Chairman; H . G. ZANDER, J R . , Vice C h a i r m a n ; A. R .
N E A V E S , P r e s i d e n t ; H . N . F A U L K N E R , Vice P r e s i d e n t ; L . E . D O N O V A N ,
G A R D N E R , P r e s i d e n t ; J . P . D O M E I E R , Vice P r e s i d e n t ; H . C . J O N E S ,
S e c r e t a r y - T r e a s u r e r ; P . A. H E N D R I C K , C o u n s e l ; B E A T R I C E E . H O L L A N D ,
Treasurer; CONSTANCE M . W R I G H T , Secretary; UNGARO & SHERWOOD,
Assistant Secretary.
Counsel.
NEW
GEORGE
MOINES
Chairman;
C . B . R O B B I N S , C h a i r m a n ; E . J . R U S S E L L , Vice C h a i r m a n ; R . J . R I C H A R D -
F A L L O N , P r e s i d e n t ; R O B E R T G. C L A R K S O N , Vice P r e s i d e n t ;
SON, President-Secretary; W . H . LOHMAN, Vice President-Treasurer;
J. M . M A R T I N , Assistant Secretary; A. E . M U E L L E R , Assistant T r e a s -
MACDONALD,
NUGENT
DES
YORK
Chairman;
F.
V. D .
L L O Y D , Vice
D E N T O N C. LYON, Secretary; H . B . D I F F E N D E R F E R , Treasurer.
u r e r ; E M M E R T , J A M E S , N E E D H A M & L I N D G R E N , Counsel.
PITTSBURGH
LITTLE ROCK
E . T . T R I G G , C h a i r m a n ; C . S. T I P P E T T S , Vice C h a i r m a n ; R . H . R I C H -
ARDS, President; G . R. P A R K E R , Vice President; H . H . G A R B E R , Secretary-Treasurer; R. A. CUNNINGHAM, Counsel.
W . C . J O N E S , J R . , Chairman; W . P . G U L L E Y , Vice Chairman; B . H .
W O O T E N , President; H . D . WALLACE, Vice President-Secretary; J . C .
C O N W A Y , Vice P r e s i d e n t ; W . F . T A R V I N , T r e a s u r e r ; W . H . C L A R K , J R . ,
WINSTON-SALEM
Counsel.
H . S. H A WORTH, C h a i r m a n ; E . C . BALTZ, Vice C h a i r m a n ; O . K . L A R O Q U E , President-Secretary; J o s . W . H O L T , Vice President-Treasurer;
T . S P R U I L L T H O R N T O N , Counsel.
TOPEKA
P . F . G O O D , C h a i r m a n ; R O S S T H O M P S O N , Vice C h a i r m a n ; C . A. S T E R L I N G ,
President-Secretary; R . H . B U R T O N , Vice President-Treasurer; JOHN
S. D E A N , J R . , General Counsel.
CINCINNATI
R.
P.
DIETZMAN,
Chairman;
W M . MEGRUE
BROCK,
Vice
"WEBB, J R . , S e c r e t a r y ; A. L. M A D D O X , T r e a s u r e r ; T A F T ,
PORTLAND
Chairman;
W A L T E R D . S H U L T Z , P r e s i d e n t ; W . E . J U L I U S , Vice P r e s i d e n t ; D W I G H T
STETTINIUS
B E N A. P E R H A M , C h a i r m a n ; E . E . C U S H I N G , Vice C h a i r m a n ; F . H .
JOHNSON,
& H O L L I S T E R , General Counsel.
President-Secretary;
C.
GREENE,
RUSSELL
PARKER,
President;
G.
E.
OHMART,
Secretary-Treasurer;
K R I E G & D E V A U L T , Counsel.
Vice
PresidentDUSEN-
Los ANGELES
H . B . W E L L S , Chairman; F . S. CANNON, Vice Chairman-Vice President;
T.
BOGARDUS,
B E R Y , Counsel.
INDIANAPOLIS
FRED
IRVING
Treasurer; M r s . E . M . J E N N E S S , Assistant Secretary; V E R N E
Vice
HAMMOND,
President;
BUSCHMANN,
D.
G.
DAVIS,
Chairman;
P A U L E N D I C O T T , Vice C h a i r m a n ;
M.
M.
H U R F O R D , President; C . E . B E R R Y , Vice President; F . C. N O O N , Secretary-Treasurer; VIVIAN SIMPSON, Assistant Secretary.
@FedFRASER