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FEDERAL
HOME
4
LOAN
BANK
Washington, July 1943
FEDERAL HOME fcOAH BANK A&MtNI$T!tA¥iON;
CONTENTS
FOR
JULY
-
1943
FEDERAL
AiRTICLES
^ _
Page
29f>
COLLECTION POLICIES IN W A R - T I M E
U^lK^lP
1 1 ^ ^ I V I Lr
Delinquencies decline—Preventing delinquencies—Collection m e t h o d s - P r e p a y m e n t s a n d penalties—Payments-in-full—Borrowers in t h e armed
services.
W H O BUILDS AMERICA'S HOUSES?
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299
Scope of study—Large-scale operations increase—Small builders still most
numerous—Geographical variations—Limitations of d a t a .
N E W I N F O R M A T I O N ON S H A R E C A P I T A L
301
Comparisons by class of i n s t i t u t i o n — C u r r e n t experience.
F R O M C O N S T R U C T I O N TO P R O D U C T I O N
Q
A k I ny
K JL\ 1 ^ I V
302
P r i v a t e construction decreases—Public a n d private housing expenditures—
Other types of building.
MONTHLY SURVEY
1^ £
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J g^ y y
_ - - _ — » — - _ _ _ _ —
NATIONAL HOUSING
AGENCY
John B. Blandford, Jr., Administrator
Highlights a n d s u m m a r y
General business conditions
Residential construction
Building costs
New mortgage-lending activity of savings a n d loan associations
Mortgage recordings
Foreclosures. .
Federal H o m e Loan Bank System
Insured savings a n d loan associations
309
310
310
31]
311
312
312
312
313
FEDERAL HOME LOAN
BANK ADMINISTRATION
STATISTICAL TABLES
John H. Fahey, Commissioner
j|
New family dwelling units—Building costs—Savings a n d loan lending—Mortgage
recordings—-Total nonfarm foreclosures—FHA activity—Federal H o m e Loan
Banks—Sales of U. S. war-savings bonds—Savings in selected financial institutions—-Insured savings a n d loan associations
314-319
F
^ D o ? i l e2oTrij 0AN
BANK SYSTEM
FEDERAL SAVINGS AND LOAN
ASSOCIATIONS
REPORTS
FEDERAL SAVINGS AND LOAN
INSURANCE CORPORATION
HOME OWNERS' LOAN
CORPORATION
UNITED STATES HOUSING
C0RP0RATI0N
T h e home front
294
A p p o i n t m e n t s of directors
300, 320
Honor roll of war-bond sales
304
Directory of member, Federal, a n d insured institutions added during M a y June
320
IIP
Vol. 9
No. 10
SUBSCRIPTION PEICE OF EEVIEW:- The EEVIEW is the Federal Home Loan Back 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 EEVIEW 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 T H E BUREAU OF T H E BUDGET
M i l HOI
Co-operative banks
now sell checks
Under a new law passed early this
year, co-operative banks in the-State
of Massachusetts have added the sale
of personal checks to their expanding
program of services. Since these
institutions provide the only banking
facilities in many small communities,
the plan is expected to be of great
value to the public in these areas.
The new co-operative bank check,
which may be purchased for 100,
enables persons to send money or pay
bills by personal check without having
a bank account. Although few banks
now offer checks for sale, it is believed
that many more will add the service
in the next few months.
ft ft ft ft ft
Title II Loans
bring premium
The Federal National Mortgage
Association has sold to approved
mortgagees servicing them, a group of
FHA-insured mortgages aggregating
more than $118,000,000. A subsidiary of the RFC, the FN MA held
Title II, Section 203 mortgages
amounting to $187,000,000 prior to the
recent sales.
The price received for 4% percent
mortgages was 103%. For 5 percent
loans, a price of 104% was obtained.
New York savings
banks join FDIC
m m
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tended to recover priorities from such
builders. All recaptured priorities will
be reallocated to companies who are
able to place housing under construction at the present time.
The new order will make general a
"piece-meal" revocation procedure
which has been carried by the WPB in
certain areas and for specific builders
in the last few months.
ft ft ft ft ft
Hawaii leads
in bond sales
Hawaii leads the country in percapita bond purchases, according to
the Treasury Department. Since the
establishment of a quota system for
the country, Hawaii has not only
consistently over-subscribed its quota
but has bought bonds at a rate from
two to nearly four times that of any
other State or territory.
In spite of an increase in its quota,
Hawaii recently has subscribed from
103 to 354 percent of its monthly
quota estimates. In December of
last year, per-capita sales were $20.16
as compared with a $5.43 per-capita
rate for the Nation as a whole.
All mutual savings banks in the
State of New York have applied for
membership in the Federal Deposit
Insurance Corporation. This action,
which brings into the Federal depositinsurance system banks controlling
approximately 60 percent of the 12
billion dollars in savings bank assets,
was taken after New York State institutions voted to suspend the insurance
fund formerly maintained by New
York State institutions.
Prior to the recent action only 56
mutual savings banks, with total
resources of 2 billion dollars, were members of the Federal system. It is
understood that a separate fund will
be maintained by the FDIC covering
mutual savings banks' deposits. At
present these institutions will pay the
regular rate of 1/12 of 1 percent.
ft ft ft ft ft
Because of the constantly increasing
number of women war workers migrating to critical areas, a number of
FPHA dormitory-type structures formerly designated for male workers
now will be turned over to women.
In the past about 75 percent of all
dormitory units were allocated for
male workers. Recently the division
has been made on a 50-50 basis.
•
UNEMPLOYMENT, 1940-1943
ft ft ft ft ft
EACH SYMBOL # ! £ REPRESENTS 1.000,000 UNEMPLOYED
WPB orders
priorities recaptured
To release additional supplies of
critical materials, long-pending and
unused priorities for war-housing projects will be recaptured and reallocated
to builders who are prepared immediately to go ahead with construction, according to a new WPB-NHA
order. WPB has issued an order,
effective July 15, revoking outstanding
P-55 preference rating orders except
those issued under the Controlled
Materials Plan.
In numerous cases, orders have been
granted to builders who subsequently
were unable to start construction because of financial difficulties and other
factors. The new procedure is in294
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W V WW
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5,200,000 MEN +1,900,000 WOMEN * 7.100,000
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1943 500,000
1 I MEN+400,000W0MEN = 9 0 0 , 0 0 0 *
* MOST OF THESE ARE IN-BETWEEN-JOBS OR INCAPABLE OF SUSTAINED WORK
MEDIA 0IVIMON
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Fee/era/ Home Loan Bank Review
COLLECTION POLICIES IN WAR-TIME
Better economic conditions have been reflected in a marked improvement in the normal collections of savings and loan associations. A
survey of the experience of a group of institutions throughout the
country, recently conducted by the REVIEW, suggests that conditions
which are eliminating "slow" loans have, in themselves, created new
collection problems.
•
IN the first 5 months of 1943, a group of savings
and loan associations in a Mid-Western city
made new loans totaling $3,800,000. Under normal
conditions, this lending volume would have resulted
in a substantial increase in the combined loan portfolio of the institutions. In actual fact, however,their
mortgage holdings showed a net decline of more than
$800,000 in the period.
This phenomenon of retrogression in the face
of apparent progress appears, in greater or lesser
degree, to be the common experience of savings and
loan associations throughout the country. Information obtained by the K E V I E W from about 30 institutions in every section of the country indicates that
collections are, if anything, too good. Not only are
payments for principal and interest being made on
schedule by borrowers, but total payments for
principal retirement are ranging up to as much as
300 percent of normal contractual amounts in some
cases.
Most institutions appear to welcome prepayments
out of income and savings as a curb on inflation and
as a general measure of security against an uncertain
future. At the same time, it is evident that the
retirement of loans resulting from refinancing and
portfolio raiding is becoming a serious problem for
institutions in certain areas.
Just as institution experience and attitude on
prepayments vary widely, so replies to queries about
collections on mortgages held by borrowers in the
armed forces are tempered by the newness of the
problem. Most institutions have had little experience as yet, and policies have not been formulated.
For at least three associations, however, experience
already has indicated the problem which may be
created as heads of families are drafted in larger
numbers.
DELINQUENCIES D E C L I N E
On one point, all institutions responding to the
questionnaire appear to be in agreement. Delinquencies are at an unusually low level and "slow"
July 1943
loans are disappearing. The tenor of the reports
is the same: "our delinquencies are less than at any
time during the last 10 years."
In evaluating the replies, it is well to take account
of such factors as the age and composition of the
portfolio of each institution, the general economic
conditions prevailing in the locality prior to the
War, and the extent to which war-industry expansion has affected the particular area.
Several institutions with relatively "young" portfolios composed of direct-reduction loans report
that they have no delinquencies other than one or
two cases of habitually "late payers." A number
of associations in communities where business conditions long have been favorable make roughly similar
reports. Typical is the comment of a Mid-Western
association: "Our delinquencies have been very low
for a number of years, usually not more than 3 or
4 out of 3,000. Improvement in conditions has
merely caused greater prepayments."
For some other institutions, however, delinquencies
still remain a problem although one of decreasing
importance. One West Coast association with more
than 8,000 mortgages outstanding reports that up
to 2 years ago the average delinquency rate of the
institution was about 8 percent. At the present
time, about 4 percent of their loans are delinquent
1 month or more.
Just as there are exceptions to all rules, so there
still are institutions for which delinquencies are still
a major, if not the major concern of executives and
directors. One Eastern institution reports that as
many as 15 percent of its loans normally are one or
two months past due. An additional 5 percent or
more are delinquent a period of three months or
more. Since the War has not resulted in any marked
betterment in the general economic conditions in
the community, the institution has not experienced
a noticeable improvement in collections.
The improved collection situation appears to be
attributable not only to larger cash income of borrowers but also to the fact that institutions have
stiffened their collection policies. Most executives
295
appear to feel that if borrowers don't "come through
now, they never will."
PREVENTING DELINQUENCIES
Since carelessness rather than any inability to pay
is the apparent basis for such delinquencies as occur,
institutions keep in close touch with borrowers.
Some institutions have adopted a policy of preventing default by "rewarding" borrowers with good
payment records. One Middle Atlantic association
sends out each year special letters and "Honor
Credit Cards" to borrowers with good payment
records. The managing officer reports that borrowers
"strive to keep up their payments so as to be able
to qualify for these cards."
Another institution has arranged for all mortgage
payments to be made 1 month in advance. With
this practice in force, and collection activities stepped
up, the institution has made definite advances toward bringing delinquent loans back to a current
basis as well as in preventing the development of
new delinquencies. In M a y of last year, a total of
357 of their 5,600 mortgages were 3 months past
due. In May of this year, only 100 mortgages remained as much as 3 months past due. New collection policies have, to quote the managing officer,
"brought in more money than we thought possible."
Savings and loan associations have used various means of encouraging borrowers to use increasing incomes to speed the amortization of their mortgages.
One Middle Atlantic association has issued the leaflet shown above which invites
borrowers to increase normal payments during the war-time period.
296
Another Eastern institution has based its collection policy on the concept that delinquencies are
best "nipped in the bud" before they are well
started. This association makes it clear to borrowers that if a payment is not made on schedule
both the current and the past payment will be due
the next month. Partial payments are not accepted
by the institution. For example, if a $50 payment
is due M a y 1 and a $50 payment is received on
June 2, the payment is returned with a notice showing that $100 is due. The borrower is contacted
and arrangements are made for the payment of the
full amount of the current and delinquent instalments. This refusal to accept less than the full
amount due has tended to reduce the number of
minor delinquencies.
Another means of preventing default is that of
charging a higher rate of interest for amounts past
due than is normally charged. In recent years, one
Eastern institution has been recasting a number of
mortgages for borrowers in difficulties—reducing the
rate of interest. I t is stipulated in the new contract
that where the borrower again falls in arrear, interest
on past-due payments shall be charged at the old,
higher rate.
COLLECTION M E T H O D S
Of course, attitudes on delinquency are almost as
numerous as the number of replies. Some institutions begin follow-up methods within a few days after
the instalment is due. Others wait at least a full
month before contacting borrowers.
For initial delinquency, 1 month or more, most
institutions contact the borrower by means of form
letters or telephone calls. One institution in the
Middle West merely sends the borrower a formal
statement of the condition of his account, much as
a department store mails a monthly statement on
past-due charge accounts. Immediate action to
prevent the piling up of past-due payments appears
to most institutions to be the safest and easiest way
of avoiding trouble.
Once trouble has occurred, however, institutions
have developed numerous methods for assisting
borrowers to return their loans to good standing.
One institution in the Middle West makes it a practice to insist that payments on mortgages which
have been turned over to the Collection Department
be made in that department. Field men are instructed to arrange for an interview between the
borrower and an officer of the association. Until
the loan is again in good standing, payments are
Federal Home Loan Bank Review
received and all borrower contacts are made by the
Collection Department. Many other institutions
share the belief that a personal contact between the
borrower in default and an officer of the institution
is an essential part of collection procedure.
Another institution, with the most serious delinquency situation reported in the replies, recently has
adopted what is called a "sore t h u m b " technique.
The dollar amount of the arrearage is printed in red
ink on the borrower's mortgage pass book each
month. This running record of his progress back
to normal has proved particularly effective with borrowers for whom delinquency is more a state of mind
than an economic necessity.
PREPAYMENTS AND PENALTIES
The problem of prepayments is one which is of
major importance to every institution replying to
the questionnaire. Three types of prepayments are
covered by the replies: (1) regular monthly payments in excess of the contractual amount; (2)
partial or total prepayments of mortgages out of
current income and savings; and (3) full repayment
resulting from refinancing.
Although it is difficult to determine the exact
nature of prepayments described in some replies,
it is obvious that nearly all institutions are receiving
substantial additional monthly payments from a
number of borrowers. Almost all institutions appear
to be not only willing to receive such payments but
encourage them. One institution has circulated a
pamphlet inviting additional payments on loans as
well as the building of share accounts.
As to the extent of such prepayments, the experience varies widely. One group of institutions in a
Mid-Western city reports that about 25 percent of
its borrowers are prepaying their loans, and these
payments (excluding payments-in-full) have increased from 7 percent of the outstanding loan
balance in the first half of 1939 to nearly 13 percent
in the first 5 months, of 1943.
Another Mid-Western institution estimates that
about 12 percent of its loans are being reduced by
regular prepayments. Loans ranging from $100 to
$1,000 are those upon which prepayments are most
frequently made.
Lump sum prepayments also are being made in
substantial amounts and are "increasing regularly."
One institution reports: " A few years ago . . . this
was of no consequence. At the present time this
tern runs from $50,000 to $60,000 a month." The
nstitution, which holds some 11,000 monthly payJuly 1943
Few savings and loan associations have yet found it necessary to develop
detailed methods for following-up on accounts for borrowers in the armed services.
The card above shows the type of file maintained by one Southern association.
ment mortgages, apparently is experiencing almost
no other type of prepayment.
Another institution, with a normal monthly payment volume of about $13,000, received in the month
of April total principal payments of $43,000. Of
this amount, $6,000 was in partial prepayments and
$23,000 represented payments-in-full.
Since most institutions draw a definite line of demarcation between the two types of prepayments
described above and total repayments involving refinancing, it may be well to discuss at this point the
general attitude of institutions on penalties.
Fully half of all institutions replying make no
penalty charge for any type of prepayment. Their
by-laws and contracts contain no such clauses and
there has been little tendency to modify by-laws on
this point. The other half of the replies indicate
that although penalty clauses are in effect, management has exercised discretion in enforcing them. By
far the largest number of institutions charging penalties make no attempt to enforce them when borrowers are making payments out of income or savings. Most replies indicate that up to 20 percent of
the principal amount may be prepaid in any month
without penalty. One institution permits up to 12
payments in advance without penalty.
Only one institution, located in the Southwest,
reports that penalties are enforced on all types of
prepayments. This association, which apparently
has experienced an unusually heavy volume of prepayments, has increased penalties on all types of
advance payments, and does not differentiate between
payments out^of income and refinancing.
297
PAYMENTS-IN-FULL
Eeplies on experience with payments-in-full provide the most interesting cross-section of experience.
The wide divergence in attitude toward paymentsin-full is quite obviously attributable to the fact that
refinancing and portfolio raiding, which are heavy in
some sections, are still almost nonexistent in other
areas. In cities where borrowers are making payments-in-full out of their own earnings or where
property sales are the major cause of refinancing,
institutions still appear to regard the trend of events
as a natural and, on the whole, beneficial result of
the War.
I t appears, also, that the attitude of associations
is tempered, to a considerable extent, by other factors. Associations reporting substantial lending activity appear to regard the problem more "lightly"
than those in areas where lending has been materially curtailed. Some few institutions still are lending,
during some months, more than the amount being
received in prepayments. For these, the problem
still is not acute. There are indications in the replies
that even in these areas, the progressive effect of
payments-in-full may soon dictate some change in
policy.
In most areas, payments-in-full are most frequently
being made out of the borrower's own income. One
Eastern institution reports that all payments in the
past few months have been from this source. An
institution in the same area cites the example of 88
loans paid in full in February, March, and April;
of these 54 were paid without refinancing. A MidWestern association states that of 42 loans retired
in the first 4 months of this year in advance of schedule, 39 were paid out of income or savings. For
another institution, refinancing has involved only
one-third of payments-in-full. Instances are reported of property sales for cash in which no refinancing is involved.
In some areas, of course, refinancing has been
heavy, but the majority of cases involve the sale of
properties. One Mid-Western institution states
that, while about half of all prepayments involve the
refinancing of mortgages, there is "practically no
portfolio raiding." An Eastern institution states
that 70 percent of the mortgages retired because of
refinancing involved properties sold to another individual. In another city "a definite decline in the
refinancing of mortgages by other lenders" is
reported.
On the other hand, an association in a MiddleAtlantic city states that at least 50 percent of pay298
inents-in-full involve definite instances of "raiding."
Other replies indicate that this type of prepayment is
a substantial factor in the total picture.
For payments-in-full, institution attitude on penalties varies widely. With the exceptions noted above,
all institutions charge penalty interest (2 or 3 months)
on payments involving refinancing. Where borrowers prepay out of their own income, about half of the
institutions now are charging full penalties and about
half are making concessions depending on the case.
I t is interesting that one Southern institution
which previously has made no penalty charges of any
kind now is considering the imposition of the usual
interest charge where loans are refinanced. This
institution had previously lowered interest rates on
loans hoping to prevent payments-in-full. I t also
has reduced initial charges to a minimum. These
measures have "failed to greatly reduce these prepayments."
BORROWERS IN THE ARMED SERVICES
With the decrease in normal collection problems
there have come some added problems. The question of how best to serve the interests of borrowers
in the armed services is one which is receiving attention by all associations. To date, however, the draft
has not placed any considerable burden upon savings
and loan collection machinery.
Some associations state that no borrowers have
been drafted. Others report that none of their
drafted borrowers has asked for waivers of principal
payments after being inducted into the service. In
a Western institution, 150 borrowers are now in the
services and 145 of these are making regular contractual payments on schedule. Only four have
requested waiver of regular payments. One additional loan has developed into a problem case and is
in process of foreclosure.
A typical experience for the country appears to be
that of an Eastern institution which out of 5,600
loans has only 35 accounts on which waiver has been
asked. This institution comments that it does not
expect to be affected to any considerable extent by
drafting of family heads since most of its borrowers
fall in an older age group. Another believes most of
its borrowers will be draft-exempt because of their
employment in critical industries.
There are exceptions to the rule. One institution
reports that approximately 5 percent of its borrowers
already are in the armed services, and it is'believed
(Continued on p. 313)
Federal Home Loan Bank Review
W H O BUILDS AMERICA'S HOUSES?
That residential construction has been essentially a small-scale industry is a truism of long standing.
A recent study by the Bureau of
Labor Statistics of 11 war-industry areas indicates that 1940 and
1941 brought a change in the relative contributions of small- and
large-scale builders to total single-family
construction.
•
I N the past 2 years such emphasis has been
placed on the large scale of war-housing construction operations that we tend to forget the essential small-scale character of the pre-war American
home-building industry. Of course, it is too early to
state what the effects of the War will be on the scale
of operations in home construction. Undoubtedly
the number of large operators will increase as a result
of the war-housing program. Data for 1941 indicate,
however, that up to the beginning of the war, the
small operator was still the most numerous even
though he constructed a diminishing share of total
housing.
A study by the Bureau of Labor Statistics covering
a 2-year period highlights the fact that in 1941, as a
result of the initial efforts to stimulate construction
of housing for defense workers, an increasing number
of builders built 10 or more houses and accounted for
a considerably larger portion of all privately financed
single-family houses than they had in 1940. A
diminishing proportion, but still almost threequarters of all builders, constructed only one house
a year in 1941. At the same time, their share of
total construction dropped appreciably.
The trend toward larger operations in 1941 was
accompanied by a further concentration of building
in suburban areas. Large-scale operators increased
their proportionate share of total construction in
suburban areas in the 1940-1941 period.
SCOPE OF STUDY
This study by the Bureau of Labor Statistics is the
result of a survey of building-scale operations in 1940
and 1941, based on information obtained in the
Defense Housing Survey. From the 138 areas
covered in that survey, which was conducted in
cooperation with the Works Progress Administration,
11 industrial centers were selected for study. Although the cities chosen are not necessarily entirely
typical of the country as a whole, they have sufficiently wide geographic distribution to indicate
prevailing trends, at least in war-production centers.
During the period of this study, building activity
in the communities covered increased as a result of
July 1943
SIZE OF RESIDENTIAL BUILDING OPERATIONS
PRIVATELY FINANCED ONE FAMILY HOUSES
ELEVEN DEFENSE AREAS, 1940-1941
1940
1941
27,029
(TOTAL
NUMBER OF HOUSES)
a w » T ' 1/ c /v,o* Bf i „t,nr
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38,196
f
(TOTAL NUMBER OF HOUSES)
*
OfWSKNl Of OPEMTHW STATISTIC*
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The accompanying chart indicates the extent to which even the first phases
of the war-housing construction program affected the size of building operations
in the 11 areas surveyed by the Bureau of Labor Statistics. In 1940, builders
of 10 or more houses constructed 44 percent of single-family structures. In the
following year, more than 55 percent of such building was carried out by larger
companies.
generally improved economic conditions together
with large-scale migrations to war-production centers. I n 1940 there were 27,029 single-family units
constructed by 10,153 builders. The number built
in 1941 rose to 38,196 but the number of builders
increased only 500. Thus the 1940 average per
builder was 2.7 houses; in 1941 it rose to 3.6.
LARGE-SCALE OPERATIONS INCREASE
This increase in the average number of houses per
builder in 1941 was the result, chiefly, of the larger
part played by builders of 10 or more houses. In
1940 there were 494 builders in this size group—4.9
percent of all those covered in the survey. They
built 11,894, or 44 percent of all single-family units.
By 1941 the number of these large-scale operators
had increased to 661 (6.2 percent) and their volume
of business rose to 21,894—56 percent of the total
annual production surveyed.
The greatest field of expansion for these largescale operators was in the suburbs of the cities
selected for study. Lower land costs and the availability of large tracts of desirable sites are two major
reasons for the greater prominence of large builders
in outlying areas. Whereas in 1940, 254 builders
299
erected 6,452 houses in the suburbs, the next year
365 built 11,598 single-family units. Their proportion of total construction rose from 45 percent in
1940 to 56 percent in the following year. Builders
of 10 or more houses averaged 32 units in 1941 compared to 24 the year before.
I t may be that a continuation of this suburban
trend in the post-war period will bring about a
fundamental change in the traditionally small scale
of the private construction industry. On the other
hand, the large stock of single lots already on hand
in every community and partially completed subdivisions both are factors encouraging smaller-scale
operations by individual builders. This is particularly true because of the multiple ownership of such
subdivisions and lots.
SMALL BUILDERS STILL M O S T NUMEROUS
However, even in surburban areas where large
builders made their greatest gains, builders of only
one house a year were about three times as numerous
as all other size groups combined. Thus it is apparent that the small-scale character of the private
building industry had not, at the close of 1941, been
substantially altered.
These one-house builders made up the great
majority of all builders included in the study although they constructed but a minor portion of
single-family houses. In 1940, as many as 7,618
builders, or 75 percent, had built only one house
each. Their activities accounted for 28.2 percent of
all construction included in the survey. The following year, although there had been a slight numerical
gain in this class of builders, their proportion to all
operators had shown a small decrease, and they did
a considerably smaller fraction of total business—
only 20 percent.
The other categories of smaller builders experienced
much the same trends in their proportion of the
business. The combined number of builders who
built from 2 to 9 houses a year increased from 2,000
in 1940 to 2,300 in 1942. However, their share of
total construction dropped from 28 percent to 24
percent.
GEOGRAPHICAL VARIATIONS
The most outstanding fact brought out by this
survey is the universal increase in large-scale operations. Except in Fort Wayne, all areas showed a
gain in the number of builders of 10 or more houses.
Baltimore, which led the 11 areas in total activity,
was also first in the proportion of large-scale operations. Builders of 10 or more houses made up 17
300
percent of all builders compared with a range from 2
to 10 percent in other communities. In Baltimore
during 1941, the builders in this size group did 84 percent of the business, an increase from 75 percent the
year before. This condition was not unusual for
the area as previous studies had indicated the same
trend toward large-scale construction.
The scale of operations by the individual holder
of the greatest number of building permits was also
greatly expanded in eight of the areas studied. The
outstanding example was in Houston where the
largest builder had constructed 59 houses in 1940;
the next year permits were issued to a single builder
to cover 544 houses.
In spite of these trends toward larger operations,
in five areas—Pittsburgh, Savannah, Buffalo, Birmingham, and Bridgeport—at least 70 percent of the
builders had constructed only one house during
either 1940 or 1941. Freeport (New York) also had
a high percentage of small-scale operators but the
average for this area was high because of the large
number of houses constructed by builders of 10 or
more single-family units.
LIMITATIONS OF DATA
Data for this study were obtained from building
permit records or, if none were available, from reliable local sources. Thus, even though the information does not represent complete coverage in any
given area, it does reflect a preponderance of privately financed single-family construction in these
war-production centers during 1940 and 1941.
Single-family houses (including detached, semidetached, and row houses) made up the major portion of all privately financed residential construction
during this period. However, since the builders
included in this study might well have built other
types of dwelling units, facts brought out in this
analysis of one-family dwellings cannot be regarded
as conclusive evidence of their total building activity
in either year.
Appointment of Director
•
A N N O U N C E M E N T has been made by the
FHLBA of the appointment of Frank L. Williams as a Class B Director of the Federal Home
Loan Bank of Los Angeles. Mr. Williams, president
of the State Building and Loan Association, Stockton,
California, has been appointed to the unexpired
portion of a term ending December 31, 1943. He
will replace the late Roy W. Bagby of Santa Cruz.
Federal Home Loan Bank Review
NEW INFORMATION ON SHARE CAPITAL
•
N E A R L Y $1,350,000,000 of private savings were
invested in all operating savings and loan associations from May 1942 through April 1943. According to estimates for the entire industry compiled
by the Division of Operating Statistics, share repurchases during the same 1-year period amounted to
$857,000,000, the equivalent of $64 withdrawn for
each $100 placed in the accounts of operating savings
and loan associations.
In past years share-capital trends for the savings
and loan industry have been estimated largely on the
basis of the experience of institutions insured by the
Federal Savings and Loan Insurance Corporation.
These were the only institutions for which comprehensive figures were available. During the last
13 months, the Division of Operating Statistics has
been able to secure the cooperation of a group of
uninsured member institutions as well as of associations which are not members of the Federal Home
Loan Bank System. These reports, first received in
April 1942, now have been tabulated for a full year.
I t is, therefore, possible for the first time to estimate
the experience of all savings and loan associations
in the country and to contrast the record of various
types of associations.
COMPARISONS BY CLASS OF INSTITUTION
Federal savings and loan associations appear to
have registered the most substantial progress among
all types of associations. During the period from
May 1942 through April 1943, new private investments in these institutions amounted to $628,000,000.
I t is evident, therefore, that they received approximately half of the total volume of new capital
invested in savings and loan associations.
Total withdrawals of funds held by Federal
savings and loan associations amounted to approximately $340,000,000. The ratio of repurchases to
new investments for the one-year period, therefore,
was 54 percent. This compares with the 64-percent
ratio for all types of institutions.
Insured State members received new private
capital amounting to $330,000,000 during the year,
and their withdrawals totaled $208,000,000. The
ratio of their repurchases to new investments for the
year was 63—above that for Federal institutions but
still well below the ratio for the other two classes.
Upon the basis of figures reported by cooperating
institutions, uninsured member associations of the
July 1943
536106—43-
Federal Home Loan Bank System accounted, for new
share investments of $207,000,000 in the year, and
their repurchases totaled more than $168,000,000.
The ratio of 81 percent between their repurchases and
new investments is the highest for any class of institution, according to the new estimates.
New share investments in institutions which are
neither members of the Federal Home Loan Bank
System nor insured by the Federal Savings and Loan
Insurance Corporation amounted to $184,000,000
during the year. The total volume of their repurchases was $141,000,000—a ratio of 77 percent.
CURRENT E X P E R I E N C E
Beginning with this issue the R E V I E W will publish
a current monthly estimate of new private investments and repurchases for the entire savings and loan
industry. This information will be included in the
Monthly Survey Section, in future months.
As the accompanying table shows, investments in
savings and loan shares amounted to well over
$100,000,000 in April, a gain of nearly 30 percent
over the same month of last year. Repurchases also
gained, but were only 4 percent higher than withdrawals in April 1942. The net increase in private
share capital of all savings and loan associations was
$42,000,000 in April of this year as against about
$19,000,000 in April of last year.
Federal associations showed the largest net gain
in share capital in the month. The $26,000,000 added
to their holdings of private share capital was more
than double the increase recorded by any other class
of association.
Share investments and repurchases, A p r i l
1943
[Amounts are shown in thousands of dollars]
Insured
All associaFederals memtions
bers
Share investments:
Year ending April 1943.
Aprill943
April 1942
Percent change
Repurchases:
Year ending April 1943.
April 1943
April 1942
Percent change
Repurchase ratio (percent):
Year ending April 1943_._
April 1943
April 1942
Uninsured
members i
Nonmem-1
bers
., 348, 528 $627, 714 $329,917 $207, 349 $183, 548
113, 228 53, 675 29, 567 16,138
13,848
88,051
38, 301 19, 892 16, 964
12,894
+29
+49
+40
-5
+7
857,020 339, 538 208, 321 168, 067
71, 588 27, 774 19, 397 14,148
69,125
24, 088 16, 355 16,000
+4
-12
+15
+19
63.6
63.2
78.5
54.1
51.7
62.9
63.1
65.6
82.2
81.1
87.7
94.3
141, 094
10, 269
12, 682
-19
76.9
74.2
98.4
i New investments and repurchases in uninsured savings and loan associations have been estimated for the first time from a sample of reporting institutions.
301
FROM CONSTRUCTION TO PRODUCTION
By the end of 1942, the major portion of total war construction had
been completed or was well under way. First quarter 1943 figures
for both publicly and privately financed construction indicate that
manpower and critical materials can be shifted in increasing
quantities to other lines of work.
•
IN the past several months a number of cities
formerly considered centers of acute labor
scarcity have become recruiting grounds for certain
types of workers. I n Washington, D. C , for
example, West Coast ship building firms have recruited several thousand workers in recent months.
The majority of these recruitments have been from
the ranks of unskilled and semi-skilled workers
formerly employed on such war-construction jobs
as the Pentagon Building.
This situation is developing in varying degrees in
many cities throughout the country. The peak of
construction of war plants, army encampments,
office buildings, and even residential projects probably is past. Although publicly financed projects to
be completed this year will account for sizable
expenditures, it has been estimated that total construction during 1943 may be only half of the nearly
$14,000,000,000 spent for this purpose in 1942.
The progressive completion of the construction
stage of the war program will release growing amounts
of manpower and critical materials for actual
production. The extent to which these scarce
resources may be put to other uses than those for
which they were employed in 1942 is indicated by
the charts on this and the next page.
For all construction, including publicly and privately financed work, the peak of activity was
reached in the third quarter of 1942. In those 3
months, according to estimates of the Bureau of
Labor Statistics, total construction expenditures
amounted to nearly $4,500,000,000. This figure
topped by nearly $1,000,000,000 expenditures in any
previous quarterly period since the beginning of the
War.
In the fourth quarter of last year, total construction expenditures dropped to about $3,500,000,000.
In the first quarter of this year, they amounted to
less than $2,500,000,000.
privately financed construction has been on the
decline since the Autumn of 1941. In the third
quarter of that year, total private construction
aggregated $1,800,000,000. An almost steady decline has since occurred in expenditures for privately
financed projects, including residential and nonresidential structures. In the third quarter of 1942,
construction financed by private funds was more
than 50 percent less than in the same period of the
previous year. The decline continued through the
next two 3-month periods. In the first quarter of
this year total private construction expenditures
totaled $395,000,000—almost 50 percent less than
in any quarterly period since 1939.
For publicly financed projects, the peak of expenditures was reached in the third quarter of 1942.
Public construction outlay in that period amounted
to more than $3,600,000,000—a figure almost 40
percent above all public construction expenditures
in the entire year of 1940.
Although spending for Government construction
projects declined in the next two quarters, it remained well above $2,500,000,000 from October
through December. For the first quarter of this
PRIVATE CONSTRUCTION DECREASES
In estimating the trend of construction activity
in future War years, it is well to remember that total
302
As the chart above shows, the peak of total war construction probably was
reached toward the end of last year. Contrasted with the current downward
trend of total construction expenditures is the steady upward tendency of total
industrial production.
Federal Home Loan Bank Review
year, public expenditures for construction still were
near $2,000,000,000—higher than for the same quarter of 1942 or in any comparable 3-month period
prior to that time.
Due to these divergent trends, private construction, which during 1940 accounted for nearly twothirds of total construction, made up only about
one-fourth of 1942 totals. I n the first three months
of this year it declined to about one-sixth of the
total expended during the period.
P U B L I C AND PRIVATE H O U S I N G
EXPENDITURES
As far as privately financed residential construction is concerned, the peak in activity was reached
in the third quarter of 1941, when total expenditures
for all nonfarm dwelling units amounted to more than
$900,000,000. Expenditures for privately financed
residential construction in the last quarter of 1942
aggregated only $234,000,000, and in the first quarter
of this year such construction was valued a t only
$143,000,000.
For publicly financed residential construction,
expenditures have followed a rising trend although
until recent months they have been smaller than for
private home building. I n 1940 Governmentfinanced projects accounted for expenditures of only
$199,000,000—approximately 8 percent of the total
residential expenditures in the year. I n 1942, however, Government housing projects—including both
temporary and permanent construction—accounted
for expenditures of $528,000,000, about one-third of
total housing-construction expenditures. From January through March of this year, Government housing
expenditures slightly exceeded those of private
builders—$165,000,000 as against $143,000,000, according to Bureau of Labor Statistics estimates.
The increase in Government construction of housing facilities has not been sufficient to offset the
heavy decline in private expenditures. Since the
third quarter of 1941, when combined public and
private housing outlays totaled more than $1,000,000,000, housing-construction expenditures have
steadily decreased. I n each of the last three quarterly
periods, total public and private housing expenditures have been less than half of the peak reached in
late 1941.
O T H E R T Y P E S OF BUILDING
Industrial and commercial construction have followed the same general pattern outlined above, b u t
the shift from private to public financing has been
even more marked in this building category. I n
1940, privately financed industrial expansion acJuly 1943
With the exception of Government expenditures for war-housing construction,
which remained near their all-time peak levels, the trends in all other types of
construction expenditures have followed a downward course in recent months.
It is to be noted that public housing expenditures, for the first time, exceeded
those by private individuals in the first quarter of this year. It is to be remembered, however, that much of this outlay involved temporary housing.
counted for expenditures of $415,000,000, more t h a n
three times public expenditures for these purposes. I n
the last quarter of 1942 new privately financed industrial construction amounted to only $67,000,000.
In the first quarter of 1943 it had dropped again to
$35,000,000.
Government-financed industrial construction accounted for expenditures of $139,000,000 in 1940.
In 1942 Government expenditures for plant expansion
aggregated more than $3,000,000,000. I n the last
half of the year alone, these expenditures exceeded
the $2,000,000,000 mark. Expenditures in the first
quarter of 1943 for industrial expansion still were
larger than in the same months of 1942. However,
in this category of construction, as well as in military
and naval establishments, it is evident that the end
of 1942 probably brought the peak in activity.
DOWNWARD T R E N D
CONTINUES
As the R E V I E W goes to press, the Bureau of Labor
Statistics has issued preliminary estimates of total
construction for the second quarter of 1942. Continuing the downward trend mentioned above, total
expenditures for public and private construction
failed to reach $2,000,000,000 from April to June.
Total outlays for public and private housing construction showed a seasonal increase. Governmentfinanced expenditures totaled more than $200,000,000
and private construction about $190,000,000.
303
HONOR ROLL OF WAR BOND SALES
The Honor Roll is shorter this month,
but 647 member institutions of the
Federal Home Loan Bank System are
maintaining a record of selling bonds
and stamps equivalent to at least one percent of their
assets each month. Still more, 291 of these institutions had made sales, through May, at least double
the minimum amount required for inclusion in the
Honor Boll.
Total sales to the public during the month of May
dropped to $23,700,000, and purchases by member
institutions for their own portfolios declined to
$18,000,000. Although the combined total of nearly
$42,000,000 is many times smaller than the record
month of April, with its Second War Loan drive, it
is well in excess of total sales and purchases in any
month of 1942.
Several institutions continue to make outstanding
records. The First Federal Savings and Loan Association of Chicago, Illinois, again led all other member insitutions with total sales in May of $2,315,000.
Since the first of this 3rear, the association has sold
bonds and stamps amounting to $6,808,000—equal
to 56 percent of its assets! The Haller Savings and
Loan Association of Chicago, Illinois, reports sales
equal to nearly 300 percent of its assets. And four
additional associations already have sold well over
100 percent of the total amount of their assets in the
first 5 months of this year.
To be eligible for the Honor Roll this month, institutions must have sold bonds and stamps equal to
5 percent of assets. The first asterisk represents
sales of 10 percent, and each additional asterisk
stands for another 5 percent of assets. The printing
of the name of an association in italics indicates
sales equal to more than 100 percent of assets; and
the printing of the name in capital and small capital
letters shows sales of more than 200 percent. Each
star indicates additional sales amounting to 5 percent.
NO. 1—BOSTON
Bristol Federal Savings and Loan Association, Bristol, Conn.
First Federal Savings and Loan Association, Greenwich, Conn.
First Federal Savings and Loan Association, Norwalk, Conn.
** First Federal Savings and Loan Association, Providence, R. I.
Savings Bank of Manchester, Manchester, Conn.
Suffolk Co-operative Federal Savings and Loan Association, Boston, Mass.
Telephone Workers Building and Loan Association, Providence, R. I.
Uxbridge Co-operative Bank, Uxbridge, Mass.
Waterbury Building and Loan Association, Waterbury, Conn.
**Windsor Federal Savings and Loan Association, Windsor, Vt.
****Windsor Locks Building and Loan Association, Windsor Locks, Conn.
NO. 2—NEW YORK
**Amsterdam Federal Savings and Loan Association, Amsterdam, N . Y.
Berkeley Savings and Loan Association, Newark, N. J.
Bloomfield Savings Institution, Bloomfield, N. J.
*Bronx Federal Savings and Loan Association, Bronx, N . Y.
304
*******Bronxville Federal Savings and Loan Association, Bronxville, N. Y.
****Center Savings and Loan Association, Clifton, N. J.
Closter Mutual Savings and Loan Association, Closter, N. J.
*Columbia Savings and Loan Association, Woodhaven, N. Y.
****Cranford Savings and Loan Association, Cranford, N. J.
East Rochester Federal Savings and Loan Association, East Rochester, N. Y.
*******Economia Savings and Loan Association, Trenton, N. J.
Edison Savings and Loan Association, New York, N. Y.
Elmhurst Savings and Loan Association, Jackson Heights, N. Y.
***First Federal Savings and Loan Association, New York, N. Y.
First Federal Savings and Loan Association, Rochester, N. Y.
Genesee County Savings and Loan Association, Batavia, N. Y.
Haddon Heights Victory Savings and Loan Association, Haddon Heights, N. J.
**Long Beach Federal Savings and Loan Association, Long Beach, N. Y.
*Maywood Savings and Loan Association, Maywood, N. J.
Midtown Savings and Loan Association, Newark, N. J.
Mohawk Savings and Loan Association, Newark, N. J.
North Jersey Savings and Loan Association, Passaic, N. J.
*North Park Savings and Loan Association, Elizabeth, N. J.
**North Plainfield Building and Loan Association, North Plainfield, N. J.
*Oneida Federal Savings and Loan Association, Oneida, N. Y.
Pequannock and Wayne Building and Loan Association, Mountain View, N. J.
Polifly Savings and Loan Association, Hasbrouck Heights, N . J .
*Reliance Federal Savings and Loan Association, Queens Village, N . Y.
Saranac Lake Federal Savings and Loan Association, Saranac Lake, N. Y.
Schuyler Building and Loan Association, Kearny, N. J.
*Summit Federal Savings and Loan Association, Summit, N. J.
Volunteer Building and Loan Association, Little Ferry, N. J.
Walton Savings and Loan Association, Walton, N. Y.
White Plains Federal Savings and Loan Association, White Plaias, N. Y.
NO. 3—PITTSBURGH
Benjamin Franklin Federal Savings and Loan Association, Philadelphia. Pa.
****Brentwood Federal Savings and Loan Association, Brentwood, Pa.
Burton C Simon Building and Loan Association, Philadelphia, Pa.
Cambria County Federal Savings and Loan Association, Cresson, Pa.
Capital Building and Loan Association, Philadelphia, Pa.
Cayuga Federal Savings and Loan Association, Philadelphia, Pa.
Collingdale Federal Savings and Loan Association, Collingdale, Pa.
**************C0joniai F e ^ e r a i Savings and Loan Association, Philadelphia, Pa.
*Conshohocken Federal Savings and Loan Association, Conshohocken, Pa.
*Duquesne Heights Building and Loan Association, Pittsburgh, Pa.
*Ellwood City Federal Savings and Loan Association, Ellwood City, Pa.
* Fidelity Federal Savings and Loan Association, Philadelphia, Pa.
First Federal Savings and Loan Association, Beaver Falls, Pa.
First Federal Savings and Loan Association, Carnegie, Pa.
First Federal Savings and Loan Association, Charleston, W. Va.
First Federal Savings and Loan Association, Fairmont, W. Va.
First Federal Savings and Loan Association, Homestead, Pa.
*First Federal Savings and Loan Association, Indiana, Pa.
******First Federal Savings and Loan Association, Logan, W. Va.
First Federal Savings and Loan Association, Mt. Oliver, Pa.
First Federal Savings and Loan Association, Pittston, Pa.
**First Federal Savings and Loan Association, Wilkes-Barre, Pa.
***First Federal Savings and Loan Association, Wilmerding, Pa.
First Philadelphia Savings and Loan Association, Philadelphia, Pa.
*Franklin Federal Savings and Loan Association, Pittsburgh, Pa.
Franklin Federal Savings and Loan Association, Wilkes-Barre, Pa.
Friendly City Federal Savings and Loan Association, Johnstown, Pa.
Garfield Federal Savings and Loan Association, Philadelphia, Pa.
Grand Union Federal Savings and Loan Association, Philadelphia, Pa.
Hancock County Federal Savings and Loan Association, Chester, W. Va.
*Hazleton Federal Savings and Loan Association, Hazleton, Pa.
Investment Building and Loan Association, Altoona, Pa.
*Lansdowne Federal Savings and Loan Association, Lansdowne, Pa.
**Liberty Federal Savings and Loan Association, Philadelphia, Pa.
**Metropolitan Federal Savings and Loan Association, Philadelphia, Pa.
********Mid-City Federal Savings and Loan Association, Philadelphia, Pa.
Monaca Federal Savings and Loan Association, Monaca, Pa.
******North Philadelphia Federal Savings and Loan Association, Philadelphia,
Pa.
Olney Savings and Loan Association, Philadelphia, Pa.
Peoples Federal Savings and Loan Association, Brackenridge, Pa.
Pioneer Savings and Loan Association of Bloomfield, Pittsburgh, Pa.
Protected Future Savings and Loan Association, Philadelphia, Pa.
****Real Estate Loan Association, Philadelphia, Pa.
Reliance Building and Loan Association, Altoona, Pa.
*Reliance Federal Savings and Loan Association, Philadelphia, Pa.
******** ****Roxborough-Manayunk Federal Savings and Loan Association,
Philadelphia, Pa.
**St. Edmunds Building and Loan Association, Philadephia, Pa.
Security Savings Fund and Loan Association, Pittsburgh, Pa.
Third Federal Savings and Loan Association, Philadelphia, Pa.
Troy Hill Federal Savings and Loan Association, Pittsburgh, Pa.
******** United Federal Savings and Loan Association, Morgantown, W. Va.
****West Philadelphia Federal Savings and Loan Association, Philadelphia, Pa.
West View Building and Loan Association, West View, Pa.
* Willow Grove Federal Savings and Loan Association, Willow Grove, Pa.
NO. 4—WINSTON-SALEM
**Aberdeen Building and Loan Association, Aberdeen, N. C.
Albermarle Building and Loan Association, Elizabeth City, N. C.
Arlington Federal Savings and Loan Association, Baltimore, Md.
**Atlantic Federal Savings and Loan Association, Baltimore, Md.
*Bartow Federal Savings and Loan Association, Bartow, Fla.
Belmont Building and Loan Association, Belmont, N. C.
Federal Home Loan Bank Review
Birmingham Federal Savings and Loan Association, Birmingham, Ala.
Bohemian American Building Association, Baltimore, Md.
*****Brevard Federal Savings and Loan Association, Brevard, N. C.
Citizens Building and Loan Association, Carthage, N. C. *
Citizens Building and Loan Association, Salisbury, N. C.
Citizens Federal Savings and Loan Association, Rome, Ga.
*Clewiston Federal Savings and Loan Association, Clewiston, Fla.
Community Federal Savings and Loan Association, Winnsboro, S. C.
Cullman Savings and Loan Association, Cullman, Ala.
**Donalsonville Federal Savings and Loan Association, Donalsonville, Ga.
First Building and Loan Association, Hickory, N. C.
*****First Federal Savings and Loan Association, Andalusia, Ala.
First Federal Savings and Loan Association, Anderson, S. C.
First Federal Savings and Loan Association, Annapolis, Aid.
First Federal Savings and Loan Association, Augusta, Ga.
* First Federal Savings and Loan Association, Charleston, S. C.
****First Federal Savings and Loan Association, Columbus, Ga.
*******First Federal Savings and Loan Association, Cordele, Ga.
* First Federal Savings and Loan Association, Darlington, S. C.
***First Federal Savings and Loan Association, Decatur, Ala.
**First Federal Savings and Loan Association, Eustis, Fla.
* First Federal Savings and Loan Association, Forest City, N. C.
** First Federal Savings and Loan Association, Gastonia, N. C.
* First Federal Savings and Loan Association, Greenville, N. C.
First Federal Savings and Loan Association, Huntsville, Ala.
**First Federal Savings and Loan Association, Jasper, Ala.
First Federal Savings and Loan Association, Lancaster, S. C.
First Federal Savings and Loan Association, Mobile, Ala.
* First Federal Savings and Loan Association, Montgomery, Ala.
First Federal Savings and Loan Association, Panama City, Fla.
**First Federal Savings and Loan Association, Phenix City, Ala.
First Federal Savings and Loan Association, Rocky Mount, N. C.
****First Federal Savings and Loan Association, South Boston, Va.
First Federal Savings and Loan Association, St. Petersburg, Fla.
* First Federal Savings and Loan Association, Sumter, S. C.
First Federal Savings and Loan Association, Valdosta, Ga.
**First Federal Savings and Loan Association, Vero Beach, Fla.
First Federal Savings and Loan Association, Waycross, Ga.
***First Federal Savings and Loan Association, Winder, Ga.
Fitzgerald Federal Savings and Loan Association, Fitzgerald, Ga.
**Fort Hill Federal Savings and Loan Association, Clemson, S. C.
**Gate City Building and Loan Association, Greensboro, N. C.
Gwinnett County Building and Loan Association, Buford, Ga.
**Hamlet Building and Loan Association, Hamlet, N. C.
*********Home Building and Loan Association, Easley, S. C.
Home Building and Loan Association, LaGrange, Ga.
Home Building and Loan Association, Spray, N. C.
Home Mutual Building and Loan Association, Washington, D. C.
Kenly Building and Loan Association, Kenly, N. C.
*Lake City Federal Savings and Loan Association, Lake City, Fla.
Lexington County Building and Loan Association, West Columbia, S. C,
**Lithuanian Federal Savings and Loan Association, Baltimore, Md.
Marietta Federal Savings and Loan Association, Marietta, Ga.
**Marion Federal Savings and Loan Association, Marion, S. C.
Mechanics Federal Savings and Loan Association, Rock Hill, S. C.
**Moultrie Federal Savings and Loan Association, Moultrie, Ga.
Mutual Building and Loan Association, Danville, Va.
*Mutual Building and Loan Association, Martinsville, Va.
Newberry Federal Savings and Loan Association, Newberry, S. C.
*Palatka Federal Savings and Loan Association, Palatka, Fla.
**Peoples Building and Loan Association, Whiteville, N. C.
*****Peoples Mutual Building and Loan Association, Mount Gilead, N. C.
Peoples Savings and Loan Association, Ensley, Ala.
Perpetual Building and Loan Association, Anderson, S. C.
Pulaski Mutual Building and Loan Association, Pulaski, Va.
Raleigh Building and Loan Association, Raleigh, N. C.
*Richmond County Building and Loan Association, Rockingham, N. C.
Riverside Federal Savings and Loan Association, Baltimore, Md.
Southern Federal Savings and Loan Association, Atlanta, Ga.
**Southern Pines Building and Loan Association, Southern Pines, N. C.
Stephens Federal Savings and Loan Association, Toccoa, Ga.
Sun Federal Savings and Loan Association, Baltimore, Md.
Tallahassee Federal Savings and Loan Association, Tallahassee, Fla.
Taylorsville Building and Loan Association, Taylors ville, N. C.
Thomas County Federal Savings and Loan Association, Thomasville, Ga.
******Tifton Federal Savings and Loan Association, Tifton, Ga.
**Union Federal Savings and Loan Association, Baltimore, Md.
****Weldon Building and Loan Association, Weldon, N. C.
Wilson Home and Loan Association, Wilson, N. C.
Workmen's Federal Savings and Loan Association, Mount Airy, N ,C.
Wyman Park Federal Savings and Loan Association, Baltimore, Md
NO. 5—CINCINNATI
* Anderson Ferry Building and Loan Company, Cincinnati, Ohio
* Athens Federal Savings and Loan Association, Athens, Tenn.
*Bedford Savings and Loan Company, Bedford, Ohio
Belmont Savings and Loan Company, Bellaire, Ohio
**Buckeye Loan and Building Company, Cincinnati, Ohio
Butler Building and Loan Company, Hamilton, Ohio
Cedarville Federal Savings and Loan Association, Cedarville, Ohio
***Citizens Federal Savings and Loan Association, Dayton, Ohio
Citizens Savings and Loan Company, Akron, Ohio.
Cleveland Federal Savings and Loan Association, Cleveland, Tenn.
**Cookeville Federal Savings and Loan Association, Cookeville, Tenn.
Cuyahoga Savings and Loan Company, Cleveland, Ohio
Dollar Federal Savings and Loan Association, Columbus, Ohio
Dyer County Federal Savings and Loan Association, Dyersburg, Tenn.
East Cleveland Savings and Loan Company, East Cleveland, Ohio
Elmwood Place Loan and Building Company, Elmwood Place, Ohio
* Falls Savings and Loan Association, Cuyahoga Falls, Ohio
***Favorite Federal Savings and Loan Association, Newport, Ky.
Fidelity Building Association, Dayton, Ohio
Tops in Volume
The 25 member institutions which reported the largest cumulative sales of
war-savings bonds and stamps during January-May
1943
1. F i r s t F e d e i a l Savings a n d L o a n Association, Chicago, Ill- $6, 808, 532
2. F i r s t Federal Savings a n d L o a n Association, N e w Y o r k ,
2, 604, 416
N. Y
3. Citizens F e d e r a l Savings a n d L o a n Association, D a y t o n ,
2, 507, 368
Ohio. _
.
._
4. H a r v e y Federal Savings a n d L o a n Association, H a r v e y ,
1, 709, 526
111
.
_
__
5. M i n n e s o t a ' F e d e r a l Savings a n d L o a n Association, St.
1, 376, 825
Paul, M i n n
_ .
6. H o m e Federal Savings a n d L o a n Association, T u l s a ,
Okla
1,316,990
7. Colonial Federal Savings a n d L o a n Association, Phila1, 275, 057
delphia, P a
...
8. Bloomfield Savings I n s t i t u t i o n , Bloomfleld, N . J
1, 226,848
9. R o x b o r o u g h - M a n a y u n k Federal Savings a n d L o a n As1,099, 751
sociation, P h i l a d e l p h i a . P a
10. First Federal Savings a n d L o a n Association, C a n t o n ,
1,096,912
Ohio
Detroit,
11. First F e d e r a l Savings a n d L o a n Association
1,080, C88
Mich
12. F i r s t F e d e r a l Savings a n d L o a n Association. P.ochester,
1,074, 940
N. Y
13. I n d e p e n d e n t B u i l d i n g - L o a n Association, San Jose, Calif- 1, 041, 813
14. E d i s o n Savings a n d L o a n Association, N e w Y o r k , N . Y._ 1, 016, 789
15. W m . H . E v a n s B u i l d i n g a n d L o a n Association, A k r o n ,
948, 707
Ohio
.
16. Old Colony Cooperative B a n k , P r o v i d e n c e , R. I
946,411
17. Worcester Co-Operative Federal Savings a n d L o a n Association, Worcester, M a s s
_-943,741
18. San A n t o n i o B u i l d i n g a n d L o a n Association, S a n A n t o n i o ,
921,008
Tex.
19. R a i l r o a d m e n ' s Federal Savings a n d L o a n Association,
Indianapolis, Ind
... .
_ -__ ._
902, 797
20. W a t e r b u r y Savings B a n k , W a t e r b u r y , C o n n
848, 065
Savings
B
a
n
k
of
M
a
n
c
h
e
s
t
e
r
,
M
a
n
c
h
e
s
t
e
r
,
C
o
n
n
.
.
.
21.
840, 623
22. Bronxville Federal Savings a n d L o a n Association, Bronxville, N . Y
834, 293
23. M i d - C i t y Federal Savings a n d L o a n Association, Philadelphia, P a . .
______
__ _.
815,386
24. Worcester C o u n t y I n s t i t u t i o n for Savings, Worcester,
Mass.
780, 578
25. Suffolk Cooperative Federal Savings a n d L o a n Association, Boston, M a s s . . .
746, 602
j
'
j
1
305
July 1943
536106—43
First Federal Savings and Loan Association, Ashland, Ky.
** First Federal Savings and Loan Association, Bucyrus, Ohio
*First Federal Savings and Loan Association, Canton, Ohio
First Federal Savings and Loan Association, Centerburg, Ohio
First Federal Savings and Loan Association, Defiance, Ohio
First Federal Savings and Loan Association, Dickson, Tenn.
First Federal Savings and Loan Association, Galion, Ohio
*****First Federal Savings and Loan Association, Greenville, Tenn.
**First Federal Savings and Loan Association, Hopkinsville, Ky.
First Federal Savings and Loan Association, Ironton, Ohio
**First Federal Savings and Loan Association, Johnson City, Tenn
First Federal Savings and Loan Association, LaFollette, Tenn.
First Federal Savings and Loan Association, Lakewood, Ohio
First Federal Savings and Loan Association, Lorain, Ohio
•First Federal Savings and Loan Association, Sidney, Ohio
First Federal Savings and Loan Association, St. Bernard, Ohio
***Fulton Building and Loan Association, Fulton, Ky.
Genoa Savings and Loan Company, Genoa, Ohio
*H. B. Smith Building and Loan Company, Fremont, Ohio
Hancock Savings and Loan Company, Findlay, Ohio
Harvest Home Building and Savings Association, Cheviot, Ohio
*Hickman Federal Savings and Loan Association, Hickman, Ky.
Home Builders' Loan and Savings Company, Cincinnati, Ohio
**Home Federal Savings and Loan Association, Cincinnati, Ohio
*Home Federal Savings and Loan Association, Knoxville, Tenn.
*Home Loan and Savings Company, Coshocton, Ohio
Home Savings and Loan Association, Dayton, Ohio
Home Savings and Loan Association, Wapakoneta, Ohio
*Home Savings and Loan Company, Columbiana, Ohio
Hyde Par'; Building and Loan Company, Cincinnati, Ohio
*Indian Village Federal Savings and Loan Association, Gnadenhutten, Ohio
Lincoln Federal Savings and Loan Association, Dayton, Ohio
*Lincoln Heig; ts Savings and Loan Company, Cleveland, Ohio
3
**********Owantonna Federal Savings and Loan Association, Owatonna, Minn.
**Perry Federal Savings and Loan Association. Perry, Iowa
**Postal Employees' Building Loan and Savings Association, St. Louis, Mo.
*Public Service Company's Savings and Loan Association, Kansas City, Mo.
Red Oak Building and Savings Association, Red Oak, Iowa
Sentinel Federal Savings and Loan Association, Kansas City, Mo.
*Slayton Building and Loan Association, Slayton, Minn.
*St. Joseph Savings and Loan Association, St. Joseph, Mo.
^Standard Federal Savings and Loan Association, Kansas City, Mo.
** Wells Federal Savings and Loan Association, Wells, Minn.
NO. 9—LITTLE ROCK
Alamogordo Federal Savings and Loan Association, Alamogordo, N. Mex.
American Homestead Company, New Orleans, La.
***Amory Federal Savings and Loan Association, Amory, Miss.
*Arkadelphia Federal Savings and Lean Association, Arkadelphia, Ark.
****************At]aruca F e ( j e r a i Savings and Loan Association, Atlanta, Tex.
*******Batesville Federal Savings and Loan Association, Batesville, Ark.
Beaumont
Federal Savings and Loan Association, Beaumont, Tex.
Browrnwood Federal Savings and Loan Association, Brownwood, Tex.
Chaves County Building and Loan Association, Roswell, N. Mex.
* Citizens Federal Savings and Loan Association, Jonesboro, Ark.
*Clay County Federal Savings and Loan Association, West Point, Miss.
* Coast Federal Savings and Loan Association, Gulf port, Miss.
***Colorado Federal Savings and Loan Association, Colorado, Tex.
Continental Building and Loan Association, New Orleans, La.
*Corsicana Federal Savings and Loan Association, Corsicana, Tex.
****Dalhart Federal Savings and Loan Association, Dalhart, Tex.
***T)avy Crockett Federal Savings and Loan Association, Crockett, Tex.
*Delta Federal Savings and Loan Association, Greenville, Miss.
*******Deming Federal Savings and Loan Association, Deming, N. Mex.
DeSoto Federal Savings and Loan Association, Mansfield, La.
**Electra Federal Savings and Loan Association, Electra, Tex.
El Paso Federal Savings and Loan Association, El Paso, Tex.
Equitable Building and Loan Association, Fort Worth, Tex.
**Equitable Building and Loan Association, Roswell, N. Mex.
Fifth District Homestead Society, New Orleans, La.
*First Federal Savings and Loan Association, Beaumont, Tex.
First Federal Savings and Loan Association, Belzoni, Miss.
**First Federal Savings and Loan Association, Big Spring, Tex.
*****First Federal Savings and Loan Association, Canton, Miss.
First Federal Savings and Loan Association. Clarksdale, Miss.
******First Federal Savings and Loan Association, Corinth, Miss.
***First Federal Savings and Loan Association, Corpus Christi, Tex.
*First Federal Savings and Loan Association, El Dorado, Ark.
**First Federal Savings and Loan Association, Helena, Ark.
First Federal Savings and Loan Association, Hot Springs, Ark.
First Federal Savings and Loan Association, Laredo, Tex.
* First Federal Savings and Loan Association, Las Vegas, N. Mex.
First Federal Savings and Loan Association, Little Rock, Ark.
First Federal Savings and Loan Association, Longview, Tex.
**First Federal Savings and Loan Association, Lubbock, Tex.
First Federal Savings and Loan Association, Luling, Tex.
*First Federal Savings and Loan Association, Marshall, Tex.
First Federal Savings and Loan Association, McComb, Miss.
* First Federal Savings and Loan Association, Natchitoches, La.
*First Federal Savings and Loan Association, New Braunfels, Tex.
**First Federal Savings and Loan Association, Paris, Tex.
First Federal Savings and Loan Association, Rogers, Ark.
First Federal Savings and Loan Association, Shreveport, La.
**First Federal Savings and Loan Association, Waco, Tex.
First Homestead and Savings Association, New Orleans, La.
Gilmer Building and Loan Association, Gilmer, Tex.
********Gladewater Federal Savings and Loan Association, Gladewater, Tex.
*******Greater New Orleans Homestead Association, New Orleans, La.
Guaranty Savings and Homestead Association, New Orleans, La.
Hammond Building and Loan Association, Hammond, La.
Helena Federal Savings and Loan Association, Helena, Ark.
Hope Federal Savings and Loan Association, Hope, Ark.
******inter-City Federal Savings and Loan Association, Louisville, Miss.
**************jennmg.s Federal Savings and Loan Association, Jennings, La.
*Kosciusko Building and Loan Association, Kosciusko, Miss.
Liberty County Federal Savings and Loan Association, Liberty, Tex.
Mineral Wells Building and Loan Association, Mineral Wells, Tex.
**Morrilton Federal Savings and Loan Association, Morrilton, Ark.
Mutual Building and Loan Association, Fort Worth, Tex.
**Mutual Building and Loan Association, Las Cruces, N. Mex.
Mutual Deposit and Loan Company, Austin, Tex.
****Nashville Federal Savings and Loan Association, Nashville, Ark.
***Natchez Building and Loan Association, Natchez, Miss.
*******Navasota Federal Savings and Loan Association, Navasota, Tex.
North Texas Federal Savings and Loan Association, Wichita Falls, Tex.
Oak Homestead Association, New Orleans, La.
**01ney Federal Savings and Loan Association, Olney, Tex.
* Panola County Federal Savings and Loan Association, Batesville, Miss.
* Peoples Federal Savings and Loan Association, Bay St. Louis, Miss.
*********Piggott Federal Savings and Loan Association, Piggott, Ark.
Pioneer Building and Loan Association, Waco, Tex.
*****Pocahontas
Federal Savings and Loan Association, Pocahontas, Ark.
*T*Ponchatoula Homestead Association, Ponchatoula, La.
*************Quanah Federal Savings and Loan Association, Quanah, Tex.
*Rapides Building and Loan Association, Alexandria, La.
***********Riceland Federal Savings and Loan Association, Stuttgart, Ark.
***** Roswell Building and Loan Association, Roswell, N. Mex.
San Angelo Federal Savings and Loan Association, San Angelo, Tex.
**San Antonio Building and Loan Association, San Antonio, Tex.
***Searcy Federal Savings and Loan Association, Searcy, Ark.
Security Federal Savings and Loan Association, Pampa, Tex.
**Slidell Savings and Homestead Association, Slidell, La.
*St. Tammany Homestead Association, Covington, La.
***Sulphur Springs Loan and Building Association, Sulphur Springs, Tex.
Tarrant County Building and Loan Association, Fort Worth, Tex.
July 1943
Taylor Building and Loan Association, Taylor, Tex.
**Teche Federal Savings and Loan Association, Franklin, La.
*Travis Building and Loan Association, San Antonio, Tex.
*****Tucumcari Federal Savings and Loan Association, Tucumcari, N. Mex
* Union Federal Savings and Loan Association, Baton Rouge, La.
Waxahachie Federal Savings and Loan Association, Waxahachie, Tex.
NO. HV-TOPEKA
American Building and Loan Association, Oklahoma City, Okla.
Bonner Springs Building and Loan Association, Bonner Springs, Kans.
Brighton Federal Savings and Loan Association, Brighton, Colo.
Broken Arrow Federal Savings and Loan Association, Broken Arrow, Okla.
**Citizens Federal Savings and Loan Association, Wichita, Kans.
**Columbia Building and Loan Association, Emporia, Kans.
Concordia Building and Loan Association, Concordia, Kans.
Dodge City Savings and Loan Association, Dodge City, Kans.
Durango Savings and Building Association, Durango, Colo.
Equitable Building and Loan Association, Fremont, Nebr.
Erie Building and Loan Association, Erie, Kans.
First Federal Savings and Loan Association, Beloit, Kans.
* First Federal Savings and Loan Association, Englewood, Colo.
First Federal Savings and Loan Association, La Junta, Colo.
** First Federal Savings and Loan Association, Lamar, Colo.
* First Federal Savings and Loan Association, Liberal, Kans.
First Federal Savings and Loan Association, Lincoln, Nebr.
First Federal Savings and Loan Association, Shawnee, Okla.
****First Federal Savings and Loan Association of Dawson County, Cozad
Nebr.
**********First Federal Savings and Loan Association of Sumner County, Wellington, Kans.
Garden City Building and Loan Association, Garden City, Kans.
Garnett Savings and Loan Association, Garnett, Kans.
Hays Building and Loan Association, Hays, Kans.
Home Building and Loan Association, Lawton, Okla.
**Home Federal Savings and Loan Association, Ada, Okla.
Home Federal Savings and Loan Association, Grand Island, Nebr.
**Home Federal Savings and Loan Association, Tulsa, Okla.
*Horton Building, Loan and Savings Association, Horton, Kans.
Industrial Federal Savings and Loan Association, Denver, Colo.
Liberty Savings and Loan Association, Fort Scott, Kans.
Lyons Building and Loan Association, Lyons, Kans.
Mesa Federal Savings and Loan Association, Grand Junction, Colo.
*Miami Building and Loan Association, Miami, Okla.
Morgan County Federal Savings and Loan Association, Fort Morgan, Colo.
Nebraska City Federal Savings and Loan Association, Nebraska City, Nebr.
Northwestern Federal Savings and Loan Association, Clay Center, Kans.
Osage Federal Savings and Loan Association, Pawhuska, Okla.
Peoples Federal Savings and Loan Association, Ardmore, Okla.
***Peoples Federal Savings and Loan Association, Tulsa, Okla.
Reserve Building and Loan Association, Oberlin, Kans.
Salida Building and Loan Association, Salida, Colo.
*************g chuy j er F e ( j e r a i Savings and Loan Association, Schuyler, Nebr.
Security Building and Loan Association, Iola, Kans.
****Wayne Federal Savings and Loan Association, Wayne, Nebr.
NO. 11—PORTLAND
Auburn Federal Savings and Loan Association, Auburn, Wash.
*Bellingham First Federal Savings and Loan Association, Bellingham, Wash.
Centralia Federal Savings and Loan Association, Centralia, Wash.
****Cheyenne Federal Savings and Loan Association, Cheyenne, Wyo.
Citizens Federal Savings and Loan Association, Seattle, Wash.
*Commercial Savings and Loan Association, Kelso, Wash.
**Deer Lodge Federal Savings and Loan Association, Deer Lodge, Mont.
First Federal Savings and Loan Association, Aberdeen, Wash.
First Federal Savings and Loan Association, Hoquiam, Wash.
**First Federal Savings and Loan Association, Idaho Falls, Idaho
First Federal Savings and Loan Association, Mt. Vernon, Wash.
First Federal Savings and Loan Association, Pendleton, Oreg.
First Federal Savings and Loan Association, Salt Lake City, Utah
**First Federal Savings and Loan Association, Sheridan, Wyo.
*****First Federal Savings and Loan Association, The Dalles, Oreg.
Guaranty Federal Savings and Loan Association, Pocatello, Idaho
Hoquiam Savings and Loan Association, Hoquiam, Wash.
**Lakeview Federal Savings and Loan Association, Lakeview, Oreg.
*Liberty Savings and Loan Association, Yakima, Wash.
Northern Building and Loan Association, Sidney, Mont.
Polk County Federal Savings and Loan Association, Dallas, Oreg.
Port Angeles Savings and Loan Association, Port Angeles, Wash.
Portland Federal Savings and Loan Association, Portland, Oreg.
Rawlins Federal Savings and Loan Association, Rawlins, Wyo.
*Raymond Federal Savings and Loan Association, Raymond, Wash.
**Umpqua Savings and Loan Association, Roseburg, Oreg.
Vancouver Federal Savings and Loan Association, Vancouver, Wash.
*Washington Federal Savings and Loan Association, Hillsboro, Oreg.
Wenatchee Federal Savings and Loan Association, Wenatchee, Wash.
**Yakima Federal Savings and Loan Association, Yakima, Wash.
NO. 12—LOS ANGELES
Berkeley Guarantee Building and Loan Association, Berkeley, Calif.
*Carmel Building and Loan Association, Carmel, Calif.
****Central Federal Savings and Loan Assocation, San Diego, Calif.
Century Federal Savings and Loan Association, Santa Monica, Calif
Citrus Belt Building and Loan Association, Riverside, Calif.
*Compton Federal Savings and Loan Association, Compton, Calif.
*Coronado Federal Savings and Loan Association, Coronado, Calif.
*Escondido Federal Savings and Loan Association, Escondido, Calif.
First Federal Savings and Loan Assocation, Alhambra, Calif.
*First Federal Savings and Loan Association of Hawaii, Honolulu, T. H.
****First Federal Savings and Loan Association, Huntington Park, Calif.
{Continued on p. 820)
307
RESIDENTIAL BUILDING ACTIVITY AND SELECTED INFLUENCING FACTORS
1935-1939=100
BY YEARS
BY MONTHS
INDEX
260 i
260
ADJUSTED FOR SEASONAL VARIATION
240
220
1
1
1
1
f
1
1
A i ^ W / V M T E CONSTRUCTION
240
#Y^j
220
1 8 2 FAMILY DWELLING UNITS
200
200
l PRIVATE CONSTRUCTION180
160
140
120
100
80
(
FEDERAL HOME LOAN BANK ADMIN.)
( U . S DEPT OF LABOR RECORDS)
\
\
1 A%f
i
/
^
/\(FE
f
180
1
KM
160
\
1\
'
O
DERAL HOME LOAN BANK ADMIT
\
.^.
x/
SVGS. a LOAN LEND.
/
Xi
1
V \\
/
sC\
/
140
—
120
100
4
80
/
\
V
60
A 1\
/ f v '\%
a 2 FAMILY DWELLING UNITS
x.
tm • • « *
40
y
A
60
/
'
jrNONFARM FORECLOSURES^
NONFARM
^^
FORECLOSURES'
1
40
( F E D E R A L HOME LOAN BANK ADMIN.)
20
20
L_L_i_
"
1 1 .1 1
i I
0
140
BUILDING MATERIAL PRICES
-A
^BUILDING
1 1 .J_L :_LJ. _ ! . _ ] _ ._.! .L ...LI . 1 1
1 I
120
~-~'^ ^ . L ^ M ^ W
100
RENTS' *—"
80
MATERIAL PRICES^
~Hr
l 1 _L_L
i l
i
1 1 1 1 1 1 1 1 1 1 1 1 1 1
i
i
i
-Ah
i
ADJUSTED FOR SEASONAL VAf W I O l Y
60
240
220
INDUSTRI AL
1
1
200
*2^
PRODUCTION^
! *y
180
mm
9^
h"'"
160
I4.Q
* \W/VCrOME PAYMENTS
1*0
100
80
W-
1 1J _ l _
1941
i i
1930 '31
'32
'33
'34
'35
'36
'37
'38
'39
'40
*4I
'42
c COST OF STANDARD SIX-ROOM HOUSE
WHOLESALE COMMODITY PRICES
1935-1939=100
1935-19 39= 100
_Jy
LABOR--L ^,S
-•K*
fTOTAL
I
1942
1943
X,
150
I."
100
MATERIAL),
** ..••••••
V A L L INDUS TRIAL
NO
"HMIMIM
-^
"T
/ • ' •
BUILDIN G
1 1 1 1
,MILL.ONS F H . L B . ADVANCES OUTSTANDING
140
120
_ U _ J_l_ 1 1 1 1
LUMBER^
130
308
] 1
% ** 41
"i
t
.+*•
. - ~~ .s
,y
.19 43
50
,,,,,!.,,,,
Mh.ll.hil
1942
1943
O
JAN. FEB. MAR. APR MAY JUN. JUL. AUG. SEP OCT. NOV. DEC.
Federal Home Loan Bank Review
« « «
MONTHLY
SURVEY
HIGHLIGHTS
/. All types of building shared in the April to May gain of 21 percent in the number of permits issued for residential dwelling units in
all urban areas.
In spite of recent increases, total residential building in urban areas, as reported to the Bureau of Labor Statistics,
was still more than 28 percent below May of last year and 57 percent less than in the same month of 1941.
A. Construction of privately financed 1- and 2-family structures showed the most pronounced gain in the month—26 percent.
The nearly 10,000 structures for which permits were issued in May accounted for over half of all home construction.
B. Construction of Government-financed units also gained over April and accounted for some 6,500 of the permits issued in
May.
This is about half the number issued for publicly financed construction in May 1942.
II. For the third successive month, the volume of home financing in May reflected an upward trend in activity from April levels.
A. Recordings of nonfarm mortgages of $20,000
or less totaled $327,000,000
in May—6 percent above April and only 7
percent below the volume for the same month of 1942.
B. New lending of all savings and loan associations gained less than seasonally from April to May.
The volume for the month
was, however, larger than for May 1942.
This is the first time since late 1941 that lending activity has exceeded the
total for the same month of the previous year,
III. Foreclosures of nonfarm mortgages resumed their downward trend, after gaining slightly from March to April.
The rate for the 12
months ending in May 1943 was 1.6 cases per 1,000 dwellings as against a rate of 2.3 per 1,000 dwellings in the previous 12
months.
IV. Total costs of building the standard 6-room house gained fractionally in May and the index rose to 126.2—not quite 3 percent above
May 1942.
V. New private share capital continued to be received in substantial volume by insured savings and loan associations in the month.
Repurchases of shares compared favorably with any like month since 1939.
As a result, these institutions reported a net gain of
$50,000,000
in total holdings of private share capital.
SUMMARY
The American wage and salary earner continued
in May to add substantially to his savings both by
buying war bonds and stamps and by placing increasing sums in the hands of private financial institutions. Although total war-bond sales during the
month were down 9 percent from the record-breaking
figure reported for April, practically all of this reduction was in the F and G series which do not as a whole
represent direct savings of individuals. Even with
this curtailment from activity during the month of
the Second War Loan drive, the total May sales of
$1,335,000,000 exceeded those of war bonds in any
other prior month.
Sales of Series E savings bonds to the public totaled
$995,000,000 during May—only 1 percent less than
in April and 22 percent more than in the previous high
month of January 1943. Postal savings deposits,
which showed relatively little growth prior to 1942,
have expanded by $237,000,000, or 18 percent, in
the 12 months ending in May of this year. During
the same period $534,000,000, or 20 percent, more
was added to the private share accounts of insured
savings and loan associations.
With mortgage lending opportunities curtailed as
they have been over the past year, the combined
portfolio for insured associations has risen but $89,000,000 during the 12 months-—an expansion equal to
July 1943
only one-sixth that reported on the savings side of the
ledger. At the close of May, $3,194,000,000 of savings were invested in these insured institutions while
mortgage holdings amounted to $2,893,000,000. A
year earlier, loans held actually exceeded private
share capital by $141,000,000.
The effects of the " t i g h t " lending market and the
necessity for large-scale non-inflationary financing of
war expenditures has led to several shifts in the
investment policies of savings and loan associations
during the past year. Among insured associations,
for which most complete data are available, Government-bond holdings now are about five times as
great as in mid-year 1942, while total mortgage holdings have increased but 3 percent during the past 12
months. Cash holdings, meanwhile, have risen
[1935-1939 = 100]
May
1943
April
1943
Percent
change
62.2
16.9
108.0
123.4
132.9
p 203.0
172.0
v 210.0
48.8
18.3
108.0
123.2
133.9
203.0
r 171. 2
" 208.0
+27.5
-7.7
0.0
+0.2
-0.7
0.0
+0.5
+1.0
May
1942
69.9
27.3
109.9
122.9
125.7
174.0
152.3
165.4
Percent
change
-11.0
-38.1
-1.7
+0.4
+5.7
+16.7
+12.9
+27.0
v Preliminary.
* Revised.
1
Adjusted for normal seasonal variation.
309
steadily while borrowings and Government share
capital have been curtailed through use of excess
funds in the hands of insured associations.
BUSINESS CONDITIONS—Production
and employment level off
For the first time since the Summer of 1941, the
total volume of industrial production failed in May
to rise from month to month. The seasonally adjusted index of the Federal Reserve Board remained
stationary at an estimated 203 in May (19351939 = 100).
In spite of the general leveling off of total production, it should be noted that production of war
material still was at all-time peaks. The retarding
factor in recent months has been the production of
nondurable goods for individual consumption.
In the past 12 months, the index for durable
manufacturing industries has gained more than 25
percent, from 239 in May 1942 to an estimated 300
in May of this year. The index for nondurable
manufactures has gained only 7 percent in the same
12-month period, and stood at 148 at the end of May.
Declines in total employment in industries manufacturing nondurable goods brought a slight drop in
total factory employment in May, according to the
Bureau of Labor Statistics. Employment in durable
goods industries advanced slightly.
I n May the value of department store sales decreased more than seasonally—5 percent—from
April. The Federal Reserve Board's seasonally
adjusted index was still, however, 15 percent above
the level of May 1942. Early June department
store activity remained at May levels, and sales
spurted toward the middle of the month as a result
of volume buying of shoes.
Generally improved weather conditions for all
areas, except three Western States, have materially
changed estimates for crop yields. Indications now
point to nearly normal acreage and yields. I t still
is believed that yields per acre will be reduced from
the unusually high level of last season.
The yield on partially tax-exempt Government
bonds continued to decline. Federal Reserve Board
figures indicate that longer-term bonds showed an
average yield of 1.85 in early June. Comparable
figures for May and April were 1.92 and 2.02.
BUILDING ACTIVITY-AII types of
residential construction sain
Substantial increases in both public and private
construction brought M a y building of new family310
dwelling units in all urban areas to a level 21 percent
above April. As a result of the month-to-month
gain, May permits, as reported by the Labor Department, were only 28 percent less than in May 1942.
I t must be remembered that May 1942 saw the
first sharp drop in privately financed residential
construction following the initial "Stop-Construetion" order of the W P B . Thus, in spite of the current favorable trend, it is obvious that total residential building still remains at a relatively low point as
compared with 1940 and 1941.
Privately financed construction, however, has
recently shown a tendency to recover from the small
volume reported in January of this year. Since then,
the number of permits issued for privately financed
1- and 2-family dwellings has recorded month-tomonth gains. The 26 percent increase reported
from April to May brought private construction of
these units to nearly 10,000—a level only about 12
percent below May 1942.
The April-to-May gain of 21 percent in the number of permits for multi-family dwellings was slightly
less than for smaller structures. But the May
figure was 66 percent above May 1942, reflecting
the recent trend toward the construction of larger,
material-saving units.
Recovering from recent losses, but still well below
the peak level of 18,000 units reported in January of
this year, permits for publicly financed structures in
urban areas totaled 6,574 in May. This was only
about one-half of the total number of publicly financed units for which permits were issued in the
same month of last year.
As a result of the greater percentage gain in privately financed construction than in public building
during the month, units financed by private mortgage lenders continued to account for an increasing
NEW RESIDENTIAL CONSTRUCTION IN ALL URBAN AREAS
PERMITS ISSUED FOR PUBLICLY AND PRIVATELY FINANCED DWELLING UNITS
THOUSANDS OF
DWE .LING A)t JITS
35
n
30
j
25
20
1
1
^ \ y-PRIV VTE
N\
\
/
^
ALL PUBLI
10
'i-y
* /
v
MAR.
K
\
>
V AP
'V\
PRIVAT : MULT -FAM.U r
°CEC
K
\
15
5
lai dZFAU ILY
JUN.
1941
SEP
i i
' t
DEC.
i
1
i
/V"
1
\
\
\ *^*^
i
1 1
MAR. l
1 JUN.
1942
SEP
DEC.
MAR.
i
i i
JUN.
SEP
Of :c.
1943
Federal Home Loan Bank Review
share of total residential construction. New privately financed construction accounted for just less
than two-thirds of all building in May of this year.
Last May, for the first time on. record, public construction exceeded that of private industry, as evidenced by permits issued in a single month. [TABLES
1 and 2.]
B U I L D I N G COSTS—Wholesale and
retail prices increase
T h e total cost of constructing the standard 6-room
frame house rose fractionally from April to May,
and at the end of the month the index stood at an
estimated level of 126.2. Both labor and material
shared in this slight increase. Labor costs are now
34 percent above the average month of 1935-1939
while material costs are 22 percent higher than in
this base period.
In May, total costs were less than 3 percent
higher than in the same month of last year. I t is
to be noted, however, that prices of materials were
only 1 percent higher this year than last while
labor rose more than 6 percent during this 12-month
period.
New mortgage loans distributed by purpose
[Amounts are shown in thousands of dollars]
April
1943
May
1943
Purpose
Construction _
H o m e purchase
Refinancing
Reconditioning
Other purposes
$9,
67,
14,
2,
6,
039 $9, 853
826 65, 088
843 15, 040
606 2,484
176 6, 270
100,490 98, 735
Total
Percent
change
May
1942
- 8 . 3 $17,
+ 4. 2 53,
- 1 . 3 13,
+ 4. 9 3,
- 1 . 5 6,
Percent
change
610 - 4 8 . 7
095 + 27. 7
607
+ 9. 1
866 - 3 2 . 6
831 - 9 . 6
+ 1.8 95, 009
+ 5. 8
Since the beginning of the War, an increasing
proportion of savings and loan investments in home
mortgages have been to finance the purchase of
existing structures. During the reporting month
home-purchase loans aggregated approximately
$68,000,000, the largest volume for any month for
which data are available. During the J a n u a r y - M a y
period 22 percent more was loaned for this purpose
than in the same interval of last year.
Loans in the remaining purpose categories, with
the exception of refinancing loans, have declined
sharply from pre-war levels. The volume of refinanc-
Construction costs for the standard house
[Average month of 1935-1939=100]
TOTAL LOANS MADE BY ALL SAVINGS AND LOAN ASSOCIATIONS
UNITED STATES-BY TYPE OF ASSOCIATION
Element of
cost
Material
Labor
T o t a l . _.
Percent
change
Percent
change
May
1943
April
1943
122. 2
134.3
121. 8
133.4
+ 0. 3
+ 0.7
121. 0
126. 4
+ 1.0
+ 6. 3
126. 2
125. 7
+ 0.4
122. 8
+ 2. 8
Mav
1942
MILLIONS
OF DOLLARS
BY
MONTHS
140
Wholesale building-material prices as reported
by the U. S. Department of Labor moved upward
fractionally during the month of May, carrying the
composite index (1935-1939 = 100) to 123.4. This
was an increase of 0.2 percent from the previous
month and 0.4 percent from May of 1942. [TABLES
3, 4, and 5.]
CUMULATIVE AS OF MAY 31, EACH YEAR
M O R T G A G E LENDING—Activity
exceeds M a y 1942
For the first month since December 1941, the
volume of new mortgage loans made by savings and
loan associations during May exceeded $100,000,000.
By way of comparison, this represents gains of 2
percent from the previous month and 5 percent from
M a y 1942.
July 1943
1941
1942
FEDERALS
1943
1941
1942
1943
STATE-CHARTER ED MEMBERS
I94|
1942
1943
NONMEMBERS
3II
ing loans made during the first 5 months of this year
exceeded that of the same 1942 period by 3 percent,
but was 14 percent below the comparable period
of 1941. Construction loans, meanwhile, were 62
percent under last year's level and 76 percent less
than in May 1941. [TABLES 6 and 7.]
MORTGAGE RECORDINGS-Gain over
previous month again noted
For the third successive month, the volume of
nonfarm mortgages of $20,000 or less topped the
total for the previous month. The $327,092,000
reported was about 6 percent greater than in April
and only about 7 percent below May 1942 activity.
I t must be remembered, however, that recordings
for May 1942 w^ere at a low level, as compared with
the same months of previous years. The expanded
volume of recordings reported in May of this year
was about 25 percent less than in the same month
of 1941, and 12 percent under May 1940.
These qualifications should not be permitted to
obscure the fact that mortgage-recording activity
has shown a marked improvement in recent months.
In January of this year, recordings were about 30
percent below January of 1942 and appeared likely
to shrink still further. Since March, however, the
volume has increased so substantially month by
month that the year-to-year comparison has improved progressively.
Mutual savings banks reported the largest percentage gain in activity during the month—16
percent. Other types of lenders had gains ranging
from 4 to 9 percent from April. Insurance company recordings showed a slight decline.
On the basis of May activity, savings and loan
associations accounted for nearly one-third of total
Mortgage recordings by type of mortgagee
[Amounts are shown in thousands of dollars]
T y p e of lender
Total
312
+ 5. 9
3 2 . 8 $425, 871
7.5
109, 155
20. 1 275, 172
49, 538
3. 9
21. 4 295, 960
197, 937
14.3
FORECLOSURES—Downward
trend resumed
Only 2,375 nonfarm real-estate foreclosures were
reported in May 1943. This was 2 percent less
than the total for April and 38 percent below the
same month of last year.
The April-to-May change is particularly favorable since a seasonal increase of 6 percent in foreclosures is normally expected. The seasonally
adjusted index dropped 8 percent to reach a new
low point at the end of May—16.9, or about 83
percent below the average for the 1935-1939 base
period.
Thus far in 1943, 11,962 foreclosures have been
completed. This is about 38 percent below the
total number of cases reported in the same period
of 1942.
For the 12-month period ending in May, the
foreclosure rate for the country was 1.6 cases per
1,000 dwellings. In the previous 12 months, cases
were completed at a rate of 2.3 per 1,000 dwellings.
[TABLE
P e r c e n t P e r c e n t Cumula- Perchange of M a y tive re- cent of
cordings total
from
1943
April
record(5
amount
1943
ings
months)
Savings a n d loan associa+ 6.0
tions __ "0. 5
Insurance companies _
Banks, t r u s t c o m p a n i e s . _
+ 3. 6
M u t u a l savings b a n k s
+ 16. 3
Individuals+ 6. 5
+ 8. 9
Others _ _
recordings. Individual lenders and banks and
trust companies reported 21 and 20 percent of the
aggregate amount.
. Cumulatively, recordings for the first 5 months
of this year were nearly 19 percent below those of
last year and 24 percent less than in the same
months of 1941. Reductions in mortgage recordings of more than 26 percent from the J a n u a r y May period of last year were reported for insurance
companies, commercial banks, and mutual savings
banks, while individuals, at the other extreme, had
a contraction of but 1 percent. Among institutional lenders, savings and loan associations showed
the greatest resistance to the general decline by
recording only 14 percent less than in the first 5
months of 1942. [TABLES 8 and 9.]
31.
8.
20.
3.
21.
14.
4
1
3
7
9
6
100.0 1, 353, 633 100. 0
10.]
FHLB SYSTEM-New
lending activity declines
Keturning to "normal" war-time levels, after the
unusual activity noted in April, new lending of the
12 Federal Home Loan Banks in May amounted to
$2,710,000. Repayments also moved in opposition
to normal seasonal trends and gained one-third over
the April volume. The $10,858,000 repaid by member institutions in May of this year was slightly less
than the amount retired in the same month of 1942,
but was nearly double that for any other comparable month since 1,933.
Federal Home Loan Bank Review
As a result of these two opposite movements, the
balance of advances outstanding declined from
$87,369,000 on April 30 to $79,221,000 at the end of
May. Since the normal trend in outstanding Bank
advances is upward at this time of the year (due to
the building season), the balance outstanding at the
end of May was the lowest for any similar month
since May 1935. [TABLE 12.]
INSURED ASSOCIATIONS-Favorable
associations, an expansion of $209,000,000 in assets
has been noted over the past 12 months. This is a
greater increase than was reported from May 1941
to May 1942, and was the equivalent of more than
two-thirds the rise during the year ending in May
1941. This growth in resources has been made possible only because of the continued receipt of share
capital in volumes comparable to pre-war experience.
[TABLE
15.]
repurchase record in M a y
Private savings continued to be received in volume
by insured savings and loan associations during May.
In the month, $78,000,000 of private capital was
invested in these institutions, while $34,000,000 was
repurchased by shareholders—a ratio of $43 withdrawn for every $100 received. This represents the
most favorable repurchase relationship yet demonstrated during any comparable month since the
inception of the series in 1936. In no other May
on record have withdrawals been less than 51
percent of new share receipts during the month.
Whereas private repurchasable capital of all insured associations expanded by $50,000,000 during
May, their mortgage holdings continued the slow
increase noted since January of this year. Only
$11,000,000 more mortgages were on the books of
these associations at the end of May than a month
previous. As a result of this unequal growth, the
insured institutions as a group were able to add about
$11,000,000 to their holdings of Government bonds
while reducing their outstanding borrowings.
FEDERAL SAVINGS AND LOAN ASSOCIATIONS
Although the abated pace of mortgage-lending
activity, repayments of borrowings, and repurchase
of Government investments might have been expected to deter growth in the resources of the Federal
Progress in number and assets of Federals
[Amounts are shown in thousands of dollars]
Number
Class of association
N e w - __
Converted. _ _ _
Total
July 1943
Approximate assets
M a y 31, Apr. 30,
1943
1943
639
827
1,466
M a y 31,
1943
Apr. 30,
1943
640 $764, 126 $752, 515
826 1, 616, 115 1, 597, 316
1,466
2, 380, 241 2, 349, 831
New Data
Because of recent interesting increases in
postal savings accounts, the monthly outstanding balance due to depositors in postal savings
will be included in Table 14—"Savings held by
institutions." The growth of postal savings in
the past year and a half has approximately
paralleled the experience of savings and loan
associations in receiving new investments.
Collection Policies
{Continued from p. 298)
that the draft of family heads will affect an additional
5 percent of borrowers.
This institution has perfected a system for handling these new problem cases. The borrower is
called in for a conference and an official of the institution points out that he is entitled to a waiver of
principal payments. I t is suggested that this is not
to his benefit since lump-sum payments would be
required soon after his release from the army.
The institution assists the borrower in making a
contact with a realty company. An agreement is
signed whereby monthly rentals received by the
managing company are allocated in part for mortgage payments (principal, interest, insurance, and
taxes) and the remainder retained for upkeep. So
far this method appears to have worked well. Only
11 loans are delinquent and only one has become
what may be called a problem case.
One instance should be cited, perhaps because it
does not appear typical. One Middle-Western association reports that half of its loans for drafted
borrowers (100 loans in all) are delinquent. On the
basis of its experience it is evident that some problem loans may develop in spite of the good experience
of most institutions.
3I3
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 1943, by Federal Home Loan Bank District and by State
[Source: U. S. Department of Labor]
[Amounts are shown in thousands of dollars]
j
All residential s t r u c t u r e s
1
l
F e d e r a l H o m e L o a n B a n k District a n d S t a t e
N u m b e r of family
dwelling u n i t s
M a y 1943
Connecticut
Maine.__
Massachusetts
New Hampshire
Rhode Island
Vermont
.
. .
N e w Jersey
New York.
._
_
_ _ .
_
__
_
.
.
.
._ __
_
No. 3—Pittsburgh
Alabama
D i s t r i c t of C o l u m b i a .
Florida
Georgia
Maryland
N o r t h Carolina
S o u t h Carolina
Virginia
M a y 1943
M a y 1942
M a y 1943
M a y 1942
$48, 636
$87, 535
9,972
11,205
$30,899
$37,064
1.125
2,909
3,976
289
953
1,147
3,407
570
36
405
2
3
629
35
423
12
25
1
1,591
87
1,221
1
9
2,290
92
1,478
16
97
3
206
20
58
2
3
623
35
257
12
25
1
894
39
204
1
9
2, 276
92
923
16
97
3
326
2,127
1,005
8,022
206
1,076
625
3,693
254
72
1,286
841
808
197
4,772
3,250
134
72
646
430
428
197
2,231
1,462
1,969
3,973
1,961
735
6,797
2,763
1,006
24
3,890
83
409
1,547
5
711
24
1,467
5,328
2
2,680
83
... ... . .
2,692
4,344
7,121
13,383
1,548
1,165
3,975
2,773
.
296
176
448
400
537
146
337
352
396
525
134
146
2,349
39
17
738
757
465
1,159
1,092
1,368
624
848
808
872
1,431
257
274
8,052
60
31
2,406
96
2
432
400
121
113
32
352
193
10
134
146
449
39
17
177
232
8
1,117
1,092
257
410
51
808
270
19
257
274
1,250
60
31
612
1,318
2,444
3,782
10,015
728
1,138
2,117
44
1,133
141
58
1,882
504
92
3,405
285
147
8,437
1,431
24
563
141
50
1,026
62
40
1,792
285
1,903
1,488
7,625
5,932
1,362
1,480
6,106
5,918
217
1,686
417
1,071
594
7,031
1,488
4,444
180
1,182
417
1,063
494
5,612
1,488
4,430
... .
_
. ...
.
_.___.
_ _
_
.
. . .
Indiana...
Michigan
M a y 1942
1,467
5,344
2
. . _
N o . 6—Indianapolis
M a y 1943
6,813
. ...
Kentucky
Ohio
Tennessee
M a y 1942
1,030
...
_.. . . . .
_.
. . .
NTo. 5—Cincinnati
Permit valuation
409
1,555
5
Delaware
..
Pennsylvania
W e s t Virginia
N o . 4—Winston-Salem
N u m b e r of family
dwelling u n i t s
26,356
_
N o . 2—New Y o r k
Permit valuation
1,016
18, 920 j
U N I T E D STATES
N o . 1—Boston
All p r i v a t e 1- a n d 2-family s t r u c t u r e s
. . .
. .
. _
•
4,397
129
4,179
89
542
965
2,228
3,637
506
618
2,131
2,430
381
161
823
142
1,709
519
3,064
573
373
133
480
138
1,689
442
1,867
563
49
541
72
1,719
49
457
72
1, 546
5
21
3
2
18
1
20
158
200
91
6
2
2
18
1
51
516
768
424
10
1
5
21
3
20
158
212
163
6
2
51
516
730
289
10
1
2,343
1,168
4,085
2,568
1,217
1,157
1,874
2.551
78
144
527
41
1,553
57
200
55
52
804
68
282
689
64
2,982
99
474
43
165
1,787
78
144
113
13
869
54
196
55
52
800
68
282
82
14
1,428
95
470
43
165
1,778
N o . 10—Topeka
759
744
1,779
2,119
415
656
1,060
1,929
Colorado
Kansas
Nebraska._.
Oklahoma
121
567
20
51
56
370
55
263
363
1,255
72
89
122
1,021
177
799
59
301
20
35
56
282
55
263
228
700
72
60
122
831
177
799
611
5,619
1,961
19,036
469
533
1,512
1,627
17
17
226
55
235
61
6
3
1,941
1,521
2,148
18
54
798
153
808
130
12
5
6,170
4,170
8,679
5
17
112
55
219
61
6
3
67
113
344
3
54
422
153
750
130
12
5
211
323
1,076
5,392
4,761
9,255
13,155
1,222
1,237
3,483
4,030
72
5,265
55
18
4,662
81
244
8,847
165
47
12,858
250
68
1,099
55
18
1,142
77
231
3,087
165
47
3, 738
245
N o . 7—Chicago
.....
Illinois
Wisconsin
....... .
„_._
N o . 8—Des M o i n e s
. . _..
Iowa
Minnesota
Missouri...
North Dakota
South Dakota
. . _
.
N o . 9—Little R o c k
Arkansas
Louisiana
Mississippi
N e w Mexico
Texas
.
... _
_
. . _ . _ . . _
_.
... . . . . . .
314
. .
. . .
..
.
. . . . _.
.
_.__.__..
.
.
- ..
... .
. . . . . _ _
.
...
_
. . . . . .
. . . . . .
N o . 12—Los A n g e l e s . . . .
Arizona.
California...
Nevada
.
_
No. E—Portland
Idaho
Montana
Oregon
Utah
Washington
Wyoming
.
....
_.
.. _ .
. . . .
_
_ __.
. . .
._ . . . .._ __ _ _
.....
...
....
Federal Home Loan Bank Review
Tabic 2.— B U I L D I N G A C T I V I T Y — E s t i m a t e d number and valuation of new family-dwelling units
provided in all urban areas of the United States
[Source: IT. S. Department of Labor]
[Amounts are shown in thousands of dollars]
\ r 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
May
1943
P r i v a t e construction
_.
1-family dwellings
_
2-family dwellings l
3- a n d - m ore-family dwellings
P u b l i c construction
--- _
2
_
-
-
_ _
__
____
T o t a l u r b a n construction . _ .
1
2
April
1943
Permit valuation
M o n t h l y totals
J a n . - M a y totals
May
1942
1943
1942
May
1943
April
1943
J a n . - M a y totals
May
1942
1943
1942
12,346
9,860
12, 628
43, 518
105, 732
$37,456
$31, 225
$40,856
$130,887
$350,821
8,326
1,646
2,374
6,551
1,353
1,956
10,334
871
1,423
29, 762
5,568
8,188
81,056
8,212
16,464
26,854
4,045
6,557
22,202
3,997
5,026
34, 658
2,406
3,792
94, 755
14, 798
21,334
287, 719
21, 577
41, 525
6,574
5,826
13, 728
48,997
43, 775
11,180
12, 664
46, 679
103, 618
155, 663
18,920
15, 686
26, 356
92, 515
149, 507
48, 636
43, 889
87, 535
234, 505
506, 484
Includes 1- and 2-family dwellings combined with stores.
Includes multi-family dwellings combined with stores.
Table 3 . — B U I L D I N G COSTS—Index of building costs for the standard house in representative
cities in specific months 1
(Average month of 1935-1939-100)
NOTE: These figures are subject to correction.
1942
1943
1941
1940
1939
1938
1937
June
June
June
June
June
F e d e r a l H o m e L o a n B a n k D i s t r i c t a n d city
June
N o . 1—Boston:
H a r t f o r d , Conn
New Haven, Conn
Portland, Me
Boston, M a s s
Manchester, N . II
Providence, R . I
R u t l a n d , Vt
N o . 4—Winston-Salem:
B i r m i n g h a m , Ala
Washington, I). C
Tampa, Fla. ......
Atlanta, Ga. .
Baltimore, M.d...
Cumberland, Aid.
Asheville, N . C
Raleigh, N . C
C o l u m b i a , S. G_
R i c h m o n d , Va..
R o a n o k e , Va
_ .
.
.
.
.
.
..
N o . 10—Topeka:
Denver, Colo..
.
Sept.
June
129.9
131.1
103. 6
120. 1
109. 2
118.9
124.4
129.9
131.1
103. 6
120.1
109. 2
118. 9
124.4
130.0
130.9
103.2
123.0
108.9
120.1
121.7
113.4
117.8
102.0
112.1
107.0
110.2
107.7
103.1
103. 9
98.9
104.0
98.1
105.2
97.0
100.1
99.1
99.6
100.9
98.8
104.0
98.8
97.0
99.5
103.9
97.5
98.1
102. 9
103.4
108. 5
104. 5
107. 4
106.7
105. 5
102. 8
105. 5
127.7
125.9
J 44. 9
126.8
127.4
134.0
1.24. 8
134.2
137.7
123.9
] 17. 8
127. 3
128.7
125.9
114. 0
122. 3
131.9
120. 5
120.1
125.3
132.2
119. 5
130.4
116.8
112.3
111.4
117. 6
127. 6
109.1
114.2
105. 5
120.6
111.2
120.7
91.2
104. 3
102.8
96.5
98.4
127.5
137. I
118. 0
127.2
122.7
131. 9
J 22. 1
119. 7
125.3
132.1
118.6
125.2
128. 7
125.9
119. 4
122. 5
132.6
122.1
120.1
125. 5
132.2
118.6
125.0
99.6
96.1
98.0
95.7
105.8
95.5
102.9
101.0
95.5
98.3
100. 6
97.5
95.0
100.6
98.0
104.7
109. 2
109. 0
101.6
103. 1
98.2
100.6
103. 9
104.1
100.5
104.3
102.8
109. 0
108. 6
103. 5
105. 1
105.8
104.3
104. 8
107.9
102. 5
104. 1
104.4
118.2
124.1
139.9
146.7
133.6
118.2
119.7
134.2
146.2
133.6
118.2
119.7
134.2
146.2
133.6
118.2
119.8
134.2
145.2
133.6
116. 7
119.8
135. 5
139. 8
125. 2
108.4
113.0
129.3
123.5
112.6
99.6
109.8
123.7
108. 4
101.1
100. 6
101. 6
117.6
107. 0
102. 7
101.5
103.8
120. 6
102.4
104.7
106.
105.
120.
106.
105.
110.9
125.3
122.2
178.7
110. 9
123.7
122. 2
178.7
111. 5
122. 2
122. 4
178.7
111.8
117.8
121.1
178.7
110.5
117.1
112. 1
174.9
102.6
108. 6
109.1
142.7
96.8
104.7
106. 4
133.3
101.4
108.0
100.3
127.7
102.8
105.2
100.9
127.2
106. 7
102.4
103.5
126.8
135.4
.
— '
Dec.
130.0
130. 5
117.8
122. 3
114.1
120.8
124.5
. . . ..
N o . 7—Chicago:
Chicago, 111
Peoria, 111 _ . . .
Springfield, 111
Milwaukee, Wis
Oshkosh, W i s . . .
O m a h a , N e b r . __
O k l a h o m a C i t y , Okla
130. 0
130.0
117.8
119.8
114. 1
128.3
12/5. 2
Mar.
1
5
9
1
5
i The house on which costs are reported is a detached 6-room home of 24,000 cubic volume. Living room, dining room, kitchen, and lavatory on first floor; three
bedrooms and bath on second floor. Exterior is wide-board siding with brick and stucco as features of design. Best quality materials and workmanship are used throughout.
The house is not completed ready for occupancy. It includes all fundamental structural elements, an attached 1-car garage, an unfinished cellar, an unfinished
attic, a fireplace, essential heating, plumbing, and electric wiring equipment, and complete insulation. It does not include wallpaper nor other wall nor ceiling finish on
interior plastered surface, lighting fixtures, refrigerators, water heaters, ranges, screens, weather stripping, nor window shades.
Reported costs include, in addition to material and labor costs, compensation insurance, and allowance for contractor's overhead and transportation of materials
plus 10 percent for builder's profit.
Reported costs do not include the cost of land nor of surveying the land, the cost of planting the lot, nor of providing walks and driveways; they do not include
architect's fee, cost of building permit, financing charges, nor sales costs.
In figuring costs, current prices on the same building materials list are obtained every 3 months from the same dealers, and current wage rates are obtained from the
same reputable contractors and operative builders.
July 1943
3I5
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]
E l e m e n t of cost
Material
Labor
M a y 1943*
_
T o t a l cost
Apr.
1943P
Mar. 1943 P F e b . 1943 J a n . 1943 D e c . 1942 N o v . 1942 Oct. 1942 Sept. 1942 A u g . 1942 J u l y 1942 J u n e 1942 M a y 1942
122.2
134. 3
121.8
133.4
122.0
133.0
121.9
132.5
121.5
130.9
121.4
130.7
121. 5
130.2
121.6
130.2
121.5
130.2
121.2
129.4
121.2
128.5
121.3
127.8
121.0
126.4
126.2
125.7
125.7
125.5
124.7
124. 5
124.4
124.5
124.4
124.0
123.7
123.6
122.8
*> Preliminary.
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
1941: M a y _
-
-
1942: M a y
June
July
August
September
OctoberNovember
December
1943: J a n u a r y
February
March
April
May
-. _
.__
_..
_ _ _
__.
_____
_
P e r c e n t change:
M a y 1943-April 1943
.
___
_
_
M a y 1943-May 1942
Brick a n d
tile
Cement
Paint and
paint materials
Lumber
Plumbing
and heating
Structural
steel
Other
112.1
101.1
100.4
130.1
109.5
109.0
103.5
104.1
122.9
122.9
123.2
123.2
123.3
123.3
122.9
122.8
107.9
108.0
107.9
108.6
108.6
108.6
108.5
108.6
103.4
103.4
103.4
103.4
103.4
103.4
103.4
103.4
146.4
146.7
148.0
148.1
148.3
148.4
148.2
148.4
123.7
123.3
123.8
123.1
123.4
124.2
123.8
123.3
129.4
129.4
123.6
123.6
123. 6
123.6
122.4
118.8
103.6
103.5
103.5
103.5
103.5
103.5
103.6
103.5
112.3
112.3
112.3
112.3
112.3
111.7
111.3
111.4
122.6
123.1
123.3
123.2
123.4
108.6
108.5
108.6
108.6
108.8
103.4
103.4
103.4
103.4
103.1
148.4
149.9
149.9
150.0
151.0
123.7
124.4
125.7
120. 0
125.7
118.8
118.8
118.8
118.8
118.8
103.5
103.5
103.5
103.5
103.5
110.5
110.5
110.3
109.9
109. 9
+0.2
+0.2
-0.3
+0.7
-0.2
0.0
0.0
0.0
+0.4
+0.8
-0.3
+3.1
+1.6
-8.2
0.0
-2.1
Table 6 . — M O R T G A G E LENDING—Estimated volume of new home-mortgage loans by al
savings and loan associations, by purpose and class of association
[Thousands of dollars]
P u r p o s e of loans
Class of association
Period
1941
_
January-May
May
_ _
_ _
-
-__
_ _
1942
January-May
May
_
June .
.- July
August
_
_
September
October
_ _
November
_
December
1943
January-May
January
February
_
March._
_
April .
_
May
_____
316
-_
- - - -
---
_
..-
_
_
___
_ ...
_ _
Reconditioning
L o a n s for
all other
purposes
Total
loans
Construction
H o m e purchase
Refinancing
$437,065
$580,503
$190.573
$61,328
$109,215
$1,378,684
$584,220
$583,804
$210,660
166, 056
40,975
202, 968
54, 781
80,163
18, 506
24,420
5,930
45,909
10, 761
519,516
130, 953
222,137
55, 396
218,646
54, 495
78, 733
21,062
190,438
573, 732
165,816
41,695
78, 820
1,050,501
412,828
476,080
161, 593
103, 463
17,610
15,930
17, 709
12,568
12,449
10, 572
9,275
8,472
214,117
53,095
52,112
52,190
55,301
58,060
56,528
43,984
41,440
66, 519
13,607
15,184
16,097
14, 019
14,063
14,694
12,472
12,768
17, 824
3,866
3,566
3,671
4,126
3,804
3,498
3,007
2,199
35. 789
6,831
7,303
6,130
6,549
5,679
6,380
5,241
5,749
437, 712
95,009
94,095
95, 797
92, 563
94,055
91,672
73,979
70,628
174, 836
36,966
35, 279
37,007,
36,620
37,987
35,555
28,163
27,381
194, 223
43,005
44,265
43,665
41,549
42, 249
41,937
35,441
32,751
68, 653
15,038
14,551
15,125
14,394
13,819
14,180
10,375
10,496
39,231
7,173
4,597
8,572
9,853
9.039
260, 053
32,820
39,084
55,235
65,088
67,826
68,675
11, 408
12,510
14,874
15,040
14, 843
11,087
1,667
1,953
2,377
2,484
2, £06
28,544
4,788
5,183
6,127
6,270
6,176
407, 590
57,856
63,324
87,185
98, 735
100,490
172, 358
23,390
26, 566
37,850
42, 717
41, 835
185,959
26,910
28,175
38, 595
44,461
47,818
49,273
7,556
8,583
10, 740
11, 557
10, 837
Federals
State
members
Nonmembers
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 1943
(Thousands of dollars)
1
C u m u l a t i v e n e w loans
(5 m o n t h s )
N e w loans
Federal
Home
Loan
B a n k District a n d
class of association
May
1943
April
1943
May
1942
1943
1942
Percent
change
Savings
Federal H o m e
and
Loan Bank
i loan
District
associaand State
tions
UNITED STATES_„
UNITED STATES
.__| $100,490
__
$98,735 $95,009 $407,590 $437,712
....
. .
Boston .
...
Federal
S t a t e m e m b e r , . __ . . .
N o n m e m b e r . __
-1.4
-4.3
-28.2
41,835
47,818
10,837
42,717
44,461
11,557
36,966
43,005
15,038
9,215
8,018
9,963
30,231
39, 987
-24.4
2,534
5,277
1,404
2,347
4,244
1,427
2,911
5,857
1,195
8, 869
16, 400
4,962
12, 512
20, 900
6,575
-29.1
-21.5
-24.5
7,239
6, 625
10, 336
28, 240
44, 353
-36.3
_
.
1,557
3,838
1,844
1,715
3,108
1,802
2,118
3,681
4, 537
6, 385
14, 325
7,530
10, 743
15,066
18, 544
-40.6
-4.9
-59.4
_
8,313
8,676
8,062
36, 275
38, 475
-5.7
3,361
2,927
2,025 i
3,479
2, 616
2,581
3,032
2,827
2,203
13, 734
11,329
11,212
13, 532
11,971
12, 972
+1.5
-5.4
-13.6
New York
Federal
State member
Nonmember
-
Pittsburgh
172,358 174,836
185,959 1 194,223 ]
68,653
49,273
F e d e r a l _ __ _
State member _
Nonmember,
11,542
Winston-Salem _
5,918 1
4,505
1,119
Federal
State m e m b e r . _ . . ..
N o n m e m b e r _ __ _
$107,221 $24,435 $65,688 $12,940 ! $70,054 ! $46,754 $327,092
2,475
6,593
4,854
2,685
26,991
1,136
633
6,968
299
704
180
1,030
134
932
77
256
46
1,241
620
3,695
446
323 !
268
1,386
475
2,152 !
275
401
165
1,185
43
1,242
31
165
19
6,098
1,997
15,176
1,166
1,853
701
....
6,740
2,189
6,069
4,370
9,617
6,579
35, 564
N e w Jersey
N e w Y o r k . . . _.
3,200
3.540
1,046
1,143
3,844
2,225
420
3,950
3,740
5,877
3,490
3,089
15, 740
19,824
7,236
2,164
8,592
561
4,813
3,495
26,861
185
6, 387
664
86
1,730
348
231
7, 256
1,105
70
481
10
238
4,025
550
111
3,237
147
921
23,116
2,824
10,851
3,788
3,834
130
8,811
3,940
31,354
314
638
357
781
652
2, 742
1,595
924
1,025
3,492
1,426
380
1,695
173
750
535
250
299
224
919
246
427
797
733
277
288
709
130
837
2,912
874
923
760
438
1,286
301
384
532
516
413
253
889
11, 381
12, 382
50,460
60,756
-16.9
3,152
5, 397
3, 763
6,044
3, 175
1,583
5,498
5,438
4,764
1,179
5, 483
5, 591
1,308
25, 439
19, 528
5,493
26, 574
27, 772
6, 410
-4.3
-29.7
-14.3
22, 448 |~2,~453
7,976
677
4,704
3,641
41,899
2,047
19, 803
598
543
1,292
618
629
6,649
698
677
182
4,105
417
143 1 3,544
1,734
34, 260
1,764 J 4,095
6,034
2, 397
5,315
19
2,550
4,216
593
1,804
2,104
3,211
19
919
1,631
1,124
8, 627
3,092 1 11,904
1, 370
11, 216
8,437
763
2,779 1
607
5,421
3,374
2,047
6
6
4,981
2,785
2,196
7,077
30, 071
6,332
21,691
745 1 8,380
4,526
128
3,969
2,930
20, 280
633
1,143
1,982
83
128
274
204
2,417
14
21
3, 752
5, 737
10,030
360
401
1, 390
5,011
3,084
19,869
119
176
160
187
748
323
776
371
222
3,319
62
314
240
17
2,451 |
1,071
3,823
1, 281
584
13,110
2,009
3,045
2,052
13,683
241
662
458
648
1,535
390
313
807
409
1,125
146
372 1
456
2,449
2,409
54
216
254
1,060
207
583
129
134
35
786
66
1,374
14 1
Connecticut
Maine
__
Massachusetts..
New Hampshire
R h o d e I s l a n d . _.
Vermont.
N e w York
Pittsburgh..
Delaware..
Pennsylvania...
West Virginia...
Winston-Salem...
Alabama..
D i s t r i c t of Columbia
Florida . . _
Georgia
Maryland. ...
North Carolina.
South Carolina.
Virginia.... . . .
18, 732
18, 470
78, 936
79, 938
-1.3
7,397
11,045
1,278
7,351
10,034
1, 347
6,829
9,768
1,873
29, 384
42, 985
6,567
29, 984
41,811
8,143
-2.0
+2.8
-19.4
5, 767
5,529
4,996
24,183
23, 895
+1.2
Indianapolis
Indiana
Michigan
Chicago
-.
_.
-
Federal... _ .
State member
Nonmember
Des M o i n e s
Federal
State m e m b e r . . .
Nonmember
L i t t l e Rock
3,005
2,485
277
2,870
2,363
296
2,475
2,273
248
12,135
10,598
1,450
11, 751
10, 735
1,409
+3.3
-1.3
+2.9
10,024
10, 352
9,788
39, 591
44, 267
-10.6
3,797
5,129
1,098
4,285
5,034
1,033
3,567
4,473
1,748
15, 380
19, 524
4,687
16,141
21, 683
6, 443
-4.7
-10.0
-27. 3
5,954
5, 614
4,602
21, 913
20, 766
+5. 5
2,969
2,204
781
2,754
1,981
879
2,277
1, 493
832
10, 660
7,854
3,399
9,908
7,389
3,469
+7. 6
+6.3
-2.0
5,363
.
Federal.._ . . . . .
State member
Nonmember
!
4,568
4,394
21, 807
22, 432
-2.8
1
2,099
3,189
75
1,926
2,547
95
9,054
1,620
8, 956
2,711 1 12,511 1 13,014
364
63
340
-1.1
-3. 9
-6.6
4, 701
5,295
3,824
21,001
19, 782
+6.2
2, 553
1, 440
708
3,181
1,429
685
2,193
936
695
12, 222
6, 071
2, 708
11,090
5, 513
3,179
+10. 2
+10. 1
-14.8
3, 719
4,455
2, 835
15, 492
14, 425
+7. 4
2, 369
1,172
178
2,751 1
1, 546
158
9,184
4, 416
825
+5.2
+18.0
—25.0
Cincinnati
Kentucky
Ohio_
Tennessee
. .
3,868
2,166 1
... .
Illinois
Wisconsin
6,769
D e s M o i n e s . „_
Iowa
Minnesota
Missouri.._
North Dakota..
South D a k o t a . .
_. . .
Federal
State member _ _ . _ .
Nonmember
Little R o c k
Federal
.. S t a t e m e m b e r . __ __ .
Nonmember._
Los A n g e l e s .
Federal
State member
Nonmember..
July 1943
._
1,777
782
276
9, 661 1
5, 212
619
147
1,044
776 !
709
997 | 2,514
38 1
75
.
184
7,520
Arkansas
_
Louisiana
Mississippi
New Mexico,...
2, 864
216 |
351 |
207
2,350
223
287
158
4,438 1 2,154
Colorado
Kansas
._
Nebraska
Oklahoma
Portland
P o r t l a n d .__
1,958
1,654
2,777
2,120
150
68
Topeka
Topeka
Idaho
Montana
Oregon _
Utah
Washington
Wyoming
5,612 |
965
831
2,012
834
1,935 1
59 1
294
333
279 1
3,724
701
2,814
284
261
851
407
1,769
152
44
21
446
71
116
3
122
79
303
516
1, 747
47
1
128
402
8, 933
9,490
5, 357
39, 461
28, 636
+37. 8
Los Angeles
9,151 1 3,122
15,267
15,250
4, 276
4, 607
50
4, 620
4,795
75
2, 684
2, 613
60
19, 533
19, 622
306
14, 363
+36.0
13, 953
+40. 6
—4 4
320 !
Arizona
California
Nevada
250 1
16
8,840
3,102
61 I
4
389
14,783
95
579
! 14,530
141
1
Total
120
92
187
38
4
23
19, 720
Federal
State member _ _
Nonmember
Other
mortgagees
464
_
Indianapolis - -
Individuals
9,920
Federal—
--.
State m e m b e r . .
N o n m e m b e r . _ . _ __
Cincinnati
Banks
and
Mutual]
trust
savings
combanks
panies
-6.9
B o s t o n _. .
Federal
State member
Nonmember
Insurance
companies
,
__
1
1
4,646
20, 531
3,075
4,483
2,084
4,041
12, 553
800
650
3,500
1, 267
5, 991
345
47, 436
88 1
1,322
4,537
45,792
21
322
3I7
Tabic 9 . — M O R T G A G E RECORDINGS—Estimated volume of ncnfarm mortgages recorded
[ A m o u n t s are s h o w n in t h o u s a n d s of dollars]
Savings and loan
associations
Insurance
companies
Banks and trust
companies
M u t u a l savings b a n k s
Other
mortgagees
Individuals
All
mortgagees
Period
Total
Percent
Total
1942: J a n u a r y - M a y .
May
June
July...
August..
September
October
November
December
$494,139
107,937
105,278
104,712
102,628
104,155
103,170
80, 970
75,494
29.1
30.8
30.8
29.6
30.5
30.1
28.9
29.1
28.4
$158, 504
31, 780
29, 764
31, 898
2b, 299
31, 448
32, 577
25,950
23, 303
1943: J a n u a r y - M a y .
January
February
March
April
May
425, 871
64, 935
66,938
85,642
101,135
107. 221
31.4
28.4
30.5
31.8
32.7
32.8
109,155
19, £00
18,064
22,198
24, 558
24. 435
Per- |
cent !
Total
Percent
Total
Percent
9.5
9.1
8.7
9.0
8.4
9.1
9.1
9.3
$385, 583
77, 563
74, 588
80, 736
72, 480
77, 530
79. 224
58.519
57, 050
23.3
22.2
21.8
22.8
21.5
22.4
22.2
21.0
21.5
$67, 304
15, 904
16,043
15, 669
14,793
14,812
14,817
11. 596
10, 640
8.1
8.7
8.2
8.2
8.0
7.5
275,172
48, 640
44, 273
53,186
63, 385
65, 688
20.3
21.3
20. 1
19.7
20.5
20.1
49, 538
8, 045
7,895
9,536
11,122
12, 940
Total
Percent
Total
Percent
Combined
total
4.1 $299, 752
4.5
63, 807
4.7
62, 730
4.4
64, 808
4.4
62, 824
4.3
65,423
4.2
67, 623
4.2
55, 830
4.0
54, 207
18.0 $258, 416
18.2
53,196
18.3
53, 847
18.4
55. 688
18.6
55, 826
18.9
52. 596
18.9
59, 672
20.1
45, 456
20.4
44,712
15. 5 $1, 663, 228
15.2
350,187
15.7
342, 250
353,511
15.8
336, 850
16. 6
345,964
15.2
357,083
16.7
278, 321
16.3
265, 406
16.9
100. 0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
3.7
3.5
3.6
3.5
3.6
3.9
21.9
22.2
22.7
22.2
21.3
21.4
14.6
15.9
14.9
14.6
13.9
14.3
100.0
100.0
100.0
100.0
100.0
100.0
295, 960
50,583
49, 854
59, 662
65, 807
70, 054
197, 937
36,180
32,858
39,195
42,950
46, 754
1, 353, 633
228, 283
219,882
269, 419
308, 957
327,029
Table 1 1 . — F H A — H o m e mortgages insured 1
Table 10.—FORECLOSURES—Estimated nonfarm real-estate foreclosures/ by Federal
Home Loan Bank District
[ P r e m i u m p a y i n g ; t h o u s a n d s of dollars]
Title I I
Cumulative
(5 m o n t h s )
Foreclosures
U N I T E D STATES . .
.
_
Boston..
. .
N e w York
P i t t s b u r g h __ _
Winston-Salem
Cincinnati
Indianapolis..
Chicago
_ . .
Des Moines...
Little Rock
Topeka
Portland.
L o s Angeles ._
Title I
Class 3
Period
Title VI
__ .
_. __
May
1943
April
1943
May
1942
2,375
2,424
292
568
372
365
191
51
111
129
72
113
29
82
215
667
485
221
208
37
157
138
86
98
17
95
1943
1942
3,822
11,962
19, 249
-37.9
478
858
721
411
313
109
231
228
134
121
47
171
1,123
3,159
2,060
1,440
965
247
695
754
409
456
122
532
2,202
4,461
3,249
2,170
1,757
549
1,192
1,218
678
695
256
822
-49.0
-29.2
-36.6
-33.6
-45.1
-55.0
-41.7
-38.1
-39.7
-34.4
-52.3
—35.3
1942: M a y
June
July
August
September
October
November.
December.
$1, 867
1,781
919
1,246
104
802
726
557
1943: J a n u a r y . . .
February..
March
April
May
Refinancing
New
Percent
change
Federal H o m e Loan
B a n k District
Percent
167
84
706
-50
41
Total
insured
a t e n d of
period
$43, 908
46, 493
43.157
35.158
30, 529
26,831
21, 893
19,187
$16, 269
19, 317
19, 571
16, 655
17,044
17, 639
17, 071
19, 530
$13, 554
15,876
20,621
25, 030
31. 524
38, 265
40,195
43, 214
$4, 082, 967
4,166, 434.
4, 250, 702
4, 328, 791
4, 407, 992
4, 491, 529
4,581,414
4, 663,902
14,172
8,495
5,690
3,463
2,894
17,084
11,846
13,175
12, 704
15, 248
40, 649
37,168
43, 523
35.878
39, 511
4, 735,974
4,793, 570
4,856, 664
4,908, 659
4, 966, 353
1
Figures represent gross i n s u r a n c e w r i t t e n d u r i n g t h e period a n d do not t a k e
a c c o u n t of principal r e p a y m e n t s on previously i n s u r e d loans.
2
A d j u s t m e n t s in loans r e p o r t e d i n p r e v i o u s m o n t h s .
Table 1 2 . — F H L B A N K S — L e n d i n g operations and principal assets and liabilities
[ T h o u s a n d s of dollars]
L e n d i n g operations
M a y 1943
P r i n c i p a l assets M a y 31, 1943
C a p i t a l a n d principal liabilities
M a y 31, 1943
Federal H o m e Loan B a n k
Advances
Boston
_
--.
New York _ _ _
Pittsburgh
.
Winston-Salem
_ ..
C i n c i n n a t i - __ ._
Chicago
Des Moines
Little Rock
Topeka
Portland
_
-
-.
. .
.
_
.
-- -
M a y 1943 (All B a n k s )
April 1943
.
M a y 1942
i I n c l u d e s i n t e r b a n k deposits of $1,000,000.
318
Repayments
$10
320
438
130
162
105
143
28
0
341
100
933
$1,199
2,126
1,015
1,584
394
509
1,870
467
425
109
559
601
Advances
outstanding
Cashi
Government
securities
Capital2
Debentures
Member
deposits
Total
assets
M a y 31,
1943 1
$5,395
17,046
7,861
5,283
5,713
7,230
10,171
3,129
1,632
3,683
1,146
10, 932
$2,670
905
2,314
1,976
2,219
1,489
2,649
2,893
1,714
955
436
1,950
$14,863
18,382
10,576
10, 972
23, 692
12, 338
18,691
11,126
10,386
7,368
8,441
9,431
$19,094
26, 758
16,050
17, 249
23, 716
13,015
21,811
12,072
12, 307
10,254
8,263
15,067
$2,000
8,000
4,000
0
2,500
4,000
4,000
3,500
1,500
1,000
1,500
3,000
$1,937
1,687
764
1,036
5,547
4,120
5,787
1,644
1
810
315
3,337
$23,038
36,464
20,845
18, 287
31, 781
21,148
31,609
17,224
13,810
12,066
10,080
22,411
258,763
2,710
10,858
79, 221
22,170
156, 266
195, 656
35,000
26,985
16,728
7, 965
87, 369
15, 621
151, 568
195,098
35,000
25,043
255,359
6,884
11,017
181,165
58,035
68,130
189, 958
91, 500
24,946
308, 516
* C a p i t a l stock, s u r p l u s , a n d u n d i v i d e d profits.
Federal Home Loan Bank Review
1 3 — S A V I N G S — S a l e s of war bonds 1
Table
Table 1 4 . — S A V I N G S — H e l d by institutions
[Thousands of dollars]
Period
Series E
1941
1942...
May
June
July.
_
August
September..
October
November.
December.
1943
January
February
March..
April
May
2
Series F
$1, 622,496
5,988, 849
421,831
433, 223
__
508,118
474, 206
566, 609
_.
587,854
541, 573
725, 777
$207, 681
652,044
42,465
41,041
73, 691
55, 586
66,728
51,321
44, 766
65,994
814, 928
633, 572
720, 407
1. 006. 786
995, 234
77, 066
48, 328
43,858
109.517
85, 893
Series G
[Thousands of dollars]
Total
Redemptions
$1,184,868 $3, 015,045
2, 516, 065
9,156,958
634,357
170, 060"
633,945
159, 681
900,861
319,053
734,340
204, 548
838,244
204,907
814, 353
175,178
734, 549
148, 211
1, 014,168
222, 398
$13,601
245, 547
13,159
14,852
17,820
23,147
25,933
32,190
36, 843
47, 919
1, 240,444
887,195
944, 276
1, 469, 724
1, 334,984
55, 429
69,440
126,621
95. 458
97,455
348, 450
205, 295
180,011
353. 421
253,851
Insured
savings a n d
loans l
E n d of period
1941: June_ __
D e c e m b e r , - . _.
1942: M a y
June .
July
A u g u s t - _-,._-September
October
November
December
1943: J a n u a r y
February
March
April
May
$2,433,513
2, 597, 525
2,660,098
2, 736, 258
2, 757, 929
2, 798,621
2.834.079
2,873,822
2, 912, 717
2, 983, 310
3,030,919
3,068,672
3.105.080
3,143,943
3,194,029
Mutual
savings
banks 2
Insured
commercial
banks 3
$10,606, 224
10,489,679
$13,107,022
13, 261,402
10, 354, 533
13,030,610
10,620,957
4 13,820,000
Postal
savings
5
$1,304,153
1, 314, 360
1, 307, 386
1, 315, 523
1, 329, 210
1,344,478
1, 357, 718
1,376,898
1, 396, 242
1,417,406
1,445,268
1,467,833
1,492, 966
1, 517,167
6
1, 544, 824
1
2
Private repurchasable capital as reported to the FHLB Administration.
Month's Work. All deposits.
s F D I C . Time deposits evidenced by savings passbooks.
4 Estimated by FDIC.
* Balance on deposit to credit of depositors, including unclaimed accounts.
e Unaudited.
i U. S. Treasury War Savings Staff. Actual deposits made to the credit of
the
U. S. Treasury.
8
Prior to May 1941: "Baby bonds."
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
Government
share
capital
Federal
Home
Loan
Bank
advances
$2,433,905
2, 597, 525
$206,301
196,240
2,660,098
2,736,258
2, 757,929
2,798,621
2,834,079
2,873,822
2,912,717
2,983,310
241,818
126,390
138,040
16,714
23.623
141,617
41,022
116, 834
70,196
164,430
117,339
156,792
146, 537
Total
assets
Cash
2,313
2,343
$3,159, 763
3, 362, 942
$2, 555, 393
2, 751, 938
$190,671
206,457
$33,518
43,892
2,363
2,374
2,380
2,380
2,386
2,390
2,396
2,398
3, 384,344
3,461,228
3,439,097
3,482,056
3,513,096
3,548, 692
3, 588,995
3,651,598
2, 800, 673
2,827,956
2,837,925
2,856, 588
2,866, 497
2,871,968
2,875,165
2,871,641
219,374
70,852
193,817
116,035
256,470
193,452
2,405
2,415
2,415
2,417
2,422
3,627,828
3,657,989
3,690.918
3, 757,464
3,811, 473
2,865,632
2, 866,839
2,868,410
2,881,247
2, 892, 665
260,749
-
1,452
1,460
2,-028,138
2,173,326
1,687,087
1,824,646
...
1.464
1,464
1.465
1,464
1,466
1,466
1,468
1,467
2,170, 868
2, 205,921
2,182,337
2,198,357
2,214,101
2, 235, 726
2, 259,670
2, 299,895
1,846,790
1,849,400
1,852, 972
1,856, 269
1,861,062
1,862, 593
1,862, 796
1,853,868
1,467
1,468
1,467
1,466
1,466
2,264,817
2,278,839
2,300,638
2,349,831
2, 380, 241
1,843,714
1,839.245
1,839,302
1,846, 536
1, 849, 999
861
883
1,131,625
1,189,616
868,307
927,292
64,281
68,417
16,804
20,269
899
910
915
916
920
924
928
931
1, 213,476
1, 255,307
1,256, 760
1,283. 699
1,298,995
1,312,966
1,329,325
1,351,703
953,883
978, 556
984,953
1,000,319
1,005,435
1,009,375
1,012,369
1,017,773
77, 757
29,830
76,983
45,839
92,040
76,113
938
947
948
951
956
1,363,011
1,379.150
1,390, 280
1,407, 633
1, 431, 232
1,021,918
1,027, 594
1, 029,108
1,034,711
1, 042, 666
103,957
95,281
P e r i o d a n d class of association
ALL
Private
repurchasable
capital
Government
bond
holdings
N e t first
mortgages
held
Number
of associations
New
mortgage
loans
N e w private
investments
Private
repurchases
$144,331
193,275
$85,117
63,506
$61,448
74,801
$26,779
35,728
43.6
47.8
185, 710
185,783
176,995
169,493
169,202
169,162
169,257
169,167
157,870
170,066
152,302
139,670
125,308
113,856
103,329
113,977
59,006
58,642
61,062
58,785
61,508
59,021
48,017
46,705
53,808
72,788
103,821
70,262
68,082
73,124
64,697
91,029
31, 503
26,152
87,059
41, 534
40,114
37,720
30,738
30,219
58.5
35.9
83.9
59.1
58.9
51.6
47.5
33.2
3,030,919
3,068,672
3,105,080
3,143,943
3,194,029
148,220
120, 308
120,138
119,572
119, 547
99,037
82,652
66,970
75,664
67,631
39.149
44,076
61,139
69,604
69,471
119,923
73,455
83,403
83,242
78, 294
84,573
42,123
48,955
47,171
33,684
70.5
57.3
58.7
56.7
43.0
1,553,712
1,668.415
169,247
160,060
103,696
144.049
57,542
41,182
40,030
48,872
14,530
20,400
36.3
41.7
1, 701,065
1, 735,932
1,748, 584
1,767,665
1,788,000
1, 814,156
1,839,506
1,882,051
150, 776
150,776
143,324
136,779
136, 518
137,108
137, 208
137,208
116,327
127,623
113,347
103,180
92,943
83,095
75,865
84,135
36,966
35,279
37,007
36,620
37,987
35,555
28,163
27,381
35,759
47,495
69,919
45,724
44, 589
47,222
42,076
58,937
18,515
14,794
58,508
26,707
24,745
22,019
18,174
16,530
51.8
31.1
83.7
58.4
55.5
46.6
43.2
28.0
1,906,323
1, 928, 559
1,953,846
1,979,864
2,011, 373
118,769
96.109
96,109
96,109
96,109
72,046
58,489
46,820
54,254
47, 725
23,390
26,566
37,850
42,717
41,835
79,083
48,412
54.824
53, 675
50,732
55, 548
25,987
30,238
27,774
20,045
70.2
53.7
55.2
51 7
39 5
800,193
929,110
37,054
36,180
40,635
49,226
27,575
22,324
21,418
25,929
12,249
15,328
57.2
59.1
959,033
1,000,326
1,009,345
1,030,956
1,046,079
1,059,666
1,073,211
1,101, 259
34,934
35,007
33,671
32, 714
32,684
32,054
32,049
31,959
41, 543
42,443
38,955
36,490
32,365
30,761
27,464
29,842
22, 040
23,363
24,005
22 165
23,521
23,466
19,854
19,324
18,049
25,293
33,902
24,538
23,493
25,902
22,621
32,092
12,988
11,358
28,551
14,827
15,369
15,701
12.564
13,689
72.0
44.9
84 2
60 4
65 4
60 6
55 5
42 7
1,124,596
1,140,113
1,151, 234
1,164,079
1,182,656
29,451
24,199
24,029
23,463
23,438
26,991
24,163
20,150
21,410
19, 806
15,759
17, 510
23,289
26,887
27, 636
40,840
25.043
28.579
29, 567
27, 562
29,025
16,136
18,717
19,397
13, 639
71 1
64.4
65.5
65 6
49.5
Repurchase
ratio
INSUKED
1941: J u n e
December
1942: M a y
June
July
August
September
.
.-.
N o v e m b e r _.
December
1943: J a n u a r y
February
March
April . _
May
..
.
_.
. ..
FEDERAL
1941: J u n e
December...
1942: M a y
June
July
August
September
October
November
December
1943: J a n u a r y
February
March..
April
Mav
.
...
...
._
. ..
_
.
.
...
.
STATE
1941: J u n e . .
December
1942: M a y
June
July
August
September.
October
November
December
..
1943: J a n u a r y
February
March
April
Mav
July 1943
_
...
._ _.
3I9
Honor Roll
N E W JERSEY:
Jersey City:
The Central Building and Loan Association, 110 Hutton Street (liquidation) .
Long Branch:
Monmouth County Building and Loan Association (merger with Shadow
Lawn Savings and Loan Association, Long Branch, New Jersey).
Third Avenue Building and Loan Association (merger with Shadow
Lawn Savings and Loan Association, Long Branch, New Jersey).
Newark:
Holland Building and Loan Association, 478 Central Avenue (consolidation with Central Mutual Savings and Loan Association, Newark, New Jersey).
Trustworthy Building and Loan Association, 524 Central Avenue (consolidation with Central Mutual Savings and Loan Association, Newark, New Jersey).
(Continued from p. 307)
First Federal Savings and Loan Association, San Jose, Calif.
First Federal Savings and Loan Association, San Pedro, Calif.
First Federal Savings and Loan Association, Wilmington, Calif.
Glendale Federal Savings and Loan Association, Glendale, Calif.
Great Western Building and Loan Association, Los Angeles, Calif.
*Hollywood Building and Loan Association, Hollywood, Calif.
Home Building and Loan Association, Los Angeles, Calif.
******Home Federal Savings and Loan Association, San Diego, Calif.
"""Independent Building-Loan Association, San Jose, Calif.
*Inglewood Federal Savings and Loan Association, Inglewood, Calif.
International Building and Loan Association, Ltd., Honolulu, T. H.
La Jolla Federal Savings and Loan Association, La Jolla, Calif.
**Liberty Building-Loan Association, Los Angeles, Calif.
Los Angeles American Building and Loan Association, Los Angeles, Calif.
**Marin County Mutual Building and Loan Association, San Rafael, Calif.
**Oceanside Federal Savings and Loan Association, Oceanside, Calif.
Porterville Mutual Building and Loan Association, Porterville, Calif.
Santa Cruz County Building and Loan Association, Santa Cruz, Calif.
Santa Paula Building and Loan Association, Santa Paula, Calif.
Santa Rosa Building and Loan Association, Santa Rosa, Calif.
**Sausalito Mutual Loan Association, Sausalito, Calif.
Surety Building and Loan Association, San Jose, Calif.
*Union Federal Savings and Loan Association, Los Angeles, Calif.
Correction
The May issue of the R E V I E W (p. 252) carried
an amendment to the Rules and Regulations of
the Federal Savings and Loan System regarding
the character of offices which may be operated
by Federal associations without approval of the
FHLBA. This amendment was incorrectly
numbered as F H L B A Bulletin No. 16 instead
of FHLBA Bulletin No. 19.
PENNSYLVANIA:
Sharon Hill:
The Home Building and Loan Association of Sharon Hill and ColJingdale (liquidation).
Shenandoah:
Government Building and Loan Association, 200 Stief Building (liquidation).
TENNESSEE:
Lenoir City:
Lenoir City Federal Savings and Loan Association, 104 East Broadway
(dissolution and sale of assets to Home Federal Savings and Loan
Association, Knoxville, Tennessee).
II. CANCELLATIONS OF FEDERAL SAVINGS AND
LOAN ASSOCIATION CHARTERS BETWEEN MAY
16 AND JUNE 15, 1943
PENNSYLVANIA:
Philadelphia:
Famous Federal Savings and Loan Association, 915 Lewis Tower Building (merger with First Wayne Federal Savings and Loan Association,
Wayne, Pennsylvania).
TENNESSEE:
Lenoir City:
Lenoir City Federal Savings and Loan Association, 104 East Broadway
(dissolution and sale of assets to Home Federal Savings and Loan
Association, Knoxville, Tennessee).
III. INSTITUTIONS INSURED BY THE FEDERAL
SAVINGS AND LOAN INSURANCE CORPORATION
BETWEEN MAY 16 AND JUNE 15, 1943
D I S T R I C T NO. 2
N E W JERSEY:
Irvington (Newark):
The Camptown Savings and Loan Association, 34 Union Avenue.
Bergenfield:
Bergenfield Savings and Loan Association, Main and Front Streets.
N E W YORK:
Buffalo:
Erie Savings and Loan Association, 39 Erie Street.
Directory of Member, Federal,
and Insured Institutions
D I S T R I C T NO. 3
PENNSYLVANIA:
Indiana:
First Federal Savings and Loan Association of Indiana, 201 Indiana
Theatre Building, 637 Philadelphia Street.
DISTRICT NO. 5
Added during May-June, 1943
I. INSTITUTIONS ADMITTED TO MEMBERSHIP IN
THE FEDERAL HOME LOAN BANK SYSTEM
BETWEEN MAY 16 AND JUNE 15, 1943
D I S T R I C T NO. 2
OHIO
Lockland:
The Enterprise Building and Loan Association Company, 121 Mill
Street.
INSURANCE
Bergenfield:
Bergenfield Savings and Loan Association, Corner Main and Front
Streets.
Newark:
Central Mutual Savings and Loan Association, 494 Central Avenue.
N E W YORK:
C E R T I F I C A T I O N S C A N C E L L E D B E T W E E N M A Y 16 ANI>
JUNE 15, 1943
N E W JERSEY:
KANSAS:
Osborne:
The Osborne County Building and Loan Association (sale of assets to
First Federal Savings and Loan Association, Beloit, Kansas).
TENNESSEE:
Lenoir City:
Lenoir City Federal Savings and Loan Association, 104 East Broadway,
(dissolution and sale of assets to Home Federal Savings and Loan
Association, Knoxville, Tennessee).
Buffalo:
Erie Savings and Loan Association, 39 Erie Street.
D I S T R I C T NO. 7
ILLINOIS:
Chicago:
Belmont-Central Savings and Loan Association, 5455 West Belmont
Avenue.
Public I nterest
Director Appointed
WISCONSIN:
Cedar burg:
Cedarburg Building and Loan Association.
TEEMINATION OF MEMBERSHIP IN THE FEDERAL HOME LOAN
BANK SYSTEM BETWEEN MAY 16 AND JUNE 15, 1943
KANSAS:
Osborne:
The Osborne County Building and Loan Association (sale of assets to
the First Federal Savings and Loan Association, Beloit, Kansas).
MISSOURI:
Higginsville:
Home Building and Loan Association, 2112 Main Street (merger with
Higginsville Building and Loan Association, Higginsville, Missouri).
320
•
The appointment of Claude H. Koberts of Mansfield, Louisiana, as a Public Interest Director for
the Federal Home Loan Bank of Little Rock was announced by the Federal Home Loan Bank Administration on June 18. Mr. Roberts, general manager
of an automobile trailer manufacturing company,
will fill an unexpired term ending December 31, 1946.
Federal Home Loan Bank Review
«J « . GOVERNMENT PRINTING OFFICE: 1*43
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 , C h a i r m a n ; E . H . W E E K S , Vice C h a i r m a n ; W . H .
C . E . BROUGHTON, C h a i r m a n ; H . G . ZANDER, J R . , Vice C h a i r m a n ; A. R .
N E A V E S , P r e s i d e n t ; H . N . F A U L K N E R , Vice P r e s i d e n t ; L . E . D O N O V A N ,
G A R D N E R , P r e s i d e n t ; J . P . D O M E I E R , Vice P r e s i d e n t ; H . C . J O N E S ,
Secretary-Treasurer; P . A. B E N D R I C K , Counsel; B E A T R I C E E . HOLLAND,
Treasurer; CONSTANCE M . W R I G H T , Secretary; UNGARO & SHERWOOD,
Counsel.
Asftietant Secretary.
NEW
GEORGE
MACDONALD,
DES
YORK
Chairman;
F . V.
D.
LLOYD,
Vice
Chairman;
N U G E N T F A L L O N , P r e s i d e n t ; R O R E R T G . C L A R K S O N , Vice P r e s i d e n t ;
Secretary;
D E N T O N C. L Y O N , Secretary; H . B . D I F F E N D E R F E R , Treasurer.
A.
E.
MUELLER,
G.
R.
PARKER,
Vice
Assistant Treasurer;
EMMERT,
JAMES,
N E E D H A M & L U 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 .
ARDS, P r e s i d e n t ;
MOINES
E . J, R U S S E L L , Vice C h a i r m a n ; R . J . RICHARDSON, President-Secretary;
W. H . LOHMAN, Vice President-Treasurer; J . M . M A R T I N , Assistant
President;
H.
H.
RICH-
GARBER,
S e c r e t a r y - T r e a s u r e r ; W I L L I A M S. B E N D E R , C o u n s e l .
W. C. J O N E S , J R . , C h a i r m a n ; W . P . G U L L E Y , Vice C h a i r m a n ; B . H .
W O O T E N , President; H . D . W A L L A C E , Vice President-Secretary; J . C .
C O N W A Y , Vice P r e s i d e n t ; W . F . T A R V I N , T r e a s u r e r ; W . H . C L A R K , J R . ,
Counsel.
WINSTON-SALEM
TOPEKA
EL S. H A W O R T H , C h a i r m a n ; E . C. BALTZ, Vice C h a i r m a n ; O. K . LaRoQUE,
President-Secretary; J o s . W . H O L T , Vice President-Treasurer;
P . F . G O O D , C h a i r m a n ; L . W . B A U E R L E , Vice C h a i r m a n ; C . A. S T E R L I N G ,
President-Secretary; R . I I . B U R T O N , Vice President-Treasurer; J O H N
S. D E A N , J R . , General Counsel.
T . SPRUILL T H O R N T O N , Counsel.
CINCINNATI
R.
P.
DIETZMAN,
Chairman;
\S M. M E G R U E
PORTLAND
B R O C K , Vice
Chairman;
W A L T E R D . S H U L T Z , P r e s i d e n t ; W . E . J U L I U S , Vice P r e s i d e n t - S e c r e t a r y ;
A.
L. MADDOX, Treasurer;
TAFT,
STETTINIUS
& HOLLISTER,
B E N A. P E R H A M , C h a i r m a n ; A. C . B O U C H E R , Vice C h a i r m a n ; F . H .
JOHNSON,
Gen«
President-Secretary;
INDIANAPOLIS
Los
D.
PresidentDUSEN-
HURFORD,
PARKER,
Secretary-Treasurer;
Secretary-Treasurer;
HAMMOND,
BUSCEMANN,
ROLL
&
ANGELES
G. D A V I S , C h a i r m a n ; H O R A C E S
F R E D T . G R E E N E , P r e s i d e n t ; G. E . O H M A R T , Vice P r e s i d e n t ; C . R U S S E L L
B O G A R D U S , Vice
B E R Y , Counsel.
H . B . W E L L S , C h a i r m a n ; F . S. C A N N O N , Vice Chairman-Vice President;
A L E X A N D E R , Counsel.
IRVING
T r e a s u r e r ; M r s . E . M . J E N N E S S , Assistant S e c r e t a r y ; V E R N E
eral Counsel.
President;
C.
E.
VIVIAN
FREDERICKS, Attorney,
W I L S O N , Vice C h a i r m a n ; M . M .
BERRY,
Vice
SIMPSON,
President;
Assistant
F.
C.
Secretary;
NOON,
HELEN
@FedFRASER