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FED&AL
HOME
LOAN
BANK
Vol.
Washington, D. C.
10, No. 9
N A T I O N A L HOUSING
AGENCY
John B, Blandford, Jr., Administrator
FEDERAL HOME LOAN
BANK ADMINISTRATION
John H. Fahey, Commissioner
J U N E 1944
Low-cost Housing Opportunities for the Prefabrication
Industry
233
Commissioner Fahey Warns Against Inflationary Lending
236
FHLBA Program to Curb Inflation in Home Finance
237
Savings and Real-Estate Operations of Banks in the
Second Year of W a r
238
REGULAR FEATURES
Worth Repeating
232
FEDERAL HOME LOAN
BANK SYSTEM
Honor Roll
242
Directory Changes of Member, Federal, and Insured Institutions
244
FEDERAL SAVINGS AND LOAN
ASSOCIATIONS
Home Front
245
Monthly Survey
247
FEDERAL SAVINGS AND LOAN
INSURANCE CORPORATION
TABLES
HOME OWNERS' LOAN
CORPORATION
UNITED STATES HOUSING
CORPORATION]
ViEEniDil
New family-dwelling ^units
251-252
Building ^costs
252-253
Savings and loan lending
253-254
Mortgage recordings
254-255
Sales of U. S. war savings bonds
255
Savings in selected financial institutions
255
Federal Home Loan Banks
255
Insured savings and loan associations
256
F H A activity
256
Quarterly tables
257
• * * WORTH REPEATING * * *
A BIG JOB AHEAD: " W e
have
learned to step up production to destroy our enemies. We must profit
from that lesson to step up production
of the attributes of a better life for our
own people. At the core of that better
life is a comfortable home. The heroes
of battles and production should never
return to the hovels and shacks of
blight and slums . . . Housing the
nation will be a big job; its proportions
huge enough to encompass all who
may have something to contribute.
The time is now to clear the decks for
action."
Philip M. Klutznick, before
National Association of Housing Officials, Chicago, 111.,
May 4, 1944.
GOLDEN AGE: "In many of Europe's great cities bombs have done
the job of slum elimination, cruelly
but effectively. Those demolished
areas will be replanned and rebuilt on
modern lines. Must we wait for demolition by bombs in some future war,
or shall we set for our country the goal
of complete eradication of urban and
rural slums during the next two decades? With private enterprise, government, and labor working as understanding partners and supported and
encouraged by intelligent and vocal
public opinion, that goal can be
attained.
"The postwar years can be our
'golden age' in housing."
Housing for the United States
After the War, National Association
of Housing Officials, May 1944.
OUTLINE FOR COMMUNITY ACTION: "Here are some of the specific
housing plans and preparations which
communities should now be making:
"Determine the total need in the
light of the normal incomes of citizen
groups.
"Match up that need with the existing housing supply, including structures which can be modernized, to
determine the need for new construction.
"Decide where the community's
residential districts are to expand.
"Earmark specific slum areas and
blighted neighborhoods for redevelopment and determine the nature of that
redevelopment.
"Help neighborhood associations in
older but still acceptable areas to con232
serve and protect their residential
qualities.
"Coordinate housing plans with all
other community post-war plans.
"Reexamine building codes and zoning ordinances to determine whether
revision is needed in the light of technical development and community
housing plans.
"Reexamine the municipal tax structure to decide whether there are obstacles to economic housing development that can be lifted or moderated.
"Consult with builders and financial
institutions to determine how much of
the housing need can be met by private
capital unaided, how much can be
met through mortgage insurance or
secondary credit, how much will need
other forms of financial assistance."
Housing for War and the Job
Ahead, N a t i o n a l H o u s i n g
Agency, April 1944.
BUILDING-MATERIAL LIMITATIONS:
"Post-war limitations on the supply
of building materials will in general be
temporary, caused by reconversion
and inventory problems rather than
by more permanent circumstances.
When these are overcome, the supply
of all materials except plumbing fixtures and lumber will be sufficient for a
construction program of $15,000,000,000 per year . . .
"Availability of building materials
in the quantities and varieties needed
will be governed by four principal factors, although not all of these represent problems for all materials. These
are productive plant (reconversion,
restoration, and pre-war capacity),
trade inventories, supply of basic
materials and labor supply."
Monthly Labor Review,
May 1944.
HEART'S DESIRE: "How best can the
cities of the USA be remolded near to
the heart's desire?
"Whose heart's desire? I assume
not solely the desires of industry or
business, nor real estate or property,
nor the government or the 'bureaucrats.' And perhaps least of all not
solely the desires of the planners. We
must mean a consensus reached by
democratic methods.
"Thus it seems to me that planning
must assemble, inform, stimulate,
compose, reflect, and visualize the
desires of a community. In reviewing
how best to remold our cities, this is
item number one—democratic planning."
Jacob Crane, The American
City, April 1944.
REAL VALUES: "Thus far the Federal Government has been able to keep
inflation within bounds, but with the
ending of hostilities and the resumption of the production of consumer
goods, there will come a period of
spending that may—for a time—throw
everything out of balance. Then it
will be up to us to keep our heads and
to remember that real values are not
always represented by the prices paid
in an inflated and artificial market."
George J. Bassett, American
Banker,May 12, 1944.
POST-WAR BOOKSHELF
Although inclusion of title does not necessarily mean recommendation
by the
Review, the following recent
publications will be of interest.
MOBILIZATION
FOR
ABUNDANCE: By Robert Nathan. 228 pp.
Available at $2.00 from McGraw-Hill,
New York, N. Y.
HOMES OR HOVELS?: 1943. 48 pp.
Some authoritative views on Canadian
housing. Canadian Institute of International Affairs and Canadian Association for Adult Education, Toronto,
Canada.
HOW TO CHECK
INFLATION:
By John Maynard Keynes. 1940.
Available at $1.00 from Harcourt,
Brace & Co., 385 Madison Avenue,
New York, N. Y>
MEMORANDUM
ON
POST-WAR
URBAN HOUSING:
1944. 120 pp.
Available at 25c from International
Union, United Automobile, Aircraft
& Agricultural Implement Workers of
America (UAW-CIO), Washington,
D. C.
A CHART
FOR
CHANGING
CITIES: A progress report on urban
redevelopment, reviewing the record
to date and surveying future possibilities. March 1944. 20 pp. Available
free from Committee on Urban
Redevelopment, California Housing
and Planning Association, 402 Jackson Street, San Francisco 11, Calif.
Federal Home Loan Bank Review
LOW-COST HOUSING OPPORTUNITIES
FOR THE PREFABRICATION INDUSTRY
The field of prefabrication is attracting manufacturers of all kinds.
These organizations are preparing to bring large-scale production
and marketing techniques to bear upon housing which has to date
shown perhaps the least technical advance of the varied lines of industrial production.
M
PREFABRICATION is nothing new to the
building industry. I t has been utilized in some
measure in the construction of every home since
people's tastes ventured beyond the pioneer's log
cabin and the primitive adobe hut. As measured
by the degree of final completion or size of the subassembly unit, prefabrication falls into three broad
categories: (1) sectional units, (2) modular panels,
and (3) miscellaneous parts such as doors, windows,
cabinets, strength members, plumbing equipment
and so forth. This discussion will be limited to
off-site prefabrication of the first two types, for it is
in these lines that the more striking developments
are likely to appear.
Experience has shown that sectional unit prefabrication is probably the most satisfactory technique for low-cost housing production. While all
three types are naturally adaptable to assembly-line
processes, the sectional unit utilizes mass production methods to a greater extent considering its
closer relationship to the completed structure.
The panelized type of prefabrication demands less
standardization in the final plans and has, consequently, found considerable use in the construction
of more expensive homes. The utilization of panels
is based upon what might be termed a standard
deviation in plans. Thus, within a uniform dimensional scale, the architect may develop numerous
variations in design.
Despite the fact that some degree of prefabrication has been applied in home construction for
many years, the conservative nature of the building industry (reflecting the reactionary character
of the home buyer) largely stunted its growth in the
years prior to the war. As tremendous pressure
developed for the housing of defense workers at the
turn of the decade, old and inefficient methods of
production were compelled to give way in order that
accommodations might be provided for the migrating millions obtaining war employment in the many
June 1944
plants throughout the country. This belated development is recent, though, and the prefabrication
industry has not as yet achieved its full maturity.
Today the lack of technical advancement in the
home-building industry has left the greater part of
the potential market unexplored and the sheer size
of this market is now attracting large manufacturers
to this line of production. As these concerns expand into the prefabrication field, it may be expected
that vigorous research programs will be carried out
not only to determine the most saleable type of
product but to improve industrial and marketing
processes for the purposes of effecting the maximum
economy in manufacture and assuring the movement
of goods in sufficient volume to support quantity
production.
Although only a few large companies have actually announced their intentions of competing in
the prefabrication market, many other sizeable
organizations are seriously considering the field.
This is but circumstantial evidence of the presence
of a considerable demand. However, careful estimates by both industry and governmental planning
organizations support this belief.
The Housing Market
The prospects for the industry are long-term and,
since the war-housing program is "over the h u m p , "
interest naturally settles upon the post-war outlook
for home building and the probable place of the prefabrication industry within the over-all picture.
Testifying before the Committee on Public Buildings,
and Grounds of the House of Representatives last
February, John B. Blandford, Jr., Administrator of
the National Housing Agency, placed the post-war
housing goal at an annual volume of from 1,000,000
to 1,500,000 homes for a 10-to-20-year period.
" T h i s , " he said, "might mean a volume of capital
investment—predominantly p r i v a t e — r u n n i n g a s
high as $8,000,000,000 a year, and a volume of em233
ployment running up to four or five million workers.
This estimate takes no account of the indirect benefits of such a housing program." Such an annual
expenditure for housing would be approximately 174
percent of the volume spent for this purpose in the
peak year of 1926—about $4,602,000,000. Mr.
Blandford pointed out t h a t the achievement of postwar full employment depends predominantly upon
the expansion of private enterprise, one of the largest
opportunities for which is in housing. Futhermore,
to attain this goal, he emphasized that full advantage
must be taken of new methods, new techniques and
new discoveries.
Reasonable market expectations are the first consideration from the businessman's standpoint. A
successful prefabrication business is one which utilizes
quantity production techniques and, therefore, must
depend upon a continous volume of sales to permit
the most economical operation of its plant. Operating prefabricators estimate that for efficient functioning it is necessary to have a sales volume generally
equivalent to about 25 houses a day or better. Thus,
it may be seen at a glance t h a t these producers will
have to appeal to a market far broader than that
traditionally served by the building industry if they
are to survive on the long pull.
Will the strenuous effort and the expense necessary
to break down traditional obstructions and develop
and sell prefabricated houses and parts be justified
by the additional market they might yield? To
date, or rather down to 1939 before conditions were
totally distorted by war, the construction of privately
financed units to sell for less than $4,000 was exceptional in many parts of the country. Therefore, on
the basis of a 20-year amortized mortgage as the
prevalent means of home finance, the building industry was unable to offer newly constructed residential
properties to families with annual incomes of less
than $2,000.
As reported in the 16th Decennial Census, about
21,600,000 urban and rural nonfarm families, or 60
percent of the total for these groups, had wage and
salary incomes beneath this figure in 1939. However, as these data do not reflect total family income,
the following table is submitted showing the distribution of nonfarm families by income group in 19351936. Reflecting the lower level of national production then prevalent, this table shows that more than
76 percent of the total nonfarm families had incomes
below $2,000. While it is not expected that private
industry could economically accommodate the entire
lower income group, this segment of the market does
234
Distribution of nonfarm families by income
Sroups 1 9 3 5 - 1 9 3 6 *
I n c o m e groups
Total number
of families
N u m b e r of
nonfarm
families
Percentage
of n o n f a r m
families b y C u m u l a t i v e
percentage
income
groups
U n d e r $250 ._
$250~$500
$500~$750
$750-$l,000
$1,000-$1,250
$1,250-$1,500 _ __
$1,500-$1,750
$l,750-$2,000
$2,000-$2,250
$2,250-$2,500
$2,500-$3,000
$3,000-$3,500 _.
$3,500-$4,000
$4,000-$4,5CO
$4,500-$5,000
$5,000 a n d over
1,162,890
3,015,394
3, 799, 215
4, 277, 048
3,882, 444
2, 865, 472
2, 343, 358
1, 897,037
1, 420,883
1,043,977
1, 314,199
743, 559
438, 428
249, 948
152, 647
793, 801
330,204
2,156,431
2, 690,815
3, 250, 004
3, 089,194
2, 263,901
1,9G9, 768
1, 599, 816
1, 232, 547
891, 668
1,136, 272
642, 814
378, 545
218, 553
135, 615
706, 949
1.46
9.53
11.89
14.36
13.65
10.00
8.44
7.07
5.44
3.94
5.02
2.84
1.67
.97
.60
3.12
Total..
29, 400, 300
22, 633,096
100.00
1.46
10.99
22.88
37.24
50.89
60.89
69.33
76.40
81.84
85.78
90.80
93.64
95.31
96.28
96. 88
100. 00
i Source: Consumer Incomes in the United States, National Resources Committee, 1938.
offer broad avenues for exploration, and to the extent
t h a t building costs can be reduced business may
expect to find a broadening market that will offer
opportunities for greater profits through an increasing
volume of trade.
According to a recent survey of the prefabrication
industry, conducted by the Architectural Forum, 97
percent of the reporting prefabricators who intended
to stay in the business after the war planned to sell
houses between $3,000 and $4,000 and the same percentage expected to sell homes in the $2,500-$3,500
range, while 81 percent anticipated sales prices of
$2,000-$3,000. As these prices do not include the
cost of land and since there is variation in the degree
of final completion, no precise relationship may be
drawn to the total cost of land and improvements.
Nevertheless, it is apparent that these units would be
within the reach of families with incomes as low as
$1,500 a year and possibly less.
A quite natural reaction to the prospects of an
increasing volume of lower-cost new housing is an
anticipation of depression in the values of existing
properties which may be competing for the same income group market. Were things allowed to follow
their " normal" course without artificial interference,
it might be expected t h a t an increasing number of
older and less economic units would in time be forced
off the market and tagged for demolition or simply
decay as a burden on municipal and local tax records.
However, zoning and building ordinances as well as
tax assessment rates and land prices will probably
limit the initial urban market for the more completely prefabricated type of structure. Therefore,
Federal Home Loan Bank Review
manufacturers are anticipating their greatest markets
in the smaller urban centers and in rural areas where
the supply of housing has deteriorated more rapidly
in recent years.
Although rural nonfarm family incomes tend to be
lower (the median wage income in 1939 was $973
compared with $1,445 for urban families) land prices,
taxes, and labor costs are also less, and the process of
site selection is largely unimpeded by anything other
than market considerations.
Assuming that a prefabricator must appeal to the
low-price market to maintain a sales volume of the
25 houses a day necessary to support his production
line, the next logical question is, in what ways may
unit production costs be reduced. Obviously, production line techniques and the continuous employment of plant equipment and technically trained
personnel will make major contributions toward the
reduction of expense. However, as labor costs constitute only 15 to 20 percent of the total cost of the
average house, this factor alone cannot be relied upon
to solve the problem.
Therefore, a reduction in the cost of materials
must provide the critical difference. Estimates of
possible savings in this line vary considerably.
However, it is generally conceded that the margin
for additional savings here is sufficiently broad,
some estimates placing it well in excess of 40 percent,
to lower the prices on new homes within the range of
families whose annual incomes are considerably less
than $2,000.
In addition to these items comes the factor of
transportation which, since it adds to the cost,
limits the market radius within which a particular
prefabricator can economically compete. Also,
the size and design of prefabricated parts must be
worked out within the limitations of transport
media. Experience to date tends to show that the
maximum range for both panelized and sectionalized
prefabrication cannot ordinarily exceed 150 miles
from the plant. By developing improved packing
and shipping techniques and other devices it is
probable that this range may be extended considerably.
Marketing Organization
Many plans for marketing organizations are still
largely in the developmental stage, as a number of
prefabricators have been finding a ready market
for their products in meeting public and private
war-housing needs. However, a wide variety of
methods are in the "blueprint" stage ready for use
June 1944
in the post-war period. Some organizations are
proposing to operate on a department-store basis
while others will do a mail-order business. Internal
sales organizations as well as subsidiary selling- and
financing-company plans are also receiving their
share of attention, and a large number of concerns
are anticipating sales through local agents, such as
operative builders or building-material dealers.
Of course, the road from the " blueprint" stage of a
marketing organization to its implementation as an
effective, hard-hitting unit is a long and difficult one.
While many plans may appear ideal as an organizational chart, the adaptations that are necessary for
conformity with varying local conditions over a
wide market area can frequently be determined only
bv trial and error.
One of the most successful operations used to
date involves a variation of the exclusive agency
method. The manufacturer started by selecting
one reputable builder, builders' supply dealer or
real-estate company in each locality in which he
intended to operate. Under the terms of the contracts, these agents were authorized to sell the product with the use of the manufacturer's name in
any of a variety of ways. Some may build an entire
development or a single unit and dispose of the
house and land in one operation while others may
elect merely to offer the product as it is received
from the factory, leaving the responsibility of land
acquisition and erection to the purchaser.
In addition to providing an economical sales
media for the disposition of prefabricated houses
and structural parts, it is possible that the well
planned sales organization might facilitate the
reduction of transportation costs and thereby aid in
extending the market radius and lowering sales
prices. If it could be found practicable to store
large inventories in the principal local markets it
would permit a larger volume of transportation,
with resulting savings, on the longer hauls.
That comparatively few concerns show any
immediate interest in expanding their operations to
include financing is a significant trend in the planning of these sales organizations. This is probably
due to the many problems of a local nature, peculiar
to the field of real estate, that would beset a manufacturer functioning over a wide area.
Conclusion
As the post-war period nears, the prefabrication
industry is planning an extension which may bring
(Continued on p. 244)
235
COMMISSIONER FAHEY WARNS AGAINST
INFLATIONARY LENDING
The following is an excerpt from the speech delivered by John H.
Fahey, Commissioner of the Federal Home Loan Bank Administration,
before the National Sayings and Loan League in New Orleans,
May 30, 1944.
I
I T is difficult to determine accurately the average percentage of inflation in home prices
throughout the country since 1940 but, in my judgment, it is at least 25 percent to 30 percent over
safe values. We have numerous cases where sales
are up 40 percent and 50 percent above reasonable
prices at the beginning of 1941. There are some
boosts even more extreme. Mortgage loans are
being made in connection with these sales in most
cases in proportion to the sales price. They are
being made by all classes of institutions. I t is
nonsense for any one group of lending institutions
or any trade association representing them to claim
that they are free from guilt in connection with
inflated lending and that the "other fellow" is the
person who is causing all the trouble.
We have cases of record where lending institutions
which claim to be among the most conservative in
the United States are making home-mortgage loans
up to 100 percent of an inflated sales price in plain
violation of the State laws under which they operate.
There are lending institutions located in the areas
which were conspicuous from 1930 to 1933 in the
contributions which they made to the development
of mortgage panic which are again running true to
form and engaging in exactly the same kind of
reckless lending they have indulged in in the past.
I wish to say most emphatically, however, that
the number of institutions pursuing unsound policies
such as I describe are comparatively few out of the
great number in our country. They cause trouble
all out of proportion to their numbers, however,
because they bring about unhealthy competitive
conditions which not only militate against the best
interests of the country but often cause serious embarrassments to lending institutions which decline
to follow their example. Too often when a man
applies for a loan in connection with the purchase of
a house at an excessive price, which he cannot afford
to pay, if a competently managed institution declines to give him the money and he readily obtains
it from another too anxious for profits, the results
236
are uncomfortable for the institution which refuses
the loan. The borrower invariably voices strong
criticisms of the refusal to his neighbors and friends
of the institution which tried to protect him from
trouble. The result is that those who are, in these
difficult times, attempting to conduct their business
safely are sometimes tempted to take the line of
least resistance against their own better judgment.
I am certain, however, and the experiences of recent months furnish abundant evidence, that the
great majority of mortgage lending institutions
deprecate present trends, are anxious to see them
curbed and are willing to do anything they can to
cooperate. I am glad to report to you that the
Federal Home Loan Bank Administration has received most encouraging responses to its efforts to do
everything possible to assist in forestalling serious
troubles in the home-mortgage field in the post-war
period.
Following the statements which we issued from
time to time in the last year, publicity on the subject
in
the
FEDERAL H O M E LOAN B A N K R E V I E W ,
and
numerous talks on the subject at conventions and
conferences we have had several meetings of the
Presidents of the Federal Home Loan Banks to develop plans for dealing with the problem. The
Federal Savings and Loan Advisory Council has also
concentrated its attention on it and its Post-war
Committee has persistently devoted time to it. At
the meeting of the Council held this month, as you
know, a resolution was adopted unanimously urging
cooperative action on the part of all types of mortgagelending institutions to combat inflationary lending.
. . . These resolutions were widely circulated by
the office of the Governor of the Federal Home Loan
Bank System. The whole matter has been taken up
through that office as part of a comprehensive campaign with State Banking Commissioners and savings
and loan supervisors, with the officers of the American
Bankers Association, the Mortgage Bankers Association, the National Association of Mutual Savings
(Continued on p. 21^1)
Federal Home Loan Bank Review
FHLBA PROGRAM TO CURB INFLATION IN
HOME FINANCE
riding the present warINFLATION, a probtime market was followed
lem that has been
FIVE POINTS FOR ACTION
closely by a succession of
approached with some
speeches by Commissioner
measure of success to date,
1.
Fahey,
Governor Twohy
has been showing signs of
To focus public attention on existing conditions
and
Assistant
Governor
making threatening inand developing trends in real estate and mortgage
Ford
as
well
as
by addiroads in the field of home
lending.
tional articles and releases
finance. From many parts
2.
bearing on the same subof the country come indiject.
Thus the execution
cations of war-born inTo urge the development of realistic and adequate
of
the
program
began with
creases in appraised valsafeguards by all home-mortgage lenders.
a vigorous campaign to
uations, high loan ratios,
3.
bring developing trends to
inadequate amortization
public
attention in accordschedules, and many other
To assist the members of the Federal Home Loan
ance
with
the first point.
factors, all pointing to a
Bank System in establishing and maintaining
The
second
and third
lack of flexibility in the
such safeguards through organized and sustained
points
of
the
program
adaptation of lending poliprograms.
represent an intensificacies to fit existing circumtion of efforts to persuade
stances. The rapid growth
To cooperate with and solicit and secure the supall mortgage lenders of
of individual savings and
port of State supervisory officials and State and
the need to provide more
the sharp decline in connational trade organizations.
adequate safeguards in
struction-lending activity
view of current inflationary
have combined into a force
5.
tendencies. With respect
driving all types of homeTo offer full cooperation to all organized groups
to this matter the Federal
financing institutions to
of home-mortgage lenders so that there may be a
Savings and Loan Advisseek greater investment
planned and agreed attack on the over-all problem.
ory Council, at its semioutlets. The full weight
annual meeting early in
of this "squeeze" on the
May, adopted a resolution
savings and loan industry
outlining seven specific measures for cooperative
is indicated in general terms by the gain of more
action. These measures- were (1) the downward
than 96 percent in liquid assets recorded by insured
adjustment of loan percentages; (2) the shortening
associations in 1943 following on the heels of an
of amortization periods; (3) the acceleration of re80-percent increase the year before.
payments during the early years of the loan; (4)
In anticipation of these trends, the Federal Home
where possible, the calculation of loan percentages
Loan Bank Administration has devoted much time
on the basis of more stable pre-war prices; (5) addito the study of inflation as it threatens to affect hometional protection on high precentage loans in such
financing operations. As a result of the findings
forms
as association shares, Government bonds, paidmade, the Governor's office, acting in conjunction
up
life
insurance or some other form of security; (6)
with the Federal Savings and Loan Advisory Council,
the
downward
adjustment of dividend and mortgagehas formulated a Five Point Program which, it is
interest
rates
to
enable effective competition for lowhoped, will serve as a basis from which a realistic
percentage
loans
of prime quality and (7) a similar
policy for future lending activity may be developed.
downward
adjustment
on existing loans to avoid
Although its roots go much farther back, the first
further
loss
through
refinancing.
formal step in the evolution of the Program was made
in August 1943 when the H E VIEW published " Lending
The broad outlines of this anti-inflation program,
Policies in a Competitive Market." This initial step
included in the resolution of the Advisory Committee,
in emphasizing to member institutions the hazards of
(Continued on p. 256)
•
June 1944
237
SAVINGS AND REAL-ESTATE OPERATIONS OF
BANKS IN THE SECOND YEAR OF WAR
Annual reports provide interesting data on the cumulative effects of
the war on operations of insured commercial and mutual savings
banks last year. Unprecedented savings, a declining volume of
mortgage loans, and a drop in real-estate owned were again characteristic of the thrift and home-financing activities of these institutions.
•
T H E second year of wartime operation brought
an accentuation of the 1942 trends in thrift and
home-financing activities of insured commercial and
mutual savings banks. An increasingly wide dis- '
tribution of substantial earnings in the hands of a
thrift-conscious public resulted in breaking the previous year's record in the volume of savings in both
types of institutions. Lending opportunities continued to decline, with the result that the small 1942
gain in residential mortgage holdings of insured
commercial banks was converted to a decline while
the previous rate of decrease in that account of
mutual savings banks was accelerated. At the
same time, favorable market conditions permitted
continued sharp reduction of real-estate owned
accounts.
New High in Time Deposits
A new high, or more than $18,572,000,000, was
recorded in the time deposits of individuals, partnerships and corporations in all insured commercial
banks 1 during 1943. This represents an increase of
almost $2,870,000,000, or more than 18 percent, over
the 1942 total which far outstrips t h e previous
year's increase of 4 percent. Since these institutions
represent about 95 percent of all commercial banks
in the country, the data on which this article is based
(annual reports of t h e Federal Deposit Insurance
Corporation) may be considered representative of the
industry as a whole.
I t is interesting to note that while expanded
volumes of time deposits were reported in all sections
of the country, about the same relative pattern of
activity was apparent on a regional basis in 1943 as
during the previous year. Institutions in the Portland Federal Home Loan Bank District again topped
the list with an increase of 30 percent. The previous
year's record in that region—18 percent—rwas
i While the present classification of "time deposits" is more comprehensive than
the pre-war breakdown of "savings evidenced by passbooks," it is estimated that
approximately 87 percent of the total as now reported represents individual
savings.
238
matched or bettered in four other areas in 1943.
Banks in the Indianapolis and Los Angeles regions,
which in 1942 were in second place with an advance
of 9 percent each, last year added to their savings
accounts 28 percent and 23 percent, respectively.
The Los Angeles region was first again in dollarvolume increase. The gain of $564,000,000 was more
than double the 1942 advance made in this center of
war activity.
Pittsburgh, the only Bank District to show a decline in 1942 (6 percent), last year came back to the
extent of a 9-percent rise. I n spite of the fact that
this was the smallest percentage gain reported in any
region, it represented an excess of $156,000,300 over
the previous year—a good showing when it is considered that all States in the District suffered
population losses.
PERCENTAGE CHANGE IN RESIDENTIAL MORTGAGE
LOANS AND TIME DEPOSITS
INSURED
COMMERCIAL BANKS
1942 OVER 1941 AND 1943 OVER 1948
By Federal Home Loon Bank District
RESIDENTIAL MORTGAGE LOANS
-10
0
PERCENT
+10
+20
+30-10
TIME DEPOSITS
6
PERCENT
+10
+20
+30
S3
UNITED STATES
Dist-I
BOSTON
^ ss
I
Dist-2
NEW YORK
Oi$t.-3
PITTSBURGH
sl
Dist.- 4
WINSTON-SALEM
Dist.-5
CINCINNATI
F
0ist-6
INDIANAPOLIS
Dist.-?
CHICAGO
"
Dist-8
DES MOINES
Dist-9
LITTLE ROCK
|
* ^
s ^ M
S
5S5SS
0«st-IO
TOPEKA
Dist.-II
PORTLAND
Dist- 12
LOS ANGELES
ggKgj sgga
•
•••H
9
SOURCE:- FED!IRAL DEPOSIT
JNSURANCE CORP.
S S 3 R - 1942 OVER 1 } 4 I
• • • - - 1 9 4 3 OVER I 342
DIVISION OF OPCflATINS STATISTICS
FEDERAL HOME LOAM SANK AOMWISTItA rioN
Federal Home Loan Bank Review
The State pattern did not follow so closely that of
1942. Last year, Florida led in percentage increase
of savings deposits on the basis of a 38-percent rise
compared with a gain of 8 percent in 1942. Washington, formerly first, was in second place with 34
percent more deposits than in 1942. Only Oklahoma
recorded a percentage loss, and that was less than 1
percent.
California again showed the largest dollar increase
($549,000,000) which was far in excess of the $294,000,000 advance in New York—the second on the
list. The former State has shown a population gain
while the latter has experienced an opposite trend
since the war.
Residential mortgage holdings a n d time deposits
of insured commercial banks, 1 9 4 3
[Thousands of dollars]
R e s i d e n t i a l mortgage
loans
D e c . 31,
1943
UNITED STATES.
J $3,203,587
________
N o . 1—Boston
Connecticut
Maine
__ _
Massachusetts.. _ _ _ _ _ _
New Hampshire.
Rhode Island
__ __.
Vermont
_1
N o . 2—New Y o r k
Residential-Mortgage
Holdings
The cumulative effect of restricted lending opportunities changed the previous year's slackening rate
of increase in mortgage holdings of insured commercial banks into a decline of about $59,500,000 during 1943. The year-end holdings of $3,204,000,000
represented a 2-percent drop compared with a similar
increase in 1942 which was, in turn, considerably
below the 11-percent gain registered in 1941.
In spite of the fact that commercial banks in six
Federal Home Loan Bank Districts were able to
show some improvement during 1943 in the volume
of their residential-mortgage loans, the increases
which ranged from 0.6 percent in Little Rock to 29
percent in Topeka were not sufficient to offset the
losses in the rest of the country. New York reversed
its 1942 gain of 6 percent, reporting the smallest
percentage loss—2 percent—last year, while Cincinnati with a decline of 6 percent was the heaviest
loser in 1943. In dollar volume the Des Moines
District showed the greatest improvement—up
$18,000,000. Banks in the Los Angeles area suffered
the heaviest loss with a decline of approximately
$31,600,000.
In 1943, New York and Los Angeles experienced
reverses from the previous upturn in mortgage holdings. Banks in the Des Moines, Little Rock, Topeka
and Portland Districts showed gains in contrast to
previous recessions. Thus the concentration of improvement was confined, with the exception of one
State each in the Chicago and Indianapolis regions,
to the areas west of the Mississippi River, with Los
Angeles the only western District to report a decline
from the previous year. By far the greatest part of
that loss came in California where mortgage holdings
dropped $31,000,000, the largest dollar loss in any
State. Kentucky experienced the greatest percentJune 1944
589509 - 4 4 -
T i m e deposits
Federal H o m e Loan B a n k
District and State
N e w Jersey
New York
N o . 3—Pittsburgh
i
Delaware
Pennsylvania
W e s t Virginia
__
N o . 4—Winston-Salem
Alabama
D i s t r i c t of C o l u m b i a
Florida
__ _
Georgia
__ _
Maryland
N o r t h Carolina
S o u t h Carolina
Virginia
N o . 5—Cincinnati
Kentucky
Ohio
Tennessee
._
_-
N o . 6—Indianapolis
N o . 7—Chicago
Illinois
Wisconsin
_
N o . 8—Des M o i n e s _
Iowa.
Minnesota
Missouri
North Dakota
South Dakota
.._
._
-$59,525 |$18,572,406
Change
during
1943
$2,866,071
- 7 , 564
1,096,957
164,718
56, 517
12, 640
84, 769
7,898
20,191
-2,228
-1,652
- 5 , 333
81
-2,401
3,969
238,022
122,198
480, 600
41,855
124, 500
89,782
36, 586
15, 511
76,286
10,233
17,600
8,502
499, 395
-8,569
3,364,970
463,930
233,925
265,470
-5,490
-3,079
1,123,814
2,241,156
169,931
293,999
328,196
- 2 6 , 352
1,893,171
156, 299
10,618
287,677
29,901
-458
-23,814
-2,080
40,035
1, 718,416
134, 720
2,861
136, 702
16, 736
210,164
-5,842
1, 351, 707
181,160
14, 577
35,386
11,497
26, 709
37, 522
14, 612
6,530
63,331
2,017
-3,326
-134
1,084
- 4 , 574
126
485
-1,520
138,833
141, 086
129,163
160,892
262, 267
154, 248
43,645
321,573
17,216
10, 252
35,302
25,385
42, 632
21,541
6,314
22,518
290,163
-17,483
1, 655,703
254,402
24, 465
248,279
17, 419
-4,068
-11,934
-1,481
126, 502
1,318,460
210,741
2,372
224,690
27,340
4,459
1, 519,974
330,762
-5,489
-9,948
424,385
1,095,589
73, 247
257,515
29,933
93,552
160,604 {
...
D e c . 31,
1943
211,948
254,156
-
Indiana
Michigan
Change
during
1943
215,316
1,013
1,937,454
328,566
129,458
85,858
-352
1,365
1. 314, 636
622,818
214,976
113, 590
209,570
18,073
1,138,775
159,852
41,655
55,371
105,359
2,708
-1,510
8,652
11, 364
-369
-64
279,917
417,939
360,149
42,789
37,981
32,193
71,047
43,195
8,537
4,880
310
511,715
56,776
52,072 j
135,267
75,408
19,820
229,148
341,277
119,736
80,268
75,665
2,379
19, 470
4, 304
3,045
27. 578
37, 375
19, 451
6,813
11,626
-515
4,477 1
N o . 9—Little R o c k
55,710
Arkansas
Louisiana _
Mississippi
N e w Mexico
Texas
N o . 10—Topeka
Colorado
Kansas-.
Nebraska
Oklahoma,
N o . 11—Portland.
5,604 1
14,037
7,003
4,308
24,758
43T78T
11,523
10,513
6,149
15,596
-407
-886
-82
289
1,396
9T89T'
1,431
1,320
241
__6,847
78, 6181
i W
718,586
8,585
3,396
8,989
21,526
31,699
4,423
226
-286
-1,813
3,013
1,889
1.338
45,558
47,114
206,190
98,004
297,437
24,283
166,104
9,523
5,615
53,104
20, 739
74,939
2,184
8057645"
^iTssir
11,783
787,699
6,163
-654
-30,634
-298
-244
3,031,170
44,602
2,960,509
26,059
5637&>7~
9,804
548, 942
4,811
Idaho
Montana
Oregon
Utah
Washington
Wyoming
N o . 12—Los Angeles
Arizona
California
Nevada
Possessions
'
.
.-
925
65,608 J
10794T
2,570
239
age decrease—14 percent. The greatest increases
were reported in Missouri with an advance of
$11,000,000 in 1943, and in Oklahoma where mortgage holdings rose 78 percent.
The last two year-end reports of the Federal Deposit Insurance Corporation have nob contained a
breakdown of residential real-estate owned. However, the over-all figure for "real-estate owned other
than bank premises" has shown a drop from $199,000,000 in 1942 to $123,000,000 in 1943 and there
seems reason to believe that the residential real-estate
owned by insured commercial banks has shown a
decline of similar magnitude.
Mutual Savings Banks
For mutual savings banks 1943 was a year of unusual expansion in deposits, number of accounts and
total assets. A new peak of $11,707,000,000 in deposits was reached, following an increase of over
$1,086,000,000 during the year. This annual gain,
unprecedented for savings banks, represented a 10percent increase, over half of which was registered in
the last 6 months of the year, compared with an
advance of 1 percent in 1942.
Each of the 17 States in which mutual savings
banks operate participated in this deposit increase,
a slightly better record than that of the previous
year when two States showed declines. In New
Jersey where 1942 deposits dropped over $2,000,000,
the 1943 volume showed an increase of $25,000,000.
The change in Vermont was of smaller magnitude—
down $530,000 compared with a 1943 advance of
over $3,700,000. New York banks recorded by far
the greatest gain last year—up $599,000,000—while
Massachusetts was in second place with an expansion
of $163,000,000. These two States, even before the
large 1943 increases, held first and second places,
respectively, in the total volume of deposits in
mutual savings banks.
The number of depositors, which mutual savings
bank officials consider a better yardstick of saving
than the volume of deposits, almost completely
reversed the 1942 decline in all " m u t u a l " States.
Last year every State except Minnesota participated in the gain of 418,068 accounts. In 1942, on
the other hand, all but four States showed declines
in the number of accounts. New York and Massachusetts which led the 1942 recession with losses of
237,000 ard 128,000, respectively, in 1943 recorded
the greatest gains—147,000 for the former and
103,000 for the latter. This would seem to indicate
that there is less immediate relationship^between the
240
number of depositors and population trends than
is frequently assumed, since these two States have
continued to show a loss in. population as have
numerous other States which reported more or less
substantial growth in the number of mutual savings
bank accounts.
As a result of the increases in deposits as well as
depositors, the average account in 1943 amounted to
$745 compared with $694, the average amount in
the previous year.
Real-Estate Activity
Real-estate mortgage loans continued to decline
in 1943 for the 11th successive year, dropping at a
slightly accelerated rate—4 percent—compared with
a 3-percent decrease the year before. Loans secured
by real estate aggregated $4,435,000,000 last year
and represented 34.5 percent of total assets. In
1942 they accounted for 39.4 percent compared with
40.7 percent the preceding year. The downwarp
trend was general in all 17 States represented.
The constantly increasing demand for existing
properties in 1943 speeded up the disposition of
owned real estate even beyond the rapid pace of
recent years. In 1941 the decline was three times
as great as in the previous year; 1942 brought a
PERCENTAGE DISTRIBUTION OF ASSETS
PWT
50
40
30
EO
ro
ao
MUTUAL SAVINGS BANKS
§94*~1943
RE/s L ESTATE MORTGAGE LNS.
GOVERNMENT BONDS
1 11 •
1 11
1 11
| JLi
RAILROAD AND
PUBLIC UTILITY BONDS
1941 l l l l l l ^ l l l l l i i 4 5
SOURCE:- A t o l i l p l ^ l p l l l l l l l
STATE AND
MUNICIPAL BONDS
194!
1942
1943
DIVISION OF OPERATiNS STATISTICS
f E M R A L HOltE UJAH SANK AMWHIStBArtOI*
Federal Home Loan Bank Review
further drop of 25 percent, and last year the real
estate owned by all mutual savings banks decreased
by 36 percent. At the end of 1943, this item aggregated $212,000,000 and represented 1.7 percent of
assets compared with 2.8 percent and 3.8 percent of
total assets in 1942 and 1941, respectively.
The percentage of total assets represented by
owned real estate declined in all 17 "mutual" States—
in eight of them it had dropped to less than 1 percent,
with Ohio showing only 0.2 percent. Even in those
Eastern States where the greatest concentration of
properties was still to be found—Vermont, New
Jersey, Pennsylvania, New York and New Hampshire—only Vermont showed a percentage as high as
2.6. This comparative lack of marketing opportunities, it will be noted, is found among States
which have suffered a wartime reduction of population.
Investment Pattern
Total assets of mutual savings banks paralleled
the outstanding record in deposits in 1943 and rose to
a new high of $13,043,000,000, the greater part of
the increase occurring in the last half of the year.
The total gain amounted to $1,092,000,000, an advance of 9 percent in comparison with a 1-percent
increase the previous year.
The asset structure of these institutions last year
showed in all respects an accentuation of the trends
evident during the first year of war. The Government-bond account represented an increasing proportion of the total assets—46 percent in 1943 as
compared with 37 and 31 percent, in 1942 and 1941.
According to the National Association of Mutual
Savings Banks, "substantially every dollar of the
large deposit gain made in 1943 was turned over to
the Government for its securities."
The cash account remained relatively stable from
1942 to 1943 after an appreciable drop from 1941.
The percentage of cash to assets in these 3 years was
5.81 in 1943, 5.83 the preceding year, and 7.04 in
1941. The shrinking proportion accounted for by realestate mortgage loans and real-estate owned have
already been pointed out in the foregoing discussion.
On the liability side of the balance sheet, the surplus and undivided profits account showed an increase of $37,000,000 and at the end of 1943 stood
at $1,254,000,000. However, because of the large
increase in assets, this account is now equivalent to
only 9.7 percent of total assets compared with 10.3
percent the previous year.
June 1944
Commissioner Fahey
{Continued from p. 236)
Banks, the various State organizations representing
mortgage-lending institutions of all types and the
Federal departments and instrumentalities related to
our national financial structure.
I t is exceedingly gratifying that the response has
been most encouraging. Here and there you will
find someone who contends that nothing can be done
about it. There are others who close their eyes to the
facts as to what is going on just under their noses and
maintain that their particular city or area is not
involved. Practically everyone of experience, however, is alive to what is happening and recognizing
the danger involved in it, is anxious to cooperate in
every sensible effort to stop a further extension of a
movement that has already gone further than it
should.
I think that every member of this League and every
other executive of a financial institution in the
country whether directly engaged in urban home
mortgage lending or not, should personally interest
himself to help in every way he can to head off any
further development of the dangers to which I have
referred.
In my judgment if given further impetus they
[inflationary lending practices] not only mean a recurrence of losses to mortgage-lending institutions,
and in turn to savers, but they will stop at a critical
time—the period of transition after this war—the
revival of the construction industry which can contribute to stability in such an important way by
resuming the building of homes in this country.
There is room for difference of opinion as to the
number of homes which we will need to have built
in this country each year after the war, but there is no
room for disagreement on the fact that we face the
greatest home shortage we have ever had. If it is
not interfered with or unduly delayed the building of
needed homes will not only have a great influence on
our entire economic system, but we will be able to
give the people of this country not only more, butbetter homes than they have ever known before at
more moderate costs. This highly desirable objective is of such importance to all engaged in home
financing operations and to all the people of our
country that we should under no circumstances allow
greed for temporary profits during the war period to
divert our attention from the dangers of inflationary
lending.
24!
Honor Roll of W a r Bond Sales
•
D-DAY is no longer a subject for speculation.
On June 6 it became a reality and the Fifth War
Loan is the "Invasion Loan." To those on the home
front this drive offers an opportunity to back the
big attack.
The savings and loan industry has been in the
vanguard of this home front assault and now it is
called upon, together with all other issuing agents,
to redouble its efforts in the sale of war bonds and
stamps. During the first few weeks of the Fifth
War Loan the Treasury has concentrated attention
upon sales to individuals. Now, as it broadens its
appeal to include non-banking investors, savings
and loan associations are urged to maintain a
constant pressure on individual sales not only to
put the Drive over the top but to provide an added
safeguard against inflation.
April Activity
During the month of April, $12,868,000 in war
bonds and stamps were sold by 2,544 reporting
savings and loan associations, showing a decline of
more than 34 percent from the total of $19,617,000
sold by associations the month before. Reflecting
the decline in total sales volume, the number of
institutions included in the April Honor Roll is but
151 as against 204 in March. This activity brings
the total reported sales by associations since January
1943 to $638,384,000, or more than 11.5 percent of
the assets of all reporting members.
Continuing to run somewhat in advance of sales,
purchases of $16,379,000 in Government obligations
were reported in April by 2,567 members showing a
decline of more than 35 percent from the March total
of $25,312,000. This places the cumulative total of
such purchases since January 1943 at $1,033,550,000.
Despite this, the aggregate of Government obligations held by savings and loan associations declined
fractionally to $1,041,714,000.
As reported in the May issue of the R E V I E W , Honor
Roll standards for the current Fifth War Loan have
been set at sales equivalent to 10 percent of association assets as compared with the ratio of 7H percent
for the Fourth War Loan and the normal ratio of one
percent. Also, this Honor Roll will be based upon
the entire period covered by the Drive (June 12 to
July 8) rather than on the calendar month of June.
NO. 1—BOSTON
Bristol Federal Savings and Loan Association, Bristol, Conn.
Uxbridge Co-operative Bank, Uxbridge, Mass.
Windsor Federal Savings and Loan Association, Windsor, Vt.
NO. 2—NEW YORK
Berkeley Savings and Loan Association, Newark, N . J.
Center Savings and Loan Association, Clifton, N . J.
Cranford Savings and Loan Association, Cranford, N . J.
Fairport Savings and Loan Association, Fairport, N . Y.
First Federal Savings and Loan Association, New York, N . Y.
First Federal Savings and Loan Association, Rochester, N . Y.
Maywood Savings and Loan Association, Maywood, N . J.
Midtown Savings and Loan Association, Newark, N . J.
Reliance Federal Savings and Loan Association, Queens Village, N . Y.
Schuyler Building and Loan Association, Kearny, N . J.
Sunnyside Federal Savings and Loan Association, Irvington, N . Y.
NO. 3—PITTSBURGH
Brentwood Federal Savings and Loan Association, Brentwood, Pa.
Cambria County Federal Savings and Loan Association, Cresson, Pa.
Colonial Federal Savings and Loan Association, Philadelphia, Pa.
Ellwood City Federal Savings and Loan Association, Ellwood City, Pa.
First Federal Savings and Loan Association, Logan, W. Va.
First Federal Savings and Loan Association, Moundsville, W. Va.
Hazleton Federal Savings and Loan Association, Hazleton, Pa.
Lansdowne Federal Savings and Loan Association, Lansdowne, Pa.
Matoaca Building and Loan Association, Philadelphia, Pa.
Mid-City Federal Savings and Loan Association, Philadelphia, Pa.
Montour Valley Savings, Building and Loan Association, Imperial, Pa.
North Philadelphia Federal Savings and Loan Association, Philadelphia, Pa.
Peoples Federal Savings and Loan Association, Tarentum, Pa.
Third Federal Savings and Loan Association, Philadelphia, Pa.
United Federal Savings and Loan Association, Morgantown, W. Va.
West View Building and Loan Association, West View, Pa.
NO. 4—WINSTON-SALEM
Atlantic Federal Savings and Loan Association, Baltimore, Md.
First Federal Savings and Loan Association, Andalusia, Ala.
First Federal Savings and Loan Association, Anderson, S. C.
First Federal Savings and Loan Association, Cordele, Ga.
First Federal Savings and Loan Association, Decatur, Ala.
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, Huntsville, Ala.
242
Federal Home Loan Bank Review
NO. 9—LITTLE ROCK
To the Members of the Bank System:
The membership of the Federal H o m e Loan Bank
System cannot obtain proper credit for its efforts in the
Government bond drive unless you report your sales
and purchases regularly each m o n t h .
Please forward your monthly report of sales a n d
purchases of Government bonds a n d war s t a m p s to
your District Bank promptly.
First Federal Savings and Loan Association, Sumter, S. C.
Fort Hill Federal Savings and Loan Association, Clemson, S. C.
Gate City Building and Loan Association, Greensboro, N. C.
Hamlet Building and Loan Association, Hamlet, N. C.
Lithuanian Federal Savings and Loan Association, Baltimore, Md.
Mutual Building and Loan Association, Martinsville, Va.
Perpetual Building and Loan Association, Anderson, S. C.
Richmond County Building and Loan Association, Rockingham, N. C.
Seneca Building and Loan Association, Seneca, S. C.
Tifton Federal Savings and Loan Association, Tifton, Ga.
NO. 5—CINCINNATI
Citizens Federal Savings and Loan Association, Dayton, Ohio
Fidelity Building Association, Dayton, Ohio
First Federal Savings and Loan Association, Hopkinsville, Ky.
First Federal Savings and Loan Association, LaFollette, Tenn.
Fulton Building and Loan Association, Fulton, Ky.
H. B. Smith Building and Loan Company, Fremont, Ohio
Home Federal Savings and Loan Association, Cincinnati, Ohio
Mutual Federal Savings and Loan Association, Sidney, Ohio
South Akron Savings Association, Akron, Ohio
Suburban Federal Savings and Loan Association, Covington, Ky.
Union Building and Loan Company, St. Marys, Ohio
NO. 6—INDIANAPOLIS
First Federal Savings and Loan Association, Detroit, Mich.
First Federal Savings and Loan Association, Fort Wayne, Ind.
Industrial Savings and Loan Association of Indiana Harbor, East Chicago, Ind.
Logansport Building and Loan Association, Logansport, Ind.
Marshall County Building and Loan Association, Plymouth, Ind.
Menominee Home and Investment Company, Menominee, Mich.
Monon Building and Loan Association, Monon, Ind.
Peoples Federal Savings and Loan Association, Monroe, Mich.
Wayne County Federal Savings and Loan Association, Detroit, Mich.
NO. 7—CHICAGO
Abraham Lincoln Savings and Loan Association, Chicago, 111.
Atlas Savings and Loan Association, Milwaukee, Wis.
Auburn Building and Loan Association, Auburn, 111.
Avondale Building and Loan Association, Chicago, 111.
Bushnell Federal Savings and Loan Association, Bushnell, 111.
Central Federal Savings and Loan Association, Milwaukee, Wis.
City Savings and Loan Association, Chicago, 111.
Cook County Federal Savings and Loan Association, Chicago, 111.
Continental Savings and Loan Association, Chicago, 111.
Cragin Savings and Loan Association, Chicago, 111.
East Side Federal Savings and Loan Association, Milwaukee, Wis.
First Federal Savings and Loan Association, Chicago, 111.
First Savings and Loan Association of Hegewisch, Chicago, 111.
General Sowinski Building and Loan Association, Cicero, 111.
Haller Savings and Loan Association, Chicago, 111.
King Zygmunt the First Building and Loan Association, Chicago, 111.
Kinnickinnic Federal Savings and Loan Association, Milwaukee, Wis.
Lawn Manor Building and Loan Association, Chicago, 111.
Lombard Building and Loan Association of DuPage County, Lombard, 111.
Mt. Vernon Loan and Building Association, Mt. Vernon, 111.
Narodni Savings and Loan Association, Chicago, 111.
National Savings and Loan Association, Chicago, 111.
New London Savings and Loan Association, New London, Wis.
Peoples Federal Savings and Loan Association, Peoria, 111.
Peoples Savings and Loan Association, Milwaukee, Wis.
Prairie State Savings and Loan Association, Chicago, 111.
Reliance Building and Loan Association, Milwaukee, Wis.
Uptown Federal Savings and Loan Association, Chicago, 111.
Sacramento Avenue Building and Loan Association, Chicago, 111.
Springfield Homestead Association, Springfield, 111.
Amory Federal Savings and Loan Association, Amory, Miss.
Continental Building and Loan Association, New Orleans, La.
Davy Crockett Federal Savings and Loan Association, Crockett, Tex.
Electra Federal Savings and Loan Association, Electra, Tex.
El Paso Federal Savings and Loan Association, El Paso, Tex.
First Federal Savings and Loan Association, Belzoni, Miss.
First Federal Savings and Loan Association, Biloxi, Miss.
First Federal Savings and Loan Association, Big Spring, Tex.
First Federal Savings and Loan Association, Corinth, Miss.
First Federal Savings and Loan Association, El Dorado, Ark.
First Federal Savings and Loan Association, Little Rock, Ark.
First Federal Savings and Loan Association, Texarkana, Tex.
First Homestead and Savings Association, New Orleans, La.
Greater New Orleans Homestead Association, New Orleans, La.
Guaranty Savings and Homestead Association, New Orleans,lLa.
Home Building and Loan Association, Plainview, Tex.
Ideal Savings and Homestead Association, New Orleans, La.
Jennings Federal Savings and Loan Association, Jennings, La.
Nashville Federal Savings and Loan Association, Nashville, Ark.
Natchez Building and Loan Association, Natchez, Miss.
Piggott Federal Savings and Loan Association, Piggott, Ark.
Ponchatoula Homestead Association, Ponchatoula, La.
Quanah Federal Savings and Loan Association, Quanah, Tex.
Rapides Building and Loan Association, Alexandria, La.
Riceland Federal Savings and Loan Association, Stuttgart, Ark.
Roswell Building and Loan Association, Roswell, N. Mex.
Third District Homestead Association, New Orleans, La.
NO. 10—TOPE KA
Citizens Federal Savings and Loan Association, Wichita, Kans.
Concordia Building and Loan Association, Concordia, Kans.
First Federal Savings and Loan Association of Dawson County, Cozad, Nebr.
First Federal Savings and Loan Association of Sumner County, Wellington,
Kans.
Home Federal Savings and Loan Association, Tulsa, Okla.
Northwestern Federal Savings and Loan Association, Clay Center^Kans.
Schuyler Federal Savings and Loan Association, Schuyler, Nebr.
Wayne Federal Savings and Loan Association, Wayne, Nebr.
NO. 11—PORTLAND
Commercial Savings and Loan Association, Kelso, Wash.
First Federal Savings and Loan Association, Sheridan, Wyo.
Prudential Savings and Loan Association, Seattle, Wash.
Wenatchee Federal Savings and Loan Association, Wenatchee, Wash.
NO. 12—LOS ANGELES
California Savings and Loan Company, San Francisco, Calif.
Century Federal Savings and Loan Association, Santa Monica, Calif.
Escondido Federal Savings and Loan Association, Escondido, Calif.
First Federal Savings and Loan Association, Huntington Park, Calif.
Pasadena Building and Loan Association, Pasadena, Calif.
Standard Federal Savings and Loan Association, Los Angeles, Calif.
Purchases and holdings of U. S. Government
obligations by reporting member institutions
[Dollar a m o u n t s are shown in thousands]
Date
Number
reporting
Purchases
during
month
1943
January _
February. _
March
April
May
June
July
August
September _
October
November.
December..
2, 775
2, 721
2, 732
2, 744
2,642
2,447
2,431
2,452
3,035
2,460
2,387
2,287
$39, 996
22, 083
29, 234
177, 536
17,739
13, 432
32, 131
21, 534
327, 950
18, 881
13,883
12, 083
2,594
2,597
2,564
2,567
166,
98,
25,
16,
NO. 8—DES MOINES
Cameron Building and Loan Association, Cameron,'Mo.
Home Building and Loan Association, Hardin, Mo.
Home Building and Loan Association, Joplin, Mo.
Independence Savings and Loan Association, Independence, Mo.
Mandan Building and Loan Association, Mandan, N. Dak.
Minot Federal Savings and Loan Association, Minot, N . Dak.
Public Service Company's Savings and Loan Association, Kansas'City, Mo.
Sentinel Federal Savings and Loan Association. Kansas City, Mo.
June 1944
589509—44-
Holdings
a t end of
month
$365,
376,
388,
537,
548,
530,
553,
537,
973 ;
772,
724,
713,
105
390
170
849
552
657
533
254
026
3G9
538
992
1944
January..
February _
March
April
322
408
312
379
914, 683
995, 425
1, 043, 581
1,041,714
243
**New Eighteenth Ward German Building and Loan Association, 745
Warrington Avenue (transfer of stock to Suburban Savings and Loan
Association, Pittsburgh).
••Schiller's Glocke Building and Loan Association of Pittsburgh, 2532
Jane Street (transfer of stock to Suburban Savings and Loan Association,
Pittsburgh).
0Spring Hill Savings and Loan Association of Pittsburgh, 1237 Iten Street.
*0Suburban Savings and Loan Association, 2735 Brownsville Road.
*0United Savings and Loan Association, 831 Warrington Avenue.
••Unity Building and Loan Association, 816 Warrington Avenue (transfer
of stock to United Savings and Loan Association, Pittsburgh).
••Warrington Building and Loan Association, 835 Warrington Avenue
(transfer of stock to United Savings and Loan Association, Pittsburgh).
Prefab rication
( Continued from p. 235 )
about not only its own maturity but may also
hasten that of the entire building industry. Today,
however, the prefabrication industry is composed of
a heterogeneous assemblage of producers, some of
whom have branched into this field from different
lines while other have had previous experience with
the construction and builders' supply industries.
Probably due in part to the rapid expansion under
wartime conditions as well as to the pre-war hesitancy of builders to improve construction techniques,
almost no effort has been made to develop a commodity on the basis of a scientific market analysis.
Consequently, with the removal of the abnormal
wartime demand, some prefabricators may find that
their products are square pegs in round holes.
This condition is not universally true, however,
and will probably tend to be less prevalent as larger
concerns expand into this line of activity. The
scope of the potential market would seem broad
enough to provide sufficient incentive to sell and
with this force behind them, normal competitive
processes bode well to effect changes in both the
quality of the commodity and in selling prices.
h DIRECTORY
*^UF
CHANGES
A P R I L 1 6 — M A Y 15,
DISTRICT N O . 2
N E W JERSEY:
Plainfield *
*The Central Building and Loan Association of Plainfield, 240 West Front
Street.
DISTRICT N O . 3
PENNSYLVANIA:
Carnegie*
*0Lincoln Savings and Loan Association, 26 West Main Street.
Kennett Square:
. __.
„„
,, _
„
,,
••Progressive Building and Loan Association of Kennett Square, Kennett
Realty Company.
••Alton Knox Building and Loan Association, 746 Warrington Avenue
(transfer of stock to United Savings and Loan Association, Pittsburgh).
**Beltzhoover Building and Loan Association, 407 Climax Street (transfer
of stock to United Savings and Loan Association, Pittsburgh).
••Columbus Building and Loan Association #3 (transfer of stock to Suburban Savings and Loan Association, Pittsburgh)
••Crailo Building and Loan Association of Carrick Borough, 1928 Brownsville Road (transfer of stock to Suburban Savings and Loan Association,
••The Hill Top German Building and Loan Association of Pittsburgh
(transfer of stock to United Savings and Loan Association, Pittsburgh)
••Josephine Dime Building and Loan Association of Pittsburgh, 752
Brownsville Road (transfer of stock to Suburban Savings and Loan
Association, Pittsburgh).
Alliance:
•The Alliance Building and Savings Company, 337 East Main Street.
Lima:
0The Citizens Loan and Building Company, 209-211 North Main Street,
DISTRICT N O . 7
ILLINOIS:
Chester:
0Chester Building and Loan Association, 609 State StreetChicago:
••Tabor Savings and Loan Association, 2552 South Central Park Avenue
(merger with Atlas Savings and Loan Association, Chicago, 3925 West
26th Street).
DISTRICT N O . 8
IOWA:
Atlantic:
••Atlantic Federal Savings and Loan Association, Atlantic National Bank
Building.
Boards of Directors Appointments
•
T H E appointments of Mr. Harry Kissell of
Springfield, Ohio as Chairman of the Board of
Directors of the Federal Home Loan Bank of Cincinnati and of Mr. Harrington Wimberly of Altus,
Oklahoma as a Public Interest Director of the
Topeka Bank have been announced by James Twohy,
Governor of the Federal Home Loan Bank System.
Mr. Kissell was formerly a Public Interest Director
of the Cincinnati Bank and has been active in the
real estate and insurance fields. Mr. Wimberly is
the publisher of the Altus Times-Democrat and a
former president of the Oklahoma Press Association,
1944
Key to Changes
•Admission to Membership in Bank System
••Termination of Membership in Bank System
^Federal Charter Granted
##Caneelation of Federal Charter
01nsurance Certificate Issued
001nsurance Certificate Canceled
244
DISTRICT N O . 5
OHIO:
Deposits of Individuals Grow
•
D E M A N D deposits owned by individuals have
shown an increase of approximately $1.8 billion
over the period from July 1943 through February
1944, according to the Federal Reserve Board.
These data are based on a recent survey of 12 percent
of the country's commercial banks having about
three-fourths of the deposits of all such institutions.
These individual deposits are the only ones to have
shown an appreciable gain during this period.
Demand deposits of partnerships and corporations,
with the exception of those of " t r a d e " and non-profit
institutions, had decreased with the result that the
total gain for all classes. of depositors was cut to
roughly $1.5 billion. The distribution of increase
indicated by this study is in contrast to the previous
behavior of these accounts when individual ownership gained at a less rapid rate than other types.
Federal Home Loan Bank Review
''fs^'^^^&tfl^ 1
MMZ
mm IP
inijiiy
Posf-war construction
capacity and prospects
According to Secretary of Labor
Frances Perkins, t h e construction
industry can reach an annual r a t e of
$11,000,000,000 a t 1940 price levels,
or almost $15,000,000,000 a t current
levels 1 j^ear after t h e end of the war.
Emphasizing t h a t her s t a t e m e n t was
n o t a prediction of construction volu m e , b u t only an estimate of w h a t t h e
industry would be able to do if called
on to do so, Secretary Perkins stated
t h a t "we will probably enter the postwar period with a construction volume of approximately $3,000,000,000
per year a t 1940 price levels, or
$4,000,000,000 a t current levels."
An estimate by t h e F . W. Dodge
Corporation predicts t h a t average
a n n u a l construction volume in the
10 years following the war's end will
exceed t h e average annual volume of
a n y previous decade a n d will be a t least
double t h e average a n n u a l volume of
the decade 1930-1939. I n the coming 10-year period, annual contracts
should average over $5.2 billion in
terms of 1940 values for t h e eastern
states alone, an increase of better
t h a n 25 percent over t h e 1940 volume.
Files of F . W. Dodge contain reports
of more than 21,000 specific projects
either postponed for t h e duration or
newly planned for post-war.
According to a consumer a n d ind u s t r y survey being conducted by t h e
C h a m b e r of Commerce of t h e United
States, it has been estimated t h a t
7,184,000 American families will be
in t h e m a r k e t with intentions to b u y
a home within a period of 6 m o n t h s
after t h e war's end.
ION
r
these cities indicated an undersupply.
T h e greatest d e m a n d is for family-size
dwellings a t a price around $5,000.
Adequate a p a r t m e n t accommodations are lacking in 83 percent of the
reporting cities compared with 75
percent 6 months ago. Warehousing
is the scarcest t y p e of industrial space.
The survey also revealed t h a t sales
prices, especially for residential property, are higher t h a n they were last
year in 88 percent of these cities; t h e
scarcity of listings, despite the demand,
forecasts a decrease in realty sales.
Although most buying was reported
to have been for owner occupancy,
ample financing was found to be available for real-estate investment.
Plans, funds started
for municipal improvements
Municipal post-war projects representing an outlay of nearly $4,500,000
are already in t h e blueprint stage, according to t h e Public Administration
Clearing House. This report is based
on 870 answers t o questionnaires sent
by t h e International City Managers
Association t o cities of over 10,000
population. Nearly two-thirds of the
INDIVIDUAL 8 CORPQRATE
INCOME TAX
EXCESS PROFITS TAXES
TOBACCO, ALCOHOLIC BEV.
a OTHER EXCISE TAXES
June
1944
cities had some improvement projects
on their post-war agenda a n d others
indicated t h a t planning would soon
be started.
T h e I C M A poll showed t h a t more
t h a n $103 million in reserve funds has
already been accumulated by 270
cities. M a n y municipalities expect
to finance a large share of these p r o posed projects from reserves a n d
current taxes.
Wood hardening
process developed
A new wood hardening process has
recently been announced b y E. I. du
P o n t de Nemours & Co., b y which
a n y soft wood m a y b y chemical
t r e a t m e n t be rendered as tough as
steel. Involving pressure t r e a t m e n t in
methylolurea, a compound of urea and
formaldehyde, t h e t r a n s m u t a t i o n m a y
be performed a t a cost of from Z){ to
02 cents a b o a r d foot. I n addition to
t h e t r e a t m e n t of board lumber t h e
process is also applicable t o sawdust,
shavings, cellulose, a n d other moldings.
I t is expected t h a t wood so t r e a t e d
can be substituted for steel in numerous
instances.
ooooo a
ooa
o&
House occupancy
at all-time high
The highest real-estate occupancy
on record has been reported by t h e
National Association of Real E s t a t e
Boards on t h e basis of their 42nd semia n n u a l survey. A shortage of singlefamily houses was shown in 92 percent
of t h e 376 cities covered by t h e study.
Six m o n t h s ago only 88 percent of
m
^FEDERAL
EMPLOYMENT TAXES
ALL OTHER SOURCES
REVENUES ~ -
EACH DISC REPRESENTS TWO BILLION DOLLARS
o
SOURCE:-U.S. TREASURY DEPT.
(~^)
1943-ACTUAL
1944 - ESTIMATED
DIVISION OF OPERATING STATISTICS
FEDERAL HOME LOAN BANK
245
RESIDENTIAL BUILDING ACTIVITY AND SELECTED- INFLUENCING FACTORS
1935-1939= 100
BY MOMTHS
BY YEARS
220
140
V
\
1 fc>
vU
X / ^ b v ^ D . OH L.JV. L £ * V L f . n
• (FED. HOME LOAN BANK ADM
_ _ V
-"/^V
80
\
!
1
) \
1
»•<.
r //
20
60
HOME
1
1
RENTS1
bJ • 1
!
,..«»»
J
y BUILDING hi 1ATFI?/4/
r
••^-.-
^
j
1 1 1 11 1 1 1 1
MATERIAL
20
1 1 I 1 1 1
0
140
PRICES*.
120
^^ ^
y
100
RENTSy'
PR/f ;FS
(U. S. DEPT OF LABOR)
1
.1 1 1 1 1 I
BUILDING
...
N^
40
fNONFARM FORECLOSURES
L
— - 1
1
l
I
1
OAN RANK A H M 1
-J-L- ..I.I.
V
120
LEND.
60
0
!40
160
140
—
(VUivrMntw
|
FC1RECL0SURES
(FED.
/
180
1
./1
^SVGS.BLN.
Qs
-.-^
40
80
i i i A /J
- \
/
80
/
v...
•\
^
jT
60
100
k 2 FAMILY DWELL. UNITS
\
100
^
V
120
CONSTRUCTION
\
—-\ % \'\ X
.•"
\
iVATE
AVPR
(FED. HOME LOAN BANK ADM.)
(U. S. DEPT OF LABOR RECORDS)
120
100
200
CONSTRUCTIO v^
/PRIVATE
1 8 2 FAMILY DWELL. UMTS
ISO
160
220
i
i
i
i
i
i
i
ADJUSTED FOR SEASONAL VARIATION
200
80
1
1 1 1 11
_LJA
A
j i
I i
1 1
1
i
i i
i i
i i
i i
i i _l_A
V
300
1
1
1
1
I
1
,^
60
300
1
ADJUSTED FOR SEASONAL VARIATION
I
280
j
260
260
INDUSTRIAL
240
/A/D JSTfiUAL PROiOUCT / O N -
220
(FED RESE RVE B()ARD)
180
/
160
,
140
/
120
/
too
/NCOnoc
fMrnr»tivi o
(U. S. DEPT. OF COMMERCE
%';,
60
/
'<*•
. r ^ , , >3 «
>
•
..•••
••*c
V
REPURCHASE RATIO
'•*v
-/NCCME
PAVfc1ENTS
180
160
"""y MFG. EH 'PLO fMEl *T
V
* /.
140
120
100
<M ="6. EMPLOy/WEA/T
1
'iR
200
*•**
.~^~"'
T*
J
/
j
'"J A
220
s
r ^
[-••"J
/
240
>
/
/
PRODUCTIONS^ .*•—v
/
\.
200
80
280
'•ZQ
'7Q
'/in
'*•
A
'AO
Lx^ A ^
s^r
1942
LIQUID ASSETS
1 1_ U _
! 1 1 I
1943
1 1 I I
I i _i_J/
1944
l^
80
60
THOUSNEW RESIDENTIAL CONSTRUCTION
A L L INSUF ED ASSNS.
i
246
i
i . .
Federal Home Loan Bank Review
«
«
«
ONTHLT
SURVEY
»
»
>
HIGHLIGHTS
/. 7ofcr/ residential construction registered a 23-percent decline in April, contrary to the usual seasonal trend, as both public and private
activity diminished. However, the volume of permits issued for privately financed home construction during the first 4 months of
1944 was 8 percent above the level for the corresponding period last year.
II. Mortgage recordings showed only a fractional gain in April as a decline in recordings by insurance companies and "others*9 practically
off-set increases reported for the remaining types of lenders.
A. Mortgage lending by all savings and loan associations registered a gain of 24 percent, while recordings by these institutions
were 26 percent above the level for April 1943.
3. The average size of mortgages recorded by savings and loan associations in the first 4 months of 1944 was more than 10 percent
greater than those of the corresponding period last year.
III. FHL Bank advances outstanding at the end of April were lower than on any corresponding date since 1935.
A. The volume of advances made during the month was lower than those for any April since 1934.
B. Repayments showed a marked increase.
IV. Declines in war spending and industrial production were reported as $75 billion in war contracts remained to be placed.
A. Estimates of war spending in next fiscal year were $4.8 billion less than expected last January.
B. Treasury receipts during April totaled $3,086,800,000
continuing at a level of more than double last year's volume.
ft ik it
BUSINESS CONDITIONS—Industrial
production down slightly
A recession in war spending during April was
matched by another slight decline in the monthly
volume of industrial production. The $7.3 billion
spent for war purposes was $400 million less than the
record set in the previous month. At the same time,
the Federal Reserve Board's index of industrial production showed a March-to-April decline of 2 points
to 240 percent of the 1935-1939 average. This
reflects a gain of 3 points over April 1943. Perhaps
signifying that the peak of production activity has
passed, it is to be noted that the President's estimate
of war spending for the fiscal year starting July 1 was
$4.8 billion less than the January estimate. However, $75 billion in prime war contracts still remain
to be placed to complete the "must" program of the
Army and Navy.
Figures of the U. S. Department of Labor, converted to a base of 1935-1939=100 and adjusted for
seasonal variation, show that in April the index of
manufacturing employment had declined to 164.8
from 166.8 in the previous month and 171.4 in April
1943. Income payments for the same period, on a
comparable index basis, were 229.6 in April 1944 in
contrast with 229.5 for March and 208.3 for April of
last year.
Receipts by the Treasury during April totaled
$3,086,800,000, including $2,476,218,000 in individual
and corporation income taxes. This boosted receipts
for the fiscal year to approximately $35,000,000,000
June 1944
continuing the trend of more than double those for
the same period a year ago.
In spite of the fact that April was the second successive month for payment of income taxes, war
bond sales increased $29.5 million over March to a
total of $738,450,000 and redemptions dropped
$31,000,000 to $237,119,000 during the month. At
the same time, money in circulation rose almost
$461,000,000. This increase was approximately
twice that recorded in the previous month and $55
million more than the April 1943 gain.
Higher excise taxes which were effective April 1,
together with an increase in the cost of food and
furniture, were the principal factors accounting for a
rise of 0.6 percent in the cost of living as measured by
the Labor Department. On April 15 the index had
reached 124.5 percent of the 1935-1939 average.
This represents an increase of 0.3 percent over the
same period last year and is 26.3 percent above the
index for August 15, 1939—the last figure available
prior to the war.
[1935-1939=100]
Type of index
Home construction (private) i__
Rental index (BLS)
Building material prices
Savings and loan lending i
Industrial production *
Manufacturing employment i._
Income payments i
April
1944
P
P
45.4
108.1
128.6
166.3
240. 0
164.8
229.6
March
1944
r
54.2
108.1
127.5
178.3
242.0
166.8
230.2
Percent
change
-16.2
0.0
+0.9
-6.7
-0.8
-1.2
-0,3
April
1943
48.9
108.0
123.2
133.9
237.0
171.4
208.3
Percent
change
-7.2
+0.1
+4.4
+24.2
+1.3
-3.9
+10.2
pr Preliminary.
Revised.
i Adjusted for normal seasonal variation.
247
BUILDING ACTIVITY-
-Contra-seasonal
decline noted
Total residential construction in urban areas declined during April as permits were issued for 9,464
dwelling units, 23 percent less than the March
volume. This was contrary to the usual seasonal
movement and reflects the tapering off of war housing, both privately and publicly financed, and the
acute shortage of lumber. Although public and
private construction both registered decreases during
the month, the larger drop was in permits for publicly financed construction, which fell from 3,327 in
March to 945 in April, a decline of 72 percent.
Privately financed construction was down 6 percent
from the previous month to a total of 8,519 dwelling
units. The seasonally adjusted index, based on
1- and 2-family privately financed dwellings, fell to
45.4 percent of the 1935-1939 average, the lowest
point for any 1 month in the past 8 years.
The 8,519 privately financed dwelling units represented about 86 percent of the number in April
last year and only one-third of the April 1942
volume. Units financed by public funds totaled
945, less than 15 percent of the number in April ID
the 2 preceding years.
During the first 4 months of 1944, permits have
been issued for 33,565 privately financed dwelling
units, compared with 31,152 during the same period
of 1943, an increase of 8 percent. Dwelling units
provided by public funds, however, totaled 8,340
as against 47,267 during the first 4 months of last
year. [Tables 1 and 2.]
1939== 100). Material costs now stand 31 percent
above the average for the base period while labor
costs have increased 38 percent. During the last
12 months, the total cost of constructing the standard
house has risen 6 percent, the result of a 7-percent
gain in material costs and a 4-percent increase m
labor charges.
Of the 21 cities reporting building costs during
April, 15 showed increases, 2 decreases, and 4 recorded no change from the previous reporting period.
The Department of Labor's composite index of
wholesale prices of building materials also continued
upward during April, rising 0.9 percent to 128.6
(1935-1939 = 100). This gain resulted from increases in the prices of cement and lumber. The
remaining components of the building materials index reflected no change during the month. [TABLES
3, 4 and 5.]
New mortgage loans distributed by purpose
[Dollar amounts are shown in thousands]
Purpose
Apr.
1944
Mar. Percent
1944 change
Apr.
1943
Construction
$13, 484 $9, 127 + 47. 7 $9, 853
Home purchase,_ 85, 568 81, 846 + 4. 5 65, 088
Refinancing _ _ 13. 491 14, 422 - 6 . 5 15, 040
Reconditioning _ _ 2,679 2,266 + 18. 2 2,484
Other purposes. _ 7,421 8,469 - 1 2 . 4 6,270
Total
122, 643 116, 130
+ 5. 6 98, 735
Percent
change
+ 36. 9
+ 31. 5
-10.3
+ 7. 9
+ 18.4
+ 24. 2
MORTGAGE LENDING-Lessthan
BUILDING COSTS—Upward
seasonal gain reported
trend continues
New lending activity by savings and loan associations continued upward during April although the
rise was less than the usual seasonal increase. Loans
made by all associations totaled $122,643,000 compared with $116,130,000 the previous month, an
increase of 6 percent. Nine of the bank districts reported gains while three—-Winston-Salem, Topeka,
and Portland—experienced decreases in mortgage
lending activity.
April was the twelfth consecutive month in which
lending activity of savings and loan associations exceeded the volume of new loans in the corresponding
month of the previous year. The April volume this
year represented a 24-percent gain over that in April
1943. All Bank Districts except Portland, participated in the 1944 increases and all types of loans except refinancing loans were higher.
The consistent upward trend in the cost of constructing the standard 6-room frame house, evident
since 1941, continued during April with the index
rising from 132.7 to 133.1 (average month of 1935Construction costs for the standard house
[Average month of 1935-1939=100]
Element of cost
Material _
Labor _
Total
r
Revised.
248
Mar.
1944
Apr.
1944
Percent
change
Apr. Percent
1943 change
130. 6
138. 1
r
r
130. 0
137. 8
+ 0. 5
+ 0.2
121. 8
133.4
+ 7. 2
+ 3. 5
133. 1
r
132. 7
+ 0. 3
125.7
+ 5. 9
Federal Home Loan Bank Review
TOTAL LOANS MADE BY ALL SAVINGS AND LOAN ASSOCIATIONS
UNITED STATES-BY TYPE OF ASSOCIATION
BY
MONTHS
UNITED STATES-BY PURPOSE OF LOAN
BY MONTHS
^CONSTRUCTION
HF3
—PREFINANCING
SEP
DEC
SEP
i-^fe,
RECONDITIONING
DEC.
1943
Although outnumbered and with less assets,
Federal associations have in each month this year
made more loans than State-chartered members.
The April volume was $57,045,000 for 1,466 Federals
as compared with $54,212,000 for 2,216 Statechartered members and $11,386,000 for 2,710
nonmembers.
During the first 4 months of this year, savings and
loan associations loaned an aggregate of $417,915,000,
or 36 percent more than in the same period last year.
Of the various purpose categories only refinancing and
reconditioning loans showed decreases. All other
types were up, the gains ranging from a high point of
50 percent for home purchase loans to the lowest
level of increase—32 percent for" other purpose " loans.
[TABLES 6 and
total of nonfarm mortgages of $20,000 or less was
$369,268,000 compared with $368,240,000 in March,
an increase of about one-fourth of one percent.
Despite the decline in loans made by insurance
companies and miscellaneous mortgagees, the level
of total recordings in April this year was nearly 20
percent above April 1943 and about 3 percent higher
than in 1942. Insurance companies were the only
type of mortgagee to record less than in the corresponding month of 1943, while gains for other lenders
ranged from 36 percent for individuals and 26 percent for savings and loan associations to 11 percent
for mutual savings banks.
During the first 4 months of this year, mortgage
recordings aggregated almost $1,349,000,000, compared with $1,027,000,000 during the January-April
period of 1943. This gain of almost one-third (31.4
percent) in the dollar volume of mortgage financing
activity is the result of increases in both the number
of mortgages recorded and in the average size of the
instruments. The 426,000 nonfarm mortgages recorded during the first 4 months this year averaged
$3,166, or 8.4 percent more than the average of
$2,921 for the 351,000 mortgages recorded during
the comparable period of 1943. All types of mortgagees made larger loans during the first 4 months of
1944 than in the corresponding period of last year.
The percentage increases were as follows: Individual
lenders, 13.8 percent; "other" mortgagees, 12.5 percent; savings and loan associations, 10.2 percent;
banks and trust companies, 6.2 percent; insurance
companies, 3.7 percent; and mutual savings banks,
1.8 percent. This general increase in the size of the
average loan is indicative of inflationary tendencies
in home financing today. [TABLES 8 and 9.]
Mortgage recordings by type of mortgagee
[Dollar a m o u n t s are shown in thousands]
T y p e of lender
7.]
MORTGAGE RECORDING S-Fractionol
rise in April
There was little change in mortgage financing
activity during April as declines in the volume of
recordings by insurance companies and miscellaneous
mortgagees practically off-set increases in the activity
of the other four types of lenders. The estimated
Junz 1944
PerPercent
cent
change
of
from
Apr.
Mar.
1944
1944 a m o u n t
Savings a n d loan associations _
+ 5. 1
-13. 2
Insurance companies
Banks, t r u s t companies.. + 2. 6
+ 9. 6
M u t u a l savings banks
+ 0. 4
Individuals
-10. 3
Others _
Total
+ 0. 3
34. 5
5.3
19. 6
3.4
24. 2
13.0
Cumulative recordings
(4
months)
$440,
81,
265,
42,
323,
195,
Percent
of
total
recordings
231
669
534
618
448
601
32 6
6.0
19. 7
3.2
24. 0
14 5
100. 0 1, 349, 101
100.0
249
F H L B A N K S — A d v a n c e s down
and repayments up
The volume of advances outstanding dropped
$16,700,000, or 16 percent, during April to $82,645,000—the lowest level recorded in that month since
1935. The April total this year was only about
$5,000,000 below the corresponding month of 1943
but approximately $103,000,000 less than the alltime April high registered in 1942.
Advances made during April were at the lowest
level for that month since 1934. The $3,468,000
recorded represented a decrease of 79 percent from
the same time last year but was $278,000 higher
than March 1944. Six Bank Districts reported
greater advances during April than in the previous
month with the largest gain—$389,000—in the Los
Angeles region. The most substantial decline in
current advances occurred in the New York Bank
which reported a decrease of $195,000 during the
month. No advances were made by the Federal
Home Loan Bank of Portland in April.
Repayments rose in eight Bank Districts during
April and totaled $20,201,000. This amount was
$2,200,000 above the preceding month and $12,000,000 more than April 1943 repayments. All Banks
reported a greater volume of repayments than of
advances during April.
Total assets of the 12 F H L Banks increased
$1,000,000 in April to $293,000,000. At that time
there were 3,725 member institutions with assets of
$6,575,863,000.
[TABLE 12.]
F L O W OF PKIVATE REPURCHASABLE CAPITAL
A large volume of savings continued to flow into
savings and loan associations during April when
approximately $139,000,000 in private repurchasable
capital was received, a gain of 22 percent over the
same month of 1943. Repurchases declined fractionally to $71,548,000 compared with $71,588,000 in
April last year. The net growth in private capital
during the month was $67,000,000, or 61 percent
more than during April 1943. The ratio of withdrawals to new investments was reduced from 63
percent a year ago to 52 percent in April 1944.
During the first 4 months of this year, $592,000,000
of private capital was invested in savings and loan
associations, while $363,000,000 was withdrawn, a
net growth of $229,000,000 compared with $159,000,000 for the same period last year. Insured associations, with a gain of $187,000,000, accounted for most
250
of this; uninsured members were responsible for
$25,000,000 and nonmembers, $17,000,000.
The ratio of repurchases to new investments during
the January-April period of 1944 was 61 percent, an
improvement over the ratio of 68 percent for the
corresponding 1943 period. These ratios varied
from 59 percent for insured associations to 69 percent
for uninsured members and for nonmembers.
Share investments and repurchases A p r i l 1944
(Dollar a m o u n t s are shown in thousands)
I t e m and period
Share investments:
J a n . - A p r i l 1944
Jan.-April 1943
Percent Change
April 1944
April 1943
Percent change
All
associations
All
insured
associations
Uninsured
members
$591, 908 $456, 314 $80, 406 $55, 188
490, 792 360, 023 69, 647 61, 122
+ 21
+ 27
+ 15
-10
138, 661 103, 713 19, 376 15, 572
113, 228 83, 242 16, 138 13, 848
+ 22
+ 25
+ 20
+ 12
Repurchases:
362, 841 269, 814 55, 039
J a n . - A p r i l 1944
332, 178 222, 822 58, 187
J a n . - A p r i l 1943
Percent c h a n g e , - _
+ 21
+9
-5
April 1944 ..
__. _
71, 548 48, 392 12, 902
April 1943 _ __
71, 588 47, 171 14, 148
+3
Percent change
-9
0)
Repurchase r a t i o : (percent)
J a n . - A p r i l 1944
J a n . - A p r i l 1943
April 1944
April 1943
1
Nonmembers
61. 3
67.7
51. 6
63.2
59. 1
61. 9
46. 7
56.7
68.5
83.5
66.6
87.7
37, 988
51, 169
-26
10, 254
10, 269
0)
68.
83.
65.
74.
8
7
8
2
Less t h a n 1 percent decrease.
I N S U R E D A S S O C I A T I O N S -Share
capita! increases
At the end of April, 2,453 associations with total
resources of $4,374,338,000 were insured by the
Federal Savings and Loan Insurance Corporation, an
increase of one in number of associations and approximately $46,000,000 in resources during the month.
Private investors in these associations increased their
holdings of shares by approximately $56,700,000 during the month. This was for the most part the net
result of new private investments of $103,700,000 and
repurchases of $48,400,000. The ratio of repurchases
to new investments during April was 47 percent
compared with 57 percent in April of last year.
(Continued on p. 256)
Federal Home Loan Bank Review
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 a l l urban areas in A p r i l 1944, by Federal Home Loan Bank District and by State
[Source: IT. S. Department of Labor]
[Dollar amounts are shown in thousands]
All p r i v a t e 1- a n d 2-family s t r u c t u r e s
All residential s t r u c t u r e s
Federal Home Loan Bank District and State
N u m b e r of family dwelling
units
A p r i l 1944
UNITED STATES
-
No. 1—Boston _.
_
__ __
_ _ ...
Connecticut__ _ _ _ _ _
Maine_
_
Massachusetts
______
New Hampshire
Rhode Island
_ _____
Vermont-...
_ _ _ __
._
_ __
No. 2—New York
New Jersey.
New York
___
_ _ __
_ _
____
_ _ _
No. 3—Pittsburgh
Delaware. _ _._
Pennsylvania- _ _
West Virginia
_
No. 4—Winston-Salem _
%
_
N o . 5—Cincinnati
Kentucky
Ohio
Tennessee.
__
_ _
N o . 6—Indianapolis
Indiana
Michigan
_
____
___ _ _
N o . 7—Chicago
Illinois-..
Wisconsin-
___
_
_ _ _ _ _ _ __ ._
__ .
__ ._ _
N o . 8—Des M o i n e s _
_ _ _ _ _
__
__.
.
Iowa
Minnesota . .
_
Missouri _
__
North Dakota _
South Dakota
..
_ _ _ _ _
_ _
_ _
82
316
287
1,219
939
270
750
40
10
26
92
77
126
162
31
85
395
270
51&
6
21
9
36
6
21
9
36
79
427
320
1,301
75
355
310
1,086-
26
53
380
47
88
232
1,166
135
22
53
308
47
78
232
951
135
162
729
435
2,403
148
548
416
1, 976
8
721
1,672
432
3
24
2,379
138
10
8
540
413
3
24
1,952
2,482
4, 232
646
1,018
1,237
2,482
86
69
209
117
5
55
14
91
35
4
274
372
158
57
58
60
69
201
236
234
11
98
23
365
14
13
588
1,067
406
171
30
193
86
141
233
617
5
58
14
95
35
101
412
420
304
105
74
221
69
374
308
1,230
11
99
23
368
14
286
827
1,154
809
291
70
781
960
1,860
3,523
6,033
960
825
3,523
3,099
30
719
211
195
1,516
149
52
2,741
730
397
5,267
369
30
719
211
126
550
149
52
2,741
730
284
2,447
368
974
2,234
3,805
8,821
771
1,598
3,401
7,200
442
532
125
2,109
1, 321
2,484
488
8,333
253
518
121
1,477
967
2,434
476
6,724
736
584
3,096
2,011
600
454
2,854
1,634
573
27
373
81
2,734
120
1,341
293
139
169
395
74
99
188
295
7
5
17
9
7
151
7
11
13
5
9
56
7
5
17
9
7
170
7
11
13
____ .
_.
1,995
162
31
85
5
9
94
_ _ _ _ . - - _ ___..
_______
_ _ _ _
June 1944
287
324
77
250
112
_ _
.
672
40
10
26
__
. .
_
82
__ .
__
N o . 11—Portland
, Arizona.. _
California
Nevada.
_ . . .
$25, 343
2,976
120
_ _ _ _ _ _ _ _
_
______
. .
_
____
_
N o . 12—Los Angeles
$23, 642
417
167
_ __
._ _
I d a h o __
Montana
__
Oregon
_ _
Utah
Washington _
Wyoming
7,912
709
27
N o . 10—Topeka
Colorado
Kansas _ _ _
Nebraska
Oklahoma
7,353
1.486
525
N o . 9—Little R o c k
Arkansas.
_ _ _
Louisiana.
_ __ _
Mississippi..
New Mexico. _ _
Texas..
._
A p r i l 1943
$42, 953
1,249
__ ___ _
A p r i l 1944
$28, 772
_____
__
A p r i l 1943
A p r i l 1944
16, 779
152
10
_ _ _ _ _ . . .
A p r i l 1943
A p r i l 1944
Permit valuation
9,464
_
Alabama
__ _ _
___ _ ._
D i s t r i c t of C o l u m b i a .
_ ___
F l o r i d a . __ _ _ _ _ _ _ _ _
Georgia
_ _ _
_ _
Maryland
N o r t h Carolina _ • _ _ _ _ . _ _ _
South Carolina.
Virginia
_ . _ _ _____ _ _ _ _ _ _ _
A p r i l 1943
N u m b e r of family dwelling
units
Permit valuation
_____
...
4
110
2
364
4
70
2
264
,1434
3,773
2, 655
4,932
1,312
991
2,407
1,305
28
148
37
29
1,192
17
116
108
38
3,494
14
351
8
41
2,241
5
140
30
74
4,683
28
132
37
29
1,086
17
116
108
22
728
14
311
8
41
2,033
5
140
30
50
1,080
580
603
1,939
1,281
180
301
518
683
86
363
52
79
117
350
41
95
247
1,213
308
171
263
705
104
209
53
13
44
70
63
130
13
95
155
13
188
162
168
255
51
209
633
1,629
2,209
4,174
527
478
1,917
1,714
20
86
162
76
242
47
6
41
542
51
974
15
19
395
545
259
829
162
4
90
1,245
124
2,681
30
20
86
122
76
220
3
6
1
65
51
340
15
19
395
443
259
800
1
4
1
270
124
1,285
30
2, 463
2,457
7,852
5,375
1,978
929
6,584
2,650
26
2,434
3
4
2,441
12
39
7,807
6
3
5,335
37
26
1,949
3
4
913
12
39
6,539
6
3
2,610
37
251
Table 2 . — B U I L D I N G A C T I V I T Y — E s t i m a t e d number and valuation of new family dwelling units
provided in all urban areas of the United States
[Source: U. S. Department of Labor]
[Dollar amounts are shown in thousands]
N u m b e r of family dwelling u n i t s
A p r i l 1944
Private construction
__ _
1-family d w e l l i n g s . _
2-family dwellings '
_ __
3- a n d more-family dwellings 2_ _. _
Public construction
_
_.
Total urban construction.
1
2
January-April totals
M o n t h l y totals
T y p e of c o n s t r u c t i o n
M a r c h 1944
Permit valuation
A p r i l 1943
1944
1943
M o n t h l y totals
January-April totals
A p r i l 1944 M a r c h 1944 A p r i l 1943
1944
1943
8,519
9,022
9,868
33, 565
31,152
$26,931
$29,052
$30,369
$106,934
$92, 503
6,350
1,003
1,166
6,922
1,165
935
6,543
1,369
1,956
25,690
3,554
4,321
21, 386
3,921
5,845
20,138
3,504
3,289
22,117
4,258
2,677
21, 317
4,026
5,026
81,862
12,120
12,952
66,904
10,845
14,754
945
3,327
6,911
8,340
47, 267
1,841
7,556
12, 584
18, 576
101,130
9,464
12, 349
16, 779
41,905
78,419
28, 772
36, 608
42,953
125, 510
193,633
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 m o n t h of 1935-1939=100]
1944
1943
1942
1941
1940
1939
1938
May
May
May
May
May
Federal H o m e Loan B a n k District
a n d city
May
N o . 3—Pittsburgh:
Wilmington, Del.
Philadelphia, P a
Pittsburgh, P a
Charleston, W . Va
Wheeling, W . Va
Feb.
Nov.
Aug.
May
134.6
150.2
134.0
124.3
129.7
133.8
148.7
' 133. 5
122.1
129.7
131.2
148.4
'131.9
122.1
122.9
130.4
145.8
••131.9
121.8
122.1
129.6
146.2
' 133. 5
122.0
122.1
130.1
139.5
' 119.5
119.6
122.7
111.5
117.5
'111.7
110.2
109.0
94.2
107.4
'99.8
102.1
104.6
100.7
102.6
' 104.3
102. 0
103.9
N o . 5—Cincinnati:
Louisville, K y
Cincinnati, Ohio. . . . _ .
_
Cleveland, Ohio. .
_.
C o l u m b u s , Ohio
Memphis, Tenn
...
...__.
Nashville, T e n n _
..._
T.
138.4
133.9
142.0
129.6
137.4
130.6
' 133.1
131.2
140.4
129.7
' 137. 4
127.9
'132.8
130.7
139.3
132.1
' 136.4
' 128. 6
112.3
137.7
117.7
' 126. 9
' 128.1
112.3
128.9
117.7
125.6
124.4
113.1
127.1
116.9
126.4
121. 5
116.7
99.4
116.3
107.5
116.9
111.2
104.8
96.5
105.3
101.5
103.6
96.4
101.0
96.6
101.9
98.7
102.5
97.3
99 5
102 4
97.9
N o . 9—Little R o c k :
Little Rock, Ark
__
N e w Orleans, L a .
_
J a c k s o n , M i s s __
_ _.
Albuquerque, N . Mex
D a l l a s , Texas
H o u s t o n , Texas
S a n A n t o n i o , Texas
_.
. _.
______
. ...
___.
...
...
. _ _.
125.0
138.6
136.5
122.6
134.7
123.6
135.4
r 122. 7
' 138! 6
'131.9
' 122. 8
133.2
' 123.1
135.0
123.1
' 138. 4
' 128.8
120.9
122.8
131.4
' 124. 9
113.2
121.5
116.5
122.7
'131.4
' 124. 6
113.2
129.0
116. 2
128. 5
120. 5
128.9
122.7
113.4
128.3
116.1
127.6
105.3
121.6
117.7
100.2
117.3
107.6
113.6
99.6
103.6
106.3
97.8
94.5
100.5
94.8
100.9
101.2
103.3
100. 9
95.4
100.7
101.4
99.5
107.2
106.7
104.1
101 3
100.3
104.5
_ _.
_ .
_ . _ __
116.7
144.8
' 116. 7
' 143. 5
114.2
' 142. 4
'113.0
' 134. 1
'113.0
' 133. 5
128. 2
' 124. 8
120. 9
120.9
120.8
113.9
120.5
125.0
121.6
116.6
104.3
102.7
106.7
105.4
108.6
99.0
95.3
93.1
102.1
105.5
96.5
96.0
100.3
103.1
102.1
104.9
103.9
102.6
103.0
101.9
N o . 12—Los Angeles:
P h o e n i x , Ariz
Los Angeles, Calif.
S a n Diego, Calif..
S a n Francisco, Calif. _
Reno, Nevada. . . .
. .
_-
...
..
r
106 5
105.2
109.3
103.8
103.7
98.8
' Revised.
i The house on which costs are reported is a detached 6-room home of 24,000 cubic feet volume. Living room, dining room, kitchen, and lavatory on first floor; three
bed-rooms and bath on second floor. Exterior is wideboard siding with brick and stucco as features of design. Best quality materials and workmanship are used.
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.
The index reflects the changes in material and labor costs in the house described above. Allowances for overhead and profit, which were previously included in the
total costs, were based upon a flat percentage of the material and labor costs and therefore did not affect the movements of the series; no such allowances are included
now that the index is expressed in relative terms only.
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. The Bureau of Labor Statistics furnishes building material prices for some cities. Although shortages of materials
and priority restrictions preclude the actual construction of this house under wartime conditions, tests indicate that the indexes measure fairly closely the cost changes
for smaller frame structures than now can be built.
252
Federal Home Loan Bank Review
Table 4 . — B U I L D I N G COSTS—Index of building cost for the standard house
[Average month of 1935-1939=100]
E l e m e n t of cost
Material.Labor
A p r . 1944 M a r . 1944 F e b . 1944 J a n . 1944 D e c . 1943 N o v . 1943 Oct. 1943 Sept. 1943 A u g . 1943 J u l y 1943 J u n e 1943 M a y 1943 A p r . 1943
_ _ _
T o t a l cost
r
130.6
138.1
' 130.0
r
137. 8
129.2
136.4
127.8
136.1
127.6
136.0
126.8
135.6
126.0
135.0
124.4
133.8
123.4
134.2
123.7
134.3
123.0
134.3
122.2
134.3
121.8
133.4
133.1
r 132. 7
131.6
130.6
130.5
129.8
129.1
127.6
127.1
127.3
126.8
126.2
125.7
Revised.
Table 5 . — B U I L D I N G COSTS—Index of wholesale prices of building materials in the United States
[1935-1939=100; converted from 1926 base]
[Source: U. S. Department of Labor]
All b u i l d i n g
materials
Period
Brick a n d
tile
Cement
Lumber
r
Paint and
paint materials
Plumbing
and heating
Structural
steel
Other
1942: A p r i l
123.1
107.9
103.3
146.8
123.7
129.4
103.5
112.3
1943: A p r i l
May
June
July
August
September
October.
November . . .
December...
123.2
123.4
123.5
123.6
125.3
125.6
125.8
126.3
126.6
108.6
108.8
109.0
109.0
109.0
109.0
109.0
110.1
110.1
103.4
103.1
102.7
102.7
102.7
102.7
102.7
102.7
102.7
152.3
153.8
154.6
155.6
161.5
162.7
163.3
164.1
164.3
126.0
125.7
125.4
125.4
126.4
126.1
126.4
126.9
127.0
118.8
118.8
118.8
118.8
118.8
118.5
118.5
120.6
120.6
103.5
103.5
103.5
103.5
103.5
103.5
103.5
103.5
103.5
109.9
109.9
110.0
109.5
109.7
110.3
110.5
110.5
111.2
126.7
126.9
127.5
128.6
110.3
110.2
110.4
110.4
102.7
102.7
102.7
103.1
164.4
165.3
167.8
170.8
127.2
127.7
128.4
128.4
120.6
120.6
120.6
120.6
103.5
103.5
103.5
103.5
111.2
111.2
111.2
111.2
+0.9
+4.4
0.0
+1.7
+0.4
-0.3
1.8
+12.1
0.0
+1.9
0.0
+1.5
0.0
0.0
0.0
+1.2
1944: J a n u a r y
February. _
March
April
.
_ __
.
.
.._ . . __
__
_ _
__ . ._
_ ,
Percent change:
A p r i l 1944-March 1944
A p r i l 1944-April 1943
* Figures since August 1942 are on a revised basis.
Table 6 . — M O R T G A G E LENDING—Estimated volume of new home-mortgage loans
savings and loan associations, by purpose and class of association
by all
[Thousands of dollars]
Class of association
P u r p o s e of loans
Period
Construction
1942
January-April
April
. . .
_
1943
J a n u a r y - A p r i l __ _
_.__
April
May
June
_
July
A u g u s t __ _
_
September
October
_ .
_ _ _ _ _
November
_
_ _ _
December
_ _ _ _ _ _ __
_
1944:
January-April
January.
___
February
March
April
...
June 1944
_
__
.
_ _ ...
_ _ __
_
H o m e purchase
Refinancing
Eecondi*
tioning
L o a n s for
all other
purposes
Total
loans
Federals
State
members
Nonmembers
$190,438
85,853
20,488
$573,732
161,022
52,196
$165,816
52,912
14, 508
$41,695
13,958
4,083
$78,820
28,958
7,772
$1,050,501
342, 703
99,047
$412,828
137,870
38,484
$476,080
151,218
43,937
$161, 593
53,615
16,626
106,497
30,192
9,853
9,039
8,946
9,209
10,616
13, 211
7,452
6,928
10,904
802,371
192, 227
65,088
67,826
74,885
77,555
82,894
86,016
83, 259
73,053
64,656
167,254
53, 832
15,040
14, 843
15,913
14, 925
14,600
13, 799
14,025
12, 767
12, 550
30,441
8,481
2,484
2,606
2,707
2,807
2, 809
3,229
2,874
2,638
2,290
77, 398
22, 368
6,270
6,176
6,425
6,859
6,470
6,718
7,540
7,670
7,172
1,183,961
307,100
98, 735
100,490
108,876
111,355
117,389
122, 973
115,150
103, 056
97, 572
511, 757
130, 523
42, 717
41,835
46, 730
48,370
51,172
54,100
50, 576
44, 804
43, 647
539,299
138,141
44,461
47,818
50,182
50, 648
53,497
55,907
52,026
47,108
43,972
132, 905
38, 436
11, 557
10,837
11,964
12, 337
12,720
12,966
12,548
11,144
9,953
41, 678
7,872
11,195
9,127
13, 484
288, 552
55,000
66,138
81,846
85, 568
49, 844
9,976
11, 955
14, 422
13, 491
8,426
1,521
1,960
2,266
2,679
29,415
6,609
6,916
8,469
7,421
417,915
80,978
98,164
116,130
122, 643
192,148
37,076
44,144
53,883
57,045
184,493
35, 456
44,139
50,686
54, 212
41,274
8,446
9,881
11,561
11, 386
253 .
Table 7.—LENDING—Estimated volume of new
loans by savings and loan associations
Table 8.—RECORDINGS—Estimated nonfarm
mortgage recordings, $20,000 and under
A r a n , 1944
[ T h o u s a n d s of dollars]
[ T h o u s a n d s of dollars]
C u m u l a t i v e n e w loans
(4 m o n t h s )
N e w Loans
Federal H o m e Loan B a n k
D i s t r i c t a n d class of association
April
1944
March
1944
April
1943
1944
1943
Savings I n s u r and
ance
loan
comassocipaations
nies
Federal Home Loan
B a n k District
and State
Percent
change
STATES.
Federal
State m e m b e r .
N o n m e m b e r . __
Boston
Federal
State m e m b e r .
Nonmember__.
New York
Federal
State m e m b e r
N o n m e m b e r . _.
Pittsburgh
Federal
State m e m b e r .
Nonmember..
Winston-Salem.
Federal
State member.
Nonmember._
Cincinnati
Federal
State member
Nonmember..
Indianapolis
Federal
State member.
Nonmember._
Chicago
Federal
State member.
Nonmember._
Des Moines
Federal
State member.
Nonmember._
Little Rock
$122, 643 $116,130, $98, 735 $417, 915 $307,100
+47.2
+33.6
+7.4
21,016
+25.8
6,335
11,123
3, 558
+42.9
+22.4
+6.0
53, 883
50,686
11,561
8,056
7,136
8, 018
2,817
4,381
8581
2, 683
3,313!
1,140
2, 347|
4,244
1,4271
9, 316
;, 748;
i,625
2, 942
4,721
1, 6531
2, 319
4,882:
1, 547
1,715
3,108
1,8021
11, 294
5,458
3,571
2, 2651
9,492
4, 246
2,952
2,294
14,416
7,801
5,675 j
940!
8, 676
26, 441
31, 526
21,001
+50.1
17,
4,!
10, 487]
5,686
+77.8
+63.8
+1.4
35, 756
27, 962
10, 373
8, 402
9,187
3,479
2,616
2,581
+27. <
+57.5
+37.3
-14.2
+33. S
11,381
+45.4
+37.6
-30.9
9, 206
5, 777|
741
5,438
4,764
1,179
20, 463
19, 295
18, 732
68,913
59, 216
+16.4
8,151
10, 635 j
1, 677
7,667
9,939
1,'
7,351
10,034
1,347
27,
21,'
31,940]
5, 289
+26.1
+9.4
+18.1
6,259
5,923
5, 529
2,880
3,192
187]
2,827
2,733
363!
2,870
2,363
2961
14, 215
13,193
10, 352
6,854
1,278
5,618
6,412
1,163
4, 285
5,034]
1,033
19, 521
15, 023
4,374
+24.8
9,130
8,113
1,173
+21.0
+33.9
-9.4
+55.9
Boston
Connecticut
Maine.._ _
Massachusetts
New Hampshire.
Rhode Island
Vermont
__
3, 946
2,877
1,067
5,6K
3,329]
2,
1,017]
24,370
+65.3
+57.5
+19.4
15, 959
+52.7
7,691
5, 6501
2,618
+52.2
+62.9
+32:2
25,727
16,444!
+56.5
9, 847]
15, 587]
293
6,857
9, 322
265;
+43. 6
+67. 2
+10.6
6, 300!
+25. 3
2,754
1,981
879
7, 712
11,583
14,395
3, 589
...
...
..
. _
New York
N e w Jersey
New York
...
Pittsburgh
Delaware. _
Pennsylvania
W e s t Virginia
-
Winston-Salem
2,681
4, 979
521
Topeka
2, 797]
3,349
1,
2,547
95]
5,807
5, 295
Portland
Federal
State member.
Nonmember..
Los Angeles
2, 993
1,423
1,136]
2,885!
1,603
1,319
3,181
1,429
6851
10, 277
5, 559
4, 587
3, 575
3,930,
4,455
12,1
9,669
+6.3
4,631
+20.0
2,000! + 1 2 9 . 4
11,773!
+9.9
2, 714
1,103
113
2,751
1, 546
158
8,976]
3,431
5321
7, 292
4,040
441]
+23.1
-15.1
+20.6
13,895
13,333
9,490
50,672,
30,528
+66.0
8,713
5,065
117
7, 592
5,664
77
4,620
4,795,
75
31,063]
19,244]
365
15,257
15,015
256
+103.6
+28.2
+42.6
839
156]
254
273
3,331
6,218
4,598
2,531
25, 769
1,086
559
5,964
239
826
144
108
14
146
1, 760
188
979
94
254
56
806
792
3,368
574
333
345
1,474
353
1,960
197
495
119
808
56
1,435
39
170
23
6,042
1,962
13,852
1,143
2,083
687
8,634
5
1,662
5,186
4,455 11,640
5,877
37,454
2,910
5,724
583
1,079
2,623
2,563
403
4,052
3,402
8,238
2,054
3,823
11, 975
25,479
8,922
1,860
6,321
362
4,969
3,453
25, 887
191
8,004
727
140
1,442
278
175
5, 038
1,108
30
332
241
4,113
615
117
3,169
167
894
22,098
2,895
4,476
140 11, 782
3,636
36,369
297
168
835
214
235
420
170
107
326
430
526
930
771
346
342
805
684
1,080
4,597
903
1,428
882
478
1,730
239
402
628
568
535
391
257
616
1,967
4,268
8,239
4,063
6,733
3,919
1,605
5,575
_
23,880
1,726
9,080
541
6,030
4,141
45, 398
.. _
2,139
21,078
663
321
1,065
340
745
7,684
651
541
377
5,143
510
189
1,908
2,044
3,771
37,419
4,208
Indianapolis
6,608
2,242
5,683
6
2,985 1 2,731
20, 255
Indiana
Michigan.
4,153
2,455
587
1,655
2,043
3,640
6
905
770
2,080 ! 1,961
8,464
11, 791
14, 480
1,327
5,161
15
6,230
7,424
34, 637
10,980
3,500
1,012
315
3,356
1,805
15
3,399
2,831
6,877
547
25, 624
9,013
8,220
1,966
5,504
92
5,135
2,041
2,883
2, 796
290
210
156
565
1,163
75
7
1,259
1,011
2,978
91
165
9,965
2,391
1,823
6,231
452
4,817
_.
293
163
1 4,240
68
434
123
1,766
225
171
185
69
1,173
6,352
909
1,988
4,044
1,548
14,841
Colorado.
889
Kansas
. . _ __
1,930
Nebraska . _ . _ . .
. 1,153
Oklahoma
. . 1 2,380
57
148
395
309
279
471
398
840
1,728
453
442
1,421
504
255
185
604
3,457
3,257
2,573
5,554
450
3,330
3,337
16
19
243
85
77
10
134
89
294
517
2,164
132
Cincinnati
Kentucky
Ohio
Tennessee..
...
_ . _ _.
...
Illinois.
Wisconsin.
.
.
Des Moines
Iowa
Minnesota .
Missouri
North Dakota
South Dakota
_ _.
__
Arkansas _
Louisiana
Mississippi
N e w Mexico
Texas
_ _
Portland
3,597
Idaho
.
. . .
340
217
Montana
750
Oregon
441 !
Utah
1, 714
Washington _
j
135
Wyoming. . . . _
Los A n g e l e s . . . __. - _
Federal
State member.
Nonmember..
'
2,446
Topeka._ Federal
State member.
Nonmember..
1
1
421
2,188
1,653
1,448
3,624
1,880
358
2,317
Little Rock
Federal
State member.
Nonmember..
1
Total
8,818
. . 13,889
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
South Carolina
Virginia..
Chicago
7,890
Other
mortgagees
+36.1
42, 717 192, 148! 130, 523]
44,461 184, 493 j 138,141
11, 557 41, 274 38,436]
57, 0451
54, 212,
11, 386
Mutusav- I n d i j alings
vidj banks
uals
$127, 429 $19, 671 $72, 438 $12, 338 $89, 466 $47, 926 $369, 268
U N I T E D STATES
UNITED
Banks
and
trust
companies
Arizona
California
Nevada
14,064
103
13,899
62
2,419
1
2,419
140
92
509
59
450
3,377
24,294
830
. 362
423
1,231
2,762 1 2,550
142 1
22
170
20
4,648
6,205
12, 249
620
572
2,494
22, 904
381 1
33
312
1,117
91
358
247
13
4,128 2,045
1,159
6,851
1,050
492
13,352
2,787
14,010
435
264
303
1,473 ! 451
114
339
779 1,766
179 j
12
1,189
637
3,270
1,496
6,950
468
67,450
20,555
22,485
7,927
268
|
830
[21, 452
203
60 1 1,261
7,852
65,844
345
15
20,222
65
Federal Home Loan Bank Review
Table 9 . — M O R T G A G E RECORDINGS—Estimated
volume of nonfarm
mortgages
recorded
[Dollar a m o u n t s are shown in t h o u s a n d s ]
Savings a n d loan
associations
M u t u a l savings b a n k s
Banks and trust
companies
Insurance
companies
All
mortgagees
Other
mortgagees
Individuals
Period
Total
1943: J a n u a r y - A p r i l
April
May
June
July
August---_
September
October
___ _.
N o v e m b e r . __
December
. .
._-_
_- _
...
- _
1944: J a n u a r y - A p r i l
January
February
March
April
_ __
_
Percent
Percent
Total
$318,650
101,135
107, 221
113,431
116,406
119,385
126, 586
122, 832
111,818
101,176
31.0
32.7
32.8
32.5
33.1
33.6
33.2
31.8
31.6
30.6
$84,720
24, 558
24,435
26, 613
25, 586
24,072
23,996
25,141
23,115
22,188
440, 231
89,887
101,705
121,210
127,429
32.6
29.8
32.8
32.9
34.5
81,669
20,585
18,753
22, 660
19, 671
Total
Percent
8.3 $209, 484
63,385
8.0
65,688
7.5
65,656
7.6
64,766
7.3
68,043
6.8
72,140
6.3
74,875
6.5
64,877
6.5
66, 699
6.7
20.4
20.5
20.1
18.8
18.4
19.1
19.0
19.4
18.3
20.1
$36,598
11,122
12,940
14,718
15,329
15,061
15,332
15,023
15,141
12,227
6.0
6.8
6.1
6.1
5.3
19.7
20.6
19.5
19.2
19.6
42,618
9,731
9,294
11,255
12, 338
265, 534
62,180
60,346
70, 570
72,438
Tabic 1 0 — S A V I N G S — S a l e s of war bonds 1
Percent
Total
Tabic 11.
Total
Total
Percent
22.0 $151,183
21.3
42,950
21.4
46,754
21.6
53,445
22.3
50,835
22.1
50,416
21.9
59,435
22.6
61,002
23.3
56,415
23.1
52,267
14.7 $1,026, 541
308,957
13.9
327,092
14.3
349,046
15.3
351,516
14.5
355,432
14.2
380,809
15.6
386,303
15.8
353,673
16.0
330,989
15.8
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100 0
100.0
3.2
3.2
3.0
3.1
3.4
24.0
24.0
23.3
24.2
24.2
14.5
15.6
15.3
14.5
13.0
100.0
100.0
100.0
100.0
100.0
323,448
72,600
72,246
89,136
89,466
195,601
46,966
47,300
53,409
47, 926
SAVINGS-Held
1,349,101
301,949
309,644
368,240
369,268
by
institutions
[ T h o u s a n d s of dollars]
Redemptions
Period
Series E
Series F
Series G
Total
19412_
$1,622,496
$207,681
$1,184,868
$3,015, 045
$13,601
652,044
2, 516,065
9,156,958
245, 547
Insured
savings a n d
loans J
E n d of period
1943..
April
May.
June
July
August
SeptemberOctober
November_
December..
10,344,369
1, 006,786
995, 234
696, 213
682,871
661, 200
1,400,159
1,340,148
665, 293
727,558
745,123
109, 517
85,893
35,149
37, 579
28,095
138,984
93,124
23,449
24,081
2,e353, 421
253,857
144,128
169, 241
112,434
387, 412
274,877
109,404
101,378
13,729,402
1,469,724
1,334,984
875,491
889,691
801,729
1,926, 555
1,708,150
798,146
853,017
, 506,894
95, 458
97, 488
134,822
131,424
144,966
148, 498
137,496
164,412
200,840
1944
January
February
March
April
1, 084,637
2,102, 345
575,714
605, 709
126,825
157,422
22,933
19,306
486, 942
521, 702
110,347
113, 528
1, 698,404
2,781,469
709,054
738,543
180,965
177,980
261, 549
230, 614
i U . S. T r e a s u r y W a r S a v i n g s Staff.
t h e U S. T r e a s u r y .
2
Prior t o M a y 1941: " B a b y B o n d s . "
Percent
Total
3.6 $225,906
65,807
3.6
70,054
3.9
75,183
4.2
78, 594
4.4
78,455
4.2
83,320
4.0
87,430
3.9
82,307
4.3
76,432
3.7
[ T h o u s a n d s of dollars]
1942..
Percent
A c t u a l deposits m a d e t o t h e credit of
1941: D e c e m b e r
1942: J u n e
December
1943: April
May
June
July
August
September
October
November
December
1944: J a n u a r y
February
March
April .
$2, 597, 525
2,736, 258
2,983, 310
3,143,943
3,194,029
3, 270,834
3,318,900
3,362,380
3,389,891
3,435,798
3, 488, 270
3, 573,896
.
...
Insured
commercial
banks 3
Mutual
savings
banks 2
$10,489,679
10, 354, 533
10, 620,957
$13, 261,402
11,104,706
14, 870, 000
11, 707,000
16,157,993
13, 030, 610
13,820, 000
3, 710,356
-
Postal
savings *
$1,314,360
1,315, 523
1,417,406
1,517,167
1,546,397
1,577, 526
1, 620,194
1, 659, 545
1, 683,381
1, 715, 579
1,752,439
1,787,879
1,833,145
1,866, 563
1,905,748
1,946,372
i P r i v a t e r e p u r c h a s a b l e c a p i t a l as r e p o r t e d t o t h e F H L B A d m i n i s t r a t i o n .
2 Month's Work. All deposits.
3 F D I C . T i m e deposits e v i d e n c e d b y saving p a s s b o o k s . E s t i m a t e d since
J u n e 1942.
4
B a l a n c e on deposit t o credit of depositors, including u n c l a i m e d a c c o u n t s .
April 1944 total is u n a u d i t e d .
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
A p r i l 1944
C a p i t a l a n d p r i n c i p a l liabilities
A p r i l 30, 1944
P r i n c i p a l assets A p r i l 30, 1944
Federal H o m e Loan B a n k
Advances
Repayments
Advances
outstanding
$186
85
734
385
186
30
434
4
250
125
0
1,049
$4, 498
1,817
1,419
2,506
1,079
1,334
2,611
1,685
745
158
718
1,631
$6,131
11,999
9,357
6,730
5,564
8,272
12,649
3,854
4,753
3,376
1,101
A p r i l 1944 (All B a n k s )
3,468
20, 201
M a r c h 1944
3,190
17,965
7,965
Boston
New York
Pittsburgh
Winston-Salem
Cincinnati
Indianapolis
Chicago
D e s Moines
Little Rock
Topeka
Portland.
L o s Angeles
_
A p r i l 1943
i I n c l u d e s i n t e r b a n k deposits.
June 1944
Cash i
Governm e n t securities
Capital2
Debentures
Member
deposits
Total
assets
A p r i l 30,
1944 1
$6, 350
1,272
2,339
2,837
2,580
924
3,522
2,054
1,718
777
1,050
1,751
$12,915
26,681
13,094
8,437
25, 273
17,182
15,831
15,091
10,629
8,667
8,879
22, 539
$19,763
27, 223
16,481
17,664
25, 286
13,981
22, 349
12,411
12,478
10,860
8,473
15, 524
$3,000
9,000
8,000
0
3,500
8,000
4,000
7,000
3,000
1,500
1,800
15, 500
$1,687
3,807
328
389
4,726
4,442
5,702
1,622
175
498
799
2,161
$25,466
40,076
24,873
18,054
33,531
26,459
32,077
21,060
17,165
12,865
11,079
33,243
82,645
27,174
185,218
202,493
64,300
26,336
295,948
99,378
30, 237
164, 706
64,300
24,207
294,975
87,369
15, 621
151,568
35,000
25,043
255,359
2
195,098
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.
255
Table 1 3 . - I N S U R E D A S S O C I A T I O N S Progress of institutions insured by the FSLIC
l
Table 15—FORECLOSURES—now
appears
quarterly in February, May, August, and November.
[Dollar amounts are shown in thousands]
Operations
Number of
associations
P e r i o d a n d class
of association
Total
assets
New
mortgage
loans
New
private
investments
Insured Associations
Private
repurchases
Repurchase
ratio
(Continued from p. 250)
FEDERAL SAVINGS AND LOAN ASSOCIATIONS
ALL
INSURED
$3, 757,464
3,811,473
3, 880, 999
3,875, 269
3,920,852
4,037, 926
4,081,472
4,127, 212
4,182, 728
$69, 604
69,471
76,899
77,994
83,068
87,878
81, 929
72, 936
70,973
$83,242
78,294
103, 939
134,065
94, 229
83, 970
87,692
90,023
118,496
$47,171
33,684
33, 704
97,117
50, 250
60,019
45,104
43,137
37,885
56.7
43.0
32.4
72.4
53.3
71.5
51.4
47.9
32.0
521
788
868
338
59, 704
73,164
87,163
91, 344
153, 276
94, 831
104,494
103, 713
104,839
59,890
56,693
48,392
68.4
63.2
54.3
46.7
1,466
1,466
1,468
1,468
1,466
1,471
1,468
1,467
1,466
2,349,831
2, 380, 241
2,426,079
2, 408, 687
2, 438,803
2, 523, 737
2, 550, 973
2, 580,481
2, 617, 431
42, 717
41, 835
46, 730
48, 370
51,172
54,100
50, 576
44, 804
43,647
53,675
50, 732
68, 235
87,444
61,351
53,138
56,490
57,915
76,677
27, 774
20,045
19, 586
64, 073
31,253
37, 274
26,825
24, 373
21,569
51.7
39.5
28.7
73.3
50.9
70.1
47.5
42.1
28.1
1,467
1,467
1,466
1,466
2, 637,410
2,685, 310
2, 709,897
2, 737,017
37, 076
44,144
53, 883
57, 045
496
545
276
549
68, 509
37, 548
36,182
30, 279
68.2
61.0
53.0
44.2
951
956
960
967
967
969
971
975
981
1,407, 633
1,431, 232
1,454, 920
1, 466, 582
1, 482,049
1, 514,189
1, 530,499
1, 546, 731
1, 565, 297
26,887
27, 636
30,169
29, 624
31,896
33, 778
31,353
28,132
27, 326
29, 567
27, 562
35, 704
46, 621
32, 878
30, 832
31, 202
32,108
41,819
19, 397
13, 639
14,118
33,044
18,997
22, 745
18, 279
18, 764
16, 316
65.6
49.5
39.5
70.9
57.8
73.8
58.6
58.4
39.0
984
986
986
987
1, 581, 111
1,602,478
1, 617, 971
1, 637, 321
22, 628
29,020
33, 280
34, 299
52, 780
33, 286
36, 218
35,164
36, 330
22, 342
20, 511
18,113
68.8
67.1
56.6
51.5
1943: A p r i l
May
June
July
Aug
Sept
Oct
Nov.
Dec
2,417
2,422
2,428
2,435
2,433
2,440
2,439
2,442
2,447
1944: J a n
Feb
March
Apr
2,451
2,453
2,452
2,453
4, 218,
4, 287,
4, 327,
4,374,
1943: A p r i l
May
June
July
Aug
Sept
Oct
Nov__
Dec
1944: J a n ___
Feb
March...
April
FEDERAL
Although the number of Federal savings and loan
associations remained unchanged at 1,466 during
April, their total resources increased $27,000,000 to
$2,737,000,000. Federal Home Loan Bank advances
to these institutions declined by $14,000,000 during
the month and new private investments in shares
exceeded repurchases by $38,000,000. [TABLE 13.]
Progress in number and assets of Federals
_
100,
61,
68,
68,
[Dollar amounts are shown in thousands]
Number
Class of
association
Apr.
30,
1944
Mar.
31,
1944
637
829
1,466
Approximate assets
Apr. 30,
1944
Mar. 31,
1944
637
829
$901, 892
1, 835, 125
$891, 547
1, 818, 350
1,466
2, 737, 017
2, 709, 897
STATE
1943: A p r i l
May
June
July
Aug
Sept
Oct
Nov.
Dec
... _.
__
1944: J a n
Feb
March. _
April
i Balance sheet items, formerly shown each month, now appear only in the
February, May, August, and November issues of the R E V I E W .
Table 1 4 . — F H A — H o m e mortgages insured 1
[Premium paying; thousands of dollars]
Title I I
Title V I
Period
New
1943: April
May
June
July
August
September
October
November
December
1944: J a n u a r y . .
February
March
April
.-
...
__
_
_
--
Existing
Total
insured
a t e n d of
period s
$ 3,463
2,894
2,606
2,424
1,563
1,479
818
833
747
$12,704
15, 248
16,769
18,502
18, 519
18, 737
18, 856
20,499
17,401
$35,878
39, 511
41,629
43, 445
49, 518
46, 365
48, 571
48, 421
42,979
$4,907,749
4,965,402
5,026, 396
5, 090, 767
5,160, 367
5, 226,948
5, 295,193
5,364,946
5, 426,073
592
249
250
130
18, 397
13, 795
12, 729
13, 200
49,003
40,616
41, 620
36,793
5, 494,065
5, 548,725
5,603,324
5,653,447
i Figures represent gross insurance written during the period and do not take
account of principal repayments on previously insured loans.
»Includes Title I, Glass 3, amounts that were shown prior to January 1943.
256
New_
- „ _
Converted _
Total
Five Point Program to Curb Inflation
(Continued from, p. 237)
have already been presented to the various State
supervisory officials and to a number of State and
national trade organizations. T h e numerous responses that have been received within the first few
weeks following distribution demonstrate a thorough
recognition of the problem and a whole-hearted
approval of the program.
The approach to the problem is one which calls
for the utmost in voluntary cooperation of private
industry and Government in fending off a common
danger. I t calls upon business to exercise its capacity
for self-restraint and offers full cooperation to State
supervisory bodies and trade organizations as well
as to individual institutions in their efforts to arrest
developments which, if they are allowed to continue,
may threaten not only the future of the homefinancing industry b u t also endanger seriously the
entire economic structure of our country.
Federal Home Loan Bank Review
QUARTERLY TABLES
Table 1 7 . — G O V E R N M E N T S H A R E S —
Investments in member associations *
Table 1 6 . — H O L C — M o r t g a g e loans outstanding
and properties on hand
[Dollars a m o u n t s are s h o w n in t h o u s a n d s ]
[Dollar a m o u n t s are s h o w n i n t h o u s a n d s ]
D u e on
original
loans
Period
Properties o w n e d
D u e on
property
sold
Book value
Number1
$1,764,672
$254,266
$421, 510
68,535
1941: A p r i l . . .
1, 558,930
340,611
316, 266
47, 588
1942: April
1, 347, 703
360, 762
265,159
37,176
1943: A p r i l
May
_ __ _
June
July
August
_ _
September
October
_ __
November_ __
December
_.
._
1944: J a n u a r y
.__-____February
__
March _ _
ApriL-__
1,123,056
1,101, 463
1,081,053
1,059,151
1,038,512
1,018,805
997,970
978,074
959,818
939,852
921,987
902,923
885, 304
358,966
358, 758
360,101
359,394
361, 356
364, 506
370,447
376, 318
378, 284
378, 248
377,518
376, 205
375,093
207, 571
199,435
187,952
179,103
165,667
149, 788
129,005
108,099
94,140
82, 571
73,789
64, 683
55,456
27, 864
26,582
24,935
23, 728
21,943
19,915
17,217
14, 509
12, 744
11,267
10,160
8, 955
7,735
1940: April
1
Treasury
H o m e O w n e r s ' L o a n Corporation
T y p e of o p e r a t i o n
Federals
State
members
1,862
$50,401
4,708
$213,601
997
$66, 595
5,705
$280,196
1,831
$49, 300
$44, 559
$4, 741
4,241
$178,316
$142,679
$35, 637
740
$45, 541
$34, 575
$10, 966
4,981
$223, 857
$177, 254
$46, 603
0
0
0
0
0
0
0
0
0
0
$2,143
0
0
$12, 922
0
0
,761
0
0
$16, 683
2
Federals
October 1935-March 1944:
Applications:
Number
Amount
Investments:
Number
Amount
Repurchases
Net outstanding investments
F i r s t q u a r t e r 1944:
Applications:
Number
Amount
Investments:
Number
Amount
Repurchases
Total
I n c l u d e s reaequisitions of properties previously sold.
1
Refers to n u m b e r of s e p a r a t e i n v e s t m e n t s , n o t to n u m b e r of associations in
w h i c h i n v e s t m e n t s are m a d e .
2
I n v e s t m e n t s in F e d e r a l s b y t h e T r e a s u r y w e r e m a d e b e t w e e n D e c e m b e r 1933
a n d N o v e m b e r 1935.
Table 18.—FHLBS—Membership in the Federal Home Loan Bank System
[Dollar a m o u n t s are s h o w n in t h o u s a n d s ]
1944
March
T y p e of i n s t i t u t i o n
Number
All m e m b e r s
_
_
_
M u t u a l savings b a n k s Insurance companies...
_.__
____
- - - -
_
_
Number
Assets
$6, 531,180
3,748
5,690, 372
2, 709,897
1,612, 275
1,368,200
3,705
1,466
977
1,262
22
451.429
21
389.379
- _
.
March
Assets
3,731
_ _
1942
December
3,688
1,466
982
1,240
_
Savings a n d loan associations
Federal _
Insured State.
__
U n i n s u r e d State
1943
Number
$6, 345,449
March
Assets
Number
Assets
3,781
$5,820,090
3,819
$5,435,117
540, 817
617,431
559, 617
363, 769
3,736
1,467
944
1,325
5,055, 500
2, 300, 638
1, 384,663
1, 370,199
3,778
1,461
893
1,424
4,771,399
2,137, 579
1 191 659
1, 442,161
22
441,617
22
415,199
15
263, 824
21
363,015
23
349, 391
26
399,894
5,
2,
1,
1,
Table 1 9 . — W A R HOUSING—Progress of war-housing construction program
T o t a l n u m b e r of a c c o m m o d a t i o n s
allocated to localities
N u m b e r of a c c o m m o d a t i o n s
under construction
N u m b e r of a c c o m m o d a t i o n s
completed
T y p e of construction
As of M a r . A s of D e c . A s of Sept. A s of M a r . A s of D e c .
31, 1944
31, 1943
30, 1943
31, 1944
31, 1943
Privately
financed:l
Conversion
N e w construction
Publicly
financed:3
Single-person u n i t s , n e w c o n s t r u c t i o n
Family units:
Conversion ( H O L C )
N e w construction
Stop-gap a c c o m m o d a t i o n s
207, 573
822,839
210,176
824, 441
207,160
2 790,133
163,055
160,881
159, 772
54, 349
520,467
63, 735
55, 573
512, 477
52, 946
61, 288
498, 538
49, 662
3,723
73, 263
A s of S e p t . As of M a r .
30, 1943
31, 1944
A s of D e c . A s of S e p t .
31, 1943
30, 1943
3,871
78, 536
3,070
83, 581
185,392
664,102
182, 437
629,116
8,085
16,847
28, 582
153, 326
143,051
128, 700
17,181
49, 476
7,425
19, 363
67, 712
6,409
15,640
94,163
10, 555
25,136
462,359
50, 763
15,093
432,331
45,108
5,980
377,711
37,509
2
179,303
588,915
1
R e p r e s e n t s p r i v a t e l y financed w a r housing b u i l t w i t h P - 5 5 p r i o r i t y orders p l u s a n e s t i m a t e d 302,000 n e w u n i t s a n d 175,000 c o n v e r t e d u n i t s b u i l t w i t h o u t P-55
o r d e r s . T h e t o t a l s include a small n u m b e r of n e w a n d c o n v e r t e d single person u n i t s .
2
R e v i s e d . F o r purposes of consistency w i t h d a t a r e p o r t e d b y t h e B u r e a u of L a b o r Statistics in its s u r v e y of " N e w H o u s i n g for W a r W o r k e r s , 1P40-1943" (Monthly
Labor Review, S e p t e m b e r 1943, p p 513-520) t h e e s t i m a t e of n e w u n i t s b u i l t w i t h o u t p r i o r i t y assistance w a s revised u p w a r d from 297,000 to 302,000 u n i t s .
3
D a t a revised as of A p r . 30, 1944. E x c l u d e s s u s p e n d e d , canceled a n d l i m i t e d projects, b u t includes 34,849 u n i t s (8,138 family u n i t s , 6,897 single person u n i t s a n d
19,814 stop-gap accommodations) in completed projects w h i c h h a v e been r e m o v e d t o other localities, sold, c o n v e r t e d to n o n r e s i d e n t i a l use or placed in s t a n d b y s t a t u s .
June 1944
257
FEDERAL HOME LOAN BANK DISTRICTS
^00-
i
$
BOUNDARIES OF FEDERAL HOME LOAN BANK DISTRICTS
FEDERAL HOME LOAN BANK CITIES.
7-1-35
OFFICERS OF FEDERAL HOME LOAN BANKS
BOSTON
CHICAGO
B. J. ROTHWELL, Chairman; E. H. WEEKS, Vice Chairman; W. H.
NEAVES, President; H. N. FAULKNER, Vice President; L. E. DONOVAN,
Secretary-Treasurer; P. A. HENDRICK, Counsel; BEATRICE E. HOLLAND,
Assistant Secretary.
C. E. BROUGHTON, Chairman; H. G. ZANDER, JR., Vice Chairman; A. R.
GARDNER, President; J. P, DOMEIER, Vice President; LAURETTA QUAM,
Assistant Treasurer; CONSTANCE M. WRIGHT, Secretary; GERARD M.
UNGARO, Counsel.
N E W YORK
DES
GEORGE MACDONALD, Chairman; F. V. D. LLOYD, Vice Chairman;
NUGENT FALLON, President; ROBERT G. CLARKSON, Vice President;
DENTON C. LYON, Secretary; H, B. DIFFENDERFER, Treasurer.
MOINES
E. J. RUSSELL, Chairman; E. A. PURDY, Vice Chairman; R. J. RICHARD-
SON, President-Secretary; W. H. LOHMAN, Vice President-Treasurer;
J. M. MARTIN, Assistant Secretary; A. E. MUELLER, Assistant Treasurer; EMMERT, JAMES, NEEDHAM & LINDGREN, Counsel.
PITTSBURGH
LITTLE ROCK
E. T. TRIGG, Chairman; C. S. TIPPETTS, Vice Chairman; R. H. RICH-
ARDS, President; G. R. PARKER, Vice President; H. H. GARBER, Secretary-Treasurer; WILLIAM S. BENDER, Counsel.
B. H. WOOTEN, Chairman; W. P. GULLEY, Vice Chairman; H. D ,
WALLACE, President; J. C. CONWAY, Vice President; R. T. PRYOR,
Secretary; W. F. TARVIN, Treasurer.
WINSTON-SALEM
TOPEKA
H. S. HA WORTH, Chairman; E. C. BALTZ, Vice Chairman; O. K. LAROQUE, President-Secretary; Jos. W. HOLT, Vice President-Treasurer.
P. F. GOOD, Chairman; A. G. HARTRONFT, Vice Chairman; C. A. STERL-
ING, President-Secretary; R. H. BURTON, Vice President-Treasurer;
JOHN S. DEAN, General Counsel.
CINCINNATI
PORTLAND
HARRY S. KISSELL, Chairman; W M . MEGRUE
BROCK, Vice Chairman;
WALTER D . SHULTZ, President; W. E. JULIUS, Vice President-Secretary; A. L. MADDOX, Treasurer; TAFT, STETTINIUS & HOLLISTER,
General Counsel.
BEN A. PERHAM, Chairman; H. R. GRANT, Vice Chairman; F. H*
JOHNSON,
President-Secretary;
IRVING
BOGARDUS,
Vice
President-
Treasurer; Mrs. E. M. JENNESS, Assistant Secretary; VERNE DUSENBERY, Counsel.
INDIANAPOLIS
H. B. WELLS, Chairman; F. S. CANNON, Vice Chairman-Vice President;
FRED T. GREENE, President-Secretary; G. E. OHMART, Vice PresidentTreasurer; HAMMOND, BUSCHMANN, ROLL & ALEXANDER, Counsel.
Los ANGELES
D. G. DAVIS, Chairman; C. A. CARDEN, Vice Chairman; M. M. HURFORD, President; C. E. BERRY, Vice President; F. C. NOON, SecretaryTreasurer; HELEN FREDERICKS, Attorney.
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