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FEDERAL
HOME
LOAN
BANK
Washington, March 1943
The 1943 edition of the Statistical Supplement
to the FEDERAL HOME LOAN BANK REVIEW is re-
leased with this March issue, The third annual
production of this condensed statistical manual, it
draws together pertinent data on residential construction, home-financing activities, and savings,
and presents them in convenient form for reference and comparative purposes. Although limited
in size to last year's issue, additional information
is included and there are numerous improvements
which, it is hoped, will increase the usefulness of
the Supplement to executives and research students.
CONTENTS
FOR
MARCH
•
1943
FEDERAL
ARTICLES
HOME
LOAN
BANK
Page
T H E W A R - T I M E R O L E OF D I R E C T O R S
.
.
.
171
.
Responsibilities of a director—Dividend and reserve policies- -Social
responsibilities of a directorship.
173
N E W L I G H T ON THE H O M E - M O R T G A G E STRUCTURE
Major t y p e s of lenders—Average interest r a t e s — T y p e of p a y m e n t —
Outstanding indebtedness and property valuations—Debt-to-value
ratios by t y p e of institution—Interest rate by property valuation—
H o w to obtain material.
177
M O R T G A G E - L E N D I N G STATISTICS FOR S E L E C T E D S T A T E S .
Activity in various States—Distribution of loans.
REVIEW
NATIONAL HOUSING
AGENCY
John B. Blandford, Jr., Administrator
FEDERAL HOME LOAN
BANK ADMINISTRATION
MONTHLY
SURVEY
Highlights and s u m m a r y
185
General business conditions
Residential construction
Building costs
New mortgage-lending activity of savings and loan associations
186
186
186
187
.
Mortgage recordings
Foreclosures
Federal H o m e Loan Bank System
Insured savings and loan associations
187
188
188
188
John H. Fahey, Commissioner
STATISTICAL TABLES
FEDERAL HOME LOAN
BANK SYSTEM
N e w family dwelling units—Building costs—Savings a n d loan lending—Mortgage
recordings—Total nonfarm foreclosures—FHA activity—Federal H o m e Loan
Banks—Sales of U. S. war-savings bonds—Savings in selected financial institutions—Insured savings a n d loan associations—Quarterly tables
190-196
FEDERAL SAVINGS AND LOAN
ASSOCIATIONS
FEDERAL SAYINGS AND LOAN
INSURANCE CORPORATION
HOME OWNERS' LOAN
CORPORATION
UNITED STATES HOUSING
CORPORATION
Vol. 9
REPORTS
T h e home front
Directory of member, Federal, and insured institutions added during J a n u a r y February
. .
Honor roll of war-bond [sales
A p p o i n t m e n t of Public I n t e r e s t Director . . s
A m e n d m e n t s to Rules a n d Regulations
170
176
179
188
189
No. 6
SUBSCRIPTION P R I C E OF REVIEW. The REVIEW is the Federal Home Loan Bank Administration's medium of communication with member institutions
of the Federal Home Loan Bank System and is the only official organ or periodical publication of the Administration. The REVIEW will be sent to all member institutions without charge. To others the annual subscription price, which covers the cost of paper and printing, is $1. Single copies will be sold at 10 cents. Outside
of the United States Canada Mexico, and the insular possessions, subscription price is $1.60; single copies, 15 cents. Subscriptions should be sent to and copies ordered
froia Superintendent of Documents, Government Printing Office, Washington, D. C.
APPROVED BY T H E BUREAU OF T H E BUDGET.
Small construction and
jobs strictly controlled
O P A liberalizes rules for
sale of tenant-occupied homes
To p r e v e n t u n d u e hardship to owners of properties in certain defenserental areas, t h e OPA has authorized
local R e n t Directors to waive, a t their
discretion, b o t h t h e provision for the
d o w n p a y m e n t of }i of the purchase
price of t h e property a n d the 90-day
waiting period required after notice of
eviction has been given.
I n some areas, OPA officials state,
t e n a n t s occupying houses offered for
sale are able to find substitute accommodations in approximately t h e same
neighborhood a n d a t comparable rentals. Where such situations exist,
application m a y be m a d e by the
property owner to t h e Area R e n t
Director who m a y , a t his discretion,
waive the two rules.
I n granting the certificate, the
Director m u s t t a k e into account t h e
hardship which t h e eviction m a y entail. T e n a n t s m a y not be forced to
m o v e to an area far removed from
their place of occupation or t o a locality in which members of t h e family
will not have access to educational
a n d shopping facilities. "When OPA
regulations have been waived, t e n a n t s
m a y be evicted subject to local
eviction laws.
ft ft ft ft ft
N e w rules for
private war housing
New rules and regulations governing
t h e occupancy a n d m a r k e t i n g of privately financed war housing h a v e been
issued by the N H A to implement t h e
joint N H A - W P B declaration of policy.
T h e rules apply only to housing for
which priority assistance was requested
on or after F e b r u a r y 10, 1943.
U n i t s must be reserved for rental
occupancy of indispensable in-migrant
war workers. R e n t e d properties m a y
be sold to their war-worker occupants
after a 4-month period of occupancy.
Sales prices m a y not exceed either a
fair m a r k e t price or $6,000 whichever
is t h e smaller. M o n t h l y p a y m e n t s
m a y not exceed a fair rental for t h e
property.
170
Persons or corporations purchasing
war-housing projects must agree to
abide by t h e same occupancy and
marketing requirements t h a t bound
the original owner. These requirements do not continue subsequent to
an involuntary transfer such as mortgage foreclosure.
T h e new rules establish a simple procedure under which owners m a y apply .
to t h e N H A for changes in rental or
sales prices. Adjustments also m a y be
made in the number of properties
reserved for sale or for rent.
ft ft ft ft ft
Forty thousand war-housing
units completed in January
T h e gathering m o m e n t u m of t h e
construction of dwelling units for
essential war-industry workers is indicated by t h e fact t h a t during J a n u a r y
42,000 publicly a n d privately financed
units were completed. This figure
compares with t h e average of 33,000
units finished monthly in t h e last
quarter of 1942.
During t h e same month, more t h a n
57,000 units were placed under construction, according to t h e National
Housing Agency. These included some
50,000 Government-financed units of
all types.
Under construction a t t h e end of
J a n u a r y were a t o t a l of 300,000 units
in varying stages of completion.
N H A - W P B schedules call for t h e
early starting of an additional 280,000
units of b o t h p e r m a n e n t a n d t e m p o rary character.
ft ft ft ft ft
Nonessential construction
projects stopped
To conserve the supply of critical
materials for essential war construction, the Facility Review Committee
has halted work on projects totaling
$1,274,000,000 in t h e period October
23 to F e b r u a r y 5. Highway and
bridge construction and a r m y civil
works h a v e been a m o n g t h e projects
for which priorities have been revoked
and construction halted by t h e W P B .
repair
In an a m e n d m e n t to Conservation
Order L - 4 1 , effective F e b r u a r y 19, t h e
W P B has further limited t h e scope of
construction, repair, and maintenance
work which can be u n d e r t a k e n without specific a u t h o r i t y of t h e Board.
This new a m e n d m e n t is intended t o
place additional restrictions on t h e use
of critical materials.
Any job which involves b o t h maintenance a n d repair work a n d new
construction will, in t h e future, be considered to be new construction. Maintenance a n d repair work has been
defined t o mean work t h a t is necessary
to keep a structure in sound condition,
b u t does not include operations involving a structural alteration or
change in design.
For residential and certain industrial structures (manufacturers of certain listed nonessential products) no
job involving expenditures of $200 or
more m a y be carried out without
specific authorization. T h e limit for
multiple residential, farm, a n d " o t h e r
restricted" types of structures has
been set a t $1,000. For industrial
structures t h e limit is $5,000.
Provision has been m a d e for emergency work t o repair d a m a g e d structures where such work would p r o t e c t
t h e property or t h e public. Costs,
such as
financing
and
insurance
charges now are excluded from t h e
total cost of t h e job.
ft ft ft ft ft
Senate approves new F H A
war-housing insurance
A bill expanding t h e authorization
of t h e Federal Housing Administration
t o insure mortgages on war housing
was passed b y t h e Senate on F e b r u a r y
25. T h e new authorization, which is
now under consideration by t h e House
of Representatives, would bring to a
t o t a l of $1,200,000,000 F H A insurance
of mortgages on privately
financed
housing for workers in war-industry
areas.
I n appearing in behalf of t h e legislation, N H A officials pointed out t h a t
t h e present limits of F H A insurance
will permit t h e insurance of mortgages
on only 20,000 additional units.
Present N H A - W P B plans call for t h e
construction of 130,000 additional
privately financed units in 1943.
Federal Home Loan Bank Review
THE WAR -TIME ROLE OF DIRECTORS
The potential
operation of a
bined abilities
responsibilities
an
contribution of a board of directors to the successful
savings and loan association is limited only by the comof all members when brought to a full realization of the
of their position.
"Directors who direct" are becoming
increasingly important asset to management.
•
MORTGAGE-lending institutions today are
operating under circumstances without precedent. In contrast to the twenties when both share
capital and lending opportunities were plentiful,
or to the early thirties when the situation was almost
completely reversed, the present excess of loanable
funds over normal investment outlets creates a
situation which has little parallel in the history of
savings and loan associations.
For this reason, the combined efforts of management and boards of directors are needed more than
ever before to meet the challenge offered by current
conditions. The ordinary responsibilities of association directors have been more sharply defined, and
the quasi-trustee relationship which is inherent in
their position has taken on greater meaning. Directors have become an even more important element in the successful operation of savings and loan
associations as well as every other type of business
enterprise.
In the January issue, the REVIEW l discussed the
advantage which many institutions had gained by
providing complete and comprehensive monthly
reports for their directors covering all phases ot
association activity. Without sufficient information
it is extremely difficult for a board to determine
policies on a sound and intelligent basis. Perhaps
a prime responsibility, therefore, of a directorate is
to require those who have been entrusted with the
duty of managing the institution to make periodic
reports which reflect adequately the present position
and current trends of their institution.
RESPONSIBILITIES OF A DIRECTOR
This does not mean, of course, that directors must
be familiar with every detail of an institution's
operations; but it is an accepted principle that
they must exercise the same degree of good faith and
of reasonable care which any prudent man would
under similar circumstances. In general, directors
cannot be held personally liable for errors of judgi See "Monthly Reports for Association Directors," F H L B REVIEW, January 1943, p. 105.
March 1943
ment, but they may be held accountable for negligence
in the conduct of an association's affairs.
Whether or not a director has used reasonable
care and diligence is a question of fact which must
be determined from the circumstances surrounding
each case. Regularity of attendance at board
meetings is one test for negligence; and absence,
without sufficient cause, does not relieve a director
of personal liability for actions taken. This is predicated, in part, on the theory that had he been
present the director might have been able to prevent the step resulting in subsequent losses. In a
meeting for directors at the New Jersey State League
convention last year, an outstanding authority on the
legal aspects of savings and loan operation emphasized that directors are elected to manage the association, and that the power to manage carries with it
the reciprocal duty to discharge that responsibility.
With the power to manage goes the power to direct,
and there is no such thing in law as a " d u m m y "
director or an absent director.
A special survey by the National Industrial Conference Board of management practices and policies
of American business organizations revealed 12
essential duties and responsibilities of the typical
board of directors: the determination of broad
policies; selection of officers and fixing of their salaries;
general management of the corporation; approval
of capital expenditures; control of finances and investments; consideration of contemplated sale of
company property; declaration of dividends; recommendations to stockholders of measures requiring a
vote of the stockholders; taking over the reins in
case of management difficulties; requirement of frequent and complete reports from officers; selection
of auditors; and examination of all financial statements.
In spite of the mutual characteristics of savings
and loan organization, the general applicability of
these duties to association directors is immediately
apparent. The determination of dividend and interest rates, formation of lending policies, approval of
the sale of real-estate owned, the declaration of
171
dividends, and other such functions are all within the
responsibilities of directors of these institutions. To
these must be added the well established legal
principles that directors cannot deal in their own
behalf in respect to any matter involving their
rights and duties as directors; that they cannot
deal to their own advantage with the property
entrusted to them; and that they cannot seek their
own profit at the expense of the association or its
shareholders.
DIVIDEND AND R E S E R V E POLICIES
Perhaps no other actions of a board of directors
affect the general welfare of an institution operating
under present conditions more than those concerning
the declaration of dividends and the determination of
reserve policies. With the effectiveness of lending
policies now somewhat obscured by the restrictions
on new mortgage investment opportunities, the distribution of association earnings has assumed added
importance. What rate of dividend can they afford
to pay, or are they justified in paying; and what
provisions for reserve accumulation will best prepare
for the uncertainties ahead—these are two closely
related questions to which every director must devote much consideration.
Statutory reserve requirements are now generally
looked upon as only the minimum standards rather
than the m.aximum goals, but directors must allow
for compliance with them in determining the amounts
available for dividends. There is considerable variation among the different State laws and the Federal
regulations, the effect of which can be discussed only
in terms of the rules under which each individual
institution must operate. Some of the laws are quite
specific in the procedure to be followed, and others
are more indefinite; but it is im.plied in all that action
of this character requires a thorough study of all the
facts involved and careful exercise of the best judgment of each member. Routine acceptance of the
report and recommendations of management is not
likely to be sufficient evidence that a board has
carried out its responsibility to determine the net
amount which may soundly be made available for
dividends and the degree of compliance with practical
reserve requirements.
SOCIAL RESPONSIBILITIES OF A DIRECTORSHIP
The responsibilities of a director of a financial
institution are flavored with social aspects which go
beyond those of a position on the board of other types
172
of commercial or industrial organizations.
The
stewardship of savings entrusted by thrifty individuals throughout the community and the provision of
economical financing facilities for home owners necessitate a careful and conscientious fulfillment of
the obligations involved. As a trustee and as a director, these men are elected to represent the shareholders and borrowing members and to protect the
interests of these individuals who, from, a practical
standpoint, cannot take part in the active operation
of the business.
In addition to this allegiance to the shareholders
and borrowers of an association, the members of a
board of directors have a substantial responsibility
to the managing officers to wiiom they have delegated the duty of operating the institution. Out of
their composite experience, the directors should be
able to formulate the principles and policies which
will make it possible for the executive officers to cope
with current operating problems. Further than
this, one prominent savings and loan leader emphasizes the responsibility of the board for the welfare of
the members of the staff of an association as well.
"After all," he says,'"a savings and loan association
is a very human institution. Its staff members are
bound to respond to a show of sympathetic interest
by those who direct its affairs. I t will cost board
members but little to drop in at the office occasionally, talk to the employees and the junior officers
who may not attend board meetings, and to show an
intelligent interest in business affairs in which they
have common objectives." Few institutions are
without personnel difficulties of one kind or another
today, and any effort on the part of the directors
which will help to convince employees of the value
of their present positions contributes to the solution
of these problems.
There is still another responsibility of directors
tinged with broad social characteristics which cannot be overlooked. That is the obligation to other
associations in the community and to the industry
as a whole. In the case of financial institutions, the
progress or retrogression of one organization may
have substantial influence upon the operations of
other similar business units in the community. Experiences of the past decade have amply demonstrated
the infectious character of confidence or the lack of
confidence in financial institutions on the part of
the general public. For this reason, a board of
directors should always consider the effect of its
actions and policies upon the operations of other
institutions as well as its own.
Federal Home Loan Bank Review
NEW LIGHT ON THE HOME-MORTGAGE
STRUCTURE
State-by-State
reports of the 1940 Mortgage Census are being made
available for general distribution.
These summaries of the mortgage
status of owner-occupied nonfarm dwellings fill many of the gaps in
our knowledge of the home-mortgage structure of the country.
•
T H E new fourth series of Housing Census releases—" Mortgages on Owner-Occupied Nonfarm Homes"—contains more information of specific
interest and value to mortgage-lending institutions
than any other compilation of data gathered in the
1940 Decennial Census. Because of the importance
of these data, the R E V I E W has prepared a summary
of the material available for 37 States and the District of Columbia, prior to the issuance of United
States summaries. Lenders, even in States for
which material has not as yet been published, will
wish to familiarize themselves with the content of
this newest series of Census publications.
Since no data are available for New York, New
Jersey, Massachusetts, Pennsylvania, Ohio, Illinois,
Missouri, Michigan, Wisconsin, Texas, or California,
the present article does not attempt to draw general
conclusions for the entire country. I t merely summarizes the somewhat limited material available for 38
areas and highlights the additional data in bulletins
already published for 14 of these same States.
Some of the information included has appeared in
earlier Housing Census releases. 1 Data on the age
of properties, for example, were published previously.
In the present series, however, this information has
been broken down by the type of institution holding
the mortgage—a treatment which gives the data
added significance.
New information includes: the importance of the
holdings of various types of lenders; average property
valuations as reported by property owners; average
loan balances at the time of the enumeration; average interest rates for all mortgaged properties in a
given State and for various types of lenders in the
same area; interest rates by property valuations;
and the types of mortgage payments most usual.
studies of mortgage-recording activity and other
sources. The major holders of mortgage loans on
single-family, owner-occupied homes in 1940 were
private individuals, savings and loan associations, the
Home Owners' Loan Corporation, and savings and
commercial banks—in the order mentioned. Since
reports are lacking from nearly all of the largest
States, the relative position of various types of
lenders may be changed when all information has
been tabulated.
On the basis of reports for the 38 areas, private
individuals were by far the largest holders of nonfarm mortgages on single-family, owner-occupied
homes. In 20 of these States, the holdings of individuals held first place, and in every other State for
which reports have been received, individuals were
either second or third among all classes of lenders.
Savings and loan associations were of first importance in 10 States and the District of Columbia, and
second or third in 17 other States. In areas of their
greatest activity, savings and loan associations held a
heavy share of the total nonfarm mortgages on singlefamily, owner-occupied structures. In Maryland,
the District of Columbia, and North Carolina, for
LEADING MORTGAGE HOLDERS IN 44 STATES
AND THE DISTRICT OF COLUMBIA
M A J O R T Y P E S OF LENDERS
D a t a on the holdings of various types of lenders
appear to confirm previous estimates compiled from
i See -'The Houses We Live In," FHLB REVIEW, May 1942, p. 259; and "How
Well Do You Know Your City," Ibid, October 1942, p. 3.
March 1943
The chart above shows the leading mortgage holders in 44 States and the District
of Columbia. Because information on four leading States is now lacking, the
chart will be republished in a later issue of the EEVIEW with information for all
States included.
173
example, these institutions accounted for 44, 49,
and 47 percent of all such mortgages.
The Home Owners' Loan Corporation was the
largest holder of mortgages in three States and
ranked second or third in 25 additional States, at
the time of the Census. In every State south of
Kentucky-Virginia line and in all States west of
the Mississippi River, HOLC holdings were of either
first, second, or third importance. In Indiana, one
of the few urbanized areas for which reports have
been published, the HOLC was second only to
savings and loan associations, with approximately
one-fifth of all mortgages.
Savings-bank mortgage activity was greatest in
four of the five New England States reporting.
While neither these institutions nor commercial
banks ranked in first place in any other States, they
held second or third place in nine States. Holdings
of banking institutions in such States as Indiana
and Delaware were large, despite their failure to
rank with the first three types of lenders. Life
insurance companies, mortgage companies, and
" other" mortgagees failed to rank first, second, or
third in any State for which data are available.
AVERAGE INTEREST R A T E S
In spite of the lack of information for certain
States, it is possible to discern a geographical pattern in the level of the average contract interest rate
reported from various sections of the country. 1 In
New England, rates ranging from 5 to 5K percent
were reported for first mortgages on single-family,
owner-occupied nonfarm structures. The rate of
5.17 for New Hampshire is the lowest for any of the
38 areas. No information for the Middle Atlanticregion is available at the present time.
On the South Atlantic seaboard, in Southern
States east of the Mississippi River, and in two
Pacific States, rates centered around 5% percent. In
the Southwest and in eight Mountain States, rates
adhered more closely to the 6 percent level. The
6.42 percent average for New Mexico was the highest
reported to date.
While reports for States touching upon the Great
Lakes are fragmentary, it appears that the average
rate for these areas more* closely approximated that
of the New England States in 1940. Included in
this same group were such States as North Dakota,
1
Interest, as reported in the 1940 Census, includes only the rate stated in the
loan contract. Additional charges, such as loan fees, commissions, and insurance
premiums, are excluded. Averages are computed without giving weight to the
amount of debt involved.
174
South Dakota, Iowa, and Nebraska. In Kansas and
Missouri, average charges were more nearly in line
with those prevalent in the Southwest.
It is evident from the reports that rates charged
for mortgages on urban properties were lower than
those in rural nonfarm areas. In only two States—
North Dakota and Vermont—was the average urban
rate higher than the average for all nonfarm properties. While the difference between the two rates
usually was only a few hundredths of one percent,
in some States the average nonfarm interest charge
was almost half of one percent higher than that
for urban instruments.
So far as the relationship between the type of
institution and the contract rate charged is concerned, comprehensive reports now available for
14 areas provide interesting data. In six States,
the rates charged by private individuals were the
highest. In six others, savings and loan association rates ranked first. For two States, savings
bank loans carried a higher rate than any other
type of institution.
The rate of the HOLC was consistently lower
than the average charged by any other type of
holder. In some instances, the rate of the HOLC
was more than 1 percent less than the average
charged by the institutions reporting the next lowest
rate and more than 2 percent lower than the highest
average rate within a given State.
T Y P E OF PAYMENT
I t is evident that the direct-reduction loan, rather
than the so-called "straight" loan, now predominates.
In every State now reporting, more than 50 percent
of all first mortgages require periodic payments on
principal as well as interest. In some States, more
than 90 percent of all first mortgages carry a provision for periodic payments of principal and interest.
The lowest percentage represented was 54 percent
for first mortgages in Delaware.
Monthly payment loans appear to be the preponderant type in every State but Connecticut where
approximately 46 percent of all loans requiring
periodic payments on principal and interest were on
a semi-annual basis. Even in this State, 44 percent
of loans requiring periodic payments were in the
monthly payment class.
The inclusion of taxes in periodic payments is a
relatively recent innovation. In some sections, less
than 10 percent of loans requiring periodic payments
include taxes in monthly instalments.
Federal Home Loan Bank Review
OUTSTANDING INDEBTEDNESS AND PROPERTY
VALUATIONS
State-by-State reports disclose a wide variation in
the average amount of mortgage indebtedness on
single-family, owner-occupied structures, as well as
a wide spread between the lowest and highest
property valuations reported by home owners. It
should be noted that average valuation figures are
based on estimates of current value reported by the
home owner. Valuations do not necessarily reflect
true appraised value or even current market value.
Since the method of reporting is the same for the
entire country, however, the figures present at least
a rough indication of relationships.
The highest average mortgage indebtedness outstanding—$4,552—was reported from the District of
Columbia. For Connecticut, Delaware, and Rhode
Island, the average outstanding indebtedness on
single-family, owner-occupied nonfarm homes was
$3,144, $2,577, and $2,530, respectively. In Maryland, Virginia, Florida, and Minnesota, averages of
approximately $2,000 or more were reported. On the
other end of the scale, the average outstanding
indebtedness for Arkansas and Utah was only slightly
above $1,200. In the majority of the remaining areas
reporting, the average was in the general neighborhood
of $1,500.
Figures on average loan balance outstanding and
average property valuation reflect with considerable
accuracy the wide difference between land and building costs—and resulting valuations—in communities
of varying sizes. On the whole, the extent of the
urbanization of a community bears a direct relationship to the level of the average property valuation.
While reports from the largest and most densely
populated States still are lacking, the variations as
between urban and rural nonfarm areas already are
clearly indicated.
Highest average property valuations were reported
from the District of Columbia and the metropolitan
area of which Washington is the center—$8,878 and
$8,155, respectively. On the other hand, the average
valuation for urban properties in Kansas was $1,440.
The spread in valuations within a given State was
marked. In Oklahoma, for example, the average
valuation of rural nonfarm properties was reported at
$1,870 and that for urban areas was $3,280. For
Oklahoma City and Tulsa, average valuations were
well above $4,000. For two smaller urban areas,
Enid and Muskogee, the average valuation reported
by owners of single-family properties was $2,733 and
March 1943
$3,278, respectively. (Space limitations do not
permit the analysis of data on average property
valuation by type of institution.)
Variations in debt-to-value ratios were relatively
small, ranging from a low of 46 percent for Montana
to 55 percent for Oklahoma. The average ratio for
the District of Columbia (51 percent) was the same
as that reported from North Carolina, Tennessee, and
Colorado.
On the whole, debt-to-value ratios were higher in
urban than in rural nonfarm areas. However, six
States—Maryland, Louisiana, South Carolina, Kentucky, and Tennessee—do not conform to this rule.
DEBT-TO-VALUE RATIOS BY T Y P E
OF INSTITUTION
A summary of information on average debt-tovalue ratios of various types of institutions, m the
14 States for which complete information is now
available, showed a wide divergence in the average
reported for various types of institutions within a
given State, as well as for the same types of institutions in different sections of the country.
In seven of the 14 States, the category of " other
mortgagees 7 ' showed the highest debt-to-vahie ratios.
In three States, loan balances of mortgage companies represented the largest proportion of the value
of properties. In two States—North and South
Dakota—HOLC mortgage balances were larger in
The varying size of the holdings of mortgagees in certain areas and cities in the
State of Indiana is shown in the chart above. The circle in the center of the top
line illustrates the percentage distribution of all nonfarm mortgages on singlefamily, owner-occupied properties. The variation in the experience of different
lenders is considerable. For example, savings and loan associations held 36 percent
of all single-family urban mortgages in 1940, but in Gary and Fort Wayne they
held only a small portion of total mortgages. Holdings of life insurance companies
and mortgage companies have been combined.
175
relation to the value of the property. Life insurance
company and commercial bank loans were highest in
this respect in one State each. The ratio of mortgages held by savings banks was almost uniformly
the lowest of any type of mortgagee.
I t is interesting that the ratio of loans held by
commercial banks in Vermont was 40 percent, while
in New Mexico the average outstanding balance of
commercial bank loans represented 55 percent of the
average property valuation. A similar variation in
the average debt-to-value ratios of savings and loan
associations was evident. In Nevada the average
ratio of outstanding debt to value reported by owners
was 42.5 percent and in Georgia the same average
ratio was 54.8 percent.
Any lending institution may obtain copies of
these booklets from the Superintendent of Documents, Government Printing Office, Washington,
D. C , for 10j?f. Institutions should stipulate that
Fourth Series of Housing bulletins are desired.
A large amount of material has been tabulated
by the Bureau which could not be published. More
detailed information on interest rates, debt-to-value
ratios, and other similar data are available. Institutions may obtain this material by writing to the
Census Bureau. A small charge is made.
Directory of Member Institutions
Added during January-February
INTEREST R A T E BY PROPERTY VALUATION
The average contract interest rate charged by all
types of lenders was almost uniformly highest for
properties valued at $1,000 or less and progressively
lower for successively larger types of properties.
This fact emerges from a study of reports from 14
States on which complete information has now been
published. Typical was the report for Indiana,
where the average rate charged on loans involving
properties valued at $1,000 or less was 5.77 percent;
the rate for properties valued between $5,000 and
$5,999 was 5.45; and that for properties valued at
$10,000 to $14,999 was 5.40 percent.
Iu some States, where the sample of larger loans
was small, there was some slight deviation from
this rule. In New Mexico, the downward trend
of the rate was reversed for properties valued at
$6,000 or above. Even in this State, however, the
rate for loans on properties valued up to $4,000 was
higher than that charged for properties in the
highest brackets.
How
TO OBTAIN MATERIAL
To date, the Bureau of the Census has issued
summaries of data for 37 scattered States and the
District of Columbia.
For 14 of these States—
Maine, New Hampshire, Vermont, South Carolina,
Georgia, Alabama, Mississippi, Indiana, North
Dakota, South Dakota, Wyoming, Idaho, New
Mexico, and Nevada—bulletins containing complete tabulations of material are available for
distribution. Additional bulletins will be issued
from time to time, as publication schedules permit. 1
i Bulletins for Tennessee, North Carolina, Arizona, Arkansas, Florida,
Louisiana, Montana, and Colorado now have been published. Summary sheets
are available for Missouri, Illinois, New Jersey, and Wisconsin.
176
I. INSTITUTIONS ADMITTED TO MEMBERSHIP IN
THE FEDERAL HOME LOAN BANK SYSTEM
BETWEEN JANUARY 16 AND FEBRUARY 15, 1943
DISTRICT NO. 1
MASSACHUSETTS:
Wakefield:
Wakefield Co-Operative Bank, 365 Main Street.
DISTRICT NO. 2
N E W JERSEY:
Newark:
Barton Savings and Loan Association, 60 Park Place.
D I S T R I C T NO. 3
PENNSYLVANIA:
Philadelphia:
The New Clearfield Building and Loan Association, 2313 East Cumberland Street.
TERMINATIONS
OF
MEMBERSHIP
IN
THE
FEDERAL
HOME
L O A N B A N K S Y S T E M B E T W E E N J A N U A R Y 16 A N D F E B R U A R Y 1 5 ,
1943
N E W JERSEY:
New Brunswick:
Highland Park Building and Loan Association, 137 Church Street.
KENTUCKY:
Covington:
The Centennial Perpetual Building and Loan Association, 728 Madison
Avenue (liquidation).
II. FEDERAL SAVINGS AND LOAN ASSOCIATIONS
CHARTERED BETWEEN JANUARY
16 AND
FEBRUARY 15, 1943
DISTRICT NO. 3
PENNSYLVANIA:
Harrisburg:
First Federal Savings and Loan Association of Harrisburg, 21 South
Second Street.
Ridgway:
Ridgway Federal Savings and Loan Association, Court and Mills
Avenues.
CANCELLATION OF FEDERAL SAVINGS AND LOAN ASSOCIATION
C H A R T E R B E T W E E N J A N U A R Y 16, A N D F E B R U A R Y 15, 1943
TENNESSEE:
Tullahoma:
Tullahoma Federal Savings and Loan Association, First National Bank
Building (merger with Murfreesboro Federal Savings and Loan
Association, Murfreesboro).
III. INSTITUTIONS INSURED BY THE FEDERAL
SAVINGS AND LOAN INSURANCE CORPORATION
BETWEEN JANUARY 16 AND FEBRUARY 15, 1943
D I S T R I C T NO. 1
CONNECTICUT:
Meriden:
The Meriden Permanent Building and Loan Association, 61-63 Colony
Street.
(Continued on p. 188)
Federal Home Loan Bank Review
MORTGAGE-LENDING STATISTICS FOR SELECTED
STATES
Summaries of savings and loan lending activity in 12 States and the
District of Columbia, which account for two-thirds of all association
loans throughout the country, supplement information regularly
available in the REVIEW. Considerable variation is evident in the
experience of institutions in different areas during 1942.
•
LENDING ACTIVITY IN SELECTED STATES
PERCENT CHANGE FROM 1941 TO 1942
CONSTRUCTION
-40
-30
-sjgsSj-
UNITED STATES
CALIFORNIA
MICHIGAN
NO. CAROLINA .
NEW YORK
FLORIDA
OHIO
DIST.OFCOL.
INDIANA
MARYLAND
ILLINOIS
.
WISCONSIN.
; NEW' JERSEY.
f»EN»SYLWNfA
HOME PURCHASE
• 6 0 % -SO
-40
-30.-.
-80
REFINANCING
3
-«0%-SO
ilNfTED STATE$
CALIFORNIA
;
MICHtOAN
jNaCAROJNA
NEW YORK
FLORIDA
-•
OHIO
OfSTOFCOL.
INDIANA
MARYLAND
ILLINOIS
WISCONSIN
-40-.. -30
--20. --10
.0
+10 +2C
Hilt
ONLY a substantial volume of loans for the purchase of existing homes and for the refinancing of
mortgages prevented a more serious decline in the
lending of savings and loan associations than actually
occurred during 1942. While advances of funds for
the construction of new homes showed heavy
decreases from one year to the next, lending for the
purchase of existing properties experienced relatively
slight declines in most areas and was larger than in
the previous year in a number of instances. As a
result, the total volume of mortgage lending for
associations throughout the United States was only
about one-fourth less in 1942 than in 1941.
It is now possible to supplement national and regional data revealing this general pattern of 1942
lending activity by detailed information for selected
States. The information is based on the annual
State-by-State survey of mortgage-lending activity
conducted by the Division of Operating Statistics,
covering 12 leading States and the District of Columbia. The regions included in the State-by-State
analysis accounted for approximately 66 percent of
all mortgage-lending activity of savings and loan
associations last year, a somewhat higher proportion
than during 1941.
l
•
••
••
—
NEW JERSEY
PENNSYLVANIA
lliililillilil
IlllpilliilS
ACTIVITY IN VARIOUS STATES
The heavy decline in new construction lending, ranging from about 33 percent
in New Jersey to more than 80 percent in Florida, was the outstanding element in
the operations of savings and loan associations in 13 selected areas. Declines in
other types of lending activity were relatively slight, and some year-to-year
increases were noted.
Total lending of savings and loan associations in
the 13 areas surveyed was less affected by the
events of the past year than that of institutions
throughout the rest of the country, having declined
only 22 percent from 1941 levels. However, there was
wide divergence in the experience of associations in
individual States.
In Maryland, total mortgage advances were only
10 percent less than in 1941. For five States—
Pennsylvania, Ohio, Wisconsin, Indiana, and New
Jersey—as well as the District of Columbia, total
lending of savings and loan associations was between
10 and 20 percent below 1941 figures. In six of the
seven remaining areas, lending was between one-
fourth and one-third less than in 1941. Only in
Florida were advances for all purposes more than 50
percent below those for the previous year.
The decrease in lending for new homes, on the
other hand, ranged from one-third for New Jersey
to more than 84 percent in Florida. In 10 of the
13 States, construction loans were 50 percent or
more below lending for the same purpose in the preceding period.
In the face of this heavy decline in new home loans,
the volume of home-purchase lending was equal to
or greater than in 1941 for seven of the States and
the District of Columbia. In Wisconsin and California, loans for this purpose were more than 20 percent
March 1943
513766—43
177
2
above 1941 levels. Only in Illinois, New York^ and
Florida was the year-to-year percentage decline
greater than 10 percent. In Florida, the largest loser
in this respect, 1942 lending for home purchase was
more than 24 percent below 1941 volume.
Loans refinancing existing mortgage instruments
also were relatively stable during the year. In
New Jersey and Florida, refinancing activity was
only fractionally lower than in 1941; and in the
District of Columbia, loans made by savings and
loan associations for this purpose showed an increase
of more than 6 percent over the previous year.
Only in Maryland was a decline of more than onefourth reported for this type of loan.
While funds advanced for reconditioning existing
property and for other purposes showed heavy decreases in some instances, they represent so small a
portion of total lending of savings and loan associations that the decline had relatively little effect
upon the total picture.
NEW LOANS MADE BY SAVINGS AND LOAN ASSOC8ATIONS
DURING THE YEAR
1942
PERCENT DISTRIBUTION BY PURPOSE OF LOAN
PERCENT
Tl94 I
[J_942
UNITED
STATES
CALIFORNIA
MICHIGAN
NO. CAROLINA
NEW YORK
FLORIDA
OHIO
DIST. OF COL.
INDIANA
MARYLAND
ILLINOIS
WISCONSIN
NEW JERSEY
PENNSYLVANIA
CONSTRUCTION
REFINANCING
HOME PURCHASE
Lending by all savings and loan associations for the construction of new homes
dropped from more than 30 percent of all loans made in 1941 to less than 20 percent
in 1942. Lending for the purchase of existing homes accounted for more than 50
percent of all loans in 1942 as against only about 40 percent for the previous year.
This same general trend can be noted in the operations of all associations.
DISTRIBUTION OF LOANS
This summary of 1942 activity highlights the fact
that for the remaining war years savings and loan
associations must place major dependence upon
New loans made by savings and loan associations
in selected States—1941 and 1942
[Thousands of dollars]
struc- Home
R e f i n a n c - ReconState a n d year C o ntion
ditioning
ing
purchase
California:
1941
1942
D i s t . of Col.:
1941
1942
Florida:
1941
1942
Illinois:
1941
1942
Indiana:
1941
1942
Maryland:
1941
1942
Michigan:
1941
1942
N e w Jersey:
1941
1942
New York:
1941
1942
N . Carolina:
1941
1942
Ohio:
1941
1942
Pennsylvania:
1941
1942
Wisconsin:
1941
1942
178
Other
Total
$54,037
22,109
$22, 843
29, 872
$12,896
10, 575
$2, 285
1,703
$8, 246
6,498
$100, 307
70, 757
16,068
6,690
11,051
10, 983
14, 240
15,162
1,007
565
8,601
6, 792
50,967
40, 492
12,167
1,935
3,326
2,516
2,219
2,202
1,059
476
2,925
1,183
21, 695
8,312
27, 885
11, 563
47,471
41, 922
16, 988
13, 498
6,645
4,535
6,828
5,609
105, 817
77,127
11,857
5,953
17, 673
19, 497
6,069
5,378
4,211
3,035
2,918
2,363
42, 728
36, 226
10, 323
5,775
26, 523
28, 355
2,054
1,193
344
335
988
702
40, 232
36, 360
13,075
6,216
7,337
8,092
4,718
4,098
901
643
1,843
1, 647
27, 874
20, 696
10, 448
7, 044
35,029
32, 431
7,870
7,853
1,968
2,110
5,100
3,307
60,415
52, 745
28,404
12, 724
36, 259
30,697
7,017
5,604
2,263
1,873
4,017
2,421
77,960
53,319
12, 563
5,107
7,376
6,663
3,653
2,973
2,109
1,451
4,518
3,630
30, 219
19, 824
61,780
29,041
94,669
99,105
26, 092
24, 874
8,149
5,733
16, 367
12,290
207,057
171,043
18,140
10,906
64, 534
62,790
13, 432
11, 700
3,722
2,264
2,790
2,589
102, 618
90, 249
9,177
3,500
12,196
14, 665
4,084
3,226
1,739
960
2,910
1,647
30,106
23, 998
home-purchase lending. During 1942 loans for
this purpose represented a substantially larger share
of total business than in the previous year. In
Maryland these loans accounted for almost 80 percent of 1942 lending. In New Jersey, Wisconsin,
and Pennsylvania, between 60 and 70 percent of all
loans made during the year involved the purchase of
existing homes. With the exception of the District
of Columbia, where 37 percent of all loans were for
the purpose of refinancing existing mortgages, homepurchase lending accounted for the major share of
the activity of savings and loan associations.
More
on Lommu nity S ervice
•
TO stimulate public interest in the planting of
"Victory Gardens/' the New England Federal
Savings League is urging associations to feature home
gardening in current advertising. The first test of an
advertising campaign, offering a free " Victory
Garden K i t " for general distribution, has met with
considerable success.
Two newspaper advertisements, carried in a
Worcester, Massachusetts, newspaper brought more
than 300 inquiries in a single day. Almost all of the
queries were made by persons coming to the institution cooperating in the initial test of the program. Further advertising was withheld so that
the association might arrange for a larger printing
of the kit materials.
Federal Home Loan Bank Review
HONOR ROLL OF WAR BOND SALES
Tins month's Honor Roll is the largest
ever published in the R E V I E W , and
is backed up by the largest volume
of sales ever reported by Bank
System members in any one month. More than
$34,000,000 of war bonds and other Government
obligations were sold to the general public during
January and, in addition, almost $40,000,000 was
bought by these institutions for their own investment
portfolios. This total of approximately $75,000,000
is indicative of the substantial contribution of Bank
System members on the "financial front."
There are 543 institutions included in the following
list—an increase of 133 over the December roll; but
the real test will come in the " staying power" of
these members who must maintain the 1-percentper-month pace throughout the year.
Honors for the largest volume of sales to the
public in January go to the First Federal Savings and
Loan Association of Chicago, Illinois, which established the high mark of $1,009,202. The first Federal
Savings and Loan Association of New York, New
York, ranked second with sales of almost $800,000.
The Haller Savings and Loan Association of Chicago, Illinois, reported sales for the month equal to
92 percent of its total assets.
We welcome those member institutions which
appear either on the Honor Roll or in the "Tops in
Volume" list for the first time, and hope that the
new goals will provide a stimulus to fulfill the requirements each month. All reports are now based
on sales to the general public and the volume is
figured on the issue or cash price of all obligations.
Each asterisk indicates sales equal to 5 percent of
a member's assets.
NO. 1—BOSTON
Branford Federal Savings and Loan Association, Branford, Conn.
Bristol Federal Savings and Loan Association, Bristol, Conn.
First Federal Savings and Loan Association, Lewiston, Maine
Ipswich Co-Operative Bank, Ipswich, Mass.
Savings Bank of Manchester, Manchester, Conn.
Uxbridge Co-Operative Bank, Uxbridge, Mass.
NO. 2—NEW YORK
* Amsterdam Federal Savings and Loan Association, Amsterdam, N. Y.
Bay Shore Federal Savings and Loan Association, Bay Shore, N. Y.
Berkeley Savings and Loan Association, Newark, N. J.
Black Rock-Riverside Savings and Loan Association, Buffalo, N. Y.
Bloomfield Savings Institution, Bloomfield, N. J.
Boiling Springs Savings and Loan Association, Rutherford, N. J.
Bronx Federal Savings and Loan Association, Bronx, N. Y.
Caldwell Building and Loan Association, Caldwell, N. J.
Carteret Savings and Loan Association, Newark, N. J..
March 1943
*Center Savings and Loan Association, Clifton, N . J .
Closter Mutual Savings and Loan Association, Closter, N. J.
Columbia Savings and Loan Association, Woodhaven, N. J.
Cranford Savings and Loan Association, Cranford, N. J.
East Rochester Federal Savings and Loan Association, East Rochester, N. Y.
Elmhurst Savings and Loan Association, Jackson Heights, N. Y.
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.
Fort Lee Building and Loan Association, Fort Lee, N. J.
Genesee County Savings and Loan Association, Batavia, N. Y.
Larchmont Federal Savings and Loan Association, Larchmont, N. Y.
Long Beach Federal Savings and Loan Association, Long Beach, N. Y.
May wood Savings and Loan Association, Maywood, N. J.
Mohawk Savings and Loan Association, Newark, N. J.
North Jersey Savings and Loan Association, Passaic, N. J.
*North Park Savings and Loan Association, Elizabeth, N. J.
North Plainfleld Building and Loan Association, North Plainfield, N. J.
North Shore Federal Savings and Loan Association, Port Richmond, N. Y.
Pequannock and Wayne Building and Loan Association, Mountain View, N. J.
Reliance Federal Savings and Loan Association, Queens Village, N. Y.
Schuyler Building and Loan Association, Kearny, N. J.
Security Building and Loan Association, Oswego, N. Y.
Summit Federal Savings and Loan Association, Summit, N. J.
Wallington Building and Loan Association, Wallington, N. J.
Walton Savings and Loan Association, Walton, N. Y.
White Plains Federal Savings and Loan Association, White Plains, N. Y.
NO. 3 - P I T T S B U R G H
Alvin Progressive Federal Savings and Loan Association, Philadelphia, Pa.
"Benjamin Franklin Federal Savings and Loan Association, Philadelphia, Pa.
Brentwood Federal Savings and Loan Association, Brentwood, Pa.
Burton C. Simon Building and Loan Association, Philadelphia, Pa.
Cayuga Federal Savings and Loan Association, Philadelphia, Pa.
Collingdale Federal Savings and Loan Association, Collingdale, Pa.
**Colonial Federal Savings and Loan Association, Philadelphia, Pa.
Concord-Liberty Savings and Loan Association, Pittsburgh, Pa.
Duquesne Heights Building and Loan Association, Pittsburgh, Pa.
Ellwood City Federal Savings and Loan Association, Ellwood City, Pa.
Fidelity Federal Savings and Loan Association, Philadelphia, Pa.
First Federal Savings and Loan Association of Bucks County, Bristol, Pa.
First Federal Savings and Loan Association, Charleston, W. Va.
First Federal Savings and Loan Association, Homestead, Pa.
First Federal Savings and Loan Association, Logan, W. Va.
First Federal Savings and Loan Association, New Castle, Pa.
First Federal Savings and Loan Association, Wilkes-Barre, Pa.
First Philadelphia Savings and Loan Association, Philadelphia, Pa.
Franklin Federal Savings and Loan Association, Pittsburgh, Pa.
Garfield Federal Savings and Loan Association, Philadelphia, Pa.
Grand Union Federal Savings and Loan Association, Philadelphia, Pa.
Hazleton Federal Savings and Loan Association, Hazleton, Pa.
Indiana County Building and Loan Association, Indiana, Pa.
Lansdowne Federal Savings and Loan Association, Lansdowne, Pa.
Liberty Federal Savings and Loan Association, Philadelphia, Pa.
* Metropolitan Federal Savings and Loan Association, Philadelphia, Pa.
****Mid-City Federal Savings and Loan Association, Philadelphia, Pa.
Mifflin County Building and Loan Association, Lewistown, Pa.
Monaca Federal Savings and Loan Association, Monaca, Pa.
Montour Valley Savings, Building and Loan Association, Imperial, Pa.
Mutual Building and Loan Association, Erie, Pa.
North East Federal Savings and Loan Association, Philadelphia, Pa.
North Philadelphia Federal Savings and Loan Association, Philadelphia, Pa.
Protected Future Savings and Loan Association, Philadelphia, Pa.
Quaker City Federal Savings and Loan Association, Philadelphia, Pa.
Reliance Federal Savings and Loan Association, Philadelphia, Pa.
Roxborough-Manayunk Federal Savings and Loan Association, Philadelphia, Pa.
St. Edmond's Building and Loan Association, Philadelphia, Pa.
Third Federal Savings and Loan Association, Philadelphia, Pa.
Troy Hill Federal Savings and Loan Association, Pittsburgh, Pa.
United Federal Savings and Loan Association, Morgantown, W. Va.
West Philadelphia Federal Savings and Loan Association, Philadelphia, Pa.
179
Tops in V o l u m e
The 25 member institutions which reported the largest sale of ivar-savings
bonds and stamps during January 19^3
1. First Federal Savings and Loan Association, Chicago, 111. $1,009, 202
2. First Federal Savings and Loan Association, New York,
N. Y
798,858
3. Peoples Savings Association, Toledo, Ohio
396,887
4. Equity Savings and Loan Company, Cleveland, Ohio_
389, 224
5. Citizens Federal Savings and Loan Association, Dayton,
Ohio
347,169
6. Mid-City Federal Savings and Loan Association, Philadelphia, Pa
333,771
7. First Federal Savings and Loan Association, Rochester,
N. Y
318,458
8. Old Colony Co-operative Bank, Worcester, Mass
298,194
9. Railroadmen's Federal Savings and Loan Association,
Indianapolis, Ind
288,544
10. Bloomfield Savings Institution, Bloomfield, N. J
263, 872
11. Worcester Co-Operative Federal Savings and Loan Association, Worcester, Mass
250,027
12. Independent Building-Loan Association, San Jose, Calif236, 251
13. San Antonio Building and Loan Association, San Antonio,
Tex
225,436
14. Buckeye Loan and Building Company, Cincinnati, Ohio_
211,388
15. Minnesota Federal Savings and Loan Association, St.
Paul, Minn
210,460
16. Harvey Federal Savings and Loan Association, Harvey,
111
206,818
17. Amoskeag Savings Bank, Manchester, N. H
196,448
18. Home Federal Savings and Loan Association, San Diego,
Calif
184,470
19. Wm. H. Evans Building and Loan Association, Akron,
Ohio
182,761
20. Capitol Federal Savings and Loan Association, Topeka,
Kans
180,053
21. Colonial Federal Savings and Loan Association, Philadelphia, Pa
172,818
22. Gem City Building and Loan Association, Dayton, Ohio_
162,952
23. Houston First Federal Savings and Loan Association,
Houston, Tex
162,324
24. Worcester County Institute for Savings, Worcester, Mass.
159, 275
25. Progress Savings and Loan Company, Cleveland, Ohio_.
157, 780
West View Building and Loan Association, West View, Pa.
Willow Grove Federal Savings and Loan Association, Willow Grove, Pa.
Workingmen's Savings and Loan Association, Pittsburgh, Pa.
NO. 4—WINSTON-SALEM
Anson Building and Loan Association, Wadesboro, N. C.
•Atlantic Federal Savings and Loan Association, Baltimore, Md.
Bartow Federal Savings and Loan Assocation, Bartow, Fla.
Bedford Federal Savings and Loan Association, Bedford, Va.
Belmont Building and Loan Association, Belmont, N. C.
•Birmingham Federal Savings and Loan Association, Birmingham, Ala.
Bohemian American Building Association, Baltimore, Md.
Brevard Federal Savings and Loan Association, Brevard, N. C.
Citizens Federal Savings and Loan Association, Rome, Ga.
Clewiston Federal Savings and Loan Association, Clewiston, Fla.
Clyde Building and Loan Association, Clyde, N. C.
Community Federal Savings and Loan Association, Burlington, N. C.
Cooper River Federal Savings and Loan Association, North Charleston, S. C.
Donalsonville Federal Savings and Loan Association, Donalsonville, Ga.
Enfield Building and Loan Association, Enfield, N. C.
•First Federal Savings and Loan Association, Andalusia, Ala.
First Federal Savings and Loan Association, Anderson, S. C.
First Federal Savings and Loan Association, Augusta, Ga.
First Federal Savings and Loan Association, Clearwater, Fla.
**First Federal Savings and Loan Association, Cordele, Ga.
First Federal Savings and Loan Association, Darlington, S. C.
First Federal Savings and Loan Association, Decatur, Ala.
First Federal Savings and Loan Association, Eustis, Fla.
180
First Federal Savings and Loan Association, Forest City, N. C.
First Federal Savings and Loan Association, Gastonia, N. C.
First Federal Savings and Loan Association, Greenville, N. C.
First Federal Savings and Loan Association, Greenville, S. C.
First Federal Savings and Loan Association, Hendersonville, N. C.
•First Federal Savings and Loan Association, Huntsville, Ala.
First Federal Savings and Loan Association, Jacksonville, Fla.
First Federal Savings and Loan Association, Jasper, Ala.
First Federal Savings and Loan Association, Lancaster, S. C.
First Federal Savings and Loan Association, Mobile, Ala.
First Federal Savings and Loan Association, Montgomery, Ala.
First Federal Savings and Loan Association, Panama City, Fla.
First Federal Savings and Loan Association, Phenix City, Ala.
First Federal Savings and Loan Association, Rocky Mount, N. C.
First Federal Savings and Loan Association, St. Petersburg, Fla.
First Federal Savings and Loan Association, Sumter, S. C.
First Federal Savings and Loan Association, Vero Beach, Fla.
First Federal Savings and Loan Association, Washington, D. C.
•First Federal Savings and Loan Association, Winder, Ga.
First State Building and Loan Association, Spartanburg, S. C.
Fitzgerald Federal Savings and Loan Association, Fitzgerald, Ga.
Fort Hill Federal Savings and Loan Association, Clemson,
C.
Gate City Building and Loan Association, Greensboro, N. C.
Hamlet Building and Loan Association, Hamlet, N. C.
Home Building and Loan Association, Atlanta, Ga.
•Home Building and Loan Association, Easley, S. C.
Home Mutual Building and Loan Association, Washington, D. C.
Irvington Federal Savings and Loan Association, Baltimore, Md.
Lexington County Building and Loan Association, West Columbia,, s. c.
Macon Federal Savings and Loan Association, Macon, Ga.
Marianna Federal Savings and Loan Association, Marianna, Fla.
Marion Federal Savings and Loan Association, Marion, S. C.
Martin County Building and Loan Association, Williamston, N. C.
Miami Beach Federal Savings and Loan Association, Miami Beach, Fla.
Moultrie Federal Savings and Loan Association, Moultrie, Ga.
Mutual Building and Loan Association, Martinsville, Va.
Peoples Building and Loan Association, York, S. C.
•Peoples Mutual Building and Loan Association, Mt. Gilead, N. C.
Peoples Savings and Loan Association, Ensley, Ala.
Perpetual Building and Loan Association, Anderson, S. C.
Piedmont Federal Savings and Loan Association, Winston-Salem, N. C.
Pulaski Mutual Building and Loan Association, Pulaski, Va.
Randolph County Federal Savings and Loan Association, Cuthbert, Ga.
•Richmond County Building and Loan Association, Rockingham, N. C.
Riverside Federal Savings and Loan Association, Baltimore, Md.
Rosedale Federal Savings and Loan Association, Overlea, Md.
Security Federal Savings and Loan Association, Columbia, S. C.
Standard Building and Loan Association, Columbia, S. C.
Stephens Federal Savings and Loan Association, Toccoa, Ga.
•Sun Federal Savings and Loan Association, Baltimore, Md.
Tallahassee Federal Savings and Loan Association, Tallahassee, Fla.
Tifton Federal Savings and Loan Association, Tifton, Ga.
Valdese Building and Loan Association, Valdese, N. C.
Wateree Building and Loan Association, Camden, S. C.
Weldon Building and Loan Association, Weldon, N. C.
Workmen's Federal Savings and Loan Association, Mt. Airy, N. C.
Wyman Park Federal Savings and Loan Association, Baltimore, Md.
NO. 5—CINCINNATI
Allemania Building and Loan Company, Columbus, Ohio.
Athens Federal Savings and Loan Association, Athens, Tenn.
Bedford Savings and Loan Company; Bedford, Ohio
Bremen Street Loan and Building Company, Cincinnati, Ohio
Brookville Building and Savings Association, Brookville, Ohio
•Buckeye Loan and Building Company, Cincinnati, Ohio
Butler Building and Loan Company, Hamilton, Ohio
Calhoun Loan and Building Company #2, Cincinnati, Ohio .
Central Building and Loan Company, Lima, Ohio
Citizens Federal Savings and Loan Association, Dayton, Ohio
Citizens Federal Savings and Loan Association, Delphos, Ohio
Cookeville Federal Savings and Loan Association, Cooke ville, Tenn.
East Cleveland Savings and Loan Company, East Cleveland, Ohio
Equity Savings and Loan Company, Cleveland, Ohio
Fidelity Building Association, Dayton, Ohio
First Federal Savings and Loan Association, Columbus, Ohio
First Federal Savings and Loan Association, Defiance, Ohio
Federal Home Loan Bank Review
First Federal Savings and Loan Association, Dickson, Tenn.
First Federal Savings and Loan Association, Galion, Ohio
* First Federal Savings and Loan Association, Greeneville, Tenn.
First Federal Savings and Loan Association, LaFollette, Temi.
First Federal Savings and Loan Association, Lorain, Ohio
First Federal Savings and Loan Association, Mt. Vernon, Ohio
First Federal Savings and Loan Association, Van Wert, Ohio
First Federal Savings and Loan Association, Warren, Ohio
First Federal Savings and Loan Association, Willoughby, Ohio
First Federal Savings and Loan Association, Youngstown, Ohio
Fulton Building and Loan Association, Fulton, Ky.
Genoa Savings and Loan Company, Genoa, Ohio
H. B. Smith Building and Loan Company, Fremont, Ohio
Hancock Savings and Loan Company, Findlay, Ohio
Hickman Federal Savings and Loan Association, Hickman, Ky.
Home Federal Savings and Loan Association, Knoxville, Tenn.
Home Savings and Loan Association, Dayton, Ohio
Home Savings and Loan Association, Wapakoneta, Ohio
Home Savings and Loan Company, Columbiana, Ohio
Hyde Park Building and Loan Company, Cincinnati, Ohio
Kentucky Federal Savings and Loan Association, Covington, Ky.
Maury County Federal Savings and Loan Association, Mt. Pleasant, Tenn.
McKinley Federal Savings and Loan Association, Niles, Ohio
Mutual Federal Savings and Loan Association, Sidney, Ohio
Newport Federal Savings and Loan Association, Newport, Tenn.
North Hill Savings and Loan Company, Akron, Ohio
Oakley Building and Loan Company, Cincinnati, Ohio
Ohio Savings and Loan Association, Fostoria, Ohio
Orol Federal Savings and Loan Association, Lakewood, Ohio
Peoples Federal Savings and Loan Association, Leetonia, Ohio
Peoples Loan and Saving Company, Sandusky Ohio
Peoples Savings and Loan Association, Cleveland, Ohio
Peoples Savings Association, Toledo, Ohio
•Progress Savings and Loan Company, Cleveland, Ohio
Provident Building and Loan Association, Cleveland, Ohio
Security Savings, Loan and Building Company, Newport, Ky.
•Security Federal Savings and Loan Association, Bellefontaine, Ohio
Shaker Heights Savings Association, Shaker Heights, Ohio
South Side Federal Savings and Loan Association, Cleveland, Ohio
St. Hyacinths Savings and Loan Association, Cleveland, Ohio
Star Federal Savings and Loan Association, Covington, Ky.
•Suburban Federal Savings and Loan Association, Covington, Ky.
Tatra Savings and Loan Company, Cleveland, Ohio
Taylor County Federal Savings and Loan Association, Campbellsville, Ky.
Third Equitable Building and Loan Company, Cadiz, Ohio
Third Federal Savings and Loan Association, Cleveland, Ohio
Ukrainian Savings Company, Cleveland, Ohio
**Van Wert Federal Savings and Loan Association, Van Wert, Ohio
Warsaw Savings and Loan Association, Cleveland, Ohio
West Jefferson Building and Loan Company, West Jefferson, Ohio
West Side Federal Savings and Loan Association, Hamilton, Ohio
Wm. H. Evans Building and Loan Association, Akron, Ohio
NO. 6—INDIANAPOLIS
Adrian Federal Savings and Loan Association, Adrian, Mich.
American Building Aid Association #6, Madison, Ind.
Ben Franklin Savings and Loan Association, Jackson, Mich.
Calumet Federal Savings and Loan Association, Hammond, Ind.
Charlotte Federal Savings and Loan Association, Charlotte, Mich.
Citizens Building and Loan Association, Columbus, Ind.
Dearborn Federal Savings and Loan Association, Dearborn, Mich.
First Federal Savings and Loan Association, Angola, Ind.
First Federal Savings and Loan Association, Jeffersonville, Ind.
First Federal Savings and Loan Association, Michigan City, Ind.
First Federal Savings and Loan Association, Washington, Ind.
Griffith Federal Savings and Loan Association, Griffith, Ind.
Industrial Savings and Loan Association, East Chicago, Ind.
Liberty Savings and Loan Association, Whiting, Ind.
Logansport Building and Loan Association, Logansport, Ind.
Menominee Home and Investment Association, Menominee, Mich.
Monon Building Loan and Savings Association, Monon, Ind.
Mooresville Federal Savings and Loan Association, Mooresville, Ind.
•Mount Clemens Federal Savings and Loan Association, Mount Clemens, Mich.
North Side Federal Savings and Loan Association, Evansville, Ind.
Peoples Federal Savings and Loan Association, East Chicago, Ind.
Peoples Federal Savings and Loan Association, Monroe, Mich.
Peoples Federal Savings and Loan Association, Royal Oak, Mich.
March 1943
513766-
Peoples Savings and Loan Association, Huntington, Ind.
Prudential Building Loan and Savings Association, Fort Wayne, Ind.
Rural Loan and Savings Association, Hartford City, Ind.
Sobieski Federal Savings and Loan Association, South Bend, Ind.
Tell City Federal Savings and Loan Association, Tell City, Ind.
Twelve Points Savings and Loan Association, Terre Haute, Ind.
NO. 7—CHICAGO
Abraham Lincoln Building and Loan Association, Chicago, 111.
••••Acme Savings and Loan Association, Milwaukee, Wis.
Amery Federal Savings and Loan Association, Amery, Wis.
Amity Federal Savings and Loan Association, Chicago, 111.
Atlas Savings and Loan Association, Milwaukee, Wis.
Auburn Building and Loan Association, Auburn, 111.
Avondale Building and Loan Association, Chicago, 111.
••Black Hawk Federal Savings and Loan Association, Rock Island, 111.
Bushnell Federal Savings and Loan Association, Bushnell, 111.
Chicago Saving0 and Loan Association, Chicago, 111.
City Savings and Loan Association, Chicago, 111.
Clin ton ville Federal Savings and Loan Association, Clin ton ville, Wis.
Clyde Savings and Loan Association, Cicero, 111.
Columbus Savings and Loan Association, Chicago, 111.
A Message from the Governor
Nearly a year ago the Honor Roll was established to give recognition to those member
institutions of the Federal Home Loan Bank
System which are giving outstanding assistance to the Treasury in its campaign to finance
the War through voluntary savings. During
that year the membership has made a steadily
increasing contribution to the war-savings
drive. Despite the constant raising of standards, the Honor Boll has continued to grow
as our institutions have devoted more and
more of their energies to this task. We can
be justly proud ol the record.
As we begin another year we are urged to
set new and higher objectives for the coming
months—objectives commensurate with the
task which lies ahead, and with the full possibilities of service inherent in our industry.
The new Honor Roll requirement of sales
equal to at least 1 percent of assets each
month is a challenge to our membership. I
know that our member institutions will meet
this challenge in the patriotic spirit and with
the solid performance w^hich they have never
failed to demonstrate in an emergency.
coo
JAMES TWOHY, Governor
FEDERAL HOME LOAN
BANK SYSTEM
18!
-43
Community Building and Loan Association, Milwaukee, Wis.
Concord Savings and Loan Association, Chicago, 111.
Continental Savings and Loan Association, Chicago, 111.
Cook County Federal Savings and Loan Association, Chicago, 111.
Cragin Savings and Loan Association, Chicago, 111.
Crawford Building and Loan Association, Robinson, 111.
Damen Savings and Loan Association, Chicago, 111.
DePere Federal Savings and Loan Association, DePere, Wis.
East Side Federal Savings and Loan Association, Milwaukee, Wris.
Eureka Building Association, LaSalle, 111.
Fairfield Savings and Loan Association, Chicago, 111.
*First Calumet Savings and Loan Association, Calumet City, 111.
*First Federal Savings and Loan Association, Chicago, 111.
First Federal Savings and Loan Association, Des Plaines, 111.
First Federal Savings and Loan Association, Elgin, 111.
First Federal Savings and Loan Association, Streator, 111.
First Federal Savings and Loan Association, Wilmette, 111.
Gage Park Savings and Loan Association, Chicago, 111.
General Sowinski Building and Loan Association, Cicero, 111.
Guaranty Savings and Loan Association, Chicago, 111.
******************jja]]er g a v i n g S a n ( j Loan Association, Chicago, 111.
*Harvey Federal Savings and Loan Association, Harvey, 111.
Hegewisch Federal Savings and Loan Association, Chicago, 111.
Hemlock Savings and Loan Association, Chicago, 111.
* "Illinois Federal Savings and Loan Association, Chicago, 111.
Investors Savings and Loan Association, Chicago, 111.
Keistuto 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.
Lawndale Savings and Loan Association, Chicago, 111.
Liberty Savings and Loan Association, Chicago, 111.
Libertyville Federal Savings and Loan Association, Libertyville, 111.
Lombard Building and Loan Association of DuPage County, Lombard, 111.
Merchants and Mechanics Building and Loan Association, Springfield, 111.
Merrill Federal Savings and Loan Association, Merrill, Wis.
Milford Building and Loan Association, Milford, 111.
Modern Federal Savings and Loan Association, Milwaukee, Wis.
Mt. Vernon Loan and Building Association, Mt. Vernon, 111.
Narodni Savings and Loan Association, Chicago, 111.
National Savings and Loan Association, Chicago, 111.
New City Savings and Loan Association, Chicago, 111.
New London Savings and Loan Association, New London, Wis.
North Shore Savings and Loan Association, Shorewood, Wis.
North WTest Federal Savings and Loan Association, Chicago, 111.
**Northwestern Bohemian Building and Loan Association, Chicago, 111.
Ogden Federal Savings and Loan Association, Berwyn, 111.
Park Ridge Federal Savings and Loan Association, Park Ridge, 111.
Peoples Federal Savings and Loan Association, Peoria, 111.
Peoples Savings and Loan Association of Roseland, Chicago, 111.
Peru Federal Savings and Loan Association, Peru, 111.
Prairie State Savings and Loan Association, Chicago, 111.
Public Savings and Loan Association, Chicago, 111.
Pulaski Savings and Loan Association, Milwaukee, Wis.
Reliance Building and Loan Association, Milwaukee, Wis.
Richland Center Federal Savings and Loan Association, Richland Center, Wris.
Ripon Federal Savings and Loan Association, Ripon, Wis.
Sacramento Avenue Building and Loan Association, Chicago, 111.
•Security Federal Savings and Loan Association, Chicago, 111.
Security Federal Savings and Loan Association, Springfield, 111.
Springfield Building and Loan Association, Springfield, 111.
Talman Federal Savings and Loan Association, Chicago, 111.
United Savings and Loan Association, Chicago, 111.
Universal Savings and Loan Association, Chicago, 111.
Uptown Federal Savings and Loan Association, Chicago, 111.
Valentine Federal Savings and Loan Association, Cicero, 111.
Virginia Building and Savings Association, Virginia, 111.
West Highland Savings and Loan Association, Chicago, 111.
West Pullman Savings and Loan Association, Chicago, 111.
NO. 8—DES MOINES
* Albert Lea Building and Loan Association, Albert Lea, Minn.
Alexandria Federal Savings and Loan Association, Alexandria, Minn.
American Home Building and Loan Association, St. Louis, Mo.
Burlington Federal Savings and Loan Association, Burlington, Iowa
First Federal Savings and Loan Association, Fargo, N. Dak.
First Federal Savings and Loan Association, Jamestown, N . Dak.
182
First Federal Savings and Loan Association, Rock Rapids, Iowa
First Federal Savings and Loan Association, Thief River Falls, Minn.
*Home Building and Loan Association, Fort Dodge, Iowa
Home Building and Loan Association, Joplin, Mo.
Home Building and Loan Association, Marion, Iowa
Home Building Loan and Savings Association, Sioux City, Iowa
Independence Savings and Loan Association, Independence, Mo.
*Mandan Building and Loan Association, Mandan, N. Dak.
Minot Federal Savings and Loan Association, Minot, N. Dak.
Minnesota Federal Savings and Loan Association, St. Paul, Minn.
*Owatonna Federal Savings and Loan Association, Owatonna, Minn.
Perry Federal Savings and Loan Association, Perry, Iowa
Public Service Company's Savings and Loan Association, Kansas City, Mo.
Sentinel Federal Savings and Loan Association, Kansas City, Mo.
*St. Joseph Savings and Loan Association, St. Joseph, Mo.
Standard Federal Savings and Loan Association, Kansas City, Mo.
Willmar Federal Savings and Loan Association, Willmar, Minn.
NO. 9 - L I T T L E ROCK
Abilene Savings and Loan Association, Abilene, Tex.
American Homestead Association, New Orleans, La.
*Amory Federal Savings and Loan Association, Amory, Miss.
Arkadelphia Federal Savings and Loan Association, Arkadelphia, Ark.
***Atlanta Federal Savings and Loan Association, Atlanta, Tex.
*Batesville Federal Savings and Loan Association, Batesville, Ark.
Brownwood Federal Savings and Loan Association, Brownwood, Tex.
Citizens Federal Savings and Loan Association, Jonesboro, Ark.
Coast Federal Savings and Loan Association, Gulfport, Miss.
* Colorado Federal Savings and Loan Association, Colorado, Tex.
Continental Building and Loan Association, New Orleans, La.
*Corsicana Federal Savings and Loan Association, Corsicana, Tex.
Dalhart Federal Savings and Loan Association, Dalhart, Tex.
Dallas Federal Savings and Loan Association, Dallas, Tex.
Davy Crockett Federal Savings and Loan Association, Crockett, Tex.
******Demm.g Federal Savings and Loan Association, Deming, New Mex.
*Delta Federal Savings and Loan Association, Greenville, Miss.
****Electra Federal Savings and Loan Association, Electra, Tex.
El Paso Federal Savings and Loan Association, El Paso, Tex.
*Equitable Building and Loan Association, Roswell, N. Mex.
Fayetteville Building and Loan Association, Fayetteville, Ark.
Fifth District Homestead Society, New Orleans, La.
First Federal Savings and Loan Association, Aberdeen, Miss.
First Federal Savings and Loan Association, Beaumont, Tex.
****First Federal Savings and Loan Association, Belzoni, Miss.
First Federal Savings and Loan Association, Big Spring, Tex.
First Federal Savings and Loan Association, Biloxi, Miss.
First Federal Savings and Loan Association, Canton, Miss.
First Federal Savings and Loan Association, Corinth, Miss.
First Federal Savings and Loan Association, Corpus Christi, Tex.
First Federal Savings and Loan Association, El Paso, Tex.
First Federal Savings and Loan Association, Fort Smith, Ark.
First Federal Savings and Loan Association, Helena, Ark.
First Federal Savings and Loan Association, Hot Springs, Ark.
First Federal Savings and Loan Association, Jackson, Miss.
First Federal Savings and Loan Association, Laredo, Tex.
First Federal Savings and Loan Association, Las Vegas, N. Mex.
First Federal Savings and Loan Association, Little Rock, Ark.
First Federal Savings and Loan Association, Lubbock, Tex.
First Federal Savings and Loan Association, Luling, Tex.
First Federal Savings and Loan Association, McComb, Miss.
First Federal Savings and Loan Association, Shreveport, La.
First Federal Savings and Loan Association, Starkville, Miss.
First Federal Savings and Loan Association, Tyler, Tex.
First Federal Savings and Loan Association, Waco, Tex.
First Federal Savings and Loan Association, Wichita Falls, Tex.
Fort Bend Federal Savings and Loan Association, Rosenberg Tex.
Gallup Federal Savings and Loan Association, Gallup, N. Mex.
Greater New Orleans Homestead Association, New Orleans, La.
Guaranty Savings and Homestead Association, New Orleans, La.
Harrison Federal Savings and Loan Association, Harrison, Ark.
Hill Country Federal Savings and Loan Association, Kerrville, Tex.
Henderson Federal Savings and Loan Association, Henderson, Tex.
Home Building and Loan Association, Lafayette, La.
Houston First Federal Savings and Loan Association, Houston, Tex.
Inter-City Federal Savings and Loan Association, Louisville, Miss.
Jasper Federal Savings and Loan Association, Jasper, Tex.
Jennings Federal Savings and Loan Association, Jennings, La.
Federal Home Loan Bank Review
Kosciusko Building and Loan Association, Kosciusko, Miss.
Mineral Wells Building and Loan Association, Mineral Wells, Tex.
Mississippi Building and Loan Association, Vicksburg, Miss.
Morrilton Federal Savings and Loan Association, Morrilton, Ark.
Mutual Building and Loan Association, Fort Worth, Tex.
Mutual Building and Loan Association, Las Cruces, N. Mex.
Mutual Deposit and Loan Company, Austin, Tex.
Mutual Federal Savings and Loan Association, El Paso, Tex.
Nashville Federal Savings and Loan Association, Nashville, Ark.
Natchez Building and Loan Association, Natchez, Miss.
Navasota Federal Savings and Loan Association, Navasota, Tex.
North Texas Federal Savings and Loan Association, Wichita Falls, Tex.
Oak Homestead Association, New Orleans, La.
**Piggott Federal Savings and Loan Association, Piggott, Ark.
Pioneer Building and Loan Association, Waco, Tex.
Pocahontas Federal Savings and Loan Association, Pocahontas, Ark.
Ponchatoula Homestead Association, Ponchatoula, La.
Quanah Federal Savings and Loan Association, Quanah, Tex.
Riceland Federal Savings and Loan Association, Stuttgart, Ark.
*Roswell Building and Loan Association, Roswell, N. Mex.
San Antonio Building and Loan Association, San Antonio, Tex.
*Searcy Federal Savings and Loan Association, Searcy, Ark.
Security Federal Savings and Loan Association, Pampa, Tex.
Slidell Savings and Homestead Association, Slidell, La.
Taylor Building and Loan Association, Taylor, Tex.
Teche Federal Savings and Loan Association, Franklin, La.
*Travis Building and Loan Association, San Antonio, Tex.
Tucumcari Federal Savings and Loan Association, Tucumcari, N. Mex.
Union Federal Savings and Loan Association, Baton Rouge, La.
NO. 10—TOPEKA
American Building and Loan Association, Oklahoma City, Okla.
Barber County Building and Loan Association, Medicine Lodge, Kans.
Bonner Springs Building and Loan Association, Bonner Springs, Kans.
Capitol Federal Savings and Loan Association, Topeka, Kans.
Chickasha Federal Savings and Loan Association, Chickasha, Okla.
Citizens Federal Savings and Loan Association, Sand Springs, Okla.
Citizens Federal Savings and Loan Association, Wichita, Kans.
Columbia Building and Loan Association, Emporia, Kans.
Dodge City Savings and Loan Association, Dodge City, Kans.
Equitable Building and Loan Association, Fremont, Nebr.
Erie Building and Loan Association, Erie, Kans.
First Federal Savings and Loan Association, Beloit, Kans.
First Federal Savings and Loan Association, Englewood, Colo.
First Federal Savings and Loan Association, La Junta, Colo.
First Federal Savings and Loan Association, Lincoln, Nebr.
First Federal Savings and Loan Association, Pueblo, Colo.
First Federal Savings and Loan Association, Shawnee, Okla.
******First Federal Savings and Loan Association of Sumner County, Wellington, Kans.
h
First Federal Savings and Loan Association, WaKeeney, Kans.
*Home Federal Savings and Loan Association, Ada, Okla.
Horton Building, Loan and Savings Association, Horton, Kans.
Industrial Federal Savings and Loan Association, Denver, Colo.
Lyons Building and Loan Association, Lyons, Kans.
McCurtain County Building and Loan Association, Idabel, Okla.
Miami Building and Loan Association, Miami, Okla.
Mutual Building and Savings Association, Grand Junction, Colo.
Peoples Building and Loan Association, Marysville, Kans.
Peoples Federal Savings and Loan Association, Ardmore, Okla.
•Peoples Federal Savings and Loan Association, Tulsa, Okla.
San Luis Valley Federal Savings and Loan Association, Alamosa, Colo.
. *Schuyler Federal Savings and Loan Association, Schuyler, Nebr.
Security Building and Loan Association, Iola, Kans.
Sumner County Building and Loan Association, Wellington, Kans.
Wayne Federal Savings and Loan Association, Wayne, Nebr.
Woodward Building and Loan Association, Woodward, Okla.
First Federal Savings and Loan Association, Klamath Falls, Oreg
First Federal Savings and Loan Association, Lewiston, Idaho
First Federal Savings and Loan Association, Pendleton, Oreg.
First Federal Savings and Loan Association, Sheridan, Wyo.
First Federal Savings and Loan Association, Spokane, Wash.
** First Federal Savings and Loan Association, The Dalles, Oreg.
Guaranty Federal Savings and Loan Association, Pocatello, Idaho
Hoquiam Savings and Loan Association, Hoquiam, Wash.
Liberty Savings and Loan Association, Yakima, Wash.
Polk County Federal Savings and Loan Association, Dallas, Oreg.
Port Angeles Savings and Loan Association, Port Angeles, Wash.
Vancouver Federal Savings and Loan Association, Vancouver, Wash.
Yakima Federal Savings and Loan Association, Yakima, Wash.
NO. 12—LOS ANGELES
•Central Federal Savings and Loan Association, San Diego, Calif.
Chino Building and Loan Association, Chino, Calif.
Chula Vista Building-Loan Association, Chula Vista, Calif.
Compton Federal Savings and Loan Association, Compton, Calif.
Coronado Federal Savings and Loan Association, Coronado, Calif.
Escondido Federal Savings and Loan Association, Escondido, Calif.
First Federal Savings and Loan Association, Huntington Park, Calif.
First Federal Savings and Loan Association, San Jose, Calif.
First Federal Savings and Loan Association, San Pedro, Calif.
First Federal Savings and Loan Association, Santa Ana, Calif.
First Federal Savings and Loan Association, Santa Barbara, Calif.
First Federal Savings and Loan Association of Hawaii, Honolulu, T. H.
Glendale Federal Savings and Loan Association, Glendale, Calif.
Great Western Building and Loan Association, Los Angeles, Calif.
Hollywood Building and Loan Association, Los Angeles, Calif.
Home Building and Loan Association, Los Angeles, Calif.
**Home Federal Savings and Loan Association, San Diego, Calif.
Independent Building-Loan Association, San Jose, Calif.
Inglewood Federal Savings and Loan Association, Inglewood, Calif.
International Building and Loan Association, Ltd., Honolulu, T. H.
Laguna Federal Savings and Loan Association, Laguna Beach, Calif.
La Jolla Federal Savings and Loan Association, La Jolla, Calif.
Liberty Building-Loan Association, Los Angles, Calif.
Mutual Building and Loan Association, Alhambra, Calif.
Oakland Federal Savings and Loan Association, Oakland, Calif.
Oceanside Federal Savings and Loan Association, Oceanside, Calif.
Orange Belt Federal Savings and Loan Association, Colton, Calif.
Santa Maria Guarantee Building-Loan Association, Santa Maria, Calif.
Sausalito Mutual Loan Association, Sausalito, Calif.
Southland Federal Savings and Loan Association, Beverly Hills, Calif.
Directory
(Continued from p. 176)
DISTRICT NO. 2
N E W JERSEY:
Newark:
Barton Savings and Loan Association, Military Park Building, Park
Place.
N E W YORK:
Ithaca:
Ithaca Savings and Loan Association, 301 East State Street.
DISTRICT NO. 3
PENNSYLVANIA:
Pittsburgh:
Eureka Savings Fund and Loan Association, 3717 Forbes Street.
Troy Building and Loan Association of Pittsburgh, Pa., 1729 Lowrie
Street, N. S.
Red Hill:
Red Hill Savings and Loan Association, Fire House, Main Street.
DISTRICT NO. 6
INDIANA:
NO. 11—PORTLAND
Auburn Federal Savings and Loan Association, Auburn, Wash.
*Bellingham First Federal Savings and Loan Association, Bellingham, Wash.
Cheyenne Federal Savings and Loan Association, Cheyenne, Wyo.
Commercial Savings and Loan Association, Kelso, Wash.
*Deer Lodge Federal Savings and Loan Association, Deer Lodge, Mont.
First Federal Savings and Loan Association, Billings, Mont.
First Federal Savings and Loan Association, Idaho Falls, Idaho
March 1943
Kendall ville:
Noble County Loan and Savings Association, 116 Mitchell Street.
INSURANCE CERTIFICATE
A N D F E B R U A R Y 15, 1943
CANCELLED
BETWEEN
JANUARY
16
TENNESSEE:
Tullahoma:
Tullahoma Federal Savings and Loan Association, First National Bank
Building (merger with Murfreesboro Federal Savings and Loan
Association, Murfreesboro).
183
RESIDENTIAL BUILDING ACTIVITY AND SELECTED INFLUENCING FACTORS
INDEX
1935-1939=100
BY YEARS
260
BY MONTHS
ADJUSTED
FOR S E A S O N A L
260
VARIATION
1
1
1
1
1
1 1
A ^PRIVATE CONSTRUCTION
240
/ \ A
220
240
1 & 2 FAMILY DWELLING UNITS
220
200
200
tPRIVATE CONSTRUCTION180
160
140
120
a
80
UNITS
FEDERAL HOME LOAN BANK ADMIN.)
( U . S. DEPT OF LABOR RECORDS)
\
\
Y**-«
A
y
v "Nl
[/•• t
180
)J ^
160
\
f
1 ^'
5 V G 5 . a L.VMIV L.C/Vt/.^
\(FE.DERAL HOME LOAN BANK ADMirJ.)
\
\ \\
.*.
140
/ v fv
120
</
100
j
y
V
60
\
SVGS. a LOAN LEND.
f
1\
>\ /
/
100
2 FAMILY D W E L L I N G
(
A ,-A
'%.
40
80
J
60
• •-" /
p-
'
\
^NONFARM
NONFARM
FORECLOSURES'
FORECLOSURES
40
( F E D E R A L HOME LOAN BANK ADMIN.)
20
20
\
i
i
i
i
i
1 1 1 1 l1
i
1 1
I
i
i
i
i
i
i
i
i
i
0
140
BUILDING MATERIAL PRICES
-/
120
^'^
100
RENTS' *—
80
1 11 1 l 1 l 1
^r
i
i
ADJUSTED
1
i
i
1 i
i 1
I 1
I
i
I
i
A^
i
i
i
i
FOR S E A S O N A L VAIRIATIO Y
1
1
1
220
200
INDUSTRI AL PRODUCTION^
1
1
1 «^
„.- x""— ——"fl***
180
160
.'*>'
' >MA/C)OME
1
60
240
140
PAYMEN'rs
120
100
80
1930 '31
WHOLESALE COMMODITY PRICES
c COST OF STANDARD SIX-ROOM HOUSE
LABOR-*
y
'AL
!»-£jffl
* ^/f
1 11 11 1
^
1943
ADVANCES OUTSTANDING
'*
/
200
140
180
130
I 10
100 ?3n*&7
**"* /
~>*•*" J
> r / 9 42
BUILDIN 6
MATERIAL),
.
160
\ fl
941
*x
N».
..•' y
1 ,, i. , . . . . . I
EH.L.B.
i i
LUMBER-^
120
h
184
220
.
y ,/y
y /••• ^MATERIAL
,, i , , 11, i, i
MILLIONS
$240
1935-19 3 9 = 1 0 0
1935-19 S 9 = I 0 0
'••rivvt^r,,
h 1 1 ! 1 1 1 11 11 1 1 1
V
1941
1942
'32 ' 3 3 '34 '35 '36 '37 '38 '39 '40 '41
I 40
^4LL
INDUS TRIAL
120
y
M h l l n l M
4
,.i,.l
W
.J
J
/~
943
A
FEB. MAR. APR. MAY JUN. JUL AUG. SEP OCT NOV. DEC.
Federal Home Loan Bank Review
MONTHLY
SURVEY
HIGHLIGHTS
/. The total number of permits for new family-dwelling units in all urban areas issued during January was more than double the December
total and 17 percent greater than in the corresponding month of 1942.
A. The rise was entirely due to the expansion of publicly financed projects. Permits for almost 19,000 units were obtained—
a new monthly record.
B. Privately financed construction continued to decline, dropping to a new low of 5,860 units.
II. The continued contraction of home-financing activity is indicated by mortgage-recording data and savings and loan lending figures
for January.
A. Nonfarm mortgages of $20,000
or less, recorded during the month, amounted to $228,000,000—down
14 percent from
December and 29 percent from January 1942.
B. For the first time since the early months of 1939, total lending by all savings and loan associations dropped below the
$60,000,000-mark.
III. Purchases of Government obligations by all members of the Bank System during January totaled almost $40,000,000.
Combining
this with the sale of over $34,000,000
war bonds and other Government securities to the public, these institutions added
nearly $75,000,000
to the Government t(war chest."
IV. Total assets of insured savings and loan associations declined $24,000,000
from December to January—about half of the decrease
noted in the same period a year ago. The repurchase of Government investments in these institutions was the major factor in the
shrinkage. Private share capital continued to increase and passed the $3,000,000,000-mark
for the first time.
V. Industrial production in January reached a level double that of the 1935-1939 average.
Extension of the rationing program touched
off new waves of consumer buying late in January and in early February.
SUMMARY
Residential construction activity, which followed
a fairly even course at war-time low levels in the
latter half of 1942, started the new year with a further
curtailment in the number of homes financed with
private funds. On the other hand, permits for public
residential projects accounted for more new dwelling
units in January than in any previous month during
the 7 years that the Government has provided such
facilities, either for slum-clearance or for emergency
war housing. The 18,800 dwellings provided by
permits issued for publicly financed projects in urban
areas during that month was the equivalent of onefourth the amount reported in such areas for the
entire year 1942, and exceeded totals for each year
prior to 1939. As may be seen by comparing these
figures with the statement on page 170, a substantial
volume of additional units was under way in
nonfarm and rural areas.
The 23-percent reduction which occurred in permits for privately financed dwellings obtained during
January was reflected in further declines in the
activity of mortgage lenders. Recordings of all
mortgages of $20,000 or less by all lenders in the
first month of this year were at the lowest level for
any month since February 1939. The experience of
insured savings and loan associations is probably
typical, and by the Autumn of 1942 their volume
of new loans had reached such low ebb that growth
March 1943
in the outstanding mortgage balance had practically
ceased. Finally, in December, a shrinkage in combined mortgage portfolios was reported for the first
time in recent years, and this was followed by a still
greater reduction of $16,000,000 in holdings at the
end of January.
Meanwhile, share capital has continued to flow
into savings and loan associations in substantial
volume and, despite the seasonal increase in repurchases that occurred in the post-dividend month
of January, total private savings invested in insured
associations expanded $48,000,000 during that month.
As a result of the disparity between the upward
trends in private capital and in mortgages held,
large volumes of Government share investments and
Federal Home Loan Bank advances were retired by
savings and loan associations in January 1943.
L1935-1939=10U]
Jan.
1943
Dec.
1942
Percent
change
Jan.
1942
49.0
21.0
108.0
122.6
118.1
200.0
P171.3
196.5
65.8
21.9
108.0
122.8
119.7
* 197. 0
168.1
r
193. 7
-25.5
-4.1
0.0
-0.2
-1.3
+1.5
+ 1.9
+1.4
164.0
32.4
108.5
122.0
162.3
171.0
145.2
155.5
Percent
change
-70.1
-35.2
-0.5
+0. 5
-27.2
+ 17. 0
+18.0
+26.4
» Preliminary.
Revised.
Adjusted for normal seasonal variation.
r
1
185
BUSINESS C O N D I T I O N S - J a n u a r y
production doubles 1935-1939 average
A further gain in industrial production was recorded in January and, as a result, the seasonally
adjusted index of the Federal Reserve Boafd reached
a level 100 percent above the 1935-1939 average.
The increase, which continued throughout the first
half of February, reflected the gathering momentum
of war production, since manufacture of nondurable
goods remained at levels approximating those of
recent months.
Income payments in the month of December
amounted to more than $11,400,000,000, the highest
total on record. This was the fourth successive
month that income payments, bolstered largely by
manufacturing
payrolls,
have
exceeded
the
$10,000,000,000-mark, and the first month in which
they have topped the $11,000,000,000 maximum.
The seasonally adjusted index of income payments
of the Department of Commerce stood at 190.4 at
the end of 1942 (1935-1939-100).
Retail sales continued at a high level in January
and purchases by individuals were at an exceptionally
high level during the first half of February. The
seasonally adjusted index of department store sales
of the Federal Reserve Board stood at 168 on February 13, more than 50 points higher than during the
same week of 1942 and 30 points above the second
week of January 1943.
Led by advancing farm-product prices, the allcommodity index of the Bureau of Labor Statistics
recorded further gains during January and on February 13 stood at 102, or 6 points higher than at the
same period of 1942. Prices of industrial commodities remained relatively stable.
Prices of Government securities remained stationary at approximately the same figures noted
since the early weeks of January.
BUILDING ACTIVITY-Private
building drops to new low
The number of new family-dwelling units built in
urban areas during January was more than twice the
total urban construction for the preceding month,
although privately financed residential activity continued the decline started in 1941, dropping to a new
low of 5,860 units. Emphasizing the extent to which
wartime restrictions are affecting private home building, the volume of 1- and 2-family houses decreased
29 percent from December, as opposed to the 5-percent reduction usually expected at this time of year.
As a result of this sharp curtailment, the seasonally
186
adjusted index (average month 1935-1939= 100)
dropped 26 percent during January. There was a
slight increase in the number of multi-family units
financed by private funds.
In marked contrast was the increase in public construction. Permits for Government housing reached
18,800 units in urban areas during January, the
greatest volume of publicly financed housing recorded
for any one month either before or since our entry
into the War. This figure exceeded by 15,200 the
total permits for public projects in December and
represented more than three-fourths of all dwelling
units provided in urban areas during January.
[TABLES 1 and
2.J
NEW RESIDENTIAL CONSTRUCTION IN ALL URBAN AREAS
PERMITS ISSUED FOR PUBLICLY AND PRIVATELY FINANCED DWELLING UNITS
THOUSANDS OF
DWE .LING UNITS
35
\
L-PRIVATE land2 FAMILY
30
25
20
I
15
1 r i 'V
1
I
I
ALL
10
5
\A l\ A
PUBLIC-*.I\
w*-
PRIVATE MULTI7FAM.^( , , T.«" , | , V
0f EC
MAR.
JUN.
1941
SEP
DEC.
MAR.
JUN.
1
.Vs 1
1 1 1f'T'T'T 1
SEP
DEC.
1 1
MAR.
1942
1 1
1 1
JUN.
SEP
DEC.
1943
B U I L D I N G COSTS—Sli 3 ht rise in
labor and materials costs
Fractional increases in both labor and materials
charges in the month of January combined to bring
a slight rise in the index of the total cost of constructing the standard 6-room frame house. The index
now stands nearly 25 percent above the 1935-1939
average, but is only 3 percent higher than the same
month of 1942.
The 0.2 percent rise in labor costs in January
brought the index of labor charges to 130.9, a new
peak for such costs. This is 5 percent higher than for
January 1942. The materials-cost index—121.5 in
January—was only 2 percent above January 1942.
Of the 17 cities reporting costs for the NovemberJanuary period, 11 indicated that costs were unchanged, 4 showed increases, and only 2 noted decreases in costs for constructing the standard 6-room
house.
Wholesale building-material prices as recorded by
the Department of Labor moved in the opposite
direction during the month, bringing the composite
Federal Home Loan Bank Review
Construction costs for the standard house
[Average month of 1935-1939=100j
Klenient of cost
Material.
Labor
Total.
Jan.
1943
Dec. | Percent j Jan. Percen t
1942 |changej 1942 change
121. 5
130. 9
121. 4
130. 7
124. 7
124. 5
+ 0. 1 118. 6
+ 0. 2 124. 5
-0. 2 120. 6
4-2.4
+ 5. 1
+ 3.4
index to 122.6 percent of the 1935-1939 base. This
is, however, only one-half of 1 percent above the
January 1942 level. A slight rise in the cost of paint
and paint materials during January 1943 was more
than offset by declines in the "other" materials classification.
[TABLES 3, 4, and 5.]
cent below December, it was about 69 percent below
January 1942. The $7,000,000 loaned for this purpose in January of this year amounted to only oneeighth of all loans. [TABLES {] and 7.]
M O R T G A G E RECORDINGS—Activity
lowest since February 1939
Nonfarm mortgages of $20,000 or less recorded in
January amounted to approximately $228,000,000—
a decrease of $37,000,000, or 14 percent, from December and $33,000,000, or 29 percent, from January
1942.
Although slower than other statistical series to
reflect the effect of restrictions on privately financed
construction, the mortgage-recording series has continued to show definite evidence of contraction.
M O R T G A G E LENDING—New
Mortgage recordings by type of mortgagee
loans fall below January 1939 levels
Savings and loan associations experienced, in
January, a reduction of over 18 percent in new lending activity. This decline—slightly more than the
usual seasonal reduction of 17, percent—brought the
January total of mortgage loans made below the
$60,000,000-mark for the first time since early 1939.
This total was about 27 percent less than the $80,000,000
loaned in the same month of 1941 and 1942.
Although all classes of loans participated in the
December-to- January decrease, the most pronounced
drop was reported in reconditioning loans which were
nearly one-fourth below December totals and almost
50 percent less than in January 1942.
Lending for home purchase, which also declined
sharply (21 percent) from December to January, w^as
only about 4 percent less in volume than in January
of last year.
Construction loans again contracted from month
to month. While the January volume was 15 perNew mortgage loans distributed by purpose
[Amounts are shown in thousands of dollars]
Purpose
Construction
Home purchase
Refinancing.
Reconditioning
Other purposes
Total
March 1943
Jan.
1943
PerDec.
cent
1942 change
$7, 173 $8, 472
32, 820 41, 440
11,408 12, 768
1, 667 2, 199
4,788 5,749
-15.
-20.
-10.
-24.
-16.
Jan.
1942
3 $22, 791
8 34, 127
7 12, 854
2 3, 190
7 6,571
Percent
change
-68. 5
- 3. 8
-11. 2
-47.7
-27. 1
57, 856 70, 628 - 1 8 . 1 79, 533 - 2 7 . 3
[Amounts are shown in thousands of dollars]
Type of lender
Savings and loan associations
Insurance companies
Banks, t r u s t companies
M u t u a l savings banks
Individuals
Others
Total
Percent
Percent
change Percent J a n .
change
from
of J a n .
1942
Jan.
Decem- 1943 a m o u n t 1942ber
amount
Jan.
1942
1943
-14.
-14.
-14.
-24.
-6.
-19.
0
6
7
4
7
1
-14. 0
2 8 . 4 $64, 935
8. 7 19, 900
21. 3 48, 640
3. 5 8,045
22. 2 50, 583
15. 9 36, 180
-28.3
-35. 9
-37. 3
-40. 5
-14. 3
-27.0
100. 0 228, 283 - 2 9 . 0
After a sharp drop in November, followed by a slight
decline in December, mortgage recordings receded
still further in January. This reduction, which was
largely seasonal in nature, brought financing activity
to the lowest level for any comparable month since
the beginning of the series in 1939. January activity
was the smallest recorded for any month since February 1939.
All types of lenders participated in the DecemberJanuary downward movement, with mutual savings
banks showing the greatest decrease (24 percent).
Savings and loan associations, insurance companies,
and banks and trust companies each registered a
decline of about 14 percent, and "other" lenders, a decrease of 19 percent. Individual lenders reported
the smallest decrease from December activity (7 percent). [TABLES 8 and 9.]
187
FORECLOSURES-D ecrease
Progress in number and assets of Federals
in volyme continued
Foreclosure activity in nonfarm areas of the United
States declined still further during January and the
seasonally adjusted index stood at 21.0. This was
almost 80 percent below the average level of the
1935-1939 base period,
In number of cases, foreclosures for the United
States totaled 2,616 during January, a decline of 311
cases, or nearly 11 percent, from the previous month.
This drop compares favorably with the 7-percent
decline usually expected. All but two F H L B Districts (Portland and Los Angeles) showed reductions
in foreclosure volume, ranging from 50 percent in the
Indianapolis District to 1 percent in the Pittsburgh
area. [TABLE 10.]
F H L B SYSTEM—Downward trend
in Bank advances resumed
The usual seasonal trend of heavier repayments
than new advances in January was accentuated this
year, leaving the balance of advances outstanding at
$113,399,000—the lowest since May 1936. This
figure was $15,814,000 below the December amount
and $92,669,000 less than the balance outstanding
on January 31, 1942. The Portland Bank was the
only one to report a larger volume of advances outstanding in January than in December.
Advances made during the month amounted to
$11,808,000—a reduction of $6,400,000 from the
seasonally higher December total.
They were
approximately $2,800,000 above advances in the
same month of last year. F H L Banks of Cincinnati,
Chicago, Little Rock, Topeka, and Portland reported new advances made in greater volume in
January than during December.
Repayments in every District, with the exception
of Portland, were higher than advances, reaching a
total of $27,621,000—$5,000,000 more than the
January 1942 figure and almost $17,000,000 above
the December repayments. All Banks contributed
to this increased amount of repayments, none showing a decline in this respect from December.
[TABLE
[Amounts are shown in thousands of dollars]
Number
! Approximate assets
Class of association
J a n . 31, Dec. 31,
1943
1942
New
Converted
Total
641
826
1,467
J a n . 31,
1943
Dec. 31,
1942
641 $718, 038 $734,231
826 1, 546, 779 1, 565, 664
1,467
2, 264, 817 2, 299, 895
the 8}i years of their existence, but during 1942
the rate of increase began to slow down. In January 1943, as in the same month of the previous year,
an actual reduction was sustained in total assets of
these institutions. The $24,000,000 decline was,
however, only about one-half that reported in January 1942, and was brought about under quite
different circumstances.
A year ago, shortly following this country's entry
into the War, repurchases of share capital increased
sharply, and in January 1942 actually exceeded new
investments for the first and only time since the
depression years. In January of this year, private
capital of these institutions continued to grow by
nearly $48,000,000. Private funds invested in insured associations crossed the $3,000,000,000-mark
for the first time.
The decline in total resources may be explained
primarily by the extensive voluntary repurchase of
Government shares invested in these associations
and by a further reduction of $15,000,000 in F H L
Bank advances. The net balance of mortgage
loans outstanding decreased for the second sucessive
month, dropping more than $6,000,000. This is a
somewhat smaller decline in mortgage holdings than
occurred from November to December. [TABLE 15.]
Public I nterest Director Appointed
for Boston Bank
12.]
•
INSURED ASSOCIATIONS-Private
capital crosses the $ 3 , 0 0 0 , 0 0 0 , 0 0 0 ^ 0 ^
Insured savings and loan associations have displayed pronounced growth in resources throughout
188
T H E Federal Home Loan Bank Administration,
on February 23, announced the appointment of
William J. Pape as Public Interest Director of the
Federal Home Loan Bank of Boston. Mr. Pape, a
newspaper publisher of Waterbury, Connecticut, will
fill an unexpired term ending December 31, 1943.
Federal Home Loan Bank Review
Amendments to Rules and Regulations
FHLBA
Bulletin No, 17
AMENDMENT
TO R U L E S
AND REGULATIONS
FOR FED-
E R A L SAVINGS AND LOAN SYSTEM RELATING TO
REVISIONS IN LENDING PLANS AND PERCENTAGES
(Adopted March 8,
1943; effective March 9, 1943.)
FOR FEDERAL ASSOCIATIONS.
On March 8 the Federal Home Loan Bank Administration adopted an amendment, deemed to be
of emergency character, to Section 203.10 of the
Rules and Regulations for the Federal Savings and
Loan System. These additions authorize Federal
associations making loans under Title VI, Section
608, of the National Housing Act (war housing) to
lend up to the maximum percentage of appraised
value permitted for insured loans.
These changes have been made in the following
manner:
(1) By inserting the following provisions immediately after the first sentence of subsection (b):
" W h e n t h e members of a Federal association a t a legal
meeting have so authorized, such Federal association m a y
m a k e mortgage loans approved for insurance protection
under Section 608 of t h e National Housing Act, as
a m e n d e d , u p t o t h e percentage of appraised value perm i t t e d under said section; provided t h a t a n y loans m a d e
p u r s u a n t t o this authorization shall comply with t h e
provisions of Section 5 (c) of H o m e Owners' Loan Act of
1933, as a m e n d e d . "
(2) By striking the period a t the end of the first
sentence of subsection (d) and adding the following:
" : Provided t h a t , in t h e event t h e loan is approved for
insurance protection under Section 608 of t h e National
Housing Act, as amended, such loans m a y be made t o t h e
extent of t h e percentage of appraised value t h e members
of t h e Federal association have authorized or m a y
authorize loans t o be m a d e upon t h e value of t h e improved real estate securing t h e loan."
PROPOSED
AMENDMENT
FSLIC
Bulletin No. 5
P R O P O S E D A M E N D M E N T TO R U L E S A N D R E G U L A T I O N S
FOR
INSURANCE
OF ACCOUNTS
RELATING
TO
MONE-
TARY LIMITATIONS I N T H E C A S E OF M E R G E R ,
CONSOL-
IDATION,
INSURED
OR PURCHASE
OF ASSETS
BY AN
INSTITUTION; Proposed February 19, 1943.
The Federal Savings and Loan Insurance Corporation has proposed an amendment to Section 301.17
of the Rules and Regulations for Insurance of AcMarch 1943
counts which would delete the phrase "or $50,000,
whichever is less" from the first sentence of this Section. The effect of this will be to redefine the limitations placed on the increase, by an insured institution, in its accounts of an insurable type and/or its
creditor obligations in the event of a merger, consolidation, or purchase of assets.
If this amendment is adopted, Section 301.17 will
read:
"Merger, consolidation, or purchase of assets. No insured
institution m a y a t a n y time increase its accounts of an
insurable t y p e and/or its creditor obligations in an a m o u n t
in excess of 10 percent of its assets, as a p a r t of a n y merger
or consolidation with another institution, or through t h e
purchase of bulk assets, without t h e approval of t h e
Corporation. Application for such approval shall be
upon forms prescribed b y t h e Corporation a n d such
information shall be furnished therewith as t h e Corporation m a y require."
This proposed amendment is deemed to be of
major character and will not be approved until at
least 30 days after notice has been mailed to each
member of the Federal Savings and Loan Advisory
Council (February 19, 1942).
Census Summary M a p s Available
•
A series of Housing Analytical Maps, based on
data provided by the 1940 Census of Housing,
are now available for distribution by the Bureau of
Census. There is no charge for this material but
because of limited supply, only single copies may be
obtained for essential use. These maps furnish a
graphic summary of block statistics presented in the
city supplement to the First Series Housing Bulletins
and cover cities of 100,000 or more inhabitants.
The housing characteristics depicted by separate
maps forming a series for each city cover a wide
range of valuable statistical material, although they
are somewhat less complete than census-tract information compiled on some of the 60 larger cities.
On a block-by-block basis these maps show the
number of dwelling units, the number of persons per
room, and the proportion of nonwhite residents in
all areas. Other information portrayed includes the
average monthly rent (based on the contract rent of
tenant-occupied units and the estimated rental value
of owner-occupied and vacant units), the percentage
of owner-occupied units to total housing, and the
proportion of owner-occupied nonfarm dwelling units
carrying mortgages.
189
Table 1 . — B U I L D I N G A C T I V I T Y — E s t i m a t e d number and valuation of new family dwelling units
provided in all urban areas in January 1943, by Federal Home Loan Bank District and by State
[ Source: U. S. Department of Labor ]
[ Amounts are shown in thousands of dollars ]
All residential s t r u c t u r e s
F e d e r a l H o m e L o a n B a n k District a n d S t a t e
j
N u m b e r of family
dwelling u n i t s
J a n . 1943
U N I T E D STATES
...
.
N o , 1—Boston
_ _._
_
Connecticut
Maine
..
Massachusetts _
New Hampshire
Rhode Island _
_.
_
.
.
___
.___.
___________
...
__
_ __.
_
_________
N o . 4—Winston-Salem
_
__
4,486
15, 029
$13, 569
$53,143
109
738
451
3,280
'
1
2,279
62
17
334
12
366
94
48
5
3,708
120
71
1,530
41
1,571
418
212
12
83
2
17
331
12
333
9
48
5
352
2
71
1,520
41
1,465
30
212
12
300
933
890
4,091
260
795
830
3,614
261
39
500
433
787
103
2,056
2,035
221
39
410
385
727
103
1,704
1,910
676
1,259
1,973
5,057
328
908
1,182
3,812
676
3
1,146
110
1,973
27
4, 717
313
328
3
829
76
1,182
27
3,534
251
7,763
4,680
18,010
14, 079
706
2,774
1,682
7,506
94
740
1.332
1,137
178
45
1,291
2,946
811
1,346
470
416
698
323
199
417
168
2,011
3,320
2,722
371
121
2, 256
7,041
2,147
4,974
1,518
827
1,778
890
493
1,452
44
11
150
37
178
45
5
236
361
67
421
400
698
272
174
381
71
31
248
103
371
121
5
732
550
270
1,435
817
1,778
823
445
1,388
1,118
1,199
3,358
4,815
398
1,037
1,573
4,385
87
1,018
13
124
858
217
179
3.150
29
188
4,058
569
87
298
13
115
725
197
179
1,365
29
177
3, 667
541
1,788
1,241
4,888
5,271
414
1,148
1, 657
4,997
46
1,742
396
845
170
4.718
1,415
3,856
42
372
303
845
158
1,499
1,141
3, 856
225
1,684
908
7,004
147
822
601
4,524
164
61
1,518
166
703
205
6,323
681
114
33
668
154
478
123
3,875
649
5
514
10
1,925
5
433
10
1,749
_ !
_ _i
.
_
._ __
__ __
N o . 6—Indianapolis __
Indiana...Michigan
__
___ _
_
N o . 7—Chicago
I l l i n o i s . _ ____
.___
Wisconsin-.. . .
... _
____
_
N o . 8—Des M o i n e s
_
Iowa..
Minnesota . _
Missouri.North Dakota _
South Dakota
_._ _
_
_
_
_ __
...
_
__ _ _
_
2
4
2
1,361
2,844
3,005
6.909
586
2, 384
36
47
79
175
1,024
120
301
239
67
2,117
28
69
197
302
2,409
226
830
.308
183
5,362
36
47
79
424
120
297
221
67
1,679
359
787
668
2,257 1
203
652
311
15
33
210
158
81
338
573
38
57
624
354
280 1
999 1
1.55
93
140
81
338
3, 855
756
8,461
2, 397
___
__ __
2,290
35
1,205
325
6
14
213
43
471
9
4,614
105
3,116
626
21
46
652
107
1,545
26
__
4,772
4,347
9,480
14, 037 1
968
2,864
2,888
9,828
__
.
_.
397
4,273
102
102
4,132
113
834
8,340
306
255
13, 465
317
17
849
102 1
92
2, 670
102 1
38
2, 544
306 1
245
9, 284
299
3
______
__ _
.__ _
___
_.
___
_
__.___-__
_ _ __ ___
N o . 10—Topeka.
Colorado. _
Kansas. _ _ _ _ _ _
Nebraska- _ _ _
Oklahoma.
_____
_._
__
_ _ _
______
_ _
_.._
N o . 11—Portland
Idaho
Montana..
Oregon
Utah
Washington
Wyoming.__
..
_.
__ _
_
__
_
_
...
N o . 12—Los Angeles
Arizona.
California
Nevada..
190
_
___
._
.__
_ _._
_ __ __
_ _
__ _
_
__
_._
26
127
133
158
3
12
_ .
__
___
7
512
724
652
7
30
N o . 9—Little R o c k
Arkansas
Louisiana
M i s s i s s i p p i . . __
N e w Mexico
Texas
219
130
153
216
3
12
. _
_
J a n . 1942
3,784
_
_
J a n . 1943
$71,626
N o . 5—Cincinnati
_
_ _
J a n . 1942
4,118
________
_
_
___
___ __ _
J a n . 1943
$55,769
Alabama
__'_
District of C o l u m b i a _ _ _ _ _ _ _ _ _ _ _ _ _
_
_
.'
Florida.
._ _ _ _
Georgia. _
_ ___
_
_
Maryland._
__ _ __ __
__ __ ___ _ __ __ _
North Carolina.__. _ _ _
___ _ __ ___ _ __
South Carolina.
. . . __ __ . ' _ . . .
_
V i r g i n i a . __ .
__ _ _
_
_ _ .__
Kentucky
Ohio
Tennessee
J a n . 1942
859
N o . 3—Pittsburgh
Delaware
Pennsylvania. _ _
W e s t Virginia
J a n . 1943
21,103
112
_
_
J a n . 1942
Permit valuation
2,470
_
________
________
___
_ _ _ _
.
P e r m i t v aluation
24, 692
N o . 2—New Y o r k
N e w Jersey
N e w York
All p r i v a t e 1- a n d 2-family dwellings
N u m b e r of family
dwelling u n i t s
1
-
_. _
|
______
_
_. _
6
3
15
33
362
42
31
289
1
6
1
1
1
474 1
6
14
109
43
293
9
*
504
642
566
7
30
1, 073
5,935
28
69
197
779
226
820
281
183
4,425
330
1,907
235
38
57
296
332
280
999
1,292
1,606
199
97
996
21
46
377
107
1,029
26
Federal Home Loan Bank Review
Tabic 2.- BUILDING ACTIVITY—Estimated number and valuation of new family dwelling units
provided in all urban areas of the United States
[Source: U. S. Department of Labor]
[Amounts are shown in thousands of dollars]
N u m b e r of family dwelling units
T y p e of construction
P r i v a t e construction
M o n t h l y totals
Dec. 1942
5,860
7,648
16, 956
188, 943
3,609
877
1,374
5,275
1,058
1,315
13, 866
1,163
1,927
139, 504
16,144
33, 295
._
_ _
T o t a l u r b a n construction __ _
1
2
M o n t h l y totals
Year totals
J a n . 1943
1-family dwellings
_ . _ _.
2-family dwellings l .. _
3 - a n d more-family dwellings 2__ _
P u b l i c construction ._
Permit valuation
J a n . 1942
1942
Year totals
J a n . 1943
Dec. 1942
J a n . 1942
369, 465
$17, 224
$23, 250
$57,172
$614,185
$1, 380, 736
295,024
22, 752
51, 689
11, 319
2,250
3,655
17, 891
2,725
2, 634
50, 518
2,625
4,029
481, 292
44, 701
88,192
1,175, 598
58, 841
146, 297
1941
1942
1941
18, 832
3,605
4,147
75, 454
70,117
38, 545
8,161
14, 454
242, 518
237, 245
24, 692
11, 253
21,103
264, 397
439, 582
55, 769
31,411
71, 626
856, 703
1, 617, 981
Includes 1- and 2-family dwellings combined with stores .
Includes multi-family dwellings combined with stores.
Table 3
BUILDING COSTS- -Index of building costs for the standard house in representative
cities in specific months *
[Average month of 1935-1939=100]
NOTE.—These figures are subject to correction
1943
1942
1941
1940
1939
1938
1937
Feb.
Feb.
Feb.
Feb.
Feb.
F e d e r a l H o m e L o a n B a n k D i s t r i c t a n d city
Feb.
No. 3—Pittsburgh:
Wilmington, Del
Philadelphia, P a
Pittsburgh, P a . Charleston, W . Va
Wheeling, W . Va
N o . 5—Cincinnati:
Louisville, K y
C incinnati, OJiio
C l e v e l a n d , Ohio
C o l u m b u s , Ohio
Memphis, Tenn
N a s h v i l l e , Tenn___
N o . 9—Little R o c k :
L i t t l e Rock, Ark_ _
N e w Orleans, La___
Jackson, Miss_
Albuquerque, N . M
Dallas, T e x
_-
._
-
__
_
___
_
_ ___
_
__
-
._
- .__ _-
_
-
-
San A n t o n i o , T e x
_
N o . 12—Los Angeles:
S a n Diego, Calif
Reno, N e v
.
__ _
-
_
...
_
Nov.
Aug.
May
Feb.
144.1
143.1
133. 0
123.3
122.1
135.4
143.4
129.2
123.5
122.0
135.4
145.5
128.3
123.5
122.7
145.9
132.2
117.2
122.7
134.9
139.1
120. 7
115.0
116.4
108. 6
119.3
112.1
107.0
106.0
97.0
105.8
103.5
101.9
104.3
103.7
102.0
106.9
102.3
102.1
106.5
104.6
107. 8
108.5
140.3
112.0
119.5
117.6
126.7
121.4
140. 3
112.0
119.5
117.6
126.7
121.4
140.3
111.9
119.6
117.2
126.6
121.4
137.9
113.1
119.5
116.9
125.8
121.5
138.1
111.1
117.7
115.7
125.1
120.4
121.0
100.3
108.2
104.3
116.5
107.9
104.1
96.7
106.9
101.4
103.7
97.0
100.8
96.3
101.1
99.4
104.7
99.0
101.5
104.3
103.4
99.5
102.1
100.2
109.0
116.1
111.9
109. 0
116.1
111.9
102.2
115. 8
110.4
102.4
116.0
112.1
128.8
125.2
128.5
128.3
123.9
127.6
134.3
132.0
132.6
100.0
109.3
105.9
109.9
115.7
112.8
113.4
99.8
104.8
105.4
98.6
94.6
101.0
96.4
100.1
102.2
105.1
102.6
98.3
100.6
101.5
99.5
106.9
105.9
103.7
129.0
125.2
128.5
109.0
116.2
, 111.9
128.2
128.0
123.7
127.4
101.9
105.2
100.1
99.7
98.2
101.6
103.1
101.0
100.6
120.5
113.2
126.3
121.6
121.5
120.5
113. 5
125.0
121. 6
121.5
119.0
113. 3
124.1
118.9
119.7
107.9
100.1
106.4
103.3
109.0
99.0
95.4
95.0
102.4
105.0
£8.3
98.2
101.4
103.8
102. 3
106.9
106.7
106.9
103.3
103.2
96.7
105.3
107.6
101.9
99.0
99.0
104.5
105.2
98.6
97.2
99.5
99.4
103.9
104.4
102.9
i The house on which costs are reported is a detached 6-room home of 24,000 cubic volume. Living room, dining room, kitchen, and lavatory on first floor; three
bedrooms and bath on second floor. Exterior is wide-board siding with brick and stucco as features of design. Best quality materials and workmanship are used
throughout.
The house is not completed ready for occupancy. It includes all fundamental structural elements, an attached 1-car garage, an unfinished cellar, an unfinished
attic, a fireplace, essential heating, plumbing, and electric wiring equipment, and complete insulation. It does not include wall-paper nor other wall nor ceiling finish
on interior plastered surface, lighting fixtures, refrigerators, water heaters, ranges, screens, weather stripping, nor window shades.
Reported costs include, in addition to material and labor costs, compensation insurance, and allowance for contractor's overhead and transportation of materials
plus 10 percent for builder's profit.
Reported costs do not include the cost of land nor of surveying the land, the cost of planting the lot, nor of providing walks and driveways; they do not include
architect's fee, cost of building permit, financing charges, nor sales costs.
In figuring costs, current prices on the same building materials list are obtained every three months from the same dealers, and current wage rates are obtained from
the same reputable contractors and operative builders.
March 1943
I9I
Table 4 . — B U I L D I N G COSTS—Index of building costs for the standard house
[Average m o n t h of 1935-1939=100]
J a n . 1943 Dec. 1942 N o v . 1S42 Oct. 1942 Sept. 1942 A u g . 1942 J u l y 1942 J u n e 1942 M a y 1942 A p r . 1942 M a r . 1942 F e b . 1942 Jan.1942
E l e m e n t of cost
Material.
Labor
T o t a l cost
121.5
130.9
121.4
130.7
121.5
130.2
121.6
130.2
121.5
130.2
121.2
129.4
121.2
128.5
121.3
127.8
121.0
126.4
120.5
125.9
120.0
126.0
119.3
125.0
118.6
124.5
124.7
124.5
124.4
124.5
124.4 !
124.0
123.7
123.5
122.8
122.3
122.0
121.2
120.6
Table 5 . — B U I L D I N G COSTS—Index of wholesale price of building materials in the United States
[1935-1939=100; converted from 1926 base]
[Source: U. S. Department of Labor]
All building
materials
Period
1941: J a n u a r y
•_
942: J a n u a r y . .
February..
March
April.
May
June
_
July...
August
September
October
November
December
_
....
...
1943: J a n u a r y
__ __ . . . .
P e r c e n t change:
J a n . 1943-Dec. 1942
.
.
_
J a n . 1943-Jan. 1942
Brick and
tile
Paint and
paint materials
Lumber
Cement
Plumbing
a n d heating
Structural
steel
Other
111.2
100.5
99.7
131.9
106.6
105.8
103.5
102.6
122.0
122.9
123.4
123.1
122.9
122.9
123.2
123.2
123.3
123.3
122.9
122.8
106.6
106.8
106.9
107.9
107.9
108.0
107.9
108.6
108.6
108.6
108.5
108.6
102.5
102.5
102.7
103.3
103.4
103.4
103.4
103.4
103.4
103.4
103.4
103.4
146.5
147.8
148.2
146.8
146.4
146.7
148.0
148.1
148.3
148.4
148.2
148.4
121.8
122.8
123.9
123.7
123.7
123.3
123.8
123.1
123.4
124.2
123.8
123.3
123.0
128.6
129.0
129.4
129.4
129.4
123.6
123.6
123.6
123.6
122.4
118.8
103.5
103.5
103.5
103.5
103.5
103.5
103.5
103.5
103.5
103.5
103.5
103.5
111.5
111.3
112.3
112.9
112.3
112.3
112.3
112.3
112.3
111.7
111.3
111.4
122.6
108.6
103.4
148.4
123.7
118.8
103.5
110.5
-0.2
0.0
0.0
0.0
+0.3
0.0
0.0
-0.8
+0.5
+1.9
+0.9
+1.3
+1.6
-3.4
0.0
-0.9
Table 6 . — M O R T G A G E LENDING—Estimated volume of new home-mortgage loans by
savings and loan associations, by purpose and class of association
al
[Thousands of dollars]
P u r p o s e of loans
Class of association
Period
1941..
January
.
._
1942
January
February
March
April
_
May
June
July
August
September
October
November
December
...
_
...
_
_
. . . _.
Reconditioning
L o a n s for
all other
purposes
Total
loans
Construction
Home purchase
Refinancing
$437, 065
$580, 503
$190, 573
$61, 328
$109, 215
$1, 378, 684
$584, 220
$583, 804
26, 662
27, 809
13, 645
3,784
8,540
80, 440
34, 360
33, 947
12,133
190,438
573, 732
165, 816
41, 695
78,820
1, 050, 501
412,828
476,080
161, 593
22,791
20,799
21,775
20,488
17,610
15, 930
17, 709
12, 568
12,449
10, 572
9,275
8,472
34,127
33, 769
40,930
52,196
53,095
52,112
52,190
55, 301
58, 060
56, 528
43, 984
41, 440
12, 854
12,325
13, 225
14,508
13,607
15,184
16,097
14,019
14,063
14,694
12, 472
12, 768
3,190
3,138
3,547
4,083
3,866
3,566
3,671
4,126
3,804
3,498
3,007
2,199
6,571
6,725
7,890
7,772
6,831
7,303
6,130
6,549
5,679
6,380
5,241
5,749
79, 533
76,756
87,367
99,047
95,009
94,095
95,797
92, 563
94,055
91,672
73,979
70,628
31,142
31,919
36,325
38,484
36,966
35, 279
37,007
36,620
37, 987
35, 555
28,163
27, 381
35,312
33,939
38,030
43,937
43,005
44, 265
43,665
41,549
42,249
41, 937
35,441
32, 751
13,079
10,898
13,012
16,626
15,038
14, 551
15,125
14,394
13,819
14,180
10,375
10,496
7,173
32, 820
11, 408
1,667
4,788
57, 856
23, 390
26,910
7,556
Federals
State
members
Nonmembers
$210, 660
1943
January
192
Federal Home Loan Bank Review
Table 7.—LENDING—Estimated volume of new
loans by savings and loan associations
Table 8.—RECORDINGS—Estimated nonfarm
morfgase recordings, $20,000 and under
[Thousands of dollars]
January 1943
[Thousands of dollars]
Cumulative new
loans
(12 m o n t h s )
N e w loans
Federal H o m e Loan Bank
D i s t r i c t a n d class of
association
J axillary December J a n u a r y
1942
1942
1943
$57, 856
UNITED STATES
$70, 628
1942
1941
$79, 533 $1,050,501 $1, 378. 684
Savings I n s u r Federal H o m e L o a n a n d
ance
loan
Bank District
comassociand State
panies
ations
$64,935 $19,900 $48,640
U N I T E D STATES
B o s t o n , - ._ __
Federal . _
_
State Member
Nonmember
Boston
.
__ _
F e d e r a l - _ _ __
State M e m b e r
Nonmember.
.
New York.
. .
. __
Pittsburgh
Federal
State M e m b e r
Nonmember. _
Winston-Salem ._
. _
Federal
State M e m b e r
Nonmember
Cincinnati- _..
. _
__
Federal
State Member
Nonmember.
_.
I n d i a n a p o l i s . . _. . . .... _
Federal.
... _ . .
State Member
N onmember. .
4,921
26,144
513
2,498
3, 535
3,662
3,224
1,697
13, 524
12,620
4,793
1,163
4,873
420
3,517
3,036
17,802
173
4,083
537
103
781
279
171
3,897
805
63
321
36
262
2,794
461
97
2,819
120
869
14, 695
2,238
8,525
4,154
3,812
107
6,828
3,640
27, 066
267
285
424
607
531
2, 114
1,616
443
1,097
2,242
1.172
351
1,337
667
436
651
248
203
229
1, 435
519
405
819
536
165
264
680
107
713
1,497
837
835
600
385
1,354
344
272
561
678
390
255
609
3, 859
3,053
3,905
4, 646
2,530
1,484
5,415
6, 545
8,172
106,064
138, 375
1,061
2,153
1,108
1,417
3,208
1,920
2,564
2,788
2,820
25,152
41, 515
39, 397
41,134
43,374
53, 867
5, 214
7,246
7,451
97, 596
I l l , 619
1,705
1,757
1,752
2,615
2,186
2, 445
2,555
2,093
2,803
35, 782
29, 080
32, 734
42, 491
29, 276
39, 852
8,470
9,343
11, 505
140,110
191, 587
3,938
3,643
889
4,126
4.023
1,194
5,032
5.231
1,242
59, 695
64, 739
15, 676
92, 350
82,133
17,104
10, 496
12,108
13, 013
193, 543
234, 588
Cincinnati-..
11,815
2,525
5,576
242
3,104
2,679
25,941
3,594
5,770
1,132
4,026
6,450
1, 632
4.632
6,705
1,676
70, 786
102, 111
20, 646
86,988
118, 263
29, 337
Kentucky
Ohio
Tennessee
1,166
10, 215
434
.
547
1,558
420
470
4,747
359
242
160
2,404
540
85
1,592
1,002
2,428
20, 758
2,755
3,442
3,813
4,142
56, 923
70, 602
Indianapolis
3, 756
2,414
5,158
15
1, 946
2,615
15, 904
Indiana
Michigan
2,344
1,412
628
1, 786
2,333
2,825
15
679
1, 267
508
2,107
6, 507
9,397
5,324
1, 260
3,854
7
3,186
5,040
18, 671
4,106
1,218
910
350
2,367
1,487
7
1,857
1,329
4,522
518
13, 762
4,909
3,567
1,357
3,253
70
2,808
2,353
13, 408
726
1,392
1, 320
83
46
97
467
737
44
12
838
441
1,871
58
45
465
693
1,449
98
103
282
345
1,698
11
17
2,408
3,408
7,015
294
223
5,679
2,491
1,402
3,588
2,076
15, 236
333
2,274
202
55
2,815
238
454
176
322
570
312
185
2,199
150
256
229
16
1,425
8,342
3,728
1,162
347
8, 657
2,023
965
266
197
595
1,607
258
460
115
774
8. 683
1,852
1,808
1,310
3,713
1,595
202
114
558
206
375
140
2, 718
87858
100
24
414
70
2,073
37
3,771
526
354
1,762
1,125
4,778
313
34, 491
43
3,711
17
1,066
33, 092
333
1,632
1,580
230
1,690
1,839
284
2,000
1,920
222
28, 341
25, 562
3,020
35,508
32, 313
2,781
74. 416
Federal
State M e m b e r .
Nonmember
.
1,316
755
358
1,802
1, 460
480
1,447
1,297
658
24, 323
19, 048
7,957
36, 953
24, 709
12, 754
3,692
3,465
4,404
48, 879
67, 247
1,385
2,275
32
1,230
2,171
64
1,789
2,535
80
18, 276
29, 701
902
28, 328
37, 419
1,500
2,686
7,197
2,813
1,914
4,322
51, 328
Match 1943
3,011
733
353
49, 939
74, 562
21, 651
3,402
_____
4,727
2,706
2,496
31, 095
55, 240
16, 498
3,742
Federal
__ _
State M e m b e r
Nonmember
1,086
2,332
4,011
1,889
2,429
Los Angeles
5,202
1,804
2,911
997
Des M o i n e s . . ._ . . . . __
Federal
__ .
State M e m b e r
Nonmember
4,680
967
8,481
512
1,132
307
1,244
2,175
825
52, 818
65, 388
17, 717
__.
1,078
47
438
30
113
18
146,152
36,885
49,426
14,814
Portland
25
853
149
1,793
63
220
37
102, 833
2,742
4,133
817
Federal
State Member
Nonmember
16, 079
777
330
2,203
210
175
126
8,232
2,224
3,081
905
Topeka
1, 724
682
137
611
45
269
27
5,712
1,689
2,435
783
-
3,115
393
71
136
41
4,244
135,923
Federal _
State Member
Nonmember
3,821
897
233
3,300
123
355
74
584, 220
583,804
210, 660
101,125
Little Rock
1,771
412, 828
476, 080
161, 593
7,692
Federal . ._ .
State M e m b e r
Nonmember. _
666
31.142
35, 312
13, 079
6,210
.
$8,045 $50, 583 $36,180 $228, 283
4,982
27, 381
32, 751
10,496
4,907
Chicago
Total
23, 390
26,910
7, 556
Connecticut
MaineMassachusetts.._
New Hampshire.
R h o d e Island
V e r m o n t __
New York
N e w Jersey
New York
P i t t s b u r g h ___ _
Federal,
__ . . _ ._
State Member
Nonmember. _
__
Banks
Mutual
Other
and
Inditrust
mortsavings
comb a n k s viduals gagees
panies
3, 064
3,413
44, 356
54, 605
1, 566
810
310
1,697
1,006
361
1,726
1,052
635
24, 467
12, 919
6,970
29, 981
13, 424
11, 200
1,892
2,428
2,479
33, 079
48, 633
1,216
574
102
1,391
883
154
1, 623
689
167
20, 674
10,181
2,224
31, 317
15, 386
1,930
6,062
6,952
5,628
74, 665
104, 937
3,044
2, 983
35
3,359
3,533
60
2,700
2,858
70
37, 352
36, 558
755
56, 413
47, 557
967
Delaware. .
Pennsylvania
W e s t Virginia.___
Winston-Salem
Alabama
__
District of Columbia _
Florida
Georgia _ __
Maryland
North Carolina. _
South C a r o l i n a . .
Virginia
Chicago
Illinois..
Wisconsin
_ ._
Des M o i n e s . . . . _ .
IowaMissouri
North D a k o t a . . .
South Dakota
Little Rock
Arkansas
_..
Louisiana
Mississippi
N e w Mexico
Texas .
_ . _
Topeka
Colorado
Kansas
Nebraska
Oklahoma
Portland
Idaho
Montana
Oregon
Utah
Washington
Wyoming
Los Angeles
Arizona
CaliforniaNevada.
_
_._
__
1, 623
299
174
243
91
595
3,286
381
680
606
1,619
494
1,273
68
44
214
168
2.076
153
152
361
388
963
59
475
180
358
178
557
1,642
5,930
249
5. 620
61
1.815
19
1,778
18
8
32
211
83.
141
63
32
197
378
895
77
11,299
178
11,025
96
70
352
21
331
11,676
577
10,958
141
193
Table 9 . — M O R T G A G E RECORDINGS—Estimated volume of nonfarm mortgages recorded
[ A m o u n t s are s h o w n in t h o u s a n d s of dollars]
Insurance
companies
Savings a n d loan
associations
M u t u a l savings b a n k s
Banks and trust
companies
All
mortgagees
Other
mortgagees
Individuals
Period
Percent
Total
1942: J a n . - D e c January...
February..
March
April
May.
June.
July.
August
September
October
November.
December.
29.7 $361, 743
31,062
28.2
29.3
28, 546
29.9
32, 650
30.2
34,466
30.8
31, 780
30.8
29, 764
29.6
31, 898
30.5
28,299
30.1
31,448
28.9
32,577
29.1
25, 950
28.4
23, 303
$1,170,546
90, 572
86, 752
100, 296
108, 582
107,937
105, 278
104, 712
102,628
104,155
103,170
80, 970
75,494
64, 935
1943: J a n u a r y . _.
Per-
Total
9.2
9.7
9.7
9.7
9.6
9.1
8.7
9.0
8.4
9.1
9.1
9.3
8.8
Total
5885, 710
77, 631
70, 221
78, 086
82,082
77, 563
74, 588
80, 736
72, 480
77,530
79, 224
58,519
57, 050
19, 900
28.4
8, 640
Jan.
1943
Dec.
1942
Jan.
1942
Percent
change
Total
22.4 $165,674
24.1 13, 523
23.7 10,405
23.3 12,162
22.8 15, 310
22.2 15, 904
21.8 16,043
22.8 15,669
21.5 14,793
22.4 14,812
22 2 14,817
21.0 11, 596
21.5 10, 640
;,045
21.2
Percent
Percent
Total
15.9 $3,942,613
15.4
321, 396
15.8
296,041
15.5
335, 636
15.8
359, 968
15.2
350,187
15.7
342. 250
15.8
353,511
16.6
336, 850
15.2
345,964
16.7
357,083
16.3
278, 321
16.9
265, 406
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100 0
100.0
100.0
100.0
3.5
22.2
15.!
100.0
50, 583
36,180
228, 283
[ P r e m i u m p a y i n g ; t h o u s a n d s of dollars]
Monthly volume
Title VI
Total
insured
at e n d of
period
$267,015
6,556
8,483
12,273
11,424
13, 554
15,876
20, 621
25, 030
31, 524
38, 265
40,195
43, 214
$3, 776, 238
3,856,975
3,938, 530
4, 007, 369
4,082,967
4,166,434
4, 250, 702
4, 328, 791
4, 407, 992
4,491, 529
4, 581,414
4, 663, 902
Title I I
Period
Percent
change
Title I
Class 3
2,927
-10.6
4,034
-35.2
208
682
526
330
183
49
149
148
88
94
33
126
272
752
529
343
256
99
172
165
107
104
23
105
-23.5
-9.3
-0.6
-3.8
-28.5
-50.5
-13.4
-10.3
-17.8
-9.6
+43.5
+20.0
402
904
765
467
385
111
233
234
162
144
52
175
-48.3
-24.6
-31.2
-29.3
-52.5
-55.9
-36.1
-36.8
-45.7
-34.7
-36.5
-28.0
1942: J a n . - D e c . _
J a n u a r y . __
February. .
March
April
May
June
July
August
September.
October
November.
December.
$14,810
1,885
1,455
1,502
1,967
1,867
1,781
919
1,246
104
802
726
557
i All foreclosure d a t a since J a n u a r y 1940 h a v e b e e n revised on t h e basis of
p o p u l a t i o n d a t a resulting from t h e 1940 C e n s u s . Figures are n o w on a B a n k
D i s t r i c t , r a t h e r t h a n a c o m m u n i t y - s i z e basis.
1943: J a n u a r y . . .
167
..
Percent
18.6 $626,243
18.4 49,575
18.0 46, 734
18.0 52,120
17.4 56,821
18.2 53,196
18.3 53,847
18.4 55, 688
18.6 55, 826
18.9 52, 596
18.9 59, 672
20.1 45, 456
20.4 44, 712
2,616
UNITED STATES.
Combined
total
4.2 $732,697
4.2 59,033
3.5 53, 383
3.6 60, 322
4.2 62, 707
4.5 63.807
4.7 62, 730
4.4 64.808
4.4 62, 824
4.3 65,423
4.2 67,623
4.2 55, 830
4.0 54, 207
Refinancing
New
Boston
New York
P i t t s b u r g h ..
Winston-Salem
C i n c i n n a t i ..._
Indianapolis ..
Chicago .
Des Moines
L i t t l e R o c k ______ _ _
Topeka
______
Portland
_______
Los A n g e l e s . . .
Percent
Total
Table 1 1 . — F H A — H o m e mortgages insured 3
Table 1 0 — F O R E C L O S U R E S — E s t i m a t e d nonfarm real-estate foreclosures/ by Federal
Home Loan Bank Districts1
Federal Home Loan
B a n k District
Percent
$490,044 $201,401
70, 214
16, 953
56, 585
14, 213
53, 642
14,138
13,002
42, 446
16, 269
43, 908
19, 317
46, 493
19, 571
43.157
35.158
16, 655
30, 529
17,044
26,831
17, 639
21,893
17, 071
19,187
19, 530
14,172
40, 649
17,084
4, 735,974
1
F i g u r e s represent gross i n s u r a n c e w r i t t e n d u r i n g t h e period a n d do not t a k e
account of principal r e p a y m e n t s o n previously i n s u r e d loans.
Table 12—1F H L B A N K S — L e n d i n g operations and principal assets and liabilities
[ T h o u s a n d s of dollars]
P r i n c i p a l assets
J a n u a r y 31, 1943
L e n d i n g operations
J a n u a r y 1943
C a p i t a l a n d principal liabilities
J a n u a r y 31, 1943
Federal Home Loan Bank
Total assetsl
J a n u a r y 31,
1943
Repayments
Advances
outstanding
35
473
414
1,518
934
256
3,925
45
987
394
1,253
1,574
2,960
2,040
2,542
4,308
1,791
1,820
4,968
2,280
1,167
593
453
2,699
7,538
22,194
9,667
9,573
8,506
8,637
18, 932
6,252
3,434
4,644
2,190
11,832
6,516
2,549
6,166
7,761
3,470
3,661
8,504
5,308
1,841
2,118
1,235
3,140
10,846
11,698
7,560
11, 252
18,197
11, 305
9,042
8,116
8,300
5,920
8,499
8,721
18,937
26,467
15, 914
17,013
23, 318
12,013
21,610
11,219
12,136
10,103
8,164
14, 786
4,000
8,500
7,000
11,000
2,500
7,000
10,000
7,000
1,500
2,000
3,000
6,000
All b a n k s ( J a n u a r y 1943).__ .
11,808
27, 621
113, 399
52, 269
119,456
191,680
69, 500
23,003
286,169
D e c e m b e r 1942
18, 209
10,883
129, 213
35, 504
122,144
191, 255
69, 500
25,436
287,510
J a n u a r y 1942..
9,017
22, 395
206,068
44,997
62, 350
187,115
90, 500
24, 358
314, 440
Advances
Boston . _ . . . .
New York
__ _
P i t t s b u r g h _ ._ .__
Winston-Salem
C i n c i n n a t i ._
_
Indianapolis.. _ _ .
Chicago
Des Moines .
L i t t l e R o c k ._
.__
T o p e k a __
Portland _
_ _ _
L o s Angeles _
._ __
_ _._
_. _ _.
._
i I n c l u d e s i n t e r b a n k deposits.
194
Cash i
2
Government
securities
Capital2
Debentures
Member
deposits
2,037
1,581 '
472
589
4,467
4,129
4,876
1,482
1
624
290
2, 455
24,988
36,596
23,480
28,671
30, 310
23,686
36, 563
19, 749
13, 647
12, 741
11,966
23, 772
C a p i t a l stock, surplus, a n d u n d i v i d e d profits.
Federal Home Loan Bank Review
Table 1 3 — S A V I N G S — S a l e s of war bonds
Table 1 4 . — S A V I N G S — H e l d by institutions
[Thousands of dollars]
[Thousands of dollars]
Period
Series E
2
$1, 622,496
1941
5, 988, 849
1942
January
__
._...._
667,411
397,989
February
337, 599
March
_
326, 660
April
421,831
May_
--_ - - - _433, 223
J u n e ___
--.__
-...
508,118
July
474, 206
August
_.. _
566, 609
September _ _ _
587,854
October
„
. . .
541, 573
November
__
725, 777
December _
__ _
1943
814,928
January
Series F
Series G
Total
$207, 681
652,044
77, 559
51, 820
41, 070
40,003
42,465
41, 041
73, 691
55, 586
66, 728
51,321
44, 766
65,994
$1,184, 868
2, 516, 065
315, 576
253, 391
179, 223
163,839
170, 060
159, 681
319, 053
204, 548
204, 907
175,178
148, 211
222, 398
$3, 015, 045
9,156,958
1, 060, 546
703, 200
557,892
530, 502
634,357
633,945
900,861
734,340
838, 244
814, 353
734, 549
1, 014,168
77,066
348,450
1,240,444
i U. S. Treasury War Savings Staff, Actual deposits made to the credit of
the2 U. S. Treasury.
Prior to May 1941: "Baby bonds."
Insured
savings a n d
loans l
E n d of period
1940: D e c e m b e r
1941: J u n e
December.
1942: J a n u a r y
February
March.
April
May
June
July
August
September
October
November
December
1943: J a n u a r y .
1
J
3
_
_
_.
_
_
_
__
Mutual
savings
banks 2
$2, 202,556
2,433, 513
2, 597, 525
2, 589,466
2, 600,172
2, 612,736
2, 633,014
2, 660,098
2, 736, 258
2, 757,929
2, 798,621
2,834, 079
2, 873.822
2,912,717
2,983,310
3, 030. 919
Insured
commercial
banks»
$10, 617,759
10. 606. 224
10, 489. 679
$13,062,315
13,107,022
13, 261.402
10, 354, 533
13,030, 610
10, 620, 957
Private repurchasable capital as reported to the FHLB Administration.
Month's Work. All deposits.
FDIC. Time deposits evidenced by savings Dassbooks.
Table 1 5 . — I N S U R E D A S S O C I A T I O N S — P r o g r e s s of institutions insured by the FSLIC
[Amounts are shown in thousands of dollars]
Operations
Period a n d class of association
ALL
Government
bond
holdings
Total
assets
N e t first
mortgages
held
Cash
2,313
2,343
$3,159, 763
3, 362, 942
$2, 555, 393
2, 751, 938
$190.671
206, 457
$33,518
43, 892
2,349
2,353
2,358
2,363
2,363
2,374
2,380
2,380
2,386
2,390
2,396
2,398
3,313,418
3, 323,180
3, 335,101
3, 356, 213
3, 384, 344
3,461, 228
3, 439,097
3, 482,056
3, 513, 096
3, 548, 692
3, 588, 995
3, 651, 598
2, 754. 777
2, 763, 579
2, 774,108
2, 790,135
2,800, 673
2, 827, 956
2, 837, 925
2, 856, 588
2, 866, 497
2, 871, 968
2,875,165
2, 871, 641
161, 801
52, 584
219,374
70,852
193, 817
116, 035
256, 470
193, 452
2,405
3, 627,828
2, 865, 632
1,452
1,460
2, 028,138
2,173, 326
1, 687, 087
1,824, 646
1,461
1,461
1,461
1,464
1,464
1,464
1,465
1,464
1,466
1,466
1,468
1,467
2,131, 212
2,133, 251
2,137, 579
2,151, 862
2,170,868
2,205, 921
2,182, 337
2,198, 357
2, 214,101
2, 235, 726
2, 259, 670
2, 299,895
1, 824, 376
1, 829, 218
1, 832, 341
1, 842, 422
1, 846, 790
1, 849,400
1,852, 972
1, 856, 269
1,861,062
1, 862, 593
1,862, 796
1, 853, 868
1,467
2,264,817
1, 843, 714
861
• 883
1,131, 625
1,189,616
868, 307
927, 292
888
892
897
899
899
910
915
916
920
924
928
931
1,182, 206
1,189, 929
1,197, 522
1, 204,351
1,213,476
1, 255, 307
1, 256, 760
1, 283, 699
1, 298,995
1, 312,966
1,329,325
1, 351, 703
930,401
934, 351
941, 767
947, 713
953,883
978, 556
984, 953
1,000, 319
1, 005, 435
1,009,375
1, 012, 369
1, 017, 773
938
1, 363, 011
1, 021,918
Number
of associations
Private
repurchasable
capital
Government
share
capital
Federal
Home
Loan
Bank
advances
$2, 433,905
2, 597, 525
$206,301
196, 240
2, 589,466
2, 600,172
2, 612, 736
2, 633, 014
2, 660,098
2, 736, 258
2, 757, 929
2, 798, 621
2,834,079
2,873, 822
2, 912, 717
2, 983, 310
New
mortgage
Joans
N e w private
investments
Private
repurchases
$144,331
193, 275
$85,117
63, 506
$61, 448
74,801
$26,779
35, 728
43.6
47.8
191, 769
186,254
185, 664
185, 651
185, 710
185, 783
176, 995
169, 493
169, 202
169,162
169,257
169,167
180, 360
172, 260
167,535
161, 571
157,870
170,066
152, 302
139, 670
125, 308
113, 856
103, 329
113, 977
49, 549
49, 387
56,934
62,015
59,006
58, 642
61, 062
58, 785
61, 508
59. 021
48,017
46, 705
105, 792
53, 449
56, 701
58,193
53,808
72, 788
103,821
70,262
68, 082
73,124
64, 697
91, 029
118, 666
47, 229
47, 086
40, 443
31, 503
26,152
87,059
41, 534
40,114
37. 720
30,738
30, 219
112 2
88 4
83.0
69 5
58 5
35.9
83 9
59 1
58.9
51 6
47 5
33.2
3, 030, 919
148, 220
99. 037
39,149
119,923
84,573
70.5
1, 553, 712
1, 668, 415
169, 247
160,060
103,696
144, 049
57, 542
41,182
40,030
48, 872
14, 530
20,400
36.3
41.7
1, 658, 444
1, 662, 269
1, 667, 983
1, 683, 232
1, 701, 065
1, 735, 932
1,748,584
1, 767, 665
1, 788,000
1, 814,156
1, 839, 506
1, 882, 051
156,079
151, 295
150,776
150,776
150, 776
150,776
143,324
136, 779
136,518
137,108
137, 208
137, 208
132,843
127, 235
123, 748
118, 639
116,327
127, 623
113,347
103,180
92, 943
83,095
75, 865
84,135
31,142
31,919
36, 325
38, 484
36. 966
35, 279
37,007
36, 620
37, 987
. 35,555
28,163
27, 381
70,962
35, 670
37, 377
38. 301
35, 759
47, 495
69,919
45, 724
44, 589
47, 222
42, 076
58, 937
81, 663
30.714
30,000
24,088
18, 515
14, 794
58, 508
26, 707
24, 745
22,019
18,174
16, 530
115 1
86 1
80 3
62 9
51 8
31.1
83 7
58 4
55.5
46 6
43 2
28.0
1, 906, 323
118,769
72, 046
23 390
79,083
55, 548
70 2
800,193
929,110
37, 054
36,180
40, 635
49, 226
27, 575
22, 324
21, 418
25, 929
12, 249
15, 328
57.2
59.1
931, 022
937, 903
944, 753
949, 782
959, 033
1,000, 326
1,009,345
1,030,956
1,046, 079
1,059, 666
1,073, 211
1,101,259
35,690
34,959
34, 888
34, 875
34, 934
35,007
33,671
32, 714
32,684
32,054
32,049
31,959
47, 517
45,025
43, 787
42, 932
41, 543
42, 443
38,955
36,490
32, 365
30, 761
27,464
29,842
18,407
17,468
20,609
23, 531
22,040
23,363
24,005
22,165
23, 521
23,466
19,854
19, 324
34, 830
17, 779
19, 324
19,892
18,049
25, 293
33,902
24, 538
23,493
25, 902
22, 621
32,092
37,003
16, 515
17,086
16, 355
12,988
11, 358
28,551
14,827
15, 369
15,701
12, 564
13,689
106 2
92 9
88.4
82.2
72 0
44.9
84 2
60 4
65.4
60 6
55 5
42.7
1,124, 596
29, 451
26, 991
15, 759
40,840
29, 025
71 1
Repurchase
ratio
INSURED
1941: J u n e
December
1942: J a n u a r y
February
March
April
May
June
July
August
September
October
November
December
. . _ . . . .-
.
._ . . . . . . .
-_- .-
- - . -.-.
1943: J a n u a r y
FEDERAL
1941: J u n e
December
February
March
April
May
June . . . .
July
....
-.
September
...
December
__
1943* J a n u a r y
. -. -
126, 390
138, 040
16, 714
23, 623
99, 247
28,775
141, 617
41, 022
116, 834
70,196
164,430
117, 339
STATE
1941: J u n e
December
1942: J a n u a r y
March
April
...
May
June
July
August
September
October
November
December
1943: J a n u a r y -
MOACA 1943
64,281
68,417
16,804
20,269
62, 554
23,809
77, 757
29, 830
76,983
45,839
92,040
76,113
195
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 16.—HOLC—-Mortgage loans outstanding and properties on hand
[Amounts are shown in thousands of dollars]
[Amounts are shown in thousands of dollars]
H o m e Owners' Loan
Corporation
Treasury
Properties owned
D u e on
original
loans
E n d of period
1939: J a n u a r y
1940: J a n u a r y . . . .
1941: J a n u a r y
1942: J a n u a r y .
February March
April
May
J u n e ..
July
August .
September
OctoberNovember
December.
.
_
_. .
D u e on
property
sold
T y p e of operation
State
members
Number
1,862
4, 708
$50,401 j $213,601
997
$66, 595
5, 705
$280,196
1,831
$49,300
$31,752
$17,548
4, 241
$178,316
$58,132
$120,184
740
$45. 541
$13,414
$32,127
4,981
$223, 857
$71, 546
$152,311
0
0
2
$200
0
0
2
$200
1
$100
0
0
0
$170
1
$100
$170
$103,167
224, 752
326,990
$498,551
456,036
333, 332
89,653
75, 796
50, 863
1,397,411
1, 381, 568
1, 363, 957
1, 347, 703
1, 329, 955
1,311,851
1, 233, 416
1, 274, 912
1, 255, 847
1, 236, 432
1, 218,869
1, 200, 203
360, 541
360, 309
360,167
360, 762
362,156
363, 995
363, 578
364, 761
366, 069
366, 427
367, 522
366, 768
272, 859
271,086
268, 660
265,159
259, 548
253, 234
250,126
243, 979
237, 378
231, 950
225, 448
221,512
38, 599
38,209
37, 792
37,176
36,187
35, 192
34, 672
33, 603
32, 525
31. 594
30, 518
23, 876
1,180, 723
365, 009
218, 083
23,939
i Includes reacquisitions of properties previously sold.
Total
l
$2, 045, 034
1,103,477
1, 613, 829
1943: J a n u a r y _
Federals
Federals 2
Book
value
October 1935-December 1942:
Applications:
Number
__
Amount
_ _ _ _ ._
Investments:
Number
- . . . . _ __
Amount
_ ._ __ . . . .
Repurchases
Net outstanding investments
F o u r t h q u a r t e r 1942:
Applications:
Number
. .
. .__
Amount
._ __
Investments:
Number .
_ .
_ . .
Amount
- - _ _ _ . ...
Repurchases
. _ . _ . . . _.
0
1
o
0
1
Refers to number of separate investments, not to number of associations in
which investments are made.
2
Investments in Federals by the Treasury were made between December 1933
and November 1935.
Table 18.—FHA—Insured home mortgages (Titles II and V I ) held, by class of institution
[Thousands of dollars]
C u m u l a t i v e t h r o u g h e n d of m o n t h
1936: D e c e m b e r
-
1937: D e c e m b e r
._
1938: D e c e m b e r
. . .
1939: D e c e m b e r
-
1941: M a r c h
June
-
December
December
_
_
_ _
Insurance
companies
Federal
agencies 2
Others«
$221,946
$14,345
$55,601
$41,358
$4,648
..____
422,772
34, 844
110,290
117,936
32,129
53 184
. ._.
1,198,675
619, 535
51, 813
148, 798
212, 206
76, 778
89, 545
$27, 259
1, 792, 980
885,051
88,641
191, 709
341, 587
152, 716
133,276
-__-___---__
.
. . .
2, 074, 739
2,231,998
2,409,197
1,008,147
1, 075,090
1,142,949
117,851
129,751
149, 239
208,218
216, 324
224, 328
431, 527
479,623
541, 561
182,327
190,350
201,032
126,669
140,860
150,089
-_
2, 598, 348
2, 754, 725
2,943,574
3,115, 616
1, 226, 856
1,300, 734
1, 381,609
1,447,101
165,421
174, 706
189, 736
205, 748
230,412
237, 056
246, 588
255,296
606, 052
668, 069
722, 019
791, 617
209,989
220,400
225, 076
233,628
159 618
153,760
178, 546
182,226
3,332,231
3, 551,421
3, 683, 975
3,795, 519
1, 533, 896
1,614,362
1,658, 286
1, 694, 963
222,351
242, 619
255,582
263,825
266,079
277, 704
281,344
288,618
867,293
966,440
1,045,475
1,095,276
237,849
245,206
250, 403
251,871
204, 764
L05, 058
192,886
200,973
. . .
_
Savings a n d
loan associations
771,115
.-
.__ _
_ . _
_
M u t u a l savings b a n k s
$365,157
_ _ ..
.
_ - _. . .
_ _
_ _ .
Commercial
banks
..
--
._
1940: J u n e
September
December
1942: M a r c h
June
.. -
- -
..
-
Total
--
^Original face amount of mortgages held; does not include terminated mortgages and cases in transit to or being audited at the Federal Housing Administration.
-The R F C Mortgage Company, the Federal National Mortgage Association, and the United States Housing Corporation,
includes mortgage companies, finance companies, industrial banks, endowed institutions, private and State benefit funds, etc.
196
Federal Home Loan Bank Review
FEDERAL HOME LOAN BANK DISTRICTS
^rWz*^
mmmm BOUNDARIES OF FEDERAL HOME LOAN BANK 01STRICTS
$
FEDERAL HOME LOAN BANK CITIES.
OFFICERS OF FEDERAL HOME LOAN BANKS
BOSTON
CHICAGO
B. J. ROTHWELL, Chairman; E . H . W E E K S , Vice Chairman; W . H .
C. E . BROUGHTON, Chairman; H . G. ZANDER, Jr., Vice Chairman; A. R.
N E A V E S , President; H . N . F A U L K N E R , Vice President; L . E . D O N O V A N ,
G A R D N E R , President; J. P . D O M E I E R , Vice President; H . C. J O N E S ,
Secretary-Treasurer; P . A. H E N D R I C K , Counsel; B E A T R I C E E . H O L L A N D ,
Treasurer; CONSTANCE M . W R I G H T , Secretary; UNGARO & SHERWOOD,
Assistant Secretary.
Counsel.
NEW
GEORGE
MACDONALD,
YORK
Chairman; F .
V.
DES
D.
L L O Y D , Vice
C. B . B O B B I N S , Chairman; E . J. R U S S E L L , Vice Chairman; R. J. RICHARD-
N U G E N T F A L L O N , President; R O B E R T G. CLARKSON, Vice President;
SON, President-Secretary; W . H . LOHMAN, Vice President-Treasurer;
J. M . MARTIN, Assistant Secretary; A. E . MUELLER, Assistant Treas-
D E N T O N C. L Y O N , Secretary; H . B . D I F F E N D E R F E R , Treasurer.
urer; EMMERT, JAMES, N E E D H A M & L I N D G R E N , Counsel.
PITTSBURGH
E.
MOINES
Chairman;
LITTLE ROCK
T . T R I G G , Chairman; C. S. T I P P E T T S , Vice Chairman; R. H . R I C H ARDS, President;
G.
R.
PARKER,
Vice President; H .
H.
GARBER,
Secretary-Treasurer; WILLIAM S. B E N D E R , Counsel.
W. C. JONES, J R . , Chairman; W . P . GULLEY, Vice Chairman; B . H .
WOOTEN, President; H . D . WALLACE, Vice President-Secretary; J. C.
C O N W A Y , Vice President; W . F . T A R V I N , Treasurer; W . H . CLARK, J R . ,
WINSTON-SALEM
Counsel.
TOPEKA
H . S. H A W O R T H , Chairman; E . C . BALTZ, Vice Chairman; O. K . L A R O Q U B ,
President-Secretary;
J o s . W . HOLT,
Vice
President-Treasurer;
P . F . GOOD, Chairman; L. W. B A U E R L E , Vice Chairman; C. A. STERLING,
President-Secretary; R. H . BURTON, Vice President-Treasurer; JOHN
S. D E A N , JR., General Counsel.
T . SPRUILL THORNTON, Counsel.
CINCINNATI
R.
P.
DIETZMAN,
Chairman; W M . M E G R U E
BROCK,
Vice
W A L T E R D . SHULTZ, President; W. E . J U L I U S , Vice President-Secretary;
A . L. M A D D O X ,
Treasurer; T A F T ,
STETTINIUS
&
PORTLAND
Chairman;
HOLUSTER,
B E N A. PERHAM, Chairman; A. C. BOUCHER, Vice Chairman; F . H .
JOHNSON,
Gen-
President-Secretary;
IRVING
BOGARDUS,
Vice
President.
Treasurer; Mrs. E . M . J E N N E S S , Assistant Secretary; V E R N E D U S E N -
eral Counsel.
BERY, Counsel.
INDIANAPOLIS
Los ANGELES
H. B . W E L L S , Chairman; F . S. CANNON, Vice Chairman-Vice President;
D.
G.
DAVIS,
Chairman;
H O R A C E S. W I L S O N , Vice Chairman; M . M .
F R E D T . G R E E N E , President; G. E . O H MART, Vice President; C. R U S S E L L
HURFORD,
PARKER,
Secretary-Treasurer; V I V I A N
Secretary-Treasurer;
A L E X A N D E R , Counsel.
HAMMOND,
BUSCHMANN,
ROLL
&
President;
C. E .
FREDERICKS, Attorney.
BERRY,
SIMPSON,
Vice President; F .
Assistant
C.
Secretary;
NOON,
HELEN
@FedFRASER