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FEDERAL
HOME
LOAN
BANK
Washington, May 1943
Eligibility for war-housins
occupancy broadened
Second war loan
far exceeds estimates
Topping the Treasury's goal of
$13 billion by more than $ 5 ^ billion,
the Second War Loan fund reached a
total of $18,533,000,000 on May 8.
This is the largest sum ever raised in
a 4-week period.
Approximately one-sixth of the total
was subscribed by individuals. Purchases of Series E Bonds during the
month topped $1,470,000,000, the
highest monthly total to date.
* * * *
There are now 371 areas, with a
population of 80 million, subject to
OPA rent-control regulations.
* * * * *
U. S. WAR EXPENDITURES
Now
*
* * * * *
1 •
Last War 1
( H
This War
j
oiljfj
41.
New war-housing
units completed
New war-housing units totaling
123,500 were completed and made
available for occupancy by war workers
during the first quarter of 1943, according to an announcement of the
NHA Administrator. This represents
an increase of 50 percent over the
last quarter of 1942.
During the same 1943 period,
147,000 units were placed under construction, a gain of 60 percent. Of
these, 27,000 were privately financed
and 120,000 were financed by public
funds.
Between March 1 and April 17
applications by private bankers were
received covering 28,400 proposed units
for essential war workers.
and in 1 9 1 7 - 1 8 (MONTHLY)
LIONS
OF
LLARS
19421 | j
ill
T*
llllil
"111
*iiis
11941. i l
llil
i * , gl!ii|||
A « l
# J t S 0 H » J
* * * * *
iiiii
r M J I M l
1917
I
l A S O I I
1918
SOVItCS: Tranurj tn<t WPB \
War expenditures of the United
States Government reached a new
high of $7,112,000,000 in March.
This was $l,000,000,000,or 17 percent,
above February expenditures and
approximately 13 percent higher than
the previous record for monthly
expenditures in January 1943.
* * * * *
More rent-control
areas designated
Title I loan rules
are modified
Control of residential rents was
extended by the OPA to cover 14
new defense-rental areas in 10 Southern, Middle Western, and Far Western
States, effective May 1. The ceiling
date set was March 1, 1942. Localities affected are chiefly seats of Army
or Navy air bases and will, in the
majority of cases, be administered
from already established offices.
Announcement also was made of the
enlargement of four areas in three
States in which rent control is already
operative, together with the regrouping of four other localities into
three administrative units.
To encourage property owners to
convert heating equipment to the use
of fuel other than oil, the Federal
Housing Administration has liberalized
certain regulations governing payments on loans insured under Title I.
Initial payments on loans closed
between April 20 and September 1,
1943 may be deferred to November 1,
if the loan is used for repairs or improvements which will result in the
conservation of fuel. In addition to
heating-unit-conversions, loans for the
installation of storm doors, storm
windows, or weather stripping are
eligible for new payment terms.
To eliminate inequalities arising out
of a strict interpretation of the occupancy requirements, the NHA classification of in-migrant war workers has
been broadened to include workers
who have moved into a critical housing area since July 1, 1941. Previously, eligibility had been limited
to those who had entered such an
area within 12 months of the date of
their lease or purchase of war-housing
facilities.
This modification applies to publicly and privately financed war-housing developments in all critical areas.
Regional representatives of NHA are
authorized to fix a base date later than
July 1, 1941 if specific local conditions
warrant such action. Other basic provisions governing occupancy eligibility
for war housing remain unchanged.
Under new OPA regulations, tenants
evicted for non-payment of rent need
be given only such notice as is required by local ordinance. The shortest period permitted under the present
ruling is 3 days. Under previous
regulations, tenants could not be
evicted without 10 days' notice.
* * * * *
War-housins construction
now under CMP
The WPB has announced new procedures for privately financed warhousing construction under the Controlled Materials Plan. As the interested claimant agency, the NHA
will assign preference ratings and
allot controlled materials in connection with the processing of applications.
After obtaining authorization for
construction, consumers of materials
must submit to the local FHA insuring
office a form—CMP-H-1—requesting
allotments and preference ratings in
accordance with previously approved
quantities of materials under a program determination by WPB involving
the assignment of AA-3 ratings.
A significant feature of the new
procedure is that the authority to
begin construction is operative for
only a specified period which varies
with the type of construction. If no
request for allotment or preference
rating is received within the stipulated
time, the authorization is withdrawn.
CONTENTS
FOR
MAY
•
1943
FEDERAL
ARTICLES
•
•• ^ k
i f
T H E WAR HOUSING PROGRAM IN PERSPECTIVE
I I \^_^# f \ r ^ [|^
^^
I ^ J j A
KJ
fiscal
Maximum use of existing structures—Substantial occupancy reserves
still untapped—The role of new private construction—Public housing
assumes greater importance—Progress in conservation of materials—
Evolution of rental and occupancy standards—A new program for the
year 1944.
MORTGAGE-INTEREST RATES IN ST. LOUIS AND N E W YORK
B A N K
How
" >
Average interest rates—Interest rates and mortgage size—Average
mortgage size in St. Louis and New York—Value and limitations of data.
OLD ARE OUR HOUSES?
Regional age variations—Urban vs. rural properties—Age as a factor in
occupancy.
REVIEW
231
233
MONTHLY SURVEY
mmmmmmmmmmmmm
•••"•"——
NATIONAL HOUSING
AGENCY
John B. Blandford, Jr., Administrator
H
FEDERAL HOME LOAN
BANK ADMINISTRATION
John H, Fahey,
Page
226
Highlights and summary
General business conditions
Residential construction
Building costs
New mortgage-lending activity of savings and loan associations
Mortgage recordings
241
242
242
242
243
243
Foreclosures
Federal Home Loan Bank System
Insured savings and loan associations
244
244
244
Commissioner
STATISTICAL TABLES
F
New family dwelling units—Building costs-—Savings and loan lending—Mortgage
recordings—Total nonfarm foreclosures—FHA activity—Federal Home Loan
Banks—Sales of U. S. war-savings bonds—Savings in selected financial institutions—Insured savings and loan associations
246-251
°BANK SYSTEM*^
FEDERAL SAVINGS AND LOAN
ASSOCIATIONS
FEDERAL SAVINGS AND LOAN
INSURANCE CORPORATION
REPORTS
HOME OWNERS' LOAN
CORPORATION
UNITED STATES HOUSING
CORPORATION
Vol. 9
IP
From the month's news
war-bond sales
Directory of member, Federal, and insured institutions added during MarchApril
H o n o r ro11 o f
i
No. 8
— —
230
236
-
252
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 oaly official organ or periodical publication of the Administration. The REVIEW will be sent to all member institutions without charge. To others the annual subscription price, which covers the cost of paper and printing, is $1. Single copies will be sold at 10 cents. Outside
of the United States, Canada, Mexico, and the insular possessions, subscription price is $1.60; single copies, 15 cents. Subscriptions should be sent to and copies ordered
from Superintendent of Documents, Government Printing Office, Washington, D. C.
APPROVED BY T H E BUREAU OF T H E BUDGET.
523948—43
1
THE WAR HOUSING PROGRAM IN PERSPECTIVE
Almost 3 years have passed since the beginning of the "defense
housing" program. The demands of the war economy for materials
and manpower have changed original plans for housing war workers.
Permanent construction is giving way to temporary housing designed
for rental to in-migrant war workers. Present and future plans rely
increasingly on more intensive use of existing structures.
•
T H E shift-over of the home-building industry
to its war-housing job has involved a process
somewhat different from the conversion of manufacturing industries to the production of war materials. The tanks, planes, and ammunition produced
by most manufacturing plants bear little resemblance
to the peace-time goods which they replaced. This
fact and the almost astronomical demands of the
armed forces for materials have meant vast plant
expansion, complete re-tooling, and the re-training
of personnel to handle new jobs and new tools.
In home construction, on the other hand, the tangible product—the dwelling unit—remains substantially the same even though prefabricated and temporary structures may be more widely employed.
Conversion of the home-building industry has been
accomplished primarily by far-reaching changes in
organization to meet the requirements of speed, and
a new dependence on planning to reduce the use of
critical materials and manpower. Far from being
required to reach new production goals, the homebuilding industry has, in most instances, been faced
with an over-all shrinkage in construction activities.
Still further, the growing shortages of critical
materials and manpower have forced planning agencies to place ever-increasing reliance upon the use of
the existing stock of housing. The remodeling of
residential buildings to yield additional family units
and the conversion of vacant or partially used nonresidential structures have assumed increased importance during the last few months.
MAXIMUM U S E OF EXISTING
STRUCTURES
The three-sided Homes Use Program to assure
maximum utilization of existing structures—the
" W a r Guest" plan, encouragement of privately
financed conversion, and conversion by the Government itself—has begun to yield major results.
Incomplete reports from the 327 local War Housing
Centers and Homes Registration Offices operating
war guest or similar programs indicate that by the
end of March 1943 they had referred 133,514 home
226
seekers for placement in family-dwelling units and
158,554 applicants for placement in rooms. During
the calendar year 1942, private conversion provided an
estimated 50,000 dwelling units for war workers, and
it is anticipated that during 1943 an additional 50,000
units will be created in this manner. This program
has been stimulated not only by the liberalization of
F H A Title I loan terms but by the recent upgrading
of priority ratings to AA-3.
The initial difficulties of the publicly financed
conversion plan also have been overcome. Under
this plan the Federal Government leases and converts privately owned residential properties in
crowded war-industry centers and rents them to
eligible war workers. At the beginning of April, the
Home Owners' Loan Corporation, which is responsible for this operation, reported that more than
4,000 war-worker families would be provided with
living quarters through conversion of properties on
which the Government had obtained leases; that
about 5,000 additional family units would be created
in structures to be leased during April alone; and
that 20,000 more should be supplied from conversion
applications already on file.
The average estimated conversion cost for each
unit added by this type of operation is approximately
half the cost of new construction, even that of a
temporary character. The eventual saving will be
far greater because the Government leases are
designed to assure recovery of conversion costs over a
7-year period. Of still more significance, however, is
the saving of critical building materials which is
estimated at 60 to 70 percent.
The Federal Public Housing Authority leases and,
in some instances, purchases warehouses, other nonresidential buildings, and summer hotels, principally
for conversion into dormitories. By the end of
March the F P H A had leased structures which when
converted will provide nearly 5,000 accommodations.
A preliminary survey indicates that these units are
being made available at an estimated saving of
more than 50 percent in critical materials and at
one-third of the cost of new construction.
Federal Home Loan Bank Review
OCCUPANCY R E S E R V E S STILL
UNTAPPED
However, the possibilities of more intensive use of
the reservoir of space in existing structures are
almost unlimited. This is clearly demonstrated by
sample surveys conducted for the N H A by the
Bureau of the Census during the last 5 months
of 1942 in 83 war-housing areas. The report, which
has just been released, shows that 2,000,000 additional persons, or about 20 percent of the population
in the surveyed areas, could have been housed in
existing residential structures if they has been filled
to capacity. Even though the composition of families
admittedly makes attainment of this objective
almost impossible, the surveys reveal that our
reserve supply of existing housing can be utilized
far more thoroughly than it has been to date.
The average proportion of units not occupied to
capacity was 48 percent for all 83 areas. Overcrowded units—those containing more than 1}2
persons per room—averaged only 7 percent. The
survey revealed that about 500,000 bedrooms were
not currently used for sleeping purposes. Only
one-sixth were offered for rent.
T H E R O L E OF N E W P R I V A T E CONSTRUCTION
The contribution of private enterprise in building
new war housing cannot be measured accurately.
Many homes built in the period of "defense housing/ 7
but prior to the introduction of priorities, served to
accommodate war workers. However, it was not
until the beginning of the housing-priorities system
on September 1, 1941, that a complete record of
privately financed construction became available.
From that date through February of this year, a
total of 428,484 private war-housing units were
programmed in war-industry areas. Of this number,
16,781 preference ratings have been recaptured or
cancelled, leaving a net progam of 411,703 units.
By the end of February, 192,164 dwelling units had
been completed and 72,875 were still under construction. Of the completed units, about 95 percent
had been sold or rented or were owner-occupied.
Savings and loan members of the Federal Home
Loan Bank System have had a substantial share in
this war effort. During the 18-month period from
July 1941 through the end of 1942, they advanced
a total of $420,100,000 for the construction of 141,600
dwelling units in war-housing areas. This figure,
which includes only units which received first permanent financing through members, represents 36
percent of their total lending in those areas.
May 1943
To assist private enterprise in continued participation in the war-housing program for the fiscal
year 1943, the maximum amount of insurance that
may be written under Title VI of the National
Housing Act has recently been raised by Congress
from $800,000,000 to $1,200,000,000. From the
beginning of this insurance program through the
end of March 1943, insurance has been written on
100,848 small war-housing mortgages in the principal amount of $401,786,808. I n addition, commitments to insure were outstanding on 94,076
properties with mortgages totaling $425,567,220.
From the start of the large-scale rental housing
program under Section 608 of the National Housing
Act through the end of March 1943, insurance has
been written on 59 rental projects, containing
approximately 5,950 dwelling units. In addition,
commitments to insure were outstanding on 19
projects involving about 1,500 units. The Federal
Home Loan Bank Administration recently has
amended the regulations for Federal Savings and
Loan Associations to permit those institutions, with
the approval of their members, to engage in financing
rental projects insured under Section 608.
PUBLIC HOUSING ASSUMES M O R E
IMPORTANCE
In spite of the magnitude of the private warhousing program, publicly financed construction in
recent months has exceeded by far the volume of
private building. This relationship will become
more marked as the prospects diminish for the construction of additional new permanent units which
can be absorbed in the post-war period. Appropriations for publicly financed war housing now
exceed two billion dollars.
More than five-sixths of the publicly financed war-housing program approved
from July 1940 through March 1943 already has been completed or is now under
construction. Figures for privately financed construction do not cover the same
period as those for the Government program. It is impossible, therefore, to make
any comparison between the relative accomplishments under the two programs.
227
Since September 1941, nearly 400,000 privately financed war-housing units
have been approved for construction. Some 270,000 units already have been
started and nearly 200,000 completed by February 1943. These figures do
not include privately financed construction started and completed from the
beginning of the emergency up to the time of the initiation of the priorities system.
From July 1, 1940, the initiation of public defense
housing, through March of this year, the net number of units programmed was 651,952, of which
468,383 were for family-dwelling units, 150,392 for
dormitory units, and 33,177 for trailers and portables. Accommodations actually completed numbered 316,827. This represents nearly 48 percent
of all units planned. A total of 251,573 units were
under construction at the end of March and the
balance of 83,552 units have been programmed but
are not yet under construction. Occupancy of completed units is estimated at about 80 percent.
The average cost of construction of public war
housing varies by the type of dwelling. For the
period from July 1, 1940, through March of this
year the average cost of construction of a permanent
family-dwelling unit was $4,230; for a demountable
family-dwelling unit, $3,716; for temporary familydwelling units, $2,709; for conversion under the
Government-lease program, $1,510; and for dormitories, $846.
PROGRESS IN CONSERVATION OF M A T E R I A L S
One of the dominating features of the war-housing
program in the past year has been the emphasis
placed on standardization of plans and equipment
and on the conservation of critical materials. As a
result of the issuance of War Housing Critical Lists,
the recently liberalized War Housing Construction
Standards, and other directives—to which all construction must conform—the character of war hous228
ing has changed in several respects. For example,
single-family detached units are giving way to multiple structures which will use more masonry than
frame finishes, have less floor space per unit, and
employ far fewer critical materials.
In both public and private war housing, conservation of scarce building commodities has been achieved
to the extent that only 2,000 to 2,600 pounds of
metal are being used per unit, or approximately onefourth of the quantity consumed in similar pre-war
construction. The over-all use of metal has been
reduced from 70 to 75 percent in the average familydwelling unit, the floor area has dropped more than
one-third, and the use of dimension lumber has been
cut from 50 percent to 60 percent below pre-war
levels.
The National Housing Agency has recently joined
12 other Federal groups as a " claimant agency"
under the Controlled Materials Plan inaugurated by
the W P B on April 1. This is a further step in the
integration of the responsibilities of the two agencies,
that is, the NHA in programming war housing and the
W P B in allocating critical materials. The claimant
agencies provide their constituents with more direct
access to critical materials. Thus, under the plan,
the N H A as claimant for the war-housing program
will prepare and present estimates of requirements of
critical building materials for all war-housing construction. After allocations are made by the W P B ,
the constituent agencies of N H A will authorize construction schedules, allot controlled materials, and
assign preference ratings for the different private and
public war-housing projects.
EVOLUTION OF R E N T A L AND OCCUPANCY STANDARDS
The need for conserving every ounce of critical
materials is of no greater significance than the necessity of restricting new housing construction to basic
manpower requirements. As a result, war housing
is not programmed in any area unless the War Manpower Commission certifies that in-migration of
workers is necessary to augment the local labor
supply. This principle is also followed in the close
definition of persons eligible for occupancy in war
housing as " indispensable in-migrant civilian war
workers.'' To facilitate the integration of war
housing with manpower requirements, the NHA is
represented on the War Manpower Commission.
In line with the policy of providing war housing
only for in-migrant war workers, there has been a
gradual enunciation of stricter occupancy standards
and an increased emphasis on rental housing. This
Federal Home Loan Bank Review
development has gone through three stages. At the
start of the preference rating system, no specific
amount of private housing was designated for rental
purposes but defense workers had to be given "reasonable preference" in occupancy. In April 1942
the demands of in-migrant labor forced the establishment of a requirement that at least 50 percent of
priorities-assisted private war housing should be
offered for rent or for occupancy on a lease-option
basis, with war workers being accorded a 60-day
'l occupancy priority.'' Finally, the j oint declaration
of policy issued by the W P B and the N H A in December 1942 stipulated that all public and private
war-housing projects must be rented to eligible war
workers, provided, however, that a war-worker
living in a privately financed dwelling unit may purchase it after 4 months of occupancy. The rules
apply this standard not only to first occupancy but
also to re-occupancy and sales to third parties.
The gradual effects of more stringent requirements
can be gauged by the various occupancy surveys
undertaken in the past year. An FHA survey of
70,797 private war-housing units constructed with
priorities assistance and completed and occupied by
June 30, 1942, demonstrated that only 28.6 percent
were occupied on a rental or lease-option basis. I t is
safe to assume that this low ratio was shown because
many, if not all, of the units covered were started
before the 50-percent rental directive was issued.
This is substantiated by an FHA review of applications during the several months following March 1942
which indicated that approximately 61 percent of
Title VI applicants proposed to construct properties
for rent or for occupancy on a lease-option basis.
A review of units occupied during the period from
June through October 1942 revealed that at least
40 percent were tenants renting or having lease
options. Even discounting the backlog of units
granted priority assistance before the 50-percent
rental requirement was imposed, a substantial increase in the proportion of rental units is apparent.
Furthermore, in view of the fact that some of those
classified as buying or owning their homes may have
rented them at first, it is probable that the initial
rental objective was achieved. At present, no
assistance is granted to private builders who do not
agree to build rental units for occupancy by eligible
war workers.
A N E W PROGRAM FOR THE FISCAL Y E A R
1944
The war-housing job is far from being completed.
As this issue of the R E V I E W goes to press, a new
May 1943
program for the fiscal year 1944 is being prepared for
presentation to Congress. This program will be
designed to accommodate the 1,100,000 indispensable
war workers which the War Manpower Commission
has estimated will move into critical war-industry
areas during the year.
The effective cooperation developed among the
several private and governmental groups and the
sharper definition of principles and responsibilities
accomplished in the past year will be of substantial
assistance in the execution of this new program.
One Out of Five British Homes
Damaged by Raids
•
SINCE the outbreak of War, 2,750,000 houses in
England and Wales have been damaged by enemy
action, a figure equal to one out of every five residential properties in the country. This average for
the country does not reflect the extent of the destruction in certain industrial areas and in some London
boroughs where as many as three out of every four
houses have been damaged.
Surveying the gains and losses in bousing experienced since the outbreak of War, the British Ministry
of Health recently announced that already 2,500,000
houses have been repaired and are now occupied.
Initial "first aid" has been given to an additional
100,000 structures and only 150,000 houses have been
demolished as a result of war damage.
Completion of 135,000 units on which construction
was started before the outbreak of hostilities has
reduced the net loss of housing to approximately
115,000 units.
In summarizing the report, Tfie Building Societies'
Gazette for December 1942 points out that local
authorities have assumed the task of scheduling and
carrying out more than 6,000,000 individual repair
jobs. With the exception of the early weeks of the
concentrated attack upon London, repairs have kept
pace with damage. This number of jobs is due not
only to the fact that some properties were damaged
more than once but also to the need for several
individual jobs on some properties. Losses ranged
from structural damage of a minor character to
complete destruction requiring the eventual demolition of the property. Some London boroughs reported damage totals twice the number of residences
in the area. Other industrial localities suffered three
cases of damage to every two properties.
229
«
«
FROM THE MONTH'S NEWS
>urvival
RESTORATION: ' T o check t h e spread of
blight, a n d by rebuilding restore t h e depreciated areas to t h e best use for which
t h e y are a d a p t e d , should promote t h e
economic soundness of t h e c o m m u n i t y
and p u t a better foundation under t h e
city t r e a s u r y . "
Thomas H. Reed, National
Municipal Review, April 1943.
S L O G A N : " L e t us h a v e a m o r a t o r i u m
on slogans. Perhaps, 'Solutions rather
t h a n slogans' would be a good slogan to
end slogans in t h e tax field. A p a r r o t can
repeat a n y easy formula or slogan, b u t the
tax problems t h a t confront t h e American
people t o d a y and t h a t will confront t h e m
tomorrow are too difficult t o be entrusted
to parrots. T h e y d e m a n d t h e attention
of enlightened citizens."
Tax Policy, April 1943.
RAIDING: " B i t t e r experience during t h e
p a s t three decades has proven t h a t raiding
of portfolios, unfair competition, and
pressing for unsound business in the mortgage loan field can lead to nothing b u t a
descending spiral of profit with disturbance a n d loss for all."
_
_
»
Val ue
" Despite the problems and difficulties of this war economy, the
savings and loan industry, by following sound financial and operating policies, is able to improve the quality of its assets and to build
up a backlog of cash and readily marketable securities with which it
can demonstrate a post-war fitness to survive. . . Not only are we
preparing for that opportunity, but through the acceptance of the
savings of the thrifty, and through the sale of Government bonds and
their purchase for our own account, we are able to help fight the
spectre of inflation."
Walter D. Shultz, Fifth District Quarterly, April 1943.
Scientific Appraisal
"If it is true . . . that real estate is the most fundamental and
permanent form of our national wealth, then certainly it is entitled
to the highest degree of skilled and professional study and management. A well trained, tested body of appraisers of unimpeachable
integrity with a scrupulous regard for a scientific as well as a practical approach to its work, will perform services of inestimable value
to the community."
Henry Bruere, Savings Bank Journal, April 1943.
. Nugent" F a l l o n f The Investment Dealers' Digest, Apr. 26,
1943.
PLANNING: " T o be successful/national
planning m u s t be related t o world conditions. I t must be s u p p o r t e d by t h e
people . . . a n d it m u s t be undertaken
in t h e spirit of co-operative effort by
landowners, captains of industry, municipal a n d county authorities, a n d the
ordinary m a n . "
»
lilliillliS
•••
lillllil
BILLIONS OF BOARD FEET
ON HAND AT END OF
FEBRUARY 1941, 1942 AND 1943
H. P . Cart de Lafontaine,
National Planning and Redevelopment.
ADVERTISING: "Public relations is the
science or faculty of m a k i n g people do
business with you because t h e y like you—
because you have i m p l a n t e d in their
minds some idea t h a t causes t h e m tc
believe in y o u . "
Stephen G. Cohn, The Morigage Banker, May 1943.
G O O D DOLLARS: " T h e r e is a way to
m a k e t h e larger income of t o d a y remain
nearer its present worth, t h a t is by saving
all income above the cost of a c t u a l necessities . . . When we keep dollars from
competing among themselves, t h e y remain good dollars a n d hard-earned income
is not destroyed by inflation."
South Side Federal News, Apr.
1, 1943.
1041 42 '43
WHOLESALE
SOURCE'* U. S. Depf. of Commerce
1941 "42 '43
RETAIL
fgMRAt,
mm
The effects of war construction in depleting the lumber supply are graphically portrayed in the above
chart. The demand for lumber during 1942 was the heaviest in 15 years but since last July there has
been a steady decline in production. Stock on hand in February 1943 had decreased almost 50 percent in
a year's time.
Preliminary estimates of 1943 requirements are 31.5 billion board feet (a reduction of about 6 billion
from 1942) and it is hoped that production of 32 billion feet can be achieved. Curtailment of the building
program has effected a reduction in the 1943 lumber demand but this will be more than offset by the
increased need of boxes and crates for war shipping.
Federal Home Loan Bank Review
MORTGAGE-INTEREST RATES IN ST. LOUIS
AND NEW YORK
A special study of contract interest rates of a group of mortgages
recorded in New York City and St. Louis has been made by the Division
of Operating Statistics. The survey reveals considerable difference
in rates charged on mortgages in the two areas and supports previous
data on the relationship of loan size to interest rate.
•
LEVELS and trends of interest rates have
always been of prime importance in evaluating conditions on the home-mortgage market. Up
to the present time, however, little dependable
information has been available on the structure of
mortgage-interest rates.
The publication of interest-rate data in the 1940
Housing Census * has added to our knowledge of
the general level of interest rates applicable to the
outstanding home-mortgage debt. But these data,
though valuable in themselves, still left unanswered
the question of current charges on mortgage loans.
To fill some of the gaps in our knowledge of what
may be called the "going r a t e " of interest, the Division of Operating Statistics has undertaken a series
of studies of contract interest rates in various localities throughout the country. The first two of these
studies, covering New York City 2 and the city and
county of St. Louis, Missouri, have been completed.
As other surveys are prepared, results will be presented in the R E V I E W .
A by-product of the collection of monthly nonfarm
mortgage recording data, the studies for St. Louis
and New York cover rates on mortgages of $20,000
or less recorded during the months of May and June
1942 in St. Louis, and in the period from April
through September 1942 in New York. More than
13,000 mortgages were included—3,800 in St. Louis
and 9,400 in New York. This represents 82 and 75
percent, respectively, of the total number of mortgages of $20,000 or less recorded during these periods. In the remaining cases interest rates were not
shown.
AVERAGE INTEREST R A T E S
The average contract-interest rate on mortgage
loans which were recorded in the city and county of
St Louis during May and June 1942 was 5.17 per' See "New Light on the Home Mortgage Structure", F H L B REVJEW, March
1943, p. 173.
2 Based on mortgages recorded in Kings, Nassau, Queens, and Richmond
Counties.
May 7943
This chart indicates the predominance of the 4J^- and 5-percent interest rates
in New York, as well as the predominance of the 5- and 6-percent rates in St.
Louis. In both cities, rates of 4 percent and less are of minor significance.
cent. A rate of 5 percent was charged in the case of
nearly 1,400 mortgage instruments and a 6-percent
rate was reported for about 1,300 mortgages. These
two rates—5 percent and 6 percent—accounted for
over two-thirds of all mortgages recorded during the
period. About one-sixth of the total number fell in
the 4%-percent group.
||
The over-all rate as reported in New York was
4.94 percent—approximately one-fourth of 1 percent
less than the average for St. Louis. More than
three-fourths of all mortgages recorded in New York
from April through September 1942 were found to
fall in the 4%- and 5-percent groups, with contracts
calling for 5 percent accounting for more than onehalf of all mortgages. A rate of 6 percent was
reported for only one-tenth of the mortgages in New
York.
If the interest rates are weighted by the dollar
amounts of loans made at specific rates, the average
rate was 4.97 for St. Louis and 4.89 for New York.
I t is evident that, expressed in terms of the return
231
Table 7.—Frequency distribution of interest rates
New York
St. Louis
Rate
Number
Under 4 percent
4 percent
4 $ percent
5 percent
5J4 percent
6 percent
Total
Number
Percent
of t o t a l
Percent
of total
55
296
633
1, 388
171
1,288
1. 5
7.7
16.5
36.2
4.5
33. 6
122
549
1,890
5,393
502
996
1.3
5.8
20.0
57. 1
5.3
10. 5
3,831
100.0
9,452
100.0
received by institutions rather than the average
charge per mortgage, the two rates are not far apart.
Table 2.—Rate of Interest by mortgage size
INTEREST RATES AND MORTGAGE SIZE
The distribution of rates by size of mortgage closely
conforms to the concept that the rate declines as the
size of the mortgage increases—a pattern which
would be expected inasmuch as the cost of handling a
large loan is relatively lower than the cost of handling
a small loan.
In St. Louis there was a steady decline in the average rate from 5.65 percent for loans under $500 to
4.56 percent for $7,500 to $9,999 mortgages. A like
downward progression was noted in New York—
from 5.13 percent for the smallest loans to 4.84 per
cent for those between $4,000 and $4,999. Both
St. Louis and New York data showed that a slightly
higher rate was common for mortgages in the
highest brackets. Nevertheless, the rates for these
AVERAGE INTEREST RATES IN ST LOUIS AND NEW YORK
BY SIZE OF LOAN
NEW YORK
2
0
PERCENT
3
4
^ ^ - ^ _ L - a
••••
5
6
1
^^™^ 9
^^5
^
^
^
—
"
This chart illustrates the variation in average interest rates as between different
loan-size groups. The divergence is more marked in St. Louis than it is in
New York but in both cities there is a distinct tendency for larger mortgage loans
to carry a lower rate. The only exceptions are the top size brackets.
St.
Louis
New
York
Size class
Average Average
rate
rate
Percent
5. 65
5. 59
___
5. 52
5.34
_
5. 22
5. 22
5. 02
4. 93
4.85
4. 56
4. 73
4. 77
Under$500
$500-$999
$1,000-$1,499
$1,500~$1,999
$2,000-$2,499
$2,500-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500-$9,999
$10,000-$14,999
$15,000-$20,000
Percent
5. 13
5. 04
5. 08
5.01
5. 02
5. 00
4. 95
4. 84
4. 86
4. 82
4. 80
4. 86
As Table 2 indicates, there was less uniformity
in the rates charged in St. Louis than in those for
New York. The lowest average rate reported for
any loan bracket in St. Louis was 4.56 and the
highest was 5.65—a spread of more than 1 percent.
In New York the range was only from 4.80 to 5.13, a
spread about half as great as in St. Louis.
i
J
C
E^^^E
232
largest loans were not as high as those charged on
loans in the smallest size groups.
Some divergence was noted between the data for
the two cities in a comparison of average rate by
size of loan. The lowest rate charged for any group
of loans in St. Louis was the 4.56 percent reported
for mortgages of $7,500 to $9,999. In New York,
on the other hand, the pattern was broken by a
slight increase for loans in the $5,000~$7,499 bracket,
and the lowest rate—4.80 percent—was found to
apply in the $10,000 to $14,999 class. On the
whole, as the accompanying table shows, the picture
is the same—a slightly higher rate in the largest loan
brackets. This may be explained to some extent
by the presence of a higher proportion of second liens
on non-residential properties in these loan groups.
AVERAGE MORTGAGE SIZE IN S T . L O U I S AND
NEW
YORK
The average mortgage recorded in St. Louis was
$3,400 and the median was slightly less than $3,000.
More than 63 percent of the mortgages studied were
$4,000 or less and about half of all mortgages fell
in the $1,500 to $4,000 range.
{Continued on p. 245)
Federal Home Loan Bank Review
HOW OLD ARE OUR HOUSES?
Reports of the 1940 Housing Census supply for the first time comprehensive information on the age structure of the American fthousing
plant/9
They highlight the marked regional differences in the age
distribution of our residences as well as the fact that owner-occupied
houses generally are newer than tenant-occupied dwellings. This is
one of a series of articles on the Housing Census.
•
T H E rapid industrial growth of the United States
during the past three decades has almost
obscured the fact that America still is a new country.
Impressed with the pace of events in the years since
the first World War, we find it difficult to remember
that, just as our pre-eminence in industrial production is a recent development, so even our older
cities are relatively young. Recent Census releases on the age structure of American homes
serve as a reminder of the comparative youth of our
urban communities.
These data, gathered in the 1940 Housing Census,
show that what may be called the " typical" American
home was slightly less than 25 years old on the date
of the enumeration, this being the " median" age of
all nonfarm family units. I n other words, half of
the houses and apartments in our cities and suburban
areas have come into existence in the last quarter
century. Over 60 percent of 27,300,000 nonfarm
dwelling units for which age data were reported
were less than 30 years old in 1940, and only onefifth of our total stock of homes was over 40 years
old at that time.
A substantial number of the units provided during
recent decades have, of course, replaced structures
that have outlived their usefulness or been destroyed
by fire or other calamity. Even granting this,
however, it is obvious that much of the urban and
most of the suburban growth of our cities has
occurred since the outbreak of the first World War.
In evaluating the age figures reported by the
Census Bureau it must be remembered that the
source of the information was the occupant of the
property. This may in some cases limit the accuracy
of the data, particularly where older houses were
concerned, but it does not detract from the value of
the Census findings in terms of a broad outline of the
age structure of American homes.
In cases where the home was owner-occupied the
information obtained through the Census probably
was more accurate than for those properties occupied
by tenants. However, when the tenant-occupant
was uncertain of the age of the structure, Census
May 7943
523948—43-
GEOGRAPHIC VARIATION IN THE AGE OF
NONFARM DWELLING UNITS
1
THE NORTH, THE SOUTH, AND THE WEST-1940
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UNITED STATES
" " UNDER l0YRS'
*"^ l0"20YRS-
C
KZ3 20-30YRS.
B § & 3 3 0 " 4 0 YRS.
DIVISION OF OPERATING STATISTICS
FEDERAL HOME LOAN BANK ADMINISTRATION
1
| OVER 4 0 YRS.
The chart above illustrates the wide regional variations in the age of residential
structures. While homes less than 10 years old account for only about 10 percent
of the total stock of homes in the northern States, they represent 23 and 25 percent, respectively, of the total of homes in the South and the West.
enumerators obtained estimates of the construction
date from persons familiar with the neighborhood.
The same procedure was followed for vacant units.
By this means, enumerators were able to obtain a
fairly accurate estimate of the age of nearly 95
percent of the 29,700,000 residential units in the
country.
REGIONAL A G E VARIATIONS
To demonstrate regional variations in the age distribution of residential properties, the Census Bureau
has grouped States into three main geographic divisions: (1) The North (the New England, Middle
Atlantic, and North Central States extending as far
west as the Kansas line), including 17,000,000 of the
total number of nonfarm structures for which age was
reported; (2) T h e South (the South Atlantic and
Southern States as far west as Texas) which contains
about one-fourth of all nonfarm units; and (3) The
Mountain and Pacific areas in which about oneseventh of the units are located.
As might have been expected, northern communities contained the smallest proportion of recent
233
structures. As the chart on page 233 shows, only
10 percent of the nonfarm dwelling units in northern States were less than 10 years old in 1940. The
proportion of units 10 years old or less in the South
and West was roughly double that of the North.
On the other end of the scale, about one-fourth of the
units in northern areas were more than 40 years old
on the Census date. For the South and West, however, only 13 percent and 8 percent, respectively, of
total units were as much as 40 years old on the same
date.
To sum up these regional variations: the typical
home in the North was 29 years old; that in the South
was less than 20 years old; and the median age of
homes in the West was 18 years.
West and South. In the South, for instance, more
than one-third of all homes were located in rural
nonfarm sections, and 32 percent of these structures
were less than 10 years old at the time of the report.
In the West, where slightly less than one-third of all
homes were located in rural nonfarm areas, nearly
40 percent did not antedate 1930. In the North,
however, only one-fifth of the rural nonfarm homes
were 10 years old or less.
Age of dwellings in urban and rural nonfarm
areas—1940
(Units are in thousands)
Age of structure in years
URBAN V E R S U S R U R A L PROPERTIES
Census material also throws light on the extent of
urban decentralization during the last decade. In
the 10-year period from 1920 to 1930 most of the
expansion in housing units took place within the
city boundaries. In that period more than 3 times
as many dwelling units were added to the stock of
housing in urban communities as were provided in
the so-called rural nonfarm areas—localities of less
than 2,500 population. I n the period 1930-1935, the
numerical growth of units in urban communities was
still greater than for rural areas. For the last half
of the decade, however, the addition of housing units
in rural areas was slightly greater than that in urban
localities. (See table in the next column.)
The most striking examples of the extent of the
growth of rural nonfarm areas are to be found in the
AGE DISTRIBUTION OF ALL NONFARM DWELLINGS
BY TYPE OF TENURE - 1940
PERCE
10
0
EO
OWNER
30
40
OCCUF»/co|
50
|
UNDER 10 YRS.H
NT
60
|
|
10-20 YRS.
•
20" 30 YRS.
•
30-40 YRS.
•
OVER 40 YRS.™
1
11
j
1 1
1 1
70
80
90
TENANT OCCUPIED
I
|, I
1 I
I 1
I 1
10
T .. 1 ..
1 1
1 I -'•
1 1
1 1
The chart above demonstrates that it is only during the first 10 years of its life
that a residence is more likely to be owner-occupied rather than tenant-occupied.
Further indication of the preference of home purchasers for newer properties is
to be found in a breakdown of figures for properties less than 10 years old. This
shows that in 1940 some 62 percent of all homes 5 years old or less were owneroccupied and 38 percent were tenant-occupied.
234
5 or less
5 to 10
10 to 15
15 to 20
20 to 30
30 to 40
Over 40
_
_
Reporting age ..
Median age
Total
nonfarm
units
Units in
urban
areas
Units in
rural
areas
2, 471
1,767
3,987
3,266
5,009
4, 796
6,034
1, 215
978
3,033
2,456
3,785
3,731
4,549
1,256
789
954
810
1,224
1, 065
1,485
27, 330
19, 747
7,583
25 years
26 years
20 years
A G E AS A FACTOR IN OCCUPANCY
As has been reported in an earlier article in this
series,1 two-fifths of all occupied nonfarm dwelling
units enumerated in the 1940 Census were occupied by the owners, while the remaining three-fifths
were rented. When the proportion of ownership is
studied for each of the age brackets, it is obvious
that the age of a property bears a definite relationship
to its probable occupancy status. As the table on
the next page shows, newer homes are more likely to
be owner-occupied and older structures are more
likely to be rented.
The same point is illustrated in the chart on this
page. More than 57 of every 100 occupied dwelling
units which were 10 years of age or less at the Census
date, were owner-occupied. The home-ownership
percentages were progressively lower as the age of
dwellings increased until, among units in structures
existing for 40 years or more, only 36 percent were
owner-occupied.
Of further interest is the fact that the age distribution of nonfarm family units vacant in 1940 and
for sale or rent compared rather favorably with the
» See "The Houses We Live In," F H L B REVIEW, May 1942, p. 259.
Federal Home Loon Bank Review
Age distribution of all nonfarm dwellings
by class of tenure, 1940
(Percentages are cumulative)
Occupied
Age of structure
in years
Total
nonfarm
units
Vacant
Owner T e n a n t For sale Not for
occu- or rent sale or
occurent
pied
pied
Reporting
age
(Thousands of
units)
27, 330 10, 891 14, 691
1,280
468
5 or less
10 or less
15 or less
20 or less
30 or less
40 or less
All dwellings
9.0
15. 5
. _ 30. 1
.... 42. 0
60.3
77.9
100.0
12. 4
19. 5
34. 9
47.4
65.7
81. 1
100. 0
5.6
11.0
24.9
36. 5
55.3
75.0
100.0
14. 5
23. 7
38. 6
50.0
65.2
79. 6
100.0
23.0
42. 1
59.4
70.7
82. 2
89.8
100.0
24.6
21. 7
27.4
20.3
14. 8
Median age
age distribution of occupied uuits. In other words,
the vacant units generally were newer than the occupied units. This trend was even more evident in
the case of units vacant and not for sale or rent, but
this is probably" explained by the fact that these
units include a large number of summer homes and
other seasonably occupied accommodations which
usually are not considered a component of our normal housing supply.
Post-War Population Shifts
I
I N their planning for the post-war period, mortgage-lending institutions must give serious consideration to the probable permanence of shifts in
population which have taken place in recent years as
a result of the concentration of war industries in a
few areas. Recent studies by Philip M. Hauser of
the Bureau of the Census throw some light upon the
permanent or temporary character of the gains and
losses in population of specific cities throughout the
country.
The estimates group cities in four major classes:
(1) Class A Areas which grew most rapidly and have
good prospects of keeping their growth; (2) Class
B Areas which grew rapidly but appear likely to lose
their population after the War; (3) Class C Areas
which have remained stable or lost population during
the War but may be expected to "come back" after
the War; and (4) Class D areas which have lost
May 1943
ground during the War and may be expected to
continue to lose ground after the end of the emergency.
The predictions are considered by the Census
Bureau official to be merely a "crude" measure of
prospects, and various factors may be expected to
affect the actual growth of communities during postwar years, the Census Bureau official states. On the
basis of past history and on the type of industry now
located in the various centers, the cities have been
grouped along the following lines.
Class A Areas: Of the 54 metropolitan areas or
counties listed under Class A, the six most likely
to retain their recent population increments are
Corpus Christi, Dallas, and San Antonio, Texas;
Jacksonville, Florida; San Diego, California; and
Jackson, Mississippi. Other areas, including Washington, D. C ; San Francisco, California; Portland,
Maine; and Seattle, Washington, are estimated to
have varying prospects, ranging from superior to
fair, of retaining their growth after the War.
Class B Areas: These 13 cities appear likely to
lose their population growth unless their new
industries can be adapted to some suitable peacetime
purpose. Included in the group are Birmingham,
Alabama; Hartford, Connecticut; Tulsa, Oklahoma;
Louisville, Kentucky, and others.
Class C Areas: For this group of 30 cities, it is
possible roughly to predict that while the War has
involved a loss of population, the areas have excellent, good, or fair prospects of "coming back" after
the War. Listed among these cities are Charleston,
West Virginia; Miami, Florida; Memphis, Tennessee;
Minneapolis, Minnesota; Flint, Michigan; and
Youngstown, Ohio.
Class D Areas: Cities which have lost population
or remained relatively stable and appear likely either
to remain at much their present size or to slip backward during coming years, are listed in this group.
Among them are such centers as Buffalo, New
York; Boston, Massachusetts; Pittsburgh, Pennsylvania; Syracuse, New York; Worcester, Massachusetts; Lincoln, Nebraska; and Duhith, Minnesota.
Five of the 38 areas listed under Class D are considered possible exceptions to the prediction that
population will decrease or remain stable. In view
of their past history, Atlantic City, New Jersey;
Cleveland, Ohio; Grand Eapids, Michigan; Kansas
City, Kansas; Kansas City, Missouri; and South
Bend, Indiana, may possibly reverse, in the post-war
period, the recent trend of their growth.
235
HONOR ROLL OF WAR BOND SALES
March sales of war bonds and stamps
by reporting members of the Federal
Home Loan Bank System totaled
more than $21,200,000—higher than
February sales, but still only about one-half the
record January volume. Purchases of member
institutions for their own portfolios also were
larger in March than in February and amounted to
about $29,000,000. The total contribution of Bank
System members to the war effort during the month
was $50,000,000. War-bond sales and purchases of
member institutions have averaged better than
$55,000,000 during the first quarter of the current year.
Despite the increase in sales to the public, the
Honor Roll is shorter this month. Only 465 of
the 543 institutions which started the year on the
list have been able to maintain a monthly sales
volume equal to at least 1 percent of assets for
each month. However, nearly half of the institutions on the March Honor Roll have bettered the
minimum monthly requirements and have made
sales equal to at least 5 percent of assets.
For the third successive month, the First Federal
Savings and Loan Association of Chicago sold more
than $1,000,000, to retain undisputed first place in
"Tops in Volume." Both the First Federal Savings
and Loan Association of New York and the Minnesota Federal Savings and Loan Association of St.
Paul, made sales exceeding $500,000 during March.
Special mention should be made of the record of
savings banks in the Boston District in purchasing
war bonds for their own portfolios. In March these
institutions bought Government obligations aggregating more than $15,000,000. Purchases since
January 1 of the institutions reporting were in excess of $20,000,000. In March, purchases of the
Worcester County Institution for Savings, Worcester,
Massachusetts, were $11,408,000; acquisitions of the
Amoskeag Savings Bank of Manchester, New Hampshire, $2,050,000; and the Rochester Trust Company, Rochester, New Hampshire, $1,000,000. Three
other institutions in the District reported purchases
of between $175,000 and $450,000.
Reports for the Honor Roll are based on the issue
price of bonds sold to the general public and do not
include purchases by member institutions for their
own accounts. Each asterisk represents sales equal
to 5 percent of a member's assets.
236
NO. 1—BOSTON
Bristol Federal Savings and Loan Association, Bristol, Conn.
First Federal Savings and Loan Association, Greenwich, Conn.
Savings Bank of Manchester, Manchester, Conn.
Suffolk Co-operative Federal Savings and Loan Association, Boston, Mass.
Waterbury Building and Loan Association, Waterbury, Conn.
••Windsor Federal Savings and Loan Association, Windsor, Vt.
•Windsor Locks Building and Loan Association, Windsor Locks, Conn.
NO. 2—NEW YORK
••Amsterdam Federal Savings and Loan Association, Amsterdam, N. Y.
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.
Bronx Federal Savings and Loan Association, Bronx, N. Y.
**Center Savings and Loan Association, Clifton, N. J.
Columbia Savings and Loan Association, Woodhaven, N. Y.
••Cranford Savings and Loan Association, Cranford, N. J.
East Rochester Federal Savings and Loan Association, East Rochester, N. Y.
Edison Savings and Loan Association, New York, N. Y.
Elmhurst Savings and Loan Association, Jackson Heights, N. Y.
**First Federal Savings and Loan Association, New York, N. Y.
*First Federal Savings and Loan Association, Rochester, N. Y.
Genesee County Savings and Loan Association, Batavia, N. Y.
*Long Beach Federal Savings and Loan Association, Long Beach, N. Y.
Maywood Savings and Loan Association, Maywood, N. J.
••North Park Savings and Loan Association, Elizabeth, N. J.
**North Plainfield Building and Loan Association, North Plainfield, N. J.
Oratam Building and Loan Association, Ridgefield, N. J.
Reliance Federal Savings and Loan Association, Queens Village, N. Y.
•Schuyler Building and Loan Association, Kearny, N. J.
NO. 3—PITTSBURGH
•Benjamin Franklin Federal Savings and Loan Association, Philadelphia, Pa.
•Brentwood Federal Savings and Loan Association, Brentwood, Pa.
•Burton C. Simon Building and Loan Association, Philadelphia, Pa.
••••••••••Capital 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.
••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, Fairmont, 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 of Mt. Oliver, Pittsburgh, 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.
Franklin Federal Savings and Loan Association, Wilkes-Barre, 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.
Monaca Federal Savings and Loan Association, Monaca, Pa.
Montour Valley Savings, Building and Loan Association, Imperial, Pa.
North East Federal Savings and Loan Association, Philadelphia, Pa.
••North Philadelphia Federal Savings and Loan Association, Philadelphia, Pa.
Olney Savings and Loan Association, Philadelphia, Pa.
Protected Future Savings and Loan Association, Philadelphia, Pa.
Reliance Building and Loan Association, Altoona, Pa.
•Reliance Federal Savings and Loan Association, Philadelphia, Pa.
Roxborough-Manayunk Federal Savings and Loan Association, Philadelphia, Pa.
•St. 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.
••West Philadelphia Federal Savings and Loan Association, Philadelphia, Pa.
Federal Home Loan Bank Review
West View Building Loan Association, West View, Pittsburgh, Pa.
Willow Grove Federal Savings and Loan Association, Willow Grove, Pa.
* United Federal Savings and Loan Association, Morgantown, W. Va.
No. 4—WINSTON-SALEM
* Albemarle Building and Loan Association, Elizabeth City, N. C.
**Atlantic Federal Savings and Loan Association, Baltimore, Md.
•Bartow Federal Savings and Loan Association, Bartow, Fla.
Baxley Federal Savings and Loan Association, Baxley, Ga.
•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, Winnsboro, S. C
Douglas Federal Savings and Loan Association, Douglas, Ga.
First Building and Loan Association, Hickory, N. C.
***First Federal Savings and Loan Association, Andalusia, Ala.
First Federal Savings and Loan Association, Anderson, S. C.
First Federal Savings and Loan Association, Augusta, Ga.
••••First Federal Savings and Loan Association, Columbus, Ga.
***First Federal Savings and Loan Association, Cordele, Ga.
First Federal Savings and Loan Association, Darlmgton, S. C.
* First Federal Savings and Loan Association, Decatur, Ala.
* First Federal Savings and Loan Association, Eustis, Fla.
*First Federal Savings and Loan Association, Forest City, N. C.
••First Federal Savings and Loan Association, Gastonia, N. C.
First Federal Savings and Loan Association, Greenville, N. C.
First Federal Savings and Loan Association, Griffin, Ga.
* 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, St. Petersburg, Fla.
•First Federal Savings and Loan Association, Sumter, S. C.
First Federal Savings and Loan Association, Valdosta, Ga.
•First Federal Savings and Loan Association, Vero Beach, Fla.
First Federal Savings and Loan Association, Waycross, Ga.
•••First Federal Savings and Loan Association, Winder, Ga.
Fitzgerald Federal Savings and Loan Association, Fitzgerald, Ga.
••Fort Hill Federal Savings and Loan Association, Clemson, S. C.
•Gate City Building and Loan Association, Greensboro, N. C.
•Gwinnett County Building and Loan Association, Buford, Ga.
•Hamlet Building and Loan Association, Hamlet, N. C.
•••••Home Building and Loan Association, Easley, S. C.
•Home Building and Loan Association, LaGrange, Ga.
Home Building and Loan Association, Spray, N. C.
Home Mutual Building and Loan Association, Washington, D. C.
Lake City Federal Savings and Loan Association, Lake City, Fla.
Lexington County Building and Loan Association, West Columbia, S. C.
•Lithuanian Federal Savings and Loan Association, Baltimore, Md.
Macon Federal Savings and Loan Association, Macon, Ga.
Marietta Federal Savings and Loan Association, Marietta, Ga.
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, Mt. Gilead, N. C.
•Peoples Building and Loan Association, Whiteville, N. C.
Peoples Savings and Loan Association, Ensley, Ala.
Perpetual Building and Loan Association, Anderson, S. C.
••Richmond County Building and Loan Association, Rockingham, N. C.
Security Federal Savings and Loan Association, Columbia, S. C.
•Southern Federal Savings and Loan Association, Atlanta, Ga.
Standard Building and Loan Association, Columbia, S. C.
Stephens Federal Savings and Loan Association, Toccoa, Ga.
•Sun Federal Savings and Loan Association, Baltimore, Md.
•••Tifton Federal Savings and Loan Association, Tifton, Ga.
Wateree Building and Loan Association, Camden, S. C.
•Weldon Building and Loan Association, Weldon, N. C.
•Wilson Home and Loan Association, Wilson, N. C.
Workmen's Federal Savings and Loan Association, Mt. Airy. N. C.
May 1943
523948—43-
NO. 5—CINCINNATI
Allemania Building and Loan Company, Columbus, Ohio
Anderson Ferry Building and Loan Company, Cincinnati, Ohio
Antonio Savings and Loan Company, Cincinnati, Ohio
Athens Federal Savings and Loan Association, Athens, Tenn.
Bedford Savings and Loan Company, Bedford, Ohio
•Buckeye Loan and Building Company, Cincinnati, Ohio
Cedarville Federal Savings and Loan Association, Cedarville, Ohio
•Citizens Federal Savings and Loan Association, Dayton, Ohio
••Cookeville Federal Savings and Loan Association, Cookeville, Tenn.
Dyer County Federal Savings and Loan Association, Dyersburg, Tenn.
East Cleveland Savings and Loan Company, East Cleveland, Ohio
•Elmwood Place Loan and Building Company, Elmwood Place, Ohio
Equity Sayings and Loan Company, Cleveland, Ohio
•Fidelity Building Association, Dayton, Ohio
•First Federal Savings and Loan Association, Dickson, Tenn.
First Federal Savings and Loan Association, Galion, Ohio
•••••First Federal Savings and Loan Association, Greenville, Tenn.
First Federal Savings and Loan Association, Hopkinsville, Ky.
First Federal Savings and Loan Association, LaFollette, Tenn.
•First Federal Savings and Loan Association, Lakewood, Ohio
First Federal Savings and Loan Association, Lorain, Ohio
First Federal Savings and Loan Association, St. Bernard, Ohio
••Fulton Building and Loan Association, Fulton, Ky.
H. B. Smith Building and Loan Company, Fremont, Ohio
Hancock Savings and Loan Company, Findlay, Ohio
•Harvest Home Building and Savings Association, Cheviot, Ohio
Hickman Federal Savings and Loan Association, Hickman, Ky.
Tops in Volume
The 25 member institutions which reported the largest cumulative sales of warsavings bonds and stamps during January-March 191$
1. First Federal Savings and Loan Association, Chicago, I1L_ $3,241,874
2. First Federal Savings and Loan Association, New York,
N. Y
1,438,103
3. Citizens Federal Savings and Loan Association, Dayton,
Ohio
904,598
4. Minnesota Federal Savings and Loan Association, St.
Paul, Minn
848,057
5. First Federal Savings and Loan Association, Rochester,
N. Y
711,393
6. Edison Savings and Loan Association, New York, N. Y_670,957
7. Old Colony Co-operative Bank, Providence, R. I
621, 572
8. Harvey Federal Savings and Loan Association, Harvey,
111
615,783
9. Mid-City Federal Savings and Loan Association, Philadelphia, Pa
565,742
10. Bloomfield Savings Institution, Bloomfleld, N . J
537,497
11. Worcester Co-Operative Federal Savings and Loan Association, Worcester, Mass
518,758
12. Peoples Savings Association, Toledo, Ohio
481,211
13. Railroadmen's Federal Savings and Loan Association, Indianapolis, Ind
451,824
14. Savings Banks of Manchester, Manchester, Conn
430, 778
15. Worcester County Institution for Savings, Worcester,
Mass
430,080
16. Colonial Federal Savings and Loan Association, Philadelphia, Pa
428,375
17. San Antonio Building and Loan Association, San Antonio,
Tex
421,898
18. Equity Savings and Loan Company, Cleveland, Ohio
402,136
19. First Federal Savings and Loan Association, Miami, Fla_.
392,817
20. Waterbury Savings Bank, Waterbury, Conn
386,797
21. Home Federal Savings and Loan Association, San Diego,
Calif
359,993
22. Greater New Orleans Homestead Association, New Orleans, La
348,411
23. Wm. H. Evans Building and Loan Association, Akron,
Ohio
330,930
24. Gem City Building and Loan Association, Dayton, Ohio.323,419
25. Peoples Federal Savings and Loan Association, Peoria,
111
312,516
237
*Home Builders Loan and Savings Company, Cincinnati, Ohio
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
Lincoln Federal Savings and Loan Association, Dayton, Ohio
Maury County Federal Savings and Loan Association, Mt. Pleasant, Tenn.
•Newport Federal Savings and Loan Association, Newport, Tenn.
Ohio Savings and Loan Association, Fostoria, Ohio
Orol Federal Savings and Loan Association, Lakewood, Ohio
Paris Federal Savings and Loan Association, Paris, Tenn.
Peoples Federal Savings and Loan Association, Leetonia, Ohio
Peoples Savings Association, Toledo, Ohio
•Progress Savings and Loan Company, Cleveland, Ohio
Provident Building and Loan Association, Cleveland, Ohio
•Security Federal Savings and Loan Association, Beliefontaine, Ohio
•Suburban Federal Savings and Loan Association, Covington, Ky.
Tatra Savings and Loan Company, Cleveland, Ohio
Taylor County Federal Savings and Loan Association, Campbellsville, Ky.
Ukrainian Savings Company, Cleveland, Ohio
•Union Building and Loan Company, St. Mary's, Ohio
Valley Central Building and Loan Company, Reading, 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
•Wm. H. Evans Building and Loan Association, Akron, Ohio
No. 6.—INDIANAPOLIS
Adrian Federal Savings and Loan Association, Adrian, Mich.
American Building and Aid Association #6, Madison, Ind.
Atkins Savings and Loan Association, Indianapolis, Ind.
•Birmingham Federal Savings and Loan Association, Birmingham, Mich.
Bloomington National Savings and Loan Association, Bloomington, Ind.
Dearborn Federal Savings and Loan Association, Dearborn, Mich.
Detroit Federal Savings and Loan Association, Detroit, Mich.
•First Federal Savings and Loan Association, Marion, 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.
•Indiana Savings and Loan Association of Indiana Harbor, East Chicago, Ind.
•Liberty Savings and Loan Association, Whiting, Ind.
•Logansport Building and Loan Association, Logansport, Ind.
Marshall County Building and Loan Association, Plymouth, Ind.
•Monon Building and Loan Association, Monon, Ind.
•Mount Clemens Federal Savings and Loan Association, Mount Clemens, Mich .
•Ottawa County Building and Loan Association, Holland, Mich.
Peoples Federal Savings and Loan Association, East Chicago, Ind.
Peoples Federal Savings and Loan Association, Monroe, Mich.
Peoples Federal Savings and Loan Association, Royal Oak, Mich.
Peoples Savings and Loan Association, Huntington, Ind.
Peoples State Building and Loan Association, Oakland City, Ind.
Port Huron Loan and Building Association, Port Huron, Mich.
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 g a v m g s a n ( j L o a n 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.
••Citizens Building and Loan Association, Peoria, 111.
•City Savings and Loan Association, Chicago, 111.
Clintonville Federal Savings and Loan Association, Clintonville, Wis.
•Clyde Savings and Loan Association, Cicero, 111.
Columbus Savings and Loan Association, Chicago, 111.
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.
Damen Savings and Loan Association, Chicago, 111.
238
•Des Plaines State Building and Loan Association, Dcs Plaines, 111.
•East Side Federal Savings and Loan Association, Milwaukee, Wis.
Fairfield Savings and Loan Association, Chicago, 111.
••••First Calumet City Savings and Loan Association, Calumet City, 111.
•First Federal Savings and Loan Association, Barrington, 111.
•••••First Federal Savings and Loan Association, Chicago, 111.
First Federal Savings and Loan Association, Des Plaines, 111.
•First Federal Savings and Loan Association, Streator, 111.
•Gage Park Savings and Loan Association, Chicago, 111.
General Sowinski Building and Loan Association, Cicero, 111.
Grand Crossing Savings and Building Loan Association, Chicago, 111.
* Guaranty Savings and Loan Association, Chicago, 111.
*****v*************jjajjer s a v i n g S a n ( i Loan Association, Chicago, 111.
•**Harvey Federal Savings and Loan Association, Harvey, 111.
Hemlock Savings and Loan Association, Chicago, 111.
•*Illinois Federal Savings and Loan Association, Chicago, 111.
Improvement Building and Loan Association, Aurora, 111.
•Investors Savings and Loan Association, Chicago, 111.
••••Jugoslav Savings and Loan Association, Chicago, 111.
Keistuto Savings 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.
Lockport Loan and Homestead Association, Lockport, 111.
•Lombard Building and Loan Association of DuPage County, Lombard, 111.
Loomis Savings and Loan Association, Chicago, 111.
•••••••Merchants and Mechanics Building and Loan Association, Springfield,
111.
Merrill Federal Savings and Loan Association, Merrill, Wis.
Midwest Savings and Loan Association, Chicago, 111.
Milford Building and Loan Association, Milford, 111.
Morton Park Federal Savings and Loan Association, Cicero, 111.
•Mt. Vernon Loan and Building Association, Mt. Vernon, 111.
•Naperville Building and Loan Association, Naperville, 111.
Naprstek Savings and Loan Association, Chicago, 111.
••••Narodni Savings and Loan Association, Chicago, 111.
New City Savings and Loan Association, Chicago, 111.
•New London Savings and Loan Association, New London, Wis.
North Side 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.
•Prairie State Savings and Loan Association, Chicago, 111.
•Public Savings and Loan Association, Chicago, 111.
Pulaski Savings and Loan Association, Chicago, 111.
•Reliance Building and Loan Association, Milwaukee, Wis.
Reliance Federal Savings and Loan Association, Chicago, M.
Republic Savings and Loan Association, Chicago, 111.
•Richland Center Federal Savings and Loan Association, Richland Center, Wis.
Sacramento Avenue Building and Loan Association, Chicago, 111.
Second Federal Savings and Loan Association, Chicago, 111.
Security Federal Savings and Loan Association, Chicago, 111.
St. Anthony Savings and Loan Association, Cicero, 111.
•••••••••Sturgeon Bay Building and Loan Association, Sturgeon Bay, Wis.
Tabor Savings and Loan Association, Chicago, 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.
•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.
Burlington Federal Savings and Loan Association, Burlington, Iowa
Butler Building and Loan Association, Butler, Mo.
Central Savings and Loan Association, Chariton, Iowa
Dubuque Building and Loan Association, Dubuque, Iowa
••First Federal Savings and Loan Association, Jamestown, N . Dak.
•First Federal Savings and Loan Association, Rock Rapids, Iowa
First Federal Savings and Loan Association, St. Paul, Minn.
•Home Building and Loan Association, Fort Dodge, Iowa
Home Building and Loan Association, Joplin, Mo.
Federal Home Loan Bank Review
*****Home Building and Loan Association, Marion, Iowa
* independence Savings and Loan Association, Independence, Mo.
Macon Building and Loan Association, Macon, Mo.
•"•Mandan Building and Loan Association, Mandan, N . Dak.
Minnesota Federal Savings and Loan Association, St. Paul, Minn.
*Minot Federal Savings and Loan Association, Minot, N . Dak.
•••Owatonna Federal Savings and Loan Association, Owatonna, Minn.
**Perry Federal Savings and Loan Association, Perry, Iowa
••"Postal Employees' Building Loan and Savings Association, St. Louis, Mo.
•Public Service Company's Savings and Loan Association, Kansas City, Mo.
*St. Joseph Savings and Loan Association, St. Joseph, Mo.
Standard Federal Savings and Loan Association, Kansas City, Mo.
*Wells Federal Savings and Loan Association, Wells, Minn.
NO. 9—LITTLE ROCK
**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 City, Tex.
Commerce Federal Savings and Loan Association, Commerce, 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.
*Delta Federal Savings and Loan Association, Greenville, Miss.
.' ********Deming Federal Savings and Loan Association, Deming, N . Mex.
••••••Electra Federal Savings and Loan Association, Electra, Tex.
El Paso Federal Savings and Loan Association, El Paso, Tex.
•Equitable Building and Loan Association, Roswell, N . Mex.
Fifth District Homestead Society, New Orleans, La.
* First Federal Savings and Loan Association, Beaumont, Tex.
********First Federal Savings and Loan Association, Belzoni, Miss.
* First Federal Savings and Loan Association, Big Spring, Tex.
First Federal Savings and Loan Association, Canton, Miss.
First Federal Savings and Loan Association, Clarksdale, Miss.
**First Federal Savings and Loan Association, Corinth, Miss.
* First Federal Savings and Loan Association, Corpus Christi, Tex.
First Federal Savings and Loan Association, El Dorado, Ark.
First Federal Savings and Loan Association, 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, 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, Rogers, Ark.
First Federal Savings and Loan Association, Starkville, Miss.
* First Federal Savings and Loan Association, Waco, Tex.
First Federal Savings and Loan Association, Wichita Falls, Tex.
•••••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.
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.
Jennings Federal Savings and Loan Association, Jennings, La.
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, Las Cruces, N . Mex.
Mutual Deposit and Loan Company, Austin, Tex.
*Nashville Federal Savings and Loan Association, Nashville, Ark.
%
"Natchez Building and Loan Association, Natchez, Miss.
***Navasota Federal Savings and Loan Association, Navasota, Tex.
•••""•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.
* Rapides Building and Loan Association, Alexandria, La.
••Riceland Federal Savings and Loan Association, Stuttgart, Ark.
May 1943
**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.
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
Bonner Springs Building and Loan Association, Bonner Springs, Kans.
Capitol Federal Savings and Loan Association, Topeka, Kans.
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 of Sumner County,
Wellington, Kans.
•Garnett Savings and Loan Association, Garnett, Kans.
•Hays Building and Loan Association, Hays, Kans.
•Home Federal Savings and Loan Association, Ada, Okla.
Mesa Federal Savings and Loan Association, Grand Junction, Colo.
•Miami Building and Loan Association, Miami, Okla.
Osage Federal Savings and Loan Association, Pawhuska, Okla.
Peoples Building and Loan Association, Marysville, Kans.
Peoples Federal Savings and Loan Association, Ardmore, Okla.
••Peoples Federal Savings and Loan Association, Tulsa, Okla.
•"••Schuyler Federal Savings and Loan Association, Schuyler, Nebr.
Security Building and Loan Association. Iola. Kans.
Wayne Federal Savings and Loan Association, Wayne, Nebr.
NO. 11—PORTLAND
"Auburn Federal Savings and Loan Association, Auburn, Wash.
•Bellingham First Federal Savings and Loan Association, Bellingham, Wash.
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, Idaho Falls, Idaho
First Federal Savings and Loan Association, Klamath Falls, Ore.
First Federal Savings and Loan Association, Lewiston, Idaho
First Federal Savings and Loan Association, Pendleton, Ore.
•First Federal Savings and Loan Association, Sheridan, Wyo.
•••First Federal Savings and Loan Association, The Dalles, Ore.
Guaranty Federal Savings and Loan Association, Pocatello, Idaho
•Lakeview Federal Savings and Loan Association, Lakeview, Ore.
Polk County Federal Savings and Loan Association, Dallas, Ore.
Port Angeles Savings and Loan Association, Port Angeles, Wash.
Umpqua Savings and Loan Association, Roseburg, Ore.
•Wenatchee Federal Savings and Loan Association, Wenatchee, Wash.
NO. 12—LOS ANGELES
Carmel Building and Loan Association, Carmel, Calif.
••Central Federal Savings and Loan Association, San Diego, 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 of Hawaii, Honolulu, T. H.
••First Federal Savings and Loan Association, Huntington Park, Calif.
First Federal Savings and Loan Association, San Jose, Calif.
Glendale Federal Savings and Loan Association, Glendale, Calif.
•Hollywood Building and Loan Association, Hollywood, Calif.
Home Building and Loan Association, Los Angeles, Calif.
••••Home Federal Savings and Loan Association, San Diego, Calif.
•Independent Building-Loan Association, San Jose, Calif.
Inglewood Federal Savings and Loan Association, Inglewood, Calif.
•International Building and Loan Association, Ltd., Honolulu, T. H.
Laguna Federal Savings and Loan Association, Laguna Beach, Calif.
La Jolla Federal Savings and Loan Association, La Jolla, Calif.
•Liberty Building-Loan Association, Los Angeles, Calif.
•Oceanside Federal Savings and Loan Association, Oceanside, Calif.
Porterville Mutual Building and Loan Association, Porterville, Calif.
Santa Maria Guarantee Building-Loan Association, Santa Maria, Calif
•Sausalito Mutual Loan Association, Sausalito, Calif.
•Surety Building and Loan Association, San Jose, Calif.
239
RESIDENTIAL BUILDING ACTIVITY AND SELECTED INFLUENCING FACTORS
BY YEARS
INDEX
260
1935-1939 =
l0
°
BY MONTHS
INDEX
260
ADJUSTED FOR SEASONAL VARIATION
I
1
1
1
1
I
A ^-PRIVATE CONSTRUCTION
240
/ V^T
220
240
1 ft Z FAMILY DWELLING UNITS
220
200
200
PRIVATE CONSTRUCTION-
A 1\
1 a 2 FAMILY DWELLING UNITS
180
(
180
FEDERAL HOME LOAN BANK ADMIN.)
160
140
\
\
( U . S. DEPT OF L A B O R RECORDS)
Aw-
A
f
>\ /
120
/\(FE
o/uo.
or LASMI*
ucivu.
DERAL HOME LOAN BANK ADMIf 1)
V \\\
100
80
.*•
yL
4
\
\
/
160
\
t
s SVGS.SLOAN
\ 4v 1 A; .<k
1\
LEND.
|
140
/
/
f
120
C/
100
80
y J
60
v
t-
60
.—• /
40
*
^NONFARM FORECLOSURES*^
NONFARM
^^
FORECLOSURES'
\
40
(FEDERAL HOME LOAN BANK ADMIN.)
20
20
1 1
RENTS
I
1
1 1
i
i
1 1
1 1
i
i
i
i
..I J., „.IJ. ...1, 1 1 1 1, 1
0
140
BUILDING MATERIAL PRICES
d\
(U. S. D E P A R T M E N T OF L A B O R )
120
^•-,
~j
RENTS'
100
•/—]
80
f ^ V a U / L O W G MATERIAL PRICES]
I
1
60 •Ar
240
(U.S. DEPARTMENT OF LABOR)
I
I
I
I
L_
V
-NA
• i 1
_J_L I I
i i
1 1
1 i
l 1
l 1 . 1 1 1
1
AF
—i
1
1
1
1
1
r~
ADJUSTED FOR SEASONAL VARIATION
220
60
240
220
200
200
INDUSTRIAL PRODUCTION^]
180
180
INDUSTRIAL
160
PRODUCTION^
160
(FEDERAL RESERVE BOARD) - j — ^
^A--
140
y-INCOME
140
PAYMENTS
120
120
100
100
80
80
60
1930 '31
NOEX
140
'32
'33
'34
'35
'36
'37
'38
J
120
y ^ 2
'AXy,
y s ^MATERIAL
,.•*
."' A*
>i ^//
LUMBER^
140
130
240
1941
ulnLuiu. n h . l n I n
y
r**—
100
MATERIAL**
. ..••'' y
hfftffi&r T T I M I M I M
F.H.L.B.
i
^ 1 9 \Z
180
Y *r»-
MI..I..I,,
. . h i l l , hi
41
60
/- \
/
,'~ J
+•*
*>»V -
120
V A L L INDUS TRIAL
AH
ADVANCES OUTSTANDING
200
140
/**
120
MILLIONS
$220
160
v /
BUILDIN G
NO
IIIUILLLUL
u_
^
'42
150
f
rfnrtm..
*4l
1935-19 39=100
1935-19 59=100
LABOR-.
'40
WHOLESALE COMMODITY PRICES
COST OF STANDARD SIX-ROOM HOUSE
130
'39
I I l l I I I 1I I 1 l l I I I 1I I 1iI
1942
1943
\
^94 3
f\
S.-
-\r
JAN. FEB. MAR. APR. MAY JUN. JUL AUG SEP OCT. NOV. DEC.
Federal Home Loan Bank Review
« « « MONTHLY
S U R V E Y
» » »
HIGHLIGHTS
/. Despite a more-than-seasonal increase in permits for new privately financed units, total March residential construction in all urban
areas dropped more than 10 percent below already low February levels. First-quarter totals for both public and private construction combined were 36 percent under 1942 figures.
A. Permits for privately financed 1- and 2-family units were 46 percent greater in number during March than in February.
January-March totals were only slightly less than one-third as large as last year's figures.
B. Permits for publicly financed units issued during the first quarter of 1943 were more than 50 percent greater than in the
same period a year ago, due to the large permit volume reported in the first 2 months of the year.
II. A heavy volume of home-purchase loans brought March lending of savings and loan associations to a level only slightly below advances for the same month of 1942.
Total funds advanced by these associations in the first quarter were 15 percent below last year.
III. For the first time since October 1942, the volume of recordings of nonfarm mortgages of $20,000
or less showed a month-to-month
increase in the February-March
interval.
March gains were not sufficient to offset losses in recent months and totals for the first
quarter of this year were nearly 25 percent less than those of last year.
IV.
The heavy inward flow of new funds and the shrinkage in opportunities for new lending have combined to further increase the liquid
position of insured savings and loan associations.
than $500,000,000
the last year.
on March 31.
Cash and Government obligations held by these institutions aggregated
more
Government obligations now constitute nearly half of liquid resources, having quadrupled in
Cash held by insured savings and loan associations gained 60 percent in the 1-year period.
V. Industrial production and income payments to individuals continued to climb to new record levels during the month.
war expenditures were at the rate of $7 billion during the month—about $1 billion greater than in February
Government
1943.
SUMMARY
I n March the American public made the first
quarterly payment on the largest income-tax bill in
history. All available information indicates that
this requirement was met principally from current
income or from accumulated cash set aside for this
purpose. The growth of long-term savings of individuals was apparently little affected by this tax
payment. Sales of Series E war-savings bonds
totaled $720,000,000 during March and, despite a
record volume of redemptions reported at that time,
the balance of savings bonds outstanding expanded
by more than $600,000,000 from February.
Meanwhile, share capital continued to flow into
savings and loan associations during March and
repurchases showed relatively little change during
the month. In the case of insured associations, for
which most complete information is available, the
balance of private capital expanded by $36,400,000
from February to March—a growth approximating
that in February, and nearly 3 times the [increase
reported for the same 1942 interval.
Mortgage-lending operations of savings and loan
associations were stimulated in March, due to
relatively sharp gains in loans for constructing and
purchasing homes. Each of the other purposes
showed large rises, but these were seasonal in nature.
Construction loans have been at low ebb for more
May 1943
than a year and, despite the current expansion, they
comprised less than one-tenth of all loans made in
March. The 41-percent increase in loans for the
purchase of homes carried the March total for this
purpose to $55,200,000, the equivalent of nearly
two-thirds of the aggregate lending volume for the
month.
The March gain in financing volume was shared
by all types of lenders, as shown by a 23-percent
increase in the volume of nonfarm mortgage recordings of $20,000 or less. March totals were,
however, only four-fifths as large as in the same
month of last year. Financing of savings and loan
associations led all others, gaining by 28 percent,
and March lending of insurance companies was 23
percent greater than in the previous month. Recordings of each of the remaining types of lenders
were about 20 percent higher than in February.
[1935-1939=100]
March
1943
Feb.
1943
51.7
56.5
17.6
18.8
108.0
108.0
123.3
123.1
133.9
123.7
P 203.0 ' 202.0
P170.4 r'170.3
205.1
201.0
Percent March Percent
change 1942 change
-8.5
-6.4
0.0
+0.2
+8.2
+0.5
+0.1
+2.0
167.3
29.2
108.9
123.4
134.1
172.0
147.0
159.3
-69.1
-39.7
-0.8
-0.1
-0.1
+18.0
+15.9
+28.8
r
p Preliminary.
Revised.
1
Adjusted for normal seasonal variation.
241
BUSINESS C O N D I T I O N S — W a r
and financing reach new peaks
production
New records in the production of war materials and
the accumulation of funds to finance war expenditures
highlighted the business picture in March and April.
During the first quarter of 1943 industrial production rose from 196 percent of the 1935-1939 average
to 203 percent, according to the Federal Reserve
Board's seasonally adjusted index. At the corresponding time last year this index stood at 172. War
production accounted for nearly two-thirds of the
March 1943 volume of production and Government
expenditures for war purposes rose to $7 billion in
March. This was $1 billion more than was spent for
this purpose in February and 13 percent above the
previous record expenditure in January
Bond sales in the Second War Loan Drive, which
ended May 1, totaled $18,533,000,000, an amount
$5,500,000,000 in excess of the $13-billion-goal set
for the drive.
Income-tax returns were filed by more than 40
million people and a total of $4,500,000,000 was collected during March. This was $250,000,000 more
than the Treasury had anticipated and 50 percent
higher than last year's collections at the same date.
Record-breaking tax payments were undoubtedly
a factor in the slight decrease of department-store
sales during March, contrary to the usual seasonal
trend. Although the Federal Reserve Board's adjusted index continued above the high level that prevailed at the end of 1942, it dropped nearly 20 percent
to 135 in the February-March interval. April, however, showed a resumption of the upward trend.
Income payments to individuals were estimated by
the Department of Commerce to have reached an
annual rate of over $134 billion in March. This
compares with $130 billion in December and an
average of $67 billion in the 1935-1939 period.
Wholesale commodity prices, as indicated by the
comprehensive index of the Bureau of Labor Statistics, have remained stable, showing no weekly gains
in excess of 0.5 percent in March and April. In April
the index was 5 percent above last year.
NEW RESIDENTIAL CONSTRUCTION IN ALL URBAN AREAS
PERMITS ISSUED FOR PUBLICLY AND PRIVATELY FINANCED DWELLING UNITS
PRIVATE I and 2 FAMILY
MAR.
242
SEP
JUN.
SEP
1943
the all-time record of 18,800 in January of this year.
In spite of the March decline, permits were issued for
65 percent more Federally financed dwellings during
the first quarter of 1943 than in the corresponding
1942 period.
Although privately financed construction of 1- and
2-family dwellings increased 46 percent in March—•
in excess of normal seasonal expectations—it was
still at a level considerably below a year ago. Permits for new 1- and 2-family structures reached 7,700
in March as compared with 5,300 in the previous
month. During the first 3 months of 1943, permits
totaling 17,500 were issued—less than one-third the
number reported in the opening quarter of last year.
Apartment construction also increased in March but
the total quarterly volume was 63 percent lower than
in 1942.
[TABLES 1 and
2.]
B U I L D I N G COSTS—Slight upward
movement noted
The total cost of constructing the standard 6-room
house continued upward during March and now is 26
percent above the 1935-1939 levels. According to
preliminary estimates, the cost of materials remained
Construction costs for the standard house
[Average month of 1935-1939=100]
Element of cost
B U I L D I N G A C T I V I T Y - M i x e d trends
evident in public and private construction
The total volume of new residential building in
urban areas dropped 12 percent from February to
March, due entirely to a further reduction in publicly financed construction. Only 6,200 such units
were reported for March, a total less than one-third
JUN,
1942
Labor
Total
D
Per- March PerMarch Feb.
cent
cent
1943
1943°
change 1942 change
122 0 121. 9 + 0. 1 120. 0
133.0 132. 5 + 0.4 126.0
+ 1.7
+ 5. 6
125.7 125. 5 + 0. 2 122. 0
+ 3. 0
Preliminary.
Federal Home Loan Bank Review
approximately the same as the previous month, while
labor costs in connection with the standard house
rose one-half of 1 percent.
In March, the index of total building costs was
more than 3 percent higher than in the same month
of last year. Labor costs rose 6 percent during the
year, effecting the major influence on the index.
Materials prices gained 2 percent from the March
1942 level.
Wholesale building material costs, as reported by
the U. S. Department of Labor, moved slightly upward in March due to a 1-percent rise in paint
materials. As compared with the same month a
year ago, however, wholesale building prices are
fractionally lower. [TABLES 3, 4, and 5.]
during March but was still 60 percent under the
volume of March 1942. Loans for the purchase of
existing homes, which have remained firm throughout
the war emergency, rose 41 percent in March
and were 35 percent above the same month of 1942.
Associations in each Federal Home Loan Bank
District participated in the February-to-March rise,
while increases over March 1942 were reported in 7
of the 12 regions, most of which were located in the
Midwest or the Far West. During the first quarter,
however, each District, with the single exception of
Los Angeles, reported total loans as being under
the level of a year ago. [TABLES 6 and 7.]
TOTAL LOANS MADE BY ALL SAVINGS AND LOAN ASSOCIATIONS
UNITED STATES-BY TYPE OF ASSOCIATION
MORTGAGE LENDING-March loans
BY
MONTHS
near 1942 levels
Paced by a heavy volume of home-purchase loans,
new mortgage-lending activity of savings and loan
associations increased 38 percent from February to
March. Although the increase was largely seasonal, it compared favorably with the 27-percent
gain usually noted in the early Spring. The seasonally adjusted index rose 8 percent during March.
In spite of the favorable March picture, total lending of savings and loan associations in the first
quarter of the year was 15 percent below the same
period of 1942.
,
DEC,
MAR
NONMEMBERS^
i JUN.
I i l SEP
i ii
1941
DEC.n
i MAR.
l
JUN.
SEP
DEC
MAR
1942
JUN.
SEP
DEC.
1943
CUMULATIVE AS OF MAR. 31, EACH TEAR
New mortgage loans distributed by purpose
[Amounts are shown in thousands of dollars]
Purpose
Mar.
1943
Feb.
1943
Percent
change
Mar.
1942
Percent
change
Construction
H o m e purchase _ _
Refinancing
Reconditioning
Other purposes
$8, 572 $4, 594 + 86. 6 $21, 775 — 60. 6
55, 235 39, 084 + 41. 3 40, 930 t-34. 9
14, 874 12, 510 -t-18. 9 13, 225 f-12. 5
2,377
1,953 + 21. 7 3, 547 — 3 3 . 0
6, 127 5, 183 + 18. 2 7,890 - 2 2 . 3
Total
87, 185 63, 324 + 37. 7 87, 367 — 0. 2
1942
1943
FEDERALS
1941
1942
1943
STATE-CHARTERED MEMBERS
1941
1942
1943
NONMEMBERS
MORTGAGE RECORDINGS—All lenders
share in seasonal increases
The $87,200,000 advanced in the month by savings and loan associations was only slightly less
than in March 1942 and about 17 percent under
the same month of 1941. This is the first time
since January 1942 that new loans have approached
the level of the same month of last year.
Construction lending displayed a sharp reversal
from previous experience by advancing 87 percent
May 1943
In March, for the first time since October 1942,
the volume of nonfarm mortgages of $20,000 or less
increased from month to month. The 23-percent
increase;—largely seasonal—was not sufficient to
offset recent declines in recording activity. March
recordings of $269,000,000 were nearly 20 percent
below the same month in 1942 and about 23 percent
under levels in the corresponding period of 1941.
243
Mortgage recordings by type of mortgagee
[Amounts are shown in thousands of dollars]
Type of lender
Savings and loan associations
Insurance companies __
Banks, trust companies
Mutual savings banks..
Individuals..
Others
Total
1942.
PerPercent
cent
Cumula- Percent
of total
change
tive
of
from
Mar. recordings recordFeb.
1943 (3 months) ings
1943 amount
+ 27. 9
+ 22.9
31. 8
8. 2
$217, 515
60, 162
30.3
8.4
+
+
+
+
20. 1
20.8
19.7
19.3
19. 7
3.5
22.2
14. 6
146, 099
25, 476
160, 099
108, 233
20.4
3.5
22.3
15. 1
+ 22. 5
100.0
717, 584
100.0
All types of lenders shared in the March increase.
Savings and loan associations led with a gain of 28
percent, while insurance companies were second,
registering an increase of 23 percent over February
volumes. All other types of mortgagees showed
gains of approximately 20 percent.
Comparison of cumulative figures for the first
quarters in 1943 and 1942 shows that total recordings this year were about 25 percent under total
dollar value for the same period of last year. Recordings of individual lenders dropped 7 percent in
the January-March period of this year, while commercial banks and insurance companies each sustained losses of about 35 percent. Other types of
lenders showed decreases ranging from 22 percent
for savings and loan associations to 29 percent for
mutual savings banks. [TABLES 8 and 9.]
FORECLOSURES—Index drops to
new low point
The 2,337 nonfarm real-estate foreclosure reported
in March 1943 represented a slight increase—6 percent—over the 2,210 cases listed during February.
Since the normal February-March movement is a
.seasonal increase of approximately 13 percent, the
adjusted foreclosure index dropped to 17.6 percent
of the 1935-1939 base period. March 1943 foreclosures were 40 percent lower than in the corresponding month of last year.
Foreclosure activity in nonfarm areas was substantially less in the first quarter of 1943 than in the
same period of 1942, every Bank District sharing in
the decline. Decreases ranged from a low of 24 percent for Los Angeles to more than 50 percent in the
Indianapolis and Boston regions. The 7,163 cases
244
reported in the first 3 months of 1943 were more
than one-third less than those in the same period of
[TABLE
10.]
F H L B SYSTEM—Outstanding advances
decline more than seasonally
A greater-than-seasonal decline in the balance of
advances outstanding occurred from February to
March this year. The decrease of $17,017,000, or 18
percent, was in contrast to the 3-percent drop experienced in the corresponding period last year. All
Banks shared in this decline. A year-to-year comparison shows that the total of $78,607,000 outstanding was $112,898,000 below that of March 1942.
This situation was the result of the heavy volume
of repayments during March which more than offset
the slight monthly increase in advances made.
March repayments amounted to $18,549,000—down
$466,000 from February but still the highest figure
ever recorded during March. Six Banks—Boston,
Cincinnati, Indianapolis, Chicago, Des Moines, and
Little Rock—reported heavier repayments than in
February, and all Banks received more in repayments than the total of advances made during
March.
Current monthly advances showed a slight increase
($292,000) over the February volume but were
still $6,355,000 below the same month a year ago.
The advances made during March brought the cumulative total only little short of one billion dollars.
Seven of the Bank Districts reported greater advances in March than during February, with WinstonSalem, Chicago, Indianapolis, Des Moines, and
Little Rock showing declines. The latter three
Districts reported no new advances made in March.
[TABLE
12.]
INSURED ASSOCI A T I O N S - H e a v y
increase in liquidity reported
Holdings of U. S. Government bonds by insured
savings and loan associations continued to increase
rapidly during the first quarter of this year. The
$241,800,000 of such securities on the books of
associations insured by the Federal Savings and Loan
Insurance Corporation on March 31 was one-fourth
greater than the comparable figure for December 31,
1942, and 4% times the total for March 1942. More
than 6 percent of total assets are now invested in
bonds issued or guaranteed by the Federal Government, while cash holdings comprise an additional 7
percent.
Federal Home Loan Bank Review
Due to the small volume of new lending in recent
months, mortgage holdings of insured associations
have remained practically unchanged in the past 6
months. No significant increase was reported for
March, in spite of heavy new lending activity during
the month. Share capital has continued to be
received in large volume, while repurchases showed
no unusual increase during the income-tax month
of March. In fact, the spread between new receipts and withdrawals was actually greater in dollar
volume than in February.
The continued heavy flow of savings into insured
associations and the shrinkage in normal mortgage
lending has enabled these institutions to more than
double their liquid assets and, at the same time, to
reduce their borrowings by 60 percent, during the
past 12 months.
FEDERAL SAVINGS AND LOAN ASSOCIATIONS
At the close of March, 1,467 Federal associations
were operating throughout the United States.
These institutions held $2,300,000,000 in assets, or
the equivalent of 62 percent of resources for all
insured associations. Whereas the number of Federals has remained substantially unchanged over the
past year, total assets of these associations expanded
by $22,000,000, or 1 percent, during March and were
7 percent greater than in the same month of 1942.
[TABLE 15.]
Progress in number and assets of Federals
[Amounts are shown in thousands of dollars]
Number
Approximate assets
Class of association
Mar. 31, Feb. 28, M a r . 3 1 ,
1943
1943
1943
New
Converted
640
827
Total
1,467
641 $733, 860
827 1, 566, 778
1,468
2, 300, 638
Feb. 28,
1943
$723, 378
1, 555, 461
2, 278, 839
Mortgage Interest Rates
(Continued from p. 232)
The average loan in New York was substantially
higher than that for St. Louis—$4,000. The median
loan for New York City was $3,500, about $500 higher
than for St. Louis. Nearly 50 percent of all loans in
New York were in the $3,000 to $7,500 class.
May 1943
Table 3.—Frequency distribution of mortgages by
size
St. Louis
New York
Size class
N u m b e r Percent N u m b e r
of t o t a l
Under $500
$500-$999
_
$1,000-$1,499
$1,500-1,999-- _
$2,000-$2,499
$2,500-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$10,,000-$14,999
$15,00'0-$20,000
199
414
400
315
320
314
655
492
512
75
27
5.2
10.8
10. 4
8.2
8. 4
8.2
17. 1
12.8
13. 4
2.0
0.7
178
644
795
656
826
808
1,673
1,399
1, 699
184
95
Percent
of t o t a l
1. 9
6. 8
8.4
7.0
8.9
8. 5
17.7
14. 8
18.0
1.9
1.0
VALUE AND LIMITATIONS OF DATA
Periodic studies of rates applicable to mortgages
currently recorded can provide lending institutions
with valuable material. In times such as these when
competition for mortgage loans is on the increase,
mortgage lenders must keep abreast of any information which can aid in determining the "going rate" of
interest.
Naturally, the contract interest rate is no completely accurate measure of the actual cost of mortgage money to the borrower since it does not include
certain initial and continuing charges. On the other
hand, the progressive elimination of renewal fees,
premiums, and many other similar charges has
tended to make the contract rate a more accurate
gauge of the true cost of mortgage funds to the
borrower.
Although the studies for St. Louis and New York
cover somewhat different periods of last year, the
data appear to be roughly comparable. The majority
of the mortgage recordings underlying these interestrate data undoubtedly involved purchase and refinancing loans since new construction in the Spring
aud Summer of 1942 was already severely restricted.
Similarly, the limitation of data to mortgage recordings of $20,000 or less suggests that most of the
mortgages included in these studies are on 1- to 4family homes although a small number of liens on
commercial structures may be included. Finally,
the material from which the interest-rate information
is derived does not permit a segregation of first and
junior mortgages but it is doubtful whether the
elimination of second or third liens would affect the
over-all averages materially.
245
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 March 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
N u m b e r of family dwelling
units
Federal H o m e Loan Bank District and State
M a r c h 1942
M a r c h 1943
M a r c h 1942
M a r c h 1943
15, 538
31, 948
$42, 226
$110,443
7,704
24,951
$23,370
$89,145
2,007
1,647
7,885
242
1,221
970
5,171
161
8
358
5
34
864
130
817
39
152
5
656
19
836
1
135
3,642
308
3,182
126
615
12
137
8
58
5
34
528
34
467
35
152
5
604
19
211
1
135
2,369
97
1,958
120
615
12
898
2,940
2,696
12, 321
526
1,957
1,670
8,819
592
306
992
1,948
1,798
898
4,115
8,206
392
134
932
1,025
1,274
396
3,961
4,858
.
1,638
3,535
5,252
13, 258
455
2,650
1,696
9,979
_.
568
1,040
30
208
3,201
126
1,320
3,804
128
874
11,972
412
50
375
30
8
2,516
126
192
1,376
128
41
9, 526
412
2,946
3,674
6,937
10,130
1,237
2,920
3,004
8,574
99
365
326
623
331
40
56
1,106
605
512
473
352
408
348
170
806
174
986
509
1,641
839
106
100
2,582
1,183
1,257
1,365
719
1,419
945
318
2,924
99
10
235
559
77
40
20
197
451
115
457
339
403
348
155
652
174
32
363
1,525
180
106
10
614
898
437
1,346
703
1,406
945
307
2,532
1,299
21
1,070
208
1,833
243
1,309
281
4,308
34
3,803
471
6,796
481
5,606
709
696
13
475
208
1, 708
243
1,191
274 *
2,407
22
1,914
471
6,477
481
5,299
697
1,313
68
1,245
4,084
4,774
16, 782
162
4,612
3,099
13, 683
805
64
741
3,748
943
3,141
817
2,931
3,440
150
3,290
15, 454
2,744
12, 710
470
293
177
1,558
1,080
478
1,850
1,277
573
7,202
5,267
1,935
466
293
173
1, 464
1, 033
431
1,839
1,277
562
6, 846
5,040
1, 806
92
43
3
6
281
148
7
2
28
1,188
324
520
313
15
16
257
148
7
2
124
4,634
1,189
2,112
1,220
55
58
80
40
1,271
328
528
384
15
16
100
4,464
1,184
2,087
1, 080
55
58
3,336
229
347
298
91
2,371
1,803
11
229
486
53
1,024
7,965
432
866
394
242
6,031
998
35
111
100
26
726
3,146
229
343
280
88
2,206
1,428
7,494
___ _
1,235
35
123
325
26
726
11
202
138
53
1,024
432
848
376
235
5,603
__
1,225
1,967
2, 357
5.564
447
406
760
59
2,078
199
80
946
2,649
530
1,439
310
78
59
1,616
324
646
152
494
994
335
966
164
502
4,813
924
1,953
500
1,436
... ..
566 i
__
...
.
_. _
__
...
N e w Jersey
New York
Delaware
Pennsylvania
West Virginia..
_
_
_ ... .
N o . 4—Winston-Salem
N o . 5—CincinnatiKentucky
Ohio
Tennessee
._
..
.
. .
.
._
...
. . __ ._ . . .
_. _ . .
. .
. .
..
... ...
. ..
...
__
__
_
_________
__
_
...
________
_
_ ._ _
.
N o . 6—Indianapolis
Indiana
Michigan
N o . 7—Chicago
Illinois
Wisconsin..
..
......
Alabama
D i s t r i c t of C o l u m b i a
Florida
Georgia
Maryland
N o r t h Carolina . . .
S o u t h Carolina .
Virginia
_
_
_
N o . 8—Des M o i n e s
Iowa
Minnesota
Missouri
North Dakota
South D a k o t a .
_
__
__
_ _ _ _ _ _
__ _.
.
.
_
___
__ _ _
_.
______
_.
_
_.
__
_
__
N o . 9—Little R o c k . . _
Arkansas
_
Louisiana. _ _ _ _ _ _ _ _
Mississippi
N e w Mexico _ _ _ . . _
Texas
N o . 10—Topeka
Colorado
K a n s a s . ________
Nebraska
Oklahoma..
_____
_____
._
_
_
_ __ _
.
_____
_ _ __
2,324
N o . 11—Portland
Idaho
Montana... _
Oregon
_.
Utah
Washington
Wyoming
N o . 12—Los Angeles
Arizona. __ . _
California
. _
Nevada
246
.. ... _
.
_
P e r m i t valuation
M a r c h 1943
Connecticut
Maine
Massachusetts...
New Hampshire
R h o d e Island _ _
Vermont
N o . 3—Pittsburgh
N u m b e r of family dwelling
units
M a r c h 1942
__
N o . 2—New Y o r k
Permit valuation
M a r c h 1943
U N I T E D STATES
N o . 1—Boston
All p r i v a t e 1- a n d 2-family dwellings
_
_ __
___ _ _
______
_
._ _
___ _. __
43
3
6
715
199
80
M a r c h 1942
2,129
26
22
224
304
1,527
26
6,206
7,153
846
1,144
2,986
2
1
190
264
1,836
31
2
1
677
966
4,498
62
70
58
743
1,036
5,154
92
2
1
181
252
379
31
26
22
200
289
581
26
2
1
664
901
1,356
62
3,815
70
58
661
970
1,964
92
1,532 !
3,614
4,115
10, 753
906
2,189
126 i
1,210
196 ;
71
3,340
203
276
3,418
421
205
9,917
631
36
838
32
67
1,925
197
2, 679
94
2,489
96
7,239
195
6,419
625
Federal Home Loan Bank Review
Tabic 2 . — B U I L D I N G A C T I V I T Y — E s t i m a t e d number and valuation of new family dwelling units
provided in all urban areas of the United States
[Source: IT. S. D e p a r t m e n t of L a b o r ]
[ 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]
Permit valuation
N u m b e r of family dwelling u n i t s
M o n t h l y totals
T y p e of c o n s t r u c t i o n
M a r . 1943
P r i v a t e c o n s t r u c t i o n . . __
_
. _ ._
.
1-family dwellings
. . .
2-family dwellings 1 . . . _ .
._ _
3-and more-family dwellings 2
Public construction _
.
Total u r b a n construction
1
1
....
_
.
F e b . 1943
M a r . 1942
1943
1942
J a n . - M a r . totals
M o n t h l y totals
Jan.-Mar. totals
M a r . 1943
F e b . 1943
M a r . 1942
1943
1942
9,337
6,115
28,966
21,312
67,558
$27, 512
$17,470
$99, 213
$62, 206
$229,006-
6,600
1,104
1,633
4,676
588
851
23.042
1,909
4,015
14,885
2,569
3,858
52,614
4,537
10,407
20,424
2,946
4,142
13,956
1,560
1,954
83, 258
5,887
10,068
45,699
6,756
9,751
190,709
12,144
26,153
6,201
11,564
2,982
36, 597
22, 235
14,714
26,515 |
11,230
79, 774
81,656
15, 538
17,679
31,948
57,909
89,793
42, 226
43,985 1
110.443
141,980
310,662:
I n c l u d e s 1- a n d 2-family dwellings c o m b i n e d w i t h stores.
I n c l u d e s multi-family dwellings c o m b i n e d w i t h stores.
Toble 3 . — B U I L D I N G COSTS—Index of building costs for the standard house in representative
cities in specific months 1
[Average m o n t h of 1935-1939=100]
N O T E . — T h e s e figures are subject t o correction.
1942
1943
1940
1939
1938
1937
Apr.
Apr.
Apr.
Apr.
Federal H o m e Loan B a n k District a n d city
Apr.
N o . 2—New Y o r k :
Atlantic City, N . J — .
Camden, N. J
Newark, N . J
Albany, N . Y
Buffalo, N . Y
White Plains, N . Y__.
No. 6—Indianapolis:
E vansville, I n d
Indianapolis, Ind
South Bend, Ind
Detroit, Mich
Grand Rapids, Mich_.
N o . 8—Des M o i n e s :
Des Moines, Iowa
Duluth, Minn
St. Paul, M i n n
Kansas City, M o
St. L o u i s , M o
Fargo, N . D a k
Sioux Falls, S. D a k . . _
N o . 11—Portland:
Boise, I d a h o
Great Falls, M o n t
P o r t l a n d , Oreg
Salt L a k e C i t y , U t a h . .
Seattle, Wash
Spokane, Wash
Casper, Wyo
Jan.
Oct.
July
Apr.
Apr.
125.6
145.6
156.1
147.5
130.8
129.7
125.4
145.6
155.5
144.8
128.2
129.0
125.4
147.0
153.9
134.2
128.1
127.8
125.3
145.9
146.3
130.9
128.2
126.2
124.9
142.1
137.0
123.2
125. 4
126.0
120. 6
117.3
114.7
119.4
112.0
114. 2
102.4
108.8
106.6
103.3
100.9
99.8
96.7
103.7
103.4
101.6
100. 2
98.4
126.4
125.4
132.5
131.2
127.8
126.4
125.5
132.5
130.7
128.6
126.2
129.9
132.3
130.7
128.5
126.4
121.9
131.2
124.7
127.0
126.4
121.9
130.9
124.7
136.8
113.5
113.1
114.8
108.3
112.5
107.0
96.8
104.6
102.0
100.0
114.2
118.5
119.2
129.6
108.6
118.6
117.4
114.2
118.5
119.1
129.6
108.6
118.6
118.6
113.8
118.1
118.7
129.3
108.7
115.4
118.3
113.0
118.4
118.7
125.6
108.5
113.6
116.4
109.9
112.8
115.9
125.5
107.5
111.4
110.4
103.4
104.5
109.2
110.4
102.1
103.0
104.0
132.9
132.9
117.1
122.3
123.0
132.9
112.8
117.1
122.3
121.3
121.1
103. 4
132.7
112.8
130.9
122.3
125.3
121.5
111.7
107.4
98.9
109.7
113.4
110.3
100. 5
121.5"
122.8
121.7
103. 6
101.3
99.4
110.2
107.3
105.7
104.0
103. 3
105.6
100.7
105.3
97.6
107.2
105.8
101.0
102.6
98.7
105.6
107.2
101.9
103.0
107.1
106.1
100.5
102.6
104.8
107.3
106.5
99.3
102.4
103.3
101. 6
101.5
108.5
105.8
98.2
99.0
104.0
99.4
104.9
108.0
101.8
98.6
102.7
103.8
103. 6
99.9
105.3
104.4
111.7
104.8
100.4
106.2
101.5
97.6
102.8
103.6
101.4
98.8
104. 6
103. 4
95.6
103. 0
102.7
97.8
103. 1
99.3
104.9
95.2
101.9
104.7
105.2
102. 3
104.1
103.3
109.3
101.2
107.9
105.1
100.7
103.9
101.4
1 T h e h o u s e on w h i c h costs a r e r e p o r t e d is a d e t a c h e d 6-room h o m e of 24,000 c u b i c v o l u m e . L i v i n g room, d i n i n g r o o m , k i t c h e n , a n d l a v a t o r y on first floor; t h r e e
b e d r o o m s a n d b a t h on second floor. E x t e r i o r is w i d e - b o a r d siding w i t h brick a n d stucco as features of design. B e s t q u a l i t y m a t e r i a l s a n d w o r k m a n s h i p are used
throughout.
T h e h o u s e is not c o m p l e t e d r e a d y for o c c u p a n c y . I t i n c l u d e s all f u n d a m e n t a l s t r u c t u r a l e l e m e n t s , a n a t t a c h e d 1-car garage, a n unfinished cellar, a n unfinished
a t t i c , a fireplace, essential h e a t i n g , p l u m b i n g , a n d electric w i r i n g e q u i p m e n t , a n d c o m p l e t e i n s u l a t i o n . I t does not include w a l l p a p e r n o r o t h e r w a l l n o r ceiling finish
on i n t e r i o r p l a s t e r e d surface, l i g h t i n g fixtures, refrigerators, w a t e r h e a t e r s , ranges, screens, w e a t h e r s t r i p p i n g , n o r w i n d o w s h a d e s .
R e p o r t e d costs i n c l u d e , in a d d i t i o n t o m a t e r i a l a n d labor costs, c o m p e n s a t i o n i n s u r a n c e , a n d allowance for c o n t r a c t o r ' s o v e r h e a d a n d t r a n s p o r t a t i o n of m a t e r i a l s
p l u s 10 p e r c e n t for b u i l d e r ' s profit.
R e p o r t e d costs do not i n c l u d e t h e cost of l a n d n o r of s u r v e y i n g t h e l a n d , t h e cost of p l a n t i n g t h e lot. nor of p r o v i d i n g w a l k s a n d d r i v e w a y s ; t h e y do not include
a r c h i t e c t ' s fee, cost of b u i l d i n g p e r m i t , financing charges, nor sales costs.
I n figuring costs, c u r r e n t prices o n t h e s a m e b u i l d i n g m a t e r i a l s list are o b t a i n e d e v e r y 3 m o n t h s from t h e s a m e dealers, a n d c u r r e n t wage r a t e s are o b t a i n e d from t h e
s a m e r e p u t a b l e contractors a n d o p e r a t i v e b u i l d e r s .
May 1943
24T
Table 4 . — B U I L D I N G COSTS—Index of building costs (or the standard house
[Average month of 1935-1939=100]
E l e m e n t of cost
Mar.l943p F e b . 1943 J a n . 1943 D e c . 1942 N o v . 1942 Oct. 1942 Sept. 1942 A u g . 1942 J u l y 1942 J u n e 1942 M a y 1942 A p r . 1942 M a r . 1942
Material
Labor..
T o t a l cost
122.0
133.0
121.9
132.5
121.5
130.9
121.4
130.7
121.5
130.2
121.6
130.2
121.5
130.2
121.2
129.4
121.2
128.5
121.3
127.8
121.0
126.4
120.5
125.9
120.0
126.0
125.7
125.5
124.7
124.5
124.4
124.5
124.4
124.0
123.7
123.5
122.8
122.3
122.0
p Preliminary.
Table 5 . — B U I L D I N G COSTS—Index of wholesale price of building materials in the United States
[1935-1939=100; converted from 1926 base]
[Source: TJ. S. Department of Labor]
All b u i l d i n g
materials
Period
Brick a n d
tile
Cement
Lumber
Paint and
paint materials
Plumbing
and heating
Structural
steel
Other
1941: M a r c h
111.1
100.7
99.7
130.0
107.5
108.8
103.5
103.0
1942: M a r c h
April
May
June
July
August
September
October..
November
December
123.4
123.1
122.9
122.9
123.2
123.2
123.3
123.3
122.9
122.8
106.9
107.9
107.9
108.0
107.9
108.6
108.6
108.6
108.5
108.6
102.7
103.3
103.4
103.4
103.4
103.4
103.4
103.4
103.4
103.4
148.2
146.8
146.4
146.7
148.0
148.1
148.3
148.4
148.2
148.4
123.9
123.7
123.7
123.3
123.8
123.1
123.4
124.2
123.8
123.3
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
112.3
112.9
112.3
112.3
112.3
112.3
112.3
111.7
111.3
111.4
122.6
123.1
123.3
108.6
108.5
108. 6
103.4
103.4
103.4
148.4
149.9
149.9
123.7
124.4
125.7
118.8
118.8
118.8
103.5
103.5
103.5
110.5
110.5
110.3
+0.2
+0.1
0.0
0.0
+1.0
0.0
0.0
-0.2
-0.1
+1.6
+0.7
+1.1
+1.5
-7.9
0.0
—1.8
_
__
.
. _
.
._
...
__
.
. ._
. . __
1943: J a n u a r y
February
March
.
__ _ .
.
._
Percent change:
M a r c h 1943-Febuary 1943
M a r c h 1943-March 1942
Table 6 . — M O R T G A G E ! L E N D I N G * — E s t i m a t e d volume of new home-mortgage loans by
savings and loan associations, by purpose and class of association
all
[Thousands of dollars]
Class of association
P u r p o s e of loans
Period
1941
January-March
March
__ __
_____
1942
J a n u a r y - M a r c h ._
March
.
April _ . .
May. _ _ _
June
July
August
-_
September.. ..
October _
_
November
December
1943
January-March
January
February
March
_
248
.
_ __.__-_
.
_. . . .
_
-
_.
.
. -
--
-
- -
-__ _ _ ._
.
_.
...
_ _ _
__
.
_
Reconditioning
L o a n s for
all other
purposes
Total
loans
State
members
Nonmembers
Construction
H o m e purchase
Refinancing
$437,065
$580,503
$190,573
$61,328
$109,215
$1,378,684
$584,220
$583,804
$210,660
86,395
33, 250
99,876
41,784
44,752
16,903
12,122
4,765
24,787
8,460
267,932
105,162
115,370
45,365
113,195
43,947
39,367
15,850
190,438
573,732
165,816
41,695
78,820
1,050,501
412,828
476,080
161, 593
65,365
21,775
20,488
17,610
15,930
17,709
12, 568
12,449
10,572
9,275
8,472
108,826
40,930
52,196
53,095
52,112
52,190
55,301
58,060
56,528
43,984
41,440
38,404
13,225
14, 508
13,607
15,184
16,097
14, 019
14,063
14,694
12,472
12,768
9,875
3,547
4,083
3,866
3,566
3,671
4,126
3,804
3,498
3,007
2,199
21,186
7,890
7,772
6,831
7,303
6,130
6,549
5,679
6,380
5,241
5,749
243,656
87, 367
99,047
95,009
94,095
95,797
92,563
94,055
91,672
73,979
70,628
99,386
36,325
38,484
36,966
35,279
37,007
36,620
37,987
35, 555
28,163
27,381
107,281
38,030
43,937
43,005
44,265
43,665
41,549
42,249
41,937
35,441
32,751
36,989
13,012
16, 626
15,038
14,551
15,125
14,394
13,819
14,180
10,375
10,496
20.339
7,173
4,597
8,572
127,139
32,820
39,084
55, 235
38,792
11, 408
12, 510
14,874
5,997
1,667
1,953
2,377
16,098
4,788
5,183
6,127
208,365
57,856
63,324
87,185
87,806
23,390
26, 566
37,850
93,680
26,910
28,175
38, 595
26,879
7,556
8,583
10,740
Federals
Federal Home Loan Bank Review
Table 7.—LENDING—Estimated volume of new
loans by savings and loan associations
Table 8.—RECORDINGS—Estimated nonfarm
mortgage recordings, $20,000 and under
[Amounts are shown in thousands of dollars]
March 1943
{Thousands of dollars]
C u m u l a t i v e n e w loans
(3 m o n t h s )
N e w loans
Federal H o m e Loan B a n k
D i s t r i c t a n d class of
association
March
1943
Feb.
1943
March
1942
1943
1942
Percent
change
SavInsurF e d e r a l H o m e L o a n ings a n d a n c e
loan
B a n k District and
associa- comState
panies
tions
$87,185 $63. 324 $87,367 $208, 365 $243. 656
-14.5
87, 806 99,386
93, 680 107,281
26,879 36,989
-11.7
-12.7
-27.3
Federal
State member
Boston
---
Federal
State member
Nonmember
New York, _
_.
Federal .
State member
Nonmember
P i t t s b u r g h ._
.- ..
-.
-
Federal
Stat^ m e m b e r
Nonmember
Winston-Salem
Federal..
State member
Nonmember
.....
-
Federal
State m e m b e r
Nonmember
5,280
3,474
6,629
12,998
20.935
-27.9
1,667
2,812
801
1,077
1,892
505
2.377
3, 303
949
3,988
6,879
2,131
6,608
10,391
3,936
-39.6
-33.8
-45.9
5,323
4,731
8,313
14, 376
23,489
-38.8
1,189
2,809
1,325
863
2,417
1,451
1,974
, 3,035
3,304
3,113
7,379
3,884
6,612
7,805
9,072
-52.9
-5.5
-57.2
8,311
5,761
8,030
19,286
21, 607
-10.7
2,845
2,376
3,090
2,344
1,653
1,764
2,820
2,330
2,880
6,894
5,786
6, 606
7,582
6.462
7,563
-9.1
-10. 5
-12.7
11, 033
8,034
12, 209
27, 537
34,934
-21.2
6,171
3.642
1,220
3,974
2,974
1,086
5,652
5.232
11325
14, 083
10, 259
3,195
-9.9
15,633
15,631 I - 3 4 . 4
3,670 - 1 2 . 9
Chicago
Federal
State m e m b e r .
N o n m e m b e r . -. .
514
1,588
4,368
3,700
1,387
17,074
586
83
687
55
144
33
1,034
418
2,184
280
284
168
1,011
254
2,004
135
215
81
885
59
233
42
142
26
4,473
1,160
9,144
674
1,218
40 5
3,890
1,189
3,261
3,248
6,415
3,930
21,933
1,673
2,217
518
671
1,760
1,501
328
2,920
2,668
3,747
1,598
2,332
8,545
13,388
6,949
1,959
5,753
494
4,520
2,938
22,613
133
5,996
820
600
970
389
220
4,595
938
125
338
31
310
3,770
440
198
2,570
170
1,586
18,239
2,788-
10,262
4,396
3,634
123
7,543
3,669
29,627
280
1,551
820
1,055
2,872
1,719
430
1,535
340
155
623
626
335
292
246
1,779
271
403
351
787
539
169
256
858
813
721
2,203
804
1,005
582
371
1,044
424
329
387
539
557
461
268
704
2,128
3,159
4,384
3,811
5,431
3,223
1,571
5,920
17,608
2,984
7,274
649
3,827
3,916
36,258
1,713
15,323
572
451
1,941
592
600
6,006
668
649
176
3,252
399
133
2,095
1,688
3,073
29,266
3 919
4,615
6,835
1, 483
6,354
7,991
1,391
14.636
21,906
3,942
16,226
22,323
4, 592
-9.8
-1.9
-14. 2
Indianapolis
5,977
2,210
5,752
70
2,368
4,071
20,448
Indiana.
Michigan
3,970
2,007
519
1,691
2,389
3,363
70
800
1,568
1,375
2,696
9 123
11,325
8,146
981
4,368
6
3,747
5,460
22,708
6,237
1,909
664
317
2,817
1,551
6
2,186
1,561
4,744
716
16,648
6,060
5,884
1,724
4,216
99~ 3,790
2,501
18,214
298 1 1,293
506
436
900 l 2,352
8
45
12 |
90
728
966
1,937
94
65
196
177
2,100
15
13
3,901
4,488
9 340
276
209
| 4,175
2,670
16 962
l
|
279
375
236
11
1,769
1,647
3 263
1,267
329
10,456
2,589 | 2,107
12,969
Pittsburgh
Delaware
Pennsylvania
W e s t Virginia
Winston-Salem
Alabama.
.
D i s t r i c t of Col
Florida
Georgia
Maryland
N o r t h Carolina
South Carolina
Virginia __
Kentucky
Ohio
Tennessee
2,391 i
2,139
393
2,237
2, 031
254
2,210
2,118
238
6,260
5.750
877
6,784
6,133
752
-7.7
-6.2
+16. 6
Chicago
-.
8,509
5, 799
9,612
19,215
24,100
-20.3
Des Moines
_._
3,255
4,195
1, 059
2, 354
2, 731
714
3,368
4,804
1,440
7,298
9,361
2,556
8,738
12, 235
3,127
-16.5
-23. 5
-18. 3
4,826
3, 090
4,387
10, 345
11.159
-7.3
2,171
1,879
776
1,450
1, 035
605
2,122
1,539
726
4,937
3,669
1,739
5.07C
4,217
1,872
-2.6
-13.0
-7.1
4,548
3.636
4, 761
11,876
13, 402
-11.4
2,064
2,411
73
1, 482
2, 089
65
2,007
2,690
64
4,931
6,775
170
Federal
State member
Nonmember
i
1
._
__
-4.3
4,812
3. 507
4,286
11,005
2,794 1
1, 504
514
2,128
2,594
1,129
563
6,488
3, 202
1, 315
6,518
3, 385
1,602 1
7,318
8,395
-12.8
2,011
1,076
75
4,541
2,494
283
5.323
2. 664
'408
-14.7
-6.4
-30. 6
3,479
Portland
5., 5231 - 1 0 . 7
7,669 - 1 1 . 7
210 - 1 9 . 0
88S
491
1, 947
3,162
11,505
-0.5
-5. 4
-17.9
_.
Cincinnati
-5. 7
Topeka.
-6.2
N e w Jersey
New York
13,669
. .
May 1943
43,141
New York
12,887
Federal
State member
Nonmember -
Federal..
State member
Nonmember
40,484
Total
223
26
259
4,566
.._
.
15,736
Other
mortgagees
734
320
3,777
162
427
97
4, 522
Des Moines Federal
State m e m b e r . .
Nonmember
12,933
Individ
uals
5,517
Connecticut
Maine
Massachusetts
N e w H ampshire
R h o d e I s l a n d __
Vermont
4,923
.-
Federal
State m e m b e r
Nonmember
Los Angeles
36,325
38, 030
13, 012
6,427
9,301 !
1.327
-
Indiananolis
Federal
State member
Nonmember
26, 566
28.1751
8, 583
17, 055
Cincinnati
Little R o c k
37,850
38, 595
10,740
Mutual
savings
banks
$85,642 $22,198 $53,186 $9,536 $59,662 $39,195 $269,419»
UNITED STATES
Boston
U N I T E D STATES
Banks
and
trust
companies
__
Illinois __
Wisconsin
Iowa
Minnesota
Missouri
North Dakota
South Dakota
1,386
2,304
2,051
114
29
L i t t l e Rock_
6,201
Arkansas
Louisiana
Mississippi
N e w Mexico
Texas
Topeka
Colorado
Kansas
Nebraska
Oklahoma
.
Portland
Idaho
Montana
Oregon.
Utah
Washington
Wyoming
2,092
1,288
99
1. 233
632
82
9, 086
5,890
5,676
21,038
17, 320
+21.5
Los Angeles
4, 784 1
4, 239
63
2,809
2, 998
83
2,836 i
2,783 i
57
10,637
10,220
181
8,769
8,366
185
+21.2
+22. 2
-2.2
Arizona
California
Nevada
2, 516
1, 627
331
186
202
43
638
5,497
865
1,911
671
1,860
727
2,239 [
54
50
330
431
252
379
517
763
2,900
466
2, 586
70
180
634
309
1,588
119
17
39
162 i
110 i
138
1,
I
446 I
179
264
2,394
123
99
1, 400
370
1,878
218
153
3, 582
6,811
_
6
97
51
351
592
390
105
11,443
323 |
13 !
279
2,368 11,096
6, 409
79
13
68
221
645
347
122
2,840
1,246 !
338 !
306 [
699
291
960
149
707
2,514
3,587
2,029;
4,839
2,593
2,418
11,442
231
258
21 1,001
170
788
458
i 145
120
12
459
102
1,712
13
535
540
2,62&
1,283
6,074
382
14,395 i 4,128
39,171
647
13,590
158
1,322
37, 516
333
479
60
4,053
15
249
Table 9 . — M O R T G A G E R E C O R D I N G S — E s t i m a t e d volume of nonfarm mortgases recorded
[Amounts are shown in thousands of dollars]
Savings and loan
associations
Insurance
companies
Mutual savings banks
Banks and trust
companies
Other
mortgagees
Individuals
All
mortgagees
Period
1942: January-March.
March
April
May
June
July
August.September
October
November
December
1943: January-March
January
February....
March
-j
j
i
Percent
Total
$92,258
32,650
34, 466
31, 780
29,764
31,898
28,299
31,448
32,577
25,950
23,303
9.7
9.7
9.6
9.1
8.7
9.0
8.4
9.1
9.1
9.3
$225,938
78,086
82, 082
77,563
74,588
80,736
72,480
77,530
79,224
58,519
57,050
60,162
19,900
18,064
22,198
8.4
8.7
8.2
8.2
146,099
48, 640
44,273
53,186
Total
Percent
Total
$277,620
100, 296
108, 582
107,937
105, 278
104,712
102,628
104,155
103,170
80, 970
75,494
29.1
29.9
30.2
30.8
30.8
29.6
30.5
30.1
28.9
29.1
28.4
217,515
64,935
66,938
85,642
30.3
28.4
30.5
31.8
Table 10.—FORECLOSURES—Estimated nonfarm real-estate foreclosures, by Federal
Home Loan Bank District
Total
Percent
23.7 $36,090
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
4.2
4.5
4.7
4.4
4.4
4.3
4.2
4.2
4.0
20.4
21.3
20.1
19.7
25,476
8,045
7,895
9,536
U N I T E D STATES
..
Feb.
1943
Mar.
1942
1943
1942
2,337
2,210
3,882
7,163
11, 553
-38.0
177
589
370
237
178
60
137
174
82
82
19
105
434
921
597
419
419
121
220
265
138
161
50
137
616
1,924
1,203
854
566
159
427
487
251
245
76
355
1,255
2,709
1,958
1,309
1,115
323
723
732
394
424
146
465
-50.9
-29.0
-38.6
-34.8
-49.2
-50.8
-40.9
-33.5
-36.3
-42.2
-47.9
-23.7
231
653
307
287
205
50
141
165
81"
69
24
124
Per- Combined Percent
total
cent
64.808
62,824
65,423
67,623
55, 830
54,207
15.6
15.5
15.8
15.2
15.7
15.8
16.6
15.2
16.7
16.3
16.9
3.5 160,099
3.5 50, 583
3.6 49, 854
3.5 59,662
22.3 108, 233
22.2 36,180
22.7 32,858
22.2 39,195
15.1
15.9
14.9
14.6
$953,073
335,636
359,968
350,187
342, 250
353, 511
336,850
345,964
357,083
278,321
265,406
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
717, 584 100.0
228,283 100.0
219,882 100.0
269,419 100.0
[Premium paying; thousands of dollars]
Period
Mar.
1943
Total
18.1 $148,429
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
$172,738
60,322
62, 707
63.807
62, 730
Title II
Title I
Class 3
Refinancing
New
Percent
change
Federal H o m e L o a n
Bank District
Percent
Total
Table 1 1 . — F H A — H o m e mortgages insured
Cumulative
(3 m o n t h s )
Foreclosures
Boston
New York
Pittsburgh
Winston-Salem
Cincinnati _
Indianapolis
Chicago .
Des Moines
Little Rock
_
Topeka
Portland
L o s Angeles
Percent
1942: March
April
May
June
July
August
September
October, __
November.
December.
$53,642
42,446
43,908
46,493
43.157
1943: January...
February..
March
Title VI
Total
insured
at end of
period
35.158
30, 529
26,831
21, 893
19,187
$14,138
13,002
16,269
19,317
19,571
16,655
17,044
17,639
17,071
19, 530
$12,273
11,424
13, 554
15,876
20,621
25,030
31,524
38,265
40,195
43, 214
$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
14,172
8,495
5,690
17,084
11, 846
13,175
40,649
37,168
43, 523
4, 735, 974
4,793, 570
4, 856, 664
i Figures represent gross insurance written during the period and do not take
account of principal repayments on previously insured loans.
Table 1 2 . — F H L B A N K S — L e n d i n g operations and principal assets and liabilities
[Thousands of dollarsj
L e n d i n g operations
M a r c h 1943
Principal assets M a r c h 31, 1943
C a p i t a l a n d principal liabilities
M a r c h 31,1943
Federal H o m e L o a n B a n k
Repayments
Advances
outstanding
$75
157
274
63
113
0
16
0
0
169
35
630
$1,733
2,307
1,207
1,136
1,663
1,398
4,135
1,570
911
537
387
1,565
$4, 248
17,688
7,408
5,369
5,669
6,288
11,595
3,966
2,146
3,701
1,222
9,307
Advances
New Y o r k . . .
Pittsburgh _
Winston-Salem
Cincinnati
.
Indianapolis
Chicago
Des Moines
Little Rock
Topeka
Portland
Los Angeles
-.
.__.
.
-. - - . - .
. . __ _
-_
_ .
..-_
-
-
Government
securities
Cashi
$6,068
1,208
4,083
6,504
2,931
3,609
11,817
5,883
2,202
3,431
1,635
4,821
$12,843
15,588
9,078
8,972
22,685
11,201
7,192
8,115
9,299
6,020
7,330
8,988
Capital 2
Debentures
$19,014
26,631
15,966
17,172
23, 532
12,852
21,724
11,842
12,177
10,176
8,236
14,976
$2,000
6,000
4,000
2,500
2,500
3,000
3,000
4,500
1,500
2,000
1,500
4,500
Member
deposits
Total assetsc
M a r c h 31,
1943
$2,192
1,895
579
1,194
5,286
5,259
5,867
1,608
1
981
485
3,665
$23,210
34,549
20,634
20,893
31,357
21,144
30,639
17,998
13,693
13,178
10,222
23,154
(All B a n k s ) M a r c h 1943
1,532
18, 549
78,607
54,192
127,311
194,298
37,000
29,012
260,671
F e b r u a r y 1943 . . - _
1,240
19,015
95,624
44,223
123,391
192,981
45,500
25,119
264,514
M a r c h 1942
7,887
13,814
191, 505
61, 758
62,874
188,632
101,500
24,295
316,782
1
Includes interbank deposits (none as of March 1, 1943).
250
3
Capital stock, surplus, and undivided 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]
Series E 2
Series F
$1,622, 496
$207,681
652,044
41, 070
40,003
42,465
41,041
73,691
55, 586
66,728
51,321
44, 766
65,994
Period
1941..
1942March
April
May
June
July
August
September.
October...
NovemberDecember.
1943
January
February...
March
5, 988, i
337, 599
326, 660
421,831
433, 223
508,118
474, 206
566, 609
587,854
541, 573
725, 777
814, 928
633,572
720, 407
77,066
48, 328
43,858
Series G
[Thousands of dollars]
Total
$1,184,868 $3,015,045
2, 516, 065 9,156,958
179, 223
557,892
163,839
530, 502
170, 060
634,357
159, 681
633,945
319, 053
900,861
204, 548
734,340
204,907
838, 244
175,178
814, 353
148, 211
734, 549
222, 398
1, 014,168
348,450
205, 295
180,011
1,240,444
887,195
944, 276
Redemptions
$13,601
245, 547
11,296
11,890
13,159
14,852
17,820
23,147
25, 933
32,190
36, 843
47, 919
55, 429
69, 440
126,621
1
U. S. Treasury War Savings Staff, Actual deposits made to the credit of
the
U. S. Treasury.
2
Prior to May 1941: "Baby bonds."
Insured
1 savings a n d
loans l
E n d of period
1941 J u n e
December
1942 M a r c h
April
1
May
June
July
August
September
October
November
December
1943 J a n u a r y
February
March
i
i
|
1
\
I
|
!
|
-i
$2,433, 513
2,597,525
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
3,068, 672
3,105,080
Mutual
savings
banks 3
Insured
commercial
banks*
$10, 606.224
10,489.679
$13,107,022
13,261,402
10,354, 533
13,030, 610
10, 620, 957
* 13, 820,000
i
1
2
3
Private repurchasable capital as reported to the FHLB Administration.
Month's Work. All deposits.
FDIO. Time deposits evidenced by savings passbooks.
* Estimated by FDIG.
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
Private
repurchasable
capital
Government
share
capital
Federal
Home
Loan
Bank
advances
$33, 518
43,892
$2,433, 905
2, 597, 525
$206,301
196, 240
161,801
52, 584
219,374
70,852
193,817
116,035
256,470
193,452
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
260, 749
241,818
1.687,087
1,824,646
126,390
138,040
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, 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
1.468
1,467
2,264,817
2, 278, 839
2,300,638
1,843, 714
1,839. 245
1,839,302
-
861
883
1,131, 625
1,189, 616
. ...
897
899
899
910
915
916
920
924
928
931
938
947
948
Period a n d class of association
ALL
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
2,358
2,363
2,363
2,374
2,380
2,380
2,386
2,390
2,396
2,398
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, 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
2,405
2,415
2,415
3,627,828
3,657,989
3,690.918
2,865, 632
2, 866, 839
2,868,410
1,452
1,460
2,028,138
2,173,326
1,461
1,464
1.464
1,464
1.465
1,464
1,466
1,466
1,468
1,467
Number
of associations
Government
bond
holdings
New
mortgage
loans
N e w private
investments
$144,331
193,275
$85,117
63,506
$61,448
74,801
$26, 779
35, 728
43.6
47.8
185, 664
185,651
185, 710
185,783
176,995
169,493
169,202
169,162
169,257
169,167
167,535
161, 571
157,870
170,066
152,302
139,670
125,308
113,856
103,329
113,977
56,934
62,015
59,006
58,642
61,062
58,785
61, 508
59,021
48,017
46, 705
56,701
58,193
53, 808
72, 788
103,821
70,262
68,082
73,124
64, 697
91,029
47,086
40, 443
31, 503
26,152
87,059
41, 534
40,114
37,720
30, 738
30, 219
83.0
69.5
58.5
35.9
83.9
59.1
58.9
51.6
47.5
33.2
3,030,919
3,068,672
3,105,080
148,220
120, 308
120,138
99,037
82,652
66,970
39,149
44,076
61,139
119, 923
73,455
83, 403
84, 573
42,123
48, 955
70.5
57.3
58.7
16, 714
23.623
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
99, 247
28, 775
141,617
41. 022
116,834
70,196
164, 430
117,339
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
150,776
150,776
150,776
150, 776
143,324
136, 779
136,518
137,108
137, 208
137, 208
123.748
118,639
116,327
127,623
113,347
103,180
92,943
83,095
75,865
84,135
36,325
38,484
36,966
35, 279
37,007
36,620
37,987
35, 555
28,163
27,381
37,377
38,301
35, 759
47,495
69, 919
45, 724
4.4, 589
47,222
42,076
58,937
30,000
24,088
18.515
14, 794
58, 508
26, 707
24, 745
22, 019
18,174
16, 530
80.3
62.9
51.8
31.1
83.7
58.4
55.5
46.6
43.2
28.0
156, 792
146,537
1, 906, 323
1, 928, 559
1,953,846
118,769
96,109
96,109
72,046
58,489
46,820
23,390
26, 566
37, 850
79,083
48,412
54,824
55, 548
25, 987
30, 238
70.2
53.7
55.2
868,307
927, 292
64, 281
68,417
16, 804
20, 269
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
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
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
62, 554
23,809
77, 757
29, 830
76,983
45, 839
92, 040
76,113
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
34, 888
34, 875
34,934
35,007
33, 671
32, 714
32, 684
32, 054
32, 049
31,959
43, 787
42,932
41, 543
42,443
38,955
36,490
32,365
30, 761
27,464
29,842
20, 609
23, 531
22, 040
23,363
24,005
22.165
23,521
23,466
19,854
19, 324
19,324
19,892
18,049
25, 293
33,902
24, 538
23,493
25,902
22,621
32,092
17,086
16,355
12,988
11, 358
28, 551
14, 827
15,369
15, 701
12, 564
13, 689
88.4
82.2
72.0
44.9
84.2
60.4
65.4
60.6
55 5
42.7
1,363,011
1,379,150
1,390, 280
1, 021,918
1, 027, 594
1, 029,108
103, 957
95, 281
1,124, 596
1,140,113
1,151, 234
29, 451
24,199
24, 029
26, 991
24,163
20,150
15, 759
17,510
23, 289
40,840
25,043
28. 579
29,025
16,136
18, 717
71 1
64.4
65.5
Private
repurchases
Repurchase
ratio
INSURED
1941: J u n e
December
1942: M a r c h
..
..
June...
July
September
December
1943: J a n u a r y
February
March
_ .
FEDERAL
1941- J u n e
December
. .
1942: M a r c h .
April
M a y . .June
July
August
September
October
._
.
_
_
December
..
1943: J a n u a r y
February
March
STATE
1941: J u n e
K December
1942: M a r c h
May
June
July
.
.
September
D e c e m b e r . ._
4
February
March
- -
May 1943
251
Amendments to Rules and Regulations
Directory of Member Institutions
Added during March-April 1943
FSLIC
Bulletin No. 6
AMENDMENT TO RULES AND REGULATIONS FOR INSURANCE
OF ACCOUNTS RELATING TO MONETARY LIMITATIONS INVOLVED
IN THE MERGER, CONSOLIDATION, OR PURCHASE OF ASSETS
I. INSTITUTIONS ADMITTED TO MEMBERSHIP
IN THE FEDERAL HOME LOAN BANK SYSTEM BETWEEN MARCH 16 AND APRIL 15, 1943
BY AN INSURED ASSOCIATION. (Adopted April 26, 1943,
effective April 27, 1943.)
Section 203.17 of the Rules and Regulations for
Insurance of Accounts has been amended by the
Federal Savings and Loan Insurance Corporation by
the deletion, from the first sentence, of the phrase "or
$50,000, whichever is less." This change was made
for the purpose of redefining the limitations placed on
the increase, by an insured institution, in its accounts
of an insurable type and/or creditor obligations in
case of merger, consolidation, or purchase of assets.
As amended, this Section now reads:
"Merger, consolidation, or purchase of assets. No insured
institution may at any time increase its accounts of an
insurable type and/or its creditor obligations in an
amount in excess of 10 percent of its assets, as a part of
any merger or consolidation with another institution, or
through the purchase of bulk assets, without the approval
of the Corporation. Application for such approval shall
be upon forms prescribed by the Corporation and such
information shall be furnished therewith as the Corporation may require."
This amendment was proposed on February 19,
1943 and was formally adopted, without change, on
April 26, 1943. I t became effective on April 27.
Hayes Savings and Loan Association, 222 Clinton Avenue.
D I S T R I C T NO. 7
ILLINOIS:
Cerro Gordo:
Cerro Gordo Building and Loan Association.
TERMINATIONS OF MEMBERSHIP IN THE FEDERAL HOME
B A N K S Y S T E M B E T W E E N M A R C H 1 6 A N D A P R I L 15, 1943
LOAN
CALIFORNIA:
Elsinore:
Mutual Building and Loan Association of Elsinore, 117 West Graham
Avenue (liquidation).
KANSAS:
Kansas City:
First Federal Savings and Loan Association of Kansas City, Huron
Building, 909 North Seventh Street (merger with First Federal Savings
and Loan Association of Kansas City, Missouri).
KENTUCKY:
Paducah:
National Savings and Building Association, 500 Broadway (liquidation).
PENNSYLVANIA:
New Castle:
Pennsylvania Savings Fund Association of New Castle, 132 West Long
Avenue (liquidation).
PITTSBURGH:
South Twelfth Street Building and Loan Association (liquidation).,
TENNESSEE:
Tullahoma:
Tullahoma Federal Savings and Loan Association, First National Bank
Building (merger with Murfreesboro Federal Savings and Loan
Association, Murfreesboro).
FED-
BANK ADMINISTRATION. (Adopted and effective April 27,
1943.)
The Federal Home Loan Bank Administration
adopted an amendment to Section 203.16 (c) of the
Rules and Regulations for the Federal Savings and
Loan System relaxing the limitations on the operation of agency offices by Federal associations. The
amendment provides that, without approval by the
Federal Home Loan Bank Administration, Federal
associations may establish and maintain agencies to
service mortgage loans, contracts, and real estate
owned.
This change was accomplished by substituting the
following sentence for the next to the last sentence
in Section 203.16, subsection (c).
"No such agency, other than where the functions performed are limited to the servicing of mortgage loans
and contracts, or the managing or sale of real estate
owned, or any combination of such functions, shall be
established or maintained by a Federal association without the prior written approval of the Federal Home Loan
Bank Administration, except that temporary and incidental agencies may be created for individual transactions and for special temporary purposes without such
approval."
This amendment is of minor and procedural character and became effective on April 27, 1943.
NEWARK:
Racine:
Home Mutual Building Lean Association, 218 Fifth Street (liquidation).
E R A L SAVINGS AND LOAN SYSTEM REGARDING THE CHARACTER
OF OFFICES WHICH MAY BE OPERATED BY FEDERAL ASSOCIATIONS WITHOUT APPROVAL OF THE FEDERAL HOME LOAN
252
Jersey City:
Hudson City Savings Bank, Five Corners, 587 Summit Avenue.
WISCONSIN:
FHLBA
Bulletin No. 16
AMENDMENT- TO THE RULES AND REGULATIONS FOR THE
D I S T R I C T NO. 2
N E W JERSEY:
II. CANCELLATION OF FEDERAL SAVINGS AND
LOAN ASSOCIATION CHARTER BETWEEN MARCH
16 AND APRIL 15, 1943
KANSAS:
Kansas City:
First Federal Savings and Loan Association of Kansas City, Huron
Building, 909 North Seventh Street (merger with First Federal Savings
and Loan Association of Kansas City, Missouri).
III. INSTITUTIONS INSURED BY THE FEDERAL
SAVINGS AND LOAN INSURANCE CORPORATION
BETWEEN MARCH 16 AND APRIL 15, 1943
D I S T R I C T NO. 2
N E W JERSEY:
Newark:
Hayes Savings and Loan Association, 222 Clinton Avenue.
Vineland:
Vineland Savings and Loan Association, 642 Landis Avenue.
D I S T R I C T NO. 3
PENNSYLVANIA:
Harrisburg:
First Federal Savings and Loan Association of Harrisburg, 21 South
Second Street.
Ridgway:
Ridgway Federal Savings and Loan Association, Masonic Temple
Building.
D I S T R I C T NO. 7
ILLINOIS:
Colchester:
Colchester Building and Loan Association.
INSURANCE
CERTIFICATE
A N D A P R I L 15, 1943
CANCELLED
BETWEEN
MARCH
16
KANSAS:
Kansas City:
First Federal Savings and Loan Association of Kansas City, Huron
Building, 909 North Seventh Street (merger with First Federal Savings
and Loan Association of Kansas City, Missouri).
Federal Home Loan Bank Review
U. S . GOVERNMENT PRINTING OFFICE: 1943
FEDERAL HOME LOAN BANK DISTRICTS
• • _ - BOUNDARIES OF FEDERAL HOME LOAN BANK DISTRICTS
•
FEDERAL HOME LOAN BANK CITIES.
J~S
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, J R . , 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*
Counsel.
Assistant Secretary.
NEW
GEORGE MACDONALD,
DES
YORK
Chairman; F . V.
D.
LLOYD, Vice
Chairman;
SON, President-Secretary; W . H . LOHMAN, Vice President-Treasurer;
J. M . M A R T I N , Assistant Secretary; A. E . MUELLER, Assistant Treas-
N U G E N T F A L L O N , President; R O B E R T G. CLARKSON, Vice President;
D E N T O N C. L Y O N , Secretary; H . B . D I F F E N D E R P E R , Treasurer.
urer; EMMERT, JAMES, N E E D H A M & L U N D G R E N , Counsel.
PITTSBURGH
E.
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
MOINES
C. B . B O B B I N S , Chairman; E . J. R U S S E L L , Vice Chairman; R. J. RICHARD-
President;
H. H.
GAR&ER,
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 . ,
Counsel.
WINSTON-SALEM
TOPEKA
H. S. H A WORTH, Chairman; E . C. BALTZ, Vice Chairman; O.JK. LaRoQUE,
President-Secretary; J o s . W . HOLT, Vice
President-Treasurer;
P . F . G O O D , 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 . S P R U I L L THORNTON, Counsel.
CINCINNATI
R.
P.
DIETZMAN,
PORTLAND
Chairman; W M . M E G R U E BROCK, Vice
Chairman;
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;
TAFT,
STETTINIUS
B E N A . PERHAM, Chairman; A . C. BOUCHER, Vice Chairman; F . H i
JOHNSON,
& HOLLISTER, G e n -
President-Secretary;
President-
Los ANGELES
H. B . WELLS, Chairman; F . S. CANNON, Vice Chairman-Vice President;
D.
G. D A V I S , 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 M A R T , Vice President; C . R U S S E L L
H U R F O R D , President;
PARKER,
Secretary-Treasurer; V I V I A N
Secretary-Treasurer;
BOGARDUS, Vice
BERY, Counsel.
INDIANAPOLIS
A L E X A N D E R , Counsel.
IRVING
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.
HAMMOND,
BUSCHMANN,
ROLL
&
C. E . B E R R Y ,
F R E D E R I C K S , Attorney.
Vice President; F . C .
SIMPSON,
Assistant
Secretary;
NOON,
HELEN
@FedFRASER