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FEDERAL
HOME
LOAN
BANK
Vol.
10, No. 8
N A T I O N A L HOUSING
AGENCY
John B Blandford, Jr., Administrator
FEDERAL HOME LOAN
BANK ADMINISTRATION
John H. Fahey, Commissioner
FEDERAL HOME LOAN
BANK SYSTEM
FEDERAL SAVINGS AND LOAN
ASSOCIATIONS
MAY
Washington, D. C.
1944
Analyzing a Peak Year in Liquidity
205
Advisory Council Recommends Precautions .
207
A Survey of American Housing, Its Prospects and
Problems
208
Building Societies in British Reconstruction
. . . .
212
REGULAR FEATURES
Home Front
204
Directory Changes of Member, Federal, and Insured Institutions
211
Honor Roll
214
Monthly Survey
217
Worth Repeating
229
FEDERAL SAVINGS AND LOAN
INSURANCE CORPORATION
HOME OWNERS' LOAN
CORPORATION
UNITED STATES HOUSING
CORPORATION
TABLES
New family-dwelling units
222-223
Building costs
223-224
Savings and loan lending
224-225
Mortgage recordings
225-226
Sales of U. S. war savings bonds
isnnmnssf
Savings in selected financial institutions
Federal Home Loan Banks
Insured savings and loan associations
226
.
226
226
227
FH A activity
227
Foreclosures
227
/
^
S
i n hi
Home repair facilitated
by Title I loans
Essential repair and maintenance
work on the homes of more than
300,000 American families was financed
last year with funds advanced by
private financial institutions and insured by the Federal Housing Administration, it has been announced by
FHA Commissioner Abner H. Ferguson. Total loans reported for insurance in 1943 under Title I numbered
308,167 and amounted to more than
$96,000,000. Over half the dollar
volume was represented by loans made
in 5 States although there were 19
States in which total loans exceeded
one million dollars each.
Of all Title I loans reported last
year, 97.5 percent were for essential
improvements of residential properties. The chief purpose for which these
loans were secured was for exterior
painting; miscellaneous work accounted
for the second largest percentage of
loans, with roofing, heating and plumbing, and interior finish following in
order.
Travel exhibit of
neighborhood planning
New Yorkers had the first look,
since shared by residents of other
cities throughout the country, at a
traveling exhibition designed to help
in solving problems of city planning
and residential building in the postwar era. "Look at Your Neighborhood," a study in contrasts between
the haphazard building of the past
and the advantages of a carefully
thought-out approach to community
development, is available from the
Museum of Modern Art, New York
City.
By means of 12 panels of photographs, drawings, diagrams, and brief
texts, the exhibit shows the need for
planning and the results to be achieved
by this means in building a new neighborhood or in redeveloping an old one
as a part of a larger metropolitan district. Examples of well planned existing communities showing arrange204
ment of housing, civic and cultural
groupings, business districts, and playgrounds are included as guides for
future developments.
Member officials
write office manual
An up-to-date Manual of Office
Administration has been written and
arranged by the executive vice-presidents of two member institutions,
C. H. Ellingson of the First Federal
Savings and Loan Association of
Washington, D. C , and Paul Westerfield of the Home Federal Savings and
Loan Association, Cincinnati, Ohio,
and published by the American Savings
and Loan News. Consisting primarily
of Mr. Ellingson's day-by-day instructions to his staff, the Manual, written
clearly, simply, and not without illuminating touches of human interest,
should be helpful to staff members of
all ranks in thrift and home-financing
institutions. It is unusual, and refreshingly so, in that it successfully
mingles detailed instructions on virtually all routine operations, from the
handling of checks to the computation
of dividends, with occasional broader
•discussions such as this preface to the
section on the handling of loans:
"Already, we can begin to see the
possibilities inherent in revolutionary
advances in transportation and construction, with the attendant effect
upon the values of existing residence
locations and buildings. The trend toward mass production and prefabrication stands out quite clearly, as does the
picture of the 'Home Store' operation,
with architecture, construction and
financing complete—all wrapped in one
package and delivered. By whom?
Even as early as 1945 or 1946 we may
be finding, in the answer to that
question, the future of the savings
and loan business/'
Re-u;e of
demountable dwellings
A recent moving day on the Ohio
River provided one of the most spectacular examples of what is being done
with the NHA's supply of mobile
housing. At that time, 120 demountable dwellings were moved by trailer
trucks to the river and floated 500
miles on barges from Point Pleasant,
West Virginia, to Camp Breckenridge,
Kentucky.
This is but one example of the re-use
of approximately 3,500 publicly financed family dwelling units and 1,600
dormitories. Many others already
have been moved, either sectionally or
intact, to meet newly developed housing needs caused by the shifts in
production of war goods.
Other
projects are being utilized, on the site
or by movement, as hospitals, recuperative centers, schools, or barracks.
POST-WAR
BOOKSHELF
Although inclusion of title does not necessarily mean recommendation
by the
Review, the following recent publications
will be of interest.
AMERICAN
STANDARDS:
December 1943. 23 pp. Available from
American Standards Association, 29
West 39th Street, New York 18, N. Y.
A SURVEY
OF
MUNICIPAL
POSTWAR PLANNING:
By Edward J. Milne. This report covers
Chicago, Kansas City, Louisville,
Rochester, Minneapolis, St. Paul,
Syracuse, and Providence. Available
from the Civic Planning and Traffic
Board of the Providence Chamber of
Commerce, Providence, R. I.
ITS UP TO YOU: September 1943.
20 pp. Available from St. Louis
County Planning Commission, 7927
Forsythe Boulevard, Clayton 5, Mo.
NEIGHBORHOOD
REDEVELOPMENT:
1943. 30 pp. Available
from Redevelopment Commission,
City Hall, Chicago, 111.
CALL OF OUR CITIES: April 1944
issue of Survey Graphic. Available at
30£ a copy from Survey Graphic, 112
East 19th Street, New York 3, N. Y.
Federal Home Loan Bank Reyiew
ANALYZING A PEAK YEAR IN LIQUIDITY
A threefold contribution of the savings and loan industry to the Nation's
wartime economy is revealed by an analysis of the liquidity
position
of insured savings and loan associations at the end of 1943, the highest
yet recorded.
•
The 80-percent gain in liquid assets of insured
savings and loan associations in 1942 over 1941
has been surpassed by a further increase of 96.5 percent during the last year.
Their dollar volume of cash and Government
obligations on hand at the end of 1943 totaled $884,000,000, compared with $450,000,000 in the same
period a year previous, and $250,000,000 at the end of
1941. This steep rise in liquidity occurred in spite of
the fact that cash was used during the year by the
associations to reduce Federal Home Loan Bank
advances outstanding almost $14,000,000 and to
repurchase nearly $100,000,000 of Government investment. During the previous year, Federal Home
Loan Bank advances were reduced by $79,000,000;
however, the 1943 repurchase of Government investments in the insured associations was almost four
times the amount repurchased in 1942 when the repurchases totaled only about $27,000,000.
The Government bond account was again the
major factor in the increased wartime liquidity of
insured savings and loan associations. Government
obligations held by these associations at the end of
1943 totaled $581,650,600, compared with $193,452,100 at the close of the previous year; cash on hand
increased in the same peridd to $302,556,000 from
$256,470,100.
Loan Bank Districts shared in the increase in liquid
assets during the year. The lowest percentage increases were reported in the Topeka District which
showed a gain of 58 percent, and in the Little Rock
area where the advance was 60 percent.
Cash accounts at the close of 1943 showed some
interesting variations by Bank Districts. In three
Districts, Winston-Salem, Little Rock, and Topeka,
there was actually less cash reported by insured associations than at the close of 1942. On the other hand,
each Bank District showed two to three times as
large an amount of Government obligations held by
insured associations on December 31 as at the end of
the previous year. This was true, generally, of
individual States also.
Liquidity-Share Capital Ratio
For all insured savings and loan associations, there
has been since December 31, 1938, a steady growth
in the percentage relationship of cash and Government obligations both to private capital and to assets.
Compared with private repurchasable capital, the
sum of cash and Government-bond accounts held on
December 31, 1943 was 24.7 percent, or almost three
times the ratio of 8.8 percent which prevailed at the
close of 1940.
Geographical Distribution
To some extent the increase reflects the growth in
number of insured associations, which rose from
2,398 to 2,447. This comparatively modest rise in
number, however, by no means distorts the national
picture although it may have some bearing upon the
increases in liquidity reported from various Districts
and individual States. The Boston District, for
example, which stood first with a gain of 145 percent
in holdings of cash and Government bonds, reported
an increase of four in the number of insured associations, all in Connecticut, where the gain in liquid
assets was 266.4 percent. On the other hand, in
Winston-Salem, where the number of insured associations remained constant, there was also a sharp
gain of 118 percentjm liquidity. All Federal Home
May 1944
PERCENTAGE INCREASE IN SELECTED
BALANCE SHEET ITEMS
ALL INSURED SAVINGS AND LOAN ASSOCIATIONS
1943 OVER 1942
0
CASH AND GOVT
OBLIGATIONS
PRIVATE SHARE
CAPITAL
10
L_^^
30
J
^
B H H
PERCENT
40
50
60
H H a
^
B |
^
B H a a
^
70
a H |
80
^|^^
90
a | | H
J
IOO
H H
H H
• • •
p^H
RESERVES AND
UNDIVIDED PROFIT
J M
^ H
TOTAL ASSETS
H
NET FIRST
MORTGAGES
H H
20
|
\
hm
IH
DIVISION OF OPERATING STATISTICS
FEDERAL HOME LOAN BANK ADMINISTRATION
205
LIQUIDITY RATIOS
ALL
I N S U R E D SAVINGS A N D L O A N A S S O C I A T I O N S
1942 -
1943
CASH AND GOVERNMENT OBLIGATIONS A S
CASH AND GOVERNMENT OBLIGATIONS
A S A PERCENTAGE O f T O T A L
A P E R C E N T A G E O F PRIV. S H A R E C A P I T A L
)
0
PERCENT
20
10
ASSETS
30'
4<
PORTLAND
^^^^^^m
CINCINNATI
^^^^P^^^*
INDIANAPOLIS'
UNITED STATES
OES MOINES
NEW YORK
BOSTON
_ _ _ .
^ ^ ^ _
•Hlr^
[ —
^^^^^
mmum
^^^
* ^^m*m
CHICAGO
1 1
\—
!™
WINSTON-SALEM
LOS ANGELES
1
TOPEKA
r™ r
PITTSBURGH
L I T T L E ROCK
£ p g g f l DEc.3i,i94e.
I 0EC.-3I, ! 9 4 | |
While there was some variation, each Federal
Home Loan Bank District and each State shared in
the continuing accumulation of a larger proportion
of liquid assets in relation to capital. The Portland
District, with a liquidity-capital ratio of 35.4 percent, led the country in this respect for the third
successive year. However, ratios higher than 18
percent were reported from each District, the lowest
being the 18.5 percent for Little Rock. There was
no striking spread among the increases reported
from various regions, but it may be an interesting
coincidence that the Little Rock region was also
reported as showing the smallest 1943 rat,e of capital
turnover.
States conformed rather closely to the Bank Districts in their increased liquidity-capital ratios. New
Hampshire and Nevada had the highest ratios, 39
percent in each State, while Delaware, with 6 percent, and Rhode Island with 9 percent, were lowest.
All other States reported liquidity-capital ratios of
more than 10 but less than 40 percent at the close
of 1943.
shows better than $1 in liquid assets for each $5 of
total assets reported. Federally chartered insured
associations recorded a growth of almost 98 percent
in liquid assets during the year, compared with an
increase of 95 percent shown by the State-chartered
institutions.
Conclusions
It would be erroneous to draw too broad conclusions from this brief study of liquidity at the end
of the second full year, of war. The situation is
obviously primarily one which has been forced upon
the industry as the result of a high level of mortgage
repayments, increased inflow of new capital, a growing stability of share capital, as discussed elsewhere
in this issue, and the contraction of normal lending
opportunities in many communities. The conscious
effort on the part of many institutions, however, to
maintain a large portfolio of Government obligations should not be ignored; nor can the fact be
overlooked that the unprecedented liquidity places
the industry in an excellent position to resume
construction-lending activity and the leadership in
this field as soon as wartime restrictions on critical
materials are lifted.
The picture does, moreover, spotlight the threefold contribution of the savings and loan industry
to the national economy at this critical time—
turning a larger and larger share of its current money
receipts, which represent the savings of individuals,
into Government obligations, selling war bonds
directly to the public, and encouraging both by
example and precept the practice of thrift to help
in the task of reconstruction during the post-war
period.
RATIO OF CASH AND GOVERNMENT OBLIGATIONS TO
PRIVATE SHARE CAPITAL AND TOTAL ASSETS
ALL
INSURED SAVINGS AND LOAN
1940-f943,
BY
ASSOCIATIONS
SEMI-ANNUAL
PERIODS
Liquidity-Asset Ratio
In relation to total assets, the cash and Government obligations held by insured savings and loan
associations likewise showed a pronounced rise from
12.3 percent at the end of 1942 to 21.1 percent a
year later. The average insured association now
206
JUN.
1942
FEDERAL
OF OPERATING STATISTICS
HOME LOAN BANK ADMINISTRATION
Federal Home Loan Bank Review
Cash
and Government obligations of
savings and loan associations
insured
Advisory Council Recommends
Precautions Against Inflation
[Dollar amounts are shown in thousands]
• T o t a l cash a n d Gov1 As a percent of
e r n m e n t obligaChang(
1
1943
tions
in n u m - i
Percent
ber of
increase
associaShare
tions
1942
1943
capital Assets
S t a t e and District
i
UNITED STATES.
Boston
.-
+49
$884,207
$449, 922
96.5
24.7
+4
43, 809
17,874
145.1
22.3
19.2
+4
0
0
0
0
0
12,181
194
25, 779
4, 364
177
1,114
3,324
129
12,145
1,510
122
644
266.5
50.4
112.3
189.0
45.1
73.0
23.1
11.4
20.8
39.5
8.8
23.6
20.2
9.7
17.8
32.1
7.1
20.9
+23
94,350
42, 231
123.4
22.6
19.0
+20 1
29,568
64, 782
12, 745
29,486
132.0
120.0
25.1
21.6
20.6
18.3
+15 1
40,326
19,364
108.3
19.2
16.3
0
+17
0
26
35, 758
4,542
15
16,332
3,017
73.3
118.9
50.5
6.3
18.9
22.3
6.1
16.1
18.5
0
83, 398
38, 200
118.3
21.8
19.1
-1
0
0
0
0
4,348
8,252
23, 268
9,319
10,612
13, 029
6,895
7,675
62.5
2,675
156.9
3,212
98.9
11,701
4,529 j 105.8
4,045 / 162.3
5,811
124.2
3,004
129.5
3,223
138.1
25.5
17.4
28.3
20.0
17.0
25.3
22.4
17.3
23.1
16.0
24.8
17.6
14.0
22.0
20.4
15.1
.
Connecticut
Maine
.1
Massachusetts
N e w H a m p s h i r e . . - ._
Rhode Island
.
Vermont
N e w York
N e w Jersey
N e w York
+3
Pittsburgh
.
Delaware
Pennsylvania... .
West Virginia
..
Winston-Salem
Alabama
District 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..
Cincinnati
_ .
Kentucky
Ohio
Tennessee
0
0
+r
216,327
117,312
84.4
31.8
27.4
0
17, 626
189, 592
9,109
10,050
102,170
5,092
75.4
85.6
78.9
24.7
33.0
25.5
22.4
28.4
21.6
76,050
38,187
99.2
29.5
25.7
0
48, 587
27,463
24,633
13,554
97.2
102.6
30.1
28.5
26.1
24.9
+6
82,326
42,883
92.0
22.3
18.9
23.6
17.9
20.2
14.8
+3
-2
Indianapolis
Indiana _
Michigan
...
Chicago
...
Illinois .
Wisconsin
Iowa.
+1
_
. .
Missouri
. .
North Dakota. _ .
South Dakota
..
..
Little Rock...
Arkansas. . .
Louisiana.
Mississippi
N e w Mexico
Texas
Topeka.
Colorado
Kansas
Nebraska
Oklahoma..
Portland
._
.
...
..
Idaho
. . . .
.
Montana.
Oregon
Utah
Washington..
Wyoming
._ .
L o s Angeles
Arizona . . .
California
Nevada
May 1944
21.1
+5
+5
+5
+1
66, 833
15, 493
34,519
8,364
93.6
85.2
-2
48, 817
24,215
101.6
23.3
20.7
0
0
-2
0
0
6,312
23, 590
15,076
3,026
813
3,607
8,822
9,746
1,600
440
75.0
167.4
54.7
89.1
84.8
19.1
30.1
17.2
37.7
31.3
17.6
27.0
14.9
35.3
26.7
0
41,042
25,687
59.8
18.5
15.6
0
0
0
0
0
2,974
14,114
1,752
1,584
20,618
2,005
8,387
1,132
957
13,206
48.3
68.3
54.8
65.5
56.1
18.4
16.9
19.1
24.2
19.4
15.8
13.6
17.0
21.1
16.8
-3
29,041
18,384
58.0
20.1
17.3
0
-2
0
-1
7,771
7,973
2,216
11,081
5,404
5,053
970
43.8
57.8
128.5
59.3
24.9
19.2
21.0
18.1
21.3
15.9
18.4
15.9
-1
59,860
31,471
90.2
35.4
30.5
0
0
0
0
-1
0
3,326
3,633
6,387
7,505
37,475
1,276
2,180 1 52.6
2,084
3,340
3,185
19,831
811
74.3
91.2
135.6
89.0
57.3
36.5
31.1
30.7
36.9
36.8
27.0
31.9
28.0
26.1
27.8
32.5
23.5
-1
68,861
34,114
101.9
21.8
17.8
0
-1
1,648
65,603
373
684 I
32,447 :
132
140.9
102.2
182.6
21.6
21.7
39.4
19.5
17.6
36.6
0
6,957 1
|
T H E Federal Savings and Loan Advisory Council, at its meetings in Washington on M a y 2, 3 ?
and 4, discussed the many problems now confronting
the savings and loan industry and concluded with
several general recommendations regarding future
policies to be pursued. Inflationary tendencies in
real-estate prices and the adaptation of lending policies to this situation were in the center of the Advisory Council's deliberations which culminated with
the passage of the resolution which appears below.
" W H E R E A S the Council recognizes that inflationary trends in real-estate values and high
percentage loans made on the basis of current
appraisals or sales prices in some communities
constitute a threat to the economic stability of
these communities and to the security of home
ownership as well as to the ability of financial
institutions to enter into vigorous lending operations after the war; and
" W H E R E A S the Council, on the basis of all
available evidence, recognizes that such inflated
lending is not limited to any single type of mortgage lender;
" THEREFORE B E I T RESOLVED, that the Council urges strongly cooperative action among all
principal types of mortgage lenders to combat
inflationary lending;
" B E I T F U R T H E R RESOLVED, that the Council
urges member institutions, under the leadership
of and in cooperation with the Federal Home
Loan Banks, to prevent the spread of unsound
lending practices by adopting either one or several of the following methods: •
1. Downward adjustment of loan percentages to such levels as will assure that excess
risks are covered by the down payment
rather than by the mortgage loan.
2. Shortening of amortization periods.
3. Accelerated repayment of principal during the first few years of the loan.
4. Where possible, calculation of customary loan percentages on the basis of property prices in a pre-war period in which
market conditions were reasonably stabilized.
5. Additional protection by association
shares, Government bonds, paid-up life
(Continued on p. 211)
207
A SURVEY OF AMERICAN HOUSING, ITS
PROSPECTS AND PROBLEMS
The Twentieth Century Fund finds that "we have not yet developed
a financing system adapted to the lives of modern users of housing/9
B
I N perhaps the most thorough canvass of the
subject yet made, the Twentieth Century Fund *
has recently published American Housing, Prospects
and Problems (New York, 1944). Factual findings
on virtually all phases of the production and marketing of housing in this country, which comprise the
major portion of the book, were made by a research
staff directed by Miles L. Colean, who resigned as
Assistant Administrator of the Federal Housing
Administration to conduct this work. The closing
32 pages are devoted to a detailed " Program of
Action" by the Housing Committee of the Fund. 2
A work of this importance cannot be both briefly
and adequately summarized; nor is it the function
of the R E V I E W to attempt critical judgment upon
its conclusions. In recommending it, however, as
of interest to all home-financing institutions, it is
permissible to comment upon one quality not always
found in books on housing. Without sacrificing a
forthright approach and frank, sometimes sharp
criticism of both industry and Government, the
authors have avoided a doctrinaire approach.
There is little in the volume to give aid and comfort,
for example, to extreme proponents of either public
or private housing, while there is much to concern
individuals in the fields of home building, real estate,
mortage financing, and governmental housing agencies who accept the stated thesis of the report that
"only by creating an industrial environment conducive alike to volume expansion and cost reduction
can an approach to meeting the housing need' be
accomplished in the postwar period and can housebuilding assume its potentially great role in easing
the shocks of postwar adjustment."
Post-War Needs and Pre-War Obstacles
After aligning themselves with those who estimate
potential new housing demand amounting to at least
1,000,000 new nonfarm units a year during the first
1
A non-profit research foundation established in 1919 by the late Edward A.
Filene.
2
Chairman, Henry E. Hoagland, Ohio State University, former member of
the Federal Home Loan Bank Board. Members: Lillian M. Gilbreth, Purdue
University; Frank P. Graham, President, University of North Carolina; Henry
I. Harriman, former President, Chamber of Commerce of the United States;
208
decade after the War, the staff writers examine the
set-up of the housebuilding industry as it existed
before Pearl Harbor. "The picture is one of barriers
built up from every side—from our land system, from
our methods of taxation, from builder organisations,
labor, real estate operators, mortgage lenders, and
even from government itself—against the maturing
of housebuilding to the stature of an industry capable
of producing and distributing in sufficiently large
quantities and at sufficiently low costs to meet the
vast housing need the country faces." The impact
of war speeded up the rate of industrial change.
There were economies in building methods and materials, and the labor supply was so reduced that
"even with a sharp curtailment of housebuilding
volume, the maintenance of archaic and restrictive
handicraft methods was no longer tenable . . .
Trends that were still tentative in 1940 had by the
end of 1942 developed an unexpected vitality." Yet
many and grave obstacles still remained. "Tradition
had in the past kept housebuilding a feeble enterprise with a limited market. I t might, if shortsighted policy should succeed, again lay its blight
upon house production. I t might force upon the
country either a constantly lowered standard of
housing or new and increasingly costly governmental
measures to compensate for its self-imposed inefficiencies.' '
Further Obstacles—Including Mortgages
"Mortgage finance must 'be shown' before it
supplies the lifeblood of production. Labor opposes new methods of operation and new materials
that threaten its precarious earnings. Manufacturers
hesitate to change distributive systems to expedite
the acceptance of their most advanced products . . .
And housebuilders, unable to overcome the localism
of the market or escape from dependence on consumer finance, cannot guarantee, either to labor or
manufacturers, sufficient production to induce them
Arthur C. Holden, Vice President, New York Building Congress; John A. Lapp,
formerly National Referee, International Building Trades Unions; William I.
Myers, Dean, New York State College of Agriculture; Coleman Woodbury,
Assistant Administrator, National Housing Agency.
Federal Home Loan Bank Review
to relax their rules or restraints." The system of
sub-contracting further hampers technical progress,
while similar difficulties arise in manufacturing and
distributing building materials. " There is little
doubt that the materials manufacturer charges the
builder more than other types of customers . . .
Because such restraint and obstacles as those noted
above plague the industry from top to bottom and
make the entire operation risky and insecure, one
result of defensive combinations by various elements
in the industry is to keep prices high and bar the
development of new housebuilding techniques . . .
At 1940 prices it was extremely difficult, if not impossible, in most parts of the country to build a
house that was within reach of a majority of the
population/'
In regard to labor, it is noted that " because of
the general insecurity of the industry, workmen tend
to avoid housing work wherever possible . . .
Many union rules are designed to protect jobs and
make or spread work." While the research staff
found that there are a few specialized housebuilders
organized on an industrial year-round basis, " t h e
field is open to all comers," including men who
build one or two houses a year as a sideline.
Although some element of standardization is introduced by building codes, all too often these are
obstacles to real housing progress. A building code
problem is said to be the wording of code requirements "so as not to exclude sound new building
methods and materials." (See "Building Codes—
Present and Future," F H L B R E V I E W , March 1944,
p. 157.)
policy of facilitating buying or renting of houses
through liberal financial terms and subsidies tends to
discourage the industry from cleaning house, and
encourages a demand for still lower interest rates
and an expansion of the subsidy program as
substitutes for technical progress and lower costs."
Mortgage Suggestions
While the mortgage situation, it is reported, has
undoubtedly been improved during the past decade,
"we have not yet developed a financing system
adapted to the lives of modern users of housing."
Some concrete proposals are mentioned, without recommendation, to increase the borrower's protection:
"(1) Segregating part or all the equity from the
depreciation in the amortization payment, and (2)
providing for the return of the equity to the borrower
in cash, in case of forced or voluntary withdrawal from
the contract, or (3) permitting the borrower to use
his accumulated equity credit to meet regular payments during a temporary stringency . . . Thus
the traditional relationship of borrower and lender
would become that of seller and buyer . . . The
purchaser would then in effect pay rent to the seller
on the basis of estimated physical depreciation . . .
and make an additional payment which would permit
the transfer of title before the end of depreciation
period. To protect the seller against declines in
v^alue, some penalty would be necessary in the use
of the purchase or equity reserve, so that the amount
returnable would not equal that paid in."
Capital Needs
Warning that " t h e technical gains of the war
period may be lost unless well-capitalized building
enterprises emerge after the war," the report
comments that "capital for house production today
is generally 'in and out' capital, advanced job by
job, and looking to profits on a given project rather
than on continuous production. Technical evolution,
however, presents quite different capital requirements . . . The need for larger amounts of permanently invested capital becomes apparent." Giving credit to the Federal Home Loan Bank System
and the Federal Housing Administration for stimulating the flow of mortgage credit, the research staff
remarks, however, that "in many ways the national
housing agencies have tended to preserve the archaic
foundation of the industry. The dependence of
production upon consumer credit has increased. The
May 1944
209
Land and Building
As to land, the research staff found that the
traditional pattern of rising land values has changed
within the past decade or so. The problem now is
that of a "surplus tending to limit the rise of values . . .
there is too much land available to support a widespread speculative revival . . . Only the very choicest land is apt to increase in value.'' Overwhelming
economic and legal barriers prevent the utilization
of much of the vacant land.
Investigating the process of "filtering down/' the
staff offers a suggestion that "large organizations,
specializing in the buying, renovating, and rental or
sale of old properties . . . might help to attain a
more efficient utilization of our housing supply.
The condition of used houses could be more readily
appraised, and the demand for new and old dwellings
more easily determined . . . Proposals have also
been made for pooling ownership of old houses in a
block or larger area with the owners receiving stock
in the new corporation, which would then rehabilitate the best structures, demolish those beyond
economic operation, and replace them with new
buildings/'
Conclusions and Recommendations
In its conclusions and recommendations, following
the report of the research staff, the Housing Committee states that it is " n o t primarily concerned with
the housing of the people who are now relatively
well taken care of," but with " t h e dangers to the
economic system and the social structure that come
from depending so largely for our housing supply
upon the variable and often eccentric demands of
the top third of the population and upon an industry
designed to accommodate them." Although a solution cannot be presented in any simple formula, " t h e
effect of wastes, inefficiencies, and traditionalisms
upon the price of housing must still be considered to
be at the heart of the housing problem. Even
though, as appears likely, we shall enter the postwar
period with a level of national income and of average
individual incomes higher than has been the case
during the last decade, the existing cost of new
housing will still be too great "o permit a continued
large volume of production. The Committee therefore believes that the most important line of attack
is on housing prices . . . But the problems of price
reduction go beyond the mere statement of means
. . . People must be induced to utilize the means
offered to them. They must find it desirable to
210
create efficient production organizations, to lend on
and buy or invest in dwellings, and to care for the
property they hold or occupy."
The principal recommendations, except for farm
housing, are as follows:
Land Utilization: Control of the price of land
for housing through an extension of the public
regulation of land use, the stringent regulation
of speculative subdividing, the rationalization
of zoning, the development of assessment policies
based on the realities of the future uses of inlying
areas, and the improvement of facilities for the
reassembling of small ownerships in blighted
areas.
Industrial Reorganization: A reduction of production costs through the encouragement of
larger producing organizations, through greater
use of machinery and factory-produced parts,
more highly productive industrial techniques,
and the establishment, for the bulk of house
production, of more direct and economical
methods of materials distribution.
Reorganization of Marketing Processes, and of
the Investment in the Financing of Urban Housing: A reduction of marketing costs through the
greater integration of the production and marketing function, the simplification of transfer
procedure, the encouragement of larger-scale
owning and operating organizations in the
rental field; and
A reduction of financing costs through the simplification of mortgage procedures or the creation
of other less cumbersome methods of long-term
finance; the development of a more unified and
efficient house-financing system.
Public Housing: That the necessity of utilizing
various forms of public activity and public aid
in a comprehensive attack on the housing problem be fully recognized and necessary provision
for such utilization be made; but that public
activity be designed so far as possible to the end
of reduced costs and more efficient form of
industrial operation.
Property Maintenance and Operation: A reduction of the proper costs of operating dwellings
through the simplification of structures and the
improvement of their quality, the better balance of the durability of the parts of the structure, the acceptance of regularized policies of
debt and investment amortization, the encouragement of better methods of an organization for
Federal Home Loan Bank Review
property maintenance, and the establishment of
means for eliminating outworn and outmoded
buildings.
Each of these general recommendations is followed
in the report by specific and detailed suggestions for
action to accomplish the Committee's objectives.
I t is these definite proposals for action, which space
unfortunately does not permit reproducing here, that
many readers will find the most stimulating and
perhaps controversial portions of the book.
&
DIRECTORY
' H I * CHANGES
M A R C H 1 6 — A P R I L 15,
Key to Changes
•Admission to Membership in Bank System
**Termination of Membership in Bank System
#Federal Charter Granted
##Cancelation of Federal Charter
01nsurance Certificate Issued
001nsurance Certificate Canceled
Timing of Action
The Housing Committee points out that the
various recommendations may be considered in the
light of what may be accomplished with the least
delay. There need be no delay, it is stated, "in
taking measures to assure freer competition within
the housebuilding industry and to break down the
policies and agreements that hold back technical
advancement and maintain high cost levels/' nor in
building codes reform and rezoning, while "changes
that may be necessary in corporate tax laws to encourage needed investment in producing organizations and in housing properties can be considered at
once."
I t is noted t h a t " the aids to housing finance already
in existence stand ready for immediate use and
should be continued until better methods can be
devised."
While many readers will not share all the views
expressed by the research staff and the Housing
Committee of the Twentieth Century Fund, almost
all will agree that they have produced a useful and
stimulating book, rich in practical examples of things
that are wrong and clear-cut suggestions for setting
them right.
New General M a nager of FSLIC
•
DR. William H. Husband has been named
General Manager of the Federal Savings and
Loan Insurance Corporation to succeed Oscar R.
Kreutz who resigned to return to private business
in the savings and loan field. Dr. Husband will
assume the duties of his new position on June 1, 1944.
Dr. Husband was a member of the Federal Home
Loan Bank Board from 1937 to 1942. Since that
time he has been serving as executive vice president
of the First Federal Savings and Loan Association
of Waterbury, Connecticut.
May 1944
584700
1944
DISTRICT N O . 2
N E W JERSEY:
New Brunswick:
**Business Men's Building and Loan Association, 48 Bayard Street.
Wanaque Borough:
**Wanaque Borough Building and Loan Association.
DISTRICT N O . 3
PENNSYLVANIA:
Homestead: (Hays)
**Hope Church Building and Loan Association, 439 Baldwin Koad.
Pittsburgh:
**Wm. Penn Federal Savings and Loan Association of Pittsburgh, 429
Fourth Avenue (merger with First Federal Savings and Loan Association
of Pittsburgh).
DISTRICT N O . 5
OHIO:
Defiance:
**Security Building and Loan Company, Third and Clinton Streets
(transfer of stock and sale of assets to Defiance Home Savings and Loan
Association).
DISTRICT N O . 8
MISSOURI:
Liberty:
**##00Liberty Federal Savings and Loan Association, 9 North Water Street
(merger with Safety Federal Savings and Loan Association of Kansas City,
Missouri).
DISTRICT N O . 11
WASHINGTON:
Seattle:
**Provident Savings and Loan Assocaition, 3318
Building.
White-Henry-Stuart
Anti-Inflationary Precautions
Recommended
(Continued from p. 207)
insurance, or other security in such cases
where high percentage loans are made on
the basis of current market prices.
6. Downward adjustment of dividend and
mortgage interest rates to enable member
institutions to compete effectively for low
percentage loans of prime quality.
7. Downward adjustment of mortgage interest rates on existing loans to prevent the
further loss of such loans through refinancing.
" B E I T FURTHER RESOLVED, that the Council
requests the Governor of the Federal Home
Loan Bank System to transmit copies of this
resolution to the Presidents of the Banks and
all member institutions."
2II
44
BUILDING SOCIETIES IN BRITISH RECONSTRUCTION
The picture of post-war housing in Britain is gradually emerging on a
national and local scale. Among the active participants in the coming
peacetime housing era will be the British building societies whose
1943 progress added to the strength of their position for the revival
of home financing.
9
B K I T I S H building societies, like their American
counterparts, will enter the post-war period in an
admirable position for participating in the revival of
peacetime building, plans for which in Great Britain
are in a relatively advanced stage. The private
building which will be financed by these societies is,
of course, a development which must wait until that
unpredictable time of peace when it will take its
place in the broader framework of general reconstruction. However, the effects of the blitz have
made it imperative that serious attention be given to
immediate rehabilitation.
Government Plans
As an indication of the British government's plans,
many American listeners heard with interest PrimeMinister ChurchilFs recent speech which dealt in
such great part with housing. He is committed to a
program of providing, at the earliest possible moment,
for returning veterans and all citizens who have been
bombed out of their homes. The first step is to
recondition damaged property—this to be done as
rapidly as the progress of the War permits use of
materials and labor. Then, because the swift production of houses is the only way that needs can be
met in the first 4 or 5 years following the War, Mr.
Churchill stated that prefabricated houses are to fill
the gap. His plan calls for the public ownership of
these houses which are to be equipped with standard
modern conveniences. He anticipates that, "owing
to the methods of production . . . these houses,
including pretty furniture, will be available at a
moderate rent. All will be publicly owned and will
not rest with any individual tenant to keep them
after they have served the purpose." Models of this
house have already been exhibited in England.
The third prong of the attack on post-war housing,
according to the Prime Minister, is to be a program
of permanent building. Already the government
owns 200,000 sites to be used for this purpose. I t
is this phase which will perhaps most directly
concern the building societies.
212
London of the Future
They are also keenly interested in city-wide
planning (see "The Broadening Concept of the City
Problem Over Two Decades," F H L B K E V I E W ,
April 1944, p. 177), which has gone further in England than in most countries. The plans go far
beyond making good the bomb damage and the
housing shortage to cope with the major problems
of modern urban growth.
According to one British authority, 1 the major
defects for which fundamental remedies must be
devised, include: traffic congestion, depressed housing, location of homes and industries, and the disorganized growth of the outer fringes of the city
which is adding to the general confusion of London.
The concensus which runs through the various
plans proposed is that these problems can best be
approached by dividing the amorphous mass of
London into a number of subsidiary civic groups,
connected by arterial traffic routes on both ring and
radial lines. This would retain the characteristics
of traditional, provincial centers, with the benefits to
be derived from integration into a large metropolitan
unit. Plenty of open space would serve to bring
the country and the towns into closer relationship.
Building Society Participation
Planning on such a scale as this has required
action by the government to bring the various
interests and authorities into a single cooperative
group. Decisions and actions relating to industry,
traffic, housing, etc., call for knowledge and participation on the broadest possible scale. The government can only synthesize the contributions which
will be made by private individuals and groups,
including the building societies which have been
actively interested. 2
In contrast to the savings and loan industry in
the United States, British building societies, as the
i See "London Plans City of Future," National Municipal Review, March
1944, and County of London Plan, Forshaw and Abercrombie, London, 1943.
2
See "Design for Britain," F H L B REVIEW, September 1943, p. 363.
Federal Home Loan Bank Review
result of numerous mergers in recent years, are in
many cases capitalized and equipped for business
on a national or regional, rather than local scale.
Such a giant as the Halifax Society, formed from
the union of two societies in 1938, has assets of more
than hall a billion dollars, while assets of the Abbey
National Society, formed by a merger last year,
total one-quarter billion. When the much smaller
area and more centralized governmental system of
Great Britain are likewise considered, it will be
readily understood how the industry occupies a relatively prominent position in the field of British home
finance.
Record of Operations
The 1943 record of the British building societies
gives further evidence of the substantial part that
they will be in a position to play in rehousing Britain
after the War. Since 1940-1941 when the first dislocations of war brought a relatively minor retrogression, their position has showed constantly
increasing strength. Total assets of these institutions have continued to increase and at the close of
last year they were estimated at approximately
$3,088,000,000.* This amount, a gain of 3 percent
over 1942, is only fractionally less than the all-time
high volume of assets of $3,093,000,000 attained in
1939.
The liquidity position, bulwark for future financing
operations, has also shown a steady expansion
according to the latest reports of 90 societies which
represent more than five-sevenths of the assets of all
British building societies. The accompanying chart
is based on year-end reports of these 90 institutions,
as carried in the March issue of the Building Societies1
Gazette. (Projections of total figures for the entire
industry which includes 841 other smaller societies
were made in the Gazette).
The cash and investments of the 90 societies for
which complete reports are now available showed a
35-percent rise during 1943—up $159,000,000 to
$615,000,000—and represented 26.5 percent of the
assets of this group. Liquid funds of all building
societies are estimated at approximately $170 million,
or 23 percent of aggregate assets.
Many of the same factors which affect the wartime operations of the savings and loan industry in
this country are also evident in England. Severe
building restrictions in that country have reduced
mortgage-lending operations to a fraction of their
former volume. In 1943, however, there was a
1
A11 references to dollar amounts are on the basis of $4=l£.
May 1944
decided upturn in this respect. The complete
reports thus far received show a gain of 103 percent
in mortgage advances made by the 90 societies on
which this summary is based. From a 1942 volume
of $39,000,000, the sum rose to $79,000,000 last year.
I t is estimated that on the basis of final reports,
advances on mortgages during 1943 probably
amounted to about $108,000,000, a considerable increase over the 1941 low but still not to be compared
with the record of $560,000,000 loaned in 1936.
That the increased volume of lending last year
was largely the result of refinancing and home-purchase loans with their accompanying threat of inflationary trends, is a fact which has been receiving
attention in Britain as in this country. (See F H L B
R E V I E W , " Wartime Lending in Britain/' April 1944,
p. 201).
With less than normal advances and relatively
high repayments, mortgage assets again declined
during 1943. The accompanying chart shows a
decline of $93,000,000, or 5 percent, from the previous year. The projection for all 931 buildingsocieties is a shrinkage of about $100,000,000.
Despite the loss of income from the principal
source of revenue and the fact that building societies
in the past year paid heavy income taxes and were
required to make large contributions to the War
Damage Fund, reserve funds of these 90 large
societies showed a 3-percent gain. On the whole,
the position of the British building societies is one
which holds great promise for their future role in the
rebuilding of the country.
This chart is based on the 1942-1943 records of 90 leading British building
societies.
2I3
PLANS FOR THE FIFTH WAR LOAN DRIVE
•
F I N A L preparations are being made for the
launching of the Fifth War Loan drive which is
intended to raise a total of $16 billion during the
period June 12 to July 8. The Treasury Department
has announced its goal of obtaining $6 billion of this
total through sales to individuals, thereby calling for
an increase of 13 percent over the $5,300,000,000
which individuals invested in bonds during the
Fourth War Loan.
If this is contrasted with the more than $23 billion
of direct war costs during the first quarter of the current calendar year, it is evident that all issuing agents,
particularly savings institutions, must do their
utmost not only to meet the entire over-all goal but
to equal or surpass the quota established for sales,
especially those to individuals. Not only is it important that this particular type of sales attract the
maximum money for direct war-financing purposes
but also to achieve a greater effectiveness in inflation
control. Therefore it is urged that emphasis be
placed again, as in previous campaigns, upon purchases from current income rather than from existing
savings.
During the period from June 12 to June 26, only
sales to individuals will be reported by the Treasury,
although subscriptions will be received from all nonbanking investors throughout the entire period. The
campaign to sell to individuals will be supplemented
starting June 26 with an intensive campaign directed
at all other non-banking investors—the quota for
which is $10,000,000,000.
SALES
M
, _
ALL
OF DOLLARS
2,000
OEC. MAR.
CUMULATIVE ~ MAY 1941 TO MARCH 1944
JUN. SEP
1941
214
AND PURCHASES OF WAR BONDS
REPORTING MEMBER SAVINGS AND LOAN ASSOCIATIONS
MILLIONS
DEC. MAR. JUN. SEP
1942
DEC. MAR. JUN. SEP
1943
DEC. MAR. JUN. SEP DEC
1944
Member Participation
The Office of the Governor of the Federal Home
Loan Bank System, acting in conjunction with the
presidents of the 12 Federal Home Loan Banks,
has decided upon a continuation of its Honor Roll
system for the commendation of member associations showing conspicuous results in the Fifth War
Loan'drive. In line with the higher total goal of $16
billion established by the Treasury Department,
standards of qualification for the Honor Roll have
been raised again. Under the new system established for the drive, war bond sales by qualified
institutions must be equivalent to at least 10 percent of assets as compared with 7K percent for the
Fourth War Loan. In view of the timing of the
Fourth Drive, which unfortunately coincided with
the "Ides of March," and the volume of sales attained then, it is believed that this upward revision
is not out of line with reasonable sales expectancies,
particularly in view of the fact that Honor Roll
"membership Ji is intended to indicate those institutions whose sales activities constitute a noteworthy
achievement.
March Sales and Purchases
Total sales of war bonds and stamps by 2,533
reporting member institutions out of 3,204 which
have qualified as issuing agents amounted to approximately $19,565,000 in March 1944, showing a
decline of 73 percent from the total of $72,521,000
reported for the previous month which included the
last part of the Fourth War Loan campaign. This
brought cumulative sales by Federal Home Loan
Bank System members since January 1943 to a total
of $625,464,000.
In the same month 2,564 reporting members
purchased $25,182,000 of U. S. Government obligations for their own accounts as against $98,981,000 for February, showing a decline for the month
of 74.6 percent. This brought the cumulative total
of purchases since January 1943 to $1,017,041,000.
At the end of March all reporting member institutions held $1,038,668,000 in obligations of the
United States, reflecting a gain of 3.9 percent over
the previous month. This was equivalent to more
than 19 percent of the total assets of all reporting
members which amounted to $5,395,770,000.
Despite the lower standards for Honor Roll qualifications on the basis of March sales (1 percent of
Federal Home Loan Bank Review
assets), the total number of institutions eligible
showed a marked decline from that registered for
the Fourth War Loan. The March Honor Roll
numbered only 204 institutions compared with 328
for the period January 18 through February 15.
NO. 1—BOSTON
First Federal Savings and Loan Association, Greenwich, Conn.
Ipswich Co-operative Bank, Ipswich, Mass.
Sharon Co-operative Bank, Sharon, Mass.
Windsor Federal Savings and Loan Association, Windsor, Vt.
NO. 2 - N E W YORK
Berkelej Savings and Loan Association, Newark, N. J.
Cranford Savings and Loan Association, Cranford, N. J.
Edison Savings and Loan Association, New York, N. Y.
Fairport Savings and Loan Association, Fairport, N. Y.
First Federal Savings and Loan Association, New York, N. Y.
First Federal Savings and Loan Association, Rochester, N. Y.
Home Federal Savings and Loan Association, Ridgewood, N. Y.
M.aywood Savings and Loan Association, Maywood, N. J.
Ninth Federal Savings and Loan Association, New York, N. .Y
Reliance Federal Savings and Loan Association, Queens Village, N. Y.
Volunteer Building and Loan Association, Little Ferry, N. J.
Wharton Building and Loan Association, Wharton, N. J.
NO. 3—PITTSBURGH
Brentwood Federal Savings and Loan Association, Brentwood, Pa.
Cambria County Federal Savings and Loan Association, Cresson, Pa.
Capital Building and Loan Association, Philadelphia, Pa.
Colonial Federal Savings and Loan Association, Philadelphia, 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, Logan, W. Va.
First Federal Savings and Loan Association, New Castle, Pa.
First Federal Savings and Loan Association, Wilkes-Barre, Pa.
First Wayne Federal Savings and Loan Association, Wayne, Pa.
Franklin Federal Savings and Loan Association, Pittsburgh, Pa.
Friendly City Federal Savings and Loan Association, Johnstown, Pa.
Home Builders' Building and Loan Association, Philadelphia, Pa.
Investment Building and Loan Association, Altoona, Pa.
Lansdowne Federal Savings and Loan Association, Lansdowne, Pa.
Liberty Federal Savings and Loan Association, Philadelphia, Pa.
Matoaca Building and Loan Association, Philadelphia, Pa.
Mid-City Federal Savings and Loan Association, Philadelphia, Pa.
Montour Valley Savings, Building and Loan Association, Imperial, Pa.
North Philadelphia Federal Savings and Loan Association, Philadelphia, Pa.
St. Edmond's Building and Loan Association, Philadelphia, Pa.
United Federal Savings and Loan Association, Morgantown, W. Va.
West Philadelphia Federal Savings and Loan Association, Philadelphia, Pa.
West View Building-Loan Association, West View, Pittsburgh, Pa.
NO. 4—WINSTON-SALEM
Atlantic Federal Savings and Loan Association, Baltimore, Md.
Brevard Federal Savings and Loan Association, Brevard, N. C.
First Federal Savings and Loan Association, Andalusia, Ala.
First Federal Savings and Loan Association, Cordele, Ga.
First Federal Savings and Loan Association, Decatur, Ala.
First Federal Savings and Loan Association, Forest City, N . C.
First Federal Savings and Loan Association, Gastonia, N. C.
First Federal Savings and Loan Association, Huntsville, Ala.
First Federal Savings and Loan Association, Jasper, Ala.
First Federal Savings and Loan Association, Orlando, Fla.
First Federal Savings and Loan Association, Phenix City, Ala.
First Federal Savings and Loan Association, Winder, Ga.
Fort Hill Federal Savings and Loan Association, Clemson, S. C.
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, Spray, N. C.
Lithuanian Federal Savings and Loan Association, Baltimore, Md.
Miami Beach Federal Savings and Loan Association, Miami Beach, Fla.
Mutual Building and Loan Association, Martinsville, Va.
Perpetual Building and Loan Association, Anderson, S. C.
Petersburg Mutual Building and Loan Association, Petersburg, Va.
Richmond County Building and Loan Association, Rockingham, N. C.
Stephens Federal Savings and Loan Association, Toccoa, Ga.
Tifton Federal Savings and Loan Association, Tifton, Ga.
Virginia State Building and Loan Association, Charlottesville, Va.
Wateree Building and Loan Association, Camden, S. C.
Weldon Building and Loan Association, Weldon, N. C.
NO. 5—CINCINNATI
Citizens Federal Savings and Loan Association, Dayton, Ohio
Eagle Savings and Loan Association, Cincinnati, Ohio
Fidelity Building Association, Dayton, Ohio,
First Federal Savings and Loan Association,* Galion, Ohio
First Federal Savings and Loan Association, Greeneville, Tenn.
Fulton Building and Loan Association, Fulton, Ky.
Home Federal Savings and Loan Association, Cincinnati, Ohio
Provident Building and Loan Association, Cleveland, Ohio
Security Savings and Loan Company, Cleveland, Ohio
Union Building and Loan Company, St. Marys, Ohio
The membership of the Federal Home Loan Bank
System cannot obtain proper credit for its efforts in the
Government bond drive unless you report your sales
and purchases regularly each month.
Please forward your monthly report of sales and
purchases of Government bonds and war stamps to
your District Bank promptly.
NO. 6—INDIANAPOLIS
Charlotte Federal Savings and Loan Association, Charlotte, Mich.
Citizens Federal Savings and Loan Association, Port Huron, Mich.
First Federal Savings and Loan Association, Angola, Ind.
First Federal Savings and Loan Association, Evansville, Ind.
First Federal Savings and Loan Association, Fort Wayne, Ind.
First Federal Savings and Loan Association, Michigan City, Ind.
First Federal Savings and Loan Association, New Albany, Ind.
Industrial Savings and Loan Association, East Chicago, Ind.
Marshall County Building and Loan Association, Plymouth, Ind.
Monon Building and Loan Association, Monon, Ind.
Peoples Federal Savings and Loan Association, Detroit, Mich.
Peoples Federal Savings and Loan Association, Monroe, Mich.
Permanent Loan and Savings Association, Evansville, Ind.
Sobieski Federal Savings and Loan Association, South Bend, Ind.
Twelve Points Savings and Loan Association, Terre Haute, Ind.
NO. 7—CHICAGO
Abraham Lincoln Savings and Loan Association, Chicago, 111.
Atlas Savings and Loan Association, Milwaukee, Wis.
Auburn Building and Loan Association, Auburn, 111.
Bushnell Federal Savings and Loan Association, Bushnell, 111.
Central Federal Savings and Loan Association, Milwaukee, Wis.
City Savings and Loan Association, Chicago, 111.
Cragin Savings and Loan Association, Chicago, 111.
DuQuoin Homestead and Loan Association, DuQuoin, 111.
East Side Federal Savings and Loan Association, Milwaukee, Wis.
First Calumet City Savings and Loan Association, Calumet City, 111.
First Federal Savings and Loan Association, Chicago, 111.
Grand Crossing Savings and Building Loan Association, Chicago, 111.
Haller Savings and Loan Association, Chicago, 111.
Harvey Federal Savings and Loan Association, Harvey, 111.
Illinois Federal Savings and Loan Association, Chicago, 111.
Investors Savings and Loan Association, Chicago, 111.
King Zygmunt the First Building and Loan Association, Chicago, 111.
Kinnickinnic Federal Savings and Loan Association, Milwaukee, Wis.
Laramie Federal Savings and Loan Association, Chicago, 111.
Lawndale Savings and Loan Association, Chicago, 111.
Lombard Building and Loan Association of DuPage County, Lombard, 111.
Merchants and Mechanics Building and Loan Association, Springfield, 111.
Mt. Vernon Loan and Building Association, Mt. Vernon, 111.
Naperville Building and Loan Association, Naperville, 111.
Narodni Savings and Loan Association, Chicago, 111.
National Savings and Loan Association, Chicago, 111.
New London Savings and Loan Association, New London, Wis.
North Shore Building and Loan Association, North Chicago, 111.
Northwestern Bohemian Building and Loan Association, Chicago, 111.
Peoples Federal Savings and Loan Association, Peoria, 111.
Peoples Savings and Loan Association, Milwaukee, Wis.
Peoples Savings and Loan Association of Roseland, Chicago, 111.
Prairie State Savings and Loan Association, Chicago, 111.
Reliance Building and Loan Association, Milwaukee, Wis.
Sacramento Avenue Building and Loan Association, Chicago, 111.
Sturgeon Bay Building and Loan Association, Sturgeon Bay, Wis.
Uptown Federal Savings and Loan Association, Chicago, 111.
NO. 8—DES MOINES
Albert Lea Building and Loan Association, Albert Lea, Minn.
Fidelity Building and Loan Association, Winona, Minn.
First Federal Savings and Loan Association, St. Paul, Minn.
First Federal Savings and Loan Association, Thief River Falls, Minn.
Geo. D. Clayton Building and Loan Association, Hannibal, Mo.
Home Building and Loan Association, Fort Dodge, fowa
Home Building and Loan Association, Joplin, Mo.
Independence Savings and Loan Association, Independence, Mo.
Iowa Savings and Loan Association, Des Moines, Iowa
Mandan Building and Loan Association, Mandan, N . Dak.
Public Service Company's Savings and Loan Association, Kansas City, Mo.
NO. 9—LITTLE ROCK
Amory Federal Savings and Loan Association, Amory, Miss.
Batesville Federal Savings and Loan Association, Batesville, Ark.
Continental Building and Loan Association, New Orleans, La.
Deming Federal Savings and Loan Association, Deming, N. Mex.
Denison Federal Savings and Loan Association, Denison, Tex.
Denton Federal Savings and Loan Association, Denton, Tex.
Electra Federal Savings and Loan Association, Electra, Tex.
El Paso Federal Savings and Loan Association, El Paso, Tex*.
(Continued on p. 228)
2I5
May 1944
584706—44
To the Members of the Bank System:
?>
RESIDENTIAL BUILDING ACTIVITY AND SELECTED INFLUENCING FACTORS
1935-1939* 100
BY YEARS
220,
BY
I
'
200J
!
1
CONSTRUCTION^
*PRIVATE
1 a 2 FAMILY DWELL. UNITS 1
180
!
1
S\
.
PI
y \
1
\
140
• 1
1
f
V^c
120
X ^ S V W x Q LN. Lfc/VU
f
100
• (FED. HOME LOAN BANK ADM
V
) \ .«%».
\
i
y
s
v-.i
A
Tv
L
*,\
A.
•\ •
i\ j
J_A/J
/
J
..
|
fNONFARM
:.IM
0
140
DEPT u r
L*
" i
1 1 1 1 II
1 i
'BUILDING MATERIAL
...
RENTS
t^(u. s .
-*>\ H
RENTS'*
\1G h1ATFI?/A/. PRKJFS
11 rm
I
( U . S. DEPT OF L A B O R )
l
r
V
1 1 1 1 1 I
III
11 1
PRICES*,
BOR)
x. (
80
FORECLOSURES
i
(FED.
20
60
300
'\
1
^SVGS. S LN LEND.
NUNmnm
\
FC
1RECL0SURES
100
1
r ^
11
i~- -J--
\
Qs
.••*
40
120
1
#
v
60
1
f
t
80
1
y—\— 1 -]
?V- L
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\ '*' !
IT*
MONTHS
1
i/PR/VATE
CONSTRUCTION
J\/
1 a z FAMILY D W E L L . U N I T S
1
•
1
A
(FED. HOME, LOAN BANK ADM.) \~f~~\
\ 4
(U. S. DEPT OF LABOR R E C O R D S ) ! /
1. A t
160
!
ADJUSTED FOR SEASONAL VARIATION
l
l
l
1
^
l
1 IA
v
v
J
R"1
1 1 1 1 1 1 1 1 1 1 1 i/\ 1 1
V
• 1 1 1 1
11
1
1
1
1
1
1
1
ADJUSTED FOR SEASONAL VARIATION
280
260
PRODUCTIONS^ «""*v
INDUSTRIAL
240
PROl X/CT fON-
/A/D JSTfi
220
(FED
/
1
200
/
180
^.***••"" «<*
/
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120
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r « r m c i v 10
(U. S. DEPT. OF COMMERCE
/
•-
.•
r ^
100
60 1
A
'7C
' I T
INOCX COST OF STANDARD SIX-RM. HOUSE
150.
1936-19 39= 100
- •
EMPLOYMENT
*\JF
EMPLOYMENT
I
'•ZK
'11
"""v MFC.
[,.—'•
^*
>• **•" '
PAYhfEWT,5
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160
140
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RESC RVE BC) A R D )
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•/ll
A
*i*0
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^-
I 1
I 1 _ L L _L±_ .1 1
1943
1942
B I L U O N S R H A INSURED HOME MORTGAGES
$2.5 I
TITLES H AND 2 1
COMMERCIAL
1 1 1 1 1 1 AAA s M 1944
MONEY IN CIRCULATION
WCS-x^-
LABOR
/"
,
rAt
-^^^^T- r
INSURANCE C0S.>.
..
''yMATEMAL
lllll lulu M I M I H I M
216
-^
nlululn llll liillu
= E
VMUT. sves BKS.
Federal Home Loan Bank Review
MONTHLY
SURVEY
HIGHLIGHTS
/. Public and private housing both registered gains as permits issued in March rose 38 percent from the previous month. However, for
the entire first quarter public residential construction reached but one-fifth the volume for the corresponding quarter of 1943.
II. Mortgage lending by all savings and loan associations in the first quarter of the year reached an all-time peak with home-purchase
loans accounting for 69 percent of the total.
A. Total March lending increased 18 percent over February, representing gains in all loan categories except construction.
B. Significant changes over a 3-year period were shown in loan-purpose classifications.
III. Mortgage recordings of $20,000
or less were the largest for any March since pre-war days.
IV. Nonfarm foreclosures continued to decline in March and now stand 13 percent below the level for the previous quarter and 34 percent
lower than the first quarter of 1943.
V. Insured associations recorded liquid assets equivalent to 23.5 percent of resources.
A These associations reported record lending activity in March.
B. Federally chartered associations* investments in Government obligations gained 247 percent during the year.
VI. Industrial production declined slightly in March but the index still compares favorably with the corresponding figure for last year.
*
BUSINESS CONDITIONS—Production
declines slightly
The first quarter of 1944 closed with a slight decline in industrial production, the output of manufactures and minerals both being somewhat less in
March than in February. Although the level of
242 shown by the Federal Reserve Board's seasonally
adjusted index (1935-1939 = 100) was 2 points below
the February figure, it reflected the generally higher
level of production which has been achieved since
March 1943 when the index stood at 235.
Incomes of individuals have continued to grow and
for the first quarter of this year are estimated by the
Department of Commerce at an annual rate of $154
billion compared with $135 billion during the same
period last year. The annual rate of total consumer
expenditures in the January-March period this year
rose to more than $95 billion—7 percent higher than
last year—which is in part a reflection of higher prices.
Recent increases, although substantial, have not been
as large as in the years from 1941 through early 1943
when the physical output of industry was increasing
at a rapid rate.
Money in circulation on March 31 exceeded
$21,000,000,000 for the first time, according to the
report of the U. S. Treasury Department. Receipts
from quarterly income tax payments also reached a
new high in March 1944 when they were reported at
$5,161,000,000. Customs receipts in the same
month set a new wartime record—almost $42,000,000—the highest since April 1941. War bond sales
equaled $708,000,000 with redemptions amounting to
May 1944
*
*
about 38 percent of monthly sales. A new peak in
war expenditures was reached in March when the
Government outlay for war purposes amounted to
$7,726,000,000.
Department store sales increased more than seasonally during March due to early Easter buying
and to considerably greater than normal purchases
of luxury items on which additional taxes became
effective on April 1. By the middle of April, however, the weekly index of the Department of Commerce (1935-1939 = 100) had dropped to 137 percent
from the 196 percent shown for the week ending
April 1.
Wholesale commodity prices, as reported by the
U. S. Department of Commerce, registered only a
slight gain, standing at 128.8 percent of the 19351939 index by the middle of April. This compares
with the mid-March level of 128.6 percent. During
the 12-month period only an insignificant rise was
shown, reflecting the efficacy of price-control measures. On the corresponding date of 1943 these
prices were reported at 128.4 percent of the index.
[1936-1939=100]
Mar.
1944
Type of index
Home construction (private) 1 -..
Foreclosures (nonfarm) 1 .
Rental index (BLS)
Building material prices
Savings and loan lending i
Industrial production i
Manufacturing employment i
Income payments J
pr Preliminary.
Revised.
1
Feb.
1944
54.2
70.6
12.7
13.7
108.1
108.1
127.5
126.9
178.3
191.7
*> 242.0 '244.0
P 166.7 ' 170.1
»229.5 r 230.9
Percent
change
Mar.
1943
-23.2
-7.3
0
51.4
17.6
108.0
123.3
133.9
235.0
170.8
206.0
+.5
-7.0
-0.8
-2.0
-0.6
Percent
change
+5.4
—27 8
+0.1
+3.4
+33.2
+3 0
-2.4
+11.4
Adjusted for normal seasonal variation.
2I7
BUILDING ACTIVITY—Total
construction up
Both public and private residential construction
registered gains during March when permits were
issued for 12,349 dwelling units, an increase of 38
percent over the February volume. Most of the
increase was in permits for publicly financed construction which rose sharply from the low point of
1,160 in February to 3,327 in March, an increase of
187 percent. Privately financed construction also
increased but the total of 9,022 dwelling units
represented a less-than-seasonal gain of 16 percent
from February. The seasonally adjusted index,
based on 1- and 2-f amily privately financed dwellings,
stood at 54.2 percent of the 1935-1939 average.
Compared with the corresponding month in 1943,
only 1- and 2-family privately financed dwellings
were at higher levels. The 8,087 units provided
in this group represented an increase of 421 over
March 1943 which was not sufficient to offset a
decrease of 698 in multi-family dwelling units. As
a result, the total volume of privately financed units
decreased 3 percent. Publicly financed units with
a 62-percent drop were far below March 1943.
During the first 3 months of this year permits for
25,046 privately financed units were issued, compared with 21,284 during the first quarter of 1943.
Units provided by public funds, however, totaled
only 7,395, about one-fifth of the volume during the
corresponding period last year. [TABLES 1 and 2.]
house to 132.3 percent of the 1935-1939 average.
This reflects a rise in building costs of 0.5 percent
during the month and 5.3 percent since a year ago.
A gain of 1 percent in labor costs in March brought
the index of labor charges to 137.7 which is 3.5 percent higher than in March 1943. Although the
materials index showed only a fractional rise during
March, it had reached 129.6—an increase of 6.2
percent over the same month last year.
Of the 22 cities reporting construction costs during
March, 10 registered increases, 2 showed declines,
and 10 cities showed no change from the last reporting period.
Wholesale prices of building materials, as reported
by the Department of Labor, rose slightly during
March. The composite index, 127.5, was 3.4 percent
higher than in March 1943. Lumber increased 1.2
percent in price during the past month and stood
8.7 percent higher than a year ago. Cement, the
only item of the series to decline during the past
year, has dropped 0.7 percent from the March 1943
level. [TABLES 3, 4, and 5.]
Construction costs for the standard house
[Average month of 1935-1939=100]
Material. _ _
Labor
Total
Mar.
1944
Feb. Percent
1944 change
Mar.
1943
Percent
change
129.6
_ _ 137.7
129.2
136. 4
+ 0.3
+ 1.0
122.0
133.0
+ 6.2
+ 3.5
132.3
131.6
+ 0.5
125. 7
+ 5.3
Element of cost
MORTGAGE LENDING-AII Districts
share in annual gain
BUILDING COSTS—Index
shows further gain
Continued increases in both labor and material
charges during March boosted the index of total
construction costs for the standard 6-room frame
218
Substantial increases in new mortgage loans made
by all savings and loan associations during the first
3 months of this year resulted in the largest firstquarter volume of any year on record. A total of
$295,000,000 was loaned to borrowers during the
January-March period—a gain of 42 percent over the
first quarter of 1943 and a 10-percent increase above
the same period of 1941.
The pattern of loans with respect to purpose has
changed considerably during the past 3 years.
Because of building restrictions and the shortage of
materials, construction loans which constituted 32
percent of the total volume of loans during the first
quarter of 1941 dropped to less than 10 percent
during the past 3 months. Home-purchase loans
accounted for approximately 69 percent of the total
Federal Home Loan Bank Review
New mortgage loans distributed by purpose
[Dollar a m o u n t s a r e shown in thousands]
Mar.
1944
Purpose
Percent
change
Feb.
1944
Mar.
1943
Percent
change
$9, 127 $11, 195 - 1 8 . 5 $8, 572 + 6. 5
81, 846 66, 138 + 23. 8 55, 235 + 48. 2
14, 422 11,955 + 20. 6 14, 874 - 3. 0
1,960 + 15. 6 2,377 - 4. 7
2,266
8,469 6, 916 + 22. 5 6, 127 + 3 8 . 2
Construction
H o m e purchase
Refinancing
Reconditioning
Other purposes
116, 130 98, 164 + 1 8 . 3 87, 185 + 33. 2
Total
for the quarter compared with only 37 percent in the
first 3 months of 1941. Loans for refinancing made
up 12 percent of the total compared with 17 percent
for the earlier period. Keconditioning and "other
purpose" loans have each declined about 2 points on
a percentage basis.
Lending for the month of March aggregated
$116,000,000 which represented an 18-percent increase over February. All loan categories showed
sizable gains, except home-construction loans which
dropped more than 18 percent. The rise was general
throughout the country, except in the Indianapolis
District where a decrease of 9 percent occurred and in
TOTAL
LOANS MADE BY A L L SAVINGS AND LOAN ASSOCIATIONS
UNITED
STATES-BY
BY
CUMULATIVE
1941
1942
FEDERALS
May 1944
1943
TYPE
OF ASSOCIATION
MONTHS
T A B L E S 6 and 7.]
Mortgage recordings by type of mortgagee
[Dollar a m o u n t s a r e shown in thousands]
Percent P e r c e n t
change of M a r .
from
1944
Feb. a m o u n t
1944
T y p e of lender
Savings a n d loan associations
Insurance companies
Banks, t r u s t companies
M u t u a l savings banks
Individuals
Others
Total
+
+
+
+
+
+
19.2
20. 8
16. 9
21. 1
23.4
12. 9
_ __ + 18. 9
PerC u m u - cent of
lative
record- t o t a l
reings (3
months) cordings
32. 9$312,
6. 1 61,
19. 2 193,
3. 1 30,
24. 2 233,
14. 5 147,
802
998
096
280
982
675
31. 9
6.3
19. 7
3. 1
23. 9
15. 1
100. 0 979, 833 100. 0
MORTGAGE RECORDINGS-Highest
wartime volume for March
AS OF DEC. 31, EACH YEAR
1941
1942
1943
STATE-CHARTERED M E M B E R S
the Little Rock region which experienced a decline of
13 percent.
Compared with the corresponding
month of 1943, the March volume was up 33 percent,
with home-purchase loans leading on the basis of a
48-percent increase. "Other purpose" loans were up
38 percent and construction lending gained 6 percent, while refinancing and reconditioning loans
declined less than 5 percent. Each Bank District
reported greater activity than in March of last year*.
I94|
1942 1943
NONMEMBERS
During March the volume of mortgage recordings
of $20,000 or less was the largest on record for that
month. Instruments totaling $368,000,000 were
recorded this year compared with $349,000,000 in
March 1941, the previous peak for that month.
The March 1944 volume was 37 percent above the
same month last year. The gain from February to
March this year was 19 percent, in line with seasonal
expectations.
The upward trend in recordings was consistent
throughout the first quarter of the year when the
volume in each month exceeded the amount in the
corresponding month of 1943. Total recordings for
the 3-month period amounted to $980,000,000, a gain
of 37 percent over the aggregate of $718,000,000
for the first quarter of 1943 and 3 percent more than
the amount for the same period of 1942.
All types of lenders participated in the March
increases. Individuals led with a gain of 23 percent
over February, followed by mutual savings banks
with an advance of 21 percent. I n comparing the
first quarter of 1944 with the corresponding period
2I9
last year, individuals also showed the greatest
gain—an increase of 46 percent. All other lenders
reported advances ranging from 44 percent for
savings and loan associations to 3 percent for insurance companies. [TABLES 8 and 9.]
Share investments and repurchases, March J 944
[Dollar a m o u n t s are shown in thousands]
I t e m and period
All associations
All insured
associations
FHLB SYSTEM—Advances
outstanding show monthly decline
On March 31 the balance of advances outstandingtotaled $99,378,000—a decline of 13 percent from
the February amount, with all of the Federal Home
Loan Banks sharing in the decrease. Although the
March 1944 balance was almost $21,000,000 more
than that of the previous year, it was still substantially below any previous March figure since 1935.
Advances of $3,190,000 made during March were
approximately $10,000,000 less than the February
total. This decline was reflected in all of the Bank
Districts where decreases during the month ranged
from $2,000 in Topeka to $3,000,000 in Boston.
During March 1944, however, advances were almost
$2,000,000 in excess of the amount advanced in the
same month last year.
March repayments showed an opposite trend.
The almost $18,000,000 received by the 12 Banks
was greater than February repayments (up approximately $4,000,000) but $584,000 less than the March
1943 amount. All Banks reported an excess of repayments over advances and only three Districts—
Cincinnati, Indianapolis, and Chicago—showed lower
repayments in March than during February.
Assets of the 12 F H L Banks totaled $292,479,000
on March 31,1944. On that date there were 3,731
member institutions with assets of $6,531,000,000.
A comparison of the first quarter of this year with
the same period in 1943 shows an increase in the
volume of financing activity. Advances of $45,000,000 were approximately $31,000,000 in excess of
1943 advances during the first quarter; repayments
were $9,000,000 less this year and amounted to
$56,108,000 in the period from January thro ugh March.
[TABLE
12.]
F L O W OF PRIVATE REPURCHASABLE CAPITAL
New share investments in savings and loan associaations amounted to an estimated $1,600,000,000 in
the year ending March 31, while $940,000,000 was
repurchased during the same period. This resulted
in a repurchase ratio of 58.7 percent.
During March, nonmembers had a net increase of
$7,000,000 in new investments compared with an
increase of $2,000,000 in the corresponding month of
220
Uninsured
members
Nonmembers
Share
investments:
Year
ending
March
$1, 599, 822 $1, 226, 551 $219, 267 $154,
104, 494 22, 853 15,
March 1944__
142, 643
83, 403 16, 811 15,
116, 050
March 1943 __
+ 25
+ 23
Percent change+ 36
Repurchases:
Year
ending
March
March 1944__
March 1943-_
Percent change
Repurchase ratio
(percent):
Year ending
March
March 1944. _
March 1943_ .
1
939, 657
76, 638
76, 807
0)
58. 7
53. 7
66.2
004
296
836
-3
669, 493 156, 061 114, 103
56, 693 11,705
8,240
14, 196
48, 955 13, 656
-42
-14
+ 16
54. 6
54. 3
58. 7
71. 2
51. 2
81. 2
74. 1
53. 9
89. 6
Less t h a n 1 percent decrease.
1943. The repurchase ratio for this group declined
nearly 36 points to 54 percent; that is, for each $100
put into the associations $54 was drawn out, as
against $90 during March 1943. Uninsured members
had a net gain of $11,000,000 in capital compared
with $3,000,000 in March 1943. For these members
$51 was withdrawn for each $100 invested in comparison with $81 repurchased during the same month
a year ago. The net increase for insured associations
was $48,000,000 for March 1944, and $34,000,000,
for the comparable month of 1943. Their repurchase
ratio of 54 percent represented a drop of 4 points
from the preceding year.
INSURED ASSOCIATIONS—Liquid
assets exceed a billion dollars
The latest summary analysis of insured associations made since the close of the Fourth War Loan
drive revealed liquid assets equivalent to 23.5 percent
of total resources, having passed the one-billion
dollar mark. Of this amount, approximately $788,900,000 was invested by the associations in Government bonds—an increase of $207,000,000 during the
quarter which brought such holdings to 18 percent
of total assets. Cash on hand and in banks amounted to $228,000,000, or 5 percent of all resources.
Private repurchasable capital approximated $3,700,000,000, showing a 4-percent gain for the quarFederal Home Loan Bank Review
ter. After about $19,000,000 of repurchases during
the period, the Government investments at the end
of March amounted to $50,900,000. Although Federal Home Loan Bank advances outstanding moved
downward by 10 percent from the December level to
$90,000,000, the opposite trend was shown for borrowings from commercial banks and other private
credit sources. These reached $31,000,000, or double
the amount so borrowed at the end of the year,.
Insured associations reported a total of $87,200,000
of new loans closed during the month, marking up
a new all-time monthly peak since the organization
of the Federal Savings and Loan Insurance Corporation.
Accounts of 3,750,000 private investors were protected by insurance while the average private investment increased slightly to $989.
FEDERAL SAVINGS AND LOAN ASSOCIATIONS
Over half a billion dollars of the total resources
of Federally chartered associations was invested in
Government obligations—a gain of 247 percent for
the year. Private investments in these associations
at the end of March amounted to $2,346,000,000
while the average investor's account had increased
to $1,059 from $963 a year ago. [TABLE 13.]
Progress in number and assets of Federals
[Dollar amounts are shown in thousands]
Number
Class of association
New
Converted
__
__
Total
Mar.
31,
1944
Approximate assets
Feb.
29,
1944
Mar. 31,
1944
Feb. 29,
1944
637
829
638 $891, 547 $881, 341
829 1, 818, 350 1,803,969
1,466
1,467 2, 709, 897 2,685,310
FORECLOSURES—Volume
drops in first quarter
Nonfarm foreclosures in the United States were
estimated at 4,766 for the first quarter of 1944.
This represents a decline of 13 percent from the
previous quarter and a drop of 34 percent from the
first quarter of 1943. Of the total number of foreclosures which occured during the first quarter of
this year, 1,462 took place in January, 1,611 in
February, and 1,693 in March. The seasonally
adjusted indexes for those 3 months were 11.7, 13.7,
and 12.7, respectively (1935-1939=100).
May 1944
Foreclosures for the first quarter of 1944 were less
than in the first quarter of 1943 in all Federal Home
Loan Bank Districts except Boston, where the
volume increased 21 percent. Foreclosures on 180
new homes in a Connecticut housing project partially accounted for the increased number of actions
in that area. Decreases in the other Bank Districts
ranged from 19 percent in the Cincinnati District
to more than 63 percent in the Portland region.
[TABLE
15.]
Lumber O u t l o o k — 1 9 4 4
•
W I T H lumber stocks critically low and badly
balanced in composition, 1944 promises to be
the fourth consecutive year of production deficit,
according to the Bureau of Foreign and Domestic
Commerce. While demand for lumber this year is
expected to total approximately 35.5 billion board
feet, slightly less than in 1943, production may drop
to 31 billion board feet. However, as contrasted
with former years, inventories have now dwindled
to such a point that it is not expected that they may
be counted upon for further significant withdrawals.
Also, within the confines of equipment and manpower
available, it is not anticipated that production figures
can be upped, for in 1943 the industry produced
more lumber per employee than in any recent year
as a result of longer working hours, increased mechanization, and the sale of green lumber which
requires less handling.
Expectations are that the demand for shipping
lumber will rise to 17 billion board feet, more than
half the anticipated production, and as the War
progresses it is believed that this need will increase,
requiring reductions in other uses.
The goal of 32 billion board feet established for
1943, based not upon demand, but upon the ability
of the industry to deliver, was surpassed, however,
according to the National Lumber Manufacturers
Association which estimates production for that
year at 32.3 billion board feet. By the beginning
of the current year, though, production difficulties,
were far more acute.
With the issuance of Order L-335 this spring,
WPB has moved to cut the suit to fit the cloth by
further curbing demand to meet the supply.
So drastically has this continually tightening lum
ber situation affected building that in some instances
and localities it has been reported that brick construction is cheaper than frame.
22!
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 194 4 , by Federal Home Loan Bank District and by State
[Source: U. S. Department of Labor]
[Dollar amounts are shown in thousands]
All residential s t r u c t u r e s
N u m b e r of family
dwelling u n i t s
Federal H o m e L o a n B a n k District a n d S t a t e
March
1944
No 4
-
Winston-Salem
Ohio
N o 9—Little R o c k
--
-
_
---
-
-
_- - -
--
-
-
Utah
N o . 12—Los Angeles
222
_
-
__
-
---
March
1943
March
1944
Permit valuation
March
1943
March
1944
March
1943
18,051
$36, 608
$48, 923
8,087
7,666
$26, 375
$23,174
109
708
161
8
500
5
34
448
156
65
217
2,071
109
448
656
19
1,260
1
135
36
14
57
242
137
8
58
5
34
10
970
604
19
211
1
135
1,109
554
555
413
307
106
3,778
108
488
90
29
1,656
2,122
79
29
354
134
405
299
106
1,528
1,132
396
440
1,638
1,322
5, 686
268
455
902
1 695
421
19
568
1,040
30
1,314
8
1,320
4,238
128
249
19
50
375
30
894
8
192
1 375
128
1,185
104
28
638
303
2
49
25
36
2,546
99
365
326
623
331
40
56
706
2,981
72
108
1,783
876
3
20
15
104
6,258
174
1,039
509
1,641
839
106
100
1,850
686
104
24
154
298
2
43
25
36
1,237
99
10
235
559
77
40
20
197
1,392
72
103
203
873
3
19
15
104
3 005
960
39
788
133
1,739
21
1,510
208
3,756
5,854
34
5,349
471
739
39
567
133
696
13
475
208
3,068
81
2,709
278
2,407
81
3,397
278
22
1 914
47]
1,490
391
1,099
2,113
68
2,045
6,047
1,141
4,906
6,969
162
6,807
1,001
200
801
805
64
741
4, 736
3 440
738
3,998
150
3 290
531
432
99
470
293
177
2,321
1,989
332
1,850
1,277
573
466
417
49
466
293
173
2,159
1,929
230
1 839
1 277
5P,2
207
9
519
4
256
148
97
80
43
3
6
279
4
514
280
148
7
1
107
197
92
43
3
6
274
1
1
40
1
124
1
28
1
100
1,369
31
182
120
63
973
1,235
35
123
325
26
726
2,024
8
379
29
37
1,571
1,802
11
229
485
53
1,024
1,269
31
182
120
51
885
998
1, 863
35
111
100
26
726
379
29
35
1,412
1 428
11
202
> 138
53
1,024
343
148
16
98
81
1,225
916
420
10
354
132
2,357
229
34
16
98
81
447
592
994
310
78
59
96~
10
354
132
715
199
80
861
2,324
6,119
1
1
677
914
4,464
62
600
69
2,059
2
1
190
264
1.836
31
2, 852
372
78
926
89
1,323
64
846
129
27
266
37
387
15
164
37
308
15
2
1
181
252
379
31
233
16
578
89
1,079
64
2,932
1
1
664
849
1,355
62
4, 735
2,852
13,009
426
2,230
196
401
12, 602
6
5,899
773
4,722
404
2, 505
54
2,448
3
906
166
4, 566
3
8,472
107
8,359
6
2,680
94
2,490
96
119
-
March
1944
N u m b e r of family
dwelling u n i t s
12,349
2
Pittsburgh
Permit valuation
March
1943
36
14
57
No 3
All p r i v a t e 1- a n d 2-family s t r u c t u r e s
406
760
59
10
919
1,358
80
2
—
36
838
32
156
65
217
_.
32
364
1 525
180
106
10
614
Federal Home Loan Bank Review
Table 2 . — B U I L D I N G A C T I V I T Y — E s t i m a t e d number and valuation of new family dwelling units
provided in all urban areas of the United States
[Source: U. S. Department of Labor]
[Dollar amounts are shown in thousands]
P e r m i t valuation
N u m b e r of family dwelling u n i t s
Mar.
1944
Feb.
1944
__
9,022
1-family dwellings
.._ _ .__
2-family dwellings !__ _
3-and more-family dwellings 2
6,922
1,165
935
P r i v a t e construction ______
P u b l i c construction
T o t a l u r b a n construction
7,802
6,161
409
1,232
M o n t h l y totals
J a n . - M a r . totals
M o n t h l y totals
T y p e of construction
Mar.
1943
9,299
6,600
1,066
1,633
1944
1943
J a n . - M a r . totals
Mar.
1944
Feb.
1944
Mar.
1943
1944
$27,316
$80,003
$62,134
20, 369
2,805
4,142
61, 724
8,616
9,663
45,587
6,819
9,728
25, 046
21, 284
$29,052
$24,919
19,340
2, 551
3,155
14,843
2,552
3,889
22,117
4,258
2,677
19, 534
1,284
4,101
1943
3,327
1,160
8,752
7,395
40, 356
7,556
2,693
21,607
16, 735
88, 546
12, 349
8,962
18.051
32, 441
61, 640
36, 608
27. 612
48,923
98, 738
150,680
1
Includes 1- and 2-family dwellings combined with stores.
>Includes multi-family dwellings combined with stores.
Table 3 . — B U I L D I N G COSTS—Index of building costs for the standard house in representative
cities in specific months 1
[Average month of 1935-1939-= 100]
1944
1943
1942
1941
1940
1939
1938
Apr.
Apr.
Apr.
Apr.
Apr.
Federal Home Loan B a n k District
a n d city
Apr.
Jan.
Oct.
N o . 2—New Y o r k :
A t l a n t i c C i t y , N . J.
Camden, N. J
Newark, N . J
Albany, N . Y
Buffalo, N . Y
White Plains, N . Y
157.6
154.8
177.9
144.1
140.0
148.7
152.2
152.6
174.7
144.3
135.8
142.1
157.1
148.5
169.8
150.0
134.7
136.2
N o . 6—Indianapolis:
Evansville, Ind
Indianapolis, I n d
South Bend, Ind
Detroit, Mich
Grand Rapids, Mich
125.3
143.1
143.4
149.6
131.1
125.3
* 142. 6
143.4
' 148.4
131.1
126.4
129.5
132.5
* 142.1
128.5
N o . 8—Des M o i n e s :
D e s M o i n e s , Iowa
Duluth, Minn
_
St. P a u l , M i n n
K a n s a s C i t y , M o . . . ___ __
St. L o u i s , Mo_ _
Fargo, N . D a k
Sioux Falls, S. D a k
116.4
123.0
121.9
137.5
122.6
120.2
118.9
116.4
122.9
121.9
137.9
118.5
120.2
118.9
114.2
118.5
119.2
132.7
118.8
137.4
123.3
132.3
124.4
114. 8
' 132. 7
118.8
' 134.9
123.3
' 132. 3
124.4
114.8
__
N o . 11—Portland:
Boise, I d a h o
Great Falls, M o n t . . _
P o r t l a n d , Ore
Salt L a k e C i t y , U t a h
Seattle, W a s h
S p o k a n e , Wash.__ __ _ . . _ ___ __
Casper, W y o
__ _
_
July
Apr.
125.6
145.6
156.1
147.5
130.8
129.7
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
125.5
132.5
' 130.4
127.8
126.4
126.1
130.9
* 122.1
136.8
113.5
116.5
114.8
r 108. 7
112.5
107.0
96.8
104.6
102.0
100.0
100.7
105.3
97.6
107. 2
105.8
101.0
102.6
98.7
105.6
107.2
114. 2
118. 5
119.2
114.2
118.5
119.2
118.2
118. 5
117.4
117.9
118.5
117.4
119.8
118.6
117.4
109.9
112.8
115.9
125.5
124.3
111.4
110.4
103.4
104.5
109.2
110.4
109.5
103.0
104.0
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
126.7
126.3
114.0
' 133.1
121.6
r 127. 4
r 133. 1
121.6
' 127. 5
125.5
112.8
* 116.1
121.0
' 124. 9
121.7
103.6
112.3
107.4
' 102.1
110.9
'111.3
110.3
100.5
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
r 133. 1
121.0
' 128.9
150.0
145.6
167.0
154. 7
130.2
129.7
125.5
' 130. 4
125.9
103.9
101.4
101.3
99.4
r
1
Revised.
The house on which costs are reported is a detached 6-room home of 24,000 cubic feet volume. Living room, dining room, kitchen, and lavatory on first floor;
three bedrooms and bath on second floor. Exterior is wideboard siding with brick and stucco as features of design. Best quality materials and workmanship are used.
The house is not completed ready for occupany. It includes all fundamental structural elements, an attached J-car garage, an unfinished cellar, an unfinished
attic, a fireplace, essential heating, plumbing, and electric wiring equipment, and complete insulation. It does not include wallpaper nor other wall nor ceiling finish
on interior plastered surface, lighting fixtures, refrigerators, water heaters, ranges, screens, weather stripping, nor window shades.
The index reflects the changes in material and labor costs in the house described above. Allowances for overhead and profit, which were previously included in the
total costs, were based upon a flat percentage of the material and labor costs and therefore did not affect the movements of the series; no such allowances are included,
now that the index is expressed in relative terms only.
Reported costs do not include the cost of land nor of surveying the land, the cost of planting the lot, nor of providing walks and driveways; they do not include
architect's fee, cost of building permit, financing charges, nor sales costs.
In figuring costs, current prices on the same building materials list are obtained every 3 months from the same dealers, and current wage rates are obtained from the
same reputable contractors and operative builders. The Bureau of Labor Statistics furnishes building material prices for some cities. Although shortages of materials
and priority restrictions preclude the actual construction of this house under wartime conditions, tests indicate that the indexes measure fairly closely the cost changes
for smaller frame structures that now can be built.
May 1944
223
Table 4 . — B U I L D I N G COSTS—Index of building cost for the standard house
[Average m o n t h of 1935-1939=100]
M a r . 1944 Feb.1944 J a n . 1944 D e c . 1943 N o v . 1943 Oct. 1943 Sept. 1943 A u g . 1943 J u l y 1943 J u n e 1943 M a y 1943 A p r . 1943 M a r . 194&
E l e m e n t of cost
__ __
129.6
137.7
129.2
136.4
127.8
136.1
127.6
136.0
126.8
135.6
126.0
135.0
124.4
133.8
123.4
134.2
123.7
134.3
123.0
134.3
122.2
134.3
121.8
133.4
122.0
133.0
T o t a l cost
132.3
131.6
130.6
130.5
129.8
129.1
127.6
127.1
127.3
126.8
126.2
125.7
125 7
Material
Labor
Table 5 . — B U I L D I N G COSTS—Index of wholesale prices of building materials in the United States
[1935-1939=100; converted from 1926 base]
[Source: U. S. Department of Labor]
All b u i l d i n g
materials
Period
Brick a n d
tile
Cement
Lumber
Paint and
paint materials
Plumbing
and heating
Structural
steel
Other
1942: M a r c h
123.4
106.9
102.7
148.2
123.9
129.0
103.5
112.3
1943: M a r c h .
April.
May
June
July,
August _
September
October .
November.
D e c e m b e r - . - __
123.3
123.2
123.4
123.5
123.6
125.3
125.6
125.8
126.3
126. 6
108.6
108.6
108.8
109.0
109.0
109.0
109.0
109.0
110.1
110.1
103.4
103.4
103.1
102.7
102.7
102.7
102.7
102.7
102.7
102.7
149.9
150.0
151.0
151.8
152.7
158.1
158.9
159.4
160.2
160.4
125.7
126.0
125.7
125.4
125.4
126.4
126.1
126.4
126.9
127.0
118.8
118.8
118.8
118.8
118.8
118.8
118. 5
118.5
120.6
120.6
103.5
103.5
103.5
103.5
103.5
103.5
103.5
103.5
103.5
103.5
110.3
109.9
109.9
110.0
109.5
109.7
110.3
110.5
110.5
111.2
126.7
126.9
127.5
110.3
110.2
110.4
102.7
102.7
102.7
160.5
160.9
162.9
127.2
127.7
128.4
120.6
120.6
120.6
103.5
103.5
103.5
111.2
111.2
111.2
+0.5
+3.4
+0.2
+1.7
0.0
-0.7
+1.2
+8.7
+0.5
+2.1
0.0
+1.5
0.0
0.0
0.0
+0.8
_ ..
. . .
. . .._ _
-
.
_.
1944: J a n u a r y
February
March
- _
_
_. ___
Percent change:
M a r c h 1944-February 1944.
M a r c h 1944-March 1943
Table 6 . — M O R T G A G E LENDING—Estimated volume of new home-mortgage
savings and loan associations, by purpose and class of association
loans
by all
[Thousands of dollars]
P u r p o s e of loans
Class of association
Period
1942
Jan.-Mar..
March
..
1943- - .
Jan.-March
March
ApriL _ _
_ - --- - - . -_ - . May
--- -June
...
July
A u g u s t . __ .
S e p t e m b e r __ _ .
- _ October.
._ . _
__. . . .
November
_ _
. _
.
._ . .
December..
... .
. _ . . .
1944:
Jan.-March
January
February
March
224
__
_
L o a n s for
all other
purposes
Total
loans
Construction
H o m e purchase
Refinancing
$190,438
65,365
21, 775
$573, 732
108, 826
40, 930
$165,816
38,404
13, 225
$41. 695
9, 875
3,547
$78,820
21,186
7,890
$1,050, 501
243,656
87, 367
$412, 828
99, 386
36, 325
$476,080
107,281
38,030
$161, 593
36,989
13,012
106,497
20, 339
8,572
9,853
9,039
8,946
9,209
10. 616
13,211
7.452
6,928
10, 904
802, 371
327.139
55, 235
65,088
67, 826
74,885
77, 555
82, 894
86,016
83, 259
73, 053
64, 656
167, 254
38, 792
14,874
15,040
14. 843
15, 913
14, 925
14,600
13, 799
14, 025
12, 767
12, 550
30, 441
5,997
2,377
2,484
2,606
2,707
2,807
2,809
3,229
2,874
2,638
2,290
77, 398
16,098
6,127
6,270
6,176
6,425
6,859
6,470
6, 718
7,540
7,670
7,172
1,183, 961
208,316
87,185
98, 735
100, 490
108, 876
111,355
117,389
122, 973
115,150
103, 056
97, 572
511, 757
87,806
37,850
42, 717
41, 835
46, 730
48, 370
51,172
54,100
50, 576
44, 804
43, 647
539, 299
93, P80
38, 595
44, 461
47, 818
50,182
50, 648
53, 497
55, 907
52, 026
47.108
43, 972
132 905
26, 879
10, 740
11, 557
10,837
11,964
12, 337
12, 720
12,966
12, 548
11,144
9,953
28,194
7,872
11,195
9,127
202, 984
55,000
66,138
81, 846
36,353
9,976
11,955
14, 422
5,747
1,521
1,960
2,266
21, 994
6,609
6,916
8,469
295, 272
80, 978
98,164
116,130
135,103
37,076
44,144
53, 883
130,281
35, 456
44,139
50, 686
29,888
8,446
9,881
11,561
Reconditioning
Federals
State
members
Nonmembers
Federal Home Loan Bank Review
Table 7.—LENDING—Estimated volume of
new loans by savings and loan associations
Table 8.—RECORDINGS—Estimated non-farm
mortgage recordings, $20/000 and under
[Thousands of dollars]
[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 L o a n B a n k
D i s t r i c t a n d class of
association
March
1944
Feb.
1944
MARCH 1944
March
1943
1944
1943
Percent
'change
UNITED STATES..
$116,130 $98,164 $87,185 $295, 272 $208, 365
U N I T E D STATES
Savings Insur- Banks
Muand
ance
and
tual
loan
comtrust
savings
comassocipaations
nies p a n i e s b a n k s
Federal H o m e Loan
B a n k District and
State
-
Boston State member . .
Nonmember
53,883
50.686
11,561
44,144
44,139
9,881
37, 850
38, 595
10, 740
135,103
130, 281
29, 888
87, 806
93, 680
26,879
+53. 9
-1-39.1
+11.2
7,136
5,678
5,280
18, 385
12, 998
+41.4
2,683
3,313
1,140
1,738
3,157
783
1,667
2,812
801
6,233
9,238
2,914
3,988
6,879
2,131
+56.3
+34.3
+36.7
8,748
6,945
5,323
22, 210
14, 376
+54.5
2,319
4,882
1,547
1,668
4,176
1,101
1,189
2,809
1,325
5,641
12, 456
4,113
3,113
7,379
3,884
+81.2
+68.8
+5.9
9,492
7,966
8,311
24,462
19, 286
+26.8
Nonmember,
4,246
2,952
2,294
3,512
2, 572
1,882
2,845
2,376
3,090
10, 880
7,968
5,614
6.894
5,786
6,606
+57.8
+37.7
-15.0
Winston-Salem
15, 724
11, 991
11, 033
37, 659
27, 537
+36. 8
9,206
5, 777
741
6,392
4,918
681
6, 171
3,642
1,220
20, 582
14, 993
2,084
14, 083
10, 259
3,195
+46.1
+46.1
-34.8
19,295
15,612
17,055
48, 450
40, 484
+19.7
7, 667
9,939
1,689
6,413
7,497
1,702
6,427
9,301
1,327
19, 582
24, 297
4,571
14,636
21, 906
3,942
+33.8
+10.9
+16.0
5,923
6,532
4,923
16, 716
12,887
+29.7
2,827
2,733
363
3,156
3,009
367
2,391
2,139
393
8,170
7,670
876
6,260
5,750
877
+30. 5
+33.4
-0.1
Pittsburgh
.
$121. 210 $22,660 $70. 570 |$11. 255 $89,136 $53,409 $368, 240
.
7, 629
361
2,515
5, 290
4,584
3,084
23, 463
1,053
385
5,154
188
736
113
201
21
130
1,147
826
127
687
740 2,656
86
500
363
321
52 1
300
1,402
405
1,863
273
477
164
1,262
65
1,524
25
193
15
5,891
1,690
12,067
1,072
2,099
644
New York...
7,250
1,459
4,336 10, 573
6,224
33, 771
N e w Jersey
New York
2,804
4,446
502
3,834
3, 371
7,202
2,326
3,898
11,426
22,345
Connecticut
Maine.-.
Massachusetts
New Hampshire
Rhode Island
Vermont
__
1
Nonmember . _
..
13.193
Little Rock
Federal
.
State member
Topeka
_.
-
Federal
State member
N o n m e m b e r _.
Portland . . . . Federal
_ _ State member
Nonmember
Los Angeles -
.
._
Federal _
State m e m b e r .
Nonmember
May 1944
...
10, 633
8,509
31, 883
19, 215
+65.9
5,618
6,412
1,163
4,254
5,499
880
3,255
4,195
1,059
13, 058
15,819
3,006
7,298
9,361
2,556
+78.9
+69.0
+ 17.6
7,305
5,464
4,826
16, 480
10, 345
+59.3
3,329
2,959
1,017
2,441
2,053
970
2,171
1,879
776
7,761
6,325
2,394
4,937
3,669
1,739
+57.2
+72.4
+37. 7
6,244
7,147
4,548
18, 015
11, 876
+51.7
2,797
3,349
98
2,364
4,690
93
2,064
2,411
73
7,166
10, 608
241
4,931
6,775
170
+45.3
+56.6
+41.8
5,807
5,260
4,812
14,871
2,885
1,603
1, 319
2,517
1,514
1,229
2,794
1,504
514
7,284
4.136
3,451
11,005
+35.1
6,488 + 1 2 . 3
3, 202 + 2 9 . 2
1,315 +162. 4
9
3,929
460 , 1,963
999
1,966
8,527
1,589
6,497
495
5,219
3,250
25. 577
178
7.534
815
128
1,204
257
162
5,175
1,160
36
459
220
4,429
570
111
2,979
160
835
21,780
2,962
13,794
3,041
4,442
146 11, 545
3,443
36, 411
429
2,313
1,579
1,506
3,768
1.826
356
2,017
474
327
937
387
205
390
208
113
363
287
529
1,132
688
321
389
733
751
1,204
4,641
912
1,150
819
464
1,604
270
226
677
423
750
363
211
523
2,287
4,357
8,363
4.360
6-707
3,719
1,628
4,990
C i n c i n n a t i . _."..
23,028
2,412
8,602
464
5,249
3,919
43, 674
Kentucky
Ohio
Tennessee .
2.344
20,046
638
301
1,206
905
651
7,371
580
464
278
4,385
586
183
1,581
2,155
3,757
35,053
4,864
Indianapolis
6,772
2,479
5,847
14
3,041
4,801
22, 954
Indiana.
Michigan
4,247
2,525
730
1.749
2,127
3.720
14
937
2,104
772
4,029
8,827
14,127
PittsburghDelaware
Pennsylvania
W e s t Virginia . . . _
_
Winston-Salem
Federal
State member
Nonmember-
Total
+41.7
Boston.-.
Federal
_. . .
State m e m b e r . .
Nonmember
Indi- Other
vidu- mortgagees
als
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
146
14,323
1,402
5,703
3
5,940
8,226
35, 597
Illinois..
Wisconsin
11,105
3,218
991
411
3,882
1.821
3
3,426
2,514
7.566
660
26,970
8,627
Des Moines
7,832
2,103
5.496
105
4,728
3,071
23, 335
2,007
2,683
2,753
239
150
158
640
1,208
84
13
1,401
939
2,847
126
183
806
1,345
2,344
114
119
231
387
2,416
10
27
4,603
6,099
11, 568
573
492
7,990
2.606
1.728
6,564
2,530
21, 418
431
2,700
289
171
4, 399
17
334
165
20
2,070
215
175
194
104
1,040
389
1,193
383
206
4,393
43
443
105
19
1,920
1,095
4,845
1,136
520
13, 822
6,2011
726
2,330
4.215
1,783
15, 255
_
754
1,758
1,168
2,521
142
87
287
210
283
520
404
1,123
1.939
459
365
1,452
883
234
111
555
4,001
3,058
2,335
5,861
.. .
3,697
372
3,691
402
3,453
3,639
15, 254
11
23
193
80
65
92
101
363
556
2,344
235
33
285
267
1,572
234
902
193
61
21
584
115
2,836
22
830
628
3,667
1,300
8,267
562
Chicago
-.
Iowa
Minnesota.. .
Missouri
North Dakota
South Dakota
Little Rock
Arkansas
. _
Louisiana
._ .
Mississippi
N e w M e x i c o . _.
Texas
. . ..
Topeka
Colorado
Kansas
Nebraska
Oklahoma
Portland.._
Idaho..
Montana
Oregon
Utah
Washington
Wyoming.
._
._
.
381
216
922
315
1,751
112|
105
3,930
2,858
3,479
9,364
7, 318
+28.0
2,714
1,103
113
1,955
790
113
2,092
1,288
99
6,396
2,592
376
4,541
2,494
283
+40.9
+3.9
+32.9
13, 333
12,078
9,086
36, 777
21, 038
+74.8
L o s Angeles
14,167
4,110
19, 790
24,025
9,439
71, 531
7,592
5,664
77
7,734
4,264
80
4,784
4,239
63
22, 350
14,179
248
10, 637 + 1 1 0 . 1
10, 220 + 3 8 . 7
181 + 3 7 . 0
Arizona
California
Nevada
112
13,988
67
5
345
4,100 19, 361
84
5
969
22, 834
222
83
9,336
20
1,514
69, 619
398
...
369
225
Table 9— MORTGAGE RECORDINGS-Estimated
volume of nonfarm mortgages recorded
[Dollar a m o u n t s are s h o w n in t h o u s a n d s ]
I
Savings a n d loan ;
associations
j
Insurance
companies
B a n k s a n d trust!
companies
M u t u a l savings b a n k
Other
mortgages
Individuals
All
mortgages
Period
Percent
Total
$217, 515
85,642
101,135
107, 221
113,431
116,406
119, 385
126,586
122,832
111,818
101,176
31.8
32.7
32.8
32.5
33.1
33.6
33.2
31.8
31.6
30.6
$60,162
22.198
24, 558
24,435
26, 613
25,586
24,072
23,996
25,141
23,115
"22,188
312,802
89,887
101, 705
121,210
31.9
29.8
32.8
32.9
61, 998
20,585
18, 753
22, 660
Total
1943: J a n u a r y - M a r c h
March
April
May
June
July
..
August
September
October
November
December
1944:
January-March
January
February
March
Table 10.—SAVINGS—Sal es
Percent
Percent
Total
8.4 $146,099
8.2
53,186
8.0
63,385
7.5
65, 688
7.6
65,656
7.3
64,766
6.8
68,043
6.3
72,140
6.5
74,875
6.5
64,877
6.7
20.4
19.7
20.5
20.1
18.8
18.4
19.1
19.0
19.4
18.3
20.1
$25,476
9,536
11,122
12,940
14,718
15,329
15,061
15,332
15,023
15,141
12,227
193, 096
62,180
60,346
70, 570
19.7
20.6
19.5
19.2
30, 280
9,731
9,294
11, 255
6.3
6.8
6.1
6.1
of war bonds1
I cent |
Series E
Series F
233,982
72,600
72, 246
89,136
3.1
3.2
3.0
3.1
Percent
Total
Total
Percent
22.3 $108,233
22.2
39,195
21.3
42,950
21.4
46, 754
21.6
53, 445
22.3
50, 835
22.1
50,416
21.9
59,435
22.6
61,002
23.3
56,415
23.1
52, 267
15.1
14.6
13.9
14.3
15.3
14.5
14.2
15.6
15.8
16.0
15.8
$717, 584
269, 419
308,957
327,092
349,046
351, 516
355, 432
380,809
386,303
353, 673
330,989
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
23.9
24.0
23.3
24.2
15.1
15.6
15.3
14.5
979, 833
301,949
309, 644
368, 240
100 0
100.0
100.0
100.0
147,675
46,966
47,300
53.409
Table 1 1 — S A V I N G S — H e l d
by
institutions
[ T h o u s a n d s of dollars]
Series G
Total
Redemptions
Insured
savings a n d
loans i
E n d of period
19412_
$1,622, 496 $207,681
$1,184, 868
$3,015,045
$13, 601
1942..
652,044
2, 516,065
9,156,958
245, 547
1943..
March
April
May
June
July
August
September.
October
November.
December..
10, 344, 369
720, 407
1, 006, 786
995, 234
696, 213
682, 871
661, 200
1, 400,159
1,340,148
665, 293
727, 558
745,123
43,858
109, 517
85,893
35,149
37, 579
28, 095
138,984
93,124
23, 449
24, 081
180, 011
353, 421
253, 857
144,128
169,241
112,434
387,412
274,877
109, 404
101,378
13, 729, 402
944, 276
1, 469, 724
1, 334,984
875,491
889, 691
801,729
1,926, 555
1,708,150
798,146
853,017
1, 506,894
126,621
95, 458
97, 488
134, 822
131, 424
144,966
148, 498
137, 496
164, 412
200,840
1944
January
February...
March./...
1,084,637
2,102,345
575, 744
126, 825
157, 422
22, 933
486, 942
521, 702
110,347
1, 698,404
2, 781, 469
709, 054
180,965
177,980
261, 549
1
U . S. T r e a s u r y W a r Savings Staff.
t h e U . S. T r e a s u r y .
2 P r i o r t o M a y 1941: " B a b y B o n d s . "
°
3.5 $160,099
3.5
59,662
3.6
65,807
3.9
70,054
4.2
75,183
4.4
78, 594
4.2
78,455
4.0
83,320
3.9
87,430
4.3
82, 307
3.7
76, 432
[ T h o u s a n d s of dollars!
Period
Percent
T M
A c t u a l deposits m a d e to t h e credit of
$2, 597, 525
1941: D e c e m b e r
1942: J u n e
December
1943: M a r c h
April.
May
June
July
August
September _
December
1944: J a n u a r y
Februarv
March
2, 736, 258
2,983, 310
3,105, 080
3,143,943
3,194,029
3, 270,834
3, 318,900
3, 362, 380
3,389,891
3, 435,798
3, 488, 270
3, 573,896
Mutual
savings
banks 2
Insured
commercial
b a n k s •'
$10,489, 679
10, 354, 533
10, 620,957
$13, 261, 402
13, 030, 610
13,820, 000
11,104, 706
14,870, 000
11,707, 000
16,157, 993
Postal
savings *
i
-
3, 710, 356
$1, 314,360
1, 315, 523
1, 417, 406
1, 492,966
1, 517,167
1, 546,397
1,577,526
1, 620,194
1,659, 545
1, 683,381
1, 715, 579
1,752, 439
1, 787,879
1,833,145
1,867, 221
1,906,354
1
P r i v a t e r e p u r c h a s a b l e capital as r e p o r t e d to t h e F H L B A d m i n i s t r a t i o n .
2 Month's Work. All deposits.
3
F D I C . T i m e deposits evidenced b y saving passbooks. E s t i m a t e d since
J u n e 1942.
4
B a l a n c e on deposit to credit of depositors, including u n c l a i m e d a c c o u n t s .
T o t a l s since J a n u a r y 1944 are u n a u d i t e d .
Table 1 2 . — F H L BANKS—Lending operations and principal assets and liabilities
[ T h o u s a n d s of dollars]
L e n d i n g operations
M a r c h 1944
Federal H o m e Loan Bank
A do v a n c e s >
,
Boston
New York
...
_
_.
Pittsburgh
W i n s t o n - S a l e m ._
.
_
. . _ . . . .
Cincinnati
.
I n d i a n a p o l i s ._ _
Chicago
__
Des Moines
Little R o c k . . . .
_ ___
_.__ _. _
Topeka
.
.
__ .
Portland
_____
. _._ _
_.
.
Los Angeles
_____
_
.
___.
M a r c h 1944 (All B a n k s ) .
_
F e b r u a r y 1944
__
M a r c h 1943
__
1
226
_
$85
280 i
800 i
415
71 !
215
327
100
194
18
25
660
Re a r
m Pe n>t s-
$1,976
3,435
1,061
2,240
1,231
928
1,799
1,466
409
519
467
2,434
C a p i t a l a n d p r i n c i p a l liabilities
M a r c h 31, 1944
P r i n c i p a l assets
M a r c h 31. 1944
i
Advances ,
outstand- ;
ing
|
$10,443
13,731
10,042
8,851
6,457
9,576
14,826
5,535
5.248
3,409
1,819
9,441
Cash i
$2,740
995
2,175
3,768
3,026
1,684
4,987
4,201
1,197
943
903
3,618
!
1 Govern1 m e n t securities
j
;
i
!
I
i
Debentures
Capital 2
$11,915
24, 229
12, 594
5,335
23,671
14,631
13, 832
11,090
10, 630
8,165
8,577
20,037
$19, 742
27,165
16,436
17,614
25,073
13,940
22,253
12,363
12,459
10,702
8,440
15,497
Member
deposits
T o t a l assets
M a r c h 31,
1944 1
;
:
$3,000
9.000
8,000
0
3,500
8,000
4,000
7,000
3,000
1,500
1,800
15,500
$1, 387
2,847
403
386
4,651
3,947
5,408
1,478
160
338
1,094
2,108
$25,142
39, 048
24, 882
18,000
33,239
25,946
33, 691
20,863
17,129
12, 545
11, 339
33,151
i
i
I
1
__
3,190
17, 965
99,378
30,237
164, 706
201,684 i
64,300
24, 207
294,975
_ _ __
13, 280
13, 690
114,154
20,763 j
153,109
200,791
64,300
21, 705
289, 500
1,532
18, 549
78,607
54,192
127,311
194,298
37,000
29,012
260, 671
.
I n c l u d e s i n t e r b a n k deposits.
- C a p i t a l stock, surplus, a n d u n d i v i d e d profits.
Federal Home Loan Bank Review
Table 1 3 . — I N S U R E D A S S O C I A T I O N S — P r o s r e s s of institutions insured by the FSLIC
[Dollar a m o u n t s are s h o w n in t h o u s a n d s ]
j
Number
Period and class of association j of associations
Total
assets
Operations
N e t first i
j mortgages !
held
j
Government
bond
holdings
Cash
j Private
j
repurj chasable
j capital
Federal
Governe
m e n t J HLoo m
an
! share
Bank
! capital ! a d v a n c e s
1943' J a n u a r y
February . .
March
April
May . _
June_. . . .
July
August
September
October
1
i
.
-_|
J
. j
1944: J a n u a r y
February
March
2,405
2,415
2,415
2,417
2,422
2,428
2,435
2,433
2,440
2,439
2,442
2,447
3,627,828
3,657,989
3,690,918 1
3,757,464 I
3,811,473
3,880,999
3,875, 269
3, 920,852
4,037,926
4,081,472
4,127, 212
4,182, 728
2, 451
2,453
2,452
4, 218, 521
4, 287, 788
4, 327, 868
1,467
1,468
1, 467
1,466
1, 466
1,468
1,468
1,466
1,471
1,468
1,467
1,466
2, 264, 817
2, 278, 839
2, 300, 638
2, 349,831
2, 380, 241
2, 426, 079
2, 408, 687
2, 438, 803
2, 523, 737
2, 550, 973
2, 580, 481
2, 617, 431
1,467
1,467
1,466
2, 637,410
2, 685, 310
2, 709,897
2,865,632
2,866,839
2,868,410
2,881,247 |
2,892, 665
2, 918, 577
2, 931,482
2, 946,968
2, 971, 411
2,992,823
3,004,071
148,220
120,308
120,138
119, 572
119, 547
119, 252
74, 568
69, 941
69, 920
69, 720
69, 690
3, 710,356
50, 868
90,103
1, 906, 323
1,928,559
1, 953,845
1, 979, 864
2, 011, 373
2, 060, 502
2, 087, 404
2, 117, 053
2,135,010
2,164,155
2, 201,120
118, 769
96,109
96,109
96,109
96,109
96,109
58, 239
55,021
55, 021
55, 021
55, 021
72, 046
58, 489
46,820
54, 254
47, 725
56, 553
59,416
51, 639
87,648
84, 983
76,034
2, 346,042
39,957
63, 892
1,124, 596
i 1,140,113
1,151,234
1,164, 079
1,182, 656
1,210,332
140, 653
1, 231,496
1, 245, 327
1, 254, 881
210,133
1, 271, 643 I
1, 287,150
29,451
24,199
24, 029
23,463
23,438
23, 143
16, 329
14, 920
14, 899
14,699
14, 669
26,991
24,163
20,150
21,410
19, 906
21, 602
21, 488
19, 374
30, 505
29, 636
28,531
1, 364, 314 i
1
16,911
26, 211
260, 749
241, 818
276, 785
376,177
186, 954
580,087
228,303
788,854
156, 792
146, 537
170, 730
235, 524
109,181
369,954
135, 664
509,170
New
mortgage
loans
99,037 ;
82,652
66,970
75, 664
67,631
78,155
80,904
71, 013
118,153
114, 619
104, 565
3, 030, 919
3, 068, 672,
3,105, 080
3,143,943
3,194,029
3, 270, 834
3, 318, 900
3, 362, 380
3, 389,891
3,435, 798
3, 488, 270
i
3,035,201
!
|
1
i
ALL INSURED
'
i
N
7atH M
'f
repur-
invpst-
mlnts
chases
|
Repurchase
ratio
39,149
44,076
61,139
69,604
69, 471
76,899
77,994
83, 068
87,878
81,929
72,936
70,973
119,923
73,455
83,403
83,242
78,294
103,939
134,065
94,229 I
83,970
87,692 1
90,023
118,496
84,573
42,123
48,955
47,171
33,684
33,704
97,117
50,250
60,019
45,104 1
43,137 j
37,885
70.5
57. a
58.7
56.7
43.0
32.4
72.4
53. a
71.5
51.4
47.9
32.0
59, 704
73,164
87,163
153,276
94, 831
104,494
104,839
59,890
56,693
68.4
63.2
54.3
23, 390
26, 566
37,850
42, 717
41,835
46, 730
48, 370
51,172
54,100
50, 576
44, 804
43, 647
79,083
48,412
54, 824
53, 675
50, 732
68, 235
87, 444
61, 351
53,138
56,490
57,915
76, 677
55,548
25, 987
30, 238
27, 774
20, 075
19, 568
64, 073
31, 253
37, 274
26,825
24, 373
21, 569
70.2
53.7
55.2
51.7
39.5
28.7
73.3
50.9
70.1
47.5
42.1
28.1
37, 076
44,144
53, 883
100, 496
61, 545
68, 276
68,509
37, 548
36,182
68.2
61.0
53.0
15, 759
17, 510
23, 289
26, 887
27, 636
30,169
29, 624
31, 896
33, 778
31, 353
28, 132
27, 326 1
40. 840
25,043
28, 579
29, 564
27, 562
35, 704
46, 621
32,878
30, 832
31, 202
32, 108
41,819
29,025
16,136
18, 717
19, 397
13, 639
14,118
33, 044
18, 997
22, 745
18, 279
18, 764
16,316
71.1
64.4
65.5
65.6
49.5
39.5
70.9
57.8
73.8
58.6
58.4
39.0
22, 628 j
29, 020
33, 280 j
52,780
33, 286
36,218
36, 330
22, 342
20, 511
68.8
67.1
56.6
FEDERAL
1943: J a n u a r y .
February__
March
April
May
June
July .
August.
September
October .
November
December
...
. .
..
1944: J a n u a r y .
February
March
. . . . . . .
1,843, 714
1, 839, 245
1, 839, 302
1, 846, 536
1, 849, 999
1,865, 991
1, 871, 478
1, 880, 513
1.896, 312
1, 908, 518
1,915,135
1,927,122
STATE
February . . .
_
March
..
April .
Mav
.
June
__
July
_ .
.
August.
. .
. . . i
September
_
... !
October
_ __ 1
November._ . . . _ . . . _
1
December _
|
1944: J a n u a r y . .
February
March
938
947
948
951
956
960
967
967
969
971
975
981
1
!
I
1
!
j
1,363,011
1, 379,150
1, 390, 280
1,407, 633
1, 431, 232
1,454,920
1, 466, 582
1, 482, 049
1, 514,189
1, 530, 499
1, 546, 731
1, 565, 297
984 i 1, 581, 111
986 1 1, 602, 478
986 ! 1,617,971
...
1,021, 918
1,027, 594
1,029,108
1, 034, 711
1, 042, 666
1, 052, 586
1, 060, 004
1, 066, 455
1, 075, 099
1, 084, 305
1, 088, 936
103, 957
106, 055
77, 773
1
1
•
._
--I 1, Ids, 079 i
92,639
Tabic 1 4 . — F H A — H o m e mortgages insured 1
[ P r e m i u m p a y i n g ; t h o u s a n d s of dollars]
T i t l e 11
Period
Title V I
New
i943: M a r c h
April
May
June
July
August..
September
October
November
December
_
. ._
1944: J a n u a r y
Februarv
March
_
...
.
... . .
...
. . _.
Existing
Total
insured
at end of
period 2
$5, 690
3,463
2,894
2, 606
2.424
1, 563
1,479
818
833
747
$13, 175
12,7C4
15, 248
16, 759
18. 502
18,519
18. 737
18, 856
20,499
17,401
$43, 523
35, 878
39.511
41, 629
43, 445
49,518
46, 365
48. 571
48, 421
42, 979
$4, 855, 704
4. 907, 749
4, 965, 402
5,026, 396
5, 090, 767
5,160, 367
5, 226. 948
5, 295, 193
5, 364. 946
5, 426, 073
592
249
250
18. 397
13, 795
12.729
49.003
40,616
41.620
5. 494.065
5. 548. 725
5. 603. 324
1
Figures represent gross insurance w r i t t e n d u r i n g t h e period a n d do n e t take
a c c o u n t of principal r e p a y m e n t s on p r e v i o u s l y insured loans.
3
T h i s figure includes Title I. Class 3, a m o u n t s t h a t were shown prior to J a n u a r y
1913.
May 1944
95, 281
279,684
Table 1 5 — F O R E C L O S U R E S — E s t i m a t e d nonfarm real-estate foreclosures, by Federal
Home Loan Bank Districts
Cumulative
(3 m o n t h s )
Foreclosures
Federal H o m e L o a n
B a n k District
March!
1944
1,693 j 1,611
U N I T E D STATES
Boston
New York
Pittsburgh
Winston-Salem
Cincinnati
Indianapolis
Chicago
Des Moines
Little Rock
Topeka
Portland
Los Angeles
«
I 19U
.
I
j
|
j
j
I
I
|
I
!
i
175
454
294
160
156
29
109
92
59
63
11
91
I
j
i
|
I
i
!
j
j
I
I
I
351
381
249
154
145
24
78
81
41
47
8
52
„„, T
*W.
Jan.March Mar.
I 1943
1944
1.462 | 2,337 | 4,766
219
372
234
150
157
37
73
83
20
52
9
56
231
653
307
287
205
50
141
165
81
69
24
124
745
1,207
777
464
458
90
260
256
120
162
28
199
Jan.PerMar.
cent
1943 c h a n g e
7,163
-33. &
616
1,924
1,203
854
566
159
427
487
251
245
76
355
+20.9
-37.3
-35. 4
-45. 7
-19.1
-43. 4
-39.1
-47.4
-52.2
-33.9
-63. 2
-43. 9
NO. 12-LOS ANGELES
Honor Roll
California Savings and Loan Company, San Francisco, Calif.
Century Federal Savings and Loan Association, Santa Monica, Calif.
Citrus Belt Building and Loan Association, Riverside, 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.
Home Building and Loan Association, Los Angeles, Calif.
Liberty Savings and Loan Association, Los Angeles, Calif.
Standard Federal Savings and Loan Association, Los Angeles, Calif.
Turlock Guarantee Building and Loan Association, Turlock, Calif.
{Continued from p. 215)
NO. 9 - L I T T L E ROCK—Continued
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, Breckenridge, Tex.
First Federal Savings and Loan Association, Canton, Miss.
First Federal Savings and Loan Association, Corpus Christi, Tex.
First Federal Savings and Loan Association, El Dorado, Ark.
First Federal Savings and Loan Association, Helena, Ark.
First Federal Savings and Loan Association, McComb, Miss.
First Homestead and Savings Association, New Orleans, La.
Greater New Orleans Homestead Association, New Orleans, La.
Guaranty Savings and Homestead Association, New Orleans, La.
Home Building and Loan Association, Plainview, Tex.
Inter-City Federal Savings and Loan Association, Louisville, Miss.
Jennings Federal Savings and Loan Association, Jennings, La.
Nashville Federal Savings and Loan Association, Nashville, Ark.
Natchez Building and Loan Association, Natchez, Miss.
Oak Homestead Association, New Orleans, La.
Ponchatoula Homestead Association, Ponchatoula, La.
Quanah Federal Savings and Loan Association, Quanah, Tex.
Riceland Federal Savings and Loan Association, Stuttgart, Ark.
Ruston Building and Loan Association, Ruston, La.
San Angelo Federal Savings and Loan Association, San Angelo, Tex.
Slidell Savings and Homestead Association, Slidell, La.
St. Tammany^Homestead Association, Covington, La.
Amendment to Rules and Regulations
FHLBA
Bulletin No. 35
AMENDMENT TO RULES AND REGULATIONS FOR THE
FEDERAL SAVINGS AND LOAN SYSTEM REGARDING
THE VOTING RIGHTS OF MEMBERS.
NO. 10—TOPEKA
Citizens Federal Savings and Loan Association, Sand Springs, Okla.
Citizens Federal Savings and Loan Association, Wichita, Kans.
Durant Building and Loan Association, Durant, Okla.
First Federal Savings and Loan Association of Dawson County, Cozad, Nebr.
First Federal Savings and Loan Association, La Junta, 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.
Morgan County Federal Savings and Loan Association, Fort Morgan, Colo.
Schuyler Federal Savings and Loan Association, Schuyler, Nebr.
Tonganoxie Building and Loan Association, Tonganoxie, Kans.
Topeka Building and Loan Association, Topeka, Kans.
NO. 11—PORTLAND
Commercial Savings and Loan Association, Kelso, Wash.
Deer Lodge Federal Savings and Loan Association, Deer Lodge, Mont.
First Federal Savings and Loan Association, Sheridan, Wyo.
Lakeview Federal Savings and Loan. Association, Lakeview, Oreg.
Prudential Savings and Loan Association, Seattle, Wash.
Rawlins Federal Savings and Loan Association, Rawlins, Wyo.
Umpqua Savings and Loan Association, Roseburg, Oreg.
[Dollar a m o u n t s are shown in thousands]
Date
Number
reporting
The members who shall be entitled to vote at any meeting of the members
shall be those owning share accounts and borrowing members of record on
the books of the association at the end of the calendar month next preceding
the date of such meeting. The number of votes which each member shall be
entitled to cast at any meeting of the members shall be determined from the
books of the association as of the end of the calendar month next preceding the
date of such meeting. Those who were members at the end of the calendar
month next preceding the date of a meeting of members but who shall have
ceased to be members prior to such meeting shall not be entitled to vote thereat.
Holdings
a t end of
month
This amendment is deemed to be of a minor
and procedural character and became effective on
the date of filing with the Federal Register.
1943
January
February
March
April
May
June
July
August
September
October
November
December
2,775
2,721
2,732
2,744
2,642
447
431
452
035
469
2,387
2,287
$39,
22,
29,
177,
17,
13,
32,
21,
327,
18,
13,
12,
996
083
234
536
739
432
131
534
950
881
883
083
2,594
2,597
2,564
166, 322
98, 408
25, 182
$365,
376,
388,
537,
548,
530,
553,
537,
973,
772,
724,
713,
105
390
170
849
552
657
533
254
026
369
538
992
1944
January
February
March
228
and
4. Amendment repealing the last sentence of Section 4 and adding the
following provisions in lieu thereof:
Purchases a n d holdings of U. S. Government
obligations b y reporting member institutions
Purchases
during
month
(Adopted
effective April 11, 1944).
Subparagraph (d) of section 202.9 of, the Rules
and Regulations for the Federal Savings and Loan
System was amended by the Federal Home Loan
Bank Administration, effective April 11, 1944, by
the adoption of e new subparagraph (4). This
paragraph was adopted solely for the purpose of
clarifying the present provisions of Section 4 of
Charter K governing the voting rights of members.
The new subparagraph reads as follows:
914, 683
995, 425
1, 083, 668
Public I nterest Director Appointed
•
T H E appointment of Dr. Howard L. Bevis as
public interest director in the Federal Home
Loan Bank of Cincinnati was announced by the
Federal Home Loan Bank Administration on April
19. Dr. Bevis, president of Ohio State University
at Columbus, will serve the unexpired portion of a
term ending December 31, 1947. As public interest
director, Dr. Bevis will succeed the late Judge
Richard Priest Dietzman, formerly Chairman of the
Board of Directors of the Federal Home Loan Bank
of Cincinnati.
Federal Home Loan Bank Review
• * WORTH REPEATING * *
POST-WAR
PLATFORM:
"We all
want to work toward a national goal
of full employment, toward an economy which will permit the great majority of American workers to provide
their own shelter.
"Housing is a great national industry, providing a major outlet for
employment, the products of industry,
a n d t h e investments of our institutions
and our citizens.
"Savings and loan associations and
similar institutions have a major
contribution to make in providing a
safe and sound home-financing service
to citizens and communities.
"Housing wrell designed, well constructed and well planned by neighborhoods is a basic c o m m u n i t y asset and,
in terms of the American family, a
fundamental need.
" I n a d e q u a t e housing, decayed neighborhoods a n d slums are a civic and
individual liability, too costly in
h u m a n values and community economy to be tolerated."
John B. Blandford, Jr., before
the Federal Home Loan Bank of
Pittsburgh, Philadelphia, Pa.
TAX POLICIES: " T a x a t i o n is never
n e u t r a l in its economic effects, a n d
since t h e war, it has been more a n d
more generally recognized t h a t even
if levied ostensibly for revenue only,
taxes have a direct influence on those
basic factors of consumption, savings,
a n d investment which, by getting out
of balance, produce economic ups a n d
downs . . . I t is i m p o r t a n t to consider
w h a t t y p e a n d w h a t a m o u n t of t a x ation will best help to keep t h e economy moving ahead on an even keel
when t h e war ends a n d looking to t h e
longer future."
for parks, playgrounds a n d recreation
a n d t h a t fail to provide a d e q u a t e
housing for families wTith very low
incomes."
IraS. Bobbins, American Savings
and Loan News, April 1944.
FORWARD
LOOKING
FAMILIES:
" W i t h money available a t low rates
a n d with various types of monopoly
rackets eliminated, b o t h government
and private industry can build good
houses a t amazingly low cost. Pre-
WARTIME POPULATION
MOVEMENTS
T h e recent Census count of Ration
Book IV registrations of November 1,
1943 shows a m a r k e d wartime migration which has tended to draw population away from t h e N o r t h e a s t and
Central regions principally t o w a r d the
war centers of the West, Southwest,
Gulf Coast, a n d South Atlantic Seaboard. Continuing to reflect the
trends indicated by earlier registrations, an average decline in population
of 3.1 percent from t h e 1940 Census
total was recorded, reflecting largely
Selective Service and other military
withdrawals which overshadowed the
normal excess of births over deaths.
As t h e weight of the movement
continued t o favor those States west
of t h e Rockies, California showed the
most radical change from M a y 1, 1943
when its gain since 1940 totaled 529,000, or 7.7 percent. As of t h e first of
fabrication will play its p a r t in bringing the cost down. As soon as we
have settled down after the war we
should build at least a million houses
a year until such time as we have
completely modernized ourselves . . .
If they can be assured of steady jobs,
the ten million poorest U. S. families
will furnish a m a r k e t for at least a
h u n d r e d t h o u s a n d new homes every
year. Also we shall have, instead of
h u m a n waste and misery a n d burdensome charity, ten million busy, hopeful, forward-looking families."
Henry A. Wallace, Architectural
Forum, March 1944.
November^ this influx h a d swollen t o
1,014,000, or 14.8 percent of t h e decennial Census figure.
F r o m t h e time of t h e 1940 Census
through November 1, 1943, t h e concentration of population in u r b a n
areas rose from 50.8 percent of t h e
national t o t a l t o 53.6 percent. However, concealed within these over-all
trends are m a n y radical local divergencies: sharp increases in population
in such centers as Corpus Christi,
Los Angeles, Mobile, Norfolk, San
Francisco, San Diego, Seattle, T a coma, a n d Washington, D . C , and
heavy losses recorded in New York
City, northeastern New Jersey a n d
other areas, particularly in New
England and various central States.
A breakdown of these d a t a will be
found in Highlights
of
Population
Shifts circulated b y t h e War Food
Administration, Washington 25, D C.
POPULATION INCREASES BY WHOLESALE GROCERY TRADING AREAS, 1 9 4 0 - 4 3
SHOWING HOW POPULATION HAS MOVED FROM THE NORTHERN AND CENTRAL PARTS OF
THE UNITED STATES TO WESTERN AND COASTAL AREAS
Marriner S. Eccles, before The
Tax Institute Symposium.
MONEY WELL SPENT: "Money
spent for planning is money well
spent, a n d will help reduce the cost
of redeveloping s u b s t a n d a r d areas.
Municipal face lifting on a spotty
basis, whether to remove a wart or
a large tumor, is a luxury in which
our cities are not in a position to indulge . . . Municipal face lifting is
likely to be d e c e p t i v e , i n t h a t
it is likely to repeat t h e mistakes of
t h e p a s t — a n d leave us with cities
t h a t are congested, lacking in space
229
May 1944
584706 U. S. Governroeiit Printing Office, 1944
FEDERAL HOME LOAN BANK DISTRICTS
YOB*
i
BOUNDARIES OF FEDERAL HOME LOAN BANK DISTRICTS
$
FEDERAL HOME LOAN BANK
CITIES.
7-1-3.5
OFFICERS OF FEDERAL HOME LOAN BANKS
BOSTON
CHICAGO
B . J . R O T H W E L L , C h a i r m a n ; E . H . W E E K S , Vice C h a i r m a n ; W . H»
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 ,
C. E . B R O U G H T O N , C h a i r m a n ; H . G. Z A N D E R , J R . , Vice C h a i r m a n ; A. R .
S e c r e t a r y - T r e a s u r e r ; P . A. H E N D R I C K , Counsel; B E A T R I C E E . H O L L A N D ,
Assistant T r e a s u r e r ; CONSTANCE M . W R I G H T , Secretary; G E R A R D M .
U N G A R O , Counsel.
G A R D N E R , P r e s i d e n t ; J . P . D O M E I E R , Vice P r e s i d e n t ; L A U R E T T A Q U A M ,
Assistant Secretary.
NEW
YORK
DES
G E O R G E M A C D O N A L D , C h a i r m a n ; F . V. D . LLOYD, Vice
Chairman;
N U G E N T F A L L O N , P r e s i d e n t ; R O B E R T G. C L A R K S O N , Vice P r e s i d e n t ;
D E N T O N C. LYON, Secretary; H . B . D I F F E N D E R F E R , Treasurer.
MOINES
E . J . R U S S E L L , C h a i r m a n ; E . A . P U R D Y , Vice C h a i r m a n ; R . J . R I C H A R D SON, President-Secretary; W . H . L O H M A N , Vice President-Treasurer;
J. M . M A R T I N , Assistant Secretary; A. E . M U E L L E R , Assistant T r e a s u r e r ; E M M E R T , J A M E S , N E E D H A M & L I N O G R E N , Counsel.
PITTSBURGH
LITTLE
E . T . T R I G G , C h a i r m a n ; C . S. T I P P E T T S , Vice C h a i r m a n ; R . H . R I C H ARDS, P R E S I D E N T ; G. R . P A R K E R , Vice P r e s i d e n t ; H . H . G A R B E R , Sec-
retary-Treasurer; W I L L I A M S. B E N D E R , Counsel.
B.
ROCK
H . W O O T E N , C h a i r m a n ; W . P . G U L L E Y , Vice C h a i r m a n ; H . D .
W A L L A C E , President; J . C . CONWAY, Vice P r e s i d e n t ; R . T . P R Y O R , Secr e t a r y ; W . F . T A R V I N , Treasurer.
WINSTON-SALEM
TOPEKA
H . S. H A W O R T H , C h a i r m a n ; E . C . B A L T Z , Vice C h a i r m a n ; O. K . L a R O Q U E , President-Secretary; J o s . W . H O L T , Vice President-Treasurer.
P . F . G O O D , C h a i r m a n ; A. G. H A R T R O N F T , Vice C h a i r m a n ; C . A. S T E R L ING, President-Secretary; R . H . B U R T O N , Vice President-Treasurer;
J O H N S. D E A N , General Counsel.
CINCINNATI
PORTLAND
W M . M E G R U E B R O C K , Vice C h a i r m a n ; W A L T E R D . S H U L T Z , P r e s i d e n t ;
W . E . J U L I U S , Vice President-Secretary; A. L . M A D D O X , Treasurer;
T A F T , S T E T T I N I U S & H O L L I S T E R , General Counsel.
B E N A. P E R H A M , C h a i r m a n ; H . R . G R A N T , Vice C h a i r m a n ; F . H .
J O H N S O N , President-Secretary; IRVIBJG B O G A R D U S , Vice PresidentTreasurer; M r s . E . M . J E N N E S S , Assistant Secretary; V E R N E D U S E N BERY, Counsel.
INDIANAPOLIS
H . B . W E L L S , C h a i r m a n ; F . S. C A N N O N , Vice Chairman-Vice President;
F R E D . T . G R E E N E , P r e s i d e n t ; G. E . O H M A R T , Vice P r e s i d e n t ; C . R U S S E L L
PARKER,
Secretary-Treasurer;
A L E X A N D E R , Counsel.
HAMMOND,
BUSCHMANN,
ROLL
&
Los
ANGELES
D . G. D A V I S , C h a i r m a n ; C. A. C A R D E N , Vice C h a i r m a n ; M . M . H U R FORD. President: C . E . B E R R Y , Vice P r e s i d e n t : F . C . N O O N , SecretaryTreasurer: H E L E N F R E D E R I C K S , A t t o r n e y .
S U B S C R I P T I O N P R I C E OF R E V I E W . The REVIEW is the Federal Home Loan Bank Administration's medium of communication with member institutions
of the Federal Home Loan Bank System and is the only oflBcial 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 SI.60; single copies, 15 cents. Subscriptions should be sent to and copies ordered
from Superintendent of Documents, Government Printing Office, Washington 25. D . C .
A P P R O V E D BY T H E B U R E A U OF T H E B U D G E T .
@FedFRASER