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FEDERAL
HOME
LOAN
BANK
Washington/ September 1942
NOTICE
FEDERAL HOME LOAN BANK REVIEW
INDEX
The Index of Volume 8, FEDERAL H O M E LOAN
(October 1941-Sept ember 1942),
is published in this issue beginning on page 418.
BANK REVIEW
FEDERAL
CONTENTS FOR SEPTEMBER - 1942
ARTICLES
HOME
LOAN
BANK
Page
HOME-MORTGAGE
D E B T PASSES THE TWENTY-BILLION-DOLLAR
MARK
.
.
.
.
OPERATING STATEMENTS R E V E A L STRENGTHENING
OF RESERVES
.
.
.
.
.
.
.
NATIONAL 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
FEDERAL SAVINGS AND LOAN
INSURANCE CORPORATION
394
Income a n d expense ratios—Strengthening of reserves a n d undivided
profits—Variations b y class of association—Analysis b y asset-size g r o u p :
A tool for m a n a g e m e n t .
P E R S O N N E L P O L I C I E S O F SAVINGS AND L O A N ASSOCIATIONS
397
E m p l o y m e n t practices—Salary policies—Some factors of employee
morale—Employee training: A benefit t o all concerned—Employee welfare and benefits.
How MUCH D I D W E BUILD?
REVIEW
391
Distribution of t h e outstanding d e b t — N e w lending operations during
1941—The increasing proportion of insured loans—Prospects for t h e
current year.
400
New estimates raise construction volume 25 percent—Housing performance of t w o decades compared—The single-family house in t h e
forefront—Total housing supply during t h e thirties'—Trailers are less
popular t h a n anticipated.
MONTHLY SURVEY
Highlights
General business conditions
Residential construction
Building costs
N e w mortgage-lending activity of savings a n d loan associations
Mortgage recordings
Foreclosures
Federal H o m e Loan Bank System
Insured savings a n d loan associations
407
407
408
408
408
409
409
410
410
STATISTICAL TABLES
New family dwelling units—Building costs—Savings a n d loan lending—Mortgage
recordings—Total nonfarm foreclosures—FHA activity—Federal H o m e Loan
B a n k s — S a l e s of U . S. war-savings bonds]—Savings in selected financial
institutions—Insured savings a n d loan associations—Quarterly tables . . . 411417
HOME OWNERS' LOAN
CORPORATION
UNITED STATES HOUSING
CORPORATION
V0I.8
No. 12
REPORTS
T h e home front
, ,
Federal Savings a n d Loan Advisory Council
Directory of member, Federal, a n d insured institutions added during J u l y August
Honor roll of war-bond sales
I n d e x of v o l u m e 8 — F E D E R A L H O M E L O A N B A N K R E V I E W
390
393
396
403
418
SUBSCRIPTION TRICE OF REVIEW. The REVIEW is the Federal Home Loan Bank Administration's medium of communication with member institutions
of the Federal Home Loan Bank System and is the only official organ or periodical publication of the Administration. The REVIEW will be sent to all member institutions without charge. To others the annual subscription price, which covers the cost of paper and printing, is $1. Single copies will De sold at 10 cents. Outside
of the United States, Canada, Mexico, and the insular possessions, subscription price is $1.60; single copies, 15 cents. Subscriptions should be sent to and coDies ordered
from Superintendent of Documents, Government Printing Office, Washington, D. C.
APPROVED BY THE BUREAU OF THE BUDGET
Facts on war-bond
redemptions
THE HONE
Fuel-conservation
measures announced
T h e impending fuel-oil shortage has
been attacked from three angles by
Government agencies. T h e W a r P r o duction Board has allocated 11,099
tons of iron and steel for t h e manufacture of grates during t h e second
half of this year. Individuals wishing
to convert oil-burning equipment need
now only place their orders with local
contractors. W P B has also ruled t h a t
19 Atlantic Seaboard States are
exempt from Conservation Order L-41
as it applies to necessary conversions
of this character.
Instalment Credit Regulation W
has been further amended by t h e
Federal Reserve Board t o meet this
exigency. Restrictions were removed
from t h e extension of credit t o finance
necessary conversion of heating equipment, installation of interior and
exterior insulation, or t h e purchase of
materials for these purposes.
ft ft ft ft ft
Definition by O P A
of capital improvements
On August 12 t h e Office of Price
Administration issued a clarifying
s t a t e m e n t regarding t h e conditions
under which landlords m a y petition
for rent increases. T h e general standard which will be applied b y OPA is
t h a t major capital improvements m u s t
result in a substantial change in t h e
housing accommodations such as
would materially increase rental value
in a normal m a r k e t where free bargaining prevailed. T h e s t a t e m e n t defines "major capital i m p r o v e m e n t "
to include (1) a structural addition;
(2) structural b e t t e r m e n t ; a n d (3)
complete rehabilitation.
it
it
it
it
it
Housing priority quotas
are stretched
I n accordance with t h e new policy
developed by t h e National Housing
Agency in cooperation with t h e War
Production Board, restricting new
residential construction to the indispensible minimum needed to accomm o d a t e war workers, priority quotas
assigned to private housing have
390
been revised by a recent order of t h e
N H A Administrator.
I n the new program, t h e 200,000unit q u o t a authorized in March 1942,
initially intended t o apply t h r o u g h
August, is being stretched to last
until t h e end of the year. Of this
quota, priorities covering approximately 100,000 units h a d been a p proved by the middle of August.
Publicly financed war housing will
be limited for t h e remainder of this
year to a total a m o u n t of not more
t h a n $600,000,000, divided t e n t a tively into 85,000 family-dwelling
accommodations, 75,000 dormitory
apartments, a n d
dormitories
for
100,000 single persons.
it
ft
New war-housing
directive issued
it
#•
ft
N H A a n d t h e War and N a v y
D e p a r t m e n t s have issued a directive
changing certain practices in the use,
procurement, a n d administration of
essential war housing.
Publicly financed war housing for
the exclusive use of military and naval
personnel has been eliminated and
priorities will not be granted to private enterprise for such construction,
except in special cases. In-migrant
civilian war workers are t o receive
preference in uncompleted or unoccupied quarters.
Essential housing for civilian employees of the armed forces is to be
provided by the requesting department, upon designation by F P H A .
A possible lack of N H A funds will be
m e t b y t h e use of money legally available to the War or N a v y D e p a r t m e n t s .
W a r housing on military or naval
reservations is to be controlled a n d
administered by t h e appropriate dep a r t m e n t and N H A may, by agreem e n t with t h e d e p a r t m e n t concerned,
transfer control of housing located off
reservations.
#
ft
ft
ft
ft
T h e t e m p o r a r y construction l u m b e r
"freeze" order of t h e W P B has now
been replaced b y definite controls for
all types a n d grades of softwood lumber.
Redemptions of war-savings bonds
have been insignificant in volume,
compared either with t h e t o t a l a m o u n t
o u t s t a n d i n g or with t h e m o n t h - b y m o n t h sales, according to detailed
statistics published by the Treasury
D e p a r t m e n t last m o n t h .
Only a
m i n u t e proportion of holders have
h a d to t u r n in their bonds for cash,
and t h e intensification of t h e warsavings campaign in recent m o n t h s
has h a d no appreciable effect on t h e
a m o u n t of bonds redeemed.
On a cumulative basis, only 1.23
percent of all E, F , a n d G bonds sold
from M a y 1941 t h r o u g h t h e end of
July has been presented for r e d e m p tion. This was less t h a n one-half of
t h e redemption ratio for t h e old
"baby bonds."
On a m o n t h - b y - m o n t h basis, t h e
volume of redemptions has varied
from one-fifth t o two-fifths of 1 percent of t h e t o t a l a m o u n t of warsavings
bonds
outstanding.
For
example, t h e ratio last July was oneq u a r t e r of 1 percent for all series
and about one-third of 1 percent for
Series E bonds.
C o m p a r e d with t h e receipts of over
$900,000,000 from t h e sale of w a r
bonds in July, t h e redemptions d u r ing t h a t m o n t h a m o u n t e d to slightly
under 3 percent.
There follows a table showing
m o n t h l y d a t a on redemptions of all
series from M a y 1941 t h r o u g h July
1942. (Amounts are shown in mil
lions of dollars.)
Re-
Month
Sales
demptions
Amount
Reas
perof b o n d s
o u t s t a n d - demp- c e n t of
tions
a
m
o
unt
ing
outstanding
1941
May
June
July
August
September..
October
November.December-_
$349.8
314.5
342.1
265.6
232.3
270.7
233.5
528.6
$4,008.1
4,314.0
4,649.4
4,907.8
5,131.8
5, 394.0
5,619. 7
6,139. 7
$14.0
14.8
18.0
12.9
14.4
13.7
12.8
16.3
0.35
0.34
0.39
0.26
0.28
0.25
0.23
0.27
1,060. 5
703.2
557.9
530.5
634.4
633.9
900.9
7,198.3
7,893.4
8,435. 9
8,951.0
9, 569.0
10,1S8.2
11,077.8
15.4
15.8
22.0
21.3
22.1
22.8
25.5
0.21
0.20
0.26
0.24
0.23
0.22
0.23
1942
January
February.-.
March
April
May
_-.
June
--.
July
Federal Home Loan Bank Review
HOME-MORTGAGE DEBT PASSES THE TWENTYBILLION-DOLLAR MARK
The outstanding debt on 1- to 4-family nonfarm homes pushed upward
during 1941 to a level of nearly $2Q,2GQ,GQQ,QQ0.
Reduced lending opportunities and official encouragement of loan prepayments,
however, presage a slowing down of the rapid pace prevalent in
recent years.
•
ON the crest of the largest annual volume of
mortgage lending since 1929, the balance of
mortgages on 1- to 4-family nonfarm homes rose to an
estimated $20,157,000,000 by the end of December
1941. This was an increase of more than a billion
dollars during the 12-month period and the largest
gain in a single year since the heyday of the twenties.
The current upward trend which has been in progress
for 5 successive years has carried the total volume to
within roughly one billion dollars of the all-time
peak of 1930.
Three types of institutions were responsible for
practically all of the $1,054,000,000-increase in homemortgage debt during 1941: Savings and loan
associations showed a gain of $405,000,000; commercial banks $375,000,000; and life insurance companies, $343,000,000. Mutual savings banks (up
$30,000,000) and individuals and others (up
$80,000,000) experienced relatively small increases
which were more than offset by the drop in holdings
of the Home Owners' Loan Corporation (down
$179,000,000).
Mutual savings banks hold the third largest portion (13.5 percent), but their relative position has
been decreasing steadily for the past 8 years. Commercial banks are next with 12.3 percent. They have
almost doubled their share since 1934 and are now
even fractionally above their previous all-time high
registered in 1928. Insurance companies, with 10.4
percent of the total, rank fifth but have been making
strong gains in recent years. Their relative standing
today is higher than at any point since 1925. The
HOLC share of the total debt has been decreasing
DISTRIBUTION OF THE OUTSTANDING D E B T
Largest single portion of the debt outstanding at
the end of December was in the hands of individuals
and other miscellaneous mortgagees. The 1941 share
of these lenders, however, was the smallest which
they had recorded during the 17-year period for which
estimates are available. Three successive years of
less-than-average gains have reduced their portion
of the total debt to 32.7 percent.
Among institutional lenders, savings and loan
associations continue to hold a dominant position and
accounted for 22.3 percent of the aggregate debt.
This was the fifth successive annual increase in the
savings and loan share of the oustanding mortgages
starting from a low of 18.8 percent in 1935 and 1936.
The present proportion of savings and loan mortgages, however, is still approximately 10 percentage
points below pre-depression levels.
September 1942
The changes in the total volume of home-mortgage debt in the past decade
have been accompanied by substantial shifts in the relative importance of the
various types of lenders, illustrated in the above chart. From 1940 to 1941 savings
and loan associations, life insurance companies, and commercial banks increased
their share in the aggregate home-mortgage holdings. The remaining groups of
lenders showed relative declines.
391
each year since the peak of its operations in 1935.
I n that year, it accounted for $1 out of every $6 of
outstanding mortgages. Today this ratio is only
$1 in $12.
Estimated balance of outstanding mortgage loans
on 1 - to 4-family nonfarm homes *
[Millions of dollars]
T y p e of l e n d e r
1941
1940
1939
1938
1937
1936
Savings a n d loan a s s o c i a t i o n s . . _. $4, 489 '$4,084 $3, 758 $3, 555 $3, 420 $3, 237
Life i n s u r a n c e c o m p a n i e s __ _ _ 2,101
1,758
1,490
1,320
1,246
1,245
2,700 2,680 2,670 2,700 2,750
M u t u a l savings b a n k s — _____ _. 2, 730
2,095 1,810
1,600
Commercial banks
_.
.__ 2,470
1,400
1,230
1,956
2,038 2,169
H o m e O w n e r s ' L o a n C o r p o r a t i o n . 1. 777
2, 398 2,763
6,510
6,440 6,332 6,180
I n d i v i d u a l s a n d others 2 „._
__ 6, 590
6,000
Total
.__..
20,157 ' 19,103 18, 216 17, 646 17, 344 17, 225
r
Revised.
For a detailed description of the source of these estimates see FEDERAL HOME
LOAN BANK REVIEW, November 1939, p. 51; September 1940, p. 410; September
1941, p. 412.
2
Includes fiduciaries, trust departments of commercial banks, real-estate
bond companies, title and mortgage companies, philanthropic and educational
institutions, fraternal organizations, construction companies, R F C Mortgage
Company, etc.
1
N E W LENDING OPERATIONS D U R I N G
[Amounts are shown in millions of dollars]
Total.
* Revised
392
-
F H A home mortgages written during 1941
[Title II and Title VI, premium paying loans]
Estimated amounts loaned on 1 - to 4-family nonfarm dwellings, 1940 and 1941
I n d i v i d u a l s a n d others . _ _
_
Commercial b a n k s and their trust departments _
_.
Life i n s u r a n c e companies
M u t u a l savings b a n k s
H o m e Owners' Loan Corporation
___
More than one-fifth of all new home mortgages
written during the past 3 years have been insured by
the F H A under various provisions of the National
Housing Act. During the past year, the ratio of
FHA-insured loans to the total was 22.9 percent,
which compares with 22.2 percent in 1940 and 23.3
percent in 1939.
The aggregate volume of premium-paying loans
written under Titles I I and VI during 1941 amounted
to $890,000,000—an increase of $154,000,000, or 21
percent, over 1940 totals. Commercial banks continued to originate the greatest proportion of these
insured loans. I t must be remembered, however,
that because of substantial trading in F H A mortgages, the breakdown of loans made during the year
is not indicative of the present holders of these
instruments.
1941
The aggregate volume of home-mortgage loans
written during 1941 is estimated at $3,893,000,000—
more than a half-billion dollars greater than in 1940.
Savings and loan associations accounted for the
largest single portion (35.4 percent) of the total
lending. The miscellaneous classification of individuals and "other" lenders showed the greatest
dollar increase over the 1940 volume, with savings
and loan associations ranking second in this comparison. On the basis of percentage gains over the
previous year, mutual savings banks exhibited the
highest rise, with the miscellaneous group second.
A complete analysis of 1941 lending operations
appears in the accompanying table which shows the
estimated amounts loaned on 1- to 4-family n o n farm dwellings, by type of lender.
T y p e of lender
T H E INCREASING PROPORTION OF INSURED LOANS
Loans
made
during
1941
Loans
made
during
1940
$1,379
1,083
$1. 200
865
+$179
+218
+14.9
+25.2
798
399
171
63
689
324
133
*143
+109
+75
+38
-80
+15.8
+23.1
+28.6
-55.9
3,893
' 3, 354
+539
+16.1
Dollar
change
over 1940
Percentage
changeover 1940
T y p e of lender
Commercial banks and their
trust departments
__
Insurance companies--.
Savings a n d loan associationsM u t u a l savings b a n k s
Others__ ._
- ___
Total
Amount
Percentage distribution
Dollar
Percentchange over age change
1940
over 1940
$391,000,000
117,000,000
79,000,000
43, 000, 000
260,000, 000
43.9
13.2
8.9
4.8
29.2
+$60, 000,000
+24,000, 000
+ 1 5 . 000, 000
+14,000,000
+41,000,000
+ 18.1
+25 8
+23.4
+48. 3
+18.7
890, 000, 000
100.0
+154,000, 000
+20.9
N O T E . - T h e s e figures do not include $20,631,500 in Title I, Class 3 loans of
$2,500 or less (small-home construction loans).
The unpaid principal balance of FHA-insured
home-mortgage loans on December 31, 1941 was
$2,962,000,000, including mortgages insured under
Title I I and Title VI. I n relation to the total outstanding home-mortgage debt on that date, this
means that approximately $1 out of every $7 was insured by the FHA. The growing segment of F H A
loans is indicated by comparable ratios for the 2
preceding years: At the end of 1940, about $1 out
of every $8 was FHA-insured; and in 1939, the ratio
was only $1 out of $11.
The distribution of FHA-insured loans held in
institutional portfolios at the end of 1941 is shown
in the pie chart on the facing page.
PROSPECTS FOR THE C U R R E N T Y E A R
Two developments during the current year point
to a slower growth of mortgage-loan portfolios. I n
the first place, the present stringent restrictions on
new building have eliminated one of the most
Federal Home Loan Bank Review
important elements in the mortgage-lending business
of recent years—the financing of newly constructed
homes. Thus, in spite of a strong market for existing
properties, available data on mortgage activity
during the first half of this year indicate substantial
decreases from the 1941 volume.
Secondly, the unusually high level of national
income resulting from the war effort is making it
possible for thousand of borrowers to go beyond
their contract requirements and reduce their indebtedness ahead of schedule. Actions in this direction
have received official endorsement as an effective
means of drawing off excess purchasing power and
thereby helping to prevent inflation.
As a final objective in the 7-point anti-inflation
program outlined on April 27, President Roosevelt
stated in his message to Congress: "We must discourage credit and installment buying, and encourage the paying-off of debts, mortgages, and other obligations; for this promotes savings, retards excessive
buying and adds to the amount available to the
creditors for the purchase of War bonds.''
Federal agencies such as the F H A and the HOLC
are urging borrowers to cooperate in this program
by making loan prepayments whenever increased
incomes resulting from the war program make it
possible. There is already evidence that many
thousands of families are participating in this phase
of the "common battle against a rising cost of living."
DISTRIBUTION OF FHA-INSURED
HOME MORTGAGES OUTSTANDING
DECEMBER
(TOTAL!
3 1 , 1941
$2,962,000,000)
OTHERS
13.4%^^^
MUTUAL SAVINGS
BANKS
J
6.6%
£
1
aCOMMERCIAL
9
BANKS
fl
46.4%
SAVINGS AND L O A N f l
ASSOCIATIONS Eg
8.2 %
FE
The combined effect of a lower volume of new
loans and increased payments on obligations now
outstanding is almost certain to bring about smaller
gains in the home- mortgage debt during 1942.
Membership of Advisory Council
•
M E M B E R S H I P of the Federal Savings and
Loan Advisory Council for 1942-1943 was
recently announced by the Federal Home Loan Bank
Administration. This Council, composed of one
member elected annually by the board of directors of
each of the Federal Home Loan Banks and six members appointed by the Federal Home Loan Bank
Commissioner, usually meets twice a year to confer
on problems relating to the field of thrift and home
finance.
B A N K ELECTIONS
Boston: Sumner W. Johnson, Cumberland Savings and Loan
Association, Portland, Maine (re-elected).
New York: Francis V. D . Lloyd, Central Bergen Savings a n d
Loan Association, Ridgefield Park, New Jersey,
Pittsburgh: James J. O'Malley, First Federal Savings and
Loan Association of Wilkes-Barre, Wilkes-Barre, Pennsylvania (re-elected).
Winston-Salem:
William H . Walker, First Federal Savings
a n d Loan Association of Miami, Miami, Florida.
Cincinnati: W. Megrue Brock, T h e Gem City Building and
Loan Association, D a y t o n , Ohio.
Indianapolis:
Walter J. L. R a y , T h e S t a n d a r d Savings and
Loan Association, Detroit, Michigan.
Chicago: A r t h u r G. E r d m a n n , Bell Savings a n d Loan Association, Chicago, Illinois.
Des Moines: George S. Metcalfe,* Roosevelt Federal Savings
a n d Loan Association of St. Louis, St. Louis, Missouri.
Little Rock: Grover J. Casselberry, First Federal Savings and
Loan Association of El Paso, El Paso, Texas.
Topeka: George E. McKinnis, First Federal Savings and
Loan Association of Shawnee, Shawnee, Oklahoma
(re-elected).
Portland: T. M. Donahoe, Puget Sound Savings and Loan
Association, Seattle, Washington.
Los Angeles: Horace S. Wilson, Southern California Building
a n d Loan Association, Los Angeles, California.
ADMINISTRATION
INSUR
COMP/WIES
2 5 . 4%
^ * * « i ^
DIVISION OF OPERATING STATISTICS
FEDERAL HOME LOAN BANK ADMINISTRATION
This chart shows the percentage distribution of the home-mortgage holdings
insured under Titles II and VI of the National Housing Act, totaling $2,962,000,000
at the end of 1941. Of this amount, which represents the unpaid principal balance, commercial banks and life insurance companies held over 70 percent.
September 1942
APPOINTMENTS
Joseph H . Soliday, Franklin Savings Bank, Boston, Massachusetts.
Walter B. Gibbons (attorney), Philadelphia, Pennsylvania.
Charles T. Fisher, Jr., National Bank of Detroit, Detroit,
Michigan.
Will C. Jones, Jr., Mercantile National Bank, Dallas, Texas.
P a u l F . Good (attorney), Lincoln, Nebraska.
D a v i d G. Davis, Raphael Weill & Company, San Francisco,
California.
393
OPERATING STATEMENTS REVEAL
STRENGTHENING O F RESERVES
Following the analysis of the condition of member associations at the
end of 1941, presented in the July issue, this article summarizes the
combined operating statements of over 3 , 5 0 0 savings and loan members. Operating ratios are classified by asset-size groups to increase
the usefulness of these data to management.
•
TO judge from the experience of British building
societies, one of the toughest jobs confronting
savings and loan management during the War will
be the maintenance of a sound relation between
income, on the one hand, and expenses, reserve
allocations, and dividends, on the other. Fiom this
point of view, analysis of operating statements by
savings and loan associations for 1941, the last year
of peace-time activity, is of more than usual interest.
The 3,536 savings and loan members of the Bank
System supplying operating statements received a
gross operating income of over $235,000,000 during
the year. They spent more than $62,000,000 for
operating expense, of which approximately $30,000,000 was for compensation and almost $5,000,000 for
advertising. Allowing for interest on borrowed
money and for non-operating income and expense
items, their net income was over $169,000,000. Of
this amount, $123,000,000 went to savers as return
on their funds while $46,000,000 was retained in
reserves and undivided profits.
Disregarding a small difference in the number of
reporting institutions, comparison with 1940 data
shows total operating income up 10.8 percent; net
income, up 11.5 percent; and allocations to reserves
and undivided profits, plus 21.7 percent. These
figures undoubtedly stamp 1941 as a good savings
and loan year. However, more significant than the
comparison of dollar amounts is an analysis of operating ratios because they are not affected by fluctuations in the number of members reporting on a
calendar.-year basis. This analysis is summarized
in Table 1.
INCOME AND E X P E N S E RATIOS
Of every hundred dollars of operating income
received during the past year, $88.07 was obtained
from interest on mortgage loans. This compares
with $86.75 in 1940 and $86.22 in 1939, reflecting the
continuous growth of the mortgage portfolio of
member associations in relation to total assets. The
394
proportion of operating income derived from all
other sources showed declines, with the sharpest
drop registered in net earnings from real-estate
owned, which contributed only $1.60 to every hundred dollars of operating income as against $2.44
the year before. This is not surprising in view of
the 37-percent reduction in property held by member associations during 1941.
Total operating costs absorbed 26.4 percent of
gross operating income—a slight increase over 1940
which was due mainly to a higher ratio of the
miscellaneous item "all other operating expense."
Compensation for personnel accounted for 12.7 percent of the operating income, and 2.1 percent was
used for advertising—practically the same proportions as during the preceding year.
STRENGTHENING OF R E S E R V E S AND UNDIVIDED
PROFITS
In spite of the fractional rise in the operatingexpense ratio, the net earnings related to total operating income increased from 71.4 percent in 1940
to 71.9 percent. For one reason, interest on Federal
Home Loan Bank advances and other borrowed
money absorbed only 2 percent of the gross operating
income compared with 2.2 percent the year before.
I n addition, the ratios of non-operating income and
non-operating charges showed a more favorable picture than in 1940.
Most important from the point of view of future
operations perhaps is the change in the distribution
of net income, shown in the lower section of Table 1.
Following a similar trend evidenced since 1938,
member associations have devoted an increased
proportion of their net earnings to the building-up
of their reserve and undivided-profit accounts. In
the past year 27.1 percent of net income was retained
in these accounts compared with 24.8 in 1940.
Conversely, only 72.9 percent was used for dividends
(including interest on deposits and investment certificates) as against 75.2 percent the year before.
Federal Home Loan Bank Review
This policy cf improving reserve positions, through
reduction of dividend rates where necessary, will
undoubtedly bear its fruit if pursued energetically
during the years to come, because it will create
stronger institutions capable of absorbing the shock
of post-war adjustments.
VARIATIONS BY CLASS OF ASSOCIATION
With a few minor exceptions, the trends noted for
all member institutions from 1940 to 1941 hold for
each of the three classes of associations. However,
the operating ratios themselves show considerable
variations among Federal, insured State-chartered
associations, and uninsured members. Uninsured
member associations report a much lower ratio of
operating expense to total operating income than do
either Federals or insured State-chartered institutions, and the same is true for every individual expense item. This is, of course, mirrored in a higher
ratio of net to gross income for uninsured member
institutions.
Turning to the distribution of net income, Federals retained the largest portion of their net earnings in reserves and undivided profits—almost 30
percent in the past year. Insured State-chartered
members ranked next, devoting 26.4 percent for this
purpose. Uninsured associations set aside 24 percent
of net income in reserves and undivided-profits.
ANALYSIS
BY ASSET-SIZE G R O U P S - -A
MANAGEMENT
TOOL
FOR
As last year, the operating statements for 1941
have been combined into nine asset-size groups to
enable ready comparison of an individual association's performance with that of institutions of
similar size (Table 2).
Confirming the pattern evolving in last year's
initial analysis, 1941 data reveal again a higher
operating efficiency of the larger associations: The
ratio of operating expense to total operating income
shows a tendency to decline as the institution grows
in size. However, the variations in this ratio—
between 32 and 25.6 percent—are less marked than
they were a year ago. Also, if the two lowest assetsize groups of less than $100,000, comprising but a
small minority of institutions, are excluded, the
ratios of operating expense to operating income vary
within a narrow range, from 26.9 to 25.6 percent.
Principal advantage of the larger associations in
point of operating cost lies in the compensation item.
Table 1.—Selected operating ratios for reporting savings and loan members of the
Federal Home Loan Bank System
[ C a l e n d a r years 1940 a n d 1941]
All associations
I n s u r e d Statechartered
Federals
U n i n s u r e d Statechartered
Item
1941
N u m b e r of associations
_
I n t e r e s t income:
O n mortgage loans
O n real estate sold on contract
N e t income on real estate o w n e d ._
P r e m i u m s , fees, commissions, etc
All other operating i n c o m e - .
Compensation
_ _ _
-_
_ _ _ _ _
____
_
________
_ _ __
__
_ _ _
__
_
_
N e t operating income
-
- - - - - - -
Less: I n t e r e s t on F H L B a d v a n c e s a n d o t h e r b o r r o w e d m o n e y
_
A d d : T o t a l non-operating income
__
__
____
Less: T o t a l non-operating charges
_
_
-
__
_
1940
1941
1940
September 1942
_.
_ _
_
______
___
1940
1941
1940
3, 536
3,508
1,456
1,428
814
772
1,266
1,308
Percent
88.07
3.87
1.60
3.27
3.19
Percent
86.75
4.05
2.44
3.45
3.31
Percent
89.78
3.29
0.75
3.78
2.40
Percent
88.37
3.67
1.40
4.15
2.41
Percent
85.49
5.52
2.46
2.84
3.69
Percent
84.86
5.40
3.04
2.85
3.85
Percent
87.57
3.41
2.20
2.83
3.99
Percent
85.96
3.58
3.43
2.94
4.09
100.00
100. 00
100.00
100.00
100.00
100.00
100.00
100.00
12.66
2.43
2.10
9.20
12.60
2.49
2.12
8.97
13.11
2.50
2.78
9.74
13.11
2.63
2.92
9.44
13.71
2.63
2.13
11.11
13.69
2.71
2.15
11.06
11.11
2.15
1.05
6.84
11.15
2.15
1.03
6.80
26.39
26.18
28.13
28.10
29.58
29.61
21.15
21.13
73.61
73.82
71.87
71.90
70.42
70.39
78.85
78.87
2.03
2.45
2.17
2.23
2.34
2.54
2.69
2.08
2.00
2.94
1.97
2.05
1.95
3.10
2.43
2.16
3.09
3.45
1.10
2.49
2.21
1 35
2.28
2.53
71.86
71.39
69.26
68.88
69.14
67.87
78.03
77.27
Du>TRIBUTION
N e t income
1941
OF N E T INCOME
72.87
15.80
11.33
75.15
14.53
10.32
70.16
16.23
13.61
72.78
15.08
12.14
73.56
15.50
10.94
77.47
15.37
7.16
76.02
15.44
8.54
76 45
13.35
10.20
100.00
100.00
100. 00
100.00
100.00
100.00
100.00
100.00
395
Institutions in the two largest asset-size groups spent
only 11.5 percent of their total operating income for
this purpose, as against 17 to 18 percent in the case
of the two smallest size classes—this in spite of the
fact that many of t h e smaller institutions operate
under part-time management. However, the larger
associations reported a ratio of advertising expense
to gross operating income about three times as high
as that of the smallest size groups.
A glance at Table 2 shows a number of other conspicuous differences: Premiums, fees, and commissions,
etc., loom larger in the gross operating income of the
small associations. On the other hand, interest on
Federal Home Loan Bank advances and other borrowed money absorbed a greater percentage of their
income, owing to the fact that the borrowings of the
smaller institutions are somewhat higher in relation
to assets. Net income—after allowance for interest
charges and for non-operating income and deductions^—showed a tendency to increase with growing
asset size.
A more or less regular pattern is also reflected in the
distribution of net income. The larger associations
retained a higher proportion of net earnings in
reserves and undivided profits than did the smaller
members. Conversely, dividends absorbed a smaller
percentage of net income of the associations grouped
in the upper-asset brackets. This is partly due to
the fact that the larger institutions of the savings
and loan type are in the majority of cases located in
metropolitan centers where lower returns on savings
prevail.
Directory of Member, Federal,
and Insured Institutions
Added during July-August
I. INSTITUTIONS ADMITTED TO MEMBERSHIP I N
THE FEDERAL HOME LOAN BANK SYSTEM
BETWEEN JULY 16, AND AUGUST 15, 1942
D I S T R I C T NO. 2
N E W JERSEY:
Maplewood:
Crestmont Savings and Loan Association, 1886 Springfield Avenue.
Trenton:
The Trenton Savings Fund Society, 123-125 East State Street.
N E W YORK:
Troy:
The Pioneer Building-Loan and Savings Association, 30 Second Street.
D I S T R I C T NO. 3
PENNSYLVANIA:
Philadelphia:
John B. Stetson Building and Loan Association, Fifth Street and Montgomery Avenue.
D I S T R I C T NO, 6
INDIANA:
Crawfordsville:
The Union Savings and Loan Association of Crawfordsville, 108 South
Green Street,
(Continued on p. 4-17)
Table 2.—Selected operating ratios for 3,536 savings and loan members of the
Federal Home Loan Bank System
[For the year ending December 31, 1941, by size of association]
Item
N u m b e r of a s s o c i a t i o n s - . .
Interest income:
O n m o r t g a g e loans
O n real e s t a t e sold o n c o n t r a c t
N e t income o n real estate o w n e d
_ _
P r e m i u m s , fees, commissions, e t c
_
All other o p e r a t i n g income
....
.__
-
~
T o t a l gross o p e r a t i n g i n c o m e _ , .
Total operating e x p e n s e . .
N e t operating income-.
$50. 000$99, 999
$100,000$249,999
$250.000$499,999
36
147
665
742
757
743
Percent
88.07
3.87
1.60
3.27
3.19
Percent
89.86
2.83
0.24
5.77
1.30
Percent
87.25
2.08
4.48
4.67
1.52
Percent
88.01
2.91
2.85
4.25
1.98
Percent
87. 93
3.49
2.90
3. 42
2.26
Percent
87. 48
4.22
2. 45
3. 30
2.55
Percent
88.36
3.94
1.82
3.30
2.58
100. 00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
12.66
2.43
2.10
9.20
16.61
3.89
0.71
10.83
17.79
2.83
0.91
9.62
15.31
2.35
0.94
8.33
14. 63
2.35
1.17
8.67
13. 94
2.38
1.60
8.94
12. 96
2.37
2.10
9.12
12.34
2.09
2.36
9.51
11.44
2.60
2.35
9.22
11.51
2.83
2.49
9.45
26.39
32.04
31.15
26.93
26.82
26.86
26.55
26. 30
25.61
26. 28
73.61
67.96
68.86
73.07
73.18
73.14
73. 45
73.70
74.39
73.72
2.03
2.45
2.17
3.30
1.89
2.24
2.92
2.47
2.80
3.02
2.00
2.12
2. 78
3.08
1.87
2.87
2.03
1.58
2.29
2.11
1.86
1.91
2.74
2.65
1.40
2.55
2.56
1.31
2.66
2.21
71.86
64.31
65. 60
69.93
71.61
70.72
71.41
71.88
72.98
72.86
3,536
-_
Compensation _
__
_ ._
M a i n t e n a n c e of office q u a r t e r s
Advertising _
_ _
All other o p e r a t i n g expense^-- - -
Less t h a n
$50,000
Total
. _
-
__
-
-
___„____
-...
. _ ..
--
- . - -_ - -
Less: I n t e r e s t o n F H L B a d v a n c e s a n d o t h e r borrowed
m o n e y ._. _ ._ . _
..
.. _
A d d : T o t a l non-operating income
_ .. _
_. .
N e t income
!
$500,000- $1,000,000- $2,500,000- $5,000,000Over
$999,999 $2.499,999 $4,999,999 $9, 999, 999 $10,000,000
288
110
48
Percent I Percent
87.90
86.86
3.45
4.75
1.48
1.31
3.80
3.11
3.37
3.97
Percent
89. 51
3.53
0.33
2.40
4.23
D l S T RIB UTION OF N E T I N : O M E
D i v i d e n d s (including i n t e r e s t o n deposits a n d i n v e s t m e n t
certificates).. _ _
.
_
.
Transfers t o reserves _
- - _
B a l a n c e t o u n d i v i d e d profits
. . . _ -_
N e t income
396
_
- .__
....
72.87
15.80
11.33
78.02
12.82
9.16
77.33
15.11
7.56
75.32
14.78
9.90
74.45
15. 60
9.95
73.84
16.15
10.01
72.90
16.12
10.98
73.59
14.94
11.47
71.13
17.20
11.67
71.82
15.08
13.10
100. 00
100. 00
100. 00
100. 00
100. 00
100.00
10Q 00
100.00
100. 00
100. 00
Federal Home Loan Bank Review
PERSONNEL POLICIES OF SAVINGS AND LOAN
ASSOCIATIONS
Fundamental practices of personnel administration, as distinct from
problems created by the war emergency, are discussed in the current
article. This is the final report on the REVIEW'S recent questionnaire
survey of a group of member associations.
•
T H E wartime personnel practices of savings
and loan associations, as reported in the July
R E V I E W , represent no radical departures from
standard practices but rather another step in the
evolution from the old "hiring and firing" concept
to the present-day philosophy of employee relations.
The 76 answers to 100 questionnaires on which these
two articles are based provide an interesting indication of the extent to which this modern technique
in management is being employed by representative
larger savings and loan associations throughout the
country.
EMPLOYMENT PRACTICES
With the exception of two associations having a
distinct Personnel Department, the managing officer
in most institutions is responsible for hiring. In
associations with assets up to $5 million, employment is usually subject to the approval of the board
of directors. Institutions with assets of more than
$5 million more often leave the matter to the discretion of the responsible officers. In some cases, only
the appointment of officers is passed on by the
directors.
The question, "Do you have minimum educational
qualifications?" revealed substantially identical requirements. The reply of a large West-Coast association: "Specifically, no, but obviously educational
background is considered," was fairly typical of the
common-sense attitude prevailing. Of the 76 replies,
only four noted college training as a prerequisite.
High school education was checked on well over half
the replies; business school, in addition, was required
by less than one-fourth; 17 associations considered
the latter alone sufficient.
In addition to the usual references, pre-employment testing now receives considerable attention.
Of the 73 replies, 43 indicate such procedure. As
usual, stenographic, typing, and clerical tests are the
most commonly required. However, general intelligence and aptitude tests are given by 23 and 12
associations, respectively.
Szptzmbzr 1942
480008—42
As to sources for recruitment, application files and
personal recommendations lead the list, with schools
or colleges next, then agencies, and advertisement
last.
SALARY POLICIES
The principle of equal pay for equal work, cornerstone of any sound salary policy, is receiving increasing attention in business and industry. Among
relatively small organizations this need not necessarily be based on an elaborate system of job classification. However, slightly more than half of the
associations polled indicate that their personnel
procedure includes an analysis, or classification, of
positions. As an accompanying technique, 23 institutions have established a definite salary range for
each job.
Regular salary increases are granted in amounts
ranging from a 4- to 20-percent average, but usually
5 percent, by 37 of the reporting associations. Of
these, 22 are granted annually; one between 1 and
2 years; 8, semi-annually; and 5 institutions state
that their policy includes a definite schedule of
increases but not at specific intervals. In the
majority of cases the amount of increase depends on
an individual employee's value.
Of the six criteria for increase listed for checking
on the R E V I E W ' S questionnaire, judgment of officers
and directors is by far the leading item. The next
most frequently mentioned factor is length of service,
followed by analysis of the job. "General conditions
of supply and demand" are considered by 10 associations, while 13 are guided by comparison with other
associations. Eleven institutions employ a system
of service ratings, based on personal qualifications,
ability, and potentiality, as an objective guide.
Returns indicate a notable prevalence of bonus
distribution (62) which is frequently cited as a
reason for not adopting regular pre-determined
salary increases. Christmas bonuses of definite
amounts or based on a percentage of salary or of
earnings are reported in more than 40 instances.
Sixteen associations distribute bonuses at other
397
2
times of the year, and seven give them semi-annually.
A mid-western institution has tied its bonus system
in with the war-bond campaign by giving a 5-percent
bonus to be matched by a like amount from employees in order that they may meet the 10-percent
payroll-deduction goal.
Another salary-adjustment device used by a few
associations is the granting of extra compensation
for new business developed. Sixty-seven associations encourage such activity on the part of their
employees although only five give direct awards.
Others indicate that this factor influences advances
in salary and position.
SOME FACTORS OF EMPLOYEE MORALE
Perhaps even more important to employees than
their immediate salary level is the expectation of
advancement. Promotion from the ranks was
checked on 63 questionnaires as a feature of personnel policy. One of the largest associations states
that this procedure is followed in 90 percent of the
cases. Other answers such as "if at all possible"
and "if employees are qualified" obviously indicate
the willingness to recognize demonstrated merit,
which is the basis of sound employee morale.
The growing tendency to develop a reciprocal
interest between employers and employees in their
ideas and problems is notably reflected in this survey.
Forty-five associations report a definite procedure
for encouraging employees' suggestions; 35 have
developed specific techniques for handling grievances,
and 36 institutions have established channels for
discussion of employees'' progress and prospects.
EMPLOYEE T R A I N I N G — A B E N E F I T To A L L
The problem of employee training is three-fold:
(1) the orientation of new employees; (2) the continuing instruction of employees on changes in association
policies regarding both personnel and general operation matters; and (3) training on the job for the
benefit of employee and employer.
Two out of every three reporting institutions
indicate that they employ definite methods of bringing general policies to the attention of their employees, but only about one-half have made similar
provisions for handling personnel policies.
The importance of a general understanding among
employees of management attitude toward current
operations is well illustrated by the recent experience
of one institution in its promotion of war bonds.
Officers of this association discovered that some of
the older employees had the mistaken impression
398
that active sale of war bonds would work to the
detriment of the institution and thus undermine
their own jobs. A meeting of the employees was
held to discuss the program for bond sales. After
a full explanation of the association's position and
of the urgent need for doing everything possible to
promote bond sales, the employees resumed their
work with a new understanding which resulted in
a substantial gain in bond sales and larger investments in the association as well.
These group meetings—about half voluntary, half
compulsory—are the most popular medium for discussing policy matters with employees, although
some institutions use handbooks or employee publications (house organs) in addition. Few institutions hold to a rigid schedule for these assemblies.
A sizeable number of associations report that these
meetings are conducted by the employees themselves
with staff officers brought in as the principal speakers.
So that a large portion of personnel may be as
familiar as possible with many phases of association
work, about three out of five of the institutions included in this survey rotate employees on various
jobs. This is used in preference to an apprentice or
understudy system which is favored only by some
of the largest associations.
Informal study programs for association employees
are confined primarily to the circularization of the
R E V I E W and other magazines which concentrate on
developments in the savings and loan field. Almost
60 institutions report that they maintain a library of
savings and loan material which is available to employees for training or study.
In the matter of formalized or prescribed courses of
study, the overwhelming preference is for classes
offered by the American Savings and Loan Institute.
Virtually all replies indicate that study in the Institute classes is encouraged and, with few exceptions,
at least part if not all of the fees are paid by the
institutions. Attendance of junior executives at
conventions, graduate schools, and similar educational conferences is also sponsored by a majority of
the associations.
EMPLOYEE W E L F A R E AND B E N E F I T S
Vacations have become a generally accepted phase
of employee benefits. Two weeks is by far the most
common vacation period, with certain variations
depending on length of service. Of the many other
more recently developed methods for employee welfare, group life insurance is the one most widely used.
Twenty-five of the reporting associations have made
Federal Home Loan Bank Review
such arrangements for their employees and five more
have plans under consideration. Almost as many
institutions (20) report that health and accident protection is available, and three more are now studying
such proposals.
Provisions for sick leave are frequently tied in with
the operation of these plans. Aside from this, approximately two-thirds of the reporting institutions
indicate some arrangement for sick leave—individually as the necessity arises, for stipulated periods, or
" a s much as needed' 7 or "no limit."
The number of associations which employ pension
or retirement plans is somewhat higher than would
have been expected from data available before this
recent survey. Seventeen institutions answer " y e s "
to the question, " D o you have a definite pension or
retirement system?" Of these, four handle retirement of employees on a case basis. Of the remaining
13, only five had been included in the R E V I E W ' S
previous report on the progress of retirement and
pension plans. 1 In addition, it is significant that six
other associations have plans of this type under
consideration.
About one association out of seven sponsors some
sort of employee athletic association. Recreation
rooms for employees are found in eight of the reporting institutions.
The savings and loan industry, judging by this
survey, seems to have gone farther in the application
of progressive personnel practices than in accepting
the necessity of keeping records of employees and
personnel activity. As would be expected, more
complete files, both as to number and scope, were
found among associations with larger staffs than in
smaller institutions.
Altogether, 26 of the 76 institutions in this survey
use application forms for employment; 28 keep a
record of previous employment history; 30 have files
on the association job and salary history; 25 maintain interview arid reference papers; 16 register the
training or educational pursuits of employees; but
only six of the responding associations record
periodic reports of supervisors and not more than
four employ rating sheets for the individual
members of their staff.
1
See "Progress in Pension Plans," FHLB REVIEW, January 1942, p. 108.
Among the most recent developments in this field has been the offer of the New
York State Bankers Retirement System to extend its facilities to the members of
the New York League of Savings and Loan Associations. This offer, which was
formally accepted at the Fifty-Fifth Annual Convention of the League, provides
a convenient opportunity for associations in this State to set up retirement benefits
for their employees. Although it has only been in operation for 3^j years, the
Bankers Retirement System has already accumulated assets of more than
$400,000.
September 1942
Added Social-Security Benefits
for Association Employees
•
E M P L O Y E E S of State-chartered savings and
loan associations which were members of the
Federal Home Loan Bank System prior to January
1940 will receive additional social-security benefits
as a result of a ruling by the Bureau of Internal
Revenue and action by the Social Security Board.
The effect of a revised interpretation of the law
is to give employees of all State-chartered savings
and loan associations, homestead associations, cooperative banks, and insurance companies, which
were members of the Bank System, credits for the
"wages" which they earned in 1937, 1938, and 1939.
These had not been considered in the computation
of the "average monthly wage" upon which socialsecurity payments are based because, under a
previous ruling, membership in the Bank System
classified these institutions as "instrumentalities of
the United States Government." They were, therefore, excluded from social-security benefits.
Under an amendment by Congress to the Social
Security Act and Internal Revenue Code which
became effective on January 1, 1940, instrumentalities of the Government were defined so as to exclude
from the payment of unemployment taxes only
those which are "wholly owned" by the United
States. Since State-chartered and Federal associations are not wholly owned by the United States the
employees of such associations were brought under
the benefits of the Social Security System. However,
they received no credit for service from 1937 to 1940.
This placed the older workers at a disadvantage
because of the fact that the "average monthly
wage" is determined by dividing the total amount
of wages earned while covered by the law by the total
number of months in which the workers "could
have earned" wages under the program, since 1937.
Therefore, the new rulings will be of greatest importance to the older employees—particularly those
nearing 65, at which time they become eligible for
social-security benefits.
The status of employees of Federal associations is
not affected by the new ruling.
An important provision of the new ruling is the
fact that neither the associations nor their employees
will be required to pay taxes on services performed
prior to January 1, 1940. However, associations
must file promptly with the Internal Revenue Bureau
and the Social Security Board reports showing the
earnings of all employees for 1937, 1938, and 1939.
399
HOW MUCH DID WE BUILD?
Revised estimates of residential construction during the past twelve
years, based on recent Census returns, reveal a substantially larger
volume of building activity than was previously reported. Conversion
of existing dwellings played an important part in providing new
family units.
•
T H E thirties have commonly been regarded as
a period of extremely low residential building
activity, characterized—as they were—by the coincidence of a major business depression with the
downgrade of what is known as the "long building
cycle.'' This downward phase of the building cycle
began in 1926 and its most pronounced effect was
felt throughout the first half of the thirties. Kevised estimates of residential construction, prepared
by the Bureau of Labor Statistics, 1 now reveal that
building activity during the past decade was not
quite as low as was shown by current building permit data, and that the supply of newly constructed
houses was supplemented by a surprisingly large
volume of conversions of existing dwellings.
N E W ESTIMATES R A I S E CONSTRUCTION VOLUME
25
PERCENT
The revised estimates indicate that 2,734,000
family units were built in nonfarm areas from 1930
through 1939. This compares with an estimated
2,199,000 units previously reported for the decade
on the basis of building permits and is equivalent to
a 25-percent increase over the earlier estimates.
The chart at the top of page 401 shows both the old
and the new figures for the thirties as well as for
the first 2 years of the current decade.
These revisions of building statistics were made
possible by comparing the results of the 1940 Housing Census with those of the preceding Decennial
Census and are due principally to corrections of
construction estimates for the so-called rural nonfarm areas—small communities which are neither
urban nor farm in character. 2 While building
permit reports for urban localities throughout the
thirties were fairly accurate, the coverage of rural
nonfarm areas has been far less complete. Results
of the 1940 Census, which show not only the net
i "Housing and the Increase in Population," Monthly Labor Review, April 1942,
and " N e w Dwelling Units in Nonfarm Areas, 1940 and 1941/' Monthly Labor
Review, May 1942. The revised estimates are preliminary as some of the underlying data are based on incomplete Census returns.
2
Nonfarm areas include all urban places—generally communities of 2,500
nhabitants or over—and all rural dwellings where the enumerator's question,
"Do you live on a farm?" is answered in the negative.
400
increase in families and dwelling units from 1930 to
1940 b u t also the years in which the units were built,
have now provided the basis for a more accurate
determination of the building volume in rural nonfarm areas. Other changes were caused by the usual
reclassification of dwellings undertaken in each
Census.
Revised estimates of nonfarm residential
construction, 1930 to 1941
[Number of dwelling units]
Period
1930_
1931_„_
1932—. —__-.-..__
1933
1934
.
1935____
1936
.
1937______„
1938
1939
Urban
„_
236, 000
174, 000
64, 000
45, 000
49, 000
117,000
211,000
218, 000
262, 000
359, 000
Total: 1930-1939-„_ 1, 735, 000
1940
1941
_..
.
397, 000
440, 000
Rural
nonfarm
94, 000
80, 000
70, 000
48, 000
77, 000
104, 000
108, 000
118, 000
144, 000
156, 000
999, 000
206, 000
275, 000
Total
330, 000
254, 000
134, 000
93, 000
126, 000
221, 000
319, 000
336, 000
406, 000
515, 000
2, 734, 000
603, 000
715, 000
According to the new estimates approximately
1,000,000 new dwelling units were built during the
past decade in rural nonfarm areas, as against less
than 600,000 reported currently on the basis of
scanty building permit data. This raises the
proportion of new units built outside of city limits
to almost 37 percent of the total number of family
units erected in all nonfarm areas, and demonstrates
the extent to which the much discussed "decentralization" of urban living has progressed.
More and more, new building activity has moved
away from the congested urban areas to the outskirts
of cities and to small communities which offer the
advantages of more healthful surroundings, lower
land prices and building costs, lower property taxes,
and the absence of municipal restrictions. Improved
highways and the growing popularity of the automoFederal Home Loan Bank Review
revised figures demonstrate that building activity in
the rural nonfarm areas is much less affected by ups
and downs in the building cycle than is construction
in urban communities. The table on page 400
indicates, in fact, that in the 3 years of lowest
construction volume—1932, 1933, and 1934—the
number of units erected in rural nonfarm areas
exceeded the number of units built in urban places.
T H E SINGLE-FAMILY H O U S E IN THE FOREFRONT
The above chart shows revised estimates of the volume of nonfarm residential
construction in comparison with the old estimates. The latter were based on
studies of the National Bureau of Economic Research for the period through 1936
and on building permit data collected by the Bureau of Labor Statistics for subsequent years. The new estimates for the entire period included in the chart
represent revisions by the Bureau of Labor Statistics.
bile have been powerful factors facilitating this trend
away from the cities. Of course, war-time restrictions have changed this picture at least temporarily.
HOUSING PERFORMANCE OF T W O DECADES COMPARED
Despite the upward revision of residential construction estimates, the thirties remain a decade of
generally low building activity. In the preceding
10-year period, from 1920 to 1929, new homes had
been built for one out of every three families in
nonfarm areas—an extraordinary performance in the
annals of modern housing. In the past decade, only
one out of every ten families in nonfarm areas was
accommodated by new construction. During the
twenties, 127 new homes had been provided for
every 100 new families. In the past decade only
61 new dwelling units were constructed for every
increase of 100 families. While many other factors
enter this picture, the latter figures throw some
light on the extent of "over-building" in the boom
period of the twenties, which in turn was one of the
causes for "under-building" in the early thirties
until the excess supply was absorbed.
Generally, the new estimates leave unchanged the
shape of the residential building cycle, as we have
known it. They rather raise the level of home
construction throughout the decade. However, the
September 1942
Proceeding from this brief historic sketch of the
thirties to the opening years of the present decade,
it is notable that the new estimates raise the number
of new family units constructed in nonfarm areas to
603,000 for 1940 and to 715,000 for 1941, compared
with 540,000 and 615,000, respectively, listed in
earlier reports.
Owing to the more complete coverage of rural
nonfarm areas where 1- and 2-family houses are
predominant, the revised figures demonstrate even
more convincingly the importance of these types of
structures in the total housing supply. In 1941,
for example, over 90 percent of all new dwelling
units were in 1- and 2-family structures—detached,
semi-detached, and row houses. The number of
single-family houses alone was 612,600—the largest
volume ever recorded in the history of American
housing, exceeding the previous peak of 1925 by
over 40,000 units.
This chart illustrates the distribution of residential construction over urban
and rural nonfarm areas during the past 12 years, according to the revised estimates of the Bureau of Labor Statistics. It demonstrates the importance of
home building in areas outside of city limits (rural nonfarm).
40!
These figures point to a noteworthy difference
between the building boom of the twenties and the
recovery of home construction in the past few years.
During the twenties, apartment units were looming
large in the total supply of new dwellings, representing up to 30 percent of all family units constructed in nonfarm areas. That period was characterized largely by the building-up of our cities. In
the recent years of relatively high building activity,
apartment construction has consistently been lagging
behind—the result of "decentralization," consumers'
preferences, and the unwillingness of private capital
to enter the field of apartment building on a straight
investment basis rather than on the traditional basis
of expected value appreciation.
TOTAL HOUSING SUPPLY D U R I N G THE T H I R T I E S
On the basis of Census returns, the Bureau of
Labor Statistics estimates that during the past
decade 4,503,000 nonfarm families, representing the
net increase from 1930 to 1940, needed shelter of
one type or another. In addition, from 1930 to 1939,
397,000 dwelling units were demolished and had to
be replaced. This rate of elimination was estimated
on the basis of demolition permits reported by 291
cities and is equivalent to 1.5 percent of all nonfarm
dwelling units standing in 1930.
How was the over-all need for 4,900,000 dwelling
units met? The following table summarizes the
answer to this question:
Source of A d d i t i o n a l Housing Units,
1930-1939
Newly constructed units
__,
_.
Net decline in vacancies
_.
Vacancies 1930: 2,392,000
Vacancies 1940: 1,903,000
Net increase of units in remodeled structures __
Housekeeping units in unremodeled dwellings. _
Reclassification of farm dwellings
.
Trailers
.
Miscellaneous types of shelter L . Gross addition of housing units
Minus demolitions
____..__
Net addition of housing units—
.
2, 734, 000
489, COO
725,
345,
91,
100,
416,
000
000
000
000
000
4, 900, 000
397, 000
4, 503, 000
i Accommodations in the backs of stores, warehouses, garages, shacks, houseboats, tents, boxcars, etc.
One of the most interesting figures in this table is
the 725,000 units added to the housing supply by the
remodeling of existing structures. This means that
the conversion of dwellings yielded accommodations
equivalent to 27 percent of the units newly constructed
402
during the decade. The number of homes which
were created by remodeling actually exceeded the
number of multi-family units built in apartment
houses throughout this period. An average of
72,500 units per }^ear is a rather high rate of remodeling—due in part to economic conditions during
the thirties which reduced the demand for large
single-family houses as well as for over-sized luxury
apartments and forced owners into conversion as
the only means of salvaging their investments.
This figure at the same time indicates the vast and
not yet fully tapped potentialities of remodeling in
the present war-housing program.
An additional 345,000 families found shelter in
unremodeled dwellings by "doubling-up" which, to
judge from these statistics, was more common in
1940 than it was 10 years before. This, coupled
with the fact that the majority of the "miscellaneous"
places in which 416,000 families had to find shelter
can hardly be classified as residences, demonstrates
the need for continued improvement of housing
standards. Moreover, restriction of new construction and lack of maintenance and modernization
during the War will accelerate the deterioration of
the housing plant in this country.
TRAILERS L E S S POPULAR T H A N ANTICIPATED
Only 100,000 nonfarm families have sought permanent shelter in trailers which received so much
publicity during the early thirties. This findingthrows cold water on the bold forecasts of sociologists and others who only a few years ago predicted
that the trailer would bring a rapid revolution in
the housing habits of great masses of our population.
Nothing of the sort has happened; the trailer so far
has changed travel habits rather than housing, and
even those on a moderate scale. I t remains to be
seen whether the wide use of trailers as temporary
shelter for war workers will have more permanent
effects.
A1 most 500,000 families were absorbed in dwellingunits which in 1930 had been vacant. In that year,
the Bureau of Labor Statistics estimates, there were
25,692,000 nonfarm dwelling units of which 2,392,000,
or over 9 percent, were vacant. In 1940 the number
of nonfarm residences totaled 29,706,000 of which
1,903,000, or 6.4 percent, were unoccupied. Since
then the rising housing demand in most of the warproduction centers has practically eliminated all
vacancies, with the result that the national vacancy
ratio has probably been reduced to much lower levels
than those prevailing in 1940.
Federal Home Loan Bank Review
HONOR ROLL OF WAR BOND SALES
. ^ ^ ^pa^
First place on this month's Honor
r^sSSfti^B ^ ° ^ b e l o n g s to a person rather than
AT LEAST"JLjifJ an institution—to one in the ranks of
^ ~ ^ b s ^ ^ the savings and loan industry. His
story is told in the following release by the Treasury
Department, dated August 19:
" T o d a y ' s War Bond story from t h e Treasury D e p a r t m e n t
does not deal with quotas, sales or other statistics. The
subject is Jacob Ulevich, Assistant Secretary of t h e Acme
Savings and Loan Association of Milwaukee.
"If individual Americans instead of business concerns were
authorized to fly t h e Minute Man flag, Mr. Ulevich was
pictured as just t h e kind of m a n who would be entitled to
such an honor.
"A. H . Gardner, President of the Federal H o m e Loan
Bank of Chicago, first called attention to Mr. Ulevich in a
report to James Twohy, Governor of the Federal H o m e Loan
Bank System in Washington.
"After praising t h e H a r v e y Federal Savings and Loan
Association for selling 17,000 War Bonds with a m a t u r i t y
value of $868,232 up to August 1 a n d t h e T a l m a n Federal
Savings and Loan Association of Chicago for selling $1,000,000
in War Bonds, Mr. Gardner said Mr. Ulevich typified t h e
building and loan field's War Bond service to the nation.
"Governor Twohy was so impressed by t h e story of Mr.
Ulevich t h a t he sent it along to Secretary of t h e Treasury
Henry Morgenthau, Jr., and t h e War Savings Staff.
" M r . Ulevich is an immigrant from t h e Ukraine. H e
settled in Milwaukee as a young man, studied nights to become an accountant, mastered six languages and entered t h e
building and loan field in 1922. H e raised a family, sent his
three sons through college and participated in civic affairs.
He gave up his leisure time evenings to help 2500 immigrants
become naturalized.
"When the Japanese struck at Pearl Harbor, Mr. Ulevich
decided he m u s t do something more to show his gratitude to
the United States. Night after night he visited countless
homes to bring the War Bond message. By July 25, Mr.
Ulevich sold 1632 War Bonds of a m a t u r i t y value of $330,025.
Ninety percent of the purchasers were wage earners of foreign
birth or parentage, and their purchases were not made as
part of any payroll deduction plan.
"Desiring to t h a n k Mr. Ulevich personally, Mr. Gardner
visited Milwaukee. Mr. Ulevich accepted Mr. Gardner's
congratulations modestly, and then handed him receipt stubs
and checks covering the sale of 80 War Bonds totalling $23,525
together with a typewritten list of names and addresses of the
purchasers. Mr. Ulevich explained t h a t he had sold these
bonds the night before at a neighborhood gathering after
receipt of Mr. Gardner's letter.
" T sold these bonds in your n a m e and in your honor,' said
Mr. Ulevich. 'I h a v e n ' t included t h e m in m y totals. They
should be counted in your quota.'
"Writing to Governor Twohy, Mr. Gardner commented:
" ' M y quota! I wonder how m a n y of us Native Son,
Oregon Coast or P l y m o u t h Rock Americans have set for
ourselves or accepted a War Bond sales quota.' "
September 1942
Efforts such as these, springing from the community character of savings and loan associations, illustrate a type of service which is not recognized in
statistical tabulations and is yet a vital contribution
to the war-savings drive.
Turning to the statistical records, a considerable
stepping-up of war-bond sales and purchases by
member savings and loan associations is revealed for
July. The total during that month was more than
$36,200,000 maturity value, an increase of 82 percent
over June.
The standard for inclusion in the Honor Roll has
now been raised from 7% to 10 percent of assets.
The following Honor Roll includes 245 member
associations which through July 31 have sold or
purchased war bonds and stamps equal to 10 percent
or more of their assets, on the basis of maturity
values. One asterisk stands for 15 percent, each
additional asterisk for another 5 percent.
NO. 1—BOSTON
Branford Federal Savings and Loan Association, Branford, Conn.
Bristol Federal Savings and Loan Association, Bristol, Conn.
Sharon Co-operative Bank, Sharon, Mass.
Windsor Federal Savings and Loan Association, Windsor, Vt.
Windsor Locks Building and Loan Association, Windsor Locks, Conn.
NO. 2—NEW YORK
"Amsterdam Federal Savings and Loan Association, Amsterdam, N. Y.
Bellmore Savings and Loan Association, Bellmore, N. Y.
Black Rock-Riverside Savings and Loan Association, Buffalo, N. Y.
*Broad Avenue Building and Loan Association, Palisades Park, N. J.
Bronx Federal Savings and Loan Association, Bronx, N. Y.
Caldwell Building and Loan Association, Caldwell, N. J.
Carthage Savings and Loan Association, Carthage, N. Y.
"Center Savings and Loan Association, Clifton, N. J.
Chemung Valley Savings and Loan Association, Elmira, N. Y.
City Savings and Loan Association, Elizabeth, N. J.
* First Federal Savings and Loan Association, New York, N. Y.
First Federal Savings and Loan Association, Rochester, N. Y.
Fourth Federal Savings and Loan Association, New York, N. Y.
Genesee County Savings and Loan Association, Batavia, N. Y.
Jackson Heights Savings and Loan Association, Jackson Heights, N. Y.
Long Beach Federal Savings and Loan Association, Long Beach, N. Y.
New Brighton Savings and Loan Association, St. George, N. Y.
****Owego Federal Savings and Loan Association, Owego, N. Y.
Polifly Savings and Loan Association, Hasbrouck Heights, N. J.
Queens County Federal Savings and Loan Association, Jamaica, N. Y.
Schuyler Building and Loan Association, Kearny, N. J.
NO. 3—PITTSBURGH
Alvin Progressive Federal Savings and Loan Association, Philadelphia, Pa.
Colonial Federal Savings and Loan Association, Philadelphia, Pa.
*Ellwood City Federal Savings and Loan Association, Ell wood City, Pa.
First Federal Savings and Loan Association, Homestead, Pa.
First Federal Savings and Loan Association of South Philadelphia, Philadelphia,
Pa.
First Federal Savings and Loan Association, Wilkes-Barre, Pa.
**************First F e d e r a i Savings and Loan Association, Wilmerding, Pa.
*Franklin Federal Savings and Loan Association, Pittsburgh, Pa.
Girard Federal Savings and Loan Association, Philadelphia, Pa.
Mutual Building and Loan Association, Erie, Pa.
403
Tops in volume
The 25 member associations which have reported the largest cumulative sales
of war savings bonds and stamps through July 31
1. First Federal Savings and Loan Association, New York,
N. Y
$1,997,561
2. Old Colony Cooperative Bank, Providence, R. I
1,598,499
3. Home Federal Savings and Loan Association, Tulsa,
Okla
1,379,610
4. Minnesota Federal Savings and Loan Association, St.
Paul, Minn
1,241,377
5. Railroad Federal Savings and Loan Association, New
York, N. Y
1,226,546
6. First Federal Savings and Loan Association, Rochester,
N. Y
.
1,168,122
7. Worcester Cooperative Federal Savings and Loan Association, Worcester, Mass
1,133,638
8. Fourth Federal Savings and Loan Association, New
York, N. Y
1,085,857
9. Pacific First Federal Savings and Loan Association,
Tacoma, Wash
.
1,071,832
10. Talman Federal Savings and Loan Association, Chicago,
111
1,065,040
11. Edison Savings and Loan Association, New York, N. Y_ 1,049,475
12. Perpetual Building Association, Washington, D. C
998,829
13. First Federal Savings and Loan Association, Miami, Fla. _
968, 564
14. First Federal Savings and Loan Association, Chicago, Ill_ _
953,460
15. The Gem City Building and Loan Association, Dayton,
Ohio_..„
938,325
16. Railroadmen's Federal Savings and Loan Association,
Indianapolis, Ind
915,988
17. Harvey Federal Savings and Loan Association, Harvey,
111
852,396
18. Home Savings and Loan Company, Youngstown, Ohio..
800,884
19. First Federal Savings and Loan Association, Youngstown, Ohio
728,303
20. First Federal Savings and Loan Association, Detroit,
Mich
712,516
21. Long Beach Federal Savings and Loan Association, Long
Beach, Calif
708,350
22. Home Federal Savings and Loan Association, Chicago,
111
_
„
705,709
23. Ninth Federal Savings and Loan Association, New York,
N. Y
.
649,875
24. Western Federal Savings and Loan Association, Chicago,
111
•
617,000
25. Standard Federal Savings and Loan Association, Chicago,
111
.
614,360
NO. 4—WINSTON-SALEM
•Bohemian American Building Association, Baltimore, Md.
••Bohemian Building Loan and Savings Association "Slavie", Baltimore, Md.
•First Federal Savings and Loan Association, Bessemer, Ala.
First Federal Savings and Loan Association, Columbus, Ga.
••First Federal Savings and Loan Association, Cordele, Ga.
First Federal Savings and Loan Association, Decatur, Ala.
First Federal Savings and Loan Association, Eustis, Fla.
First Federal Savings and Loan Association, Huntsville, Ala.
First Federal Savings and Loan Association, Montgomery, Ala.
**First Federal Savings and Loan Association, Phenix City, Ala.
****First Federal Savings and Loan Association, Winder, Ga.
*Fort Hill Federal Savings and Lean Association, Clemson, S. C.
*******Home Building and Loan Association, Easley, S. C.
Jefferson Federal Savings and Loan Association, Birmingham, Ala.
"Meriwether Federal Savings and Loan Association, Manchester, Ga.
Moultrie Federal Savings and Loan Association, Moultrie, Ga.
Peoples Mutual Building and Loan Association, Mt. Gilead, N. C.
*Southern Pines Building and Loan Association, Southern Pines, N. C.
Tallahassee Federal Savings and Loan Association, Tallahassee, Fla.
*Tifton Federal Savings and Loan Association, Tifton, Ga.
NO. 5— CINCINNATI
Bedford Savings and Loan Company, Bedford, Ohio
Bellefontaine Federal Savings and Loan Association, Bellefontaine, Ohio
404
Buckeye Loan and Building Company, Cincinnati, Ohio
Citizens Savings and Loan Company, Akron, Ohio
Dollar Federal Savings and Loan Association, Hamilton, Ohio
•••First Federal Savings and Loan Association, Bucyrus, Ohio
*First Federal Savings and Loan Association, Greeneville, Tenn.
First Federal Savings and Loan Association, Lima, Ohio
First Federal Savings and Loan Association, Lorain, Ohio
••First Federal Savings and Loan Association, Van Wert, Ohio
Girard Federal Savings and Loan Association, Girard, Ohio
Great Northern Building and Loan Company, Barberton, Ohio
Hancock Savings and Loan Company, Findlay, Ohio
Hickman Federal Savings and Loan Association, Hickman, Ky,
Hopkinsville Federal Savings and Loan Association, Hopkinsville, Ky.
Lincoln Heights Savings and Loan Company, Cleveland, Ohio
Logan Federal Savings and Loan Association, Logan, Ohio
Marion Federal Savings and Loan Association, Marion, Ohio
McArthur Savings and Loan Company, McArthur, Ohio
Ohio Savings and Loan Company, Fostoria, Ohio
Orleans Federal Savings and Loan Association, Cleveland, Ohio
Peoples Savings and Loan Association, Cleveland, Ohio
Peoples Federal Savings and Loan Association, Leetonia, Ohio
* Progress Savings and Loan Company, Cleveland, Ohio
Savings, Building and Loan Company, Sandusky, Ohio
*Suburban Federal Savings and Loan Association, Covington, Ky.
••Tatra Savings and Loan Company, Cleveland, Ohio
Third Federal Savings and Loan Association, Cleveland, Ohio
•Ukrainian Savings Company, Cleveland, Ohio
Versailles Building and Loan Company, Versailles, Ohio
•Warsaw Savings and Loan Company, Cleveland, Ohio
No. 6—INDIANAPOLIS
Atkins Savings and Loan Association, Indianapolis, Ind.
•Bedford Federal Savings and Loan Association, Bedford, Ind.
Citizens Federal Savings and Loan Association, Port Huron, Mich.
Crawfordsville Building Loan Fund and Savings Association, Crawfordsville,
Ind.
Dearborn Savings and Loan Association, Dearborn, Mich.
East Chicago Federal Savings and Loan Association, East Chicago, Ind.
Fayette Federal Savings and Loan Association, Connersville, Ind.
•First Federal Savings and Loan Association, Kokomo, Ind.
First Federal Savings and Loan Association, Logansport, Ind.
•First Federal Savings and Loan Association, Washington, Ind.
•Griffith Federal Savings and Loan Association, Griffith, Ind.
Homestead Loan and Building Association, Albion, Mich.
•Liberty Savings and Loan Association, Whiting, Ind.
Loogootee Federal Savings and Loan Association, Loogootee, Ind.
Marshall County Building and Loan Association, Plymouth, Ind.
•Muskegon Federal Savings and Loan Association, Muskegon, Mich.
•Peoples Federal Savings and Loan Association, East Chicago, Ind.
Rural Loan and Savings Association, Hartford City, Ind.
•••Sobieski Federal Savings and Loan Association, South Bend, Ind.
Twelve Points Savings and Loan Association, Terre Haute, Ind.
Wayne County Federal Savings and Loan Association, Detroit, Mich.
No. 7—CHICAGO
•••••Acme Savings and Loan Association, Milwaukee, Wis.
•Amery Federal Savings and Loan Association, Amery, Wis.
Austin Federal Savings and Loan Association, Chicago, 111.
Avon Building and Loan Association, Avon, 111.
•Avondale Building and Loan Association, Chicago, 111.
Black Hawk Federal Savings and Loan Association, Rock Island, 111.
••City Savings and Loan Association, Chicago, 111.
Concord Savings and Loan Association, Chicago, 111.
•Continental Savings and Loan Association, Chicago, 111.
••Cook County Federal Savings and Loan Association, Chicago, 111.
Copernicus Building and Loan Association, Chicago, 111.
•Cragin Savings and Loan Association, Chicago, 111.
Fairfield Savings and Loan Association, Chicago, 111.
•••First Calumet City Savings and Loan Association, Calumet City, 111.
First Federal Savings and Loan Association, Des Plaines, 111.
First Savings and Loan Association of Hegewisch, Chicago, 111.
First Federal Savings and Loan Association, Lansing, 111.
•First Federal Savings and Loan Association, Moline, 111.
Flora Mutual Building Loan and Homestead Association, Flora, 111.
**********************Qeorge Washington Savings and Loan Association, Chicago, 111.
Grand Crossing Savings and Building Loan Association, Chicago, 111.
•Guaranty Savings and Loan Association, Chicago, 111.
Federal Home Loan Bank Review
***********Haller Building and Loan Association, Chicago, 111.
***Harvey Federal Savings and Loan Association, Harvey, 111.
Hemlock Savings and Loan Association, Chicago, 111.
****Investors Savings and Loan Association, Chicago, 111.
****Jugoslav Savings and Loan Association, Chicago, 111.
Lawn Manor Building and Loan Association, Chicago, 111.
********Lawndale Savings and Loan Association, Chicago, 111.
*Lombard Building and Loan Association of DuPage County, Lombard, 111.
* Midwest Savings and Loan Association, Chicago, 111.
Morton Park Federal Savings and Loan Association, Cicero, 111.
Naperville Building and Loan Association, Naperville, 111.
Naprstek Savings and Loan Association, Chicago, 111.
New City Savings and Loan Association, Chicago, 111.
New London Savings and Loan Association, New London, Wis.
Northwestern Savings and Loan Association, Chicago, 111.
Peerless Federal Savings and Loan Association, Chicago, 111.
Prairie State Savings and Loan Association, Chicago, 111.
Prospect Federal Savings and Loan Association, Chicago, 111.
**Pulaski Savings and Loan Association, Chicago, 111.
**Richland Center Federal Savings and Loan Association, Richland Center, Wis.
Second Federal Savings and Loan Association, Chicago, 111.
***St. Anthony Savings and Loan Association, Cicero, 111.
Talman Federal Savings and Loan Association, Chicago, 111.
Union Federal Savings and Loan Association, Kewanee, 111.
** Universal Savings and Loan Association, Chicago, 111.
"Uptown Federal Savings and Loan Association, Chicago, 111.
Valentine Federal Savings and Loan Association, Cicero, 111.
**West Highland Savings and Loan Association, Chicago, 111.
*** West Pullman Savings and Loan Association, Chicago, 111.
Western Federal Savings and Loan Association, Chicago, 111.
NO. 8—DES MOINES
American Home Building and Loan Association, St. Louis, Mo.
Ames Building and Loan Association, Ames, Iowa.
Burlington Federal Savings and Loan Association, Burlington, Iowa.
First Federal Savings and Loan Association, Fargo, No. Dak.
First Federal Savings and Loan Association, Jamestown, No. Dak.
First Federal Savings and Loan Association, Rock Rapids, Iowa.
*First Federal Savings and Loan Association, Sioux City, Iowa.
Independence Savings and Loan Association, Independence, Mo.
* Perry Federal Savings and Loan Association, Perry, Icwa.
Postal Employees Building Loan and Savings Association, St. Louis, Mo.
Sentinel Federal Savings and Loan Association, Kansas City, Mo.
NO. 9—LITTLE ROCK
Amory Federal Savings and Loan Association, Amory, Miss.
Argenta Building and Loan Association, North Little Rock, Ark.
Atlanta Federal Savings and Loan Association, Atlanta, Tex.
**Batesville Federal Savings and Loan Association, Batesville, Ark.
*Bell County Federal Savings and Loan Association, Belton, Tex.
***Clay County Federal Savings and Loan Association, West Point, Miss.
Colorado Federal Savings and Loan Association, Colorado, Tex,
Deming Federal Savings and Loan Association, Deming, N. Mex.
*****Electra Federal Savings and Loan Association, Electra, Tex.
*E1 Paso Federal Savings and Loan Association, El Paso, Tex.
First Federal Savings and Loan Association, Belzoni, Miss.
First Federal Savings and Loan Association, Big Spring, Tex.
*First Federal Savings and Loan Association, Corpus Christi, Tex.
First Federal Savings and Loan Association, Dallas, Tex.
**First Federal Savings and Loan Association, Lubbock, Tex.
First Federal Savings and Loan Association, Monroe, La.
First Federal Savings and Loan Association, Waco, Tex.
Hammond Building and Loan Association, Hammond, La.
*Home Building and Loan Association, Plainview, Tex.
****Marianna Federal Savings and Loan Association, Marianna, Ark.
*Mineral Wells Building and Loan Association, Mineral Wells, Tex.
Morrilton Federal Savings and Loan Association, Morrilton, Ark.
Mutual Building and Loan Association, Las Cruces, N. Mex.
Mutual Deposit and Loan Company, Austin, Tex.
***Nashville Federal Savings and Loan Association, Nashville, Ark.
Oak Homestead Association, New Orleans, La.
Orange Federal Savings and Loan Association, Orange, Tex.
*Piggott Federal Savings and Loan Association, Piggott, Ark.
Pocahontas Federal Savings and Loan Association, Pocahontas, Ark.
***Ponchatoula Homestead Association, Ponchatoula, La.
****Quanah Federal Savings and Loan Association, Quanah, Tex.
Riceland Federal Savings and Loan Association, Stuttgart, Ark.
September 1942
NO. 10— TOPEKA
American Building and Loan Association, Oklahoma City, Okla.
Citizens Federal Savings and Loan Association, Wichita, Kan.
Erie Building and Loan Association, Erie, Kan,
**********First Federal Savings and Loan Association, Lamar, Colo.
First Federal Savings and Loan Association, Seminole, Okla.
*First Federal Savings and Loan Association, Shawnee, Okla.
******First Federal Savings and Loan Association of Sumner County, Wellington,
Kan.
Garnett Savings and Loan Association, Garnett, Kan.
*Home Federal Savings and Loan Association, Grand Island, Neb.
*Home Federal Savings and Loan Association, Tulsa, Okla.
Home Federal Savings and Loan Association, Ada, Okla.
***Horton Building, Loan and Savings Association, Horton, Kansas.
Lyons Building and Loan Association, Lyons, Kan.
****************Osage F e ( i e r a i Savings and Loan Association, Pawhuska, Okla.
**Peoples Federal Savings and Loan Association, Tulsa, Okla.
Shawnee Federal Savings and Loan Association, Topeka, Kan.
*******Schuyler Federal Savings and Loan Association, Schuyler, Neb.
NO. 11—PORTLAND
*Auburn Federal Savings and Loan Association, Auburn, Wash.
Cheyenne Federal Savings and Loan Association, Cheyenne, Wyo.
Deer Lodge Federal Savings and Loan Association, Deer Lodge, Mont.
*Ellensburg Federal Savings and Loan Association, Ellensburg, Wash.
First Federal Savings and Loan Association, Chehalis, Wash.
First Federal Savings and Loan Association, Everett, Wash.
*First Federal Savings and Loan Association, Klamath Falls, Ore,
First Federal Savings and Loan Association, Lewiston, Idaho
First Federal Savings and Loan Association, McMinnville, Ore.
***First Federal Savings and Loan Association, Mount Vernon, Wash.
First Federal Savings and Loan Association, Port Angeles, Wash.
**First Federal Savings and Loan Association, The Dalles, Ore.
Liberty Savings and Loan Association, Yakima, Wash.
Mason County Savings and Loan Association, Shelton, Wash.
Polk County Federal Savings and Loan Association, Dallas, Ore.
Seattle Federal Savings and Loan Association, Seattle, Wash.
Thurston County Federal Savings and Loan Association, Olympia, Wash.
Wenatchee Federal Savings and Loan Association, Wenatchee, Wash.
*West Side Federal Savings and Loan Association, Seattle, Wash.
Yakima Federal Savings and Loan Association, Yakima, Wash.
NO. 12—LOS ANGELES
Central Federal Savings and Loan Association, San Diego, Calif.
*Century Federal Savings and Loan Association, Santa Monica, Calif.
First Federal Savings and Loan Association, Huntington Park, Calif.
First Federal Savings and Loan Association, Santa Monica, Calif.
Los Angeles American Building and Loan Association, Los Angeles, Calif.
Stricter Limitations Placed
on Construction
•
AS this issue was going to press, the War Production Board announced new regulations on the
volume of construction jobs which can be carried out
without specific authorization. The limit for residential buildings was reduced from $500 to $200,
except that construction up to $1,000 may be undertaken for multiple residences designed to provide
living space for more than five families or divided
into more than five suites. At the same time, the
limit on certain types of commercial construction
such as clubs, lodges, and auditorium and assembly
halls was cut from $5,000 to $200.
These revisions which are effective September 7
do not apply to the restoration of damaged or
destroyed buildings.
405
RESIDENTIAL BUILDING ACTIVITY AND SELECTED INFLUENCING FACTORS
1935-1939= 100
BY YEARS
BY MONTHS
INDEX
280
280
i
i
•
i
i
i
i
ADJUSTED FOR SEASONAL VARIATION
260
1
1
1
1
1
-PRIVATE CONSTRUCTION^.
240
1 a 2 FAMILY DWELLING UNITS
1
220
J
1
1
^
A
1
200
180
PRIVATE CONSTRUCTION
1 a 2 FAMILY DWELLING UNITS
160
140
^
—v
120
M
I
.•A
W-* £Ti
••*"'*
&VVO.
*• /
,jQ
/
V 'FFnFPAl
UHMF 1 f l i W
\i \
80
\
60
9#
• '
ifl_..._
••••-" /
\jf
40
**u. .•**!
^N
jtja^
\
-EA/£ /A/G
>•**••
V
R A M * AHMIM 1
A/ ^1
.-••,.
(U. S. DEPT OF LABOR RECORDS)
%Jr\ArSVGS. a LOAN LENDING
100
/-
/
^x
>^r
NONFARM
1 FORECLOSURES-Jf*^.
{FEDERAL HOME LOAN BANK ADMIN.), ^ = *
"^1—r^^U-L 1
***.—
20
I 1
0
140
1 11
1
1 1
I
.
i 1
1 1
I
1 1
i I
\
BUILDING MATERIAL PRICES-)
|(U. S. DEPARTMENT OF LABOR)
100
># J,-
&'•»•»«•—«,„—« I^SW"
p^
i i
1 1
1
BUILDING MATERIAL PRICESX
120
i i
1
,
[ j_
«•••*"* i
v
^T
rREt
80
• A ^
-^v
1 1
, ,
200
i
,
i
i
i
i i
,
i i
,
i
i i
, ,-nk
i
i
i
i
i
i
i
ADJUSTED FOR SEASONAL VARIATION
180
.....«.j#'
_/#£ )UST ? M L
160
(FEDERAL RESERVE BOARD)—
120
/
t >'-
......
U-L4-
140
INDUSTRIAL PRODUCTION^
PRODUCTION^
,.
'
*%...
^
K
\
\
JNCOME PAYMENTS
100
80
1930
31
'32
'33
'34
'35
'36
'37
INDEX COST OF STANDARD SIX-ROOM HOUSE
INDEX
135
1601
1935-1939 = 100
'38
*39
'40 '41
-^V
r i
WHOLESALE COMMODITY PRICES
1935-1939=100
I i
' 1
i i
i i
1940
i i
i i
i ,
1941
, |
i i
1942
-A/-
MILUONS F H L B . ADVANCES OUTSTANDING
$240
/942, }
-^
JAN.
406
-rr4
FEB. MAR.
Si
APR. MAY
940
JUN. JUL. AUG. SEP OCT NOV. DEC.
Federal Home Loan Bank Review
«
«
«
MONTHLY
SURVEY
»
» »
HIGHLIGHTS
/. In spite of severe restrictions in materials supply, private residential building during July showed a slight recovery.
A. Construction was started on 13,300 privately financed dwelling units compared with 7 2 , 8 5 0 in June.
B. This increase was more than offset by a sharp drop in public housing projects from 5,450 units in the preceding month to
less than 1,900 in July, resulting in a decline of the total number of family units placed under construction.
II. Paralleling the recovery of private building operations, mortgage-financing activity was somewhat higher than in June.
A. Recordings of nonfarm mortgages of $20,000
or less were up 3 percent, the first month-to-month increase since April of
this year.
B. Led by a rise in construction loans, the volume of new mortgages written by savings and loan associations increased 2 percent, in contrast to the decline usually expected at this time of the year.
III. Building costs continued the rise which began about 2 years ago, but only fractional increases were observed during recent months.
IV.
A decline in total assets of insured savings and loan associations during July was due to the repayment of substantial amounts of
Federal Home Loan Bank advances coupled with large voluntary repurchases of Government share-investments, both indicating
favorable
a
liquidity position for these institutions.
V. In spite of certain indications of unbalanced materials supply, war production reached new record highs.
A. The seasonally adjusted index of industrial output increased from 176 in June to 180.
B. Results of the conversion of industries were exemplified by the report that armament production in automobile plants now
exceeds a peak year*s civilian output.]
BUSINESS CONDITIONS
In spite of reported curtailments of operation in
some plants owing to temporary shortages of raw
materials, total industrial output in July climbed to
a new all-time high. The Federal Reserve Board's
seasonally adjusted index of industrial production
increased from 176 in June to 180 (1935-1939 = 100),
indicating that the cases of curtailment so far have
been relatively few although they may seriously
hamper the war production effort if they occur in
strategic spots.
While the need for keeping the armament program
in balance has become more and more acute, several
new records established in July can be listed as
compensating factors. Thus, the 71 merchant
vessels delivered during that month had an aggregate deadweight tonnage of 790,000 tons, an alltime high for a single month's delivery. In the
automobile industry armament production was at
an annual rate of about $5,000,000,000 compared
with a peak year's civilian output of $4,000,000,000.
Iron-ore shipments down the Great Lakes reached a
new record in July, and the total for this year is
estimated at 90 million tons as against SO million
during the last season.
In contrast to the sharp decline of residential
building activity, other types of construction have
exceeded 1941 volumes by considerable margins.
Total expenditures for construction during the first
6 months of 1942 amounted to over $6,000,000,000
September 1942
compared with $4,767,000,000 in the same period of
1941. Public construction accounted for two-thirds
of the total as against one-half the year before.
Industrial building and military and naval construction showed the largest increases over 1941.
Curtailment of civilian production is now clearly
reflected in the volume of retail sales as measured
by the Commerce Department. After adjustment
of dollar figures for price increases, retail sales during the first half of this year were 12 percent below
the same period of 1941. Sales of durable consumers' goods were down as much as 45 percent,
reflecting severe restrictions on new production of
such goods, while nondurable commodities increased
only about 1 percent. During July, however, consumers' purchases declined less than usually expected at this time of the year.
[1935-1939=100]
July
1942
P
P
P
P
72.5
27.4
111.3
123.2
134. 2
180. 0
147. 9
245. 5
169. 2
June
1942
Percent
change
65.5
28.0
111.5
122.9
122.9
* 176.0
' 145. 4
* 234.9
' 166.8
+10.7
-2.1
-0.2
+0.2
+9.2
+2.3
+1.7
+4.5
+1.4
July
1941
237.0
37.3
108.3
115.1
186. 2
160.0
136.5
185.2
138.9
Percent
change
-69.4
-26. 5
+2.8
+7.0
-27.9
+12.5
+8.4
+32.6
+21.8
r
p Preliminary
Revised
Adjusted for normal seasonal variation.
1
407
BUILDING ACTIVITY—Sharp drop
in public housing
Some 15,200 dwelling units were placed under
construction in urban areas during July, compared
with 18,300 in June. Each of the classifications of
structures built with private funds (1-family, 2family, and multifamily) showed slight increases in
building activity. However, these gains were more
than offset by a sharp drop in the number of publicly
financed housing projects. The 1,900 units started
in July with the aid of Federal funds were little over
one-third of the June volume and constituted a new
monthly low in public housing since the defense
program was begun in 1940.
Since there is normally a decline in private activity
from June to July, the seasonally adjusted index of
private home-construction increased 11 percent in
July after displaying a leveling tendency in June.
The index had shown a sharp drop after reaching a
post-depression peak in mid-Summer of 1941 and,
except for a pause during the Winter months, continued its downward movement through May.
Whether the two current months of stability in this
series indicate that the indispensable minimum of
private war housing has now been reached and will
be maintained at this level, remains to be seen.
[TABLES 1 and
2.]
Dealers' prices for materials are now 10 percent
higher than a year ago and 21 percent above the
average month of 1935-1939. Labor costs have
risen 8 percent since July 1941 and are 29 percent
above the average 1935-1939 level.
Construction costs for the standard house
[Average month of 1935-1.939=100]
Element of cost
Material
Labor _
Total
_
July
1942
PerJune
cent
1942 change
July
1941
Percent
change
121. 2
128, 5
121.3 - 0 . 1
127.8 + 0. 5
110. 7
119. 3
+ 9. 5
+ 7. 7
123.7
123.5 + 0. 2
113.6
+ 8.9
An analysis of individual communities reveals t h a t
during the period from May to August of this year,
costs of the standard house showed little change in
more than half of the reporting cities. Of the 21
cities included in this month's reports, 13 indicated
a change of less than $25 and only two evidenced
increases of more than $300. In one case a decrease
of more than $200 was reported.
Wholesale building material prices as compiled by
the U. S. Department of Labor moved fractionally
upward, carrying the composite index for July to
123.2 (1935-1939 = 100). [TABLES 3, 4, and 5.]
NEW RESIDENTIAL CONSTRUCTION IN ALL URBAN AREAS
PERMITS ISSUED FOR PUBLICLY ANO PRIVATELY FINANCED DWELLING UNITS
THOUSANDS OF
DWE LLING U JITS
/andPRIVATE
2 FAMILY^
30
Recovering somewhat from the downward spiral
of mortgage-lending activity during the early months
of this year, the total amount of new loans made by
savings and loan associations increased 2 percent in
July. This movement may be considered as very
favorable in light of the 7-percent reduction normally
7
25
15
1
r.
/
• : .%
/ \/ :
10
ALL PUB Lt
5
_ 1
*r>
r
MAR
-Contra-seasonal
gains in new loan volume
35
20
MORTGAGE LENDING
JUN.
1940
%J
i i ^Pf'WE
SEP
V
U.\
DEC
PL LTI-FAMILY
i i i i
MAR
JUN.
1941
y\
j
SEP
Jr•v\
DEC
MAR.
JUN.
1942
New mortgage loans distributed by purpose
SEP
D EC.
[Amounts are shown in thousands of dollars]
1
B U I L D I N G COSTS—Fractional increases
on wholesale and retail markets
Material costs involved in the construction of the
standard 6-room frame house dropped slightly during July, but labor charges rose one-half of 1 percent.
As a result, total costs of building the standard house
continued the rise which began 2 years ago, though
at an abated pace.
408
Purpose
Construction., „
Refinancing
Reconditioning
Other purposes
July
1942
PerJune
cent
1942 change
$17, 709 $15, 930
52, 190 52, 112
16, 097 15, 184
3,671 3,566
6, 130 7, 303
PerJuly
cent
1941 change
+ 11.2 $44, 918
+ 0.1 55, 682
+ 6.0 16, 816
+ 2.9 6,022
- 1 6 . 1 9,534
-60.6
-6. 3
-4.3
-39.0
-35. 7
Total. _. — ___ 95, 797 94, 095 + 1.8 132, 972 - 2 8 . 0
Federal Home Loan Bank Review
expected from June to July. As a result, the seasonally adjusted lending index moved up 9 percent to a
level 34 percent above the average month of the
1935-1939 period.
Chief contributor to this increase in mortgagelending activity was the construction-loan business
which evidenced a particularly strong reversal from
its previous decline. I n July a total of $17,700,000
was loaned for this purpose throughout the country,
a rise of 11 percent from June—in contrast to the
usual seasonal decline of 2 percent.
TOTAL LOANS MADE BY ALL SAVINGS AND LOAN ASSOCIATIONS
UNITED STATES-BY TYPE OF ASSOCIATION
OF DOLLARS
BY
MONTHS
1 TOTAL - ^
\r-J
(ALL
ASSOCIATIONS)
.FEDERALS
:wm.^.t»
"\,
A^.
**»w^
^ - STATE CHARTEREC
1 MEMBERS
w jf\
^5*^
NEs^
1. . 1 .
EMBERS
1
1
1 1 1 1
1
, .1 ,,1 - ,
CUMULATIVE
i
i
.i
.1 .
i
i
AS OF JUNE 30 EACH YEAR
to $353,500,000. This is the first time since April
that a month-to-month rise has been observed in
this series. Cumulative mortgage recordings during
the January-July period amounted to $2,359,000,000,
or 11 percent less than a year previous.
I t appears that a respite, perhaps temporary in
nature, has occurred from the sharp drops in total
recordings noted earlier in the year; May, June, and
July each showed a practically uniform decline of 20
percent from 1941 figures.
Commercial banks registered an 8-percent rise in
the dollar volume of mortgage recordings from June
to July. Life insurance companies reported an increase of 7 percent, while the changes for individuals
and miscellaneous institutions approximated the national average of 3 percent. Mutual savings banks
and savings and loan associations were the only
groups to reveal decreases in financing volume during
the month of July.
For the first 7 months of 1942 each class of lender
revealed a curtailment in comparison with last year,
although considerable variations in magnitude were
noted. Declines for commercial banks, savings and
loan associations, and mutual savings banks were
between 15 and 18 percent, while the remaining
lending groups indicated reductions ranging from
less than 1 percent to 3 percent. [TABLES 8 and 9.1
Mortgage recordings by type of mortgagee
[Amounts are shown in thousands of dollars]
Type of lender
1940
1941
STATE-CHARTERED
1942
MEMBERS
1940
1941
NONMEMBERS
1942
Each of the remaining loan-purpose classifications
shared in the July rise with the exception of the
miscellaneous group.
Of particular interest, however, is the fact that loans for the purchase of existing homes were practically static in volume during
the June-to-July interval, whereas this class has
almost consistently made the best showing during
the past twelve months or more. [TABLES 6 and 7.]
M O R T G A G E RECORDINGS-Small
advance during July
An increase of over 3 percent in the volume of
mortgage financing during the month of July brought
the total volume of recordings of $20,000 or less up
September 1942
Savings and loan associations _
_
Insurance companies
Banks, trust companies __
Mutual savings banks
Individuals _____
Others __
Total____
PerPerPercent
Cumula- cent
cent
of
of
tive rechange July
cordings total
from
1942 (7 months) recordJune amount
ings
-0.5
+ 7.2
+ 8.2
-2.3
+ 3.3
+ 3.4
+ 3.3
29.6
9. 0
22. 8
4.4
18.4
15. 8
$704, 129
220, 166
540, 907
99, 016
426, 790
367, 981
29. 9
9.3
22.9
4. 2
18. 1
15. 6
100.0 2, 358, 989
100.0
FORECLOSURES—Continuation
of the downward trend
The total number of nonfarm real-estate foreclosures in the United States declined nearly 8 percent, from 3,850 cases in June to 3,558 in July. This
reduction exceeded the usual 6-percent decline expected at this time of the year.
409
More than two-thirds of the States displayed Juneto-July movements which were favorable. Increases
in foreclosure activity were concentrated in the industrial Northeast and Rocky Mountain Regions.
Compared with the corresponding month of 1941,
July foreclosures were down 26 percent. Each
Federal Home Loan Bank District and all but 10
scattered States shared in this improvement over
July of last year. [TABLE 10.]
B A N K S Y S T E M — H e a v y repayments
of advances in July
The usual seasonal factors which make July a
month of low advances and heavy repayments appeared accentuated this year. Repayments received by the 12 Banks totaled almost $27,000,000—
the highest volume ever registered in July and almost
twice as much as the amount of repayments in the
same month of 1941. New advances were only $7,930,000 which left an excess of repayments over advances of roughly $19,000,000. As a result, the
balance of advances outstanding was reduced from
$192,645,000 to $173,593,000. In spite of this decline, the balauce was still the highest on record for
this time of the year with the exception of 1938.
All of the 12 Banks reported declines in new advances from the preceding month, and all but one
(Boston) received larger repayments than in June.
However, only six Banks—Pittsburgh, Cincinnati,
Chicago, Des Moines, Topeka, and Portland—
showed a lower balance of advances outstanding than
a year ago.
N E W DEBENTURE
ISSUE
On August 20, the Federal Home Loan Banks
offered a new series of consolidated debentures in the
amount of $22,000,000. Known as Series L, this
issue is dated September 1, matures March 1 of next
year, and carries an interest rate of % of 1 percent.
The debentures were sold at par.
Series I debentures in the amount of $26,000,000,
due September 1, were paid off at maturity. The
four issues of debentures now outstanding total $87,500,000.
of savings and loan associations is due primarily to
seasonal repayment of Federal Home Loan Bank
advances and repurchase of Government share investments (together causing a net reduction of some
$26,600,000) as well as to accounting adjustments
following the usual midyear closing of associations'
books.
Private-share capital continued upward, increasing about $21,700,000 in July compared with a rise
of $16,900,000 shown during the June-to-July interval
of 1941. The current month's growth of private savings in insured associations was in excess of the
$10,000,000-increment reported in the mortgage loan
balance. As usual, repurchases in July were rather
high, absorbing the equivalent of $84 for each $100
newly invested. This compares with $36 in June
and approximates the $87 repurchase-ratio shown
in July 1941.
FEDERAL SAVINGS AND LOAN ASSOCIATIONS
July movements in the various accounts of Federal
associations were in line with those for all insured institutions but, as usual, the tendency for Bank advances and Government investments to decline was
more accentuated in the case of Federals. This is
due to the fact that all Federals close their books at
midyear, while a sizeable proportion of State-chartered insured associations make these and other
accounting adjustments in other months due to variations in their fiscal periods.
At the close of July, Federal savings and loan associations reported total assets of $2,182,000,000, or
$23,600,000 under the previous month. Meanwhile,
the number of Federals grew slightly to a total of
1,465. Over the entire year ending July 31, however, the number of institutions operating under
Federal charter increased by only one-half of 1
percent while their combined assets expanded some
8 percent.
[TABLE 15.]
Progress in number and assets of Federals
[Amounts are shown in thousands of dollars]
[TABLE 12.]
INSURED ASSOCIATIONS-Seasonal
factors cause decline in assets
Total resources of insured savings and loan associations declined $22,000,000 during the month of July,
despite the insurance during the month of seven additional institutions with assets of $4,300,000. This
temporary check in the growth of the insured system
410
Number
Class of association
New
Converted __
Total
Approximate assets
July 31, June 30,
1942
1942
641
824
1,465
July 31,
1942
640 $690, 782
824 1, 491, 555
June 30,
1942
$702, 879
1, 503, 042
1,464 2, 182, 337 2, 205, 921
Federal Home Loan Bank Review
Table 1 . — B U I L D I N G ACTIVSTY—Estimated number and valuation of new family dwelling units
provided in all urban areas in June 1942, by Federal Home Loan Bank District and by State
[Source: U. S. Department of Labor]
[Amounts are shown in thousands of dollars]
All p r i v a t e 1- a n d 2-family dwellings
All residential dwellings
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
U N I T E D STATES . . .
.
N o 1—Boston
.
.
.
_ ...
_
.
_
N e w Jersey
New York
..
_ _ .
.
..
.
-
.
J u l y 1941
J u l y 1942
J u l y 1941
J u l y 1942
15,186
45,025
$48, 361
$170,455
10,310
33, 948
$32, 630
$134, 950
1, 326
2,281
4,313
9,841
553
1, 983
1,902
8, 979
513
521
239
18
34
1
837
105
1,060
97
156
26
1,689
1,681
828
46
67
2
3, 832
338
4.461
421
662
127
260
21
219
18
34
1
634
105
945
97
156
26
938
53
798
46
67
2
3,227
338
4,204
421
662
127
2,086
4, 633
7,065
19, 788
998
3,320
3, 561
14, 865
718
1,368
1,442
3,191
?, 462
4,603
6,278
13, 510
626
372
1,421
1,899
2, 216
1,345
6, 249
8, 616
852
4,753
2, 846
20, 046
749
2,242
2,687
9,840
. . . _.
1
835
16
24
4, 504
225*
1
2,823
22
112
19, 085
849
1
736
12
24
2,003
215
1
2,672
14
112
8, 916
812
-- -
3,342
7,000
10, 078
21,078
1,192
4,285
2,564
14, 489
434
537
70
161
422
74
101
1,543
496
1,187
1,011
986
767
788
282
1,492
798
1,2.°>3
85
338
1,024
171
347
6,086
1,141
3, 135
3,789
2,462
2,542
2,134
650
5, 225
350
66
70
161
338
74
13
120
464
260
790
611
763
484
253
660
555
182
85
336
894
171
19
322
1,087
1,435
3, 263
1,460
2, 533
1,371
586
2,754
830
2,757
2,988
11,941
698
2,572
2,619
11, 402
11
751
68
235
2,056
466
9
2,877
102
647
10,050
1,244
11
617
68
235
1,897
440
9
2,508
102
647
9,557
1,198
1,259
3,920
5,073
17,457
1,259
3, 904
5,073
17,416
287
972
1,022
2,898
1,013
4,060
3,898
13, 559
287
972
1, 010
2,891
1,013
4,060
3,869
13, 547
.
903
2,560
3,611
12, 959
798
2,413
3,188
12, 591
- - -
566
337
1,762
798
2.363
1,248
9,786
3,173
473
325
1,746
667
1,976
1,212
9, 735
2,856
336
2,338
929
8,974
314
1,904
866
7,637
132
95
101
1
7
942
734
519
60
83
376
296
253
1
3
3, 463
3,228
1,783
217
283
132
85
89
1
7
555
728
482
60
79
376
269
217
1
3
2,238
3,225
1,686
! 217
r 271
1, 029
5,364
2,097
15, 815
1,010
3,195
2,065
8,483
100
161
77
57
634
231
2,109
316
140
2,568
150
390
47
191
1, 319
569
7,283
517
358
7,088
100
161
77
57
615
221
404
308
129
2,133
150
390
47
191
1,287
549*
1,147
508
338
5,941
565
1,437
1,589
4,123
505
1,365
1,470
3,993
26
120
51
368
254
448
205
530
70
277
160
1,082
802
1,011
775
1, 535
26
64
51
364
234
412
193
526
70
159
160
1,081
768
955
741
1,529
583
-
..
-...-.
.
.
_.
__
.
N o 3—Pittsburgh
Delaware
Pennsylvania
W e s t Virginia
- -
N o 4—Winston-Salem
- -
A l a b a m a ..
..
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
- _
. _
_ _
-
_
...
_ .
..
- .
.
N o . 5—Cincinnati
_
Kentucky
Ohio
Tennessee
-
-
. .. ...
....
... .
- -
_
. .
. .
.
N o 6—Indianapolis . .
Michigan
N o 7—Chicago
Illinois
Wisconsin
.
..
. .
. .
-
. . .
_
.
.
.
. .
.
N o 8—Des M o i n e s
-
Minnesota .
Missouri . .
N o r t h D a k o t a __
South Dakota
-
.
_ _
_
.
._-.---..-._
..
N o 9—Little R o c k
.
.
.
.
.
.
__
- . . - ...
Arkansas
Louisiana
.
Mississippi
Texas
. . .
-
.
- -
-
.
-
-
. . .
-
.-
No. 10—Topeka
-
Colorado...
Kansas
.
Nebraska
Oklahoma
...
_
.
-
. . . .
.
.
.
.
N o . 11—Portland
Idaho . . . .
Montana
Oregon
Utah
Washington
Wyoming
. .
...
... _
...
_ . . . . .
.
...
.
.
_.
.
...
September 1942
._
.
.
-- . . .
... - _ _ __
.
N o 12—Los Angeles
Arizona .
California
Nevada
. . -.
.
.
.
_.
. . . .
.
_.
. . . .
. .
.
.
_._
_.
J u l y 1941
J u l y 1942
_
Permit valuation
J u l y 1941
...
...
--
N u m b e r of family
dwelling u n i t s
J u l y 1942
-
Maine-.
_
Massachusetts-New Hampshire
Rhode Island
Vermont
N o 2—New Y o r k
.
P e r m i t ^valuation
.
_._-_..
..
1,888
1,793
6,549
512
1,563
1,594
5,538
7
25
108
164
276
3
90
172
380
234
948
64
4
67
433
493
794
2
295
615
1,245
784
3,373
237
7
25
105
128
244
3
86
92
320
234
767
64
4
67
420
403
698
2
283
305
1,092
784
2, 837
237
2,075
6,085
5,979
21,884
1,724
5,222
5,041
19, 717
20
1,961
81
5,953
5!
46
5,763
170
214
21,318
352
20
1,655
49
69
5,102
51
46
4,900
95
199
19,166
352
94 1
4II
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]
[Amounts are shown in thousands of dollars]
N u m b e r of family dwelling u n i t s
M o n t h l y totals
T y p e of construction
July
1942
P r i v a t e construction
_..
Jan.-July totals
July
1941
J a n . - J u l y totals
M o n t h l y totals
1942
1941
July
1942
June
1942
July
1941
1942
1941
13,304
12,856
40, 474
133,147
233,491
$42, 295
$42,320
$154,055
$441,803
$869,112
9,163
1,147
2,994
8,952
1,080
2,824
31,887
2,061
6,526
99,512
10,441
23,194
182, 506
14,090
36,895
29, 389
3,241
9,665
30,083
3, 049
9,188
129,578
5,372
19,105
350,018
27, 901
63,884
727, 585
35, 811
105,716
1-family dwellings
2-family dwellings l
3- a n d more-family dwellings 2
Public construction
T o t a l u r b a n c o n s t r u c t i o n _.
June
1942
Permit valuation
1,882
5,446
4,551
55, 341
43,228
6,066
17,240
16,400
182,195
139,065
15,186
18, 302
45,025
188,488
276,719
48,361
59, 560
170, 455
623,998
1,008,177
i Includes 1- and 2-family dwellings combined with stores.
Includes multi-family dwellings combined with stores.
2
Table 3 - B U I L D I N G C O S T S -Cost of building the same standard house in representative cities
in specific months 1
NOTE.—These figures are subject to correction
[Source: Federal Home Loan Bank Administration]
C u b i c foot cost
F e d e r a l H o m e L o a n B a n k D i s t r i c t a n d city
No. 3—Pittsburgh:
W i l m i n g t o n , Del__- _
____..
Philadelphia, P a . . .
_ _ _
Pittsburgh, P a . .
__
Charleston, W . V a
Wheeling, W . V a _ _ .
._
N o . 5—Cincinnati:
Louisville, K y
_
C i n c i n n a t i , Ohio
Cleveland, O h i o - . ___
C o l u m b u s , Ohio
Memphis, Tenn.
N a s h v i l l e , T e n n __ . .
N o . 9—Little R o c k :
Little Rock, Ark
N e w Orleans, L a
Jackson, Miss
_
Albuquerque, N . M
Dallas, T e x
Houston, Tex
San A n t o n i o , T e x
N o . 12—Los Angeles:
P h o e n i x , Ariz
Los Angeles, Cal
San Diego, C a l
San F r a n c i s c o , Cal
Reno, Nev
.... _
_
_
.._
_
.._
._
__
___
_ _ _ _ _ _ _
_
. . __
__ _ _ _ ._
_
_ _ _ _ _
_____
_ _
_ _
_ . _ _ _ -
_
__
_
___
____
_ __
_______
_._
_ _ _ _ _
_
.-_
_____
_ _ .
__
_._..
__ _
-
--
-
T o t a l cost
1942
1941
Aug.
Aug.
Aug.
May
Feb.
Nov.
$0.321
.323
.295
.310
$0. 276
.275
.304
.260
.277
$7, 693
7,754
7,083
7,443
$7, 712
7,989
6,717
7,441
$7,491
7, 352
7,293
6, 592
7,057
.304
.266
.317
.279
.275
.259
.279
.246
.302
.265
.257
.244
7,287
6,394
7,599
6,699
6,590
6,228
7,166
6,460
7,598
6,684
6,550
6,234
.236
.269
.267
.339
.305
.303
.308
.220
.265
.264
.297
.284
.284
.279
5,660
6,463
6,406
8,140
7,330
7,262
7,384
.314
.260
.300
.312
.325
.296
.242
.266
.288
.299
7.545
6,231
7,208
7,491
7,810
1941
1942
1940
1939
1938
Aug.
Aug.
Aug,
Aug.
$7,030
7,187
7,295
6,525
6,932
$6,636
6,598
7,301
6,240
6,655
$5, 217
5,816
6,155
5,808
6,071
$5,416
5,485
6,440
5,813
6,314
$5,898
5,416
6,487
5,905
6,042
7,173
6,349
7,481
6, 613
6,511
6,181
7, 057
6,341
7,428
6,606
6,301
6,073
6,704
5,906
7,249
6,370
6,177
5,852
5,423
5,564
6,888
5,754
5,350
4,883
5,230
5,500
6,492
5,618
5,269
4,956
5,189
5,836
6,404
5,919
5,299
5,090
5,304
6,442
6,323
5, 314
6,453
6,416
7,344
7,276
7, 398
7, 689
7,747
7, 683
5, 305
6,362
6,325
7,791
7, 530
7, 503
7,615
5,275
6,359
6,333
7,123
6,821
6,809
6,692
5,137
5,702
6,084
6,262
5,417
5,681
5,479
5,225
5,641
5,894
6,398
5,431
5,882
5,867
5,150
5,865
6,079
6,648
5,888
5,993
6,055
7,545
6,251
7,130
7,491
7,805
7,449
6, 240
7, 082
7, 327
7, 693
7, 384
6. 013
7. 021
7.041
7, 667
7,106
5,812
6,383
6,916
7,165
6,199
5,254
5,320
6,250
6,777
6,129
5,231
5,605
6,314
6,574
6,489
5,704
5,834
6,329
6,560
i The house on which costs are reported is a detached 6-room home of 24,000 cubic feet volume. Living room, dining room, kitchen, and lavatory on first floor; three
bedrooms and bath on second floor. Exterior is wide-board siding with brick and stucco as features of design. Best quality materials and workmanship are used
throughout.
The house is not completed ready for occupancy. It includes all fundamental structural elements, an attached 1-car garage, an unfinished cellar, and unfinished
attic, a fireplace, essential heating, plumbing, and electric wiring equipment, and complete insulation. It does not include wall-paper nor other wall nor ceiling finish
on interior plastered surface, lighting fixtures, refrigerators, water heaters, ranges, screens, weather stripping, nor window shades.
Reported costs include, in addition to material and labor costs, compensation insurance, and allowance for contractor's overhead and transportation of materials
plus 10 percent for builder's profit.
Reported costs do not include the cost of land nor of surveying the land, the cost of planting the lot, nor of providing walks and driveways; they do not include
architect's fee, cost of building permit, financing charges, nor sales costs.
In figuring costs, current prices on the same building materials list are obtained every three months from the same dealers, and current wage rates are obtained from
the same reputable contractors and operative builders.
412
Fee/era/ Home Loan Bank Review
Table 4 . — B U I L D I N G COSTS—Index of building costs for the standard house
[Average month of 1935-1939=100]
J u l y 1942 J u n e 1942 M a y 1942 A p r . 1942 M a r . 1942 F e b . 1942 J a n . 1942 D e c . 1941 N o v . 1941 Oct. 1941 S e p t . 1941 A u g . 1941 J u l y 1941
E l e m e n t of cost
Material.
Labor
T o t a l cost
.
121.2
128.5
121.3
127.8
121.0
126.4
120.5
125.9
120.0
126.0
119.3
125.0
118.6
124.5
117.7
124.2
116.9
123.9
116.0
123.3
114.4
120.7
112.6
120.0
110.7
119.3
123.7
123.5
122.8
122.3
122.0
121.2
120.6
119.9
119.2
118.5
116.5
115.1
113.6
Table 5 . — B U I L D I N G COSTS—Index of wholesale price of building materials in the United States
[1935-1939=100; converted from 1926 base]
[Source: U. S. Department of Labor]
All b u i l d i n g
materials
Period
Brick a n d
tile
Lumber
Cement
Paint and
paint materials
Plumbing
and heating
Structural
steel
Other
103.3
99.2
99.4
105.6
104.0
105.8
103.5
101.2
115.1
117.8
118.8
119.8
120.0
120.4
103.7
104.7
105.3
106.3
106.3
106.4
101.1
101.1
101.2
101.7
102.2
102.5
136.2
142.0
143.8
144.2
143.3
144.1
112.6
114.7
116.4
118.0
117.2
118.6
109.3
114.0
114.4
115.3
115.5
117.1
103.&
103.5
103.5
103.5
103.5
103.5
106.4
108.0
108.4
109.8
111.6
110.8
122.0
122.9
123.4
123.1
122.9
122.9
123.2
106.6
106.8
106.9
107.9
107.9
108.0
103.7
102.5
102.5
102.7
103.3
103.4
103.4
103. 4
146.5
147.8
148.2
146.8
146.4
146.7
148.0
121.8
122.8
123.9
123.7
123.7
123.3
123.8
123.0
128.6
129.0
129.4
129.4
129.4
123.6
103.5
103.5
103.5
103.5
103.5
103.5
103.5
111.5
111.9
112.3
112.3
112.3
112.3
112.3
Percent change:
J u l y 1942—June 1942
+0.2
+0.1
0.0
+0.9
+0.4
-4.5
0.0
0.0
J u l y 1942—July 1941
+7.0
+4.1
+2.3
+8.7
+9.9
+13.1
0.0
+5.2
1940: J u l y
1941:
July
August
September
October
November
December
.
-..-__
1942: J a n u a r y
„._.
February
March...
April
May
June
_
July...
-_
.-_
__
__
Table 6 . — M O R T G A G E LENDING—Estimated volume of new home-mortgage loans by al
savings and loan associations, by purpose and class of association
[Thousands of dollars]
Purpose of loans
Period
Class of association
Construction
Home purchase
Refinancing
Reconditioning
Loans for
all other
purposes
Total
loans
Federals
State
members
Nonmembers
1940_...
$398,632
$426,151
$198,148
$63, 583
$113,065
$1,199,579
$509, 713
$483,499
$206,367
January-July.
July
212, 501
39,907
238, 526
40,658
119,047
17, 649
36, 348
6,115
1,240
1,972
672, 662
114,301
288,010
48,676
267, 608
45,414
117,044
20,211
1941....
437,065
580, 503
190, 573
61, 328
109,215
1,378, 684
584, 220
583,804
210,660
January-July.
July
August
September...
October......
November...
December
255,181
44, 918
42, 987
40,782
37,722
30,103
30,290
314, 643
55,682
55,973
58,052
59,874
48,816
43,145
114,870
16, 816
15,785
15, 871
16,283
13. 340
14,424
36,075
6,022
5,571
5,884
5,361
4,267
4,170
65, 359
9,534
9,411
9,345
8,698
8,223
8,179
786,128
132,972
129,727
129,934
127,938
104, 749
100,208
336,243
56, 564
57, 592
54,786
52, 507
41,910
41,182
329,179
55,676
54,542
54,303
54,930
46,890
43,960
120, 706
20,732
17,593
20,845
20, 501
15,949
15,066
1942
January-July
January
February
March
..
April
May
June
July
137,102
22, 791
20, 799
21, 775
20, 488
17,610
15, 930
17,709
318, 419
34,127
33, 769
40,930
52,196
53,095
52,112
52,190
97, 800
12,854
12, 325
13,225
14, 508
13,607
15,184
16,097
25,061
3,190
3,138
3,547
4,083
3,866
3,566
3,671
49, 222
6, 571
6,725
7,890
7,772
6,831
7,303
6,130
627,604
79, 533
76, 756
87,367
99,047
95,009
94,095
95, 797
247,122
31,142
31, 919
36,325
38,484
36,966
35, 279
37,007
282,153
35, 312
33,939
38,030
43,937
43,005
44, 265
43, 665
98, 329
13,079
10,898
13,012
16,626
15,038
14, 551
15,125
September 1942
4I3
Table 7.—LENDING—Estimated volume of new
loans by savings and loan associations
Table 8.—RECORDINGS—Estimated nenfarm
mortgage recordings, $20,000 and under
[Amounts are shown in thousands of dollars]
[July 1942]
[Thousands of dollars]
C u m u l a t i v e n e w loans
(7 m o n t h s )
N e w loans
Federal H o m e Loan
B a n k District and
class of association
July 1
1942
June
1942
July
1941
1942
1941
Percent
change
Savings Insur- B a n k s M u
F e d e r a l H o m e L o a n j and
and
tual
ance
trust
B a n k District
| loan
savcoma n d State
\ associa- companies p a n i e s ings
tions
banks
£95,797 1 $94,095 $132,972 $627,604 $786,128
-20.2
Boston...
Federal
1
State member
Nonmember
56,564 247,122
37,007 1 35,279
43,665 44,265 ! 55,676 282,153
20,732 | 98,329
15,125 1 14,551
Boston: Total.
Federal
State member
Nonmember
10,358
. .
N e w York: Total
3,014 1
5,591
1,753
9,884
2,830
5,923
1,131
15,083
5,164 1
7,902
2,017 |
336,243 1 —26.5
-14.3
329,179
-18.5
120,706
60,229
80,152
-24.9
18,356
32,414
9,459
27,576 1
40,517
12,059 1
-33.4
-20.0
-21.6
64,232
75,290
-14.7
15,165
22,769
26,298
21,208
22,851
31,231
-28.5
-0.4
-15.8
10,569
57,011
61,829
-7.8
4,086
2,548
3,935
20,989
17,322
18, 700
24,047
16,338
21,444
-12.7
+6.0
-12.8
13,459
17,484
86,995
106,627
-18.4
5,247
6,523
1,689
8,333
7,543
1,608
36, 627
40, 671
9,697
51,763
45,577
9,287
-29.2
-10.8
+4.4
16,582
17,394
22,643
113,914
135,877
-16.2
6,443
8,665
1,474
6,484
9,404
1,506
8,448
11,106
3,089
42,911
59,880
11,123
50,550
67,969
17,358
-15.1
-11.9
-35. 9
Indianapolis: Total
5,116
4,975
6,530
33,986
39,914
-14.9
Federal
State member
N o n m e m b e r . __
2,644
2,179
293
2,480
2,344
151
3,342
2,954
234
16,875
15, 258
1,853
20,408
17,934
1,572
-17.3
-14.9
+17.9
FederaL
._ . . .
State member
Nonmember
__
Pittsburgh: Total
Federal.. _ _
State member . .
Nonmember..
_
9,955
9,924
2,109
3,562
4,284
2,313 !
4,141 !
3,470
9,243
9,293
4,017
2,730
2,496 1
3,440
2,621
3,232
W i n s t o n - S a l e m : T o t a l . . . 12,780
FederaL _____
State m e m b e r . . .
Nonmember ..
_
4,806 1
6,376
1,598
13,412
4,032
4,405
4,975 1
_ ..
Federal
... _ ...
State m e m b e r . _ _ _
N o n m e m b e r _. ___ J
Chicago: T o t a l
Federal
S t a t e m e m b e r _.
Nonmember
_.
Des Moines: Total
Federal
State member
Nonmember
Little Rock: Total
Federal
State member
Nonmember..
Topeka: Total
Federal
State member
N onmember
Portland: Total
Federal
State member _ _
Nonmember
Los Angeles: T o t a l
Federal
State m e m b e r . . _
N o n m e m b e r ._
414
_ ..
9,156 1
9,172
13, 257
62, 595
80,132
-21.9
3,141
4,417
1,598
3,332
4,272
1,568
4,793
6,543
1,921
22, 614
30, 372
9,609
30,820
37,923
11, 389
-26.6
-19.9
— 15.6
4,997
4,842
7,454
30, 605
42, 518
-28.0
2,128
2,232
637
2,119
1,853
870
3,831
2,332
1,291
14,155
11,474
4,976
21, 427
13,975
7,116
-33.9
-17.9
-30.1
-20.4
4,281
4,013
6,700
30, 726
38, 581
1,406
2,785
90
1,241
2,686
86
2,770
3,577
353
11,701
18, 485
540
16, 281
21, 284
1,016
-28.1
-13.2
-46.9
4,031
3,330
4,650
27,143
31, 474
-13.8
1,969
1,323
739
1,815
1,032
483
2,455
1,214
981
14, 874
7,868
4,401
17,316
7,455
6,703
-14.1
+5.5
-34.3
2,738
2,638
4,697
19,801
29, 561
-33.0
1,803
842
93
1,462
' 871
305
3,050
1, 359
288
12,449
6,129
1,223
19, 410
9, 252
899
-35. 9
-33.8
+36.0
6,560
5,171
10,493
40,367
64,173
-37.1
3,527
2,963
70
2, 516
2, 595
60
6, 260
4,193
40
20,406
19, 511
450
35, 437
28,104
632
-42.4
-30.6
-28.8
Total
I
11, 604
1,054
Connecticut^ __ ...
Maine
. . ....
Massachusetts
N e w H a m p s h i re
R h o d e Island
Vermont-.
1,251
725
8,152
198
1,159
119
673
102
202
17
50
10
__
7, 797
1,810
3, 358
4, 439
921
889
„.._
8,701
2,483
7, 952
1,172
5,240
4, 992
30, 540
Delaware
___
Pennsylvania... _
W e s t Virginia. _ ...
195
7, 848
658
145
1,944
394
172
6, 663
1,117
125
1,043
" 4
279
4,493
468
153
4, 682
157
1,069
26, 673
2, 798
13, 416
4,524
6,170
249
7, 676
5, 289
37, 324
520
2, 427
605
1,463
3, 778
2, 046
531
2, 046
319
648
1,023
615
'363
354
247
955
488
421
507
1, 023
881
784
475
l,59l|
249
984
1,182
1, 465
866
1,101
634
361
1,083|
6661
745
521
667
1,134
315
285
956
2,977
5,423
4,121
4,634
7,506
4,133
1,899
6,631
41,347
New York.
N e w Jersey
New York..
Pittsburgh..;
Winston-Salem . .
..
__ _
...
Alabama
_ ...
District of ColumbiaFlorida
___ . Georgia _ _.
Maryland
N o r t h Carolina
S o u t h Carolina .__
Virginia
7,845
6, 297
2, 500
32, 873
1, 4801 2.009
539
440
1, 076 4,325
344
104
421
411
207
62
1, 788
406
3, 368
179
448
108
1, 51l|
70
541
25
338
15
8,712
2,282
17, 664
867
2,827
521
8, 022
9, 794
6, 252
39, 091
3, 573
5,416
4, 2941 3, 3881 17, 285
5, 5001 2, 864 21, 806
753
4,571
3, 4511 4,663
__
20,001
3,364
8, 920
472
4, 702
3,888
Kentucky
Ohio
Tennessee
459
2,070
835
908
7,016
996
472
.
2,024
17, 240
737
241
4,165
2961
3,805
173
1,941 32,904
1, 774| 4,638
Indianapolis..
.
5,905
3,667
8, 528
11
2, 912
5, 047
26,070
3, 762
2,143
1,248
2,419
3, 3991
5,1291
11
816
2,096|
1,105|
3, 942
10, 341
15, 729
__
10,161
2,120
5, 974
26
5, 346
7, 638
31, 265
__ .
_ _.
7, 499
2, 662
1, 550
570
3, 634
2, 340
26
2, 869
2, 477
6, 217
1, 421
21, 769
9,496
6,134
2,739
5, 214
82
3,821
4, 050
22,040
480
1,040
1,177
42
1, 345
868
2, 766
59
176
729
1,008
1,945
40
99
649
507
2,8865
3
4,623
5,702
10,999
336
380
4,877
1,864
3,780
5, 482
22, 313
458
1,992
328
152
3, 380
342
1,090
315
38
3,092
211
159
235
147
1,112
247
790
413
128
2,202
416
'428
363
38
4,237
1,674
4,459
1,654
503
14,023
.._
4,734
1,223
2, 014
2,429
2,935
13,335
__
769
1,057
961
1,947
90
121
692
320
216
577
260
961
1,102
253
419
655
955
689
146
1,145
3,132
2,697
2,478
5,028
....
3,036
985
2, 608
396
2,121
3,742
12, 888
_ ..__
112
235
645
490
1,360
194
54
12 1
103
38
272
254
798
131
550 1, 320
16
147
238
744
240
584
168
105
22
814
133
2,616
52
430
636
2,745
1,792
6,810
475
6,913
3,052 19,897
10,690
3,873
44,425
152
6,724
37
465
61
3,043 19,318
114
314
10,299
77
35
3,829
9
972
43,213
240
Cincinnati
Cincinnati: Total
Other
mortgagees
$104, 712 $31,898 $80, 736 $15,669 $64, 808 $55, 688 $353,511
U N I T E D STATES
U N I T E D STATES: T o t a l . . .
Individuals
I n d i a n a . ___
Michigan
Chicago
Illinois. . Wisconsin
Des Moines _
Iowa
Minnesota
Missouri.
North Dakota
South Dakota
Little Rock. . . .
1, 420
2,197
2,225
190
102
...
6, 310
Arkansas
_ _
L o u i s i a n a . _ „ _..
Mississippi
. . .
N e w Mexico. _ _
Texas.. _ Topeka
Colorado
Kansas
Nebraska
Oklahoma
Portland
Idaho
Montana
Oregon
Utah
Washington
Wyoming
_ ._
_
Los Angeles ._
Arizona
California
Nevada
.
__.
1
a
61
82
380
|
Federal Home Loan Bank Review
Table 1 3 — S A V I N G S — S a l e s of war bonds 1
Table 1 4 — S A V I N G S — H e l d by institutions
[Thousands of dollarsl
[Thousands of dollars]
Period
Series E»
Series F
Series G
$1,622,496
$207,681
$1,184,868
$3,015,045
July
.__.
August
September
October.
November
December—-..
145,274
117,603
105,241
122,884
109,475
341,085
27,359
20,318
18,099
22,963
18,977
33,272
169,499
127,685
108,987
124,866
105,035
154,242
342,132
265,606
232,327
270,713
233,487
528,599
1942: J a n u a r y February
March...
April
May
June
July
667,411
397,989
337,599
326,660
421,831
433, 223
508,118
77,559
51,820
41,070
40,003
42,465
41,041
73,691
315,577
253.391
179,223
163.839
170,060
159.681
319,053
1,060,547
703,200
557,892
530,502
634,357
633,945
900,862
1941
i U. S. Treasury War Savings Staff, Actual deposits made to the credit of
the TJ. S. Treasury.
2 Prior to May 1941: "Baby bonds."
Insured
savings a n d
loans »
E n d of period
Total
1940: J u n e
December
„.
1941: J u l y
August..
.
September
October
November
,
December.
.__....
1942: J a n u a r y . . _
________
February
March
.
April
_
May
_
June
....
July
_
...1
._.
.
1
Mutual
savings
banks a
Insured
commercial
banks *
$2,020,123
2, 202, 556
$10.589,838
10,617,759
$12,754,750
13,062,315
2, 450,759
2,466,175
2,487,146
2, 518,158
2, 552,037
2, 597,525
10,489,679
13,261,402
2, 589,466
2,600,172
2.612. 736
2,633,014
2,660,098
2,736, 258
2.757.929
10,354,533
1
Private repurchasable capital as reported to the F H L B Administration.
Figures
prior to June 1942 are revised.
2
Month's
Work. All deposits.
3
FDIC. Time deposits evidenced by savings passbooks.
Table 1 5 . — I N S U R E D A S S O C I A T I O N S — P r o g r e s s of institutions insured by the FSLIC
[Amounts are shown in thousands of dollars]
Period a n d class of association
Private
repurchasable
capital
Operations
Federal
Home
L o a n B a n k N e w m o r t - N e w priPrivate
advances
repurgage loans vate i n v e s t ments
chases
Total
assets
N e t first
mortgages
held
2,237
2,277
$2, 709,184
2,932,305
$2,130,124
2,343,047
$2,020,123 1
2, 202, 556
$236,913
220,789
$124,133
171,347
$67,751
56,363
$43,626
65,586
$20,418
22,865
46.8
34.9
2,317
2,322
2,330
2,332
2,343
2,343
3,156,362
3,187,935
3,223,510
3,262,886
3,303,296
3,362,942
2,596,746
2,638,165
2,673,826
2,712,697
2,738,311
2,751,938
2,450,759
2,466,175
2,487,146
2, 518,158
2, 552,037
2,597, 525
203,512
195,572
195,584
195,787
196,059
196,240
142,870
147,044
153,897
159,298
161,199
193,275
84,994
84,794
82,993
80,767
65,241
63,506
103,886
62,374
61,495
67,132
60,818
74,801
90,728
48,010
42,800
40,142
33,263
35,728
87.3
77.0
69.6
59.8
54.7
47.8
2,349
2,353
2,358
2,363
2,363
2,374
2,380
3,313,418
3,323,180
3,335,101
3,356,213
3,384,344
3,461, 228
3,439,097
2, 754,777
2, 763,579
2, 774,108
2,790,135
2,800,673
2,827,956
2, 837, 925
2,589,466
2,600,172
2, 612,736
2,633,014
2,660,098
2, 736,258
2, 757, 929
191,769
186,254
185,664
185,651
185,710
185,783
176,995
180,360
172,260
167,535
161,571
157,870
170,066
152, 302
49,549 1
49,387
56,934
62,015
59,006
58,692
61,062
105,792
53,449
56,701
58,193
53,808
72, 788
103, 821
118,666
47,229
47,086
40,443
31,503
26,152
87,059
112.2
88.4
83.0
69.5
58.5
35.9
83.9
1,421
1,437
1, 725, 817
1,871, 379
1, 403. 289
1, 544, 494
1, 266, 041
1, 386, 823
197, 268
181,431
90,489
127, 255
47,435
37,715
29, 404
44, 531
11,022
12,135
37.5
27.3
1,457
1,458
1,459
1,458
1,462
1,460
2,025,020
2,051,305
2,076,618
2,103,674
2,127, 561
2,173,326
1,717,451
1, 750,843
1,775,117
1,801,033
1,815,666
1,824, 646
1,566,751
1,580,623
1,595,179
1,615,812
1,637,238
1,668,415
166,464
159, 622
159,614
159, 775
159,925
160,060
102, 513
106,624
112,033
116.723
117.666
144,049
56,564
57,592
54.786
52, 507
41,910
41,182
70,290
40, 730
40,254
44, 341
39,212
48,872
61,061
30, 443
26, 765
23,799
18.984
20,400
86.9
74.7
66.5
53.7
48.4
41.7
1,461
1,461
1,461
1,464
1,464
1,464
1,465
2,131, 212
2,133, 251
2,137,579
2,151,862
2,170, 868
2, 205, 921
2,182, 337
1,824,376
1, 829,218
1,832,341
1,842,422
1,846,790
1, 849,400
1,852,972
1,658,444
1,662,269
1, 667, 983
1,683, 232
1, 701,065
1,735,932
1,748,584
156,079
151,295
150, 776
150,776
150.776
150, 776
143, 324
132,843
127,235
123, 748
118.639
116,327
127, 623
113,347
31,142
31,919
36,325
38,484
36,966
35, 279
37,007
70, 962
35,670
37,377
38, 301
35,759
47, 495
69, 919
81,663
30, 714
30,000
24,088
18, 515
14. 794
58, 508
115.1
86.1
80.3
62.9
51.8
31.1
83.7
816
840
983, 367
1,060,926
726,835
798, 553
754, 082
815,733
39, 645
39,358
33,644
44,092
20, 316
18, 648
14,222
21,055
9,396
10, 730
66.1
51.0
860
864
871
874
881
883
1,131, 342
1,136,630
1, 146,892
1, 159,212
1, 175, 735
1,189,616
879,295
887,322
898,709
911,664
922, 645
927, 292
884,008
885, 552
891, 967
902,346
914,799
929,110
37,048
35,950
35,970
36,012
36,134
36,180
40,357
40,420
41,864
42,575
43, 533
49, 226
28,430
27,202
28,207
28, 260
23.331
22,324
33,596
21, 644
21,241
22,791
21, 606
25,929
29, 667
17, 567
16,035
16,343
14,279
15,328
88.3
81.2
75.5
71.7
66.1
59.1
930,401
934, 361
941,767
947,713
953,883
978,556
984,953
931,022
937,903
944, 753
949, 782
959,033
1,000,326
1,009,345
35,690
34,959
34,888
34, 875
34,934
35,007
33, 671
47, 517
45,025
43,787
42,932
41,543
42,443
38, 955
18,407
17,468
20,609
23,531
22,040
23,363
24,005
34,830
17,779
19,324
19,892
18,049
25.293
33,902
37,003
16, 515
17,086
16,355
12,988
11,358
28,551
106.2
92.9
88.4
82.2
72.0
44.9
84.2
N u m b e r of
associations
Governm e n t investment
Repurchase r a t i o
ALL INSURED
1940: J u n e
December
...
_
1941: J u l y
August
September
October
November..
December
. .
.
_______
1942: J a n u a r y
February
March
April
May
June
July
_
FEDERAL
1940: J u n e
December
1941: J u l y
August..September
October
November
December
'
_
_
1942: J a n u a r y
February
March
April
May
June
July
_____
STATE
1940: J u n e
December
...
1941: J u l y
August...
September
October,._ __
N o v e m b e r __.
December
1942: J a n u a r y
February.:
March
April
May
June... _
July
416
_
_ __
1,182,206
888
1,189,929
892
1,197, 522
897
899
1, 204, 351 |
899
1,213,476
910 1 1, 255,307
915
1, 256, 760
Federal Home Loan Bank Review
Tabic 9 . — M O R T G A G E RECORDINGS—Estimated volume of nonfarm mortgages recorded
f Amounts are shown in thousands of dollars]
Savings a n d loan
associations
Banks and trust
companies
Insurance
companies
M u t u a l savings b a n k s
Individuals
All
mortgagees
Other
mortgagees
Period
Ferrer; t
Total
1941: J u l y
AugustSeptember
October
November
December
__
- . $142,695
139,156
135, 754
__ - 138,670
- 113,353
112,764
90, 572
86, 752
100,296
108.682
107,937
105,278
104. 712
1942: J a n u a r y
February
Mareh__
April
May
June July
Total £ £
Percent
Total
32.2 $37, 262
32.5 35,995
31.9 36,250
31.0 39,896
30.0 32, 527
28.7 37,185
8.4
8.4
8.5
8.9
8.6
9.5
$108, 555
105,153
100,712
106,109
92, 316
99,855
28.2
29.3
29.9
30.2
30.8
30.8
29.6
9.7
9.7
9.7
9.6
9.1
8.7
9.0
77, 631
70, 221
78,086
82,082
77. 563
74, 588
80, 736
31,062
28, 546
32, 650
34,466
31,780
29, 764
31,898
Percent
Total
Percent
Total
Total
Percent
Combined Pertotal
cent
24.5 $21,080
24.6 19.213
23.7 20,802
23.7 22, 788
24.4 19, 653
25.5 19,253
4.8 $71,456
4.5 69,002
4.9 70,377
5.1 74, 891
5.2 64,024
4.9 64. 524
16.1 $61, 991
16.1 59, 580
16.6 61.034
16.7 65. 636
17.0 55,810
16.4 58, 774
14.0
13 9
14.4
14.6
14.8
15.0
$443,039
428,099
424.929
447.990
377, 683
392,355
100.0
100.0
100.0
100.0
100.0
100.0
24.1
23.7
23.3
22.8
22.2
21.8
22.8
4.2
3.5
3.6
4.2
4.5
4.7
4.4
18.4
18.0
18.0
17.4
18.2
18.3
18.4
15.4
15.8
15.5
15.8
15 2
15.7
15.8
321, 396
296,041
335,636
359,968
350.187
342. 250
353, 511
100.0
100-0
100.0
100.0
100.0
100.0
100.0
13,523
10,405
12,162
15,310
15.904
16. 043
15, 669
59, 033
53, 383
60, 322
62. 707
63, 807
62, 730
64,808
49. 575
46, 734
52.120
56,821
53,196
53.847
55, 688
Table 1 1 . — F H A — H e m e mortgages Insured *
Table 10—FORECLOSURES—Estimated nonfarm real-estate foreclosures, by size of county
[Premium-paying; thousands of dollars]
Monthly volume
County size (dwellings)
Period
U.S.
total
Period
Less
than
5,000
5,00019,999
1941: J a n . - J u l y .
July
August
September.
October...
November.
Decern ber.
36,775
4,834
4,251
4,374
4,408
4,204
4,337
4,038
437
399
515
544
448
524
5,617
741
1942: Jan.-July .
January...
February..
March
April
May
_
June..
July
26. 632
4,000
3,630
3,935
3,856
3.813
3,850
3,558
2,752
439
370
669
461
333
367
333
4,282
635
592
678
561
623
637
565
654
697
705
20,00059,999
Title I
Class 3
60,000
and
over
7,843
959
948
975
945
890
1,028
19,277
2,697
2.236
2,230
2.222
2,161
2,126
5,882
814
13,716
2,112
1,860
1,944
1,967
1,889
2.011
7,933
863
867
835
727
$2,809
1,126
1,552
1,536
1,361
1,850
1941: July
August
September.
October...
November.
December .
1942: J a n u a r y February..
March
April
May
June
July
1, 885
1,455
1.502
1,967
1,867
1,781
919
Title II
Title VI
$81,531
70,227
73.083
85, 290
76,920
87,516
$436
560
1,143
2,190
3,578
5,294
87,167
70, 799
67, 780
55. 448
60,177
65. 810
62, 72S
6,556
8,483
12, 273
11,424
13.554
15. 876
20, 621
Total
insured
at end of
period
$3.267,406
3.339,317
3.415.095
3,504.111
3,585.970
3,680,630
3. 776 238
3,856,975
3. 938, 530
4.007, 369
4,082,967
4,166. 434
4,250,702
i Figures represent gross insurance written during the period and do not take
account of principal repayments on previously insured loans.
Table 1 2 . — F H L B A N K S — L e n d i n g operations and principal assets and liabilities
[Thousands of dollars]
L e n d i n g operations
J u l y 1942
P r i n c i p a l assets J u l y 31, 1942
C a p i t a l a n d principal liabilities
J u l y 31,1942
Federal H o m e L o a n B a n k
Advances
Boston
-_
New York
_ __ _ _
__
Pittsburgh
_ _ _ _ _ _ _ _. .
_ _
Winston-Salem
_._
___________
Cincinnati,_ _ _ _ _ _
___-___.
Indianapolis . . _
_ ___
_ _ _
Chicago,
Des Moines
_
L i t t l e B o c k _____
_ _
Topeka
Portland
__. __ _ ___ _ _
_
Los Angeles. . _
_ __
Repayments
$1, 323
1,631
728
1,241
599
440
697
142
263
253
284
330
$1-, 758
1,606
1,774
4,141
1,723
1,556
3,807
2,986
1,447
789
2,358
3,038
Advances
outstanding
Cash*
$11,212
26,742
14,477
22, 929
13, 750
11, 553
26,078
11,230
8,467
6,292
5,232
15,631
$5,415
1,538
3,486
8,986
4,356
2,034
10,375
5,928
2,197
2,370
2,795
5,922
Government
securities
Capital2
Debentures
Member
deposits
T o t a l assets
J u l y 31,
1942 1
$8, 289
8,536
7,249
2,374
13, 564
10,248
6,393
5,140
3,925
4,420
3,253
3,055
$18, 637
25,985
15,878
16,984
23, 232
11,206
21, 514
11, 284
12,139
10,056
8,178
14, 679
$4,000
8,500
9,000
16, 750
2,500
9,000
16,000
10,000
2,500
2,000
3,000
8,250
$2,317
2,381
340
617
6.035
3,674
5,359
1,032
1
1,064
128
1,720
$24,988
36,967
25,310
34,409
31 792
23,919
42,948
22, 364
14, 653
13,134
11,316
24, 679
7,931
26,983
173, 593
55,402
76, 446
189, 772
91, 500
24, 668
306,479
J u n e 1942
21,144
9,664
192, 645
49,068
69,368
189,639
91, 500
27, 697
311 726
Julvl941
12, 867
14, 619
168,145
55.904
63, 645
183, 805
75, 500
27, 300
288 605
J u l y 1942 (All B a n k s )
1
September 1942
Includes interbank deposits.
2
Capital stcck, surplus, and undivided profits.
4I5
QUARTERLY TABLES
Table 16.—HOLC—Mortgage loans outstanding and properties on hand
Table 1 7 — G O V E R N M E N T S H A R E S
Investments in member associations 1
[Amounts are shown in thousands of dollars]
[Amounts are shown in thousands of dollars]
Due on
original
loans
End of period
Due on
property
sold
1940: July
1, 718,155
1941: January. __
February-.
March
April
May
June
July
August
September
OctobersNovember
December.
1,613,829
1, 596, 768
1, 577, 843
1, 558, 930
1, 539,907
1, 521,046
1,502.710
1,485,558
1, 467, 786
1,449, 502
1,433,186
1,415, 563
1942: January. _.
February-.
March
April
May
June
July
1,397,411
1, 381, 568
1,363, 957
1, 347, 703
1, 329, 955
1,311,851
1, 293, 416
Properties owned
Book
value
T y p e of operation
Number 1
Federals
State
members
1,862
$50,401
4,701
$212, 536
1,001
$67, 210
5,702
$279, 746
1,831
$49,300
$29,857
$19,443
4,237
$177, 625
$45, 768
$131,857
743
$46,130
$10, 918
$35, 212
4,980
$223, 755
$56, 686
$167, 069
0
0
5
$700
6
$675
11
$1,375
0
0
0
0
0
0
2
$150
$35
2
$150
$35
Federals
$284, 524 $382,395
60,470
326, 990
331, 379
335, 783
340,611
345,009
349, 246
351,868
354.377
356, 683
358,922
360, 318
361, 355
333, 332
328, 205
322, 714
316,260
3 9,652
303,029
298,165
293,132
288,116
282,904
278, 532
274, 608
50,865
49, 940
48,850
47, 588
46,170
44, 922
43, 933
42, 807
41, 697
40, 614
39, 743
38, 957
360, 541
360, 309
360,167
360, 762
362,156
363, 995
363, 578
272,859
271,086
268, 660
265,159
259, 548
253', 234
250,126
38, 599
38,209
37, 792
37,176
36,187
35,192
34, 672
i Includes reacquisitions of properties previously sold.
Home Owners' Loan
Corporation
Treasury
Oct. 1935-June 1942:
Applications:
Number
_ _
A m o u n t __
_______
Investments:
Number..
_ _ ._ _
Amount.- _
_ _ __
Repurchases
Net outstanding investments
Second q u a r t e r 1942:
Applications:
Number
_. ... _.
A m o u n t __ _ _ _ _ _ _
Investments:
Number
_ „ __
A m o u n t . __
_ _
Repurchases. _
2
Total
i Refers to number of separate investments, not to number of associations in
which investments are made.
2 Investments in Federals by the Treasury were made between December
1933 and November 1935.
Table 18.—FHA—Insured home mortgases (Titles II and V I ) held, by class of institution
x
[Thousands of dollars]
1936* D e c e m b e r
- -
1937: D e c e m b e r
__
1938: D e c e m b e r
...
1939* D e c e m b e r
-
1940: M a r c h
_
._
June _ _ _ _ _ _
1941: M a r c h
-
__
_-
_
_. . . . _
-
--
--
______
___
_
._
-.-
_
_ _._
-- ._ -
~
____.-_-
_ _.
December
1942- M a r c h
.
-.
_
--
Commercial
banks
M u t u a l savings b a n k s
Savings a n d
loan associations
$365,157
$221,946
$14,345
$55,601
$41, 358
$4, 648
771,115
422, 772
34,844
110,290
117, 936
32,129
53,184
1,198, 675
619, 535
51,813
148, 798
212, 206
76, 778
89, 545
1, 792,980
885,051
88,641
191, 709
341, 587
152, 716
133,276
1, 948, 803
2,074, 739
2, 231,998
2, 409,197
953, 771
1,008,147
1,075,090
1,142, 949
106, 764
117,851
129, 751
149, 239
200,884
208, 218
216, 324
224, 328
392.405
43li 527
479, 623
541, 561
171,128
182, 327
190,350
201,032
123,851
126, 669
140, 860
150,089
2, 598, 348
2, 754, 725
2, 943, 574
3,115, 616
1, 226,856
1, 300, 734
1, 381, 609
1,447,101
165,421
174, 706
189,736
205, 748
230,412
237,056
246, 588
255, 296
606,052
668,069
722,019
791, 617
209,989
220, 400
225,076
233, 628
159, 618
153, 760
178, 546
182,226
3, 332, 231
1, 533,896
222, 351
266,079
867,293
237, 849
204, 764
Total
C u m u l a t i v e t h r o u g h e n d of m o n t h
______
--
-__ -
--
Insurance
companies
Federal
agencies
2
Others 3
$27, 259
1
2
Original face amount of mortgages held; does not include terminated mortgages and cases in transit to or being audited at the Federal Housing Administration.
The RFC Mortgage Company, the Federal National Mortgage Association, and the United States Housing Corporation.
3 Includes mortgage companies, finance companies, industrial banks, endowed institutions, private and State benefit funds, etc.
Directory
TENNESSEE:
Chattanooga:
Inter-State Life and Accident Company, 540 McCallie Avenue.
(Continued from p. 896)
T E R M I N A T I O N S OF M E M B E R S H I P I N T H E F E D E R A L H O M E L O A N
B A N K SYSTEM B E T W E E N J U L Y 16, AND A U G U S T 15,
1942
KENTUCKY:
Newport:
National Loan and Building Association No. 1, 914 Monmouth Street
(liquidation).
PENNSYLVANIA:
Philadelphia:
West Columbia Avenue Building and Loan Association, 633 West
Olney Avenue (liquidation).
Pittsburgh:
Justice Building and Loan Association, 601 West Diamond Street
(liquidation).
September 1942
II. I N S T I T U T I O N I N S U R E D BY T H E FSLIC B E T W E E N
J U L Y 16, A N D A U G U S T 15, 1942
D I S T R I C T NO. 1
CONNECTICUT:
New Haven:
The New Haven Progressive Building and Loan Association, 159 Court
Street.
INSURANCE CERTIFICATE
AND A U G U S T 15,
1942
OHIO:
CANCELLED
BETWEEN
JULY
16,
Wapakoneta:
Wapakoneta Building and Savings Company, 22 East Auglaize Street.
417
INDEX TO VOLUME 8
•
FOR the convenience of readers in finding references, the pagination of each issue of Volume 8
is listed below. The titles of all articles appear in
italics.
Volume 8
No. 1—October
No. 2—November
No. 3—December
No. 4 — J a n u a r y
N o . 5—February
No. 6—March
No. 7—April
No. 8—May
No. 9—June
No. 10—July
No. 11—August
No. 12—September
Pages
1 - 36
3 7 - 68
69-100
101-136
137-184
185-216
217-252
253-288
289-320
321-352
353-388
389-420
c
A
Advertising:
educational
expenditures of 197 associations during 1941 for radio
radio, by savings and loan associations
war bond
Advisory Council, Federal Savings and Loan:
membership for 1942-1943
Anchor Building and Loan Association, mortgage-loan files of
Annual Report (ninth) of the FHLBA:
preview of
Appraisal:
Centralized Appraisals as a Lending Safeguard
New Orleans Central Appraisal Bureau
Asset accounts, trends in:
of all operating savings and loan associations (1940)
of member savings and loan associations (1941)
Pages
305
7
6
112,324
393
82
71
15
15
74
331
B
Balance sheets, combined:
of all operating savings and loan associations (1940-1939)
74
of member associations at end of 1941
332
Battle for a Billion
323
Benj. Franklin Federal Savings and Loan Association:
mortgage-prepayment plan of
77
Blandford, John B., Jr.:
appointment of, as Administrator of National Housing Agency
187
message from, on tenth anniversary of FHLB System
354
British Building Societies Carry on
220
Britain:
effect of War on building societies in
220
war-time housing in
294
Building codes:
revisions in, to conserve materials
104,252,270
Building costs (monthly analysis and table of small-house building costs in
selected cities are published in each issue):
comparison of, during two World Wars
192
regional variations in
49
summary of 1941 trends in
148
Building materials:
conservation of and substitution for
267
critical
3,70,104,218
price regulations on
193
price trends of
192
regional variations in price of
48
restrictions on use of
70,322
418
Building societies, British:
Pages
consolidated annual report of
18
effect of War on operations of
220
Bulletins of the Commissioner (see FHLBS, FS&L System, and Insurance of Accounts, Rules and Regulations).
Bureau of Labor Statistics:
study of consumer purchases by, (comparative cost of renting and owning
homes)
116
study of residential construction by, (1930-1941)
400
Business conditions (analysis of business conditions is published in each
issue):
summary of 1941 trends in
14<3
Census, 1940:
home ownership, degree of, as revealed by
housing standards as revealed by
population trends as revealed by
Centralized Appraisals as a Lending Safeguard
Changing Pattern of Mortgage-Lending Activity
Commercial banks:
insured mortgage holdings at end of 1941
mortgage loans made by, (1940)
private savings invested in
real estate owned by
trends of private savings invested in, during 1941
Condition of Members at the Outbreak of War
Conservation of Critical Building Materials
Construction: See Residential Construction.
259
259
259
15
325
391
391
12
21
301
331
267
D
Decline in Pledged Shares Indicates Wide Acceptance of Direct-Reduction Loans. 231
Defense Bonds—A Greater Task Ahead
112
Defense Diary see Home Front.
Defense housing see war housing.
Defense housing areas (map as of September 22, 1941)
4
Defense rental areas: see also Rent Control
197
Defense savings bonds: see war savings bonds.
Designation of Defense-Rental Areas Initiates Federal Action on Rents
197
Directors, F H L B :
appointments, designations, and election of
9, 51,135,159,195
Directory of member, Federal, and Insured institutions is published in each
issue.
Dividends:
table of rates paid or declared by F H L Banks (1941)
166
Educational Advertising
305
End of Nonessential Building
219
England: see Britain.
Expansion of FH A Loans Under Title VI
293
F
Fahey, John H.:
appointment of, as Federal Home Loan Bank Commissioner
187
message from, on tenth anniversary of FHLB System
355
Fair Rent Committees: see also Rent Control
70,107,198
Federal Home Loan Bank Act, history of
358
Federal Home Loan Banks (summary and table of lending operations and
balance-sheet items are published in each issue; consolidated statements of
condition compared for 1941, 1940, 1939; and condensed consolidated
statement of condition, dividends paid or declared, interest rates charged,
statement of condition, statement of profit and loss are published in
February)
announcement of directors of
9,51,135,159,195
balance-sheet trends (1932-1942)
365
debentures of
356,410
history of (1932-1942)
362
income and expenses of (1932-1942)
366
individual banks, summary of trends in, (1932-1942) _'
367
summary of 1941 trends of
138
Federal Reserve Board:
instalment credit regulation (W)
.
70, 218,300,390
Federal savings and loan associations (analyses and tables of operations and
lending activity of, are published in each issue).
Federal Home Loan Bank Review
Pages
Federal Savings and Loan Insurance Corporation (analysis and table of
operations of reporting insured associations are published in each issue).
FHA insurance (table of insurance operations—Titles I [Class 3], II, and VI—
is published in each issue since March; Title II data on holdings by type of
institution are published quarterly since March):
loans covered by, (1941)
392
loans outstanding at end of 1941
392
Tide VI loans, change of regulations affecting
137
Titles I and VI, amendments to
291
trends in (1941)
153
FHLB System (combined statement of condition and annual comparison
of balance-sheet items for all savings and loan members are published in
July):
advances by, (1932-1942)
364
combined statement of condition of all member associations at end
of 1941
332
debentures of, (1932-1942)
365
financing operations of, (1932-1942)
364
functions and accomplishments of, (1932-1942)
356
history of, (1932-1942)
362
individual Bank District analysis (1941)
141
membership trends in, (1932-1942)
364
operating statements of members of, (1941)
394
preview of ninth annual report of
71
FHLB System, Rules and Regulations, amendments to:
political or public office, holding of
51
Filing of mortgage loan dockets
82
First Federal Savings and Loan Association (New Haven, Connecticut):
educational advertising campaign of
305
First Federal Savings and Loan Association (Toledo, Ohio):
mortgage-prepayment plan of
77
Forecast for 1942:
summary of prospects in residential construction, home financing, and
related business
fields
157
Foreclosures (estimated nonfarm real-estate foreclosures, by size of county,
published in each issue):
summary of 1941 trends in
155
From Defense to Victory
102
FS&L System, Rules and Regulations, amendments to:
change from "Board" to "Administration"
248
conservator or receiver, appointment and duties of (proposed)
181
hearings on applications for Federals (proposed, 181)
252
purchase of assets, office building or land, limitations of authority for
(proposed)
68,205
reports by receiver, forms for
181
Fuel-oil conservation measures
390
G
Goat We Have Sought (functions and accomplishments of FHLB System,
1932-1942)
356
H
Harvey Federal Savings & Loan Association (Harvey, Illinois):
payroll-allotment plan of
255
Hawaii Savings and Loan Associations Under Fire
.
,__
196
Hingham, Massachusetts:
Bradley Woods defense housing project in
38
Home Front (pertinent items of defense and war activities are published in
each issue. Indexed by subject).
Home-mortgage debt, nonfarm:
held by selected financial institutions
391
improved structure of
73
trends in, (1941)
152,391
Home-Mortgage Debt Passes the Twenty-Billion-Dollar Mark
391
Home Owners' Loan Corporation (tables on operations and investments in
shares of associations are published in each issue through March and
quarterly thereafter):
mortgage loans made and held by (1941)
391
real estate owned by
21
war-housing, activities relating to
227,419
Home ownership:
comparative costs of renting versus
117
distribution of, as revealed by 1940 census
259
trends in
118,259
Honor roll of war bond sales by member savings and loan associations (published in each issue since May).
Houses We Live In
. . . . „ _ . _ 259
September 1942
Pages
187
2
400
255
Housing agencies, new Federal set-up of
Housing Priorities Go Into Effect
How Much Did We Build!
How to Operate Payroll-Allotment Plans
I
Initial Steps in Rent Control
105
Insurance of Accounts, Rules and Regulations, amendments to:
issuance of debentures in payment of insurance
68
issuance of securities by FSLIC
288
names used by insured associations (proposed, 181)
313
premium credits in purchase of bulk assets
68
Interest rates, F H L Banks:
table of, on advances and deposits (1941)
166
Instalment credit regulation (W)
70,218,300,390
L
Lanham Act, war housing under
Legislation:
Lanham Act (war housing)
mortgage insurance, FHA Titles I and VI
war damage insurance
rent control (District of Columbia)
rent control (national)
Life insurance companies:
mortgage holdings of
mortgage investments by
real estate owned by
Lumber, restrictions on use and prices of
137
137
293
104, 218
105
197
45
45
21
104,300,322,372
M
Mixed Trends Feature the Savings and Home-Financing Operations of Banks
During 1941
301
Modernization and repair to provide war housing
227, 254,372
Money market conditions:
summary of 1941 trends in
147
Mortgage insurance: see FHA.
Mortgage-loan
files
82
Mortgage Investments by Life Insurance Companies Increase
45
Mortgage-Lending Statistics for Selected States
225
Mortgage lending (analysis and tables of lending activity by all associations
are published in each issue):
analysis of, by States
225
changing pattern of
325
trends in, (1941)
140,152,325
variations in, geographically and by class of institution
326
Mortgage recordings (analysis and tables of estimated volume of mortgages
recorded are published in each issue):
individual FHL Bank analyses of (1941)
141
trends, summary of, (1941)
151
Mortgages:
percentage of, among owner-occupied homes
260
Mutual savings banks:
mortgage holdings of, at end of 1941
391
private savings invested in
12
real estate owned by
21
savings trends in
303
N
National Housing Agency, creation of
New Federal Set-up for Housing
New Homes from Old
New Orleans:
Central Appraisal Bureau of
home-modernization campaign in
187
187
227
15
227
o
Operating Statements Reveal Strengthening of Reserves
394
P
Path We Came By (history of FHLB Act)
358
Payroll-deduction plan for war bonds (Harvey Federal Savings and Loan
Association)
255
Pension and retirement plans:
summary of, operated by savings and loan associations
108, 399
Personnel Policies of Savings and Loan Associations
397
4I9
Pages
Personnel administration
_.
329,397
Pledged shares, decline in
231
Plotting the Curve of Building Costs
192
Plumbing and heating supplies, regulations affecting
137,188, 254,300
Postal savings:
private savings invested in
. . . 12
Prefabrication, use of, in war housing
137
Prepayments on Loan Accounts—A Timely Device
77
Present-Day Problems in Personnel
329
Price regulations:
building materials
.
193
lumber
_
104,300,322
Priorities
.
3,70,104,188,218
Priority Ceilings Focus Attention on Designs for Low-cost Houses„
42
Private savings:
trends in, summary of (1941)
156
trends in, summary of, by class of institution (1940)
12
Private-share capital:
trends in (1940-1941)
.
..
_..___... 12,141,156
Progress and Prospects in the War-Housing Program
290
Progress in Pension Plans
108
Proper Filing Systems Contribute to Operating Efficiency
.. 82
R
Real-estate conditions:
trends in, summary of (1941)
154
Real-Estate Overhang—Back Toward Normal
19
Real-estate owned:
distribution of, held by selected financial institutions...
21
trends in, held by mutual savings banks and insured commercial banks_ 301
trends in, held by member savings and loan associations
331
Regional Variations in Building Material Prices
48
Registered Home Service:
activities of, relating to New Orleans Central Appraisal Bureau
17
defense housing, use in
38
sample plans approved by
43
Regulation W: see instalment credit.
Remodeling: see modernization and repair.
Rent control:
British experience with
294
capital improvements defined by OPA
390
District of Columbia legislation on
105
Fair Rent Committees
107,198
national legislation on
197,254,372
Rentals (NICB index is published in each issue):
costs compared with home ownership
116
Repurchase ratio (data for all insured savings and loan associations are published in each issue):
trends in, of savings and loan associations (1941)
190
Reserves:
individual F H L Bank analyses (1932-1942)
368
undivided profits and, of member associations (1940-1941)
335
Residential construction (analysis and tables of activity in all urban areas
are published in each issue):
forecast for 1942
.
157
"Stop-Construction" Order, effect on
267
summary of (1930-1941)
400
summary of trends in, (1941)
.
148
Resolutions of the Board: see FHLB System, FS&L System, Insurance of
Accounts, Rules and Regulations, amendments to.
Retirement plans: see pension plans.
Review of 1941:
trends in regional and national vital statistics of the savings and loan industry, and general business conditions. (Entire February issue is a yearend survey number)
139
Road We Have Traveled (Bank System operations, 1932-1942)
362
Roosevelt, Franklin D.:
message from, on tenth anniversary of FHLB System. _.
. 353
420
s
Pages
Savings (table of selected private long-term savings is published in each
issue; sales of U. S. war bonds are published in each issue since March):
summary of trends in, (1941)
155
trends in private, by institutions
12
Savings and loan associations: see specific subjects.
Savings and Loan Associations—On the Air!
6
Savings and Loan Financing of Defense Housing Opens up a New Vista
38
Savings Rise in Volume and Significance
11
Share Capital Turnover and Repurchase Ratios Show Moderate Increase in 1941- 189
"Standard house" (monthly analysis and table of building costs of, are published in each issue).
State-chartered savings and loan associations (analysis and tables of operations of insured associations and of lending activity are published in each
issue).
Statement of condition:
combined, for all member savings and loan associations at end of 1941
331
comparative, for all operating savings and loan associations (1940-1939)__ 75
Statement of operation for FHLB members (1941)
394
Statistical Supplement (published with the March issue).
"Stop-Construction" Order (Conservation Order L-41):
amendments to
405
conservation of materials necessitated by
267
provisions of
219
Survey of Housing and Mortgage Finance
71
T
T N E C survey of regional variations in building material prices
To Own or Rent—New Light on an Old Question
Total Savings and Loan Assets Rise for the First Time in Ten Years
48
HQ
74
u
U. S. Department of Labor (monthly building permit data and indexes of
housing rentals, of manufacturing employment and payrolls, and of wholesale price of building materials, are published in each issue. See also
Bureau of Labor Statistics).
LT. S. Housing Corporation
187
U. S. Savings Bonds: see war savings bonds.
IT. S. Treasury (table of investments in savings and loan associations is
published in each issue through March and quarterly thereafter).
w
War-savings bonds:
advertising of, by savings and loan associations
112
Baltimore rally for sale oL
372
billion-dollar monthly goal for
323
honor roll of war bond sales (published in each issue since May),
payroll-allotment plan of Harvey Federal Savings and Loan Association
for sale of
255
private savings invested in
.
12
redemption of
.
322,390
sales of
70,141,156,188,254,300,372,390
War damage insurance
.
104,218,300,322
War housing
137,188,218,254,300
Bradley Woods (Hingham, Massachusetts) project for
38
changes in pattern and type of.
290
FHA insurance in financing of
291
modernization to provide
227, 299
priority quotas for
390
rental projects for
290
savings and loan financing of
38
"Stop-Construction" Order (L-41) affecting
219
trends in, summary of, (1941)
148
War-Time Housing in Britain
294
Federal Home Loan Bank Review
U. 5 . GOVERNMENT PRINTING O F F I C E : 1 9 4 2
FEDERAL HOME LOAN BANK DISTRICTS
HOWi
• M M BOUNDARIES OF FEDERAL HOME LOAN BANK OISTRICTS.
$
FEDERAL HOME LOAN BANK CITIES.
OFFICERS OF FEDERAL HOME LOAN BANKS
BOSTON
CHICAGO
B . J . R O T H W E L L , Chairman; E . H . W E E K S , Vice Chairman; W . H .
C . E . BROUGHTON, C h a i r m a n ; H . G . ZANDER, J R . , Vice C h a i r m a n ; A. R .
G A R D N E R , P r e s i d e n t ; J . P . D O M E I E R , Vice P r e s i d e n t ; H . C . J O N E S ,
N E A V E S , P r e s i d e n t ; H . N . F A U L K N E R , Vice P r e s i d e n t ; L . E . D O N O V A N ,
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 , C o u n s e l ; B E A T R I C E E . H O L L A N D ,
Treasurer; CONSTANCE M . W R I G H T , Secretary; UNGARO & SHERWOOD,
Assistant Secretary.
Counsel.
NEW
DES
YORK
MOINES
Chairman;
C . B . R O B B I N S , C h a i r m a n ; E . J. R U S S E L L , Vice C h a i r m a n ; R . J . R I C H A R D -
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 ;
SON, President-Secretary; W . H . LOHMAN, Vice President-Treasurer;
J. M . M A R T I N , Assistant Secretary; A. E . M U E L L E R , Assistant Treas-
GEORGE
MACDONALD,
Chairman;
F.
V. D .
L L O Y D , Vice
D E N T O N C. L Y O N , Secretary; H . B . D I F F E N D E R F E R , Treasurer.
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 D G R E N , Counsel.
PITTSBURGH
LITTLE ROCK
E . T . T R I 6 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, President; G . R . P A R K E R , Vice President; H . H . G A R R E R , Secretary -Treasurer.
W . C . J O N E S , J R . , C h a i r m a n ; W . P . G U L L E Y , Vice Chairman; B . H .
W O O T E N , President; H . D . WALLACE, Vice President-Secretary; J . C .
C O N W A Y , Vice P r e s i d e n t ; W . F . T A R V I N , T r e a s u r e r ; W . H . C L A R K , J R . ,
WINSTON-SALEM
Counsel.
H . S. H A W O R T H , Chairman; E . C . BALTZ, Vice Chairman; O. K . L A R O Q U E , President-Secretary; J o s . W . H O L T , Vice President-Treasurer;
T . S P R U I L L T H O R N T O N , Counsel.
CINCINNATI
R.
P.
DIETZMAN,
Chairman;
W M . MEGRUE
W A L T E R D . SHULTZ, President;
tary;
'A. L.
MADDOX,
BROCK,
Vice
STETTINIUS
&
PORTLAND
Chairman;
W . E . J U L I U S , Vice President-Secre-
Treasurer; ;TAFT,
TOPEKA
P . F . G O O D , C h a i r m a n ; R o s s THOMPSON, Vice Chairman; C. A. STERLING,
President-Secretary; R . H . B U R T O N , Vice President-Treasurer; JOHN
S. D E A N , J R . , General Counsel.
BOLLISTER,
B E N A. P E R H A M , Chairman; E . E . C U S H I N G , Vice C h a i r m a n ; F . H,
JOHNSON,
General Counsel.
President-Secretary;
C.
T.
GREENE,
RUSSELL
President;
PARKER,
G.
E.
OHMART,
Secretary-Treasurer;
K R I E G & D E V A U L T , Counsel.
BOGARDUS,
Vice
President-
BERY, Counsel.
INDIANAPOLIS
Los ANGELES
H . B . W E L L S , Chairman; F . S. CANNON, Vice Chairman-Vice President;
FRED
IRVING
T r e a s u r e r ; M r s . E . M . J E N N E S S , Assistant Secretary; V E R N E D U S E N
Vice
HAMMOND,
President;
BUSCHMANN,
D.
G.
DAVIS,
Chairman;
PAUL
E N D I C O T T , Vice
Chairman;
M.
M.
H U R F O R D , President; C . E . B E R R Y , Vice President; F . C. N O O N , Secre*
tary-Treasurer; VIVIAN SIMPSON, Assistant Secretary.
@FedFRASER