Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-02
PRESIDENT LAUDS
BUILDING AND LOAN
Tells Convention Employment
Stimulated by Money
Used for Homes.
Continued From First Page)

1880 there continued q gradual but
steady improvement. Associations
which had borrowed from banks to
meet the withdrawal demands Of share
holders began to liquidate their indebt-
edness and many resumed the making
of mortgage loans. In the second quar-
ter of the present year the associations
did a fair volume of business under
more established conditions.
Many States Report Improvement.
California, for the first half OF the
year, reports an improved demand for
loans over last year. Ohio, Wisconsin,
Minnesota, Oklahoma Except in the
northern part,, Idaho, Iowa, District OF
Columbia and most of the States IN
the Eastern sections report improved
receipts with less Withdrawals ana an
adequate supply Of funds for all pur-
poses"
Here the league ACKNOWLEDGEMENTS
suggested that these institutions De re-
quired in the future to create reserve
organiza tons or create other more am
ple reserves to meet periods such as the
one last Fall, and stated that New Jer-
sew had recently passed an act which
will require building and loan associa-
tons in that State to invest a certain
sum annually as a liquid reserve 70
meet such emergencies.
Touching on all types of construction
being undertaken throughout the United
States, the speaker stated that con-
tracts for residence construction award
ed In SO States in tn hree months
Of 1880 were down 70 i mt as COM
pared with 1929. TU,Gi contracts
awarded for all classes OF construction
for the first quarter of 1880 fell on
only about IA per cent, and for the hrst
half of 1880 residence construction con-
tinued nearly so per cent less than the
amount shown for the corresponding
period of last year, but contracts for all
classes of construction improved some
what during the second quarter, so that
for the first half of the year all con-
struction was of only 1914 per cent
over 1929.
Gives Detailed Figures.
In giving detailed figures on gains in
assets by States, Cellarius said New
Jersey showed the greatest gain, having
added $119,074,037 during 1929. Penn
sylvania made a gain of $50, 943, $50 and
Ohio S46,i45, 259. Other States making
gains in assets of S10,000,000 or more
for the year were: Wisconsin, S31 1872
2S3: illinois, S28,495 ,532; Massachu-
sets, $27,516,610; Texas, $23, 961 SIS:
New York, SEC, ,594; Missouri, S19,-
224 1858; Michigan, SlS, 46b, 6O3; INDIANA.
Si4,047,S77, and Kentucky, 1885,, 294.
Periodic surveys of the building and
loan business, which will include studies
of the demand for mortgage money and
the forecasting of demand for homes,
will be made as the result of recon-
mendations of the executive committee
of the United States Building and Loan
League.
Herbert o. Nelson, Chicago, executive
secretary of the National Association Of
Real Estate Boards, addressed the COM
mittee on work begun July ! by four
large organizations, the first to study
the economic aspects of present-day tax
problems The organizations are the
Real Estate Association, the Building
and Loan League, the National Associa-
ton of Building Owners and Managers,
and the Mortgage Bankers Association
Of America.
Tax Problem Studied.
Several sides of the problem Of the
tax question. including whether or not
State income taxes are a solution of the
heavy burden now imposed on real prop
erty owners, are being studied by this
committee, which represents financial
institutions with assets and resources of
billions of dollars, the owners of real
estate and the owners of commercial
buildings throughout the country.