The Waterbury Democrat., 1933-05-26
C0MBELLACK CUSTER MOVE IS OPPOSED
SAVINGS BANKERS AT ANNUAL
 MEETING SEE BETTER OUTLOOK
 FOR REALTY MARKET IN FUTURE

Swampscott, May 2e--A decid- ediy better tone to the real estate and prospect of stiffening prices were reported here to-day by members of the National Asso- citation of Mutual Savings Banks, in annual session. Willard w. Miller, president of the Bloom field (N. .J.) Savings Institution and chairman of the association's special committee on mortgage in- vestments, said that the typical home continues to be a prime investment and good buy" at present prices.
 'If the critical period of the re- cent past should yield no other result, it has shown beyond doubt that the small American home con- stitutes a sound investment either for an individual or an institution" :" said Mr. Miller.
 When we consider the great number of individual home owners, it is astonishing that such small percentage of them are unable to meet their obligations. The man who put his money into home did not make a mistake. Savings bank with home financing is one of the special reasons for their stability. In the four-year crisis those loans have been of immeasurable benefit, not only to home owners and as a source of revenue to depositors in mutual institutions, but of the broadest public benefit as we'll"
 Mortgage Outlook Better
 The report of the mortgage com mittee read in part:
 ''If anything has been brought clearly to our notice, it has been the fact that in times of good busi- ness and good wages the mortgage loan granted by the savings bank should be under some plan of liq- uidation or amortization.
 "The reduction of those loans may be accomplished in many ways. By small monthly payments covering a period of years or larger quarterly or semi-annual pay- ments. If loan is very small in proportion to- a conservative value of the property mortgaged, it might be allowed to remain in the status quo for given or first term period, say one, three or five years, then some deduction be made reg ularly. However, the neglected loan is the one giving trouble to-day.
 -Four states in the east are seri- ously considering the relief of real estate from it's tax burden by sub stituting forms of taxation where a larger percentage of the popula- tion will contribute to the govern mental expenses, thus relieving real estate from it's excessive bur- den. We urge that in every way possible. savings bankers take an active part in agitation for real estate tax relief
 During this year more pressure has been brought to lower interest rates on mortgages than has oc- cured in the last decade. Not since 1912 to 1914 has there been such a demand for relief from the inter- est burden. However, there has been no set rule of law or of prac- tice. In some states bills were in- troduced reducing the rate of in- terest, or changing the usury law, but those have not as yet been en- acted. S
 There is question involved which is deeper than would ap- pear on the surface. The mortgage market is suffering from a lack of lenders and until the confidence of those people is restored, mort gages will not be looked upon as a favorable investment.
 ''In the opinion of your commit