Evening star., 1936-04-18
PRIVATE LENDING
ON HOMES RISING
Slack Noted in Articles by
US. Officials in Build
ing Publication.


people who want homes has its back
away from the wall and is relegat-
ing direct Government aids to a less
conspicuous place. This definite i'm
preston grows up from the examina-
tion of the current compilation Of
papers from the savings, building and
loan and cooperative banking indus
try published under the designation Of
Building and Loan Annals, 1885"
The contributions from those in
Government circles are much fewer
than has been customary in the past
several volumes, and the slack in off,
cial talk is taken up by articles from
professional accountants, advertisers,
and practitioners in such allied fields
to the savings and loan industry as
real estate, mortgage banking and life
insurance. This choice of authors is
in itself an indication that the cur
rent volume is talking business rather
than depression problems.
In fact, there is developed here the
plan for the boldest program yet put
forward in the los years history Of
savings and loans, frontal attack on
the ultra-traditionalism within the
ranks and upon the extreme expert
mentalism being urged without. Vari-
able interest rate plans, more adequate
liquidity policies, complete reorganiza-
ton of the bookkeeping systems and
accounting methods, advocacy of ad-
Vertising which leaves no room for
the tirnid souls, rapprochement be-
tween State government officials in
charge of supervision and the asso-
Citations themselves such as has never
been witnessed before, are major theses
running through this book. Quite
obviously there will be no lying down
on the part of the savings and loan
interests, no shutting of eyes to the
direction in which the home financing
business might be taken by paternal-
istic bents Of the Government and
by Governments increasing control.
The book thus reflects strong feeling
against the PHILOSOPHERS of scarcity.
Of spendthrittiness, dependence upon
collective security and Government
intervention.
Home Loan Bank System Backed.
The Federal Home Loan Bank sys-
tenn, subject of four different papers,
emergeS as the one Government
agency in which the private home
financing interests have put their
complete trust. 1t has been accepted
into the ranks and the future of the
system is discussed here with the same
family interest with which the same
people would discuss the future of
savings, building and loan business.
The Federal Savings and Loan In
surance Corp, on the other hand, is
still subject of analysis" and of
pro-and-con discussions.
The national housing act is dis
cussed only from the point of view
Of its constitutionality, forming an ex-
cellent bone of contention for five
papers by building and loan attorneys.
Save for report from a standing
committee appointed to review the
performance of F. H. A., there is lit
tie other mention of it in the entire
volume. 1t is possible from the treat
ment in this volume, written for the
practical men for whom new Govern
ment schemes were designed, to trace
the success or failure of each in ac-
complishing its specific purpose. In
addition, papers by Senator Robert J.
Bulkley and by Chairman John H.
Fahey of the Federal Home Loan
Bank Board give concise reviews of
these agencies and their performance.
Contributors include, besides these
two just mentioned, Representative
John B. Hollister, member of the
House Banking and Currency Com
mittee, from Ohio; President Glenn
Frank of the University of Wisconsin,
Prof. Gus Dyer of Vanderbilt Uni
versity L. A. Mclean, president of the
Mortgage Bankers Association of
America, Walter S. Schmidt, past
of Real Estate Boards, Morton Bod
fish, executive vice president of the
United States Building and Loan
League; l. Friedlander, chairman of
the congressionally created Federal
Savings and Loan Advisory Council;
Preston Delano, governor of the Fed
eral Home Loan Bank System; A. D.
Theobald, director of education and re-
search for the American Savings and
Loan Institute; r. Graeme Smith of
the Connecticut General Life Insur-
ance Co. and some score of building
and loan managers and professional
men who serve these institutions in
one capacity or another.
Reviews Are Printed.
Beyond the first half of the book
lie the statistics on the business, which
are the only comprehensive figures
on savings, building and loan opera
ton available in printed form, like
wise a complete review of State saw
ings and loan laws which have been
amended in the course of the last IL
months, and exhaustive directories of
officials and institutions concerned
with the home financing business.
Here are listed the 4,300 different
savings and loan institutions which
are members of the United States
League, together with their street ad-
dresses, principal officers, resources,
number of investors and borrowers
For the regional Federal Home Loan
Banks and the Cooperative Central
Bank of Massachusetts,, officers and
directors are given. A complete list
Of State building and loan supervisors
&c iy,n