Evening star., 1940-05-04
Loan Leagues Annals
For 1889 Present
New Subjects
Realistic Approach
To Todoy's Problems
Reported in Yearbook

The 10th of the series of year.
books Of the savings and loan busi-
ness, published by the United States
Savings and Loan League as its an
mails. must be compared with the
first Of the series, published in 1890,
to get the full significance of what
has happened in the outlook and
problems of mortgage lending be-
tween 1880 and 1899. The new VOL
ume, edited by Morton Bodfish, ex-
ecntive vice president of the league,
puts major emphasis on at least
half dozen subjects which are not
even mentioned as remote posibili-
ties in 1890
Among them are public housing
(Which is the subject of the lead
article in the current volume); in
terest rates and the concomitant,
dividend rates, which are treated in
three different articles and in sew
eral committee reports: investment
of excess funds, bonus and retire.
ment plans for savings and loan
association managers and staff, trust
funds as a source of money for saw
ings and loan-all three of the latter
being subjects of at least one arti-
Gle in this volume as we'll as touched
on in many committee reports.
Two Factions Involved.
The new concerns of the mort
gage lending business arise from two
sources, it would appear from the
1889 annals. OF course. one is the
social philosophy which has risen
to prominence as the depression
went along The other consists of
the steps taken by the savings and
loan business itself to live. move and
have its increasingly important be-
ing in the face of radical govern
ment moves, based on some phases
OF that social philosophy Mr.. Bod
fish, in his chapter on Realities of
the New Decade" sums up the di-
lemma and the logical response of
the business to its dilemma when
he writes: "The days of Jefferson
are gone. We want to find that
common ground and that partner
ship with government and with our
public officials, who are servants
OF the people and not the masters,
which will be satisfactory and in
the public interest"
Looking at the annals of 1890 one
realizes that 10 years ago there was
no problem of government and
business which got any attention
from business. Being a business
book for businessmen, the annals
performs its usual function of turn
ing a microscope on the openings
and opportunities for expansion and
development of the business, with
out pulling punches as to what's still
to- be improved. abandoned, or
weighed seriously pro and con,
among practices and policies. The
result is complete realism which
succeeds in leaving a strong note
OF optimism about the future of
private capital and private enter
prise in the home building and home
financing business.
War Situation Enters.
Based on speeches made at the
convention of the United States
League last September, the annals
contains many references to effects
OF the European war on the finan-
clal and general policy, both public
and private, in this country. and
on business in general. A new time
illness has come to these portions of
the book in the recent few weeks
When any affects of war have
seemed to be more imminent than
ever before. Gen. Hugh johnson on
America in War Economy" and
economist Murray Shields on Eco
nomic Consequences of the War" are
the political and economic prophets
respectively of this volume.
1mposingly introduced by a let
ter from the President of the Uni
TED States and communication
from Federal Loan Administrator
Jesse H. Jones. the annals comprises
various sections dealing with gen.
eral topics, advertising and business
development procedure attorneys
problems, Federal savings and loan
associations, institutions insured by
the Federal Savings and Loan In
ouh oAiSS wi P.,
special concerns, state league Off
GERS problems, supervisors concerns
and statistics of the business. Re-
ports from the % committees of the
league at the convention comprise
one OF the most meaty sections of
the book, ranging in subject from
public housing to title charges and
costs in placing and collecting
mortgages. A directory of the leagues
5000 member associations with their
principal officers. number of inves-
tors and borrowers, and assets, in
each case. is supplemented by
directory Of the leagues officialdom,
OF the personnel of the Federal
Home Loan Bank Board and of re-
gional Federal Home Loan Banks.
and a listing of state savings and