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of payment, which can be arrived at where it is an amortized loan within the meaning of the act ?

Mr. FRIEDLANDER. I think if you put a limitation of 20 years in the act itself you should arrive at that constant figure as to how much reduction would have to be made to come within

the 20 years, which I think is sufficiently long. I studied the amortization feature of the bill because that suggestion came to me from New Jersey, and I think you have it pretty well covered in your definition of unpaid principal. By inference or analogy payments made on stock would be considered principal payments that would make that come within the meaning of an amortized loan. I do not think there is any need for any further exposition of that, although, of course, if you care to make it absolutely sure you could put in a definition of an amortized loan and include in it the definition that you have here on “unpaid principal.” That would satisfy the New Jersey associations, I feel sure.

Senator Watson. Have you had correspondence over the country about this bill?

Mr. FRIEDLANDER. I have had a great deal. I am chairman of the advisory committee on State legislation of the United States League of Building and Loan Associations, and am a member of their Federal legislative committee, and chairman of the legislative committee of the Texas Building and Loan League.

Senator WATSON. That is, the Building and Loan Association League?

Mr. FRIEDLANDER. Yes.
Senator WATSON. How many members are there in that league?
Mr. FRIEDLANDER. In the United States league?
Senator WATSON. Yes.

Mr. FRIEDLANDER. They have two classes of membership. They represent practically all associations through the State leagues, who are members of the United States league. And then they have individual memberships. I think there are something like 2,200. However, I should say they represent about 60 or 75 per cent of the total resources of all institutions. I was rather active in the deliberations held here in Washington that the gentleman just before me referred to as secret deliberations. There were about 250 building and loan men brought here for the President's Home Ownership Conference, by invitation, and while here we took advantage of the fact that there were quite a few present, to hold meetings for the purpose of obtaining information and ideas on what should be incorporated in legislation of this kind, if it was proposed.

Senator WATSON. To whom did you make your suggestions?
Mr. FRIEDLANDER. How was that?

Senator WATSON. You formulated some suggestions in those meetings?

Mr. FRIEDLANDER. Yes, sir. Senator WATSON. And to whom did you make those suggestions? Mr. FRIEDLANDER. Our suggestions were made to the Department of Commerce.

Senator WATSON. Now, is there a consensus of opinion among building and loan people in favor of this bill?

Mr. FRIEDLANDER. I think you will find the building and loan interests will be behind the bill, and that they are behind the bill.

Senator WATSON. Are they familiar with the provisions of this new bill? That was S. 35 that you gentlemen had and were corresponding about, I take it.

Mr. FRIEDLANDER. Yes. Well, the suggestions were offered to S. 35, and as I understand it the present bill has now gone forward within the past few days to building and loan men. I have the feeling that our Texas men are fully for the bill. Of course, you will find some building and loan men who are opposed to this measure, just as you found many bankers opposed to a Federal reserve bank, and as you will find others opposing any legislation. But I am sure you will find the consensus of building and

loan opinion behind this measure.

Senator WATSON. Mr. Friedlander wanted to insert in the record some telegrams. They may be incorporated at this point.

PORTLAND, ME., January 25, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. C.: Hartily in favor of redrafted bills. Have no suggestions. Hope may have speedy passage.

LEO GARDNER SHESHONG.

MEMPHIS, TENN., January 25, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. C.: Federal home land bank bill, H. R. 7620, fully meets requirements home-loan situation and should be passed without delay to prevent acceleration already serious foreclosure situation affecting small-home owner. I speak from viewpoint, not alone of building and loan association, but also as loan representative for more than 30 years of one of larger life insurance companies and also as mortgage banker selling mortgage bonds direct to private investors.

CHARLES J. HAASE, Secretary Home Building & Loan Association.

SHREVEPORT, LA., January 25, 1932. I. FRIEDLANDER,

Willard Hotel, Washington, D. C.: If percentage of compulsory stock ownership by individual associations were reduced I would consider home loan bank bill ideal. Even with this objection I unqualifiedly agree with your enthusiastic statements about the content of the bill and what the system will accomplish. It seems to me that the permanent service this system will perform to as many institutions of our class as will want to joint is sufficient reason for the approval of this program by every building and loan association in the Nation. We must set up this agency or the day of progress in our business is approaching its end.

PHILIP LIEBER.

THOMPSONVILLE, CONN., January 23, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. C.: I am in full accord with the new administration bill, H. R. 7620 and believe it will substantially strengthen the stability of building and loan organizations and inspire confidence in the 12,000,000 members in these organizations.

WALTER P. SCHWABE, President Connecticut Building & Loan League.

ELBERTON, GA., January 26, 1932. I. FRIEDLANDER,

Willard Hotel, Washington, D. C.:
After study bill 7620 wholly indorse and desire passage.

FRED HERNDON,
President Georgia Building & Loan League.

SAN FRANCISCO, CALIF., January 25, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. O.: Have carefully studied H. R. 7620 and heartily approve and indorse same. As largest building and loan association in the country, it is our opinion that the enactment of this legislation will be of great immediate help in restoring public confidence and moreover will permanently supply a credit facility for which there has been great need in this country and will undoubtedly make our type of institution even more useful than they have been in the past.

ROBERT S. ODELL,

President,

T. W. DAHLQUIST, Attorney Pacific States Savings & Loan Co.

LOGAN, W. VA., January 24, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. O.: Read carefully, considered seriously bill H. R. 7620 and after sitting in the deliberations after president's conference believe it to as consistently cover the combined wishes, desires, and needs express as is possible everything considered, and believe the committee will best serve the need of everyone concerned by giving this bill their support.

Tom G. MOORE, Secretary-Treasurer Logan County Building & Loan Association.

TOPEKA, KANS., January 25, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. C.: Building and loan executives of Kansas look with favor upon Federal home loan bank bill. Personally I feel its passage will be the greatest step in a hundred years to progress in home owning in the United States.

PAUL B. MORRISON, Executive Secretary Kansas Building & Loan League.

HICKORY, N. C., January 23, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. C.: The revised Federal home loan bank bill H. R. 7620 and S. 2959, if enacted by Congress, will, in my opinion, be of great benefit to a large majority of the building and loan associations of the United States and will also be of great benefit to banks and insurance companies that make loans on homes. I sincerely trust that we can show Congress that enacting these bills will be best for the people. I take it for granted that Jack Stevens, secretary North Carolina Building & Loan League, informed you that at a meeting of the executive and legislative committee on the 14th they unanimously indorsed these bills. Best wishes for its success.

GEO, R. WOOTTEX.

MOUNDSVILLE, W. VA., January 25, 1932. I. FRIEDLANDER

New Willard Hotel, Washington, D. C.: Building and loans here insist on enactment that will revive business and create confidence.

CITIZENS SAVINGS & LOAN Co.
EVAN G. ROBERTS, Secretary.

SPOKANE, WASH., January 25, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. O.: Strongly favor Federal home loan bank bill. Believe it will create even flow mortgage money to home owner without inflation. Believe it will give greater liquidity for benefit of savings depositors who through unemployment or other causes are in need of funds.

F. S. MCWILLIAMS, President Fidelity Savings and Loan Association.

LINCOLN, ILL., January 25, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. C.:
Illinois associations strongly and enthusiastically for bill as revised.

WM. E, HODNETT.

DENVER, COLO., January 25, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. C.: Colorado State League Building and Loan Associations, at special meeting January 16, passed resolution indorsing H. R. 7620 and S. 2959. Copies mailed Senators and Congressmen. As president of Silver State Building and Loan Association wish to add my personal indorsement and urge its passage.

COLORADO STATE LEAGUE OF BUILDING, LOAN, AND SAVINGS ASSOCIATION, 0. A. KING, Secretary Treasurer.

INDIANAPOLIS, IND., January 25, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. C.: I approve S. 2959 as a vital constructive measure. Its passage will permit associations to aid members who need assistance in remodeling and improving property, but will in no way make possible speculative building.

F. S. CANNON.

KANKAKEE, ILL., January 25, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. C.: Fully approve of H. R. 7620. Whitlock will be with you to-day and can assure you of approval and support by Illinois League.

FRANK 0. SCHNEIDER.

SPARTA, ILL., January 25, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. C.:
Am glad to indorse H. R. 7620 in House and S. 2959 in Senate.

RILEN MCCONACHIE.

KNOXVILLE, TENN., January 28, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. C.: Tennessee associations regarding passage of Federal home loan bank bill as among worthiest services to the welfare of the people of State and Nation that national Representatives can render, Am urging support 10 Representatives and 2 Senators

E. I. Brown, National Committeeman.

LOUISVILLE, KY., January 25, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. C.: Heartily approve last bills proposed, not from personal needs but for good of cause generally.

A. G. RENEAU.

TOPEKA, KANS., January 25, 1932. I. FRIEDLANDER,

New Willard Hotel, Washtngton, D. C.: I am wholeheartedly in favor of H. R. 7620. Hope your legislative committee concurs in this sentiment.

C. A. STERLING.

NEWIBERIA, LA., January 25, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. C.: Bill H. R. 7620 examined carefully. It embodies the important features of our December bill and is satisfactory to me.

W. G. WEEKS.

PITTSBURGH, PA., January 24, 1932. 1. FRIEDLANDER,

New Willard Hotel, Washington, D. C.: My board of managers join with me in approving H. R. 7620 and request me co lend every assistance possible to secure its passage. It is mighty refreshing to contemplate the possibilities of this revised bill. The emergency element will do much good and the benefits as a permanent measure are beyond estimate.

HUBBS WEIMER, Secretary Duquesne Heights Building and Loan Association.

KANSAS CITY, Mo., January 25, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. C.: Unless overlooked do not find clause permitting short-time emergency borrowing in bill 7620. Otherwise this measure meets approval and merits support of all building and loan interests. It is imperative to future of our business that home loan discount banks be created at this session of Congress. Public confidence is at critical stage.

FRANKLIN P. STEVENS.

WORCESTER, Mass., January 26, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. C.: The Worcester home and equity cooperative banks are in favor of House bill 7620; that is, first, if the bill is limited to building and loan association;

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