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second, banks that can qualify because of their long term loan, and third, insurance companies, preferably mutual companies.

H. P. HAROLD, Treasurer.

PORTLAND, OREG., January 26, 1932. I FRIEDLANDER, United States Building and Loan League,

Willard Hotel, Washington, D. 0.: Federal home loan bank bill H. R. 7620 should release necessary credit to eligible institution for resumption of normal operations, I heartily approve the bill and urge that every effort be made to hasten its passage by Congress.

LEE C. STIDD, Director Eighth District United States Building and Loan League.

HARTFORD, Conn., January 24, 1932. I. FRIEDLANDER,

New Willard Hotel, Washington, D. C.: New England in general and Connecticut in particular have no urgent or pressing need for this legislation. Our associations are in excellent condition rather largely due to rigid State regulations and supervision. Credit facilities are available to those associations whose record warrants same. Nevertheless I am convinced that this is constructive legislation of high order and will be of infinite value not only in the reestablishment of public confidence but will set up a credit structure particularly adaptable to our business so urgently needed in other sections of the country. If for no other reason I am wholeheartedly in favor of the bill as drawn.

HERBERT WALKER.

MATTAPAN ('OOPERATIVE BANK,

Mattapan, Mass., January 23, 1932. Mr. I. FRIEDLANDER,

Hotel Willard, Washington, D. C. MY DEAR SIR: My institution is in full sympathy with H. R. 7620, and S, 2959, as we feel that these revised bills have brought the Federal home bank plan nearer to our associations.

If the Massachusetts Legislature enacts into law the bill now before it, which will create a central cooperative bank, we may not have any need for the Federal home loan bank. At the same time, we feel that it will be very beneficial to the balance of the country. Yours very truly,

W. R. LANDERS, Treasurer. Senator WATSON. Anything else? Mr. FRIEDLANDER. No. Senator WATSON. We thank you very much. Mr. FRIEDLANDER. I thank you.

Senator WATSON. Does anybody else desire to be heard this morning? (A pause, without response.) Then this subcommittee will adjourn until next Tuesday morning at 10 o'clock here in this room.

(Whereupon, at 11.45 a. m., Thursday, January 21, 1932, the committee adjourned to meet again at 10 a. m. on Tuesday, January 26, 1932.)

Creation of a System of Federal Home

Loan Banks

HEARINGS

BEFORE A

SUBCOMMITTEE OF THE COMMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE

SEVENTY-SECOND CONGRESS

FIRST SESSION

ON

S. 2959

A BILL TO CREATE FEDERAL HOME LOAN BANKS
TO PROVIDE FOR THE SUPERVISION THEREOF

AND FOR OTHER PURPOSES

PART 2

JANUARY 26 AND 27 AND FEBRUARY 15 AND 16, 1932

Printed for the use of the Committee on Banking and Currency

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COMMITTEE ON BANKING AND CURRENCY

PETER NORBECK, South Dakota, Chairman
SMITH W. BROOKHART, Iowa.

DUNCAN U. FLETCHER, Florida.
PHILLIPS LEE GOLDSBOROUGH, Maryland. CARTER GLASS, Virginia.
JOHN G. TOWNSEND, JR., Delaware.

ROBERT F. WAGNER, New York.
FREDERIC C. WALCOTT, Connecticut.

ALBEN W. BARKLEY, Kentucky. JOHN J. BLAINE, Wisconsin.

ROBERT J. BULKLEY, Ohio. ROBERT D. CAREY, Wyoming.

CAMERON MORRISON, North Carolina.. JAMES E. WATSON, Indiana.

THOMAS P. GORE, Oklahoma. JAMES COUZENS, Michigan.

EDWARD P. COSTIGAN, Colorado. FREDERIC STEIWER, Oregon.

CORDELL HULL, Tennessee.
JULIAN W. BLOUNT, Clerk
GIBBS W. SHERRILL, Assistant Clerk

SUBCOMMITTEE ON SENATE BILL 2959

JAMES E. WATSON, Indiana, Chairman JOHN G. TOWNSEND, JR., Delaware.

ROBERT J. BULKLEY, Ohio. JAMES COUZENS, Michigan.

CAMERON MORRISON, North Carolina.

II

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