The big thing is that this liquidity is mobile. You can shoot it from one point to another where it is going to do some real good, and I can not help but have the consciousness that you are going to put another big factor into the restoration of normal industry. I thank you very much. Senator WATSON. We thank you for your statement. The Secretary has received a large number of telegrams asking to have them all inserted in the record. But there are too many of them to put in the record. If you have three or four representing one group, that is enough, and you may insert those in the record. I do not know that it is neecssary to read them, unless somebody wants them read. Mr. SHERRILL (the committee clerk). Mr. Clark has several that he would like to read. Senator WATSON. Very well. FURTHER STATEMENT OF THOMAS F. CLARK, OF THE T. F. CLARK CO., HARTFORD, CONN. Mr. CLARK. May I have the privilege of reading three or four of these telegrams? Senator WATSON. Yes. Mr. CLARK. This first one is a telegram from Dallas, Texas [reading]: THOMAS F. CLARK, Chairman Legislative Committee, DALLAS, TEX., February 11, 1932. Mortgage Bankers Association of America, Hotel Washington, D. C.: In our opinion there is no shortage of homes in either Dallas, Fort Worth, or other North Texas cities, but on the contrary an oversupply exists. It is our further opinion that if the proposed Federal home loan bank bill becomes a law its operation will undoubtedly produce speculative building and further overexpansion. Furthermore, present home owners will suffer keenly on account of demoralized values caused by overconstruction, and nobody would be benefited ultimately. For this and other reasons we are opposed to the present bill. ERNEST R. TENNANT, President Dallas Bank & Trust Co. Senator WATSON. Who signs that? Mr. CLARK. That is signed by Ernest R. Tennant, the president of the Dallas Bank & Trust Co. This is in response to a telegram I sent out to practically every State in the Union to members and nonmembers, to mortgage bankers in the United States, asking the question as to what is the situation with reference to building. The telegram was not worded in order to invite favorable response. I think that we have 261, covering 37 States, covering 116 cities, and it shows that 75 per cent say overbuilt; 24 per cent normal, and 1 per cent shortage. I would like to submit this for the record, this digest. Senator WATSON. All right. (The digest referred to is as follows:) Two hundred and seventy-two reports from 116 cities in 37 States report: 208, or 75 per cent, overbuilt; 64, or 25 per cent, normal; 1, shortage. Robert Roudebush. Name Tennessee Mortgage Agency Co.. Mortgage Bankers Association.. Bolton Smith & Co. (Inc.). Third National Co... Thorne Investment Co.. F. Townsend Co.. F. O. Ketcham Mortgage Co.. Freeman Lindsley Investment Co.. J. E. Foster.. Investors Mortgage Co.. The Trust Co. of Texas. J. C. Leonard.. J. N. McFarland. Tracy Loan & Trust Co.. First Security Co.. Guaranty Title & Bond Corporation. Alfred K. Fisken.. Securities Mortgage Co. Calvin Phillips.. Washington: Seattle. Do.. Do.. Do.. E. J. McComb. XXX 爻 XX X X XXXXX Do.. Takoma Walla Walla. West Virginia: Huntington. Do.. Wheeling. Wisconsin: Madison Milwaukee. Do.. Vermont Loan & Trust Co. Murphy Favre & Co... C. F. G. Pattullo. Geo. Poe & Co.. First National Bank Yakima M. & E. Co.. H. H. Harvey. Hans Watts. Renshaw Kirk Co... Bankers Mortgage Co... X Mr. CLARK. We want to save you a lot of time, Senator. |