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Mr. CLARK. We want to save you a lot of time, Senator. Senator WATSON. Yes.

Mr. CLARK. This next telegram is from Raleigh, N. C. [Reading:]

RALEIGH, February 11, 1932. THOMAS F. CLARK,

Washington, D. O. Answering in our opinion there is already an oversupply of buildings of practically all kinds not only in this city but throughout North Carolina.

D. A. HOUSTON,

President Carolina Mortgage Co. Here is one from Detroit, Mich., as follows (reading):

DETROIT, MICH., February 13, 1932. THOMAS F. CLARK, Chairman Legislative Committee Mortgage Bankers Association of America,

Washington, D.O. We are advised by Detroit real estate board January vacancy report shows single residences, 7,000. Two, three, and four family flats 15,000; apartments above four family, 12,000. In view of this oversupply of housing facilities we are opposed to the home loan bank bill.

F. J. BEYER,

Vice President Bank of Detroit, Now Guardian National Bank of Commerce of Detroit. One from Lima, Ohio. [Reading :]

LIMA, OHIO, February 11, 1932. THOMAS F. CLARK, Chairman Legislative Committee Mortgage

Bankers Association, Washington, D. 0.
Your telegram 10th. There is a profound oversupply of homes in this city.
Excessively low rent and no demand for purchase of residential property.
Would be opposed to any legislation promoting building of additional homes
in this city.

H. J. FAST,
Executive Vice President

the Lima First American Trust Co. We are taking large and small, as I picked these out geographically. Here is one from New Haven, Conn. [reading]:

NEW HAVEN, CONN., February 14, 1932. THOMAS F. CLARK,

Washington, D. C. Re proposed home loan bank bill, there is a present oversupply of homes in New Haven and throughout most of Connecticut. Already large numbers of properties are offered for far less than present replacement cost. Our 36 years in mortgage investment business and sale of over $100,000,000 of mortgages given us knowledge of situation and we feel that a stimulation of new building in this section would only be a temporary benefit to a certain few and a grave danger in depreciating the mortgage investments of thousands of investors and many banks : further depreciation of values by, added oversupply of new properties will tend to drive all money out of mortgage field.

LOMAS & NETTLETON Co. This is the largest mortgage company in New England, and it covers most of Connecticut. We are trying to compete with them. They are a substantial company and operate privately in Stamford, Conn.

The next telegram is from Boston, Mass. [Reading :)

Boston, Mass., February 11, 1932. THOMAS F. CLARK,

Chairman Legislative Committee, Washington, D. C. There is an oversupply of all types of buildings in Boston and generally throughout Massachusetts. Any artificial stimulation of new building at this time would react to the disadvantage of present property owners. Present vacant buildings may be purchased at less than cost because of overbuilt conditions.

PRESTON S. COTTEN. That is the Lawyers' Title Co. in Boston, a large title company. The next telegram is from San Francisco. [Reading :)

SAN FRANCISCO, CALIF., February 11, 1932. THOMAS S. CLARK,

Washington, D. C. Oakland and East Bay cities have vacancy about 6 per cent but fast increasing. San Francisco, largely an apartment-house city, has more than normal vacancy, steadily increasing. Residence vacancies slightly above normal but increasing. Same situation in Peninsula cities, Burlingame, San Jose. Large vacancy in Stockton.

H. A. WILLOUGHBY. A telegram from Butler, Mo. [Reading :)

BUTLER, Mo., February 11, 1932. THOMAS S. CLARK, Chairman Legislative Committee, Mortgage Bankers Association of America,

Washington, D. C. We have a good number of vacant residences in our little city of 4,000 population. A number of people moving to farms throughout our lending field, thereby creating vacant properties in many towns of like character in Missouri. There is sufficient home money for all needs if any homes are built. It is the general opinion that the number of vacant properties in towns in Missouri will increase under present conditions. Positively no need for prospective home loan bank bill. We are interested in having general orerhead decreased including Government expenditures.

WALTON BANK & Trust (0. I would like to submit also a telegram from the Bridgeport Land & Title Co., an old company or organization doing a land and title business at Bridgeport, Conn. [Reading:]

BRIDGEPORT, Conn., February 11, 1932. THOMAS F. CLARK,

Washington, D. C. There is no shortage of homes in this locality. In my opinion it would be most unfortunate for our home owners and mortgagees if the proposed home loan bank bill became a law as it would seriously impair the value of our improved real estate. Have already wired Senator Bingham and Representative Tierney to this effect.

THE BRIDGEPORT LAND & TITLE Co.,

WILLIAM WEBB, President. This company loans in Fairfield County, which is everything from New York up, including Stamford.

The next telegram is from H. B. Morehouse, in Stamford, who représents several of the mortgage companies. It is just one word. “Oversupply."

That is a very substantial organization.

A telegram from Greenwich, Conn. [Reading:]

GREENWICH, CONN., February 13, 1932. THOMAS F. CLARK,

Chairman of legislative committee Washington, D. C. Consider we have normal supply of homes.

OGDEN BIGELOW,

First National Bank. I would like to submit, Mr. Chairman, for the record, the balance of the telegrams.

Senator WATSON. No; we would not want all of those.
Mr. CLARK. All right. Then this digest.

Senator WATSON. Yes. But the Senators would not read all of those, if you want them to read the record.

Mr. CLARK. May I also put in, as a graphic chart, this chart which I have here?

Senator Watson. That could not be printed in the record.
Mr. CLARK. All right.

Senator Watson. You can leave that map with us, but the Joint Committee on Printing would not permit us to print it in the record.

Mr. CLARK. All right.

May I also, at this time, with your permission, put into the record an editorial from the Hartford Courant a week ago Sunday. This is by the editor. I want to read the first five lines. [Reading :)

THOSE PROPOSED HOME LOAN BANKS

We have received under Washington date line a long telegram from one of the parties at interest urging us to open wide our columns for news propaganda and to give warm editorial support to the House and Senate bills looking to the establishment of 12 Federal home loan banks.

Senator WATSON. What do they say?
Mr. CLARK. Shall I read it?
Senator WATSON. Yes; see what they say.
Mr. CLARK. It is very short. [Continuing reading :]

The Associated Press and our own Washington correspondent can be depended on to keep our readers informed as to the actual developments in this proposed legislation, which is as far as our news columns can properly go. As for giving our indorsement to these home loan discount banks, we have already indicated our opposition to this part of the President's six point program for the relief of the financial situation.

Since Mr. Hoover called his home building and home ownership conference two months ago the Reconstruction Finance Corporation act has been passed, and those institutions that have been accustomed to help finance home building projects may shortly be expected to be in a position to resume their usual functions in this regard. When banks no longer feel required to maintain an abnormal state of liquidity and when insurance companies no longer have to pay out most of their premium receipts in loans to policyholders, any stringency now existing with respect to proper mortgage loans will be relieved.

Present agencies, including cooperative banks and building and loan associations, are able to meet the legitimate and proper needs of those who find themselves in a position to build a home. Additional credit facilities are not required for the accommodation of those who have any real business to become home owners in advance of the proper time. The great problem in most communities is to find occupants for homes already built. No housing shortage exists. If mortgages on homes are being foreclosed it is because those holding title to the property have been unable to meet their obligations, and this

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