1920-04 The Concrete Age 32, no. 1

This page is not corrected, please help correct this page

12 THE CONCRETE AGE April, 1920.

Reserve System, money, during the past few years, has been drawn away from long term investments in favor of short term loans, with the result that, while savings in the United States are estimated to have increased 200 per cent from 1913 to 1918, and the total loans and discounts of banking increased 54 per cent, the combined real estate loans of banks and insurance companies and building and loan associations increased only 28 per cent in the same period.

In view of these facts, it -appears necessary that this hitherto neglected portion of our banking system should be taken care of through adequate legislation.

One of the chief problems encountered is lack of funds to finance home building. It is desirable in the public interest that the funds now tied up in first mortgages held by the building and loan associations be made available for dwelling house construction and that the “Federal Building Loan Act,'' Bills S. 2492 and H. R. 7597 entitled “A Bill to Encourage Home Ownership and to Stimulate the Buying and Building of Homes; to Create a Standard Form of Investment Based on Building Association Mortgages; to Create Government Depositories and Financial Agents for the United States; to Furnish a Market for Government Bonds; and for Other Purposes,” be endorsed by this Conference.

Much money hitherto invested in first mortgages on dwelling houses is being diverted to non-taxable investment channels. It is desirable that exemption from income tax be granted to such investments. Bills S. 2094 and H. R. 8080, entitled “A Bill to Encourage the Building of Homes by Providing for the Exemption from Taxation of the Income from Mortgages on Real Estate’’ should be endorsed by this Conference; and we urge that members of this Conference write to their Senators and Congressmen, and endeavor to have others do likewise, urging them to support and favor the prompt enactment of these bills. There is now proposed an amendment to the Federal Reserve Act requiring that National banks maintaining savings departments shall invest all savings deposits in such forms of securities as may be directed by the Federal Reserve Board. Since the object of the proposed amendment is the adequate protection of the interests of depositors, and since its effect will be the diversion of more than two billion of dollars, now held in savings accounts, from short term loans to long term investment in construction enterprise—- a sum equal to the present combined assets of the building and loan associations of the United States—- the enactment of this measure is recommended.

Recognizing the fact that the building and loan associations of America are an important factor in financing home building and home ownership, and that these institutions confine their activities to teaching thrift and financing home ownership, we urge all organizations and individuals interested in promoting the construction of homes to affiliate ad cooperate with building and loan associations in their localities and to assist in forming such associations where they do not now exist.

As the most difficult financial obstacle to the construction of homes is that of filling the gap between the amount obtainable on first mortgages and the amount the purchaser is able to invest, this Conference commends the work of community housing corporations and employers of labor who are using their own funds or credit to relieve the urgency of the present housing shortage.

Design.

To secure results that will satisfactorily meet present housing needs, safety and economy in the construction of homes mu ;t be recognized as of paramount importance. These materials applied by the best talent in design and construction.

It is, therefore, recommended that the organizations and individuals cooperating in the National Conference on Concrete House Construction enlist the cooperation of others not yet identified with the Conference to work with them in securing designs and specifications for small houses, that will give proper recognition to the numerous advantages of concrete in its possible forms of application, and in this way help to increase and perpetuate the value of this Conference.

In order that these data may be made available to all who wish to design, build or buy a home, we recommend the institution of a National Competetion, with judges of such recognized standing as to inspire confidence necessary to enlisting best efforts of which contestants are capable, with prizes in number and value to attract such talent.

As an aid to the furtherance of this idea it is recommended that all interestedsubmit data on every method by which concrete can be applied in the construction of houses, to enable intelligent selection and application of the best in design and specifications. The conditons of the competition should be made sufficiently broad to secure the support of engineers, practical builders or any others who have developed safe and economical systems of wall, floor and roof construction or any devices that will make houses moie comfortable as a shelter, more attractive and cheerful as homes, and stimulate incentive to build houses for investment. Economy in erection, low cost of maintenance, reduction of fire risk and cost of insurnce should anticipate the use of fire resisting materials wherever practical.

It is further recommended that a Bureau or Committee of Information and Research be established to devise, promote and educate along lines conducive to more extensive use of concrete and the advancement of concrete design in home building.

This page is not corrected, please help correct this page

This page is not corrected, please help correct this page

This page is not corrected, please help correct this page