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Homfe Loan Bank Finishes First LIKE O LD T IME S_ Year Showing Profit of $68,000 st. Josephssh'u Poec ie ____mette e Imposing Permit Ls Enterpise No An Emrgencytigation culminated ini the calling of Otbr the. best' talent of Amierica into a. Pro ject, States A. R. Gard» Homne Ownership coniference-. Twelve building perinits were ner, Vice President One of the tangible resuits of these issued in Wilmetteiii the past month, months of intensive study and theandbiligactivitv in the village Showing a net operating profit of deliberations of this great conference so~~ frtrîgt oe $25,385,87 for the nîionth of August was the subiniission to the Congress alone and definitely out of the red.lof legislation. which becam heat thing like its pre-depresso tts for:the entire period of its existence, by which the. Federal Home. Loan Mos mportant of the twelve per-, the 'Federal- Home Loan Banik at Bank system was- created. Because iséa heoeise frtecn Evanston last month celebrated.the, of ýthe increasing de.mand for mr mime-ste n sue'o hecn. first anniiversary of the opening of its diate and direct 'reliefto home on str-uction of the nlew $200 , St. Jo- door. er wh wer. indaner o losng ep's school and'auditorium on Lk More than nhine million dollars in their homes, there was incorporated a enu est of ,Ridgerod.Buld9 long and short terni bans are now inthis act a provision authorizing di-. construction authorized in the other listed onthe, books of the. institution. rect boans to distressed home owners. eleven permits. amounted to a total of' And that it is firm ly entrer.ched as a Thus. unfortunately thel legislation $16.1751. sound financial enterprise is discloséd becamnestamped with the relief label.: Two permnits were taken out for by a net. profit of ffl,369.67. as of "Wheni President Roosevelt came new- residences. Qne, of brick veneer August 31 after aIl expenses attend- into ofice, -one ýùf the major prob- construction, is to be. buiît by James anit to launching and operation have lems wUhich denided and, received Crabb at 2015 Chestnut avenue at an been deducted.- The gross inconie his immediate attention was that of estimated cost of $8,000. Robert Rae for the period thus represented was home financing. Hie was quiék. to i's thet architect. The other wilI be $139,186.41. realize the fallacy. of confounding built for E. G-. Blumi at 2062 Glen- These facts are brought out by A. and confusing sound and orderly per- view road. It is to cost $5,000. S. M. R. Gardnier, executive vice president, manent credit with a credit hastily Peterson is the architect. in a statement issued recently to and daringly designed to bring tem- W. R. Brailsford was given a per- member organizations of the bank. porary relief to emergent situations. mit on October 23 for a brick addi- Comnienting on the fact the institu- He quickly saw that to burden the tion to his residence at 916 Chestnut tion may be said to have been born Home Loan. Bank system with the avenue. The estimated cost of the of the depression, Mr. Gardner defi.. relief of distressed home nlortgagors work is $1,500. Percy Johnstown is nitely places at rest the common would bestroy its usefulness and the architect. impression that the bank was an work its ultimate ruin as a funda- Remodeling work costing $500 was emergency project alone designed to mental and permanent part of the authorized in a permit issued to AI-c ineet contditions imposed by the de- nation's financial structure. bert Tucker, 1717 Highland avenue. d pression.. "At bis instance~, the Congress Several other permu ts were grantedr *Ne"d Agency f "sontn prQmptly repealed the direct loan for small rernodeling jobs. "Le-aders ini the home finance bui- sectioni of the Federal Home Loan ness years ago became convinced," Bank act, created the Home Owners' Private garages. also came into the c he stated, "that one of the funda- Loan corporation as a temporary re- building picture in the past month.. a mental weaknesses in the nation's lief agenc3,, and broadendtsoe N. J. Mergenthaler, 210 Catalpa place, 14 inancial structure was the lack oi of the Home Loan Bank systeni by was given' a permit for a two-car any agency through which real es- providing for the chartering of Fed- garage ,costing $300. A frame garage tate niortgages could be i. iiscounted eral Savings and Loan associations ùn addition to be built for .R. D. Qilar, F o ot ew is s d a collateral base districts and- aras not now ade- 31 Se nte h sr e, wil c t $200. h for. afeý ongtemideendbl 1 re- qatlyserved by home financing A one-car garage' toi be::buit for J it. Tbey realized the impracticability sjrstems." c-alot $50. Phod.aeu, ilt ofatemtig oadopt commercial Organized Oct. 14, 1932 M________ credit to the use of institutions en- The Federal Home Loan bank ofU gaged in the business of home Evanston was first organized at a Private Garages fnancing and foresaw that ruinous meeting at the North Shiore hotel results were inevitable if these nsimrn hpr 14 1o= h lf if .-A , --- l c m Gencoe Aftects Building Permits Four of the five building permits issue d in Glencoe during the past morith -were: in- connection with mov - ing and relmodeling of buildin 1gs in preparation for the construction of the new north andý south highwa: through t-he. village. :Mrs. Louise NiïchaIs to out two permits for basements, one at 962 and the ot.her at 956- Glencoe> road and each costing $500. These im- provements- are preliminary ta. mo.v- ing residence propertieâ at the fore - going numbers to make. room for the street widening. 1A similar permit was is sued ta J. Kasper, for'like changes at 946. Glen- coe road, and joseph -Zrazik is. re-, movinig a front porch at 942 Glencoe road and erecting a new one at the side of the building. The cost of the Kasper and Zrazik improvernents ra $500 each. Frank Benieenti is building a two- ,ca'r garage at 452 Jefferson street, costing $300. Report Activity in, Sale of ]Parm Lands Daniel. F. Quinlan. of Woodstock, Ill., reports mnarked activity in sales of farm bands. Mr. Quinlan has dealt in farm- property ail his life and reports that investors are placing confidence once again in farmn lands, Ls reflectéd by recent sales after a long period of comparative inactivity: *Due to ýincreased business,, the D., F.Quinilan land office, at Woodstock. àas secured the services -of John, B. Y'tley of E-vanston, .who is a son of ie late Henry B.* Utley, former vice- resident and director. of the Inter- ational Hlarvester company. . Mr. Jtlev looks after the sales of Chî- ýago and outlying suburbs. tiuf aadetailea aadco stiady and analysis of the tion of home ownersbip. te qutes- . lunes of ci sinves- 1$30,700000. , raîang more Eckrtis - a oe ad v unruenew tenants in possession, Mr. i building aooe n nr one vacancy remains in the one-half story three-car garage and Glenco., Gately building since it came servantse quarters, costing $3,500, and under the management of The Bills Mr . Cassell's improvement is a two- Realty, mnc. recently, it was statedb car arae, ostig $50.C. E. Drs-ýier, vice-president.