INDUSTRY: Homebuilding Hooverized

Last summer Senator Simeon Davison Fess of Ohio, chairman of the Republican National Committee, decided that the time was ripe for him to build a new home at Yellow Springs. He had savings tucked away in three building & loan associations which would serve as a starter. He went to a banker friend and asked him for a $6,000 mortgage loan. Throwing up his hands in horror the banker declared: "Oh, Senator, we can't make any more loans at present. While we're sound, we must remain in a liquid condition." Senator Fess, disappointed,...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!