Morrgige Bankers Assn. of Northern Cal. 4/26/56 CHAIRMAN, HONORED GUESTS, (LADIES) AND GENTLEMEN: With conditions as they are in the money market today, it is a distinct privilege for a willing borrower to be able to speak to so many people who have money - or used to have money - or who may sometime again have money to lend for worthy causes. In these days of really hard money, I am sure that all of you have found many new friends and that your acquaintanceship has broadened perceptively. I am also confident that most of you here have the perception to realize that the conditions that exist today will pass and that once again the time will come when borrowers must be courted. Seriously, I am delighted to have the opportunity of being with you today, for I have a very real interest in what you are doing. As President of the San Francisco Chamber of Commerce as well as an officer of a construction firm, I recognize the very critical role that will be played by the Mortgage Bankers in the development and growth of the San Francisco Bay Region. I shall not try to teach you anything about mortgage banking, for with this audience I should be the pupil and not the teacher on that subject, nor shall I endeavor to make any predictions about what the next year holds in store for you and your business, for here again you are much better aware of your problems than I could possibly be. Rather I shall try to place before you some of the factors which I see in the long range picture that may present to you problems as well as opportunities in the field of mortgage banking in the San Francisco Bay Region. Of course there are some obvious advantages to me in this approach. By taking refuge in long-range forecasting I seek safety in the fact that the memory of man is short and that what I say here today will not be long remembered. (MORE)