The head of the U.S. League of...

The head of the U.S. League of Savings Institutions said he is encouraged by the lower interest rates following the stock market crash, but warned that a recession could aggravate the problems of troubled thrift institutions in the farm and energy belts. Joe C. Morris, who this week finishes a one-year term as chairman of the largest thrift industry trade group, told the league’s 95th annual convention that S&Ls; can serve as “a safe harbor in stormy financial waters” by offering federally insured deposits. But he said he’s seen no hard evidence of an increase in deposits. And despite lower interest rates following the Oct. 19 stock market plunge, Morris said it is not clear whether mortgage lending is picking up.