\Vhv Not A California Home Loan Bank?

Bv Ffovd Dernier, Lumbermen's Service Association, Los Angeles

A State lfome Loan Bank created for the purpose of financing needed home building, remodeling and protecting home investments is the surest way to produce ernployment and start business moving forward.

At this time California cannot afiord to overlook this opportunity for putting men back to work and in protecting the home lives of its people when all know that active construction movements are the greatest stimulus we have for creating prosperity. The major part of such investments goes to laborers which in turn finds its way back into all lines of trade. It is the'surest, quickest and most practical way to start a buying movement. No other activity can and will place as many men back to work.

Now when we realize that such a program can be adopted and put into immediate use at no ,cost to California or its people, there. are no good reasons why a California State Home Loan Bank should not be created at once and made to serve its people in their time of need.

Through the sale of home loan bank certificates to the public unlimited money can be secured to care for all legitimate home building; modernizing and refinancing requirements.

Every bank throughout the state would gladly ,cooperate and act as agents for their respective territories in offering and encouraging the purchase of these 3 to 3l per cent non-taxable home loan bank certificates and in placing loans with individuals. Their knowledge of local conditions and requirements would safeguard all transactions.

With money made available for legitimate building and refinancing purposes at from 6 to 7 per cent returnable in monthly payments over a term of from twelve to fifteen years, immediate results and lasting good would be accomplished.

Such work would represent self liquidating projects; every dollar the state home loan bank loaned to its people for these purposes would be returned with interest and the difference between interest rates on saving certificates and loans would more than meet all operating costs.

There never has been a time when modern, sanitary, convenient homes could be constructed more reasonably than now and just at this time when work is so badly needed every effort should be made to encourage Home Ownership.

Right now when we are seeking ways and means for creating employment and safe investments for hoarded money, we must not overlook the fact that California needs thousands of moderate priced homes and that an unlimited number of our older places should be transformed into modern.day standards of attractiveness and conveniences. This together with the assistance bona fide home owners with substantial equities must receive in protecting their home investments from foreclosures are ample reasons for demanding that our state legislators give immediate consideration to the formation of a California Home Loan Bank.

All loans should be consummated directly rvith each individual home owner or prospective home owner that there be no brokerage charges, and all unnecessary expenses, red tape and delays be eliminated.

If such a bank is permitted to become the real instrument of service that it should in meeting California's Home Owners needs our state would be ,creditecl with the proud distinction of being the first in the union to pass direct benefit legislation and in providing work for its unemployed.

After all it is the homes and home owners of California who make and enforce our moral laws of love and justice and it is the taxable improved property that supplies most of the funds for general improvements and state government expenses, therefore everything that we can do to safeguard and encourage home ou'nership should be undertaken at this time.

A Home Owner is the best credit risk and individually owned homes are the safest securitj' hoarded and dormant savings can find for investments.

When President Hoover told one hundred representative business men that there was something radically wrong with our financial set-up, that most every other commodity could be purchased and paid for in small monthly payments through to maturity while a home, the most worthwhile possession of them all, could only be acquired by the few, the results of this meeting was the formation of the Federal lfome Loan Banks.

A United Press immediately proclaimed such banks would represent the most important legislation yet conceived of for putting men back to work and in producing prosperity.

These promises were made fourteen months ago and today we have no assurance that these banks will ever become the service institutions for which they were intended.

Today we are more convinced than ever before that it is up to the s'tates to care for their unemployed, and it is unthinkable that California with its admitted available wealth for safe investments would stand idly by and see its homes and the home lives of its people sacrificed when proper legislation in the form of a state home loan bank would bring immediate relief.

And-California can have prosperity just as soon as she is willing to go after it.

If a California Home Loan Bank limited its loans to individuals for the purpose of protecting home investments from foreclosures, remodeling old places and building new moderate pri,ced homes, little if any opposition would be encountered

Such a financing institution would bring immediate relief to every district, town and city in the state. The urgent need for an activity that will put men back to work, the creating of such a bank should receive our law-makers' prompt consideration.

Fire Losses in National Forests F. A. Wright Assumes Blue Boolc Less Than in 1931 Management

With the worst of the fire season apparently over, the Forest Service reports great reductions in property damage, expenses, and acreage burned in the National Forests of the United States, as compared to 1931. Fire fighting and protection expenses up to October 31 amounted to $986,886, as compared to $4,219,174 for the calendar year 1931, or $3,000,000 less. The burned area was 397,722 acres, which compares with 6O5,073 acres for 1931.

More thari half the area burned in the National Forests last year was in one fire in California, where a combination of cyclonic winds and low humidity caused the Matilija fire to sweep over 220,W acres in the Santa Barbara National Forest. Because of unfavorable weather conditions, California forests suffered nearly three-fourths the total acreage loss recorded for all the 148 National Forests last year. California was the only one of the nine forest regions to lose a greater acreage than the annual average for five years. Elsewhere the record in 1932 has been the best that the Service has achieved for many years. Fire conditions are still unfavorable in California, but are favorable throughout most of the rest of the country.

Property damage inside the National Forests so far reported is placed at $384,355, against $4,409,309 for 1931. The record of fire carelessness, however, is not so satisfactory. Man-caused fires reported up to October 31 w,ere 4,015. Fires from all causes numbered 6,710.

SYNTRON ilOTORLESS ELEGTRIC HADTDIERS

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Chicago, Dec. 27.-Announcement has been made that, effective January l, 1933, Fred W. Wright, vice president and manager of the West Coast office of the Lumbermen's Blue Book, will assume management of the book, with headquarters in Chicago, su,cceeding C. J. Morgan. Mr. Morgan is retiring as manager of the Blue Book, to reengage in the general practice of law, with headquarters in Chicago. Mr. Wright, who has been in charge of the West Coast office, anil under whose direction the credit-interchange service of the organization has been built up to a high standard, is well known throughout the industry, through his long experience in this type of work. The Seattle offi'ce will be closed temporarily, but the credit interchange service will be continued without interruption, not only in the West, but also the credit interchange service with the Southern Pine and other groups affiliated with the National Lumber Manufacturers Association will be maintained.

At the meeting of directors of the National Lumber Manufacturers .A.ssociation in Chicago, Dec. 16, a gratifying report was made by the chairman of the Lumbermen's Blue Book committee, indicating that the Blue Book is finding general acceptance throughout the industry, and is rapidly increasing the scope of its service to the lumber trade.

Hcads San Jose Institute

James H. McElroy, of the McElroy & Cheim Lumber Co., San Jose, was recently elected president of the San Jose Lumbermen's Institute, succeeding the late A. L. Hubbard. Tom Hubbard, of Hubbard & Carmichael Bros., was elected vice president, and Ed. F. Larson was reelected secretarv.

Executives Should Sell

(Continued from Page 20) than a month and a half. During this time, 40,000 persons saw the exhibits and became acquainted with the managers and personnel of the various local establishments.

These are simply a few methods used by individual lumber merchants to keep close contact with prospective customers. They are offered merely as suggestions that may lead other lumber merchants to exercise their native ingenuity to formulate similar programs which will be more exactly suitable to their individual needs. It matters not what these programs may be or how they function so long as they achieve their purpose which is to ,build pres. ent sales to a maximum and increase the opportunity for future profits to the highest point.

No man, whether he be the president of a one hundred million dollar corporation or the manager of a lumber yard in a town of 50O can accomplish either of these things by sitting at a desk or browsing around a yard office.