Retail Lumber Industry to Request Government Aid Jor Ner Home Construction

A Brief requesting the Government for assistance in furnishing long term financing to aid construction of new single family homes valued at $6000 and up has been forwarded to the directors of the California Retail Lumbermen's Association and Secretaries of the local groups. President Harry A. Lake has requested that the Brief be discussed by every group of dealers in the State. Mr. Lake says that he will welcome any comments and will pass the information along to President Stanley D. Baldwin of the National Retail Lumber Dealers' Association. The National Association, Mr. Lake says, has been working to get Federal money for home building for the past two years, and the Brief is the result of their work.

President Baldwin of the National Association advises that a bill will be introduced in Congress shoqtly by Congressman W. J. Dufiey of Ohio, and at that time lumber dealers and everybody connected with the building industry will be asked to write their Senators and Congressmen in order to put this important matter before Congress.

The plan as requested in the Brief is as follows: l. That the Administration allocate an adequate sum from any present appropriations and administer it through any one of the existing Government agencies in order that a building program of nation-wide scope may be engaged in immediately. It is believed that employment of both funds and men can thus be facilitated with greater rapidity through this program than by any yet attempted.

2. That this money be loaned through the Home Owners Loan Corporation or any other agency satisfactory to the Government.

3. That the Government offer funds to existing insurance companies, building and loan associations, savings banks and trust companies, or through newly organized Fefleral Savings and Loan Associations, with the understanding that such funds be used for construction of homes upon which there will be placed mortgages not to exceed $30,000.

4. That such funds be loaned for a period of 18 years at 4 per cent interest and that the lending institutions be permitted to charge the borrowers an additional ll per cent, making the total 5f per cent.

5. That the funds be loaned on appraisals of not over 75 per cent of the combined cost of house and lot.

6, That all appraisals shall be sworn to as hereinafter provided.

7. That the fees for servicing such loans, such as titles, searching and attorney fees, shall not exceed 1 per cent of the loans.

8. That the Government provide for loans to be made directly for new construction through the Home Owners Loan Corporation or such other Federal agency as will be designated, at 5l per cent interest and on the above terms.

9. That in the event insurance companies or other existing. financial institutions desire to employ their funds for the purpose of financing homes on the proposed basis and on the same terms, then during a period of three years from a specified .date, th€ Government will guarantee the interest on such mortgales in a like manner as now prt> vided for on the Home Owners Loan Corooration bonds issued July 1, 1933, due July 1, 1951.

10. That any bonds issued against the mortgages loaned as hereinabove provided, either by a Government agency or by a designated lending institution, will be guaranteed in accordance with the terms of the lIome Owners Loan Corporation bonds above mentioned.

It is further proposed that the Government take such steps as may be necessary to provide such funds for continuous and permanent financing of homes in accordance with the above terms and to sell bonds for the procurement of such funds.

It is further proposed that in the event existing departmental regulations do not permit the allocation of funds from any of the present appropriations, such regulations be amended to permit the shifting of such funds to this program immediately.

Further, it is proposed that in the event the various departments are limited by reason of existing law, such steps as may be necessary shall be taken to have the present legislation amended or new legislation enacted to carry out the purpose and spirit of this proposal.

Opens San Francisco Office

Oregon-Washington Plywood Co., Tacoma, Wash., recently opened an ofifice at 725 Sharon Building, San Francisco. The office is in charge of J. O. Elmer, Sr., who has been appointed district sales manager for Northern California.

Mr. Elmer is a well known figure in the lumber business in California. Before leaving for the East a few years ago to enter the Philippine Mahogany importing business he was president of the Strable Hardwood Co., Oakland, and prior to that connection he operated a wholesale lumber business in San Francisco.

Oregon-Washington Plywood Co. operates plants in Tacoma and Everett. Wash.

S. F. LUMBERMEN FIGHT STORM

W. R. Chamberlin, president, and Eddie Peggs, sales manager, of W. R. Chamberlin & Co., San Francisco, arrived back in the Bay city January 6 from a week's trip to Los Angeles. They drove to the southern city December 31, the day of the record rainstorm, and while they reached their destination without mishap they will remember for a long time the difficulties of their trip over the Ridge Route, which was closed to traffic shortly after they passed through.