Lumber Vessel Dischargeg

First Cargo at Port Hueneme

geles, Southern California manager for Schafer Bros. Lumber & Shingle Co., and Charles Bonestel of \/entura, manager of the Peoples Lumber Company.

R. R. MacKenzie, port director at Port Hueneme, has announced that negotiations with other steamship lines are about complete and within a short time a general cargo service for coastwise, intercoastal and foreign shipping will be established at the port.

The nerv harbor rvas constructed from funds through a $1,750,000 private bond issue.

1940 Peak Year for FHA Loans

in SouthernCalilornia

Closing its busiest year since the Federal Housing Administration was established more than six years ago, Capt. Wilson G. Bingham, Southern California director, announced that applications during 19,10 for government-insured loans for the construction of homes and for financing existing dwellings reached the unprecedented total of 26,232, amounting to $112,966,00O, as compared with 23,945. applications, valued at $105,075,20O, recorded during 1939.

Applications for FHA loans for home building completely overshadorv, in number and amount, those received for refinancing purposes, Capt. Bingham said, last year's complete figures being as follows: For new construction. 21,78 applications rvith a total valuation of $92,650,3@; for existing dwellings, 4514 applications valued at $20,315,700.

The trend is unmistakably toward a gror,ving volume of loans for new construction, rather than for acquiring homes already built, it was pointed out, the former category showing a sharp'gain over 1939, whereas the latter group rec,orded a decline.

In the Southern California district more than 70 per cent of the FHA insured mortgages on homes fall within the 90 per cent of value classification, applicable on mortgages u'here the value of house and lot does not exceed $6000.

Ceiling Heights

Ceiling heights in houses are not solely matters of taste but also involve the important factors of heating and ventilating, FHA officials say.

Federal Savings and Loan Associations Wilf Hold Annual Meetinss

Washington, Jan. ll.-City folks and farmers, in numbers that may reach many hundreds of thousands, will assemble in offices in downtown districts, metropolitan neighborhoods and rural towns next Wednesday afternoon for the annual meeting of members of federal savings and loan associations.

The members of each of these local thrift and home-finance institutions will elect directors for periods up to three years, and hear their offrcers make a "full report" on the financial condition of their association and its progress and plans for the future, according to an announcement by James Twohy, Governor of the Federal Home I-oan Bank System.

Each investing member of a federal association is permitted one vote for each share or fraction he holds, but no member may cast more than fifty votes. Borrowing members are also entitled to a vote. In both classes of rnembers are included about 2,200,000 persons.

These 1443 associations range in size from institutions of the twenty-to-forty-million-dollar class in the largest cities, with many thousands of members, to smaller organizations in towns of only a thousand or two population. Located in about 1200 counties, they offer the same uniform plans of investment of home loans throughout the country. Many of such institutions have a history of more than fifty years of service under previous state charter. Others vvere nervly organized under a Congressional enactment of 1933.

Federal savings and loan associations are a recent development of the mutual "building and loan', plan which took root among savers and home seekers in this country in the early nineteenth century, the statement says. Their progress in the encouragement of systematic thrift and economical home ownership is indicated by a few figures. On October 30, 1940, their combined assets had reached $1,800,000,000. Their investing members totaled 1,600,000, holding about $1,330,000,_ 000 in savings accounts. Long-term home loans on their books amounted to $1,515,000,000.

Cornice Boards Protect Drapes

Cornice boards covering the tops of your u,indow drapes rvill do much to improve the appearance of a room and at the same time help keep the tops of drapes clean.

News Flashes

Roy E. Hills and Bill Nigh of Wendling-Nathan Co., San Francisco, ancl their wives, lvere interested spectators at the Rose Borvl game in Pasadena on New Year's Day.

Fred R. Lamon of Lamon-Bonnington Co., San Francisco, ancl Mrs. Lamon returned January 6 from a week's autornobile trip down the Coast to San Diego.

C. M. Kincaide, Jr., of the C. M. Kincaide Lumber Co., Omaha, Neb., was a recent visitor to San Francisco and Los Angeles.

Harold R. Crane of Crane Mills, Califomia Pine manufacturers of Bly, Ore., accompanied by his family, spent a ferv days in San Francisco during the Christmas and New Year holidays. They took in the East-West football game.

Dale Fischer, sales manager of Fischer Lumber Co., Marcola, Ore., recently made a business trip to San Francisco, Los Angeles and Phoenix.

G. R. (Roy) Bleecker, manager of Westfir Lumber Co., Westfir, Ore., and NIrs. Bleecker, were California visitors during the holiday season. They attended the East-West football game in San Francisco on Nerv Year's Day.

P. B. Gilbert, Coos Bay Logging Company, North Bend, Oregon, and Mrs. Gilbert, rvere Los Angeles visitors over the holidays.

Mr. Gilbert and T. B. Lawrence of the Lawrence-philips Lumber Company, Los Angeles, flew to Mexico rvhere they spent several days hunting. Mr. Gilbert also attended the Rose Bowl football game New Year's day.

E. L. Green, vice-president and in charge of sales, Union Lumber Company, San F-rancisco, was a visitor at the company's Los Angeles office last week.

E. C. Hallinan of Hallinan Mackin Company, San Francisco, left for San Francisco January 7 af.ter spending a few days at the firm's Los Angeles yarcl.