Lumber-Controlled Finance Recreational Use of National Company Reports Progress Forests P.y Dividends

Washington, D. C., Jan. 2S.-Among the finance companies approved by the Federal Housing Administration as lending ins'titutions under Title I of the Housing Act is the National Homes Finance Corporation of Chicago, which is now affiliated with lumber yards in twenty-five states. Starting about five years ago, the corporation now includes over 150 retail lumbermen and 36 manufacturers of building materials, and has recently broadened its regulations to permit the purchase of modernization paper frorn any reputable lumber dealer in any section of the cottntry, rvhether he is a member of the corporation or not.

"During the year 1934 the corporation has made excellent progress", declared George W. Dulany, Jr., its president, in a recent statement. "It promptly qualified with the FHA under Title I, and in a very short period handled over $50,000 of modernization loans from dealers in Texas, Louisiana, Illinois, Massachusetts, Pennsylvania, Indiana, Florida and Washington who were unable to obtain Title I loans from their local bankers.

"The company had become widely knorvn to lumbermen as one of the very few financial institutions which continued lending money for new construction during the last three years. It became, for a time, practically the only source from which the insurance companies were buying first mortgages-this be,cause of standardized form of mortgage used, which in many respe'cts anticipated the rules and regulations promulgated by the FHA under Title II of the Housing Act."

Because'of its manner of doing business, which, in effect, taps the reservoirs of capital in large financial centers for the benefit of the country at large, the National Homes Finance Corporation has been described as performing for modernization borrowers services similar to those which will be performed for new-construction borrowers by national mortgage associations to be organized under Title III of the Housing Act, although the latter will be empowered to issue and sell bonds secured by insured mortgages.

Norman Vincent

Norman Vincent, J. H. was a recent visitor at the

Visits Los Angeles

Baxter & Co., San Francisco, company's Los Angeles ofifice.

Blubber Bay Lfune

Wood Burnt, Pure White, High Calcium Lime IN ALL FORMS AND TYPES OF CONTAINERS TO SUI'f YOUR PARTICULAR NEEDS

The Standard of Quality for High Calcium Lime during the past 2O years of California DISTRIBUTORS Office, Pier 17, San Francisco

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Glwe St. Dck

For every acre of national forest land in California occupied by recreational uses under permit from the Forest Service the State receives $4.50, according to a recent survey made by L. A. Barrett, assistant regional forester of the Forest Service headquarters in San Francisco. These returns are made by the State to the 39 counties in which 8,000 recreational special use permits have been issued in the 18 national forests of California for summer ho.mes, hotels, resorts, and municipal or private'camps.

Recreational permits are the most intensive of all uses of national forest lands, according to Forest Service officials. The 7,500 acres occupied bring in a total of $135,000 per year in rentals, of which 25 per 'cent is returned to the State for distribution to the counties, in addition to what they ,collect in county taxes on recreation improvements having an estimated value of over $7,000,000.

Makes Committee Appointmentg

President Ralph Brindley of the Tacoma Lumbermen's Club has announced the following committee appointments for the coming year: Wood Promotion-W. Yale Henry, chairman, Paul H. Johns, Ernest C. Rice, Morris Kleiner, A. H. Landrum and Ernest Dolge; Membership-Clarence Frend, chairman, Philip Garland and George Williams; Taxation-Paul H. Johns, chairman, A. K. Marin and John Manley; Fellowship-A. K. Martin, chairman; Historical -W. Yale Henry, chairman, Ernest Dolge and Paul H. Iohns.

CALL OrN ARIZONA TRADE

C. P. Henry, Chas. R. McCormick Lumber Co., Los Augeles, has returned from a ten days' trip to Arizona. Accompanied by L. R. Chadbourne of Phoenix, the company's Arizona representative, they called on the retail lumber trade in the Arizona territory.

Pine Manufacturer On Trip

R. T. Buzard of Buzard-Burkhart Pine Co., San Francisco, left February 7 on a six week's business trip. He stoppecl off at Los Angeles on his way to Alberta, Alabama, rvhere he is interestecl in a sawmill, and will come back by rvay of Chicago.

With That Mutual Interest

Expert counsel to prevent fires.- Specialized policies to protect against lossSubstantial dividends to protect against cost. lUfrite any of our companies.

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