Progress of Federal Housing Campaign

The Federal Housing Administration recently announced that the Chase National Bank, of New york, was approved as mortg'agee under the Mutual ,Mortgage Insurance plan of the ,A.dministratioir., With 41 branches in New york and five in foreign citiles; the bank is,the largest in the United States. All 41 domestic branches can now loan fs1 nsrv home constru,ction and refinancing of existing mortgages under terms of the National Housing Act.

The estimated amount of modernization and repair work reported by field offices of the Federal Housing Administration in all parts of the country, totaled $252,948,856 on February 16. This is an increase of $Z,IL2,569 for the week. Field representatives reported that this work has been ,chiefly the result of the Better Housing program.

The total arnount of insur,ed loans,reported to the Ad.ministrator by private lending institutions up to February 16 reached $39,688,320, an increase of $1,218,335 for the week. This amount covered g4,l47 loans, an increase of 2,797 for the week. Sixteen new insurance contracts were issued during the week to financial institutions, entitling them to lend under the National Housing Act. This bringi the number of cooperating lending institutions to LZ,47Z.

On February 16, there were 5,803 community campaigns organized or in the process of .organization. This represents an increase of 118 communities over the orevious rveek's total.

Activity in the West

An increase of. 187 per ,cent in building permits for repairs in Oakland, Calif., for January, 1935, is revealed by figures from the Bureau of Labor Statisti,cs. In January, 1935, repair permits totaled $116,099 while in Janaary,19i4, a total of only $r+0,385 was recorded.

A re-check of 2O7 pledges secu.recl in the Santa Clara, Calif., house-to-house canvass, has revealed that only fifteen pledgors have not carried out the work ,contemplated. Of these fifteen, twelve stated that the work would be done in the near future and only three indicated that unforeseen circumstances would prevent their fulfilling the pledges made.

The San Jose, Calif., campaign has resulted in an estimated million an<i a half dollars in modernization pledges.

It is also estimated that 11.83 per cent of the 19,300 homes there will be altered, repaired or modernized at once. The pledges represent an outlay of $17.65 per capita.

Bureau of Labor Statistics' figures for Portland, Eugene and Astoria, Oregon, indicate a tremendous inc.rease in modernization work during 1934 over 1933. In Portland, 1934 figures were 91,044,828 as compared with 9818,155 for 1933; in Eugene, $102,812 compared with 958,567; in Astoria, $71,619 with $28,M4.

In Tucson, Ariz., permits for.repairs during 1934 amounted to $456,933 as against fil40.,V$ for 1933.

Bureau of Labor Statistics figures show that for the year 1934 building permits for repairs issued in Phoenix, Ariz., totaled $156,071, whereas in 1933 permits for repairs totaled only $93,256

In Fort Sumner, N. M.population 839pledges amounting to ffi5,000 have been secured and in the past week alone $1,500 worth of modernization work has been started. Since there are no lending institutions in the town, banks in nearby communities and local supply dealers are handling modernization loans.

Lumbermen Borrow From RFC

Washington, D. C., Feb. 20.-In a statement showing that $34,222,535 in loans to 599 industrial concerns was authorized by the Corporation between June 19 and December 31, 1934, the RFC discloses that l'lumber products," with 97, or 16.2/o of the borrowers, re,ceived $5,517,25O, or l6.L% of the total amount loaned.

This places lumber products at the head of the list both in point of number of borrowers and amount of accommo: dation. The classification "lumber products" includes sawmills, planing mills, sash and door factories, cooperage, furniture plants, etc.; and while the Corporation has published no figures as to the amounts loaned in eaih of these subclassifications, it is generally understodd that the bulk of the loans went to sawmill operators. This class also furnished the greatest number of applicants for loans.