California Retailers to Meet at Del Monte

All Calilornia Dealers Invited To Attend

At the Friday morning session two speakers will address the convention; Dr. Ballentine Henley, president, College of Osteopathic Physicians and Surgeons, Los Angeles, speaking on the "Power of Propaganda," and Dt. J. Hugh Jackson, Dean of the Graduate School of Business at Stanford lJniversity, "Constructive Business Leadership." The afternoon session will be addressed by John E. Canaday, public relations manag'er, Lockheed Aircraft Corporation, Burbank, who will speak on "Aviation and National Defense," and Dr. Tully C. Knoles, president, College of the Pacific, Stockton, who will discuss "The Reevaluation of Democracy."

The dinner dance and entertainment will be held Friday evening with Colonel Rodriquez as special guest.

For those who wish to attend a football game on Saturday afternoon, November 1, there are two games scheduled: Stanford vs. Santa Clara at Palo Alto, and California vs. U. C. L. A. at Los Angeles.

Ray Clotfelter, W. R. Spalding Lumber Company, Visalia, is president of the Lumber Merchants Association of Northern California.

FHA Applications in Southern California First Nine Month s ol 1941 Greater Than Any Preceding 12-Month Period

Southern California District office of the FHA reports greater volume of applications received for the insurance of home mortgages during the first nine months of this year than for any preceding 12-month period since the inception of the FffA program.

Close to n,W mortgages valued at more than l2I million dollars were accepted for approval during the first nine months of 1941 under Titles I, II, and VI, or 28,934 cases for $121,202,245. Of this total 25,806 cases valued at 9106,736,395 called for the construction of new homes under FHA inspection, and 3,128 for $14,465,850 the refinancing of existing liens or purchase-money mortgages on homes already built.

This compares with a total ol '28,047 cases for $117,357,635 for the entire year, 194O, of which 23,533 for 997,O41,935 specified new construction under FHA inspection.

The month of September brought in a total of. 2,7M applications for the insurance of mortgages valued at $1 1,377,800, of which 2,?68 f.or $9,385950 involved new home construction. While this is a decline in monthly volume from that of the past four months it represents, however, an increase of. 5l per cent in number and 8 per cent in dollar volume over September, 194O, which recorded 2561 applications for insurance of mortgages valued at $10,534,700. Of this number and amount, 2,178 f.or $8,824,200 represented new construction mortgages. The month of August, 1941, recorded a total of 3,065 applications valued at $13,432,150.

The foregoing figures do not include those loans for the repair and modernization of properties nor for the construction of non-residential structures which are reported direct to FHA headquarters in Washington by the lending institutions, and which have numbered over 230,m0 and amounted to over 100 million dollars since 1934 in this district.

"At the present time much emphasis is being placed on the repair and modernization of old residential properties," said Mr. Bingham, "particularly where they accommodate more than one family, or can be revamped into multi-family structures."

"Immediate relief in the housing shortage situation in defense areas can more quickly be effected through alteration of old dwellings, and at less expense than construction of entirely new dwellings," he said. "To encourage this type of cooperation in the present emergency l'HA's facilities have been increased through the extension of the loan period from three to five years on this type of loan, increase in the maximum amount of insurable loans ftom $2,500 to $5,000, and reduction in the maximum permissible charge a lending institution may make, if the FHA is to insure the loan, from $5.00 discount rate for each $100 to $4.00."

Appointed Assistant Manager

H. Marvin Smith has been appointed assistant manager of the Hayward Lumber & Investment Company's yard at Yuma, Ariz. He was formerly head of a planning-building firm in Yuma. Lester Stone is manager of the yard.