FHA Reports Indicate Active \Tinter Building and Mod ernization Season

Signposts pointing to a relatively active winter building and modernization season are found in recent reports of the Federal Housing Administration. These reports show that applications for both modernization loans and new home mortgages are being received in unusually large nurnber, in spite of the approach of winter weather.

Small home mortgages selected for appraisal showed an increase of ll7 per cent for October, over the same month a year ago, indicating a well sustained volume of home building for the last months of the year. Around 70 per cent of the mortgages accepted for insurance currently cover new homes.

In addition, property improvement loans are being insured at the rate of over 10,000 weekly, with the daily volume of loans aggregating nearly $1,000,000. This, in itself, should provide many builders, dealers, and contractors with a backlog of work to tide over the "slow" months.

While an unusually large amount of winter building probably will be undertaken in some sections, home and business property repair and improvement also ofier a natural outlet for winter activities in most cities. With the Federal Housing Administration's Property Improvement Credit Plan still in effect, industry should be able to develop an unusually large volume of business during the current winter.

Despite active modernization programs carried out during the past few years, the property improvement market is still large. In the three years in which the original insurance was in effect, the Federal Housing Administration insured loans totaling approximately $561,000,000. Since the re-enactment of the loan insurance provisions last February, loans aggregating more than $135,000,000, in 300,000 individual loans, have been insured.

Property improvement loans are made by financial institutions which have qualified with the FHA to obtain insurance on loans that meet FHA requirements. The borrower must have an adequate income and must own the property or hold a lease upon it running at least six months longer than the term of the loan.

Installation of equipment are eligible only when they become an actual part of the structure, as do heating, plurnbing, and other permanently installed systems.

The maximum arnount which may be borrowed under the property improvement plan is $10,000, although the average loan is less than $500. Applications for improvement loans amounting to more than $2,500 must be submitted to the FHA for prior credit approval. Borrowers may take from three to five years to repay loans, maki,ng payments monthly during that period. Lending institutions may not charge an amount exceeding the equivalent of a discottnt of $5 per $100 face amount of a one-year note payable in equal monthly installments.

A new phase of the property improvement program is that involving the insurance of loans for new structures. Such loans may not exceed $2,500. Eligible structures include small houses, barns, garages, summer cottages, roadside stands, silos, milk houses, and other accessory buildings.

Resolutions Note Passing Of Three Former Presidents Of National Lumber

MANUFACTURERS ASSOCIATION IN .1938

Washington, Nov. 25,-The year 1938 was a year of sever:e loss to the lumber industry in the passing of prominent persons engaged in its cooperative activities.

Three former presidents of the NLMA passed away during the year: N. W. Mcleod, second president, from 1904 to 1906; Major E. G. Griggs, sixth president, from 1911 to 1913, and Frank G. Wisner, who se,rved from 1924 to 1927.

Resolutions passed at the recent 36th meeting of the NLMA, expressed the lumbermen's sense of loss over the passing of not only these gentlemen, but also that of Theo. M. Knappen, long-time publicity director of the National staff, and Thomas M. True, secretary-manager of the Southern Cypress Association.

California Visitor

J. E. Cool, sales manager, Fir lumber department, Smith Wood-Products, Inc., Portland, was recently in San Francisco and Los Angeles on business for his firm.

TDEMAND THIS

It qnd inspected ond meqsure up to cll the gtqndarde required by Building Associqtions. The No. I Shiaglee cre lfi)o/o edge grcin, l00o/o clecr; 100'/o hecrtwood. Recommend lhe use ol P.C.S.I.B. Certilied Bed Cedqr Shingles. They bring new businegg cnd mske gcrtigfied cugtomera lor you. Send lor lree illustrqted litercrture.

My Ancestor

By Thomas Milburn Upp

My ancestor lived in a tall, tall tree, In a far away lime and place; And the boast was his, as it is with me, That he came from a high-born race. His manners were lofty, as r,vell might be, In the station which he adorned, And no advances permitted he From the underworld he scorned. No low down matters of common trade

Could ever his thoughts engage, For his family fortune and place were made, Ere the paleolithic age.

He looked on the climbers with hostile eve. And was ready with striking snub; And woe to the seeker who ventured nigh His very exclusive club.

His family arms were admitted by all, When he held them above his head. And however the tropic rains might fall The hairs would the torrent shed.

The neighbors in all the trees about, Their manners by his would shape, Of high degree or the common rout, They ever his fashions ape.

No irreligious that ancient sire, Nor ever in vices sunk, Nor yielding to wordy or wrong desire, He lived like a pious monk. So high in his virtues, which all might see, His wisdom, which all might know, That a Primate he could not fail to be And science record him so. His family lives and their number grows, And their station shall never fail', But I come from a younger branch than those, Whose estates are bequeathed in tail. And so, when the ducats have all been spent, And the trade bills are up to me, I console myself with my long descent, And my ancient family tree.

Heads Fresno Builders

J. C. Ferger, president and manager of the Swastika Lumber Company, Fresno, was elected president of the Fresno Builders Exchange by the board of directors on November 19. He served as vice-president during the past year.

Northwest Lumbermen Visit Southland

Grant Robertson, sales manager of the Portland Lumber Mills, Portland, Ore., and Max Smith, Portland manager for the E. K. Wood Lumber Co., spent a few days at the Los Angeles office of the E. K. Wood Lumber Co. the latter part of November. With Ray Julien, the company's popular salesman, they also called on the trade in the San Diego territory.

llad always uscd led Book

"As for bock os I con remember, dqd alwcrys hcrd a Red Book in his office."

So writes a young mcrn who is now "on his o'wn" os cm independent opercrtor in the lumber industry.

"He often hcs told me thcrt he did not think ony Lumber Mqnufocturer could qfford to do business without it. So I crm going to need the Red Book to keep informed qbout chcrnging credits. Pleqse enter my subscription for one yeor."

Unquestioncbly there ctre many ctmong our present subscribers who "grew up" with the Red Book for we hcve been conscientiously serving the Industry for 62 yecrs. We cne no'w', crnd hcve been for the most of those yectrs, the only qgfency offering cr Credit Rating ond Soles Service speciclized to fit the peculior needs of the Industry.

If you ore familior with the Red Book beccuse of hcving grown up with it, we shoulC like to welcome you crs q subscriber.

Those who crre not Iamilicn with it cne invited to use it on our 30 Doy Approvol Plgn -no obligcrtion.

( Our Collection Depcrrt- ) J meni con qsaiet you in ( ) collecting your past due ( ( qccounb. )