Image provided by: University of Oregon Libraries; Eugene, OR
About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (July 22, 1957)
Monday. July 22. 19ST MEDFORD (OREGON) MAIL TRIBUNE FIVE Administration in Disagreement Over Lower Down Payments locked in By A.SBERT SMITH Mail Trtain Correspondent Washington The Eisenhow er administration is currently disagreement over what to do about the new ly authorized reductions in housing down payments ap proved by con gress an is sue which the lumber and home building a Knbt smito industries are watching with anxious concern. President Eisenhower's coun cil of economic advisors, as well as Treasury Secretary George M. Humphrey, report edly are vigorously opposed to reducing down payment require ments for government - backed FHA mortgages. But the presi dent's housing administrator Albert M. Cole, is understood to be pushing hard to lower the down payment requirements in accord with the new housing bill just passed by congress. The new housing bill had sup port from lumber and building groups because they hoped low er down payments would give the sagging honfe construction industry a shot in the arm this summer, and that this in turn would harden the Northwest lumber market. Congress, in drafting the hous ing bill, didn't make the lower down payments mandatory. It allowed, as is customary, for administrative discretion by say ing FHA must consider their effect "on the national economy and on conditions in the build ing industry." FHA has done this and concluded, it is report ed, that dropping down pay ments would be in the public interest. The shift in payments would be substantial if adopted. A $12 000 home, for example, which now takes a S1200 down payment, would go for S600. A 515,000 home, now requiring S1950 down, could be sold for S1050 under the new bill. An $18,000 home now takes $2700 but would take only $1800 un der the new schedule. The rate of change diminishes as the value increases until a S25,000 home would still require the same $5000 down payment. Significant Advance The National Association of Home Builders was so ecstatic over passage and presidential ap proval of the housing bill that it heralded this as "the most significant advance" in the fed eral housing field since FHA was established in 1934. It said lower down payments would put new housing within the range of "millions of families" who today are unable to save large sums for putting down on a house. The president's economic ad visors don't question but what this would stimulate home con struction and home buying. But they argue that this would be done mostly on credit thereby adding another pressure onto the inflationary spiral. They are sticking to the essentially "hard money" policy which involves higher down payments and high er interest rates on loans in order to discourage borrowing and its inflationary effects. Industry Mourns Home construction is definite ly down from a year ago, but not as severly as some had pre dicted. For the first six months of 1957, government figures show 506,800 houses were start ed. The indications are the total for the year will fall somewhere between 950100 and 1,000,000 new homes. The industry mourns when ever the annual rate drops be low the million mark. Criticism is mounting in con gress for the unwillingness of the administration to grasp the opportunity to lower down pay ments, but all the signs now are that the White House will stick with the advice of its economic and fiscal experts who are shak ing their heads over inflation. IT AIN'T CRICKET Weymouth, England (IB Doctors lost their cricket match against the local clergy Sun day because their sttar bats man was called away to a confinement. Don't Say "Hello" Say "FILTER-FLO" samovar VODKA ' Made from grain. 80 proof. Schenley Dist. Co., N. Y. C Use M-T Classif ied Ads For Best Results Parker Woods' n cfliMp nMifii nn a n rp wnrp n rrn wn Mid-Year Inventory Is Over . . . Mark Downs Merchandise In Both Stores Priced to Clear . Of Time To Wear This Summer Merchandise BIG SAVINGS ON GIRLS' AND BOYS' SHOES AND CLOTHING! AT TOTS-TO-TEEHS! and Mark Outs Have Been Taken : : . It's Time For The Last And Final Clearance? Every Single Piece of Seasonable . . Many of Our Fine Nationally Known Lines Cut To Cost And Below ... The Savings Are Tremendous . . . Still Lots . . . Doors Open At 9:30 A.M. All Sales Final ... 5 Big Days Of Savings . . . Don't Miss It! "SHOES" "SHOES" Final close out on children's shoes Summer shoes for boys and girls ... mostly broken lots but won- and also many styles good for derful savings if the size is here, school . . Scamparoos & Poll Parrot QQ to 99 JW to 9 "Summer Coats" "Dresses" Final clearance on our last few All summer dresses priced to clear coats . . . al! reduced to the low- . . . many styles good for early est prices of the year . '. . ' back to school '...- 99 to g99 2" f0 4" "Pedal Pushers" "Sub-teen Dresses" Girls 7 to 14 pedal ' n pushers . . lots of colors 1 1 M and styles . . values to 'M Gir,s and ummer pajamas 3.98 ... mos,'y knit ani seersucker . . "Shorts" i4g C99 Sail cloth and seersuck- I ! er . . a real buy at . . "Boys Shirts" Final clearance of boys shirts and T-shirts . . . sizes 2 to 10 . . . "Bovs Pants" light weight summer Hj 49 siyies nui niuiiy or these but what values. 99' 1 GIRLS AND BOYS "Pajamas" Beautiful styles right from regular stock . . you've seen them at much higher prices . . Now ... 79 1 Boys Suits . . . 2.99 G"1LS SAILCLOTH "Jackets" All these go for less than half price 99 1 "Infants Pants" and Under Things 2 for 1.00 "Hats" CLOSE OUTS 29c to 49c Dress Shoes" Most all styles have been repriced and regrouped into the lowest of prices ... still a big selection left tho not in every type . . Johansen Tweedies Amanos Fiancees Rythm Step Shenanigans 5 99 lo 7" Values to 18.95 II Play Shoes" Still lots of summer left to use these fine play shoes ... the sizes and styles are broken but lots left to select from ... Sandals Flats Washable Styles White Beige And others 1 99 4 to 99 Values to 8.95 Hi 'Casual Shoes'1 For play or jjtreet wear ... every one from our well known brands Wedgies Straws Leathers Skooters Deb Risque 4 6 99 lo 99 "School Shoes" A special offer ... red or brown loafers and white buck saddles, ideal for sportswear . 1 . 4 99 "Summer Bags" i2 PRICE Hanson Gloves 99c Belts ........ 49c Flowers 19c "T-Shirts" Wonderful values in T-Topj ... ideal for sportswear ... 99 to 099 1" 10 2 "Capri Pants" Just a few left but selling for less than half in some cases. 99 2! "Ready-To-Wear Values'' COATS - SUITS - DRESSES" The great clearance sale of the year on summer ready to wear ... these are not "special buys" or manufacturers "close-outs" . . . but all right out of regular stock . . . Just check these prices and you will recognize the outstanding values ... SAVINGS FROM 5 0 to 7 5 Coats Suits Dresses 8" to 2795 8" to 2495 y2 PRICE Values to $75 Values to $65 AND LESS! INCLUDING HAWAIIAN AND SQUARE DANCE STYLES! "LINGERIE" Camisoles .... 79c Bras 79 c Slips 1.99 Slips ........ 2.99 "ROBES" Summer robes and house coats ... all reduced ... "PAHTIES" Rayon 3 for 99c Nylon 79c "GOWNS" Just a few odds and ends left ... values to 8.95. 399 "Baby Dolls" Summer styles in cottons ... 2" "Skirts and Blouses" Our entire large stock of summer skirts ond blouses have been put on sale for this big event ... styles . . types and colors too numerous to list ... White Colors Sleeveless Short Sleeves Linen Skirt Cotton Skirls Pastel Wools 99c lo 3" "Shorts and Pedal Pushers" 1 . . . lots 49 Top grade Wellington topsail sailcloth ... lots of colors ; . shorts are in many materials. 249- "Skirt and Blouse Sets" Perfectly matched coordinates sets . . many selling for less than half the original price.. in? Suits" ii 10 dozen beautiful swim suits just arrived in a lata shipment ... so out they go at only ... A" -6" Parker Woods' LEON'S TOTS-TO-TEEIIS 105 Main 21 N. CENTRAL
