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
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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