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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (March 13, 1961)
MEDFORD MAIL TRIBUNE, MEDFORD. ORE. MONDAY, MARCH ,13. 1961 -8 B Homebuyer Benefitting From Lag in United States Economy By HENRY J. BECHTOLD UPI Financial tailor New York - (UPI) - One seg' ment of the U. S. population benefitting from the lag in the economy is the home- buyer. While house sales are lag ging, the sup ply of savings is grow ing, and the new year brought the sharpest Henry Bicntold drop in months drop in months in the cost of mortgage money. A mortgage survey by House &Home magazine show ed that both FHA and VA mortgages were subject to smaller discounts by lenders, bringing about a savings to homebuyers from Vt to 1 per cent of the amount of the mortgage. Behind this drop In mort gage costs is the gain in de posits in mutual savings banks and savings ana loan associa tions (nearly $10 billion) and a flood of pension fund money Into the mortgage market, ac cording to the magazine. Slowdown in Home Sain At the same time, it noted that the slowdown in housing sales has cut the demand for such funds, bringing a down ward pressure on Interest rates and discounts. One result of this changing mortgage picture has been an Increase In the number of builders offering VA insured loans. High discounts have kept builders out of the GI market recently, but they now are setting small enough to encourage some builders to TAX RETURNS 2.00 up Say Taxei. Find out your deducts. All Returns prepared on comparative basit and tiled- In accordance with Internal Revenue Code. Fast Service. OREGON BOOKKEEPING SERVICE 217 Fluhrer Bldg. SP 3-6874 OPEN SATURDAY Till 1 P.M. OREGON'S LARGEST TAX SERVICE absorb the cost in order to offer better terms to their buyers, House & Home de clared, It noted that there still are nine million World War II veterans and five million Ko rean veterans eligible to buy homes under the VA program Shot in Arm The magazine also found that VA financing may get a shot in the arm in many areas because VA's 9'4 per cent interest rate now is much closer to the FHA's rate, re cently cut from S3 per cent to 6Vs per cent. As for the cut In the FHA rate, the survey showed that the reaction of the market has not been as unsettling as pes simists feared nor as stimu lating as optimists hoped Housing experts do not see the lower rate stampeding buye: into the market. Most builders and lenders agree that the main effect of the 5V4 per cent rate on home- buyers will be psychological. Under the new rate, a buyer of a $13,000 house with a 30 year FHA mortgage will pay $87.75 a month instead of $90.06. But a Long Island builder believes this will make a difference, the magazine said. And a California builder agreed, stating that "a buyer will feel he is getting some thing." . Suggested Steps In another article, the pro fessional magazine of the hous ing Industry urged the Ken nedy administration to take seven steps that would help the construction and sale of new housing It said the seven changes need not cost the taxpayer a penny; but "it is high time they were made." The sug gestions were: -Require local FHA offices to conform to forward-looking directives from Washington, rather than what has been "local custom." -Let FHA spend at least one-third of its premium in come to do its work right and to pay high enough salaries to hold good men. Single Advance -Reduce the FHA insurance premium to a single non-refundable advance. The V4 per cent saving per year would let most homebuyers qualify for a better house. .-Permit the Federal Nation- I al Mortgage Administration I (FNMA) to lend money to M- M etT Wa SHE ASKED FOR IT When Patricia Morelli, 15, asked for a model of a missile exhibit at her school's science fair in Portland, Me., she got more than she bargained for. That's Patricia poking her face from, the nose cone of a full-scale 30-foot Polaris sent to her. It's the same one used for Presi dent Kennedy's inaugural parade in Washington. (UPI Telephoto) Institutional investors on their security with recourse. -Base FHA income require ments on. a 40-year straight- line depreciation regardless of how fast or how slow the amortization, -Provide more nearly ade quate market statistics on housing for guidance of the industry. -Permit FHA to spend more of its income for construction research. Valuable Skelton Discovery Claimed By Russ-China Team London -(UPD- British scien tists are awaiting further re ports from a Russo-Chinese expedition which found a "graveyard" of gigantic dino saurs and other mighty beasts of millions of years ago in the Gobi Desert. The Russians, acting as spokesman for the expedition, have thus far given out only bare details of discoveries which appear to be of great importance in filling in the blank spots in the history of the vertebrates long before the appearance of man. Complete Skelton But among the finds in the Ala Shan Desert, in the heart of the Gobi, was a complete skeleton of an anchilosaur, a giant lizard 30 feet long - Lincoln Students Finance CARE Food A total of 22 sixth grade students at Lincoln elemen tary school, Medford, recently contributed enough money to feed at least 10 persons for a month through the CARE food crusade. Mrs. Lee H. Smith, the stu dents teacher, said yesterday that the students won the cash prize in a recent Parent Teacher association member ship drive. Realizing the criti cal need for food abroad, the students decided to contribute to the Cooperative for Ameri can Relief Everywhere, Inc. (UAKE) program. School spokesmen empha sized that the students them selves promoted the campaign for hungry people overseas. Each of the $1 packages de livered contains nourishing foods, enough to help feed four persons for a month. Packages are also said to in clude "messages of friend ship," printed in the language of the recipient country; about three times the length of the previous largest skele ton of the species. Anchilosaurs waddled like armored-plated tanks through the steaming jungles of 60 million years ago. They ate soft succulent plants. In the same "graveyard" were the remains of duck billed dinosaurs which were 32 feet tall when walking on their hind legs. And fragments were found of dinosaurs rang ing from a species 10 to 14 feet high when on its hind legs to a sauropod, a browsing dinosaur probably 100 feet long. Covered 18,000 Miles The expedition was mount ed by the academies of sci ences of Russia and China on a scale certainly beyond the resources of any learned body in Britain - and probably the United States. About 80 sci entists spent seven months and covered 18,000 miles in Inner Mongolia ana mina. i..nrHin ir, the brief re port published by Anatoly RozhdestvensKy, leaner ui u-c expedition, it touna an an- nt th row. the size of a imall dog, among the bones ot mammals of about 40 million years ago near the borders of China and the Mongolian People's Republic. Mortgage LOANS for Looking for money to borrow? Commonwealth offeri mortgage loans on homes, commercial and industrial property, apartments and projects for senior citizens. We represent 17 life insurance companies, eastern sav ings banks and pension funds.We have the money.termt and rates to meet your requirements. Quick, efficient, courteous service. Contact our nearest office: . Commonwealth, Inc 300 EquitabU Building, 421 S. W. ilh Avi, rtrnW 191 lib.tly Strtil, S. E., Siltm 12TB Villa Avtnut, Belit, Idche RICE GETS POST Washington-IUPD - President Kennedy announced Saturday he has selected John S. Rice, a Pennsylvania state official, as U.S. ambassador to the Netherlands. Rice, 62, is a resident of Gettyburg, Pa., and has long been active in I Democratic politics. iv jj BMA Congratulates Cliff Curl For earning membership in the 1961 BMA Million Dollar Club Cliff Curl By providing his friends and neighbors In the Medford area with more than a million dollars of family security through life insurance. Cliff qualified for BMA's Million Dollar Club. This is his fifth MDC membership since joining BMA in 1953. Dedicated representatives such as Cliff enabled BMA to pass the mark of $2 billion life insurance protection in force. Business Men's Assurance Portland Branch Office 41 1 Executive Bldg. Portland, Ore. H. G. "Bud" Horn Regional Manager Y7 GIVE-AWAY EVENT THE McKesson BEXEL VITAMIN "8to8.0"PRIZE-0-RAMA 1ST PRIZES: 63 new HOME LITE Yard Trae "riding" rotary mowers. Make gnu cutting real tun! Will drive up steep grades, easy starting, dependable. 2ND PRIZES: 63 Model T Replicas "Runs and handles like a real car." Half-scale rep lica of the 1910 Model T. Steel frame mechanical brakes. We Give You a BONUS DISCOUNT- SILVER DOLLAR STAMPS It only take 480 stamps to fill a book-not 1200 or 1500. Each filled book worth $1.00 cash or merchandise. (Only 960 stamps worth $2.00.) .. Younctttr from " to 80" will lof th valuable prixti. fcntar today at your PRIZE-O-RAMA drugatoral 7 YARD TRACS 7 MODEL T REPLICAS' awardttj ir tatb rtgiu mm REGISTER TODAY FOR BEX EL'S NATIONAL CONTEST AT YOUR FRIENDLY BIG Y . . . SPtCIAL NOTICE . . . To assure that one of our customers will win a Model 'T' we have purchased one for local competition. This means that someone from our valley will be v lucky winner. Register right away! We hope it's YOU! The BIG Y Is Medford't only SUPER MKT. with complete DRUG DEPT. Including prescription!. SO Tablets DRISTAN $1.69 size SUPER ANAHIST TABLETS Reg. 98c size 55 Friskies nnn ennn VUU TUUI No. leans MARGARINE DETERGENT INSTANT COFFEE INSTANT MILK A 39 lllllllllllllllllllllllllllllllllllllllli Blue Bonnet Reg. 29c Sun Giant Powders Box lbs. GREEN DOLLAR PEAT MOSS i A V MAXWELL 10 oz. Jar $1.79 Value STAR-LAC 12Qt. Pkg. $1.09 Value Lenten Features NOLA BROKEN SHRIMP 3'4M,.S89c SPRUCE Brine Pack TUNA cans 3Vi SUNPAKT Canned CRAB Ica,i SNOW'S Clam CHOWDER j 5 lit, ran SNOW'S Minced !i 29c CLAMS 59c vv t V. t 70 lb. 6 Cu. Ft. $119 $949 I iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii Pink , f v:X.;, BIG Y tender frying chicken are from close-by Oregon farms. They are in our display cases shortly after processing . . . really clean . . . really fresh and ready to cook. You'll find more tenderness and flavor, too, because these young fryers are raised to produce a plump, small-boned and flavorful bird. WHOLE BODIED EVISCERATED Texas V- I " rlV ( Excellent for Broiling ' As Well as Frying ) FRYERS Country Style CUT-UP READY FOR FRYING BETTY BAKER MACARONI or SPAGHETTI Extra Heavy With Sweet, I dngy June LOCAL GROWN NEWTOWN THE PERFECT PIE APPLE 449' 1 Celery Hearts" .23' I SYRUP PURE PORK Sorbet l for I Special Effective Thru Wed., Mar. 15th Gla" S' mj jjg LIMIT RIGHTS RESERVED Piiiiiiiiiiiiiiiil " W Mr ' i I m BETTY CROCKER PANCAKE MIX COUNTRY KITCHEN PANCAKE 24 oi. Bottle Reg. 53e Serving the Most Wonderful People in the World ... in the Nation's Finest Community
