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
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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
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