The Courier News from Blytheville, Arkansas on July 24, 1950 · Page 3
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The Courier News from Blytheville, Arkansas · Page 3

Blytheville, Arkansas
Issue Date:
Monday, July 24, 1950
Page 3
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MONDAY, U ULY 24, 1950 The Nation Today: Lett U.S. Help en Homo— Restrictions on Federal Aid Make Home-Building Difficult By JAMES MARLOW WASHINGTON, July 24. CAP) — 'I0t Homing and Home Finance Agency is Ihe top government outfit lo help people buy, build or repair homes. It has three Important branches: Federal Housing Administration; Home Loan Ban!: Board; and Public Housing Administration. This weeic President Truman told a)} three to tighten up on Hie help they give. Here's what they do and what Mr. Truman told them to do. 1. Federal Housing Administration IFHA). You want to buy, build or repaii a home. You. need money. You bor- low from a bank. To encourage banks U> make such loans > by .protecting them against Joss, the FHA insures such home loans. The KHA had, until this week, move than $1.250,000,000 with which il, could insure such loans. Now Mr. truman says it con use only «C50,- 000,000. 5 f't'rcrnl L*-ss Further, the PMA now will give 5 per cent less insurance to a bank Uian it did until this week. Example: Until this week the PHA insured a loan on a one-family hoiue up t^4 e -0 per cent of the cost, for a ijBimum of S16.0QO. Now il will insure up LO only 15 per cent and the maximum had been reduced to SH.COO. ALso—in insuring a loan, the PHA now mast figure out what a house cast before July 1, not what it might cost some time after that date because of inflated prices. Loans for Repairs As to loans for repairs on your home: until now, if the bank did not require 'you to make a down payment, the FHA would Insure -men a home-repair loan 100 per cent, lip to $10,000. But now you must- make a down payment of at least lo per cent on any FHA-insured loan you get for repairs, although the FHA still will insure such a loan up to $10,000. (This change about repair-loans goes into effect Aug. 1. Every other change listed iri this stoiy already is in effect.) 2. Public Housing Administration (PHA). In 1949 Congres passed a law to help cities built) low-rent housing units for low-income families. A unit is a place where one family can live. Cities Could Borrow The cities could borrow from the PHA lo do the building. This money ad to be paid back. But, after ',he were built, under the law' the could make gifts of money to the cHics to help run the units. In six years, or by 1956, about 830,000 units were to fae built, for an average of 135.000 a year. Under the Inw, no less than 50,000 and no more than 200,000 could be built in any on* year, . Now Mr. Truman has lold the PHA to put i brake on t!i« whole program permlttlne no more th»n 30,000 units lo be built In tin next six months. 3.0M Vnlti Built (So far only 3,033 units are actually being built' although the PHA-has on hand plans Irom cities for 300,000 more units.) 3. Home IjOan Bank Board IHUJB). This agency gives credit lo savings banks and loan outfits which make loans to people lor buying or building homes. IThts credit, unlike insurance, gives banks a backlog of money to draw on for making loans.) Now Mr. Truman has ordered the HZ.8B to out down on tlie inwunt of credit it can give batiks There's no need to go into details on thts. Bankers already know'It and understand il. It involves them. As for the public—this crackdown .simply means getting home loans from uanks has been made » little tougher. Direct Loans Made One tiling more—this J'ear Congress said the government could make direct loans—totaling $300.000,000—to colleges for building dormitories for their students and faculties. Congress acted so recently on this that the program hasn't had time to get started. But now Mr. Truman says the whole program must be postponed for a whole. Why all this? For its military preparations, the government needs some ot the materials that go into new homes. This will make new homes scarcer. As that develops, prices on new and old homes will go up. So Mr. Truman wants to make home buying a little more difficult to keep the price down. Danes Want Off 'Peace' Petition COPENHAGEN, July 24. (AP) _ Denmark's biggest newspaper Ser- lingske Tldende, reported today 12,000 Danej have asked that their signatures be withdrawn fcom the Communist. - inspired Stockholm peace petition. The paper published a notice » week ago that anyone who reuret- ed his signature on the petition, which calls for outlawing the atom bomb, should tell Berllngslte Tid- ende so. There ha-ve been II000 responses lo date, the paper said, and all of them are being forwarded lo the Danish branch of the peace partisans which is collecting names on the petition. Withdrawal! included scores from children, Tidende said, jotne of (hem under ]0 years old Distiller Blomes Hysteric Buying In Curtail Move NEW YORK, July 14. (AP)—One of the nillan'J leading dlstlUers haj. blamed "apparent hysterical buying" for a move to allocate orders of lop brand whiskies. The buying was blamed on t)i« Korean war and fear of liquor rationing or complete curtailment. Among companies either aliocut- R orders, or planning to, are Brown-Forman, Park and Tilford, Schenley, Continental, Kinsey and W. A. Haller Go. Of those contacted, only Seagram reported il sa-w "no need for any rationing." It was Brown-Ftorman, a major Independent, that reported the hysterical buying. In a telegram to Its sales staff, th« company announced it, was reserving the right to allocate orders of top brands and added: "Industry overall inventories (of whiskey) u at its highest and we can see no Immediate curtailment of whiskey manufacture. We urge saneness in buying and a realistic approach to the situation." Distillers reporting a nish in orders safd It was mainly in bonded bourbons and straight whiskies. Realtors to Help Vett Hold on to Homes WASHINGTON, July 24 </F»—The National Association of Real Estate Boards said Saturday It will Cooperate in any "sound program" lo help men called Into the armed services hold on to their homes. Congressmen working on legislation to meet manpower needs in the Korean crisis h«ve expressed concern over the home mortgage obligations ol draftees and reserves called to active service. In a related statement, the Federal Housing Administration said .' today that more than one third of I the new home buyers using THA-j financing last year had incomes of less than *300 monthly with I mortgage payments running around *5fl. MERCY UNITS ARE RED TARCETS-The background ol this Picture is an Army ambulance somewhere in Korea. Its Hed Cross normally a prolecOori against attnck, has been obliterated will, mud because No. I, Korean Heels have mercilessly attacked ami, lances and liller-borne woumlcd. Chnjilnln John Gilmrms. Ictt of n\ir!! ? "A ' Ne ^ Y , Wk ?' y ' U8llU a "I""* tw Ca '*- Edwin I • Overboil, Army rioclor l,om, M., before leaving (he batllefront with the casualty-luted ambulance. Egypt Stocking Up CAIRO, Egypt, July 24. (If)— The Egyptian Ministry of Supply Is stockpiling food in view of the current International tension, a spokesman said Saturday. Don't forget to VOTE Tuesday, July 25th. ATHLETES FOOT GERM AMAZING RESULTS IN ONE HOUR Br u«lne T-4-L. » STRONG, penetrat. II'.K fungicide, Jolt REACH Imbedded germs to kill OK CONTACT. FEEI, this quick-drying IttjuW t«Y« hold INSTANTLY You must be pleued or rour «c 6»ci ft »or (frugefst. Tod.r «t Broiben DTUK store* FOR SALE 4..22" BLOW FANS. ..Good Conrlij ion ...$;{() EH. 1 SMALL OIL HEATER .. .Good Condition . . .550. • $150 ROOM COOLER. .. Used 3 Times... $70. 15 CHROME FRAME CUSHION SEAT CHAIRS *5 Each. T-Racks— Mirrors—Light Fixtures — Merchandise Tables... Will Sacrifice! If Interested See ... JOHN LANE Grobcrt Store Blytheviile 319 W. Main PAGE THRB1 U.S. Cigarette* to Go On Legal Sale in fans; Black Market to Be Hit I'AEIS. July 21 fAP) — Official quarters said Saturday .that American cigarettes will be placed on legal sale toward Ihe end of AUKUSC. This news heralded a blow to one of the country's oldest and moi-f flourishing black markets. Officials mnne this statement In disclosing that HO tons ot American cigarettes have Just been Imuiert at f.e Havre for the slate lobacco mououoly. H Sx es- llmnlMl Dial two ot (We weeks will be required lo supply all tobacco shops. In most Pin-Is bars, nlcht clubs and better-class icst.iiiniiite, American clgnrelies hai-e long been on sale, more or less openly, although nrohlbileil by Isw. Current supplies generally come from coastal areas where they nre smuggled In from Tnnglers. Tlie official statement said a price for (he American clgaveltes will be fixed later. The current black market price In most bars Is around 200 fr.incs (rounghly) 60 cents) a pack. An African bird called the tufted umbrc builds a three-room nest. IWn'( forgel to VOTE Tuesday July 25th. Dancing Every Night at CLUB 18 (Formerly the ARC Club) NOW OWN* D AND OPERA TfD BY Alex Shelby You'll Enjoy an Evening: »t Blyfhevilles' Newest Club. America's Youth selects International Sterling There's Rood reason w hjr...«H ^v» n~ —-mrr..t fvlling their hopo chests and brides choo««i tar **•*•• •*» «k*Ung International 9t4rfln! n'llvcr with., . Finest Cr»fismaw4»i»-12&-y«ar mheriUnc* of cnrumMuiu* hy (!i« world's InrgMt maker of 6ne rilvwwan. Crealesl I'jiter. Selection-InternalkmAl offer. . .id. VM i. ely in design ... a l>p« for «very UjsU. Bes< Valvt —Quality lh d heavy weight of wU atvw M matched *l thi< price! Ut us show j«i the nort-thun.,.dott, mat»ifea* nttlmu todny! Charge It At No Extra Cost ' l " '"• 4 ,Ci *tcim«v M Lo««XIY 4 i<wptmtio«, rich J WMunt, py. 5«x-r>tee« pUe«-nettinfni M low M Pay as Little as 50c per Place Setting and Use Your Sterling While Paying For It II 11.111 JtueJL -*- '- CAST YOUR VOTE FOR ALBERT "SHUG" BANKS 'or STATE REPRESENTATIVE Posi No. 2 BUSINESSMAN & FARMER AND FAMILIAR WITH YOUR PROREARED IN MISSISSIPPI COUNTY BLEMS AND NEEDS • Graduated from Columbia Military Academy in 1940. • Served two years in the Army during World War II. • Chairman of Whitton PMA Committee (Farm Program). • Director of the Mississippi County Farm Bureau. • Secretary-Treasurer of the Chelford Gin Company. • Member of the Joiner Lodge and Rotary Club.

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