Rutland Daily Herald from Rutland, Vermont • 7

RUTLAND DAILY HERALD THURSDAY MORNING AUGUST 25 1966 States Purchase of Home Mortgages Is Pleasing to Some FHA Official Likes Idea of Hincks Bank Chief- tain Non-Committal Macke Tuesday bought $300000 worth of privately insured mortgages mostly FHA from the Burlington Savings Bank' He has announced that he will begin buying FHA Veterans Administration (VA) and Farmers Home Administration (FHA) mortgages from large Vermont banks over the next several months Hincks expects to Invest about $3 million in borne mortgages Healy also said that he notified his Washington office of the decision by Hincks and reported they were very pleased Healy former Rutland mayor commented that this purchase might spur other states to take similar action as well as labor unions with large retirement funds We dont know of any other similar action by any other New England state Healy added He said that if the atate buys mortgages from banks they would have additional money to lend and the FHA could approve additional loans The president of the Vermont Bankers Association Atty Cris-topher A Webber of Rutland said he thinks the whole matter is entirely up to the etate treasurer He wouldnt comment further Webber did say that we dont have tight money down here (Rutland) However Hincks indicated Tuesday that he expected to buy some mortgages from an unnamed1 Rutland bank Hincks bases bis new investment policy on the tight money market which was making FHA loans and mortgages harder to come by The Democratic treasurer who is seeking re election this fall has been consulting about the bousing situation with Gov Philip Hoff Hoff bas also since late last year bad a committee working on a Survey of the housing situation in the state He bas been meeting with officials of two large industrial plants in Burlington Douglas Meredith executive vice president of the National life Insurance Co of Montpelier said he "applauded Hincks for hie decision to invest in Vermont home mortgages National Life said last month would start buying home mortgages from Vermont banks but so far only about six loans totaling $100000 bave been bought according to Meredith William Taylor director of mortgates and real estate for National life said there bave been seven applications for mortgage loans National Life Is charging an interest rate of six per cent for the mortgages The state is charging five and three fourths per cent Meredith said however that the state is buying insured mortgages while National Life is purchasing conventional loans Taylor also commented that National Life bas participated with Vermont banks in $1 million in loans so far this year and bave approximately $68 million in loans with Vermont banks outstanding Both Taylor and Meredith said the response has been slow to National Lifes offer to purchase home mortgages Meredith explained that it is the policy of the company to interview each applicant before investing in the mortgage He said this may have scared off some Vermonters from building or buying new homes now The tight money market and growing unavailability of housing Is a state problem according to Prof Milton Nad-worny chairman of the Economics Department of the University of Vermont 4 By STEPHEN TERRY (Vermont Press Bureau) MONTPELIER The Vermont director of the Federal Housing Administration Dan Healy said Wednesday he Is exceptionally pleased that the state is using retirement fund money to buy home mortgages from state banks to help ease the growing housing shortage State Treasurer Peter SAVE WHERE IT PAYS Proctorsville Legion Installs Its Officers Effectiveness of OEOs Legal Workers Aid to Poor Called Doubtful re ager Leo Wriit of Brattleboro 5th district vice commander Edward Jelley gave a report of has week at Boys State at Norwich College Preceding the installation supper was served by the auxiliary LATEST RATE AT PROCTORSVILLE (Special) Wallace McNulty Hoyle Ameri- speech at Goddard College Wednesday In my experience In 15 years as a union organizer there has never been as much interest expressed said Breslin a subdistrict director from Concord He made his remarks) to about 35 students at week-long conference on labor in the United States Because unemployment is down the worker isnt afraid to speak up If he gets fired he can find another job Breslin explained He also cited a desire for higher wages as a reason for joining the union: Wage in Vermont are rela- can Legion Post held a special meeting Aug 20 and officers were installed They are Lander Bru-nelle commander John Thompson first vice commander William Bates second vice commander and adjutant James Farren finance officer Charles Gleason chaplain Fehx Waiasewicz service officer and Lawrence Stone sergeant-at-arms The installing officer was Mai LobdeH of Hartland 5th district Legion commander assisted by his sergeant-at-arms Rene Noel of Windsor Other guerts included Mrs Lob-dell Roy Sweet of Windsor and Henry Vail of Ludlow both past department commanders and RUTLAND SAVINGS The Friendly Bank MERCHANTS ROW at CENTER ST MEMBER FDIC tively low in comparison with the rest of the nation he said Recent wage settlements above the wage price guideposts such as the increase received by the machinists union in the airlines strike makes the worker aware of the bargaining power of a union he said Two-thousand white and blue collar workers in Vermont are members of United Steel Workers locals Steel Workers Organizer Tells Goddard Meeting Vermonters Will Join (Vermont Press Bnreau) PLAINFIELD Workers In Vermont are eager to join unions declared Thomas Breslin of the Un i Steel BARTON NATIVE RETIRES FROM BAY STATE SCHOOL BARTON (Special) Miss Georgia Prue a native of this town has retired at American International College Springfield Mass as head of the Department of Secretarial Science She has been with AIC for 20 years Previously she taught at Derby Boston and Connecticut such eases as landlord disputes but we feel these lawyer will hesitate to get involved in cases where government may be the offender The so ealled lawyer corps are being established around the nation to provide free attorneys services to the legally indigent The Vermont OEO and the Vermont Bar Association are currently considering establishment of ft program in the state Goddards labor institute opened on the Plainfield cam-pu Sunday fthd has attracted top labor and civil rights leaders It ia co sponsored by the a for Industrial Demo- oracy PLAINFIELD (AP) An American Civil liberties Union representative questioned Wednesday the potential effectiveness of the Office of Economic Opportunitys program of legal aid to the poor because of its alignment with the American Bar Association Gordon Haskell a CLU membership director said his organization is concerned because the legal aid program is so closely tied to the bar association and the bar traditionally to a conservative group Haskells remark came during ft morning session of a labor Institute being held at Goddard College bere There is no question the program will help people in 'k'k'k'k'k'k'k'k'k'k'kk'k'k'k'k'k'k Canadian Crime Probe Has Montpelier Session HEADQUARTERS FOR BIG STOREWIDE SAVINGS identification officer at the Vermont State Prison Deputy Warden John Moran declined Wednesday afternoon to answer whether a state prison inmate was involved in the Canadian inquiry or whether any state prison inmate was in Montpelier or the Washington Comity Court House He instead referred a questions to Warden Robert Smith who is on vacation and couldnt be reached Wednesday afternoon Washington County Clerk Norman Peduzzi said Wednesday he had no idea of what was going on in (he court room other than that State Investigator Gregory LEcuyer of East Alburg arranged for the Canadian crime commission to use the court room Atty Gen John Coonarn LTEcuyers bos said that the state merely accommodated the Canadian investigators by arranging for apace for the hearing He added that this is the second tome members of the crime commission bave held court inquiries in Vermont Members of the commission were close-mouthed about their visit and would enly say they were in Montpelier "to take testimony of the accused (Vermont Press Bnreau) MONTPELIER A eecTet fact-finding inquiry into organized crime ring in Canada was held behind dosed doors here Wednesday by members of a roving Canadian crime commission The hearing held in Washington County Court waa barred to the press Two reporters who tried to sit in were ordered to leave A Vermont deputy sheriff who told a Vermont Press Bureau reporter to leave the ball refused to identify himself or what he was doing at the inquiry The only information he would give out was that the court session was secret Informed sources however said the secret hearing involved taking testimony from a Vermont State Prison inmate in connection with collecting information which will permit Canadian authorities to move against organized crime rings particularly in the Montreal area One of the cars parked outside (he court house is registered to the Rev Edward Boggis Jr of Claremont according to (he New Hampshire Motor Vehicle Department The Rev Mr Boggis is an -X -X -X -X -X -X -X -X -X -X -X -X -X -X -X -X -X -X -X BOYS' COTTON Fruit-of-the-Loom UNDERWEAR PKG OF Easy-care blend of Kodel polyester and cotton Trims White pink blue 5 to 12 -X Canada Strike To Seal Border YOUNG BOYS Back-To-School DRESS SLACKS LADIES' SMART PERMANENT PRESS TAILORED SHIRTS LADIES' LATEST STYLES IN ATTRACTIVE FALL SKIRTS -X SENSATIONAL SPECIAL PURCHASE THE FAMOUS MAKER IS OUR LITTLE SECRET! LADIES' "IN" LOOKS FROM LONDON IN 3 PC SUIT DRESSES 3r FOR Hat4on-Wid Tie-up In- evitable on Friday to Halt Vermont Trains 99 Vf Neat hy atyls to rayon and acetate Choice of fabric Thirsty durable cotton T-shirts and briefs White Sizes: to 16 LADIES' TRIM NT criers -X -X BOYS' LONG SIEEVI ALL C0TT0U SPORT SHIRTS -x -X FLATTERY BRAS 67c th Interstate Commerce Commission The state Is fighting tfvt ruffling Hutchinson said (bet the last time the Washingtonian" wii leave Montreal for Washington win be Thursday at 8:35 pm The same train will leave the nations capital for Montreal the next morning at 9 am He said the Ambassador the sister train to the Washingtonian will leave New York Thursday at 8:45 pm AI four trains wii run as far north as St Albans on regular schedules Until the Sept 9 deadline for end of service Weve got style that swing for you! Carnaby Inspired 3-pc ones to Rayon hopsacking Kodel polyester and Avril rayon gabardine and taint ed fabrics Choose black red brown royal blue A-lines andsHm line Pe- beige or terrific PLUM Junior Sizes: 5 to 15 Oxfordcloth or broadcloth cotton COMPARE AT 1899 to prints solids Assorted Dacron polyester and cot- Assorted fabrics and colors colors Sizes: to 16 ton Sizes: 32-42 Sizes: 8 to 18 Assorted styles In padded and soft cups 32-36 4 32-38 34-40 HERE ARE SOME OF OUR VALUE PACKED SELECTIONS FOR BACK-TO-SCHOOL ASSORTED PLAID SCHOOL BAGS COMBINATION FILLER and COMP BOOKS -X -X -X -X -X -X -X 98 59c 1 (Vermont Press Bnreau) MONTPELIER The impen-ffing nation-wide Canadian rail strike is threatening all through passenger and freight service to and from Canada General Manager Frederick Hutchinson of the Central Vermont Railroad a subsidiary of the Canadian National Railroad-said Wednesday that an Canadian rail workers will walk off their jobs at noon Friday if a settlement isnt reached The likelihood of (his seems dim and Canadian Labor Minister John Nicholson indicated Tuesday that the crippbng strike appears inevitable The threatened rail strike is pitting 16 railroad unions against the nations seven railroad's including the Canadian National and Canadian Pacific Lines which serve Vermont Central Vermont Hutchinson 'said will continue to hand trains to points along the Vermont-Ca-nadian border However al indications point to a complete cessation of rail freight traffic in Newport and Island Pond the other northern rad centers The Canadian Pacific runs through Newport to Wells River where the Boston Maine takes over Indications were this morning in Newport that if the strike goes off on schedule rail workers will be laid off and no trains will run from Newport to Wells River In Island Pond the Grand Trunk Railroad is owned by nadian National and all operations there are likely to bait Affected by the threatened strike are Vermonts four remaining passenger trains which run through the state to and from Montreal However they are due to be taken out of operation Sept 3- because of abandonment authorization given by -X -X -X -X -X -X -X -X -X Smart and comfort- 4 Sleek step-in style able shoe in black to black man-made and tan combine- material PVC sole tkms Sizes 5 to 10 Sizes 5 to 10 COMPARE AT 69c Dura Glo spiralled coven to assorted colors Has 5 punched holes LE PAGE'S WHITE 1 PASTE 18c In plastic animal head with spatula inside the bottle cap i 300 COUNT FILLER PAPER 66c Measures 11 14 with 5" gusset Simulated leather trim Assorted colors! COIL WIRE BOUND COMPOSITION i BOOKS CHILDREN'S MISSES STRAPPED SHOES WOMEN'S LEATHER LOAFERS $99 Rochester High Gym Opening Day Report Center on Sept 6 i ROCHESTER (Special!) The 1966-67 school year wifi begin for Rochester High School Grades 7 to 12 on Tuesday Sept 6 at 8:30 am at the Rochester Elemental School Gym All grades 7-12 should report to the Gym for the opening assembly There will be a compressed daily schedule which wifi alow each teacher and student to meet Text books wii be issued in class on the first or second day of school Hot lunch will be served on opening day Prices are the jsame as last year Parents are asked to look for a letter from the school that wifi be given to each student 7-12 on opening day This letter includes a study schedule for that boy or girl It is not essential that all students do home study at the same time but it is essential that time be planned for this purpose A golfer walks six miles while playing IB boles PKG OF 10- MASON'S BALL PENS 88c -X -X -X -X -X PKG OF 4 FOR 2 99c Tine Italian detailing In a black leather step-in Sizes 5 to 10 COMPARE AT $1 All metal caps Colored "Kk plastic barrels Retract-T able i Scuff -proof rod vinyl with chle 10 8 with 5 punched sobot itro inioctton mold kxo holes for 2- or 3-ring books a "mint for hor ohoo collection Has 100 pages I I Como In size Tt to Measures 10H in 8 in Has 5 punched holes for 2- and 3-hrie books fmtm ffliii flililtin OPEN 9:30 AM TO 5 PM DAILY MON 8 FRI NITES TILL 9 PM -X -X -X -X 'krk'k'k )f ET.