Galesburg Register-Mail from Galesburg, Illinois on June 25, 1963 · Page 12
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Galesburg Register-Mail from Galesburg, Illinois · Page 12

Galesburg, Illinois
Issue Date:
Tuesday, June 25, 1963
Page 12
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1 1 Gotesbura Re^ister»Moi I, jGalesbufg, 111. Tuesday, June 25,1963 Foreclosures Don't Effect House Loans By SAM DAWSON NEW YORK (AP) - Mortgage funds are readily available in most sections of the nation despite tightening of credit in the short- term money markets. And build-[ ing of housing units this year should about equal last year's volume, while other construction is expected to rise above 1962. Foreclosures have been rising, however, despite a steady increase in personal incomes enjoyed by most home owners. These mixed (rends — ample mortgage funds, tighter short- term credit, rising construction and even steeper rise in foreclosures—are part of today's changing economy that gives forecasters new headaches. "Although some easing in housing starts is to be expected once the winter losses are made up," says Dr. Roy L. Reierson, senior vice president and chief economist of Bankers Trust Co., New York, "private nonfarm housing starts for the year as a whole will probably total close to last year's 1.4 million, with apartment houses accounting for an increased percentage of the total." He adds that "a large volume of mortgage commitments is reportedly still on the books of institutional lenders." Taking the long look, the Family Economics Bureau of Northwestern National Life Insurance Co. points out one of the problems. "Encouraged by modern liberalized mortgage financing and rising postwar incomes," the Minneapolis-based firm says, "non- farm home ownership in the United States has expanded by nearly 100 per cent since the end of World War II. But in those same 17 years, the annual toll of defaulted residential mortgages resulting in foreclosures has zoomed more than 700 per cent." The figures are: At the end of the war 16 million nonfarm families owned their homes; today 31 million do. But in 1962 more'than 86,000 nonfarm houses were fore* closed, the highest total since 1939 and capping 10 straight annual increases. Official estimates put foreclosures in the first three months of 1963 at 23,500, compared with 21,000 in the like period of 1962. The insurance company thinks the trouble is the "old American custom of overdoing a good thins, in this case the easing of mortgage credit to encourage home ownership." It reports that 44 per cent of the nation's homes were mortgaged in 1950 for an average of 42 per cent of their value. Today more than 60 per cent are mortgaged to an average of more than 50 per cent of their value. In the field of commercial construction Dr. Reierson notes two trouble spots this year—"reports of difficulty in finding tenants for the steadily increasing supply of office space in New York and some other areas of the country, and a cutback in the construction Always Available They'll Do It Every Time By Jimmy Hatlo 18 Elandpackrd Flavors ol ICE CREAM & SHERBETS For Your Eating Pleasure at your Golden Cream Dairy Stores PpC BEAVER WOftkS WARD FOR HIS NEXT STRIPE WHILE JOE 60LDBRICK JUST SITS IT OUT'"* WsLL-WHAT OOV©U KNOW*** LOCK WHO MAKES COTORAL 4N0 LOOK WHO'S STILL BU6KIN6*"* OUR ANCESTORS "They're arguing over the contract for 'Long Rifle Experimental'!" 'LRX'— LaFayette Man Heads Legion TOULON — A meeting of the Stark County American Legion was held Wednesday night in Waunee Farm restaurant south of Kewance. Charles M. Wilson, senior vice commander of 3rd Division, was installing officer when Donald Sherbyn, LaFayette, was installed as commander; senior vice commander Elmer Hendricks, Wyoming; junior vice commander, Roy Schmidt, Toulon; sergeant-al-arms, D c w c y Newell, Bradford. Wilson introduced Floyd (Skip) Kiesling, Armington, department fit Id representative; James Tindall, Henry, incoming lttth District commander, and Mr. and of new shopping centers." But completion of the largo number of projects begun last year will keep Jf)fi3's total at about the same level. And he looks for industrial construction (o improve in the months ahead, as well as greater activity in public construction. Adding them all up, the New York- banker looks for $62.5 billion of construction this year, 2 per cent liigher than last year's record. The funds are available, the urge to build or to own one's own home is still high—and the I mortgage terms are still attrac- 1 tive. Mrs. Lyle Pratt, Princeton. Pratt is finance officer. Toulon Briefs Marilyn lleaton of Toulon, who just completed her sophomore year at Northern Illinois University, is attending summer school at Western University at Macomb. James D. Nowlan, who received his bachelor of science degree at University of Illinois, returned to the university to enroll for summer school to work on his master's degree. He is the son of Mr. and Mrs. Robert Nowlan of Toulon. They attended his graduation. James Rennick, son of Mr. and Mrs. Eugene Rennick and David Dodcn, son of Mr. and Mrs. E. II. Doden, left Sunday for Teton Valley Ranch at Kelly, Wyo., where they will spend the summer. The ranch is owned by Mr. and Mrs. Wendell Wilson, uncle and aunt of James Rennick. Miss Kay Arganbright of West Los Angeles, Calif., arrived Sunday to visit her father, M. D. Arganbright in Toulon, and her mother, Mrs. Floyd Rashid in Atkinson. Miss Nellie Rice of Mercer, Pa., is visiting at the home of Mr. and Mrs. Rollin Rice. Mr. and Mrs. John Durbin and Linda and Mr. and Mrs. Ronnie Durbin arc on a vacation trip through the Southeast. Kelly Durbin is staying with her grandparents, Mr. and Mrs. Ray Howell. To make summer "slipcovers," tuck and pin attractive bath towels over sofas and chairs. These are cool to sit on and easy -to launder. THE CLASSIC LOOK Continental's classic look has remained virtually unchanged year after year. Except for significant refinements in performance and comfort, we refuse to tamper with this car. It is made in just two models: the 4-door sedan and America's only 4-door convertible. It is, quite simply, the world's finest automobile. Fertilizers An . organic fertilizer is one which is derived from organic materials, such as plant or animal substances, including cottonseed meal, ashes, bone and dried blood. Carpentier Likes Things In a Shipshape Condition By fettWAftb S. KtTCft SPRINGFIELD, 111. (AP) Charles F. Carpentier, Illinois secretary of state, says, "I like things in shipshape condition." The 2,500 employes under his jurisdiction are aware of it. His superintendent of buildings and grounds, James M. Walsh, sometimes is the target for his critical suggestions. "Jim, when you get around to it, have new curbs put here," he said pointing to the chipped curbs near the Centennial Building where the auto and driver licensing operation is being quartered under one roof. "Keep those messy looking bulletins off the directory of this building, Jim." "Jim, get those flag cases (in the hall of flags) fixed up." Carpentier, 66, Is known about the capital as a fellow with a jolly smile, a friendly greeting for everyone and a low boiling point. He took over the secretaryship 11 years ago after a four-term stint as state senator. Before that he was mayor of East Moline, and before that, an East Moline alderman. He is expected to announce Aug. 4 that he will seek the Republican nomination for governor. Carpentier became knowns in his home town as an operator of motion picture theaters. He gave up these operations four years ago and now operates or has an interest in drive-ins in Scott County, Iowa, and Rock Island County, 111. His son, Donald, now serves in the Senate, a place where the elder Carpentier often is seen when the General Assembly ts in session. One of the things Carpentier is quick to inform any visitor is that he is the author of the slogan, "Land of Lincoln." He is a great admirer of both Abraham Lincoln and Stephen A. Douglas. "If Douglas and Lincoln had lived, we wouldn't have the trouble we have, today in trace relations," he said. "What the car­ pet-baggers did in the days of reconstruction shouldn't have happened." Carpentier's advice for success is: "hard work and attention to detail." New York Gas Enough gas is consumed annually by the 1.3 million users of a New York gas utility concern to keep one burner of a modern gas range lighted for more than MW,000 years. These consumers burn more than 100 million cubic feet of natural gas on an average day. Hindu Diamond There is a Hindu tradition that the great Kohinoor diamond, Which now is among the British crown jewels, was worn by the Mahab- harata, hero of the Hindu epic, thousands of years ago. READ THE CLASSiFlEDSl INSIDE BAGS OP KEUTS WITH THE SPAC&COIN LABEL! Astronauts, Rocktt*, Satellites-* Co/fecf Ml 60 Cofntf Send for yam handy Space Coin Mounting Ploqu* Dtfaif* on bag* «f Ktlly't, tkf Chip With 2iol , Is your vacation too short? There are several ways to stretch it—or make it last forever. Try drowning, for instance—that's pretty permanent. Or feed the bears at Yellowstone, read maps on a crowded turnpike, doze-drive all night to get. there sooner. People on vacation often take leave of their senses as well as their jobs. They forget tips like these: Boating: Sit down. Don't overload. Stay close to shore on shore if it's stormy. Carry life preservers. And watch your fishhooks—they're hard to remove from eyes. Swimming: Don't swim alone or try to set long-distance records. Know water depth and keep an eye on the kids. And be sure someone in your family knows mouth-to-mouth respiration. Take the sun in pink—not deep-red—doses. Camping: Be sensible about fire. Fit your hiking and climbing to your age and condition. Avoid rattlesnakes. Don't pet friendly furbearers—they might be two-faced or rabid. And leave poisonous berries—and poison ivy—alone. Driving: Improve the odds before you start—check tires, brakes, steering, lights. Install seat belts. Carry flashlight, flares, first-aid kit. Load up so you can see the road behind. Cut the risk by driving in daylight—at reasonable speeds for reasonable miles. At home: Don't tell thieves you've gone. Stop deliveries of newspapers, mail, milk. Lock up, but don't pull shades. Why the free advice? Well, Country Mutual's service to Farm Bureau members makes us one of Illinois' leading auto, property and liability insurers. So we know how costly carelessness can be. Country Mutual INSURANCE COMPANY ONE OF THE COUNTRY COMPANIES GALESBURG LINCOLN-MERCURY 12Q N. Broad St. JIM SHIRWQOQ-Owner

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