Newspapers / The Chowan Herald (Edenton, … / June 25, 1953, edition 1 / Page 10
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SECTION TWO- Modernizing Receives Boost By Greater Ease Os Getting Tlie Necessary Financing One of the major factors causing an upward spurt in the modernizing of American homes is the increasing ease with which homeowners get funds for this purpose. - An article in the first edition of Home Modernizing outlined the prin cipal sources of modernizing money available to the home-owner —FHA Title I loans, open-end mortgages'and mortgage refinancing. In use for 20 years, Title I loans haye financed more than $6,000,000,- 000 in home repairs and moderniza tion. Simple and easy to obtain, the Title I is ideal for smaller projects, where SIOO to SI,OOO is needed (the limit is $2,500). There is no red tape, and the homeowner or his contractor will normally be paid the mbney with in a few days of the application. There is no mortgage, no costly title examination to delay matters, no extra charges or service fees. Title I loans are paid back monthly over a period of six months to three years. The interest rate—five per cent—is uniform throughout the nation. Similar to the Title I loan is the Veterans Administration home im provement loan. The interest rate (four per cent) is lower and the re payment period longer. Few lending institutions, however, have adopted this type. Open-End Mortgage One of the really important steps toward bringing modernizing within reach of the average homeowner is the open-end mortgage. It is a mortgage allowing new loans or advances, with the borrower and lender agreeing that the original mortgage will secure the future advances as well as the origi nal loan. This eliminates the delay and expense of a complete new loan. The trend toward wider use of open end mortgages was given a big push last year when the Dime Savings Bank of Brooklyn (which originates great numbers of mortgages) an nounced that it would henceforht have an open-end clause in all its mort gages. George C. Johnson, president of the bank, said the plan will make terms considerably easier for the homeown er contemplating modernizing. “Instead of borrowing on a short term note and repaying it within one to three years, families can spread payments over the term the original mortgage has yet to run,” he explain ed. He gave this example: A homeowner has an original five per cent SIO,OOO mortgage to run for' 20 years. With monthly payments of 1 $66 on principal and interest, he has paid off a little more than $2,000 at the end of six years. By this time his family has grown so he needs more room. It will take $2,000. He fills out a simple form at the bank. If the application is approved, the bank hands him a check for $2,- 000: in turn, he pays S3O to cover costs of legal work, title insurance and other incidentals. He agrees to repay this $2,000 loan and the interest on it with regular monthly payments of $16.58 instead of the $63.88 per month required on three-year modernization loans. The $16.58 added on the $66 month ly payments on the original mortgage brings his total payment each month to $82.58. * Mortgage Refinancing If a homeowner is planning a big project and other financing is un available or impracticable, he can turn to new mortgage financing. The problem, if his place is “free and clear.” is simply to get the best mort gage terms available. If he already has a mortgage, how ever, the solution may be refinancing —getting a new mortgage large enough to pay off the old one and rvWWVA/W/\/WWS^A^«AC^VWVWWS/WV run (CLOCK DISTILLED v LONDON DRY ■ GIN ft PUll PINT ip m 4/P QUART iMlOtljgg *2 8 . 5 H Njgjgp •miiumi • win it* —jg. uumh tmmmmmmmaorn^^mmmmmmjggmagg Page Two i to provide the money needed for mod ! emizing at the same time. Refinanc i ing requires two or three weeks for ■ processing (including a complete title examination), and the homeowner will l . also run into the usual servicing costs . of a new mortgage. i f GAMMA GLOBULIN AND POLIO > , Why is Gamma Globulin in such . short supply? Because neither facilities nor equip [ ment for widespread expansion of fractionating plants was available 1 and it would take many months to build and equip plants, even if long term needs for GG were demonstrat ed. The existing plants are prepared to work 24 hours a day, seven days a week, but this will not greatly in crease the supplies this year. And even these supplies are dependent in part upon sufficient donations of blood to the American National Red Cross. Why can’t production of GG be 1 stepped up? It has been increased but it is com pletely impractical to hope that it could ever be stepped up to the point where production would meet all the demands of the public. Why is the National Foundation for Infantile Paralysis buying up com mercial GG? To assure that all gamma globulin will be equally available to all the people who may be benefitted by it. Is the shortage of GG due to lack of blood supplies ? To a degree, yes. If not enough blood is contributed to keep the sep arating plants using Red Cross blood working at full speed, there will be even less GG than has been estimated. But unlimited amounts of blood can ! not insure a similarly increased GG supply, since there is a limit to actual production by existing plants. Who is to blame for the GG short age? Nobody. Whenever a new use is discovered for a scarce material, a similar situation results. You will re member this was true of penicillin We wish to express our sincere thanks to our friends and neighbors who so kindly helped us in so many ways during the illness and death of our loved one, Augustus Moore Har- Irell. We also want to thank them for 'the cars loaned, beautiful flowers and numerous cards received, p THE FAMILY. THE CHOWAN HERALD. EDENTON, N. C„ THURSDAY, JUNE 25,1953. Plenty of HU&TLE. fnm the in *f n r ° U \ A— i '''.**** Smart touch for tho tports car mindrd—vrirt wheel covert, at Ulouratod, optional at utro cost. The automobile pictured here is a 1953 Buick Special with Twin-Turbine Dynaflow.* t You discover what that means when you take its whgel—when you try it for getaway—when you head it up tall hills—when you maneuver it in traffic. The instant you want to move, you move. You can go from standstill to a legal 30 mph quicker than quick. Fact is, this spectacular new TT Dynaflow gives you getaway, plus silence, plus smoothness, in a com- * •• ' .'. ' i ’ i — WHEN BETTER AUTOMOBILES ARE BUILT BUICK WILL BUILD THEM ~■ ■ ■. . CHAS. H. JENKINS MOTOR COMPANY 3m* 105 to 109 E. Queen Street PHONE 147 , Edenton,N.C also. . Can anyone’s blood be used safely to make GG? , Theoretically, yes. But making GG is only part of the process of dividing i human blood into its useful parts. Certain diseases can be carried by . other parts of human blood. Why is GG given to those under SO 1 . years of age when if is known that 5 persons over 30 also get polio? L Because the limited supplies should , be used where they are most likely to be effective. Most persons over 30 have some protection already only the exceptional adult gets polio. Can you have your child inoculated before he goes to camp? Probably not, unless an unusual epi demic exists in your home coimnu i nity or if your child has had intimate contact with a diagnosed case. If an epidemic occurred at camp or ’ wherever your child was vacationing, ■ would it be safe to leave him there i and get a shot of GG or should you . bring him home? „ It would be wiser to leave him | where he was, even if he did not get , GG. By the time you removed him, he would have been exposed anyway and might bring polio home with him. Also, a well-run camp is better equip ped to supervise his health and activi ties than are many homes. Inocula : tions for all campers, when a case has occurred in camp, will’be decided upon by local health officers. If your child is at a birthday party ; and one child comes down with polio the next day, would all those attend ing be able to get GG ? , It will be up to the local health of ficer to decide whether mingling at a birthday party' constitutes “intimate contact.” If a polio case occurred in your apartment house, would all residents - of the building receive GG? Probably not. It would be up to the health officer to determine who were eligible. If you have to travel to •an area CONVENIENT SHOPPING at EDWARDS OPEN AIR MARKET [ FRESH FRUITS AND VEGETABLES DAILY OPEN SIX DAYS IN WEEK FROM 7 A. M., TO 10 P. M. SUNDAY HOURS: 7TOII A. M., AND 12:30 TO 7P. M. EDWARDS OPEN AIR MARKET East Church Street Extended Near Edenton Peanut Company An you keeping enah money nround your house? U so, It cun be stolen—lt eon be burned—l* emu be loot. Put that essh money Into Defense Bonds which are n essh equivalent. Defense Bonds ure registered end can be replaced If lest, stolen es destroyed. What’s mere, the money you put in fan*, proved Series E Defense Bonds win new earn a full 3% interest for you. And It’s easy to buy Defense Bonds. Ten don’t have to accumulate large amounts of cash. Join the Payroll Savings Plan where you work—the easy, sys tematic way to save. where there is polio, can your child get GG shots before leaving home ? It would be a matter for your local health officer to decide. Can your National Foundation Chapter help you get GG? No. The National Foundation has no GG. Neither has it any part in planning or operating the allocation and distribution of GG, which is the sole responsibility of the government agency. 8.8 MILLION BUSHEL WHEAT CROP IS STILL IN PROSPECT Reports from Tar Heel wheat grow ers as of June 1 continue to indicate a 1953 crop of 8.8 million bushels, near ly 6 per cent larger than 1952 produc tion of 8,316,000 bushels, the Federal- State Crop Reporting Service reports. Such a crop would be the second larg bination no other automotive trans mission in the world can equal. The instant you want emergency power, it’s there velyeting forth from a brilliant Fireball 8 Engine with the highest horsepower and compression ratio ever to power a Buick Special. Hie truth is, the instant you feel this big, broad, thrill-charged beauty in motion, you'll know it for a performance automobile—nimble and eager, responsive as quick silver. But exhilarating action is just part of the story here. est produced in the Stute. The indicated yield per acre of 22.0 bushels is only one bushel short of the record 23.0 bushel average attained in 1951. The 10-year (1942-51)* .average yield for the State is 16.1 bushels per acre. • > EGG PRODUCTION DOWN North Carolina flocks produced 134 million eggs during May. Production during the month was five million un der the May output last year. The drop in production resulted from a decline in rate of lay as wdl as a decrease in Hie number of layers on farms. Last month flocks averaged 1,680 eggs per hundred layers, where as the rate.was 1,714 eggs per hund- G&W I SEVEN STAR | 90 Proof! ! 1 $3»65 QtW : < TT %JP * w w SEVEN STAR h ♦1 wVfSsEfio. [• •) 4/5 *-* A • ►J ******* b -)■ J(. 11 BLENDED WHISKEY, 62</ 2 % NEUTRAL SPIRITS DISTILLED FROM GRAIN GOODERHAM & WORTS LIMITED. PEORIA. ILLINOIS There’s spacious roominess. There’s a magnificent ride. There’s superb handling ease. And to cap it all, this Buick delivers for little more than the “low-priced ” cars. Why not drop in on us this week? We’ll be mighty proud to have you v try the greatest Buick Special yet built. * Standard on Roadmaster, optional at extra cost on other Series. THE GREATEST BUICK IB SO ORBATYBARS red layers during May, 1952. The average number of layers on hand during May at 7,963,000 com pares with 8,118,000 on hand during the same month a. year ago. CHRISTIAN CHURCH SERVICES Services at the First Christian Church have Ibsen announced as fol lows by the pastor, the Rev. E. C. Alexander: Bible School, Sunday morning at 10 o’clock; morning service at 11 o'clock; evening sendee at 7:80 o’clock. Wed nesday Evening Bible Class meets at 7:80 o’clock. Everyone is welcome to young people’s meeting at 6:60 P. M.; all services. ——- —•— - —•
The Chowan Herald (Edenton, N.C.)
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June 25, 1953, edition 1
10
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