Newspapers / The Elkin Tribune (Elkin, … / Feb. 8, 1940, edition 1 / Page 29
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Thousands of North CarolinaHomesHave Been Saved By HOLC Of 9,250 Families, Hundreds Have Crossed off Their Debts Entirely, While Remainder Are Making Regular Month ly Payments. In All, North Carolina Borrowers Have Paid Back 25.5 Per Cent, of Entire Principal Indebtedness More than • 9,250 North Caro lina families, refinanced by the Home Owners' Loan Corporation when they faced the loss of their homes through foreclosure only a few years ago, today are clearly on their way to debt-free home ownership, or already have achieved that goal. Of these borrowers, HOLC State Manager Thomas C. Abernethy reported today, 950 have paid in $2,196,110 to cress off their debts in full. Some 8,308 others either are entirely current, less than tliree months in arrears, or are meeting all current bills and, in MARY'S JK?;. BEAUTY CZV SHOPPE EXTENDS A WARM WELCOME To The New Elkin Employees of the Chatham Manufact For Beauty Service You'll Like, from Manicure to Permanent Wave, Visit Mary's, Elkin's First Grade A Shoppe. All Modern Equipment—Expert Opera tor. MARY'S BEAUTY Upstairs at Spainhour's Phone 156 CONGRATULATIONS To The Officials and of the CHATHAM MANUFACTURING COMPANY UPON THE MODERN NEW PLANT JUST COMPLETED To The New Employees We Say WELCOME FRANKLIN & SUNSON ARCHITECTS Elkin, N. C. addition, making regular monthly payments to liquidate their ar rearages. "Still 1,637 others are making adjusted payments sufficient to keep their accounts active and we expect the great, majority to rehabilitate themselves," said Mr. Abernethy. "Considering that the average borrower was two years delinquent in both principal and interest and between two and three years on taxes when he was refinanced, the record proves that what most of our borrowers needed was only a fair chance— embodied in long-term loans at a : ■ ■■■, • ■ THE ELKIN TRIBUNE, ELKIN, NORTH CAROLINA _ * HHp |j |p|ffl - v --"; JBHk - ... ft 9 Pictured above is a group of Chatham Manufacturing Company men who play an important part in the successful business life of the firm, being: employed in the accounting department. They are, left to right: James A. Booher, cost accountant, who has been with the mill seven years; John B. Jones, paymaster, with 22 years service; John Sagar, seven years' service; W. C. Cox, 16 years service; and J. L. Jjillard, who has been with the company for 30 years. low interest rate—to overcome the hardships the depression forced upon them." s In all, North Carolina borrow ers have -paid back $8,317,931, or approximately 25.5 per cent, of their entire principal indebted ness. The other side of the picture— the manner in which the Cor poration is liquidating the prop erties it has been forced to ac quire and which came .to it through voluntary deed or aban donment—also was given by Mr. Abernethy. I The HOLC now owns 341 homes in North Carolina and, in addition, has sold 1,038, of which 516 were sold last year. These homes were sold for $3,093,209, about $833,200 below their cap italized valUe representing a book loss of SBO2 a home in addition to selling costs, includ ing commissions of $181,304. "But into that capitalized val ue was written not only the un paid balance of the mortage loan, including unpaid advances and interest, but also delinquent taxes which may amount to hundreds of dollars, foreclosure costs, and the costs of repair and recondi tioning," said Mr. Abernethy. "In other words, the cost of leniency —of giving the borrower a chance to pull through—is represented in the book loss the figures show. Sales costs appear in the operat ing expenses of the Corporation, paid out of its own revenues. They represent, for the most part, commissions to private brokers who handle our properties at set, minimum fees." The homes the HOLC still owns, capitalized at $1,471,720, according to Mr. Abernethy, have a present estimated market value of $1,117,634. "But merely to say the Cor poration is 'losing money* in the amount of loss it takes on its sales of homes is like saying a business is losing money because one department shows a loss," said Mr. Abemethy. "The HOLC could hardly be expected to sell foreclosed homes—many of them run down and. needing extensive repairs, all burdened with unpaid taxes—at a profit. Every mort gage institution loses money on the sale of foreclosed homes, and makes up for it on its good loans. "Each month the Corporation sets aside reserves, and its losses, together with operating expenses, are being met through the 'spread' between the interest it receives on its loans and the low er interest it must pay on its bonds." The HOLC granted 12,442 loans in North Carolina prior to the close of its lending period in June, 1936, amounting to $31,- 394,396. To give a comparison on the performance of North Caro lina borrowers with those in the rest of the country, Mr. Aber nethy offered the following fig ures: The HOLC maOe more than a million loans, amounting to approximately $3,000,000,000, throughout the nation. " Borrow ers have paid back $700,000,000, or 21.8 per cent, of the principal indebtedness, while 65,000 bor rowers have paid in $155,000,000 to cancel their debts in full. Some 639,401 borrowers are cur rent, less than three months in arrears, or liquidating their ar rearages, while 135,515 others are making adjusted payments. The Corporation has sold 80,824 homes to date—it now is disposing of them at a rate of more than 4,000 a month—and still owns 77,229, some 10,389 less than were on its books six months ago. Book losses on sales to date have av eraged $975. Foreclosures drop ped in November to 409, as com pared with 8,000 foreclosures monthly in the late summer and fall of 1936. Read Tribune Advertisements! These Men Play Important Part Hitch-Hiking Turned Into A Profession Houston, Texas, Feb. 3.—Keyes F. Carson, an enterprising young Texas A. and M. college student, is putting hitch-hiking on a pro fessional basi?. He has formed the National College-University Travel club, open only to college students who use their thumbs to obtain trans portation. For $1 members receive a book of non-liability slips and lumi nous sign informing motorists of the name of the student's school. The sign may be clamped on a suitcase. When a driver stops, the hitch hiker shows him the non-liability slip, which absolves the mootrist of responsibility in case of an ac cident. Keyes has sold 1,500 member ships. Patronize Tribune Advertisers I THE I I Elkin Furniture Co. I I JOINS WITH ALL OTHER ELKIN CITIZENS I I IN EXTENDING I Congratulations I TO THE I | Chatham Mfg. Co. I ■ UPON ITS MODERN NEW PLANT, AND A WARM I WELCOME I TO THE NEW EMPLOYEES WHO ARE HERE. OR I I WILL COME SOON, FROM WINSTON-SALEM B I The Elkin Furniture Company I I L ,'', i . . .t. .j . 1 S DID YOU KNOW . . . It would cost about $350 to buy enough candles to produce as much light as is used monthly by the average American family using electricity? Eighty per cent, of the econo mic activity of this country is carried on by individuals and personal partnerships? And that the United States as a whole car ries on about half of all the busi ness activity of the world? It costs around one million dol lars an hour to supply the as sembly lines of the automobile industry with raw materials when production is high? The annual cost of all govern ment—Federal, state, and local— in the United States is equal to the total income received by ev ery individual in all of the states west of the Mississippi? And that the average citizen is now being taxed at the rate of slll a year in this country? British India, Russia, and China, which among them have half the world's population, have only three-fourths as many tele phones as New York City? New York has approximately 1,569,- 000 phones. Throughout Ameri ca, there is one telephone for ev ery 6.6 people. Nobody Knew Boogy: It's a good thing our wives don't know where we went last night. Woogy: It is, indeed. By the way, where did we go? Boogy: Hanged if I know. BULLOCK CLOTHING COMPANY SAYS "WELCOME! TO ELKIN!" New Elkin Employees of the Chatham Manufacturing Co. You'll Also Find a Warm Welcome at Our Store! Visit Us for Men's and Ladies' READY-TO-WEAR AND JEWELRY On Easy Credit Terms Bullock Clothing Co. E. Main St., Near New Bridge Elkin, N. C. Pag Five (feme From Daddy Visitor: My, what pretty hair you have, Dottle. You get It from your mother, dont you? Dottle: I dess I must 'a got it from Daddy; his is all gone. Entirely Too Avaricious He: Every time I kiss you I feel like a hundred dollars. She: That's nice—but there's no use trying to become a mil lionaire in one evening!
The Elkin Tribune (Elkin, N.C.)
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Feb. 8, 1940, edition 1
29
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