Newspapers / Wilmington Morning Star (Wilmington, … / Feb. 8, 1946, edition 1 / Page 12
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Babson Advises Planning For Home Buildings Now BY ROGER W. BABSON BABSON PARK, Fla., Feb. 7.— Mortgage money is cheaper today than ever before in the history of the United States. Even the Co operative banks, which have charged six per cent ever since their organization years ago, art now loaning money at four per cent. Moreover, the terms are very much easier than ever be fore. During the years preceding the last depression home mort gages were written for from three tc five years as a maximum. Now the borrower can be accommodat ed by mortgages written for 20 years, or perhaps even longer. Cost of Building Although it is much easier tc borrow money today than during prewar days, the cost of home building now averages about 50 per cent higher. However, the carrying charges at four per cent •n a house costing $7,500 are no greater, in total, than were the carrying charges at six per cent on a house costing 85,000 in pre war days. Hence, this is ^ good time to plan a new home. Surely the land should be purchased at once. The very fact that money rates are very low and building costs are high makes mortgages less at tractive 10 the lender. In fact. I see little inducement for private individuals to loan money on mortgages at this time unless they do it to help the sale of property which they desiie to unload. As a cold business proposition, I should hate to tie up for twenty years at three and one-half or four per cent interest. This is why I am bearish on most high grade, long term bond issues. “Packaged” Mortgage! Borrowers have another advant age today in many communities. I have just noticed an advertise ment by the First Federal Sav ings and Loan Association of New Haven, Connecticut, offering to “loan money for building and equipping a home with all me chanical conveniences for comfort able living.” This includes insula tion, cooking range, refrigerator, washing machine, garbage dispos-1 al, ventilating fan as well as com-! plete heating and lighting equip-1 ment and the latest plumbing fix-; tures. I understand that some banks are even including air con ditioning. Up to the present time, when these electrical appliances were available, it has been possible to buy them on installments, running over about 18 months. This, how- ] ever, has been a heavy burden on j ^uuiig peupie. i>uw, uiiuei potiv aged” mortgages, all these brandj new appliances can be included with the original cost of the house, and paid for over a period of 20 years. Furthermore, this pro gram is much more convenient tc the borrower because he is deal ing with and making payments tc only one concern, namely the bank, instead of to several local deal ers. I estimate the cost of such equipment would add only about sixty cents a month for every one hundred dollars worth bought on the above basis. For 'Replacements To keep the house up-to-date, these '“packaged” mortgages al- ■ low for replacement of appliances and provide payments therefor by the addition of a few cents to the above-mentioned monthly figure. It should also be remembered that under such a program the cost of the appliances is considerably re duced as the agent’s commissions are either eliminated or cut down to a nominal figure. Whether or not your bank will pay for your electrical appliances, it will take your mortgage on a monthly pay ment basis which will include pay ment of taxes, insurance prem iums, legal title fees, and other expenses. All of this amounts up to no more than you are now pay ing for rent. Moreover, under this new system you will some day own your home outright without any more payments. Bullish Sentiments When 1 saw the government cancelling its big war contracts with the General Electric, the Westinghouse, and other similar companies after Japan collapsed, I became fearful. Although these companies would save consider able through the elimination of the excess-profits taxes, yet 1 doubted if new peace business would offset the loss of war busi ness. The more, however, I study these ‘“packaged” mortgages the more hopeful I become for the elec trical appliance stocks. Certainly, I if this new form of loaning money to home builders becomes general, it should be a boon to the elec trical equipment industry. Home owners wall buy much more equipment and much better equip ment. Furthermore, this trend will make housework lighter, con serve and protect foods, and per haps even reduce the cost of liv ing. One other thought: This ex pansion should greatly increase the demand for ““fix-it” shops which is a suggestion to returning G.I.’s. FIREMAN HURT ROCKY MOUNT, Feb. 7 —(A>1_ One local fireman was hurt and several hundred dollars worth of equipment damaged today when fire broke out shortly after noon at the Dixie Feed and Provision company here. EXPANSION PLANNED COLUMBIA, S. C., Feb. 7 —(JP) —Central control and a $22,500, 000 expansion program for state owned colleges was recommended today to the general assembly. The recommendations came in a 437-page report of a study made at a cost of $15,000 by Georg* Peabody college of Nashville, Tenn., under direction of the State Research, Planning and De velopment board. SHARON'S SAFE WITH UNCLE GARY ORPHANED when her parents were burned to death in their Philadelphia home, four-months-old Sharon Lee Hallowell (left) communes soberly with her uncle Gary Lee Widiams, also four months old, at the home of Sharon’s grandparents in Defiance, Pa. Sharon’s mother saved her from the fire by rolling her in blankets down a porch roof. (International) BOOKKEEPER SAYS 1 SHE TOOK LOANS GREENVILLE, Feb. 7. —(tf— A former bookkeeper for Roderick Davenport, erstwhile operator ol the “Big Apple” loan brokerage business, testified in Pitt county Superior court today that she ac cepted loans from “investors” for several days after Davenport was indicted on charges of conspiracy to defraud and fraud by false pre tense. The witness, Miss Pauline Har relson, worked as bookkeeper in Davenport’s Rocky Mount office for about two months in the late summer of 1944. In that period, she testified, she received $22,795 from “investors” who got five percent interest weekly on money they loaned to Davenport, and she loaned to bor rowers a total of $7,261 on which they paid ten percent interest weekly. Only one loan to a borrower went as high as $100, Miss Har- - relson testified, adding that the average loan ranged between $5 and $10. She said Davenport had two solicitors who obtained loans from ‘investors.” One was paid a traight salary and the other got l salary and commission, she estified. Miss Harrelson also testified hat persons who borrowed from he “Big Apple” were required to eave checks as security for the oans, regardless of whether they 10d bank accounts. Judge J. Paul Frizzelle instruct ed the court reporter to enter an exception to every question asked i state’s witness by the prose cution, saying such action would make ’the proceedings more order ly and save time. The defense has seen taking exceptions to practi cally every state question. Five alleged associates are on trial with Davenport. 1 COLONeTGREGORY PLANS VISIT WITH FRIENDS IN CITY Lt. Col. S. S. Gregory, Jr., the ate Gen. George S. Patton’s anti lircraft officer, is expected to visit 'riends here during the next few days. Under the leadership of the famous general, Colonel Gregory saw action in Africa, Sicily, Italy, France, and Germany as the Sev enth Army rolled to victory. A graduate of The Citadel, Class of ’39, Colonel Gregory makes his home in Danville, Va. At present he is stationed at the Army Ground Forces’ headquarters, Washing-1 ton, D. C. Dial 2-3311 For Newspaper Service ^ 1 —===~ Now Many wear FALSE TEETH With Little Worry Eat, talk, laugh or sneeze without fear of insecure false teeth dropping, slipping or wabbling. FASTEETH holds plates firmer and more comfortably. This pleasant powder has no gummy, gooey, pasty taste or feeling. Doesn’t cause nausea. It’s alkaline (non-acid). Checks “plate odor” (denture breath). Get FASTEETH at any drug store. NOW PLAYING! A powerful story of love and hate! Gripping: drama! Extra! NEWS — CARTOON and VARIETY • Shows 1:00 . 3:00 5:00 - 7:00 - 9:00 TODAY and SATURDAY EXTRA Comedy — News & “THE MASTER KEY” m -w Today and Saturday Death Leads The Way! i ... To Vengeance Top Action . . . Top Songc with the Cowboy King of the Juke Boxes! Chapter 6—“MANHUNT OF MYSTERY ISLAND” “Skip The Maloo” Comedy [.route 0/ Double Fcaiurts ) NOW PLAYING FEATURE NO. 2 JIB CHAPTER NO. 4 ZORROS WHIP Late Show Sat. 11:30 [ . . <4 f % l • » ■■■ 5p*w». M BW)3 tlM QUINTUPLETS always rdy on this great rob for CHEST COLDS To Relieve Cooghs- Aching Muscles At the first sign of a cold —the Quin tuplets’ chests, throats and backs are Immediately rubbed with Musterole. Musterole instantly starts to relieve coughs, sore throat and aching muscles of colds. It actually helps break up painful local congestion. Makes breath ing easier. Great for grown-ups, too! i _ Egg and Olive Spread Blend chopped stuffed olive* and chopped hard-cooked egg with Blue Plate Mayonnaise. Add a little minced celery if available. Minced Chicken Spread Blend minced leftover chick en or roast with Blue Plate Mayonnc :se and season with chopped pickle and minced onion or parsley. Add a touch of mustard if desired. prepare them WITH CREAMY I BLUE PLATE Mayonnaise made the home-kitchen way with fin* salad oil. You’ll enjoy its mellow, yet lest* ul flavor on salads and in sauces, too. BLUE PLATE Made by the Wesson Oil People jy blue plate means fine flavor ^■b ■ . U — FOR — jp CORRECT TIME 3 CALL 2-3575 ■ - FOR — I Correct Jewelry B VISIT I The JEWEL BOX Wilmington’s Most Popular ■ Jewelry Store How To Relieve Bronchitis Creomulsion relieves promtjti»v cause It goes right to the s?auf ^ trouble to help loosen Sh ! ^ germ laden phlegm, ard to soothe and heal raw kus^ '1 flamed bronchial m ucouu « 4 branes. Tell your druggist to wi6*' a bottle of Creomulsion wtth they:5 derstanding you mustS?' - CREOMULSION let Coughs, Chest Ccids, Sronchit^ DUl 2-3311 For .VeWp^tV I MORE DELICIOUS than ever before! BLUE PLATE Peanut Butter New—prepared by our ^ "VERI-SMOOTH” procest W It’s something really special—the new Blue Plate Peanut Butter. It’s made by our exclusive “Veri-Smooth” process that gives velvety texture and saves all the fine peanut flavor for you. A pleasure to spread, doubly enjoyable to eat. And one of your most nourishing foods—rich in health-giving vitamins and proteins. Serve this company treat V There’s nothing more tempting than a delicious assortment J f of peanut butter spreads, which you can easily make by \ V blending in fru’.ts, chopped luncheon meat, and other handy J f ingredients. Serve on salted crackers, browned in the oven. \ V Here are a few suggestions J A ( You can Invent many more of your own ) A I I. Mix Bine Plate Peanut Butter and *. Blue Plate Peanut Butter mixed half ) f chopped ham boiled or baked. and half with orange marmalade. A f 2. Mix Blue Plate Peanut Butter and 4. Bine Plate Peanut Butter with chop- ) chopped raisins. ped fresh apples or cherries or both. J f These can also be served In sandwiches, on party crackers or melba toast, \ BLUE PLATE Peanut Butter BlUE PLATE means fine FLAVOR I
Wilmington Morning Star (Wilmington, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 8, 1946, edition 1
12
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