Newspapers / The Transylvania Times (Brevard, … / Dec. 23, 1971, edition 1 / Page 9
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I The Transylvania Times A State And National Prize-Winning Home Town Newspaper SECOND CUSS POSTAGE PAID AT BREVARD. N. C. ZIP CODE 28712 * V.I. 84-No. 51 BREVARD. N. C, THURSDAY. DECEMBER 23, 1»7I~Z SECTION TWO-* Jerome Says Growth Of Savings And Loan Aiding American Home Buyers - ; . The ease with which Amer icans can finance home pur chases today stems from the growth of savings associations into the nation’s largest mort gage lenders, according to 1 H. Jerome, Executive Vice President and Treasurer of Brevard Federal Savings A Loan Association. Noting that the savings and loan business is currently cele brating reaching $200 bUlion in assets, Mr. Jerome said the modern, flexible home mort gage was developed and pio neered by these institutions. “Nearly two out of three American families own homes today because modern home credit procedures, perfected by more than a century of experience, work to the ad vantage of all parties con cemed,” Jerome declared. “Associations were making so called “amortized” mortgages, those in which borrowers re duce the principal through regular, fixed payments, since the first half of the 19th Cen tury. “They were also in instru mental in winning acceptance for lower down*), payments, long-term loans ’and many other features now standard in nearly all mortgage con tracts.” Mr. Jerome explained that savings associations were first organized to make it easier for people to build or buy homes. Back in the 19th Century, banks and other financial institutions had little interest in making sych loans nor even in attract ing small savings accounts. While the amortized mort gages made hy early associ ations differed in many re spects from today’s mort gages, they were far safer for borrowers than the balloon notes favored by most other leaders. In those, borrowers had to pay off the entire prin cipal in a lamp sum within three or five years. “The Depression and the re covery years saw the phasing out of the old balloon note as well as general acceptance of the amortized mortgage pio neered by savings associations,” Jerome continued. “In the postwar era, during which associations became the dominant home- lenders, our institutions popularized such now-common lending prac tices as substantial prepay ment rights without penalty, budgeting taxes and insurance on a monthly basis and grant ing grace periods to borrow ers who had been paying ahead.” Today, Mr. Jerome added, there are two basic types of home mortgages: the govern ment-backed -kind, in which a government agency insures or guarantees the lender’s stake in the loan, and the conventional kind, in which the lender as sumes all the risk. He said associations usually favor conventional mortgages because processing is faster and there is less red tape. But he noted that many associ ations also make government backed loans. “New regulations recently proposed by the Federal Home Loan Bank Board would make home loans even more flexible,” Mr. Jerome went on. “If the proposals are adopt ed, they would allow variable payments, so young borrow ers could make monthly pay ments in a mortgage’s earlier years or mature borrowers could reduce payments after retirement. They would also permit a new. safe form of the balloon note of which only 60 per cent of the original loan would have to be paid off within the loan term, with the remainder due at the end in a lump sum. “Whatever changes the mortgage takes in the 1970s, they will follow in the sav ings and loan tradition of making home ownership easier and available to more Americans.” Continuation of home owner ship as a viable force in Ameri can society will also depend on the support given to savings and loan associations. “Ever since this inflation be gan, our institutions have been the only continually reliable source of mortgage funds for single-family home buyers. No other institutions have been willing to assume this responsi bility,” Mr. Jerome continued. “Whatever the public, the regulatory agencies, and the Congress can do to make our in stitutions more able to compete for savings and investments will make home ownership that much stronger,” he concluded. m Family Dollar Stores Approved By The American Stock Exchange The Board of Governors ol he American Stock Exchange pproved the Common Shares if Family Dollar Stores, Inc., or listing on the American Stock Exchange. Trading is ex pected to begin January 4, 1972. Leon Levine. President of Family Dollar Stores, also an nounces the opening of 14 new stores since September 1, 1971, located in High Point, Green ville, Goldsboro, Brevard, War saw, Asheville, Hickory, Yad The CO-ED will be Closed Dec. 24 & 25 and BREVARD DRIVE-IN will be Closed This Week-End _ Rated (R) for 17 & Older Sunday Nite at 8:00 Mon. & Tues. 7:00 & 8:45 $1.25 First Local Showing IN COLOR FAMILY MATINEE s r\ CO-ED OUC 2:00 Sun. & Mon. “The Gockeyetf Cowboys of Calico County” Daa'Boss’/Nanette J W F^rajr Jim Wally Mickey Backus • Cox • Rooney m Jack Cassidy RANALD MaeMOQALL* TONY LEADER m A Universal Picture Technicolor* Starts at The Co-Ed Next Wed., Dec. 29 <R) That ( Book 1 Is I Now 1 The I Film I With BDyan Cannon 7TT5? SHOWS FOR THE LAST THURS., DEC. 23 AT THE RATED (R) T CO-ED kinville and Lumberton, North Carolina, Columbia, Camden, Seneca and Lancaster, South Carolina, and Waynesboro, Georgia. Family Collar Stores is a dis count department store chain with 109 stores now operating in North and South Carolina, Georgia, Virginia and Tennes see, which sells both soft and hard lines of merchandise for the family and home. Henderson Rites Held James Burton Henderson, age 77, of Crab Creek road, died last Thursday night in a Bre vard hospital after a short ill ness. Mr. Henderson was a na tive of Madison county and had resided in Transylvania for the past 20 years. He was a retired boilermaker by profession. Surviving are: the wife Alta Clark Henderson, of the home; one daughter, Mrs. Henry H. Schroder, of Wenatchee, Wash.; one son, M/Sgt. James B. Hen derson, of Altus Air Force Base, Okla.; five sisters: Mrs. Jane Henderson and Mrs. Rachel Payne of Marshall; Mrs. Leslie Van Horn of Richmond, Va.. Mrs. Lizzie Arrowood of River Rouge, Mich., and Mrs. Bonnie Dragoo of Lincoln Park, Mich.; and Mrs. Bonnie Dragoo of Lincoln Park, Mich.; one brother: Wylie Henderson, of Marshall; four grandchildren; and three great-grandchildren. Funeral services were con ducted Saturday in the Little River Baptist church, of which he was a member. The Rev. Jesse Bailey officiated and burial was in the church ceme tery. ■ V '■ ■Ar-' V- - Pallbearers were: V. C. Stiles, Ray Keener, Hayes Merrill, lierrimon Shuford, Ray Israel and Fred Bryson. Moore Funeral home was in charge of arrangements. CARD Or THANKS We wish to express our sin sere appreciation to our many Eriends and relatives for the seautiful flowers, food and >ther ihowi leath Richard F. Parker Hints From The County Extension Chairman By - JERRY PURSER Community Development Awards for both the youth program and the Roadside Im provement Contest are being doubled at the area level for 1972. A total of $750.00 with $250.00 top prize will be pre sented to the community with the best overall youth program. In addition, special merit awards totaling $250.00 will be presented to the youths of the five communities carrying out the most outstanding special projects. This is a new award being of fered for the first time in 1972. Awards in the Roadside Con test are also being doubled. The top prize for 1972 will be $300.00. Another change is that next year a special recognition plaque will be presented to the County Community Develop ment Council doing the best job of promoting the program in their county. The program materials for 1972 have been printed, and will be mailed to the ' newly elected Community Develop ment presidents within a few days. The Area Steering Committee for the Asheville Agricultural Development Council will hold its spring meeting Friday, March 24th, 1972, at the Schenck Job Corp at Davidson River. Ground Covers Rocks, peebles, bark, wood chips and pine needles are gain ing in popularity for use in low maintenance gardens. Some of the most common materials used are small rocks, crushed marble, shredded tree bark, wood chips and pine needles. Such materials are best adapted to contemporary gardens. Two or three large stones often are combined with peebles and rocks to serve as accents in the ground cover beds. Planting Christmas Trees If you bought a balled and burlapped Christmas tree to be planted after the holidays, plant according to the following rec ommendations. 1. Cut away excessive burlap. 2. Dig hole approximately twice the size of the tree ball. 3. Provide a drainage acea of ground or cinders in the bottom of the hole if the soil tends to hold water. 4. Mixing loose soil, plant tree at the same level it was when it was originally dug. 5. Add mulch to the top of soil to retard loss of water. 6. If tree is large, use wire braces to hold plant in place until root system is established. Cover the wire with rubber hose to avoid bruising stem. 7. Water thoroughly to settle the soil. It may be necessary to water several times during the first year, since this is a criti cal time as far as, the life of the tree is concerned. U.S. Truck Fleet Grows The Nation’s truck fleet, which numbered only 700 ve hicles when registration first began in 1904, had grown to an estimated 17.8 million trucks in 1970. Transylvania Students Make Honor Roll At Appalachian A total of 1,406 students earr ed fall quarter academic honor and have been placed on th< Dean’s List at Appalachiai State University. To qualify for the honor, i student must maintain a B aver age on at least 15 quarter hour; of work with no grade below C Making the honor roll frorr Transylvania county were the following students: Richard William Fanning, freshman, of 214 Wilson Dr., Miller Rites Held Sunday Louis Clyde Miller, 67, of Rt. 2, Lake Toxaway, died early last Friday in a Transylvania county hospital after a long ill ness. He was a native of Transyl vania County, a retired employe of the State Highway Depart ment and a veteran of World War II. Surviving are four sisters, Mrs. Lawton Tarvey of East Fiat Rock, Mrs. James Hender son. Mrs. Clara Fisher and Mrs. Oscar Henderson, all of Lake Toxaway; two brothers, Henry of Little River and Kay Miller of Brevard. Services were held at 2 p.m. Sunday in Oak Grove Baptist ohurch. The Revs. Jack Breedlove and Tommy Owen officiated. Burial was in Union Cemetery at Whitewater. Pallbearers were Johnny McCall, Bert and Stanley Jones, Herbert Fisher, Ronald Leach and Larry Miller. SAY I SAW rr IN THE TIMEfl - Brevard; Philip Eugene Hud > son, a freshman, of 185 Buena > Vista Dr., Transylvania; Connie i Lynn Johnson, a senior, of Box 72, Pisgah Forest; Judy Anne Johnson, a junior, of Box 117, Pisgah Forest; Claude Steven Rogers, a sophomore, of R. R 2, Box 799, Brevard. When you think of prescrip tions, think of VARNER’S, adv. Guarantee - your childs insurability Naxjonwide’s new Fain* j By Plan guarantees yoor child can get his own life j | insurance when he's 22, J. regardless of health, CRB j | today. * I WILLIAM D. HUNTER Insurance Consultant 7 S. Broad Street Brevard, N. C. 28712 Phone: 883-2371 Res: 877-3455 cka Nationwide Connestee Inn... where peace and love come naturally. A To all Our Neighbors... MERRY CHRISTMAS Please Note: Our restaurant, sales and executive offices will be closed Christmas Day, so that our employees can spend this joyous day with their families. Connestee Rills re<5ifi«ni,ai ~ The Vear found recreational residential community six miles south of Brevard. North Carolma. on U S 276 Developed by Realtec Incorporated a subsidiary o» Certain-teed Products Corporate \
The Transylvania Times (Brevard, N.C.)
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Dec. 23, 1971, edition 1
9
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