DRY CLEANING’ TUBES- Five-foot-long glass tubes
for H 'Mv.iU fluorescent lamps for war plants get a "dry cleaning”
l.oin this brush and suction cleaner in the Westinghouse lamp
division plant at Fairmont, W Va.
ookihg
AHEAD
5E0RGI 1 flNSON
ut(h*hM*r*inf CclUf*
SMU*y, JrtoMUU
PLACE TO LIVE
Four weeks ago this column
closed with the statement: “In
dustry must have security of in
vestment and hope of profit in
order to do its part toward post
war prosperity.” Starting right
here, a New York reader took
time to inform me that industry
was not alone in needing security
of investments. He presents a
most astounding set of figures
about personal investments.
The largest single .investment
made by most Americans, he de
clares, is in a place to live. Then
he adds: “Jerry-built houses
bring us more than ten times as
much loss as fire. In the last ten
years, fire losses m the U. S.
have been about three billion dol
lars while losses resulting from
poor building construction ex
ceeded 30 billion dollars in the
same period.’
AN UGLY PICTURE
j Imagine Sergeant Joe D’Oaks'
coming home from war. The date
of his wedding is set and home
making is in order. He pays his
only $1,000 down on a $5,000
house in a suburb of his home
town. The realtor allows him 15 ,
years to pay off the regaining ,
4,000 in rent-like payments of
$35 a month. They cover princi
pal, interest and a few small as
, sessments. A home has been starf
I ed.
f/ ——
WHEN IN NOME ... '
MEET US . .
*
BAR
GEORGE MADSEN KEITH HEDERBN
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Nearly five years pass. Joe
Junior is four years old. There
have been a lot of costly repairs,
especially when the piano broke
through the living room floor. ,
The front door no longer fits its
frame. Heating costs are like
robbery. The place is not worth
$2,000 yet to pay on it and Joe is
ready to quit. The D'Oaks family
enters temporary quarters and
takes a loss of $3,000 plus.
THE OTHER $2,000
The house is not paid for. Joe
signed installment notes before
he moved in. The real estate man
discounted them to a bank. Does
the bank lose the $2,000? Certain
ly not; the loan was insured by
the Federal Housing Administra
tion. Soon the FHA takes the
mortgage and tries to sell what
Joe couldn't endure. Govern
ments’ average loss on such deals
exceeds $600 and there are plen
ty of them.
As of December 31, 1940, the
FHA had insured 634.023 mort
gages. During 1941 trouble start
ed developing in houses built in
1935 and 1936. Foreclosures <and
delinquencies with expected fore
closures) numbered 5,436 which
is 9.4 per cent of loans insured
in 1935 and 1936. If the same
ratio applied all the way through
1940 when 634,023 loans had been
insured, foreclosures reached
59,598.
THE TAXPAYER PAYS '
On the theory tha FHA would
be self-susaining, Congress start
ed it out in 1936 with about 35
million dollars. But the govern
ment's loss of $600 per x-e-possess
ed house, figui’ed on 59,598
houses, exceed 35million dol
lars. It it not a fantastic figure.
--- — --•—--- . ■■■*■
FHA's annual report says fore
closures in 1940 increased 26.4
per cent over 1939. These post
war safeguards are needed*..
It is not fair if home-coming
fighters and war workers, bent
on making homes, waste their
savings in houses that fall apart.
It .i* not fair for older taxpayers
to liquidate notes that these de
frauded young men must default.
The solution is in sound construc
tion and mortgage money is the
key to better building.
Subscribe to The Nugget.
TO THE VERY END!
j SAIPAN —(AP)— A sloe-eyed,
; toothy Japanese ambled into the
; Marine lines waving a white fla^.
He asked if the Marines had ta
ken all the island. They had.
The Jap gushed with friendli
ness and said he was with the
Marines to the very end. - .
A minute later he made a head
long dive for a grenade. The Ma
rines were with him to his very
end.
At one time Turin was the cap
ital of Italy.
t_*_l_<_<_i- A a A A. A A A A A A A A A A A A A A A
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