El heraldo de Brownsville. [volume], March 24, 1935, Page FOURTEEN, Image 14

About El heraldo de Brownsville. [volume] (Brownsville, Tex.) 1934-19??

Image provided by: University of North Texas; Denton, TX

                
LOANS BOARD
NOW READY TO
AID IN HOMES
With officers and directors'of the
newly - organised Brownsville Fed
eral Loan and Savings association
already named, the Brownsville org
anization now is in a position to
begin making loans on homes in
the city.
Drew Patteson. of the Patteson
Motor company, is president of the
association; O- W. Johnson, of the
Pan-American Airways is vice pres
ident- Robin Pate. Brownsville at
torney. is second vice president; and
Clarence Colgin, of the Browne
properties, is secretary - treasurer;
j£lss Lucia Garza, of the chamber
of commerce, has been employed as
assistant to the secretary.
More than $7,000 In shares has
been subscribed in shares in the org
anization. which does not include
the thrift subscriptions, which are
paid monthlv and the gross amount
of which is more than $75,000.
The association expects to have
a total loaning power of $33,000 for
present use.
Applications for loans already
have totaled more than $17,000. The
Appraisals committee is composed
WE ARE IN
FULL ACCORD
—with the—
Brownsville Federal
Savings & Loan
Association
And With to Cooperate in
Every Way Possible
Let us help you fig
ure on your re-build
ing plans. Estimates
furnished by reliable
contractors.
Complete Stocks of
BUILDING
MATERIALS
H. H. HARDIN
LUMBER CO.
10th Sc Fronton
Phone 880
of C. C. Henderson, Ben Proctor end
Oolgin.
1"wo facts stand out as important
in organization of the association.
The first is safety to the investor.
All accounts of the association,
whether cash subscriptions or mon
ey paid under the savings plan, are
guaranteed by the federal govern
ment up to $5,OOj per person. No
limit is placed on the number ol
persons in one family who may
nave accounts of up to $5,000 guar
anteed by the government, so that
it is possible for a family to have
as hign as $25,000 or more guaran
teed by the government.
The second important fact is
that, through this association. $3 is
available, through the Federal Home
Loan organization, lor every $1
subscribed for building new nomes
in Brownsville. Thus, since the
Brownsville association has a cash
stock subscription of more than
$7,000, the government will put up
a total of more than $21,000. mak
ing more than $28,000 available. In
addition, through monthly savings
payments, the government will make
addition funds available for use
by the Brownsville association. For j
example, if monthly savings pay
ments total $500. the government
will make available $1,500 per
month. ]
The association is a local, mutual
thrift and home financing msti.u
tion. chartered by the Federal Home
Loan Bank Board. Savings are
vested in its shares by people of
both large and small means. The
United States treasury also is pow
ered to purchase its shares. Sucn
invested funds then are loaned by
the association to home owners of
sound credit standing in the com
munity. secured by first mortgages
on their homes.
The association makes possible a
home of one's own, paid for in
convenient monthly sums while the
buver is living in it. with a “loan
that never falls due" because it is,
gradually paid off in installments, j
It also makes possible extensive
remodeling and improvements on
the home already owned. And the
association provides a safer and
less expensive mortgage loan.
ROBIN PATE TO
DISCUSS PLAN
Works of the Brownsville Fed
eral Savings and Lion association
will be explained to those attend
ing The Brownsville Herald Happy
Kitchen Cooking School on Wed
nesday afternoon, according to ar
rangements made by The Herald
with officers of the association
Robin Pate, vice-president of the
association, will make a short ad
dre» that afternoon, bringing out in
detail the actual workings of the
association, and pointing out the
manner in which home owmers ma\
take advantage of the loan system
of the organisation.
Thrift accounts and the manner m
which they are insured by the fed
eral government, will be explained,
and all other details brought out.
Questions concerning the associa
tion. its purposes, etc., will be an
swered by Mr. Pate.
LITERARY SHRINE SOLD
CARFNNAC. Prance —(fP<— The
fine old priory in which Fenelon.
bishop of Cambrai. wrote “The Ad
ventures of Helememachus." a 17th
century book over which genera
tions of school boys have pored
has been sold for the modest sum
of $2 500.
Best Wishes
Brownsville
Federal Savings
& Loan Ass’n
Brownsville w i 1 1 be
proud of this new mu
tual organization
which will make loans
on Brownsville real es
tate and accept savings
accounts from Browns
ville citizens, which ac
counts are fully insured
up to $5,000.00 by the
Federal Savings and
Loan Insurance Corpo
ration.
EAGLE PASS
LUMBER CO.
Building Materials
PHONE 607
REFINANCING
IS OFFERED
In order to assist 500.000 urban
home owners throughout the United
States who are not in financial diffi
culty. but whose short-term mort
gages fall due this year. John H.
Fahey, chairman of the Federal
Home Loan Bank Board, stresses
the desirability of refinancing these
obligations as long-term amortiz
ed loans. He points out that ample
long-term funds are now available
through private lending agencies,
particularly the 3180 member insti
tutions of the Federal Home Loan
Bank System, with its present re
serves of nearly $180,000,000 at the
disposal of members for loans to
home owners. Fahey’s statement fol
lows:
"Nearly S billion dollars in short
term mortgages, representing some
500,000 city homes, mature in 1935.
Many borrowers under present con
ditions find it difficult to make the
large lump-sum payments required
on the loans. Such a home owner
will readily see the advantage of
refinancing the troublesome loan
now falling due by means of a new
long-term mortgage which he can
pay off over a term of from 7 to 15
years in small monthly installments,
each combining a partial payment
on principal with interest on the
unpaid balance.
"Lending institutions in certain
parts of the country are now offer
ing long-term loans at even lower
interest rates than are carried by
the lump-sum mortgages now fall
ing due. This partly reflects the am
ple credit reserves available at low
rates to member institutions of the
Federal Home Loan Bank System
"To Illustrate the advantage of
refinancing a maturing mortgage
through a new amortized loan, sup
;x36e that a home owner has a $3000
mortgage at 6 per cent interest com
ing due next month, w'hich he is un
able to pay off in full and will have
difficulty In renewing through the
present lender. By refinancing the
$300 loan as a 12-year amortized
loan, through a local building and
loan association or other member
of the Federal Home Loan Bank
System, the present $3000 obliga
tion is paid off in full. The new
loan which replaces it will require
a monthly payment of principal
and Interest of only $30 In 12 years,
the entire $3000 loan will have been
repaid without a single payment oi
more than 830.
"The 3180 member home-financ
ing institutions of the Federal Home
Loan Bank System, mainly build
ing and loan and Federal Savings
and Lain Associations, specialize
in making long-term amortized home
loans to people of sound credit
standing. Many of these institutions
are now actively seeking to make
loans of this type. They have abun
dant funds on hand, through the
investments of their own share
holders and the HOLC bonds which
they have recently received in ex
change for distressed mortgages.
Over a billion dollars in HOL£
bonds have been disbursed in the
past 15 months to building and loan
associations and savings banks
which are members of the Bank
System, or are eligible for member
ship.
• Member Institutions also have ac
cess to nearly 1180.000.000 of fur
ther credit through their regional
Home Loan Banks, permitting them
to borrow from the Banks at low
interest rates to make loans to home
owners in refinancing maturing
mortgages or for other purposes
Members of the System are located
in practically every city in the Unit
REPRESENTATIVE
MISS RUTH BRANNON
WOMAN TO AID
HOUSING BOARD
Miss Ruth Brannon, special rep
resentative of the Federal Housing
administration, is in the Valley as
sisting Thomas H. Jarrell, executive
assistant m the senes of meetings
he is holding here, and also meet
ing with women s organizations of
the Valley.
Miss Brannon will deliver a short
address at the joint ladies night
meeting of the Brownsville Lions,
Kiwanis and Rotary clubs to be
held at the El Jar dm Hotel on the
night of Wednesday, March 27th.
She is a graduate of the Univer
sity of Chicago, department of Poli
tical Science and Economy, class of
1928; has had graduate work at the
Universities of Illinois and Califor
nia; was a member of the Illinois
debating team; is a member of
Delta Sigma Rho. national hon
orary debating society; was in
structor of debate at the College
of St. Francis. Joliet. 111., 1933-34.
Is a member of the Business and
Professional Women's club.
ed Stale*. Their total resource* ex
ceed 3 1-2 billion dollars. The Sys
tem is the largest mortgage reserve
in the world. Its membership repre
sents by tar the most important
group of agencies offering economi
cal loans to home owners. It was
created to solve the very problem
which hall a million people face
this year in securing long-term
loans at reasonable interest rates
which, of course, vary in different
sections of the country.
"The aim of any family which is
carry ing a home mortgage loan is to
own their property clear of debt. It
will be to the benefit of any home
owner whose mortgage falls due in
the next few months to take steps
at once to refinance the mortgage
on a long-term basis. He should get
promptly In touch with a lending
institution which will replace his
present burdensome loan with a new
mortgage that he can pay off in con
venient installments over a period
of years.”
CRATER OF SULPHCR OPENS
IN ITALIAN MINING REGION
NAPLES. Italy —<&h- A boiling
crater of live sulphur has opened
its asphyxiating maw in the sulphur
mining region near Pozzuoili. Mine
experts believe it* eruption saved
the district from severe earth
quakes.
SHERWIN-WILLIAMS
PAINTS
“Cover the Earth ”
THE SHERWIN-WILLIAMS
COMPANY
1240 Elizabeth St. Brownsville
REDISCOUNTING
FUND AVAILABLE
▲ total ol $100,000,000 ha* been
available by the Federal Home Loan
bank of Little Rock. Arkansas fo.
rediscounting FHA insured loans on
new homes and refinanced mortgages
under Title XI of the Housing Act,
it was learned through Associated
Press dispatches recently.
The agreement was reached to ac
cept for rediscount insured mort
gages made under Title n of the
Housing Act. This is the first home
loan bank in the United States to
make the agreement, and it means
that any citiaen of the southwest
who wants to build a home, or re
finance the existing mortgage on
his present home, if he can meet
the very reasonable requirement* o
th Housing Administration will have
available ample capital to finance
the enterprise. More than a hundred
of the 300 financial institutions af
filiated with the Home Loan Bank
System office at little Rock are lo
cated in Texas. By April 1 there
should be available in every size
able community in the southwest
region, a qualified lending institu
tion. ready to handle Title 11 loans.
it was stated. _
"More than 90 financial Institu
tions. with combined sasets of over
$125,000,000, will have completed
qualification by that date. These
include banks, insurance companies
| thrift and home savings institutions,
and mortgage companies. The Home
Loan Bank is prepared to rediscount
their mortgages at 90 cents on the
dollar, on either a long or short term
basis." it was announced.
BETTER HOUSING
MEETINGS SET
A aeries of Better Housing meet
ings will begin the Valley on Mon
day, March 25. and continue through
March 31. at which Thomas H. Jar -
rell, executive assistant, Federal
Housing administration for South
west Texas, will explain the work
ings of the various housing set-up*
ol the federal government.
Mr. Jarrell will hold his Browns
ville meeting on the night of Mon
day. April 1. in the chamber ot
commerce building, and will meet
with those interested at Harlingen
on the nights of March 25 end
at 7:30 o’clock in the Reese-WU
Mond Hotel. The McAllen meetings
will be held at the same hour on
the nights of March 28 and 21 in the
chamber of commerce building.
The meetings are designed to
help those engaged in the construc
tion. design, repair, alteration and
Improvement of real property, and
should be attended by contractors
and property owners.
According to Mr. Janell. ^h®
educational campaign for better
housing, sponsored by the federal
Housing Administration, is ush_
ine in a new era in the building
industry. Every man allied With th*
building business says Mr
will have a considerable part in the
rehabilitation of American homes
and the revitalizing of the industry
of which he Is a part
Brownsville contractors and ma
terial men are taking »
terest in the visit of Mr.
and urge all home owners and all
^SoS allied with the building in
dustry to attend the meeting to be
held here by Mr. Jarrel on the
night of Monday. April first.
[IGIATION RESTRICTION
INCREASES POPULATION
JUBLIN -iJP)— Restrictions on
Igration Increased the Popula
i in the Irish Free State by 21.
in the first nine months of la.t
x. The census announces a total
3.013.000 of whom 1535.000 are
SPAIN’S ORANGE MARKET
HITS ROCK BOTTOM HER*
MURCIA. Spain —(AV- The
ange market here hit rock bottom
recently when shiments were hah
ed by the government pending ne
gotiation of a new Pranco-Spamsh
commercial treaty. At one time
the fruit sold for a cent a dozen.
Women blood donors are prefer
red in hospitals in Canada because
their blood clots more easily than
that of men. This is considered a
vital aspect In the transfusion ©l
blood. _
Congratula ‘ons to Brownsville
on the Organization of the
BROWNSVILLE FEDERAL
SAVINGS & LOAN ASS’N.
This community is fortunate to
have received Federal assistance
in securing a local Building and
Loan institution in which the peo
ple may invest their funds safely
and which will provide a sound and
economical plan to finance home
building.
Frontier Lumber
Company
“Always at Your Servicel**
The World
At a Glance
, BT LESLIE EICHEL
(Central Press Stall Writer)
SOMEWHERE IN AMERICA.'
March 23.—There are, cl course,;
conflict mg views abroad in the land I
concerning the principals of the
radio battle.
Each person seems to have his
protagonist. Some have none—and
wish all three would drop from sight.
But the vast majority questioned are
in favor of the debate, or whatever
one would term the exchanges of
such acrimony.
On a basis of popular appeal, the
Rev. Charles E Coughlin seems to
rank highest (among the persons
this WTiter has seen); Senator Huey
Long seems to rank second—and
(outside of New York at least) Gen
eral Hugh Johnson seems to be a
poor third.
But one cannot predict how the
standing will be three months
hence.
President Roosevelt—or another
figure who may rise up—might have
wiped the debating three off the
map by that time.
As for the 1936 election—the pres
ent debaters are at the disadvan
tage of having to talk 20 months.
Even the best orator may stale In
that time, particularly If he has no
opportunity in the meantime to
achieve actual accomplishments. i
mm*
One View
One man (not a worker), who will
not permit use of his name, has this
to say:
“I suppose my views are unpopu
lar at the moment, but I take fnght
every time I hear Father Coughlin
speak. I do not doubt his sincerity,
but I do doubt his ability as an eco
nomist. And I even question the di
rection in which he believes he is
going on matters such as govern
ment and social reform.
“In short. 1 do believe with Gen
eral Johnson (whose views also I
question) that Father Coughlin is
an unintentional Pied Piper leading
the charmed children to the brink.
I think Johnson said children, not
rats (as Father Coughlin assumed),
for the fable tells of the children,
too, being charmed away by the Pied
Piper.
“I have another simile To me
Father Coughlin seems to be shout
ing. “Take this east- road—not the
rocky road—to a better life. It will
give you all you desire. It is very
simple. All who say no are of the
Giants who live in Wall Street, who
rob and pilfer you if you travel this
rocky road. You are a great people.
You, yourself, can be giants if you
get nd of the internationalists, the
bankers, the objectors. They cannot
live without the goose that lays the
golden eggs. And the goose that lays
the golden eggs Is at the end of my
road—this wonderful road which
leads to Fairy Land."
“Well, I am nothing more than a
minor business man myself. And
even though I know that Wall Street
has exploited us. I have the sense to
realize that the rocky road is the
only road. The other IS the road to
the Pied Piper that DOES lead to
the brink.
"Board economic and social re
forms come not by creating more
money but by the far more difficult
process of saining control of pro
ductive activities, by gaining for
each individual his share—not of the
ephemeral thing called wealth but
of the due share of the products of
his labor.
"I fear that to create ‘more money’
simply would cause the poor to be
poorer and the rich to be richer.
But to gain for each man his due
share of production, his due share
of leisure, his due share of security. \
his complete freedom from econo
mic and political slavery is a prob
lem which, it seems to me, requires
traveling that slow rocky path up
ward. ^ .
"Peoples have tried in centuries
past those easy side-roads, and it has
taken generations for them to crawl
back up out of the horrible pits into
which they have fallen."
• • •
Another View
On the other hand there Is a man
out here in interior America who
actually has worked in Wall Street.
•Father Coughlin is right.” he says.
“He must go on fighting those Big
Bovs in the only language they can
understand. He must call them
names. He must frighten them.
“They still are shuffling the deck
so that they win all—and we lose all.
“He’ll have an honest deck before
he finishes."
Huey
In the meantime. Kingfish Huey
Long seems to have caused the lib
erals to be suspicious.
They have been investigating his
social reform record in Louisiana—
and have come to the conclusion
that free school books and good roads
hardly make up for certain back
ward labor and social conditions
there.
EXPERTBFOR
BETTER HOMES
Naturally, the matter of home
building, home repair and home re
habilitation hu iU place in any
Happy Kitchen event, saya Mrs
Beulah Mackey Yates, who will con
duct the Seventh Annual Browns
villa Herald Happy Kitchen, start
ing on Tuesday afternoon of this
week.
And again most naturally any or
ganization which has for its pur
pose the improvement of living con
ditions has the unqualified endorse
ment of the Happy Kitchen and of
Mrs. Yates personally, she states.
Home comfort centers around con
venient arangements of the kitchen
and adequate kitchen facilities, ail
ol which may be made possible by
taking advantage of the loan feature
of the Brownsville Savings and Loan
association or by using the facilities
offered through the various work
ings of the Federal Housing Admin
istration.
With the depression definitely on
the way out, it is time that people
began to live and to live comfort-1
ably, paying more and more atten
tion to the conveniences and pleas
ures of life, says Mrs. Yates, and all
at these are made possible through
the Brownsville Federal Savings and
Loan ^.vociation or through Federal
Housing administration loans which
may be made through all Browns
villi material men.
The Happy Kitchen thoroughly
endorses every phase of the activity
which has for its purpose the en
couragement of better homes," Mrs
Yams state*.
LOANS DELAYS
ARE ABOLISHED
(Special to Tat Herald)
DALLAS, March 23.—An Impor
tant change in the procedure gov
erning applications for Federal
Housing Administration insured
loans for new construction, design
ed to elemlnate delay and accomo
date persons desiring to build new
homes more speedily, was announc
ed here Saturday by Wm. H Clark.
Jr„ southwest regioal director of
the Federal Housing Administra
tion.
Under the new plan, any person
who desires to build a new home
may apply direct to any state or dis
trict office of the FHA. either in
person or through his lumber deal
er. and. If his application is approv
ed. will receive a tentative commit
ment covering the amount of the
loan desired. This commitment
shows the willingness of the FHA
to accept the borrower’s mortgage
for insurance. He then takes this
tentative commitment and applica
tion to any authorized financial
agency qualified to make Title II
FHA loans, to make the actual loan
If the financial agency of his selec
tion does not wish to make the loan
the FHA district or state office will
refer the applicant to other quali
fied lending agencies until contact
is established with a lender who will
handle the mortgage
Applicants for loans must submit
with their applications the appraisal
fee of $3 00 for each $1,000 of loan
sought, which covers the cost of ap
praising and inspecting the proper
ty upon which the loan is sought
This fee is not returnable where an
application is denied, but no ad
ditional appraisal fee u charged
when the loan Is completed.
Heretofore. It has been necessary
for the applicant to find an ap
proved lending agency, and make
his application through that agency,
before the application would be pass
ed upon by the FHA for mortgage In
surance. By reversing the process,
Clark pointed out, the applicant
may find a lending agency to han
dle his mortgage much more easily,
if be already has a commitment
showing that the FHA. is willing to
Insure the loan, before he approaches
the lending agency.
"This new method will also give
the FHA a more direct and accdBU
check upon the lending agendea •'»
this region which are actively co
operating with our program to stim
ulate new construction In the south
west.'* Clark said.
Any prospective home builder may
obtain complete details of the pro
cedure by applying to his local lum
ber dealer or to the nearest state or
district office of the FHA. District
and State offices In the southwest
region are located In Dallas. Fort
Worth. Houston, and San Antonio.
Texas; Tulsa and Oklahoma City,
Oklahoma and Santa Fe. NCw Mex
ico.
ITALY TAKES OVER AIRPORT
ROME—— The capital! blf
commercial aerodrome "Aerporto
del Llttorlo” has been taken over
bv the ministry of air hi keeping
with Mussolini’s system of state
control of all communications. Pre
viously this hub of a system link
ing Rome with other Italian cities
was operated by the N,fional Aero
nautical company unster military
Inspectorate.
TAFFETA FOR GLOVES
LONDON (JPv—Oloves of taffeta \
and alpaca will be worn with many •
of the latest spring costumes.
MORRIS
LUMBER
COMPANY
Phone 1400
BUILDING
MATERIALS
We Heartily Endorse The
BROWNSVILLE
FEDERAL SAVING
& LOAN ASS’N.
We are sure that Brownsville will support this
mutual organization which will encourage thrift,
and provide a means for the citizens to secure
sound and economical home financing.
If you are contemplating re-modeling or re
building. let us figure with you — we will glad
ly aid you in every way possible.
We take pleasure in announcing the ap
pointment of B. Frank Hardin as manager
of the Brownsville yard. Mr. Hardin has
had 21 years experience in the retail lum
ber business, 8Vi years in the Rio Grande
Valley, and will be pleased to advise with
yon on any improvements you contemplate.
‘Everything to Build Anything*
John F. Grant
Lumber Co.
BROWNSVILLE
B. Frank Hardin
Mana<rrr
A. Sierra
Aid. MtMfpr