Geo. C. Cornitius Hardwood Go.

465 Calltornla Street, San Francisco 4

GArlletd 1-8748

Distributors ol Hardwood Lurnber Douglas Fir -- Ponderosa Pine

president of the First Federal Savings and Loan Association of Detroit, Xlichigan. This firm has made 128 Class 3 loans.

"Our experience in the higher priced properties," Mr. Gehrke states, "indicates that the physical security is generally at its-best at the time the mortgage is made and then starts to clepreciate. In the instances of Class 3 loans our experience r\-as contrary to this. The physical securitrr in most cases was rveakest at the time the loan rvas closed and then, becanse of the industry and u'ork of the borrorv. er in improving his home, the value of the physical security appreciatecl. As the loan .n'as amorti2ed the risk became less, not only because of the declining balance, but because of the increasing value of the property ou'ing to the improvements made by the borrower."

It is evident that industry and thought are still valued by the banking profession; Northup observed, and therefore that Class 3 loans provide a much needed opportunity for the industrious to substitute energy for capital in acquiring a real home.

Americqn Lumber Congress

At the recent executive cornrnittee meeting in Ner.v Orleans, the NLMA staf{ was directed to make preliminary plans for an industry-rvide American Lun.rber Congress to be held in Chicago some time in 1949. Final arrangements 'rvill be announced after a meeting of the full Board of Directors this fall.

Ovid Butler Retires

Ovid Butler, executive director of the American Forestry Association for the past trventr,-fir'e years and editorin-chief of its r-nagazine American Forests, resigned on April I. N{r. Butler, l'ho began his career in 1903 with the old Bureau of Forestry in the U.S. Department of -A.griculture, has served American forestry since that time in various capacities. He served as assistant director of the U.S. Forest l)roclucts Laboratory at NIadison, Wisconsin; rvas president of the Society of American Foresters and American delegate to the 1936 \Vorld Forestry Congress at Budapest.

In 1922 Mr. Butler left the government service to become forester for the American Forestry Association, and before tl-re year $'as out, its executive secretary and editor of its magazine American Forests. During his career he has written many articles on forestry and conservation and compiled and edited three books.

The Association's board conferred upon him the honorary title of Executive Director Emeritus on N{arch 18 of this year. He rvill continue to serve the association in an advisorv capacity.

Morse-Bushby

Miss Lois Bushby and Robert F. Nlorse r.vere recently married in the Chapel of Roses in Pasadena. Miss Bushby is the daughter of Mr. and Mrs. A. F. Bushby of Covina. Mr. Morse is the son of Mr. and Mrs. W. F. Morse of El I\{onte, and is manag'er of the Morse Lumber Yard. They rvill reside in El Monte.