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Southern Pine Associotion Elects New Officers

New officers of the Southern Pine Association are E. C. Gates, Fordyce, Ark., board chairman; Philip E. Frankfort, Franklin, Va., president; A. T. Hunt, Ruston, La., 1st vicepresident; W. Scott Shepherd, Lumberton, N. C., 2nd vicepresid-ent, and H. S. Mersereau, Crossett, Ark., vice-president for trade promotion. Re-elected to the posts of ireasurer and executive vice-president, respectively, were M. L. Fleishel, Jacksonville, Fla., and Stanley P. Deas, New Orleans.

S&[ Report Mortgoge-lending Down

Mortgage lending at savings and loan associations during the first quarter of 1960 amounted to $3 billion, down ?79 ftoy the same period last year. March lending, 17/o below March 1959, was the fourth consecutive moith for lending to fall below the year-ago levels. Commitments outstanding increased a little less than normal for February and associations closed the month with $1,360 million on their books, $225 million less than last February.

Net savings exceeded $lfi billion during the first quarter, 9/o ahead of the record first quarter set last year. During Mqrch, net savings at $615 million were l3/o above March 1959.

Centrol Supply Co. Opening New Yord in Sqlinqs

The Central Supply Company, with headquarters in Watsonrrille, has opened a new branch yard in Salinas, adjacent to Diamond National's existing operation. The new yard is the second to be added to the Central Supply chain within the_past .few years, the first addition being the acquisition of Seaside Lumber Co. in that town.