PAUt E. KENL""Jqlffi:"{''i,127

Wholesale Lumber

DFPA-NHIC

Conference

(Continued, front. Page 27 )

This last recommendation took a number of forms, although agreement was general that 6 per cent simple interest was too low for long term loans of small principal.

One group suggested Title I limits be increased to $5000 and 7 years, reserving 203(k) for amounts larger than $5000. M. Carter McFarland. Assistant FHA commissioner, said earlier that B0 per cent of 203(k) applications were for amounts between $2000 and $6000, with the average $4700, an amount lenders said was 'omarginal" at the statutory rate.

Another group argued for either a discount or a sliding scale of fees, which would serve the same purpose. The fee would be larger in proportion to the loan amount at lower levels, scaling down as the loan approached $10,000.

This point touched on another question. Several lenders and modernizers pointed out that appraisals indicate that major improvements often are not justified in terms of value and also overextend the owner in terms of two big payments. In other words, the $l0r0o0 job will be rare because few houses justify the expense. For that reason, there was some criticism that 203(k) fills a gap 'othat doesn't exist."

NHIC Executive Director Edgar V. Hall, in summarizing the conference, said the Pittsburgh experiment, or something like it, is the next step.

DFPA Public Relations Director Donald A. Jaenicke agreed. He and Hall asked the participants for suggestions on organizing such a project, which would act as a blueprint for winning acceptance of 203(k) in other cities.

U.5. Plywood Corp. Declqres Dividend

The board of directors of United States Plywood Corporation on September L2 declared a quarterly dividend of 50 cents per share on its common stock, payable Oct. 10, 1962 to shareholders of record on September 24, 1962.

The directors also declared the following regular quarterly dividend on preferred shares: Preferred 3-3/a%, amount $0.9375; Stockholders of record, Sept. 24, 1962; Pavable Oct. l. 1962.

Commerciql Mill & Builders Supply

To New Sqn Jose locolion

Commercial Mill & Builders Supply, Inc., formerly located at 760 Commercial Street, San Jose, has moved into brand-new quarters on a three-acre site at 2050 Oakland Road, San Jose. The new building will accommodate some drop-in trade as well as the thriving contractor business the firm has developed over the years. Vern Anderson is president of the firm and Fred Perdue is the vice-president.

For added structural strength, all Jones panels have Douglas fir cores and backs. As memben of lhe Hardwood Plywood Institute every panel carries the seal of this rigid testing and inspection agency.