Governmcnt Puts Rigid Curb on New Homes

Washington, Oct. 10.-The government today ordered tight controls on home mortgage credit, effective Thursd.y'

The terms require non-veterans to make cash down payments ranging from 10 per cent on.houses costing under $5000 to 50 per cent on houses priced f.rom $24,250 up. Down payments for veterans will run from five to 45 per cent.

Mortgages will have to be paid off within 20 years, with one exception:25 years will be allowed to pay off on houses valued below $7000.

Raymond E. Foley, head of the Housing and Home Financing Agency (H. H. F. A.) said that will boost monthly payments on mortgages by cutting about five years off the prevailing pay-off limits for private and governmentbacked mortgages alike.

The controls apply only to one and two-family houses -not apartment projects, or store or factory constiuction, for which other regulations are being considered.

The controls are aimed at cutting the pace of homebuilding from the present record rate of 1,300,000 a year to "not more than 800,00O" in 1951.

So far as bank or other private mortgages are concerned, the control terms apply not to started since'"noon on Aug. 3" commitments made before that existing and not date.

Mexiccrn Sugcr Pine Imported By Well Known Scn Frcncisco Finn

houses but those covered by loan

Announcement is made by the Van Arsdale-Harris Lumber Co., San Francisco, that they have acquired the last remaining stand of Mexic.an Sugar pine, which is said to be in every respect comparable in quality to California Sugar pine.

It is estimated that in this stand there will be five years of further sawing of this speqies. The first shipment will arrive on the Grace Lines Anchorhitch, due to arrive in San Francisco October 15.

New Lumber Yard

Farmer's Lumber Co. has opened for business at 11625 S. Lakewood Blvd., Downey. The yard, including storage fa,cilities and temporary buildings, occupies an area covering 80,000 square feet. Don Burchfiel is manager.