ETIPTRE REDWOOD CO.

Srrcighr or ilired Cars

PlllErFlRrPIYWOOD

Our policy is to ship a breakdown ol items in cars to enable yards to keep their inventories in balanc*at least as much ds is gtossible consistent with quantity production.

Amendments to Administrative Rules Of National Housing Act

Amendments to Administrative Rules of the National Housing Act were received October 17, it was announced by John E. McGovern, district director of the Federal Housing Administration, Los Angeles. These modifications were made in the interest of conformity with Regulation X of the Federal Reserve Board and relate to applications received on and after October 12, 1950.

Previous credit controls, including the cost freeze of July 1, 1950, will not apply to applications filed on and after October 12, McGovern said. This policy will apply to applications filed under Section 203, Section 8 of Title I, Section 611, Section 603 and 603 pursuant to Section 610, and salestype housing under Section 213 (cooperative housing) except that maximum mortgages on single family properties remain at $14,000.

Previous controls continue in effect with respect to Secttons 207,213 (cooperative management type) Section 608 and Section 608 pursuant to Section 610, all of which pertain to rental housing.

The ner.r' credit controls, McGovern continued, apply to both new and existing construction and are applicable to applications on one and two family dwellings filed on or after October 12, 1950. The new F.H.A. regulations have the following effect:

1. Loan maturity shall not exceed 2O years except that where the mortgage amount is $5800 or less, the maturity may be 25 years.

2. The mortgagor must establish a down payment prescribed by the F.H.A. on the commitment to insure the mortgage and the schedule of determining the minimum cash investment and maximum insurable mortgage under these credit controls is as follows:

Not more than $5,000 ....1O% of acquisition cost

More than $5.000 but $500 plus 35/o of excess not more than $9,000 .over $5,0m

More than $9,000 but $1,900 plus 4A/o of excess not more than $15,000 ..over $9,000

More than $15,000 but $4,300 plus 80/o of excess not more than $20,000 .........over $15,000

More than $20.000 but $8,300 plus 9O/o of excess not more than $24,250 .-. .... ..over $20,000

Over $24,250 . .50% of acquisition cost

Appointed Genercrl Mcnager

Announcement is made by the J. J. Fitzpatrick Lumber Company that its West Coast office, located at 6%,Market Street, San Francisco, has been expanded to include selling as well as buying. Harold J. Marley, general manager of the office, is in charge of sales. E. P. Sawyer continues in charge of purchasing. Mr. Marley has been with the company's office in Madison, Wisconsin for about 18 months.

Plcnning Chemonite Promotion

Gardner P. Pond, vice president of J. H. Baxter & Co., Los Angeles, and Jason C. McCune, sales manager of the lumber department at the Los Angeles office, attended a conference at the San Francisco office recently to discuss plans for the promotion of Chemonite treated lumber.