The Bismarck Tribune Newspaper, August 3, 1933, Page 3

THE BISMARCK TRIBUNE, THURSDAY, AUGUST 8, 1983 “HONE LOAN OFFICE IN FEDERAL BUILDING 10 BE ESTABLISHED P. E. Byrne to Have Three Of- fice Assistants; Other Officials Named Offices for the southwestern North Dakota district branch of the Home *+ Owners’ Loan Corporation will be es- tablished on the second floor of the federal building in Bismarck in the next few days, it was announced ‘Thursday by P. E. Byrne, named manager last week. Byrne so far has been conducting affairs of his new office in his own quarters in the Little Building, but has decided to establish his new quar- vers in the federal marshal’s office in the postoffice building. Included in his office staff will be 'T, LeRoy Evans of Manning, general appraiser for the southwestern dis- trict; Dorothy B. Johnson of Ellen- dale, stenographer; and Grace Van Meter of Fargo, file clerk. Scott Cameron and William M. Schantz, Bismarek attorney and ac- countant, respectively, have been named attorney and appraiser in Bur- ieigh county for the corporation. t Pair In Each County An attorney and appraiser are being appointed in each of the 17 other counties in the southwestern district and will be announced in the near fu- ture, Byrne said. Other counties in tats district include Morton, Kidder, Emmons, Mercer, McLean, Sheridan, Grant, Billings, Golden Valley, Het- linger, Slope, Bowman, Adams, Sioux, Oliver, Dunn and Stark. The Home Owners’ Loan Corpora- tion was created by congress for the purpose of saving the homes of home owners where they are unable to se- cure money to pay mortgages other- wise and where the mortgagee is threatening foreclosure. Tt has $200,000,000 of capital stock and has authority to issue $2,000,000,- 000 of bonds, running 18 years with four per cent interest, the interest being guaranteed by the federal gov- ernment, The only mortgages which may be taken up under the program are those of record on June 13, 1933. The home cannot exceed $20,000 in value. Here’s How You Apply Applications for loans may be made through district managers either by mail or personal call to the district offices. If it appears that the re- quested loan is one that the corpora- tion can make under the law, it will +, be referred to an appraiser, who im- mediately will appraise the property and have the attorney determine as to the soundness of the title and on their report, if favorable, the loan will be closed, papers executed, and the bonds or cash, as the case may be, paid to take over the mortgage which is in existence. The provision is and the expecta- tion is that the mortgagor can ar- Tange with his mortgagee to take the 4 18-year bonds which have. back of “ them the $200,000,000 stock and all of the mortgages which are taken on the loans made by the corporation in ex- change for his mortgage and he will transfer his mortgage to the corpora- tion upon being paid the amount of bonds he agrees to take for his mort- gage. The corporation will loan in bonds 80 per cent of the value of the proper- ty in taking up the mortgage. It also will furnish the money with which to Pay taxes in arrears, this to be includ- ed in the 80 per cent. When the ex- change is made, and the mortgage as- signed to the corporation, the corpor- ation then will take a new mortgage from the home owner, running for 15 years, with payments either monthly, quarterly, semi-annually, or annually, according to the agreement, with in- terest at five per cent. This will give the: home owner a long term loan with small payments. %, Alternatives Are Provided If the mortgagee refuses to take bonds and the mortgage and taxes and other encumbrances due are not in excess of 40 per cent of the value of the property, the corporation will joan the mortgagor up to 40 per cent of the value of his property or so much as is necessary below 40 per cent to take up the mortgage with cash and also any taxes due and take @ mortgage from the home owner at 15 years with interest at six per cent. In cases where the owner has no encumbrances on his home but is in default in taxes and in danger of los- ing his property from tax sale, the corporation will loan him the money » on the home to pay the taxes and amortize that for 15 years. The borrower may have an exten- sion of three years on the principal if he keeps the interest paid, and the board may extend the payment of both principal and interest in cases of inability to pay, owing to stress of circumstances, but the total exten- sions during the 15-year-period must not exceed three years. The scheme is primarily for re- «, funding of mortgages and not for the " liquidation of mortgages in cash. Soldier Bound Over On Assault Charge W. H. Hawks, Fort Lincoln soldier accused of striking a Bismarck man over the head with an automobile wrench following an argument, will face trial in Burleigh county district court on a charge of assault with a dangerous weapon. Hawks was bound over to the high- er court when he had his preliminary hearing before D. H. Houser, justice of the peace. He was freed under was ed Bonny, ice of the asked fora change of venue. Will Ryckman of 419 Seventeenth 8t., victim of Hawks’ alleged attack, suffered concussion of the brain and a fracture of the skull. He under- went an operation for removal of a blood clot and bone splinters from his brain. He was in critical condition for several days and was released'from the hospital only a short time ago. Ryckman appeared at the hearing. The alleged assault occurred near Fort Lincoln late in, June following ® minor automobile collision between ‘ears driven by Hawks and Ryckman. “Shooting stars” are “meteoroids” before they fall, “meteors” while fall- ing. and “meteorites” after landing on earth. Navy’s Newest Sky Ship Makes Her Maiden Flight Commanded by Lieut. Com. T. G. W. Settle, who is soon to make a stratosphere balloon fight at Chicago, the K-1, newest U. S. navy blimp, is shown just leaving the ground at Akron, O., on her maiden flight. Store Open Thursday Evenings Until 9 P. M. As an added convenience to husbands and wives who cannot shop together during the day, we will keep our furniture department open Thursday evenings during this sale. Dresses $1.49 Regular $2.95 Silk Dresses. Final clearance of all Summer Dresses. Pastel shades. All sizes. Come early. COMFORTERS $349. Priced this low for the August Sale! Full size, 72x84 inches, all woel- filled comforters with printed sateen top and beck. In soft pastel colors. COTTON Blankets We shet inte the market when prices were low snd placed orders for this 7éx 80 plaid design blanket—our rega- lar 98e quality. Blue, rose, helio, 3%4-pound blanket of S% white wool and cotton for only $1.69! Bought for tunately pel ere prices rose—ee buy several now at the very bottom price! The K-1 is of the semi-rigid, observation tvpe. OLSON TOUTED AS ENVOY 70 RUSSIA St. Paul Newspaper Says Min- nesota Governor May Get Diplomatic Post St. Paul, Aug. 3.—()}—The Dispatch said Thursday that Governor Floyd B. Olson of Minnesota is under con- sideration by President Roosevelt for appointment as ambassador to Russia if that nation is recognized by the United States. Olson, a Farmer-Laborite and only third party governor in the nation, was in Chicago Thursday to speak on wy = arn MONTGOMER tnd Y W EEE Neer S August Furniture Sale Vaine! $39 SUITE Prices are geing UP! Bay New ... Save! $6255 Be smart! Get this two-piece Living Room Suite now! Save 33%! It’s easily worth $89 on today’s market. Both pieces are covered all over in genuine Angora Mohair. With. full ser- pentine (curved) fronts. And open carvings on the framee— a feature of higher-priced suites! Priced up after the Sele! Twine that Saves Money and Delay in Harvest Rush! Co ly wound balls un- ’ wing without ae Spun to uni- form thickness — there's no bunching. OH ‘rented Jp tee grasshoppers; a age lose is lessened. delays in mpact- AUTO Double your driving Ward's 6 TUBE radio a house set. Neo batteries! tion. price. A Value rapi0$29.9 fan on evening rides. in distance like for demonstra- re number of tubes—performance ‘ou'll say—Why pay more? the Italian Day program at a Cen- tury of Progress exposition. The dispatch said Olson bore a commission from President Roosevelt to represent the president and speak for him at the exposition. From Chicago he will go on to Washington for conferences with President Roose- velt and others concerning the pub- lic works program. It quoted the governor as saying be- fore he left St. Paul last night: “I am not interested in any feder- al appointment, except that I must say that if I were offered the am- bassadorship to Russia I should accept it. I feel that American refusal to recognize Russia, because our govern- ment does not approve of the form of Russia’s government, is one of the most colossal blunders we have ever made in the world political sociolo- gical or in the economic fields.” Olson emphasized, the newspaper continued, that he had not been offer- ed the post. Name Devils Lake Work Headquarters Minot, N. D., Aug. 3—()—Devils Lake this afternoon was chosen as state headquarters for the North Da- kota advisory board on public works, meeting in Minot. A meeting of the board is to be held there next Monday at 1:30 p. m. when all persons interested in projects are invited to meet with the board. “We hope to have actual projects; for the relief of unemployment under- way within 30 days,” said a statement issued by the board. The board members are Thomas Moodie, Williston; Henry Holt, Grand Forks, and 8. J. Doyle, Fargo. Seven North Dakota cities were de- Sirlous of being selected as headquar- ters for the board, it was said by Holt. These were Minot, Grand Forks, Far- go, Valley City, Jamestown, Bismarck, and Devils Lake, Recovery Rally Will Be Held Here Tonight Businessmen are urged to attend the recovery rally which will be con- ducted in the Burleigh county court- jhouse Thursday evening, beginning at 8 o'clock, according to H. P. God- dard, secretary of the association of commerce. The meeting was arranged by a special association of commerce com- mittee, appointed to promote local cooperation in President Roosevelt's recovery program. The recovery program, including reemployment and wage increase Proposals, will be discussed at the session, —_—__.. |_ The highest dam in the world, in India, is 280 feet high. When Boulder Dam is finished it will be 550 feet above the ground and will become the world’s largest. Prices are going UP! ‘8° CHAIR August Sale Price. *25 CHAIR Avgust Sale Price, $4.98 Lamps Bridge and Junior Avgest Sele $4.49 Seve ot Werds 200 Feurth Street Phone 475 Seve $7! Domestic cop- Bismarck, N, Dak