The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1934-09-07
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Help Yourself and Builder, Too
Anyone who reads over qualifica-
tions necessary for obtaining modern
ization loans from local financial in
stitutions, guaranteed in part by the
government, will readily see that the
main idea in the National Housing
Act is to start the "modernization"
ball rolling rather than unleashing OF
q great amount OF credit.
True, the government Is ready to
back many loans ranging from 500
to $4,000 to deserving home and prop
erty owners who seek credit, but the
campaigns under the act, such Is
the drive launched Thursday by Bis
marck builders and materials deal
ers, really are aimed at parties who
were in financial position to remodel,
but didn't have the inclination, be-
fore the National Housing Act came
into existence.
Lest property-owne-s get the idea
that modernizing loans viii come for
the mere asking, 1t might be Z good
idea to take . look at the act to find
out Just what the government Is will
ing to guarantee.
The government asks local financial
institutions to advance the money for
modernization, guaranteeing 20 per
cent OF these loans should the bank
or financial institution fail 1T collec-
ton.
Persons getting loans must have
good credit ratings and regular In
comes 50 that they can repay IN
monthly allotments, with the excep-
ton Of farmers, who may pay after
harvest seasons.
This type Of person could get loan
generally speaking, before the act
came into existence. The act prin-
cipally was designed to foster giant
modernization campaign throughout
the nation, with the 20 per cent guar
antee thrown in to catch the atten-
ton Of property owners and to show
them the governments sincerity and
willingness to help in part.
Bismarck's builders are under the
impression, however, that many home
owners In the city who should remodel
their domiciles will not even have t.
seek loans to finance modest projects
II they can get . sufficient number
Of these able property owners TO see
the value Of modernization, together
with Z goodly number securing loans
for renovating purposes, their cam
paign viii be . success.
Though We Ill are born with the
self-preservation instinct, Bimarcki
building campaign Is not basically
selfish on the part Of the building
trades.
There Is little question but what thl
building trades and building mater.
ials dealers have suffered greatly dur.
ing the depression, probably more *
than any other class Of business. Il
was only natural during the retrench.
ing period that home owners, feeling
that their homes should be improved
hut knowing that they would serve
well enough for months and ever
years to come without improvement
would strike improvement items from
their budgets.
This Tetrenchment. both IN hom<
and business buildings. has continued
through the depression. with the Gu.
nulative result that the building In.
dustry was near paralysis.
No city i in good health when q
important q business Is the building
industry IS paralysed. Building trades
have heavy investments in machinery
and materials, employ many men. Il
IS . great loss when machinery Is idle
and materials inmovable-but It i
. tragedy when 50 many building
craftsmen are out Of work and thrown
on relief rolls merely because property
owners who need improvements and
can sfford them postpone moderniza-
ton work until such time when labor
and materials prices may be higher
"A stitch in time saves nine" Is for.
gotten by these property owners.
OF course the architects and ma.
terials dealers and builders viii profit
first under Bismarcks Better Hous.
ing Campaign. but every line Of bust
aaess win profit in the long run, sino'
the builders Immediately win put thei
profits into retail channels imam!
have been waiting to Do - for lon,
Aime) to the profit Of the butcher
baker. grocer, clothier, shoe man, pro
fessional man and retail dealers Of n
lines.
! Bismarck cannot possibly lose b.
backing the building campaign.
Juicy World Scandal
Senator Nye and his committee ar
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