Masonry Magazine September 1967 Page. 30
Washington Wire
(Continued from page 27)
THE RECOVERY IN HOME-BUILDING IS LOOKING STRONGER all the time. It is demonstrating its vigor in the face of rising construction costs and high mortgage rates. The rate of new housing starts has been trending upward. And mortgage commitments have been showing even more steam. The savings and loan associations are obligating at a rate 50% ahead of a year ago. This rebound has obvious implications for sales of appliances, furniture, rugs.
And it seems likely to continue. Building permits-heralds of activity to come are up robustly, too. Furthermore, the flow of savings to primarily mortgage-lending institutions has continued heavy. There is plenty of this money around, though, admittedly, at a high "price" to the home-buyer.
THE NUMBER OF BUSINESS FAILURES IS DECLINING-and that has always been a sign of business improvement... a leading indicator. The rate this summer has been the lowest in years. What's more, the better picture is evident in many lines. The liabilities (losses) involved are down, too.
NEW TACTICS IN LABOR BARGAINING RAISE CHANCES OF STRIKES and account for the intensity of the strife that plagued rubber, copper, and trucking. Labor experts foresee further use of coordinated bargaining by union groups, to get big gains. Management, though, is increasingly turning to lock-outs on an industry-wide basis, to strengthen its own position in negotiations.
FEDERAL REINSURANCE AGAINST RIOT DAMAGE MAY BE SET UP by Congress as a result of the racial outbreaks in large Northern cities this summer. The risks and the losses have been extensive and could become astronomical. They are too much for private insurers to bear at rates businessmen can pay. The President's riot-study group is now working on this insurance problem.
MAKE SURE THAT YOU USE ONLY THE PRINTED CHECKS furnished by a bank hereafter-if you want to avoid being tagged with special service charges. The Federal Reserve System, which handles check collections between banks, will no longer accept a check that lacks the magnetic ink numbers required for electronic processing. The rule just went into effect September 1.
The checks that are supplied by your bank carry the proper magnetic number. The Reserve System may now impose a fee for clearing and collecting checks that cannot be processed through its electronic equipment-blank or outdated checks.
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masonry
September, 1967