The Albany News (Albany, Tex.), Vol. 90, No. 9, Ed. 1 Thursday, October 18, 1973 Page: 2 of 8
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TIN ALBANY IKWS
tttUHSOAY,OCTOBIR 11.1*71
The Albany News
Every Tberaday-Seeoad Class Pottage Paid
At Aliuiy, Texas 76490
Subscription Rates
One year Moran and Albany Addresses
One year outside Shackelford County
Foreign Rate on Application
Notices and classified ads 3c per word-each insertion
Remember When
You Were Young
October 21, IMS
The Albany News is 60
years old this week. The
publication was established in
October, 1883-the year the
court house was erected-and
has been continuously publish-
ed since that time.
Sam Henry came in this week
from California, where he spent
the past year.
Registration began today at
the school for Ration Book
Four, with the faculty in charge
of registration. To register for
Book Four, the person register-
ing for the family must have
Ration Book Three for each
person he is segUtsring for.
The flrst killing froet and
freezing wither of the fall
came Saturday morning. We
learned that the thermometer
dropped to 31 degrees, and
some ice was found. The frost,
not heavy, singed some vegeta-
tion. The first frost reminds us
that freezing weather is ap-
proaching and it's time to start
hunting for anti freeze for our
cars.
The pecan crop will soon be
resrdy for harvesting. We
understand the crop will be
short again this year, but there
will be some pecans gathered
along the river.
The meeting of the Camp
Fire Girls was called to order in
the home of Frances Nobles.
There was no business.
The whole group enjoyed a
play given by Ann Smalley and
Murie Cnrlile, after which
refreshments were served to
Mary Strong, Jo Lyn Faulk,
Peggy Sazama, Mary Spencer,
Ann Smalley, Marie Farren,
Marie Carlile, Mrs. A. V.
Jones, and Elisabeth Conger.
Mr. and Mrs. Morgan Harris
spent the weekend in Carlsbad,
New Mexico, as guests of their
daughter, Mrs. Sam M. Fulli-
love, and Lt. Fullilove.
Ben Estes and Mrs. Sallie
Davis of Granbury were in
Albany Tuesday. Mrs. Davis
came out to look after her
property interests. Mr. and
Mrs. Estes have a son, Ben
Philip, who is a senior at
N.T.S.T.C.,Denten. He will
finish in January. Mrs. Estes is
the former Phebe Butler.
October 8, IMS
Mrs. Delbert Waller has on
exhibit at Weaver-Oates Phar-
macy a Golden Nugget dahlia.
Which measures eight inches in
diameter with picotee edge of
bronze and purple. Mrs. Waller
is a member of the Dahlia
Group in the Albany Garden
Club and raises dahlias at her
home.
Mr. and Mrs. Wayne Wylie
went to Fort Worth Saturday,
where they were guest s of
their son, Scotty Wylie and
family, and Sunday they went
to Denton to see their daugh-
ter, Alice Wylie, who is a
student in T.S.C.W.
The State Highway Commis-
sion has informed County
Judge I. M. Chism that it has
set aside $165,000 to widen and
to put a seal coat on Highway
180 from Albany west to the
Nine Mile Hill.
Dr. Edward W. Keefer and
son, Robert, arrived in Albany
monday from Shringfield, Ohio,
and Dr. Keefer opened his
office here this morning. He has
leased the Dr. Briggs' office at
the Briggs home just east of the
court house.
Mrs. Joe Kendricks and
Mrs. Sid Towery went to see
Mrs. Lanham Martin, Wednes-
day, who is in the Hendricks
Memorial Hospital, Abilene.
She had surgery Tuesday and is
K<'ltinK ulonK fine.
Mr. and Mrs. Fred Deite-
meyer have as their guest this
week Mrs. Deitemeyer's par-
ents, Mr. and Mrs. Ross
Rountree of Skiatook, Okla.,
who arrived Tuesday.
Cess pool and septic tank
cleaning is $20 to $38 for the
average home.
BORDEN'S FINE DAIRY PRODUCTS
LOW FAT MILK BORDEN OLEO
HI PRO MILK
THANKS FOR USING BORDEN'S
T. D. BEACH
INOiPMXNT DISTRIBUTOR-SOS DEN CO.
ALBANY, TEXAS
*
WHO
fMls lika walking all ovar town to pay the bills.
Parhapa It's tima to opan a checking account of
your vary own.
The First Notional Bank af Albany
"Banking Since 1 883"
MMesm-mtsrlU-mi
October 10, IMS
Carter's Restaurant dosed
Wednesday so that workmen
can complete the new addition
to their restraurant.
Jim Wood spent the weekend
here with parents, Mr. and
Mrs. G.L. Wood.
Jim is a member of the
S.M.U. freshman squad and
played most of the game
against the Arkansas freshmen
last Thursday night.
No moisture waa received in
West Texaa during the past
several weeks, and wheat
farmers are waiting for moia-
ture before planting.
Mr. and Mrs. Ronnie Rogers,
presently living in Okinawa,
are the parents of a baby girl,
born at 8 a.m., Oct. 8. She
weighed 6 lbs. 11 ozs. and her
name is Rhonda Lynn.
Mr. snd Mrs. Jody Besl are
parenta of a baby daughter,
LaWanda Jo, who weighed 7
lbs. 8 oss. on her arrival, Oct. 8,
at 5:58 a.m.
The Albany Fire Department
had a busy night Saturday with
two alarms. The first waa a
grass and garage fire at the
Whitt place. Later in the night,
fire destroyed the Alexander
place next to the airport.
Maurice and Mra. Donaldson
hsve brought the news s couple
of loavea of their home-made
bread, which la very delicious.
Msurice haa long been a master
baker and makes cakes for all
occasions.
Karen and Leay Lenamon,
daughters of Mr. and Mra.
James Lenamon, are twirling
Maidenettea for the McMurry
College Indian Band.
J. Carter King, HI, ia a first
yesr student at the Dailaa
Theological Seminary and
Graduate School of Theology.
Remember these grocery
prices: Bacon-49c lb.; T-Bone
Steak-TBc lb.; S lb. Flour-49e;
Folgers Coffee-66c lb.
NEWS WANT AOS
GET RESULTS
The
Consumer
Alert
by John L. Hill
Attorney General
AUSTIN -With the "credit
crunch" on capital for home
financing, and the increased
requirements for down pay-
ments, some consumers may be
LempLed to take the "contract
for sale" route to satisfying a
desire for home ownership.
In legal terms, this is known
us "an executory contract for
conveyance of real property."
What it actually is is an
agreement between the person
who owns a piece of real
property and the person who
wants lo own One lhat the
owner will convey the house
and loi after certain terms are
met.
A price is determined, and
the buyer agrees to make
monthly payments of a certain
amount for as long as it Lukes to
pay off the principul. The
average buyer, however, has a
tendency to look only at the
amount of the monthly pay
ments in terms of his budget,
without taking into account all
lhat the payments may huve to
cover, or how long they will
last.
h'or instance, in one case
which was investigated by the
Attorney General's Consumer
Protection Division, a South
Texas man had signed a
contract in l9t>H to buy a house
costing $(>,.'150. lie puid $500
down, leaving a balance of
$.r>.Hf)0 payable at $45 a month
at an intpresl rate of 8 per cent
on t lie declining balance.
There was no mention of the
total number of payments to be
made, hut an amortization
schedule!which would have
been available from any bank or
savings & loan inslilution for
about $1,501 would have shown
that it would take more lhan 30
years to pay it off.
In a separate section, the
contract for sale required that
the buyer pay taxed accruing on
the property, as will as the
premium for insurance to
protect the investment.
When you consider that the
amortization on the net would
have resulted in the first few
$45 monthly paymerjts break
ing down to $39 for interest and'
only $6 for principal you cap!)
see that further deductions fori
taxes and insurance would
reduce the principal 'payments
Lo little if anything.
That points up a primary
danger inherent in a poorly -
drawn contract for sale: If the
payments are too low, it could
Lake a generation or a life
Lime -to assume ownership.
Hecause that is another
problem with many of these
contracts when they state that
the buyer will not be given the
deed to the property until the
full contracl price has been
paid. If the would be homeown
er gels 30 days behind on a
paymenl, Lhe seller could
demand the full balance im-
mediately, with a threat of
repossession.
Reports of cases of reposses
sion, without notice, led the
1909 Texas legislature to pass
u law requiring the seller to
give formal notice, if the
buyer's investment had reach
ed a given point:
If Jess than 10 per cent of the
purhase price hus been paid off,
the seller must give 15 days'
written notice by certified or
registered mail. If between 10
per cent and 19 per cenl of Lhe
purchase price has been paid off
30 days' notice must be given,
And, if l!0 per cent or more has
been satisfied, 00 days' notice is
required.
And the notice of forfeiture
of interest and acceleration of
indebtedness must be stated in
this Isnguage, printed in
10-point bold face type'; "You
are late in making your
payments under the contract to
buy your home. Unless you
make the payment by ,
the seller has the right to take
possission of your home and to
keep all payments you have
made to date."
There have been many
abuses of the contract for sale
of real property on record. In
fact, the Federal Trade Com-
mission has held hearings with
a view to prohibiting such
contracts entirely.
Hut this type of home buying
can be useful, if the consumer
lakes precaulions: Be sure that
the total number of payments
are set out in the contract, and
that you understand exactly
what they must cover. Ask for
a wurranty deed, to be certain
there is no cloud on the title.
Require the deed when a good
portion of Lhe principal has
been puid off. And, it would be
helpful to have a private
attorney, or a legal aid advisor
go over the contracl with you.
If you run into any problems,
do not hesitate to contact the
Attorney Generul's Consumer
Protection Division.
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CHAPPEL UPHOLSTERY
Now Open in Baird, Texas
Furniture and Commerical
Free pick-up and Delivery
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Phone Baird 854-1688
NIGHT OR DAY
106 Market St.
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THE ALBANY NEWS
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Lenamon, James. The Albany News (Albany, Tex.), Vol. 90, No. 9, Ed. 1 Thursday, October 18, 1973, newspaper, October 18, 1973; Albany, Tex.. (https://texashistory.unt.edu/ark:/67531/metapth429082/m1/2/: accessed April 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting The Old Jail Art Center.