Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-10
LOAN TO PROTECT
GERMANY'S CREDIT
International Bankers May
Extend Credit to Aid Cur
renCy Situation.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. July 10.--American and
English bankers are discussing private
credit to Germany which may be in any
amount from 100000 900 to $400,O0O,-
600. The International Acceptance
Bank, of which Paul Warburg IS the
head, is believed to be the logical lead
ed in this movement. The credit Will
BE- usei to protect German currency.
This gesture of confidence in Germany
by International bankers may do much
to bring back the $4,000, 100000 short
term credits which took flight during
the period of apprehension before Pres
ident Hoover went to Germany's rescue.
Situation Summarized.
The following cable in regard to the
German situation was received by Lud-
wig BendiX. investment banker, of New
York City from firSt-hand source In
Berlin:
The continuous calling of foreign
credits or rather the failure to renew
shCrt-term commitments, has resulted
in unfounded rumorS about difficulties
in the German banking world. Today
steps have been initiated which should
put an end to further Withdrawals from
abroad, and bring about general res
LOfaLlOn o. confluence.
The effects of these measures will be
apparent in the next few days. There
is absolutely no reason to fear that any
one Of the large German banks is in
danger"
Mortgage Loan Interest
Home builders in Westminster County,
N. y. can now borrow money at the
lowest rate in many years. One of the
largest financial institutions in White
Plains, the Lawyers Mortgage Co. of
White Plains. announces a reduction in
its interest rate from to 5l2 per cent
on mortgage loans for Westminster prop
erty. Richard NJ. Hurd, president of
the company said the reduction was
warranted by the cheap money market.
Other mortgage companies in West
chester have refused TO follow this lead
Westchester is one of the few sections
around New York City where real es-
tate was unchanged by the slump. AS
a matter of fact, property there has in
creased in value during the slump and
there is an actual shortage of resi-
denCeS.
New York Realty Situation.
The real estate situation in New York
City proper is anything but rosy.
Apartment houses are so far overbuilt
that owners pretty generally are offer
ing tenants three months free rent.
Some Of the advertisements read take
possession now and rent starts in Octo-
ber"
This is also true of Office buildings.
Some of the new skyScraperS in the
Wall street district are less than one
third rented. Some of the newer ones
have no tenants at all. During the
boom many of the large banks let con-
tracts for grand new buildings which
are only just now completed.
The face of Wall street has been
completely changed with new buildings
in the last five years. The only really
old building remaining on Wall street
from Broadway to Water street is the
First National Bank Building on the
corner of Broadway and Wall street.
In all the side streets new skyscraperS
have been erected and if all the new
buildings we're to be filled up the finan-
cial district would need new subways at
Cnce Banks and mortgage companies
holding mortgages on lot of ttese new
apartment and Office buildings are not
feeling very happy about the situation.
Hauling at Night.
The interesting feature about the new
construction IN Wall street is that all
the hauling of girders and materials
has to be done at night. The hurrying
thousands in the financial district
rarely see the material delivered for the
new giants that tower to the sky. 1t
would be next to impossible to bring
long. heavy girders through the crooked,
narrow streets during traffic hours.
How the builders maneuver the huge
iron beams around the narrow alleys is
something of mystery, A great deal
Of the blasting for foundations also has
TO be done at night. In consequence,
Wall streets population hardly realizes
the changes that go on around it. One
sees patch of sunlight on the sidewalk
which has not seen the sun in SO years
and looks up to find an old building
gone 1t seems only few weeks before
the observer looks up to see a mighty
tower in the same spot.
Real Estate Pool.
A pool is said to have been formed
by one prominent real estate mortgage
man, head of a large mortgage COM
pany. and his associates. to buy New
York City real estate at 25 cents on the
dollar over period of five years. The
pool is reported to have $4,000, 900 to
spend.
These men do not intend to climb
for properties but propose to stand there
and catch them as they fall into their
laps through forced sales Some prop
critics in and around New York City
have sold for less than their assessed
valuation. If things turn out as the
pool expects these men stand to make
a pile of money The decline in real
estate values is expected to bring q
strong plea from property owners for
lower assessments.
Tire Prices.
Sears. Roebuck & Co. have started
price war in tires by reducing the price
Of its companion" tire an average of
more than per cent effective today.
Goodyear. Goodrich and General Tire
companies yesterday reduced their
third line of tires in proportion to the
Sears, Roebuck slash.
Copyright, 1881. by the North American
Newspaper Alliance, Inc)