Business: Second Mortgage Pool

Worried for several months about the effect of frozen real estate loans on banks, home-owners & builders, President Hoover announced two weeks ago a relief plan he will put before Congress (TIME, Nov. 23). New York City realtors and savings bankers took heart when they read of this latest national credit pool, lost no time in proposing a smaller auxiliary pool in their own district. Officers of seven big metropolitan savings banks met with Joseph Paul Day, famed realty auctioneer, to draw up plans for the company.

Main purpose of the corporation would be...

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