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Newspaper
San Antonio Light
Location
San Antonio, Texas, United States of America
Date
Jan 01, 1927
Page
10
Following a five year flood, San Antonio’s business district faced heavy financing obstacles for improvements. Lenders were wary of real estate mortgages and building securities, prompting a river widening and detention dam plan. The project is largely finished and restores confidence in the district’s future.
Life insurance firms show faith in realty loans with 1926 mortgage lending reaching 123 million dollars, 26.35 percent of admitted assets. Metropolitan Life alone holds over 950 million in real estate loans, signaling confidence in the building industry and the security of real estate bonds amid flood rehabilitation and new district development in San Antonio.
An analysis notes union strength in building trades with about one million members, predicting minimal wage cuts in 1927 as many crafts renew agreements. It argues improved management, better layout and design, organized workflow, and labor-saving devices could steadily lower costs and smooth industry cycles.
The county clerk chattel mortgage department stays busy year round with auto licenses taxes and assessments. In 1926 a total of 36 598 mortgages were filed compared with 26 114 in 1925 an increase of about 60 percent.
Real estate mortgage bond houses vow ample funds will be available in 1927 for essential building projects. Lenders must guard against over production with cautious loan policies based on local demand analysis and investor safety.
The Olmos retention dam project uncovered the oldest twins in San Antonio during excavation. Two large oyster shells pressed together by a past earth disturbance were found, their identities kept secret for billions of years. The fossils have been placed in the museum.
Calico clay discovered by workmen at the Olmos dam is expected to spawn a new large industry in San Antonio. The clay is considered highly adaptable to pottery making, and tests are under way to determine if it can be produced in quantities suitable for manufacturing.
The article argues that any business downturn in the coming year would be minor compared to 1920-21. It notes the lack of speculative inflation and high inventories, reducing credit strains and boom excesses. It predicts a temporary drop in building costs and rentals, regardless of whether the downturn occurs this year or next.
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