William Zeckendorf

"From 1962 on, as we sailed into increasingly difficult weather, the Webb & Knapp story is that of a ceaseless series of sharp tacks, sudden jibes, and difficult reaches by an increasingly"

"Excepting barter, which I have sometimes resorted to, the acquisition of sizable amounts of property calls for sizable amounts of money. While learning the virtues of buying for cash and selling for credit, I was discovering that there are multiple sources and uses for money in real estate. In addition to our Astor earnings, we used, as I have previously indicated, bank money, first-mortgage money, second-mortgage money, and sectional mortgages (regular first and second mortgages divided into two or more sections and sold to small investors). Another way of garnering quantities of ready cash is to make money for others, and we had done this by syndicating special projects with both individuals and groups."

"The investment banker can divide and sell the ownership and rights in a corporation in a great many ways, a piece at a time. For instance, he can sell first-mortgage bonds to an insurance company, at the prime rate of interest. He could also offer debentures, which, though they take a second position to the bonds, offer a higher rate of interest in compensation. For investors interested in a speculative fillip (in case the company does very well), there are convertible debentures that can be turned into common stock. He can issue preferred shares (convertible or straight), which tend to be especially attractive to corporate investors, because preferred dividends passing from one corporation to another are taxed only seven percent. Finally, there is the common stock, the basic equity of a corporation, but the availability of capital does not stop there; there are also bank loans, accounts receivable (which may be financed with a factor), warrants to buy stock, and various other ways to draw investment capital into a corporation."

"From 1962 on, as we sailed into increasingly difficult weather, the Webb & Knapp story is that of a ceaseless series of sharp tacks, sudden jibes, and difficult reaches by an increasingly"

"Generally there are three categories of real-estate investors—those who borrow nothing, those who borrow the maximum, and those who borrow conservatively. The nonborrowers, such as the Astors, who owned all their properties free and clear, could ride through almost any storm. Predictably, those speculators who borrowed the absolute maximum on their projects were among the very first to get wiped out. And yet, it was the conservative investors who ultimately suffered the most."

"Wall Street Maneuver,"