[Memorandum of visit of W. M. Wright and Nobe Carl] Page: 1 of 2
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May 21, 19L8
Memorandum of visit of W * M. 'Wright and Noble Carl.
While at Sugar Land nedncsuay, the 19th, Noble Carl, who formerly prac-
ticed law here, phoned and asked me for an appointment which was fixed
for ten o'clock this morning. He brought with him a r. . 4Y, . Wright,
President of W. i. 'Wright Company, Houston, who seemed to have a loan
agency of the John Hancock Life Insurance Company for urban properties
in Texas.
ir. wright stated that he was looking for business on the recently de-
veloped practice of large corporations selling their real estate to in-
surance companies, conveying full title; the insurance companies in
turn leasing the property to the seller, or to some responsible person
designated by him, for a long period of time, fifty years or more. He
suggested that such a deal might be made on the physical properties of
the imperial Sugar Company. This was quite a surprise to me as I could
see no basis or appeal of such an arrangement to either the borrower
or lender.
In the course of the conversation it was suggested that several large
concerns like Sears-Roebuck and several concerns that own office build-
ings like the United States national Building had sold the property
under these terms because of the tax advantage. I told them if they
had the United States National Building in view I didn't think anything
could be done. They did not affirm any interest, simply stated that
it was typical of several deals.
Mir. Wright was not interested in farm loans or vendor lien notes based
upon the outgrowth of sales. He was interested solely in city property,
stating that he worked purely on a commission basis and was not an
official of the John Hancock.
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Kempner, Isaac H. (Isaac Herbert), 1873-1967. [Memorandum of visit of W. M. Wright and Nobe Carl], letter, May 21, 1948; (https://texashistory.unt.edu/ark:/67531/metapth1054017/m1/1/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Rosenberg Library.