BANKING: The Money Finder

While most businessmen are worried about tight money there is one New York businessman who has never been happier. His name: Ivor B. Clark. His business, which can only be enhanced by a tight-money situation: finding lenders to put up money on propositions that they might ordinarily turn down. Clark, 69, is so good at his job that in half a century he figures he has found close to $1 billion for borrowers. And last week Money Finder Clark was dickering on the biggest deal of his career: arranging the financing for two 90,000-ton. super-economy transatlantic ocean liners. If the German government will give a guarantee for 70% of the costs of the ships, a plan that German Economics Minister Ludwig Erhard intends to discuss in New York this month with Promoter H. B. Cantor and other principals, Clark figures that he can raise $112 million out of the estimated $160 million cost "in 30 days." With the "floating hotels," Cantor plans to carry transatlantic passengers for as little as $50 one way.

Clark is a top money finder because he knows which insurance companies, savings banks, pension funds, or other sources have funds to loan, how much interest they want, and how to tailor each loan application to appeal to the loan-fund manager's personal preferences in collateral. For his services in introducing lender and borrower, Clark collects 1% of the gross proceeds of each loan. Sometimes, when an extraordinarily difficult piece of work is involved, he may raise his fee to 2% or more (the maximum: 5% of the amount of the loan). As a money finder he has done wonderfully well at finding money for himself. Worth more than $35 million, he has five cars, including a chauffered Rolls-Royce equipped with radiotelephone, a penthouse in Manhattan, a 13-acre country house at Amagansett, N.Y., his own game preserve and a $200,000 yacht.

Morgan's Bark. Clark, born on Staten Island, got into money finding at 16, when he persuaded a Brooklyn builder to give him an exclusive contract to obtain 5% mortgaging on 200 houses. With his $25,000 fee, he opened an office to hunt up more business. Learning that J. P. Morgan was paying 6% on some mortgaged loft buildings in lower Manhattan, Clark, 17, wrote Morgan that he could save him money by refinancing, was invited to Morgan's office. When he arrived, Morgan barked: "What s.o.b. sent for you?'' Replied Clark: "You're the s.o.b. who sent for me.'' Morgan laughed, said, "Good for you, young man"—and let him refinance the mortgages.

On the strength of the Morgan contact, Clark branched out. made his first million in the '20s. In 1929 he founded his present firm, Ivor B. Clark Inc., and rode out the Depression comfortably by finding money for needy Wall Street investors to whom banks refused to lend a dime. Among his financial sources: Eccentric Millionheiress Hetty Green, who collected as much as 10% interest.