The Brooklyn Daily Eagle from Brooklyn, New York • Page 23

THE' BROOKLYN DAILY EAGLE. NEW YORK. TUESDAY. JANUARY 27,. 11.27.

1 23 AMERICAN WAREHOUSEMEN BROOKLYN CITY R. R. ELECT COL. CERHARDT BOND AND MORTGAGE GUARANTEE REPORTS BRANCH BANKING WINS IN HOUSE U.S.B.ANDM. ISSUES NEW STOCK At a mwtinc of (he Amer- Spring Companies Merged The Weatlnshouse Air Spring Company of New Haven and the Cleveland Pneumatic Tool Company have been merged.

The companies manufacture air-con! rolled tools snd springs used on busses and trucks. START SKYSCRAPER OF WILLIAMSBURGH BANK NEXT MONTH icnjb, iVarfhousmfn' AukciaUon In Kama City. Cnl. P. 1.

(iarlwrdl. KKDUMS.MYWhlW TO CONSERVE Tir irident of Buo Twmln! Vompuny, In charge of oiH-rationn. kh elected presldrnt ut the mT- VIRGINIAN EARNS chjmdiie dlvNIon. Th olation corisints of warfhouwmofl from pacta of the lulted Htates and t'anada. 22-Story Structure, Costing $16.11 PER SHARE $25,000,000 N.

AMERICAN 13,000,000. to Be Built at Hanson and Ashland pi. Work will start next month cn the McCOWN COMPANY OF PHILA, SUSPEND Philadelphia. Jan. 25 MrCown A Co.

before opening today Issued the following statement: "Hudden decline In market of Estey Welte Corporation stork, in which McCown Co. bed large commitments, resulted today In an assignment by McCown 4k Co. to the Fidelity Philadelphia Trust Company for the benefit and protection of Its customers and creditors under the supervision of the Court of Common Pleas of Philadelphia County. KeorganUation plans are under discussion." The Kstey Welte Corporation is not Involved In ths assignment and Its sfraira re reported to be in excellent condition. The committee en Insolvency of the Philadelphia Stock Exchange suspended McCown A.

Co. for m-olvrncy. NEW DIRECTORS IN CARIB SYNDICATE EDISON ISSUE SOON A major piece of puhlic utility flnanrlns expected In the Bear future is Issue ts-year de- demolition of. the old buildings at Hanson pi. and Ashlund pJ.

to make way for the 22. story bank and office building, to be constructed iy the Williamsburg Savings Bank, plans for which were filed yesterday at the penrures of the North American Kdl Quarterly Dividend of 1CJ Cents Declared Now-Probably on a. 6, Percnet Basis. 1 Directors of the Brooklyn City Railroad today rut In half the regular quarterly dividend on thapt-tal sUik the cornpatiy Hy the declaration of a. quarterly dlyldeqj of 10 cwits.

I'revlousty the quarterly dlvUiend ut 2d cent, on the flt par sU'Cli uaa dtichtreil. a The tl.n dime asi a tUrtris to storslmMers, liu hat! been assured at rewnt meetings tlit there was no immediate qocewity to cut the dividend, whii-h is 80 cents per share ier annum. The company's earnine-- in he past two were sliKhtly more than sufllcienl tu. paysthe dividend at that figure. At the oflloes ot Ihe company It mta Vompitny.

cudvertible after one year into preferred on a hasls of Id shares for each $1,040 bond. The North American Kdtson rompany is Building narrau by the arehltects. oomroiled by North American Hdlsey. McCormlck Helmer. The estimated cost of the operation is J.noo.ooo.

Company Also Plans Issuance of Second Mortgage Trust Certificates. In ronntvtlon with th announc. Ik of 500,000 oapital nhar vt the I'nited KtHtf Kutid nnd MuH-' itafEt Corporation. lurftfHt rotul uiortKUKe Institution In America, th atatmen that tb company i about tn tntt-r a phan of flnanolnf "ntlr.y nw to tha proni1 mortgage induntiy. In lino with the pla whii-h haa secured rapid capital turnover in the flmt mortgage biiat-nens.

the company will ahortly lssu guaranteed truat certificate a gal run. Ha trusteed mortgagee. The announced lamte of capital-shared comprise 10,000 aharea of 7 perceid cumulative, preferred atock. par value turn, and lO.uOO nharea ft nu par value common atock all to he' aold In nnH of one ah are of com in on with one share of preferred at a unit price of $150. The companv i capf-tullaod at $5,000,000.

The net income of the the year en. line Dec. II, 12. waa a I moat twice the annual dividend requlromenta of fts outstanding preferred atock. Total aaeeta of the company aa of Jan.

1 8 without giving efteot to the present financing ar. $3,138,837.0. pany, which owns all of the common stock. It is expected secured 6s and There are about' eight old struc tures now on the site. Including the Army Building, whose trus m.

of which there are about 000,000 outstanding will be called. AUTO PRODUCTION tees recently nurchased a plot for new quarters further eowo the block on, Ashland pi, adjuinlng the Academy of Music. Net Earnings in Year- Are $2,631 Business Large. The net earnings of the Bond and Mortgage Guarantee Company for 12 amounted to 2.1I,000. according to the annual report to stockholders.

The company pnld out in dividends II, .00. 000 and added fl.031.oon to surplus and undivided proms. The combined rapHal, surplus and undivided profits how amount tn 1 711,000. of this amount has been the total capital paid in by the stockholders from the beginning and II lt.o has been saved from earnings for the protection of policy holders. During the year the company extended 11.810 mnttirfng mortgages, amounting to 284.00(1.

and issued 11.715 new policies. Insuring I1S8.288.O0O. The net Increase In outstanding Insurance was 880.385.-o. as compared with 150.700.000 In the previous year. The total amount under guarantee Is now 1546.

Is. -000, represented by 188.148 policies. Since the beginning of business the company has guaranteed mortgages totaling 11.328. 000.000 without taking Into account ths extensions. "The company does not carry as an asset any foreclosed real estate, showing that the mortgages are selected with judgment and cared for with attention.

The company believes that the principles on which It is working are entirely sound and that the older It gets and the more businea It does the stronger It becomes, which Is the way an Insurance busines should be conductedi" the report says. Electric Output Up 13 Percent The output of electric energy by the Oas and Electric Company for the week ended Jan. 22, totaled k.w.h., an Increase of 13 percent over last year. Hull Amendment Is Stricken From McFadden Bill. Washington.

Jan. 15 Defeat of the Hull amendments to the McFadden branch bank bill In the House of Representatives yesterday afternoon by 128 to Hi was generally considered the most Important action on banks taken by the House In years. In addition the House extended indefinitely the existence of the Federal Reserve System, by a vote of 28 to 2. The Hull amendments prohibited national bunks from ever establishing branches In States which did not permit branches for State banks. Aa the McFadden bill now stands, minus the Hull amendments, national hanks will be permitted to operate branches within the limits uf the city In which ths bank is located, in 22 States.

F.ffert of the Hull amendments would have been to prevent national banks from establishing In States where branch hanking is now prohibited by the State laws, even If. at some future time, thesr States were to permit branch banking. Only one branch may be established tn a city of less than 6O.00O and more than 26.000 Inhabitants, only two in cities of 100, 000 population, and In cities over 100,000 branches are to be established In the discretion of the Controller of the Currency. Inasmuch as the above was the chief bone of contention between the House and the Senate, the adoption of the McFadden bill seems assured. In addition tu the above provisions, it extends the time limit on real estate loans from one to five yeurs, abolishes the 99-year charter now issued to national banks and substitutes charters of Indeterminate duration, permits discontinuation of branches of the Federal Reserve banks, and permits lssunnce of shares of less than 1 00 par value.

pointed oiit-that vliile the ouar-' dividend had 1eerf halved. terly INCREASE MARKED there was no M.tsnn to neMeve that Hie annual dividend would he rut To. lie Card as llrnnch. The site for the new bank building This Compares with $6.98 Per Share in 1925. The Virginian Hallway Company "reports for the year ended Dec.

31. 1926, surplus of 11.717.047 after taxes and charges, against IS. 159.777 In 1 926. December gross was ta.922.432, against tl.625.77C: net operating Income In December whs 1629.896, against 1617.062: total Income In December was 1695,16. as against $702,659.

Surplus after charges In December was 952,09, against 1361.141. Twelve months Bros. 123.678.688, against 118.862.-179; 12 months net operating Income. 19.856.725. against 16.458.207, snd 12 mouths' total Income, II against 17.718.981.

For the year ended Dec. 31. 192. surplus of 16,717,047 after taxes and charges Is equal after preferred dividends to 116.11 a share earned en the outstanding 812.715 shares of common stoejt This compares with I3.s69.777, at 6.98 a share, in 1926. Onlario Net Fquals SI.SS a The preliminary report for the yeor ended Dec.

Si, 1926, of the New York, Ontario and Western Railroad shows surplus of $775,126 after faxes and 'charges, equal to $1.83 a share earned on the outstanding 681,139 shares of common, against $41,066, or 7 cents a share, in 926. The deficit for the fourth quarter of 1926 totaled $137,858. ngalnst a deficit of $727,882 In tho fourth quarter of the previous year. Is 100X200 feet and was assembled The banking Institution, lorsted In the Broadwiy sec Dealers at Many Points Are tion of Wlillumsburg. will use the new oiflce as its downtown branch.

Increasing Their Orders. Detroit. Jan. 26 A At present the temporary brunch is At a meeting of the Carlb Syndicate stockholders. Interests behind the committee which' recently obtained control of Voting stock of company were elected to the board.

These were: Krnest Stauffen vice president of the New Tort Trust Company; R. Halllday of Hal-liday A R. C. Stanley, president of International Nickel Company, Arthur H. Bunker and John W.

Doty of the Foundation Company. Charles Hayden, of Hayden, Stone which underwrote the recent stock issue, was also elected a director. These directors fill vacancies caused by the retirement from the board of Dr. T. M.

Johnson and U. O. Decker and to fill other vacancies. There were present or represented by proxy, a total of 4.945 shares out of 6.000. No opposition developed.

Other directors svere re-elected. upswing in retail aalea for several automobile companlea 1m takin place. Dealers at many, points are delivering- cars aa fast as received and are Increasing current orders. In two. Krnm present Indications the dividend will be iwifntainsd at 60 rents a-Bhare per annum, -yince the het'lnnlnK of the fiscal July 1.

60 rent, including the present dlvklend, will have hten paid. AVith a dividend In the next final quarter 60 cents, or at the rata of 6 percent will have lieen puld. The dividend was reduced, officers decJheit. heeauxe of the-uncertainty of the traction situation and the necessiay to conserve cah. resources.

It was asserted that If the Brooklyn t'lty got part ot the Brooklyn bus franchises It would need funds for the purchase of busses and If it did not tl would need funds to fight the award of the franchises and to meet competition Chevrolet produced 40,6 car In December and up to Jan. 81 had located hi part of the Long island Hallroud station building at Flatbuan and Atlantic aves. "Our new downtown branch will be the (aat word In banking quarters and a notable addition to the new structures 'being 'erected or In the planning stage in the neighborhood of the Long Island Railroad station." said Harry Klnsey. controller of the bank, who will have charge of the branch. "There will bea 60-foot celling and a mezzanine on the flrst floor.

The facade of the building will be In light stone and brick and the construction will be of the shipped out 86,640. Production ror thiB week will approximate The Brooklyn City Railroad Co. IM Moataaue Mtrt, HrtnlilTi, V. IMVIDKNO MO. iM Tb Jloant of iMrertori ha thisi.

di Ur1r1 a quarterly dlvldonii of ton CliM, pr har on tht outfant11nf aharaa of capital lock, payahl March I 1I7. to BtorkhuMera of record at tha clcM of lualnaa on February 1 1. 1927. Ths. fractional aharea of capital atork will twt rc1va th la dlvtdand unlona iirhtnid futl nharfi on or lafcr Ftliruary 11, 1137, Trimfir booki will not ta cluted.

January 14, 1M7. GKO. W. JOXFS, Trtaiurvr. cars.

The company Is making cars six davs a week and expects to increase this to a day hy March. Tha March schedule Is lor 100.000 Chevrolets. Hudson Motors scheduled 10,000 Essex cars for January, but will ex finest. v. BANK OF AMERICA SETTLEMENT SEEN ceed this figure by more than 2.000 cars.

Dealers are telegraphing for Increased current shipments. The MUNICIPAL OPENING TVew Issue NEW LOTS BRANCH new Hudsons will go into production Feb. 1, when the schedule will call for upward of 600 Essex cars and 600 Hudsons a day. By March It is planned to produce 1,000 Essex and 600 Hudsons a day. $100,000 The Hupp Motor Car Company states orders for both immediate and Ninth Complete Unit to Go in spring delivery have been received in such volua that production for Service Tomorrow.

On Wednesday, Jan. 2d, the New next month will probably make new high record exceeding. tie out Lots Branch of the Municipal Bank United States Bond Mortgage Corporation (A National Second Mortgage Institution) 10,000 Shares 7 Cumulative Preferred Stock Par Value $100 ,10,000 Shares Common Stock No Par Value The PreferTwd Stock is preferred as to assets and as to cumulative dividends of 7 per annum. Dividends are pay able quarterly on the last day of March, June, September and December. Redeemable as a whole or in part at 110 and accrued dividends.

The Common Stock is full paid, non-assessable and each share carries full voting power. put ui o.vsi in dune, C. PLATE will be formally opened to the public. Ellas Ginsburf has- been appointed manager of the new branch. He, has been associated with the bank since Us inception, and has had a thorough training in the banking An Impression prevails In local banking quarters that a settlement of the latest dispute In the Bank of America particularly the suit of Edward P.

Morne of the Morsa Dry Dotsk and Repair Company to eject the board of directors elected on Jan. 11 lust, la not far off. Mr. torse, obtained from Supreme Court Jdstice Dunne -In Brooklyn on Jan. 18 an brder tonhow cause why the rttrftorate should not be ejected.

This Hrder was returnable on Jan. 4. When the matter, came up in the Supreme Court yesterday postponement to Feb. 24 "hjt consent wag announced by representatives' of the" contending factions. It was thought unlikely thift so long a postponement would have been taken had not the probabilities favored an outnide settlement.

Henry Root Stern, counsel for the tank, refused. to comment on, the situation when asked today. PARLEYS RESUMED Kemp and Van Swerlngens Try to Get Together on New CAPITALIZATION 7 Cumulative Preferred Stock $100 par. Common Stock No Par (shares) Including this issue Authoriztd Oaltttnding $3,350,009 150,000 133,500 Plan. Conferences, designed to obtain the aproval of the minority com Tht following hat bttn lummaciztd by Mt.

Htnty J. Simonion, Pctiidmt of th Company mittee of Chesapeake and Ohio stock- stockholders for the new merger plan, have been start ed In this city, the Associated Press WESTERN PACIFIC HEAD TO RESIGN APRIL 1 San Francisco 'dispatches say C. M. Levy, president ot the "Western Pacific Railroad, will resign on reports. Meetings of the Van Swerlngens with George S.

Kemp and oihdt tnemhora of the minority, committee are understood to have been held last Friday and Saturday In an uptown hoftl, and will be resumed April 1 and will be succeeded by Hi issna ii: 1 1 VT. I. I M. Adams, at present vice-president here tomorrow. of the Union Pacific at Omaha, Mr.

Considerable secrecy surrounds Xevy will remain with the "Veetern the meetings. It is believed, how macule as consuitunt Wlin Uie ti tie of BssiBtnt to the chairman-of ever, thut the Van Swerlngens are seeking to obtain the approval of Mr. Kemp and his associates of the the hoard, Wholesale Gasoline Lower revised merger plan, which Is Jin. derstood to contemplate the aubstl Fllas Ginsberg United -States motor1 gasoline "is tutiori of the C. and O.

for the 'Nickel Plate" as the chief, unit In business since his original connection with the late Jullua Josephson tbs consolidation. Objections raised bark In l14. by C. and u. stockholders to the The new New Iots Branch the original plan are believed in wall ninth complete nK of this progres quoted at 9 tn 10 cents a gallon, in the Chicago refinery market, off cent' on tlie bottom price.

la up 'f rent at 84 to 8 While (16-58 grade, 450 endpolnt, Is cent hiirher on tUc-miuinium price of cents, with top at 8 cents. BANK STOCKS sive Institution and like th. other branches of the Municipal Bank, It HISTORY AND BUSINESS: The United States Bond A Mortgage Corporation was incorporated under the laws of the State of New York on December 27, 1923, and is one of the largest and most successful firms handling limited amortized second mortgages on one or two family dwellings and other improved income producing real estate. The field of operations of the United States Bond A Mortgage Corporation, the Parent Company, is Greater New York, where its Home Office is located; and the rich Suburban Counties of Queens, Nassau, Suffolk and Westchester, in which the Company maintains branch offices. AFFILIATED AND SUBSIDIARY COMPANIES Three new affiliated companies: Massachusetts United States Bond Mortgage Corporation, United States Eastern New York Bond Mortgage Corporation and New Jer-.

sey United States Bond Mortgage Corporation operate in the suburban territories of Boston, Albany and Newark, respectively. Each affiliated company is capitalized in excess of $1,000,000 and more than 52 of the common (voting) stock in each is owned by the United States Bond Mortgage Corporation. The Parent Company holds separate charters in ten other states in which it will conduct similar affiliated companies. Also, as a protective measure and with a view to the future, the Corporate name has been filed in 20 other states as a foreign corporation. In addition, there are three subsidiaries in New York: Title A Second Mortgage Guarantee Company of New York, United States Company Buildings, and Garden City Agency, all of the capital stock of which is owned by the United States Bond A Mortgage Corporation, with the exception of Director's qualifying shares.

SECURITY: Due to a conservative policy of rigid and exacting requirements, tbe Company has never experienced a foreclosure. The Company does not accept mdrtgages on uncompleted properties, groups of houses, large apartments or business properties, garages or tu principal business is buying small amortised purchase money second mortgages, at a discount on selected homes. The average equity in properties securing mort-' EaEes owned by the Company on December 31, 1926, was greater than 35. It does not accept any mortgage of over the average of those now held being less than $4,000. Every member of its Boards of Appraisal is a substantial stockholder.

EARNINGS: The NET income of the Company for the year ending December 31, 1926, excluding deferred profits represented by mortgage discounts, was almost twice the annual dividend requirements of its outstanding Preferred Stock. The Corporation has just started to turn its capital which will result in a multiplication of profits in 1927. In addition, the earnings of the affiliated companies and subsidiaries will be reflected in ths profits accruing to the stockholders of the Parent Company from time to time. PURPOSE OF ISSUE: The proceeds of this issue will be used as additional working capital to meet th requirement of the expanding operations of the Company. DIVIDEND RECORD: Tho Company has never failed to pay the Regular Quarterly Dividend on its outstanding 7 Cumulative Preferred Share on th date due.

It has been the policy of its Board of Directors to build up a reserve by adding th excess Minings of the Compsny to surplus rather than pay Common Stock Dividends. It is expected that the Common Stock will only be placed on a dividend basis as soon as is consistent with conservative banking practice. Is equipped with safe deposit vault and every other moaern convenience for the efficient administration of practically every department of banking from commercial accounts America 825 0f NY.STfO tTR Uu Siai PPinlCii, Am Slu UnrHfld S. to special tnriit accounts ana ror-elgn exchange. A cordial Invitation has been extended to the public to visit with ths Ilk of "ireenw'ch f-0 Do c.327 JUS I Hanover ..11 1220 Bow-K, liarrtrvan so 6M0 officers on Wednesday, and Judging H'way Cunt-l'in IS 'J linnon .180 14i from tjie Interest expressed by many Iic.U75 HTf Liberty ...230 HO liroDX Nat.490 5ioj I.nns-ii.rft n.2S IT Street to have been largely responsible for its rejection by ths Interstate Commission a year ago.

fnder their agreement with the Pere Marquette directors, the Van Swerlngens are reported to have exacted a promise that no change in dividends would be made on that road's stock before February 1 of this year by which time the revised plan was be ready. If the plan was not ready at that time, It was understood that the Pere Marquette directors would be free to make changes tn dividend or enter Into negotiations for new combinations. However, no such action is likely lnusmuch as the Van Swerlngens have since acquired about 40 per. cent of the Pere Marquette stock, giving them a working control. If the new plan goes through, as Wall Street understands It, a recapitalization of Chesapeake and Ohio will be necessary to frovMe additional stock for which the stock ot other roads may be exchanged.

leading business men ot new lois, Hryant I'll. 2)0 2 i Manhattan .241 244 t'upUaV Nat.2Jii 22T, tm hat tan. 240 tit the opening day should be a most successful one In every respect. nt Mere. Oieiita 27 I 30 330 'nt 160 i r'-rk.

fiit tU Chans 4-3 428 Pfnn Kxrh. 150 16a 3il0 Penn Exrh. .150 MACHINE TOOL SALES CAIN The month of January has been 4g. 4 ijtUP I Pt. Public 648 O'tiHhnro N.185 7th Nut.

8'abraTJ .615 wanclarJ kto State 5io Trade Bank. 110 lind Nat I ko Wih Hi Li. 700 Yorktown a period of satisfactory gain In sales hat rhni.as! Chfini'-iil City. 610 Nat Ottjr rta.H2 i 'umiiiTi'o 4l'0 Conr wealth 2'i0 t'ontiatntai 270 Corn i 2t5 I and Inquiries In th. machinery and machine tool Industry, American Machinist reports.

The momentum attained Is expected to carry over Into February. rifth IblW Ei-dlvldnfl. ney-tlrhtfe Statement of condition as of January 18, 1927, without giving effect to this financing LIABILITIES Accounts Payable Realty, Surety jand Jlt Cot. Speculative Gossip in the Street and They Say That: 3,584.67 3,000.00 Incomplete Mortgage Payments Subscription to Capital Stock of Subsidiaries 45,500.00 ASSETS Cash in Bank and on Hand 122,240.59 Fourth Liberty Loan Bonds 82,091.88 Investment 2,102,614.45 Notes and Accounts Receivable 36,480.64 Accrued Interest 16,913.34 Furniture and Fixtures 18,453.04 Due From Subscriber 760,043.15 Nat Surfty 41 T.44& Natl Tltln. Do lat pf 90 Ri-alty Awso.227 Lo 2rl i Tltia Am J) A Horn Law ft Uovff- tit Law.

l.Awy Wfert.ItS Capital Stock Subscribed and 2,666,013.00 Surplus and Reserves 420,739.42 $3,138,837.09 INSURANCE COMPANIES BldAlr' in or a. r.2 Mil Mrq 130. built up that a repercussion will be the natural sequence." says W. M. Waddell of Frailer.

Jelke A Co. a a "Underlying conditions warrant nothing more than a moderate reaction. W. belieY. in being prepared fo reventualltles ot this kind always, but we see no reason for being ultra pessimistic now Just because the market has temporarily paused," declares lien Talbot of Jackson, Boesel Co.

a "Public speculative fancy Is running to the low priced raits and w. think they will be still further featured." F. B. Keech Co. says, a a a "We would not, however, follow the advance th.

low-priced railroad We would be inclined to switch to the high class transnor-ritlun shnres," advises the Wall Street Mirror. Mil Ich. ti A m.tfif 'n Itlver 110 HQ Nolthfn "The low-prfced rails have come into their own and are not to be daunted by reactionary industrial lenders and sulklness on the part pf the senior rails. However, we would malnain a sane attitude toward speculation In the junior rails and guard against hlt-or-mias buying. Earning power Is the important factor to know," advises E.

Keenan of Hornblower Weeks. 1 a a a "Irregularity and lower prices should continue until we can definitely see ahead." says K. A. Wels-mann" of Wade Bros. Co.

a a a "The p6Hey. suggested weeks ago, of lightening accounts of securities whose prices amply discounted the respective companies outlook 'or earnings still appears an advisable one to follow. We would, -however, view nny weakness that may ijesult from further drives as buying opportunities in seasoned rails and sug-Kest the retention of such industrials it Colorado Fuel, Remington and l'ostiim, pendlnn their dividend c-ilon." according to Sam Smith of j. S. Bache Co.

a a The action of th. high-priced rails. Industrials and stocks in other, sections of the market was disappointing and will probably continue to be until ths short interest is so $3.138,837.09 TURNOVER; Th Company is about to enter that greater field of mortgage financing which operates to secure rapid capital turnover, i. the issuing of long-term evidences of participation in trusteed mortgages. These are in the form of Guaranteed Collateral Trust Certifi- cates.

Th Company's group of mortgages are being deposited in trust with a selected trust company. The is- sued certificates, secured by the trusteed mortgages and authenticated by the trust company will be guaranteed as to payment of principal and interest by the Title ft Second Mortgage Guarantee Company of New York, which is operating under the supervision of the Insurance Department of the State of New York and is a subsidiary of the United States Bond ft Mortgage Corporation. The capital secured from the sale of these certifi-. cates will be put to immediate use in purchasing additional worthy second mortgages at a discount. DEMAND The demand for funds for secondary financing of real estate amounts to hundreds of millions of dollars annually.

The Corporation has only been in a position to consider but a very small portion of all the business 'offered, so great has been the volume. MANAGEMENT: The management of the Corporation and its subsidiaries is under the close supervision of a Bosrd of Directors snd local Appraisal and Advisory committees in each of the territories of operation, consisting of over fifty men of whom forty-four are associated with local banking institutions. The officers and personnel of tne Company are men of long experience in the mortgage and banking business. The Management has been unchanged since incorporation and it is du to their safe, conservative, yet progressive policy that the Company has enjoyed its splendid growth. Afui.

Agricalturrt 20 A ifl tn A Am 4T Aiitowint't. sr.o Hk rsliip 2r, iTo, .400 eimilVn Fir 1 Carolina. 34 CI oi.M jr.2KA on I CnlinvittHt 13 ('tut (iwar. 1 (1 Tidt lt. -145 Ptiri'X of ftfr Franktln Uo (ih tih 'Kji Hi.

4 Ac K.l&'.O Uniir Fi Harf rrrc'S'iO Hartfd 27 Imp A Exp. 70 -Nat 21 Nat t.ilirtji.ul I Innur. 1 MsBo-a "iw ifin Ftre Phopni os Prrw, YlfW 3M Kt.rtfl Ll-ftf A IB? 100 H'tir H. Tnj Id, iwtv.jjs-. t'.

51 Wl4fllMI(r. 4t it BANKS, dLv1den4; Corn Exchange Bank KW YORK Cmpital mnd Surptut $27,000,000 BROOKLYN BRANCHES BrnnsrlTn Hnnrfa Court a Jinlmoa Rta. riaumab At, Urine a 1 It 21 rtaOush At, Brmaife UanbatUa At. SUGAR STOCKS R's a.aM IV. raraoaa.

f. 71 XI 121 Hrrtlc At. Briiwh Mrtla At. A B'wi 1M F.d sugar. Jimir Ntlti.rrb 7fti" Maaa'h 34 to pf .1 r.t OrlMlt pf 78 MKETIXfJS.

rw.iim oriHiKiTsi nraoca (v uamuioa at, uabwka Branca A Uraaua At. ln pr. (lMhaiia 1 I pf. II This stock is offered in unit of one share of 7 Cumulative Preferred Stock Par Value $100, with one share. No Par Value, Common Stock.

Price per unit, $150 THIS OFFERING IS NOW OPEN TO PUBLIC SUBSCRIPTION In svrore'arw with Ut policy of KOnomittl operation sna" in ill corporate tntntint, tht Vnittd Sttttt honi tf UotlgtQt Corporation offers Ihu Capital 5fock direct to imwafort who aVaus a fit 7 Pnhmd Invntmtnt plm tht tvtun pouifniifiaa of an txufimt Common Stotk in froti'imj tntncol inttitation. Tht ftttt in Ihit otirina tn srWuf.fV luutnuti by tne mnimigmi. i United States Bond Mortgage Corporation TRUST COMPAJaii. TRUST COMPANIES TO STOlKlinl.nEKH OF BROOKLYN BrDIN( NOVELTY COMrAWT! Tha annual matins nf tha stocahcild.r. of th.

UllooKI.VN BKAI1INO NuVKLTK I'lillPANI will to h.ld at tha offlr. of th. Company, SSI Jay atr.t. la Ih. Boroush of BrooSlyn.

City nf N.w 'Tors, on th. 11 d.y ot 1V2T, at 10 o'clock in' th. for. noon, for tha auction of una for th. tranaactlon of such oth.r bu.ln...

aa may properly coma liefer, la. marlns. ft. RUST, Secretary. )ali to KINGS COUNTY TRUST COMPANY .443 i th tw a 4 ti I i rr.r, 4Mi mi (Is -ri 8 East 41st Street, New York Vn 27 mt N' VAT J'tO Bk if Kjr.

"uvm lU-toktrn rjtiy 'a: Kfnptrif .7 Kiuitubla l-'UP-n L4T.S-.J 342, 344 and Capital, 346 FULTON ST. $500,000 MINEOLA WHITE PLAINS RIVERHEAD .19 1 1 tnnff(H-t 9 t- IT 35 I lTn Slaif Irin an i rsxirt xt rttHciiVi( 150 JAMAICA' T1IK I'XIIIXMK KIRK COMPANY Or BKOIIILIN, N. 1. Tha annual niMUns of for Hi. of olftcara for th.

an.ulnf ywttr, and for tha tran.actktn of auch bu.l. n-n a. may coma b.for. Ih.in. will ba lr.ld at the office af tha Company, 1 I Av.nua, on Tt'KSDAY UOliN' 1.N1J.

I LltHL'AMY 1ST. at 10 clock .1. T. PADIHHJIC U' Unittd Statu Bond Mortgagt Corporation, 8 Eatt 4 lit Strtt, Ntw York. N.Y.

Pltatt qiot mt more detailtd information concttning th abov offering Nam Stmt City Stat CE-i6 TOBACCO STQCKS SURPLUS and CI 7 lft UNDIVIDED PROFITS I JULIAN P. FAIR-CHILD, Praildeal WILLIAM J. WASON 1H 1 UUHAItl) I). JIKIKT Vlca NnllllAN I'AltrtNTKB IPraudaata TIIKMAM I1I.AKK Secretary ALHCKT I. TAltoR Aa.l.t.nt tWr.t.rs CLAIII Nl'g K.

TolllAS. Itacret.ry ALllKUT E. tCKKKHON Auditor Intersat Allowed on Accounts Subject to Ch.ck. Special Rates ss CrtiBcat.s of Deposit, Sim THIS AKNt'Al. MEKTINO Or THE BIHHiKt.VN KAVINI1R AND LOAN ASHOl'IATlfiN, for tha of dlrc.

will ba h.ld at th. office of th. A.Morl.tlon. .1 Court Street. Brooklyn, on WKIINESUAT, JANI'AKI UTH, l'ollaopas lull H.

121 Mo pf 11 in Im Pf 101 101 11 H. Young. Ill III 41 Do pf till 101 mT Ctr.ll7 Do pf 10' lnt Cil 110 Do pf I'll.