The Washington herald., 1921-05-18
COMPANY FORMED
TO AID BUILDING
IN WASHINGTON
III. Rozier Dulany Heads
Homes Financing In
stitution.
NEEDED IN DISTRICT
New Development Plan Has
The Backing of Many
Business Men.

The suggestion of an institution
TO finance building operations, made
by Harry wardman and indorsec
by Charles e. Wire before the SEN
ate subcommittee making study
of the building situation at the Ma
tional Capital, has already beer
adopted. Such an institution, per-
mitted to handle mortgage trusts
as he said, would prove of ines
timable advantage to builders and
assist the buyers of homes, has beer
fully organized under the direction
and MANAGEMENT of some of the
soundest business men of Wash
ington- -
Under the title of the National
Mortgage and Investment Corpora
tion," with an authorized capital OF
$4,000. 900, they have established
temporary headquarters in the new
Sansbury Building. 141S 1 street
The first formal meeting of the d.
rectors for the Inauguration of busi-
ness was held yesterday, all pre-
liminary work of organization hav-
ing been completed some weeks ago.
Headed by HI. r. Dulany.
The officers Of the corporation
are: H. Rozier Dulany, president;
L. E. Breuninger. vice president
William ID. West, treasurer; and l.
Kemp Duval, secretary.
The managing directors are: Har-
ry c. BirEe. real estate and insur-
ance, Gasch and Birge; l.. z. Breun-
niger and Sons. contractors and
builders: president Citizens Savings
Bank and vice president Park Saw
inEs Bank; C. S. Taylor Burke,
Burke and Herbert, bankers, AL
exsndria. Va; Appleton P. Clark
jr.. president Washington Hotel
Company. director Equitable Life
Insurance Company. director Wash
ington Market Company and direct
or Citizens Savings Bank; Fred T.
Dubois, former United States SEN
ator and president Capital Service
and Information Bureau; H. Rozier
Dulany, real estate agent and op-
orator; L. Kemp Duval, retired: H.
+. Galley, attorney. Minor. Cat
ley and Rowland. and director Ma
tional Savings and Trust Company:
Frank ]. Hughes. president Hughes
Finance Corporation and Hughes
Brothers. builders. Royal Oak.
Mich: and William d. West. pres
ident Rudolph and West Company.
hardware and builders supplies; vice
president Citizens Savings Bank
and director Park Savings Bank.
Aims 10 Help Building.
This financing institution has been
in process Of forming since last Sep
tember. and was fully matured be-
fore announcement. Its plan of op-
GRAFTON will be the same as that of
mortgage and investment corpora
tions which have operated with
great success in other large cities,
relieving the housing situation and
contributing largely to building de-
velopment, besides establishing a
sound and profitable investment in
stitution- Though the plan has
been employed with uniform success
in other cities, IT has never before
been applied in a large way at the
Nations Capital, where the need
for il is, perhaps. greatest and the
opportunity for its successful opera
tion most assuring. Its manage
ment is in the hands Of men who are
thoroughly Identified with the best
and most substantial interests OF
Washington, in financial and other
business circles.
Speaking of the purposes of the
organization. at the close Of the
directors meeting this morning,
hr. Dulany said that the cor
poration would meet the building
and development needs of the Ma
tional Capital in just the way Sena-
tor Capper's committee had been
told they could best be met,
Meets Demand for Money.
The National Mortgage and In
vestment Corporation" Mr.. Dulany
said. is organized to meet the un-
usual demand for money to finance
building operations in the city and
suburbs Of Washington, supplement-
ing the service offered by banks and
trust companies"
Washington and its suburbs, with
its many thousands of government
clerks, protected in office by civil
service, offers a prime field for the
companys business. At present the
housing facilities in Washington are
wholly inadequate, and a steady in
crease in its population will create
a constant necessity for providing
additional homes. Builders Of inch
homes need financial assistance. for
they must convert dAf4--ol rurchass
money notes into money IN order
to have capital to carry on th~ir
business The Operations of the
company should prove OF benefit 10
the home builders and the home
buyers alike. The company will
extend its operations in other fields
where similar conditions exist and
where advantageous opportunities
are offered.
oRer Profitable Investment.
The company proposes to pur-
chase notes secured by deeds of
trust on improved real estate; the
purchase of notes secured upon in
dtvfdual interests in real estate and
interests in estates in the process
OF settlement; the purchase of tax
lien certificates. trade acceptances.
etc. Those forms of Investments
are not only profitable, but ofYer
opportunity for the constant turn
ing over of capital the dividends
from which will be free from nor
NAL Federal income tax"
1T is permanent financial in
stftution, the need for which has
been recognized in other cities. to
their great benefit. but which wash
ington has not heretofore had the
of. It will be thorouehly
Identified with and participate in the
development of the National CapitaI |
and its operations being founded |
upon the stability OF washington's |
growth and prosperity. should be as
sound as the commercial. financial
and development interests Of. the