The Washington herald., 1921-02-19
new YORK FIRM
1aTO OPEN LOCAL
BRANCH OFFICE.
Guaranty Company of n.
Y. Secures Site on
Fifteenth st.
-r.-"
, TO LOCATE MARCH /
New Concern Differs From
Parent House in Corporate
Organization Only.
TO LOCATE MARCH 1

The Guaranty Company OF New
York has taken over a suite of Of
fees on the ground floor Of Sl1 Fiji
teenth street northwest, and will
open an office there on or about
March l, according to announcement
made by company officials here yes
terday.
The Guaranty Company of New
York was recently organized to take
over the business in investment Sc
curities which has heretofore been
conducted by the bond department
Of the Guaranty Trust Company of
New York. However. the separa-
tion Of the activities Of the Guar
anty Trust Company of New York
is one of corporate organization
only. The character of business.
management and policy of the Guar
anty Company Of New York is iden-
teal with that of its predecessor,
the bond department OF the Guaran-
" Trust Company. and the new
company has the full cooperation
Of the parent organization.
The new location will contain ad-
cquate facilities for the handling of
Investment securities, and will have
a private wire to the home office
in New York. The office of Fred
erick W. Steckman. local represen-
tative of the Guaranty Trust Com
pany of New York. will also be
moved from its present location in
the Union Trust Building to the new
site.
II. C. Pitts has been installed as
local manager of the new concern
and will have complete charge Of
the new corporations business here.
Incidentally, Mr.. Pitts has been in
Washington for the past month and
has already created quite d follow
ing in the local investment field.
Southeastern Express Stock.
Fairfax Harrison. president of the
Southern Railway system. yesterday
said:
The books for subscription to
100000 of capital stock offered to
the people OF the South by South
eastern Express Company were
opened yesterday morning and were
allotted prOpOrtiOnately to all the
fourteen States and the District of
Columbia served by the lines Of
southern Railway system and Mo-
bile and Ohio Railroad. The re-
ports received this morning show
OversubscriptiOn in every State. The
stock list will be made up of the
names of at least $500 widely dis
GCrrFbrrn brsinagG
holding. on the average. about four
'srercs apiece. No single subscrip-
EiSR in excess of 100 shares was re-
EriSCd and no officer or emplOye of
ihc railroad was permitted to par
Sicipate although many of them.
Is peCiaIIy the employees. offered to
subscribe.
This result. OF a test Of practi-
cat business democracy and individ-
uaIism in the South at a time or
business depression is, of course,
gratifying to us, but has perhaps a
Larger significance. Certainly it
fully justihes our confidence that
the people Of the South desire COM
petition in express service and are
willing to back their desire with
their money and their support in
other respects.
THE Southeastern Express Com
pany will now proceed. under the
able management of its president.
iehn B. Hockaday, to purchase its
necessary equipment and will begin
service at the earliest practicable
moment, of which announcement
will be made"
FIather in New York.
Alfred c. Flather, manager of the
new business department Of the
American Security and Trust Com
pany, is in New York City attend
ing the sessions of the trust fdivi-
sion, American Bankers Association.
Local Securities
Trading on the Washington Stock
Exchange was well varicgat"d yes
terday morning, with odd-lot sell
ing being the only Conspicuous fac
tor. Transactions were confined al
most solely to tho stock list. the
only bond sales being in Washing
ton Gas ~ per cent issues to the
extent of $500 face value. at 100 y
Capital Traction stock sold at
S4St Federal National Bank at 1I5;
Lanston MonOtype at 73 to -; Mer-
genthaler at 121. and Washington
Gas Light at 392,.
Breuninger in Florida.
L. z. Breuninger, president Of the
Citizens Savings Bank is spend
ing several weeks in Florida ac-