Evening star., 1923-12-02
Ne'o York Mortgage Company
Opens Office in Washington
Brother of Gen. Pershing Is Firms
President--L0caI Bank Publishes
Surrey of World Finance.

The New York Mortgage Company
or 120 Broadway is the latest to join
the local ranks of finance agencies
the purpose of handling real estate
mortgage loans. is capitalized at
So.O00.OO0 of : per cent cumulative
quarterly preferred stock of 500 par
value and 1000 shares of common
stock of no par value and has just
opened Washington Office in the
Ienox building, 1923 L street north
west.
The fundamental requirements
guiding the operating policy of the
management of the company are to
make loans only on ample real eS-
tate security. All loans at the pres
ent time are limited to three years
duration. The obligations are amor
tiZed monthly or quarterly, both as
TO principal and interest. while the
real estate securing the loan must
BE appraised by experts the loans be-
ting limited TO % per cent of the ap-
praised value of the property, which
must have complete Insurance protec-
ton and thorough investigation as to
validity of title.
One of the principles of the New
York Mortgage Company is economy
OF operation having during the last
quarter ending September earned ap-
ProXimately $4,000 and spending
loverhead) appro Ximately 1925. Dur
bng the sixteen months existence of
the company 1t has earned and PAID
60 its stockholders five quarterly div
bdentS at the rate of 81 per annum
on preferred stock and 50 per annum
on common stock and is. according
to its local representatives.. prepared
TO meet its sixth dividend. due De
Cember 81 next. The surplus Will be
increased at this time. il was said.
No promotional stock was issued to
the organizers of the company.
officers of the Compan
The management of the company
~ comprised of bankers of experience.
boasting successful records. James
T. Pershing, brother of the general
is president and Gen. Frank 1. Hines,
director OF the War Veterans Bu-
reau. is vice president; David :. Levy.
president of the Mortgage Sales Cor
poration of New York is SECRETARY:
Frederick :. Lang. assistant secre-
tary of the Jefferson Trust company
of Hoboken. is treasurer, and II. w
Lee assistant secretary and treas
urer.
The board of directors consist of
the above officers OF the company ana
Christian +. Guth. vice president oil
the jefferson Trust Company
Charles IL Focht. president OF the
jefferson Trust Company; Miles
Bronson. general manager OF the
Grand Central Terminal; Alfred
Burk. president Of the American
Cslutex CORPORATION: otto Zaremra.
treasurer OF the jefferson Trust Com
pany: II. W. Schmidt. president or
the jefferson Building and Loan As
sociation: Judson q. Wall. president
of Judson g. Wall and Sons. New
York. and member of the board OF
tax commissioners of that city. and
Michael r. Walsh. eX-deputy comp
troiler of the state, of New York.
John +. Brady is in charge of the
local office.
Local Bank Reviews Business.
A somewhat more hopeful outlook
for business than in recent months
is taken in the Federal y american
Survey for December. The heSItanc%
in making purchases for the future
is viewed in part as natural Just be-
fore the inventory season. Evidences