Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-10
MORTGAGE BODY
REFLECTS HEADS
Real Estate Mortgage &
Guaranty Corporation
Declares Dividend.

Directors of the Real Estate Mort
gage & Guaranty Corporation yester.
day declared the eighth semi-annual
dividend at the annual rate of per
cent on the preferred stock and IA
per cent on the common stock.
officers were reelected for the year
by the board with l.. E. Brueninger,
president. At the meeting of stock
holders prior to the directors meet
ing DIR. c. s. Duncan, economist for
the Association of Railway Execu.
tives since 1922, was elected to the
board.
The new director is a trained
economist and statistician, among
other things having taught at the
University of Chicago, been engaged
as special expert in the division of
planning and statistics, United States
Shipping Board; statistical expert for
the American Allied Shipping Mission
in London, economist and statistician
at the Paris peace conference and
special investigator and chief investi-
gator for the National Industrial
Conference Board.
The annual report to the stock
holders by the president showed con.
tinued growth. Resources amounted
to $4,739, 90435, and surplus, earnings
and discounts, $542, 969.5S, at the close
of business May 81, 1927.
Directors Reelected.
The following directors were elect
ed l.. E. Breuninger, Thomas Somer-
vile, r. l.. Neuhauser, Maj. Gen. An
ton Stephan, Fred Drew, Hayden
Johnson, William Muehleisen, Donald
Woodward, Charles A. Carry, T. C.
Dulin, Frank Fl. Edmonds, w. F.
;x11I AM r
Breuninger, Sol Lansburgh, Horace
G. smithy. Thomas somerville, jr.;
Edward C. Ernst and Michael A.
Weller.
The organization meeting, which
followed, brought about the re-elec-
ton of these officers for the ensuing
year: L. E. Breuninger, president;
Thomas Somerville and Roy L. Neu-
hauser, vice presidents; Maj. Gen.
Anton Stephan, treasurer, and w. F.
Sickle. secretary.
Fitz-GibbOn Sales Head.
r. E. Fitz-Gibbon has been elected
vice president in charge Of sales of
the Tours Finance Corporation, a sub
sidiary activity Of International
Tours, Inc, Of Hagerstown, Md.
He has opened offices at 1104 Yer
mont avenue and announced today
the removal of the parent company
to this city in the near future is under
contemplation. The company is en-
gagged in selling vacations on the par
tial payment plan.
MOOdy's Review.
Moody's Weekly Review Of Finan-
cial Conditions in it's current issue
says in part:
Expansion of bullish sentiment is
now accompanied by gradual weak
ening of the position of the market.
Brokers' loans are increasing rapidly,
call money rates rising. and the in
flow of funds from the interior may
begin to diminish any time.
Meanwhile the yields of stocks on
their current prices have fallen too
low as compared with bond yields
The ordinary common sense rule is
that the higher the risk the higher the
yield; but at present common stocks
involving fairly high risks actually
yield less than certain groups of COM
peting bonds involving much lower
risks. Such a condition in the past
has always been symptom of over
confidence.
Bond prices themselves are in a
less strong position than they were
as regards the near future, even
though the general trend promises to
remain upward in long range view.
New bond issues have come out in
great volume; and this, together with
the prospective seasonal advance in
money rates, may either check the
rise in bond prices or else cause
temporary bull market reaction there
In