The Washington times., 1927-03-07
BOND cos ARE
To ORGANIZE
By RICHARD HATTON

& n 0tOGhAA1AAGAS A4AU~bAAA&1 Oh lu&
Mortgage Bond and GUARANTEES
Corporation Of washington ana the
Mortgage Security Corporation ii
Norfolk. Va, have called for March
~ for the purpose Of ratifying i
merger Of the two organizations al
voted by the directors of the two
companies concerned.
The announcement Is made BY
President Harry Al. Kite Of the
Mortgage and Guarantee Company
that the new consolidated organiza.
ton will be known as the Mortgage
Security Corporation OF America.
Notices were mailed on Saturday
to the stockholders OF the Washing
ton corporation covering the Mans OF
the merger, Fernand Petit, vice.
president and general manager OF
the Washington company, will con.
tinue to be actively identified with
the consolidated organization.
The Mortgage Bond and Guaranty
Corporation Is to be represented on
the new board OF directors and a
Washington office will be main.
tanned at the present location, 1910
Vermont Ave. Fernand Petit. vice
president AID general manager Of
the present D.. VIII De
actively identified with the con-
solidated corporation.
One half share OF the new 500
z per cent preferred and one-half
share Of the new 500 s per cent
(, second preferred will be exchanged
fo~ 10 shares OF the $40 perferred
nov held, or one full share Of the
new. second preferred may be Elk.
changed for 10 shares OF the old
SO preferred.
One-half share Of the new com.
mon will be exchangeabIe for 10
shares OF the common now held.
Application win be made to list, the
new stock on the Baltimore and
Boston stock exchanges.
The officers Of the local firm are:
Harry A. Kite. president; Appleton
p. Clark, jr., vice president; Hugh
A. Thrift, vice president and
treasurer; Fernand Petit, vice presi.
dent and secretary; NJ. e. Greene,
assistant treasurer and Daniel Z.
Wright, counsel,
The consolidated balance sheet OF
the two companies places resources
at 100000 and capital and surplus
over $4,000, geo,
President Maurice d. Rosenberg
with the officers and directors Of
the Bank Of Commerce and Savings
were hosts this afternoon to a
large gathering OF customers and
friends OF the bank who came to in.
spect the handsome new quarters
~ "a 4vanf
the corner Of Seventh and s Streets
Northwest.
Many floral tributes were sent
by friends OF the bank and these
added to the beauty of the main.
lobby with its distinctively decora.
I'VE construction and . furnishings.
The bank will remain open until
10 o'clock this evening to afford
ample opportunity for inspection Of
the new quarters.
February has. been 4. fairly sat.
isfactorX month for business, and
prospects point to still further i'm
proyen1ent in March," SAYS the
W. ], Wollnnan. & Co. review of
financial. commercial and industrial
conditions. which continues: ''The
new year, still retains the charac.
teristics that marked its beginning
moderate slowing down in pro-
duction, conservatism in purchases,
but on the whole q volume in out
put and distribution that would be
considered very large IL measured
by any other standard except that
OF 1926
A comprehensive treatise on bank
Insurance. intended as guide book
for members OF the American
Bankers Association. has been
issued, by its insurance committee,
bringing out the coverage now en-.
joyed under the most dependable
forms OF contracts, including those
copyrighted by the association.
1t also instructS bankers how to
get the maximum benefit from
their various insurance contracts,
especially directing attention to
risks not covered under a number
Of forms.