Business: Mortgages, Foreclosure

The G. L. Miller & Co. Inc., middleman for real estate mortgages, went into involuntary receivership at Manhattan last week. It has accepted mortgages against 150 structures in 58 cities and 16 states, and sold bonds against such mortgages to 25,000 customers.

Last July, certain directors of labor banks, and other shrewd men of no labor relations at all, took over this company with the ingenious intent of selling these real estate bonds to labor men (TIME, July 12). At the time the "success of such trading on reputation was doubtful."


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