This 1937 pearl-trimmed Euphonon is probably the finest Larson dreadnaught I have ever owned and was the closest thing to Martin's D-45 that any pre-war maker was able to create.  

The 1939 D-45 that I owned years ago had little or no edge over this instrument when it comes to looks, workmanship, or as a professional playing guitar.    Far rarer than Martin's 93 or so pre-war D-45s, I doubt that the Larson Brothers crafted more than 10-15 of this models, and most of those have substantial to severe playing wear or abuse.   

All original and in excellent+ condition.   

Considering originality, condition, and playability... this is very likely the best surviving example on the planet.