An investor who believes in real estate holdings in New York, and who wishes to share the benefits of the growth in values, has, on the other hand, a greater opportunity to do so by purchasing stock in a well-known and strongly capitalized real estate company than he would have by individual purchases of real estate. He has the benefit of the judgment of people especially qualified to know values and foresee advances in certain sections. He also has the advantage of being backed by a large number of stockholders, who can always be called upon to furnish additional capital, if necessary, and, in general, has all the benefits of the cooperation of many such people.

Real estate in New York is not a gold mine, nor can any one expect to get the return on his investment that he might in a successful mine. Those who are looking for investments which will give them back 20, 40 or 60 per cent per annum on their money would better not invest in any real estate company, no matter how bright the prospects are, because operations of this sort, while possible, are not likely to be frequent. The future, I believe, will bring forth very much larger corporations than we have had up to this time. They will be investing more than speculative companies. For it is well established now that no few men in any large company can well compete with individual operators in buying and selling ordinary pieces of property. The principal reason is that the time required to examine each piece and decide upon the chances of a quick resale at a good profit prevents the few officers who would be able to have that special knowledge from inspecting enough pieces to keep up the average on the capital as compared with the smaller operator.