Real estate corporations, thus far, have appealed for their capital to a small section of the public. The stock of these companies, in general, is owned by persons personally acquainted with the officers and directors. Except in one company, the stock of which is listed on the Stock Exchange, the stock ownership is not widely distributed. I believe that the general public will become more and more interested in investing in stocks of real estate companies, but I think it will be difficult to get much public support for the stocks of small companies. That portion of the public which invests in railroad stocks, industrial stocks, bank, insurance and trust company stocks, prefers a stock which is more readily sold than that of the average real estate company. They will be content with smaller dividend rates and profit if they can be sure of the greater marketability of their holdings when needed. One of the reasons given by most investors for preferring listed securities is their ready convertibility into cash. If the investors would carefully consider this question, they would find, I think, that stock is readily converted into cash when not offered in large quantities, but that when any great percentage of the capital stock of any listed company is offered within a short time its price falls very rapidly. Real estate on Manhattan Island can be sold for cash, as well as stock on the Stock Exchange, if the owners of real estate are willing to sell at the relative percentage of loss that they would take in selling listed stock. Many a purchaser of 1,000 shares of stock at par in good times is glad to get $60 per share in a period when money is in great demand. It would be very difficult to find a buyer of any piece of New York City property who had bought at $100,000 cash in good times, who would accept a price of $60,000 for it even when money is scarce.