Speculative building and contract building therefore are distinct branches of the building industry, and New York City and its suburbs seem to have a monopoly of the speculative builder, as we know him. Whereas, the contracting builder puts up the house with money furnished to him by the speculator or the owner, the speculative builder not only builds the house, but borrows the money on his own name and credit to build it. The building contractor is primarily and only a builder and not a financier as well His business is to know all about construction, materials, where and how to purchase them, and their relative cost, value and usefulness. The speculative builder must or should know all of these things and in addition be a financier, able to borrow money and to use his credit along more or less extensive lines to swing his various operations. The methods of the speculative builder here briefly outlined are made possible only by the high position which New York City real estate holds as a first-class security, the stability of which is unquestioned and the marketability of which, as compared with other cities, is immeasurably greater.