No property in the world is held in stronger hands than the real estate on Manhattan Island. For the investor, there is about as small a probability of loss as there can be in any investment. There has been a steady advance of real estate on Manhattan Island for the past twenty-three years. I have seen all sorts of poor sections develop into valuable ones. Few districts fail to show a value greater now than it was twenty years ago. Holders of real estate are most tenacious. Where there are a thousand people who will sacrifice stock exchange securities at panic prices, you might find one who will sacrifice real estate in any section at any time.

That is one of the disadvantages thus far of real estate companies in the introduction of the stock feature. While it does not affect the value of the holdings of the company, it does affect the holdings of the individual stockholders. If a man owns a house in a certain block, worth $40,000, and some one else in the same block sells the same kind of a house for $35,000, it seldom affects the other holders. But if a man holding stock in a railroad company for which he has paid par learns that one-hundreth part of its capital is sold at 75, he be-comes infected with the idea that his holdings may not be worth more than 75. He does not look at the assets alone, but gets the Stock Exchange views of marketability.