New York Real Estate Securities Exchange 
The object of this booklet is to collate and publish statistics 
regarding real estate bonds and mortgages and earnings on the 
properties against which such sécurities have been issued. The 
data we have been able to collect may be incomplete and per- 
haps contain some errors. However, it in nowise attempts to 
judge the merits of any security but merely states the facts 
in so far as industrious research has been able to reveal them. 
In certain respects transfers of properties have hampered the 
procuring of reliable information. Where a property has 
changed hands after a mortgage is given, the maker of the 
bond and the new owner of the property may have conflicting 
ends to serve in either giving or withholding data. 
Appraised values are given where same are available and 
wherever the name of the appraiser has been furnished it has 
been set forth. 
Earnings: The ability of a given building to earn sufficient 
income to meet the interest and carrying charges and set up a 
reserve fund, or amortize the outstanding indebtedness to offset 
the depreciation of the building, is reflective of the calibre of 
the security. These facts we have sought to procure in each 
case. In some instances both the property owner and the un- 
derwriting house refused the data. 
Certain issues are noted as “Legal for the Investment of Trust 
Funds in the State of New York.” Whether a security is, or 
is not, a legal investment for trust funds, depends on four fac- 
tors which can positively be stated yes or no, and one factor 
which is not a fixed one, but rather one of opinion, namely, 
value. That is, the loan cannot be more than 662-3s of the 
value of the property mortgaged. Underwriters and obligors 
of bonds attempt to establish this factor by basing value on 
appraisals. Appraisals are worthy or not, dependent upon the 
acumen, judgment, reliability and experience of the appraiser. 
Attorneys, however, in each of these cases, have rendered a 
legal opinion, based on the law, the known facts, and the 
appraisal, that in their opinion these issues are legal for the 
investment of trust funds. These opinions of validity are on 
deposit with the Trustee in each case where any inquirer rely-