New-York tribune., 1919-05-30

land in New York. bounded by Broad
way, Cedar and Thames Streets, Trinity
Place and Trinity Churchyard They
are among the best of the high grade
Office buildings in this country and
are referred to commonly as the
Trinity Twins" The Realty has
twenty-one stories and the Trinity
twenty stories, the latter having been
erected about fourteen years ago, the
former year or 80 later. The build
ings have facade in Indiana lime
stone blocks from the street level to
the roof and combined cover a ground
area approximately of $4,000 square
feet. and a frontage of 1870 feet on
Broadway, directly opposite the Equi-
table Building.
Ihe structures were erected for the
United States Realty and Improvement
Company by it's subsidiary, the George
A. Fuller Company, Paul Starrett,
president.
The bonds are to be sold to the pub
lie at 881s, at which price they yield
fraction better than 611 per cent,
better yield than heretofore available
from this source Of investment. Now
that Wall Street has accepted these
bonds. realty is thought to have better
opportunity to compete with other So
called liquid securities. This feature
banishes past weakness, and there is
every reason to believe that all real
estate will be stimulated thereby.
Mr.. Mcclure said yesterday that the
rf hon Lt i
terests to achieve common end, Gre
ates the solution Of the great problem
Of financing large properties in this
city, which must be the form of future
improvements because Of the demand
for them and because high land values
and laws make small operations un-
economic.
short time mortgages on large
units are always hazardous from the
viewpoints of investors and borrow
ers." he continued, lowing to the un-
certainty Of conditions at the time Of
replacement, a hazard which Is OBJ
waited by long term mortgages 80
amortized, like the one just placed on
the Trinity and Realty Buildings
New Investment Field
This form o. financing realty is
also Of Importance in that it gives
the small investor an opportunity of
participating in large mortgages. His
investments have been limited to par
ticipation in guaranteed mortgages,
which necessitated sharing the yield
with the guarenting company. This
new issue by the National City Com
pany opens to the public an invest
ment where the amount Of the interest
reserved in the mortgage Is paid in
full without deduction to the investor.
The Importance OF this mortgage
development TO the real estate market
in general cannot be too strongly en-
phasized, and leaders will be free to
admit that it gives most excellent
promise OF having the entire country
participate in the development Of New
York, for through the sale of such
bonds money will be directed to this
market In unprecedented volume and
Will bring the possessors of such bonds
IN more intimate touch with New York
City property"
Commenting on the big transaction,
Charles Z. Mitchell, president of the
National City Company, paid high
tribute to the safety and security of
real estate in centres of fixed value
IN New York. He said that first mort
cages on large units of improved real
estate, where the margins between
such mortgages and the assessed and
appraised values have been equal to
or IN excess of the requirements pre-
scrioed IN laws for savings bank in
vestment, and where established earn
ing power has clearly shown miatgins
OF safety over and above interest and
reasonable depreciation, have nre-
sented degree of security that has
always attracted the most exactinp
OF investment money.
This degree Of safety and securitv
has been such, however, that the large
insurance companies have been willing
to take such first mortgages CON
slderably below the rates prevailing
IN the security investment market. AS