Guaranteeing First Mortgage Real Estate Bonds

I am informed that your Society has been told with much emphasis, that corporate surety companies are not equipped to guarantee the payment of principal and interest of first mortgage real estate bonds, and I have been asked to give you my reasons why such companies are equipped to write this line on a satisfactory basis. If I undertook to give you all the reasons which occur to me why these companies should continue to write these guarantees, this paper would, no doubt, become tiresome to you. The subject is too vast to permit of intelligent analysis in the short time allowed me, therefore, I will content myself with outlining only those points which the underwriters of this line have learned to consider most important.