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nized, and if in the freest of them the form without the fact of recognition is still kept up, if the queen's ministers go down upon their knees to her in assuming the powers of government which she cannot really bestow, and can never exercise, and can scarcely influence, still we see that it is merely a form. It is a droll anomaly which we are rid of, and the spectacle of it in a monarchical republic might perhaps foster an inordinate pride in us, if the democratic republic, as we have it, were not so essentially unflattering.

cost of the property desired, the sum
he can afford to pay monthly and his
references. The family's record is
looked into, and if there is nothing
against it and the applicant seems
likely to be a desirable patron, the ap-
plication is approved and placed on file.
When one hundred such applications
have been approved, the parties are
notified to select lots and choose house
plans, and undergo an examination for
life insurance. The applicant is given
a close estimate of the cost of his prop-
erty when completed, and if he is ac-

From "The Modern American Mood." By Wil- cepted by the life insurance company,
liam Dean Howells.

From The Review of Reviews. SUBURBAN HOMES FOR WAGE EARNERS. The City and Suburban Homes Company aims to invest its resources for the benefit of those who are relatively in the least favorable position to help themselves. I do not mean men who have a hard time to get along as tenants, because it would be a mistake to encourage such persons to incur obligations they would almost certainly be unable to perform. But mechanics, letter-carriers, policemen, firemen, clerks, bookkeepers, in fact that great body of persons earning from, let us say, $800 to $1,500 a year-these are the ones whose patronage is chiefly sought. The avenue frontages being more desirable, and purchasers there being obliged to take at least two lots, it is probable that residents thereon will be a little better off. Indeed, the company would be glad to build for any one who wanted a very desirable residence on Seventeenth avenue, and give them the same advantage of saving in point of cost that it would to its other clients, but in such cases it would expect immediate cash payment.

The process of securing a suburban home begins with inquiries at the office, when the general plan is outlined. Then if the party desires to purchase he signs an application, setting forth his name, nationality, size of his family, amount of his earnings, character and

he then signs a provisional contract and
deposits ten per cent. of the purchase
price in cash or presents a surety for
that amount. Among a number of appli-
cants, the preference is always given to
those who have the ten per cent. in cash.
This preliminary payment or guarantee
is required in order to make purchasers
feel that they have a sufficient interest
at stake to cause them to continue their
contracts. If no preliminary payments
were required, it would doubtless be dif-
ficult to guard against a class of people
who would be glad to get such homes in
the springtime, live in them during the
summer, and depart with the snows of
winter, leaving behind a house which
would have to be put in order before a
new purchaser would take it. Where a
surety is accepted, the first sums paid
in are counted on the ten per cent. of the
purchase price, and whenever that pro-
portion is reached the bond is dis-
charged. A guarantor does not, there-
fore, undertake anything very onerous.
In reality, he runs very little risk, for
few men will enter upon a contract of
this kind without meaning to continue.
An enlightened employer ought to en-
courage an employee to buy a home
from the company and offer to guar-
antee the ten per cent. in whole or in
part. Common experience teaches that
it is economically advantageous to keep
such men. They are more faithful and
assiduous in their duties. Indeed, it
may be asserted that any man is made
better by purchasing a home or taking
out life insurance for the benefit of his
family. What shall we say of the ef-

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fects of an arrangement which combines the two?

The City and Suburban Homes Company insists on life insurance as a cardinal feature of its operations. In the first place, no man ought to undertake the purchase of a home or an obligation to pay a large amount of money without assuring his family in the event of his death in the interim. This principle has particular force in the case before us, because the purchaser has so little real capital and must depend upon his monthly earnings to carry out the bargain. Now, if he dies the family is placed in a very unfortunate position. Probably it will not be able to complete the transaction. Therefore, for the sake of the family, as well as for the company's protection, it is wise to insist on a life insurance policy taken out at the time when the original contract is entered into, and covering the purchase price.

As soon as one hundred houses are ordered, a contract is made for their erection. In this way important economies are effected. The company in buying a large tract of land and building at wholesale saves very considerable sums. After a fair allowance for expenses of management the entire saving reverts to the purchaser. The company's profit consists in six per cent. interest on deferred payments. Five per cent. of this is distributed to stockholders and one per cent. is carried over to surplus. Residence in a desirable neighborhood, durable construction and the offer of such favorable terms combine to make the scheme exceedingly popular. There is an immense constituency in Greater New York who are desirous of acquiring homes on a fair basis. The rare opportunities offered by the City and Suburban Homes Company, when once known, will attract large sums of capital to be invested through it for this purpose. Still, its aim will not be to secure a monopoly of business, but to fix a standard.

The company is perfectly secure. It builds upon order and has its clients' lives insured before the order is exe

cuted. If one of them should die even before the house was completed, the face value of the policy would pay for the house, and the family would be provided for. All policies are assigned to the City and Suburban Homes Company, and in case of death later the sum owed would be deducted and the balance handed over to the estate.

The contract between the company and its clients stipulates a monthly payment during ten, fifteen or twenty years, at the choice of the purchaser. This sum includes an instalment on account of principal, six per cent. interest on deferred payments, and the life insurance premium. Taxes and repairs are paid by the purchaser. Clients are advised to obligate themselves for a twenty-year period rather than ten or fifteen, because in so doing they are the better able to provide against contingencies arising from non-employment, sickness or other unexpected events. That is, a man need not mortgage his income beyond a safe point. The company gives him the privilege of paying sooner if he wishes. Either the whole or a part of his indebtedness is receivable at any time, and his interest account properly adjusted. This plan permits a man to provide for “lean" years. There is also the encouragement to save, and thus get the home more quickly. Both are important considerations, because habits of thrift thus engendered are likely to become fixed. Payments made in advance are a most effective guarantee against dispossession. The life insurance policy has also a loan value in any year after the third. Purchasers of suburban homes under this scheme are in every respect most favorably placed as regards crises, sickness and other ordinary economic misfortune.

From "Homewood, a Model Suburban Settlement." By Dr. E. R. L. Gould.

From The Arena. THE ORIGIN OF WALL STREET. The twenty-seven respectable citizens of New York who, in 1792, met under a

buttonwood tree in front of the premises now known as Number 60 Wall Street, and formed an association for the purchase and sale of public stocks at a fixed and unvarying commission, with a proviso of mutual help and preference, committed themselves to an enterprise of whose moment and influence in the future they could have formed no adequate conception. At that date Wall Street was a banking district, small indeed when compared with its present condition, but important in its relations to the commerce of the nation. This transaction of the twenty-seven-among whom we find the honored names of Barclay, Bleecker, Winthrop, Lawrence, which in themselves and their descendants were, and are, creditably identified with the growth of the community-added the prestige and power of the stock exchange to those of the banks, and fixed for an indefinitely long period the destinies of the financial centre of the Union.

During the earlier part of this century the banking interests of Wall Street quite overshadowed those of the stock market. The growth of railway securities was not fairly under way until the opening of the fifth decade. Elderly men can recall the date when the New York Central existed only as a series of connecting links between Buffalo and Albany, under half-a-dozen different names of incorporation; and passenger cars were slowly and laboriously hoisted by chain power over the "divide" between the latter city and Schenectady. Since there were but few railways in the entire country, there were few opportunities for speculative dealings in their shares. These shares, too, were as a rule locally held, and were more frequently transferred by executors under court orders than by brokers on the stock exchange.

Prior to 1840 and 1845, however, the members of the stock exchange were not idle. Public stocks were largely dealt in. The United States government frequently issued bonds, and the prices of these bonds fluctuated suffi

ciently to afford tempting chances of profits. State bonds also were sold in Wall Street in larger amounts than today. About the year 1850 the sales of Missouri sixes and Ohio sixes frequently amounted to millions of dollars daily. During that uncertain epoch of finance when the United States Bank was both a financial and a political power, the shares of that institution were a favorite subject of speculative dealing. The shares of Delaware & Hudson, and of the original Erie Railway, the latter laboriously constructed over a rough, barren, and thinly settled portion of the State, partly by State funds, had also become actively exchangeable in the market.

During this period a relatively enormous quantity of banking capital had located itself in and near Wall Street. The Bank of New York existed before 1800, and later, although not long after, the Street witnessed the erection of buildings of a now obsolete, and yet at that time an attractive, style of archi· tecture, devoted to the uses of the Manhattan Banking Company, the Bank of America, the Merchants, the Union, the Bank of Commerce, and others. Were it not that land in the banking district is so valuable, and that the need of upstair offices is so great, one might be tempted to regret the demolition of the graceful money temples occupied by three of these corporations on the north side of Wall Street. In each of them the entablature rested upon two fluted stone pillars with Doric capitals, in addition to the supports of the side walls. Between the steps and the doors of the temple extended a marble-paved court which often served as a convenient place of 'change for borrowers and lenders. Entering the doors you found yourself in a large, airy, dome-lighted room, the sides of which were occupied by the clerks of the institution, guarded by high barricades from the intrusive eyes and feet of the general public. At the rear were the offices of the president and cashier. Throughout the entire building there reigned a solemn and semi-religious silence. One may witness something like this to-day in the

Wall-Street end of the U. S. Treasury instantly flowed forth from its reserBuilding, and only there. voirs in answer to the securities thus offered. And it may safely be said that but for the combined machinery of the New York banks and the stock exchange the actual developments of twenty years would have dragged laboriously through an entire century.

Amid so much progress and activity, speculation was not idle. Those were the days of many of our greatest railway operators, daring, able, enthusiastic men, who had the rare gift of imparting confidence to their followers and the public, and realized the fable of King Midas, whose touch transmuted all things into gold. Their careers were those of conquest and accumulation, like that of Napoleon; and, like him, they underwent, with few exceptions, their retreats from Russia and their Waterloos. Of such were Jacob Little, Daniel Drew, Anthony Morse, and others, to whom now the motto of Junius applies: Stat nominis umbra. Merely the shadows of their names reach over to us from the horizons where their suns set so long ago. From "Wall Street: Past, Present and Future." By Henry Clews.

Up to the epoch of the rise of railway ⚫ building and railway-share speculation, the main aliment of Wall-Street banks was the profit derived from the discount of commercial paper and from loans upon government and State securities. But when railway shares and bonds, based upon lines of road which were constructed through the rich regions of the Union lying between the Atlantic and the Mississippi River, came upon the market in large amounts, affording ample security for investment and loans, the great banks of Wall Street were quick to appreciate the advantages of loans made upon such undoubted values, which were at all times convertible into cash on the stock exchange. In times of pressure, commercial paper is an inferior asset for a bank, all of whose obligations are payable on demand. At such times notes became practically unsalable, and are not always paid at maturity. A failure of one firm brings down others, and renewals are urgently required from banks just when they are least able to grant them. Salable securities are on such occasions an ark of safety, and, dating from the early fifties, this class of securities has always been the basis of a large amount of the loans of the banks of Wall Street and their near neighbors of the same class in lower Nassau Street and also Broadway.

From The Popular Science Monthly. SOME CAUSES OF SUICIDE.

With the immense outgrowth of business consequent upon the discovery of gold in California in 1849, and the construction of the great railways of the Middle West, such as the Michigan Southern, the Northern Indiana (now the Lake Shore, the Michigan Central, the Galena & Chicago, the Rock Island, and others of like importance and real value, the banks and banking houses of Wall Street, and the stock exchange, grew into most important factors in developing the prosperity of the country. Enterprises were originated by able men acting under corporate powers, and when these were brought before the committees of the stock exchange but how rapidly can never be exactly and duly approved and listed, capital determined. Morselli says that about

The sad fact that suicide and education increase at an equal rate is now generally admitted. Civilization does not free humanity from grief, disgrace, and disappointment; but wherever civilization is highest the struggle for existence is fiercest, life is most artificial, and there the most failures of the human race are met with. There was a time in Roman history when suicide was almost epidemic. It was when the great republic had reached its acme of civilization-when poetry, art, and eloquence were triumphant. It is probable that the proportion of suicides due to mental derangement is increasing,

one-third of all suicides may be attributed to insanity.

Many people, however, anxious to stamp the act with reprobation, declare that every suicide is insane. This is wrong. While those who bring about their self-destruction may have acted wrongly or unwisely, we have not the right to declare them all insane. It is true that many persons brood over their troubles until everything loses proportion, their minds become unbalanced, and in such a state they kill themselves. In such cases the act may be correctly attributed to insanity. But what are we to say of those who are to all appearance rational and yet are the victims of sudden or growing impulses? Such people are not voluntary agents, and yet they cannot be called insane. They are abnormal. There is a fatal defect in their organization which is incompatible with their survival under natural conditions. This defect may give rise to sudden impulses or may cause a growing gradual propensity which terminate in the final tragedy. Instantaneous impulses are often brought about by the slightest circumstances. Thus, gazing steadily at the wheels of an approaching train or looking down from some great height may produce a delirium, a distention of the blood-vessels of the brain, that instantly paralyzes the will of the victim.

In the consideration of those propensities which are of gradual growth we are confronted with an extremely difficult problem. We know that a great many of those who ultimately destroy themselves fight for years against the impulse. How are we to account in such cases for the persistence of the tendency toward suicide, which seems to be a part of their nature, a part which draws them instinctively to death just as the normal creature is drawn to a desire to live? For such cases heredity may be in a great measure responsible. It is clear that hereditary influences may reveal their force in the suicidal impulses as in many other of the problems of life.

Whole families have been known to kill themselves. There are a great many human beings who by nature are predisposed to self-destruction, and . only wait through life for a calamity sufficiently great to prompt them to the act. They are victims of their own faulty organizations.

Individual temperament may have a great deal to do with the question of suicide. In America the population is largely composed of the various European races, and although these are living under the same conditions, each nationality retains its own peculiar rate of suicide. Drink and crime are responsible for a large proportion of the daily self-murders. Drunkenness, the most active agent of degeneration known, is directly responsible for those which occur during a period of nervous depression following a debauch. Among the criminal classes suicide is quite common, but it is among the petty and not the grave offenders that it occurs. Poverty and disease are also strong incentives to self-destruction. Suicide is often regulated by the price of bread. Life has few pleasures for the homeless and friendless. Death to them is often a welcome friend, a happy relief from walking the streets hungry.

How many suicides are directly attributable to disease cannot be stated with exactness, but it may be said, nevertheless, that at the present time, with our advanced skill in surgery and medicine, suicide from disease is undoubtedly on the decrease. Of all suicides there are none to be pitied more than those who kill themselves to escape the racking pain of an incurable illness. For the victim of this sort there is no hope. Another class of suicides, which closely resemble those caused by disease, includes those due to infirmity. Often persons smitten with blindness, or who have met with some terrible accident, in a fit of discouragement kill themselves.

From "Suicide and the Environment." By Robert N. Reeves.

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