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 return be shown upon the investment. The results referred to have been attained in spite of the provision which prevents the selling of liquor upon the Association's premises. You are aware, of course, how much larger rent can be obtained for a liquor saloon than for an ordinary store. An investment at five per cent. net upon real estate security worth more than the principal sum, ought to be considered desirable."

The Tenement House Building Company made its "experiment" in a much more difficult neighborhood, Cherry Street, some six years later. Its houses shelter many Russian Jews, and the difficulty of keeping them in order is correspondingly increased, particularly as there are no ash-chutes in the houses. It has been necessary even to shut the children out of the yards upon which the kitchen windows give, lest they be struck by something thrown out by the tenants, and killed. It is the Cherry Street style, not easily got rid of. Nevertheless, the houses are well kept. Of the one hundred and six "apartments," only four were vacant in August. Professor Edwin R. A. Seligman, the secretary of the company, writes to me: "The tenements are now a decided success." In the three years since they were built, they have returned an interest of from five to five and a half per cent. on the capital invested. The original intention of making the tenants profit-sharers on a plan of rent insurance, under which all earnings above four per cent. would be put to the credit of the tenants, has not yet been carried out.

A scheme of dividends to tenants on a somewhat similar plan has been carried out by a Brooklyn builder, Mr. A. T. White, who has devoted a life of beneficent activity to tenement building, and whose experience, though it has been altogether across the East River, I regard as