s the
appreciation of real estate by the increase of population. This is a
small factor in a great city, at least so far as concerns the humbler
grade of dwellings, but in the country it is enormous. A tract of land
which has been a farm becomes a village of from 1,000 to 10,000
inhabitants. Its value advances by leaps and bounds.

At Pullman, in addition to the shops and dwellings, there are trees and
turf-bordered malls and squares, a church, a theater, a free library with
reading rooms, a public hall, a market house, provided at the expense of
the company. Liquor can only be sold at the hotel to its guests, and then
under restrictions. There is a system of public schools under a board of
education, which is about the only civic organization, strictly speaking,
in the community. One man suffices for police duty, and he made but
fifteen arrests in the last two years. It is reported that the death rate
so far, including the mortality from accidents, has been under seven in
1,000 per annum. In Great Britain the rate is a small fraction over 22 in
1,000. The vital statistics of the United States show a smaller mortality
than this, but they are rendered abnormal by the heavy immigration which
pours into the country. Emigrants are, in the language of insurance men,
a selected class. They are usually at the most vigorous time of life and
of hardiest and most enterprising spirit.

They leave behind them the very young and the old and those enfeebled by
disease or habits. To this cause must be attributed in part the
exceptional record of Pullman in death rate, as it is a new town. Yet
there can be no question that the sanitary conditions of the place are
excellent. It is difficult in mixed enterprises of this nature to tell
what the rate of profit upon the tenement part of the business is, since
the rental and the factory react upon each other; but in the American
instances quoted in this article the investment as a whole is
remunerative. In the Godin operations at Guise, which have been
co-operative for the last five years, the capital is put at $1,320,000,
and the net earnings have averaged during that time $204,640 per annum,
or 151/2 per cent.

At Pullman a demand has arisen on the part of the tenants for a chance to
acquire proprietorship in their homes; and while the company has withheld
the privilege from its original purchase of 3,500 acres, it has bought
adjoining land, where it offers to advance money for building,