As commerce booms in cities like New York, Chicago, and Detroit, tenants are opting for long-term leases of these reinforced concrete machine floors.

As a result, each building is a combination of long-term future cash flows committed by the lessee.

Mortgage-backed securities convert these cash inflows into interest on bonds, which are then paid to investors.

Skyscraper mortgage bonds convert a new type of "sky rent" into a monetary asset.

Of course, skyscraper bonds don't come out of nowhere.

Before the 20s of the 20th century, mortgage-backed securities had a long history of Chicago. Strauss claimed to have developed and perfected the securitization of mortgages for individual buildings in 1909.

Strauss started out as a Midwestern mortgage bond company, but it later became a major issuer of skyscraper bonds.

At the height of the 20s of the 20th century, the skyscraper bond market was dominated by three companies: Chicago's. Strauss & Co., the Ugly Bond and Mortgage Company in New York, and the . Miller & Company.

Bond companies play a central role in the securitization process.

They not only design bond terms, payment schedules, coupon rates, and collateral requirements to issue bonds, but also sell bonds to the public and provide related services.

They collect rent from borrowers and pay interest on bonds to investors, and security is their hallmark.

Only then did the massive single-construction bond market disappear for decades, and the mortgage bond market was a victim of its own success.

Even before the 20s of the 20th century, the weaknesses of this new era of mortgage financing were exposed.

Harry S. S. Black, president of a major corporation involved in the development and construction of New Jersey, noted in 1911 that the problem of skyscrapers in New York's lower city drew more attention......

The lack of a reasonable return for many of the large office buildings under City Hall, coupled with the fierce competition for new construction in the last year or two, suggests that New York is overbuilt in terms of offices, theaters and hotels.

The pre-war financial problems eased, and the construction of office buildings returned to prosperity.

Many of the new bond issues are in small denominations to attract relatively conservative small investors, and their sheer number has shocked even the leaders of the real estate industry.

Complete speculation and market bubbles in the office market due to bond issuance rather than basic demand: Buildings are built solely to facilitate the issuance of bonds by investment firms, whether they are needed or not......

There is a surplus of products due to speculators borrowing the entire construction cost regardless of the return on investment.

They then sell the building for a profit and continue to start over in another place......

No one likes financing solutions where construction costs are entirely dependent on borrowing and the investment firm itself has only a very small stake in the company, except for the investor.

In short, Moffett wanted to build a skyscraper as an icon of Atlantic City, not only to improve his status, but also to make money.

"To be honest, I don't support you building skyscrapers, but if you insist, I will give some support." Li Yaoyang said.

"Thank you, in fact, the funds are okay, the key is the problem of profitability after completion."

Moffett knew it, and he didn't decide it with a slap on the head.

"You mean, you want our group to settle in?"

"That's right! How about leaving you three floors? ”

"Well, it's not enough, I still have a newspaper, a hotel group, a passenger transport company, etc., and a newspaper has to occupy three floors."

Moffett waved his hand:

"Then I'll give you 6 floors, it's not enough."

6 floors? Big, provided you don't want money.

But with Li Yaoyang's understanding of this guy, it is impossible not to have money, absolutely impossible.

Of course, this is a later story, so I won't mention it for the time being.

Then, in a tone full of excitement, Moffett said:

"I'm going to build the Relais Tower in Atlantic City!"

Relais Tower? It's famous.

As an essential architectural element of a modern city, skyscrapers have dramatically changed the face of cities.

The world's first skyscraper to use glass as the main body of the façade was the Relais Tower in Chicago, which was completed in 1895.

Its pioneering architecture was a central element of 20th-century high-rise buildings and has become the motto of many modern buildings.

But let's be honest, behind the birth of every skyscraper, there is a twist and turn in the story.

It seems that this unique building has been cursed by the goddess.

It has long been agreed that the grand building type of the early 20th century, the commercial "skyscraper", first appeared in Chicago.

It is also recognized that this great undertaking was born in the early eighties of the 19th century, although this seemingly obvious fact requires a series of judgments to be derived.

One of the most fundamental questions comes to the fore: what exactly is a skyscraper? Eight Chinese Net

This question is not only about the height of the building, but also about the technical and artistic fields.

If the concept of a skyscraper is at least somewhat synonymous with pioneering, "cutting-edge", avant-garde architecture and design, and the use of state-of-the-art technology.

Then the definition of a skyscraper necessarily includes the skill of construction, the way in which labor is provided, and the physical appearance of the building.

When all these aspects are considered, it will be surprisingly difficult to get a unanimous answer if all parties are asked to nominate the world's first skyscraper.

But the unanimous conclusion is that, even if its exact identity remains disputed, the world's first skyscraper was indeed born in Chicago.

Bustling crowds near the first floor of the inaugurated Relais Tower on Chicago's National Avenue.

Opened in 1895, the edifice was arguably the first true skyscraper in modern history.

Completed in early 1895, one can see that almost all of its key elements can be found in earlier periods of the building—steel frames, fireproof structures, terracotta-slab facades, and Otis safety elevators.

Its originality is more reflected in the artistic value and design concept than in the means of construction, but it is precisely because of this that it has a competitive advantage and can be called the earliest and best building that can be called a modern skyscraper.

Compared with the subsequent buildings, the Relais Building pays more attention to simplicity and functionality, jumping out of the retro decoration of the late 19th century; And compared to earlier buildings, it also pioneered the potential of modern technology.

The main part of the curtain wall of the building is made of glass, and the non-glass part of the main façade of the building is covered with beautiful white glazed ceramic panels, so that the Relais Building glows with a smart and elegant beauty.

From the simple glass windows to the flawless white-glazed terracotta panels, from the building materials to the craftsmanship to the pursuit of practicality, these elements make up the most iconic decoration of the Relais Tower, making it look particularly stylish.

It foresaw and led to the architectural splendor of skyscrapers that most contemporary high-rise buildings could not match.

So who built this remarkable and epoch-making building?

Oddly enough, no one knows the exact answer.

John Wilburn Ruth and Charles W. B. Atwood undoubtedly played an important role in this process, and perhaps Daniel Atwood played an important role in this process. H. Burnham also contributed.

However, as is repeated in this story, death always comes unexpectedly at a critical moment, not only hindering the burst of creativity, but also obscuring the specific source of original contributions.

In fact, the Relais Tower is not the protagonist, let alone a single building, but the whole of Chicago, one of the greatest cities in this ugly country.

Her greatness is many: geographically, Chicago sits inland on the shores of Lake Michigan, where the Chicago River flows through her downtown;

In terms of city life, the history of the city is short but vigorous, thanks to the vigorous development of trade, futures markets, and various legal and illegal entrepreneurial spirits, and the life of its inhabitants is rich and colorful;

Culturally, Chicago's urban history encompasses African-American music, the blues, and it has found its own new urban voice here.

And, of course, the architecture – that's Chicago's greatness that can't be overlooked.

This society craves culture and commerce, while this young city craves beauty and fame.

One of the most dramatic presentations was the short-lived "White City" created by the 1893 Columbus Memorial Exposition in Chicago.

Its essence lies in the grandeur and beauty of the white buildings in the classicist style, which symbolize the hope and pride of Chicago and the whole of America.

In the 90s of the 19th century, the functionalist architecture of the "Chicago School" was known for its innovative steel-framed skyscrapers, and its relationship with the "White City", a symbol of the fairyland of classicism, is quite intriguing.

The juxtaposition of these two styles of architecture together creates a seemingly strange paradox – the skyscrapers that rose up in downtown Chicago at the time were about to become the epitome of American architecture.

However, in the early 90s of the 19th century, the vast and low classical palace-like complex represented by the "White City" was talked about by people and was called American.

What makes this relationship even more peculiar, and even closer, is that many of the people involved in the construction of Chicago's skyscrapers – clients, financiers, developers, engineers, and architects – were also involved in the construction of the White City.

Everything suggests that to understand the full picture of this inspiring architectural legacy, it is necessary not only to examine the connections of these skyscrapers to each other, to examine them in the context of Chicago, but also to explore their relationship with the "White City."

Like all great business cities, Chicago is constantly undergoing a self-reinventing experience.

Despite the impassioned battle to defend the site, many of the groundbreaking buildings were swept away by the wave of reconstruction.

Even so, when walking through Chicago, one can still feel the power of the city's architecture from the Gilded Age.

This force began about 10 years after the Great Fire of Chicago in 1871 and continued into the first decades of the 20th century.

Later, in the pursuit of innovation and almost unlimited scale, this force moved to New York, and did not return to Chicago until the 60s of the 20th century.

In search of inspiration for skyscrapers, Lai receives an invitation from Moffett to go on an exploration trip to Chicago.

Of course, Li Yaoyang would not go to Chicago to visit a building on purpose, if he wanted to, he could draw a draft of a skyscraper that is more beautiful and modern than the Relais Building.

But because of the existence of Alcatel, Li Yaoyang still decided to go.

What kind of chaos Chicago is in now can only be found out with your own eyes!

Of course, on the surface he was still a tourist, a tourist who came for the skyscrapers, nothing more.

Once in Chicago, the tour begins at the city's own birthplace, the Soganesh Inn on the Chicago River at the corner of Westlake Street and North Wacker Avenue.

The inn, built in 1831, hosted a rally in 1833 at which it was decided to incorporate the temporary Chicago Riverside Trade District into the town of Chicago.

In 1837, the town of Chicago was elevated to the city of Chicago.

The place is now a busy, ordinary transit point, but it is still a sacred place for the young city of Chicago.

As early as 1860, it was here that Lincoln was nominated as a candidate for the Ugly Nation Boss in the "Weigwim" Building, a temporary convention center.

From this interchange station along Lake Street to the west, you'll find the rugged, sturdy, functional steel structures that support the Chicago Elevated Railroad lying coiled along the way.

The citizens of Chicago took this strange thing in stride, as if it were normal to build urban rail transit at a two-story height in the middle of the main road on the ground floor.

It plunges the entire downtown area into endless darkness, deprives the building's occupants of the right to enjoy the view and daylight, and returns the roar of the subway and the dust that rolls up.

Other cities have dug holes in the ground to provide citizens with a downtown subway, but this is the case in Chicago.

The elevated railway, popularly known as the "L", not only circles the city center (hence the name "Ring Zone"), but also sometimes leads down to some narrow streets.

Other cities that have tried to operate elevated railways have severely limited the number and location of lines.

In London in the thirties of the 19th century, steam trains crossed the city on brick viaducts, but these lines were very few in number and all crossed or parallel to existing streets.

And most of the cities with public transportation networks like Chicago's "L" elevated railroad have long been discovered.

Overall, this stuff does more harm than good.

Opened in 1893, the Liverpool Elevated Railway, which initially served many of the docks there, looked like a dense crochet of lines that evoked a phobia of denseness.

In fact, this kind of elevated railway will not last long, and it will probably be abandoned by the middle of the 20th century.

For example, the West End Elevated Railroad in New York City was closed and transformed into New York's High Line, a linear corridor of hanging gardens.

"Brother Shen!"

"Hmm!"

Shen Changqing walked on the road, and when he met someone he knew well, he would say hello to each other or nod his head.

But it doesn't matter who it is.

There was no superfluous expression on everyone's face, as if they were very indifferent to everything.

on this.

Shen Changqing is used to it.

Because this is the Demon Suppression Division, it is an institution that maintains the stability of Great Qin, and its main responsibility is to kill demons and monsters, and of course there are some other side jobs.

Arguably.

In the Demon Suppression Division, everyone has a lot of blood on their hands.

When a person is accustomed to seeing life and death, then he will become indifferent to many things.

When he first came to this world, Shen Changqing was a little uncomfortable, but over time he got used to it.

The Demon Suppression Division is huge.

The people who can stay in the Demon Suppression Division are all strong masters, or people who have the potential to become masters.

Shen Changqing belongs to the latter.

Among them, the Demon Suppression Division is divided into two professions, one is the town guard and the other is the demon exterminator.

Anyone who enters the Demon Suppression Division starts with the lowest level of demon slayer.

Then step by step, he is expected to become a town guard.

Shen Changqing's predecessor was a trainee demon slayer in the Demon Suppression Division, and he was also the lowest level of the demon slayer envoys.

Have memories of the predecessor.

He is also very familiar with the environment of the Demon Suppression Division.

It didn't take long for Shen Changqing to stop in front of an attic.

Unlike other places full of slaughter, the attic here seems to stand out from the crowd, and in the bloody Demon Suppression Division, it presents a different tranquility.

At this time, the attic door is open, and there are occasional people entering and exiting.

Shen Changqing only hesitated for a moment, and then stepped in.

Access to the attic.

The environment has changed in vain.

A burst of ink fragrance mixed with the faint smell of blood came to his face, making his brow furrow instinctively, but quickly stretched.

The smell of blood on everyone's body in the Demon Suppression Division is almost impossible to clean.