On March 25, 1911 a fire occurred in the garment district of New York City in the production of Shirts or Waists for women. The name of the company was Triangle Waist Company and 146 mostly young women died during the fire. There had been other fires in the garment district, but this one changed the landscape and the book Triangle – The Fire that changed America by David Von Drehle published by Grove Press, NY, 2003 tells the reason why at this particular time, change happens in New York. In many cities around the world there is a garment district which is where clothes are made for it was a job which many people have training when they are young and can relatively easy find wage work. In New York City by 1909 more women worked in the factories in Manhatten than all the mills and plants of Massachusetts and by far the majority them were sewing or cutting to make clothes. The mills north of Boston took the cotton from the south and made cloth, while the factories in the high rise buildings added value by making clothes which were sold across the US.

Part of the reason for the change was fire regulations, in the 1900’s fire regulations were not the highest priority in high rise building. The Triangle Waist Company operated in the top 3 floors of the 10 story high rise building and if you think about the operations of a garment company, there was a high risk for fire – cotton is flammable. The new regulations meant that buildings needed to be refitted and built with sprinkler systems; the fire exits needed to open outwards; and fire escape on the outside of the building has to be built so people can escape a fire without it collapsing. In the fire, the fire escape was mangled and fell which in turn people fell and could not use the fire escape. Another issue was fire drills, at the company there was no fire drills, however the first 5 minutes are critical in a fire, after that it is more luck than anything else. The new regulation was all high rise buildings must have fire drills at least once a year. All very good things which most of us would accept as normal and the minimum one would do.

Linking to dividend paying stocks, with these stocks they tend to like regulations because it is a barrier to entry. If someone is not following the regulations the lawyers talents at suing can be used. Regulations can be beneficial for investors.

There are more questions than answers, till the next time – to raising questions.