The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-11-30
GOSSIP FROM NEW YORK.
National Prosperity Not be Measured by the Output Of the
Certificate Facory-Wal Street the Liver Not the Heart
BY JOHN MARTHoL.

MARTHOL.
which have heretofore controlled this
great traffic. We must turn the current
of that trade from the setting to the
rising sun
So much that is spectacular is afforded
by Wall street that the public at large
often loses sight of some great and inn
portant commercial development. Those
interests which are the most noisy are
generally the ones that are seeking
money and those whIcn have an abund-
ance of money desire to hide their light
under a bushel. The International Bank
ing company which sprang into exist
ence about two years ago with a capital
ization of six millions attracts very lit
tie attention, although it Is the fiscal
agent of the United States in the Philip
pines and China. 1t has branches in San
Francisco Yokohama Manila, Shanghai
Singapore and London. 1t was virtually
started by a group of fnaneiers closely
allied with the Equitable Life Assurance
Society. and the late Marcellus Hartley
was its president. Since his death Mr..
Valentine p Snyder, president of the
Western National Bank, has been its
acting president, and within a few days
Mr.. William L. Meyer, at present the
president of the National Shoe and
Leather Bank, has been elected Its pres
ident. The corporation has a special
charter granting unusually broad bank
ing powers; in other words, 1t is wonder
fully well equipped to take advantage of
the conditions now existing China for
the employment of capital. It is a little
curious and interesting to note who it's
directors are. They are James w. Alex
ander, president of the Equitable Life
Assurance Society; John r. Hegeman,
president of the Metropolitan Life In
surance Company; Haley Fish, banker
Sylvester C. Durham, president of the
Travellers Insurance Company; Edwin
Gould, president of the Seventh National
Bank; Edward II. Hartman, president Of
the Southern Pacific; James H. Hyde,
vice-president Equitable Life Assurance
Society; Alfred G. Vanderbilt, Henry c.
Prick, Henry b. Huntington, George
Croker, Luther Kountz, John ]. Nc
Cook, Eugene Delano and Abraham s.
Hewitt. Mr.. William L. Meyer, the new
president, came from the west three
years ago and has made rapid progress.
He was made vice-president of the West
ern National Bank, and from thence
went TO the National Shoe and Leather
Bank to become its president. He is a
man of unusual financial and executive
ability, and is recognized as a coming
man In the financial world. The capital
of the company was increased to ten mil
lions. The operations of the Internal
tional Banking Company will be we'll
worth watching, and If there is anything
in names and backing, its operations will
be of very large scale.
The coal situation is. it may be stated,
about as follows. The coal companies
deliver to dealers anthracite in quanti-
ties which enables every dealer to deliver
from one to two tons to private consum-
ers. No dealer will take an order for
more than can be Immediately consumed.
Manufacturers and large office buildings
are content to use bituminous coal. The
health authorities regard as obsolete the
law affecting the consumption of soft
coal, and the result is that over Manhat-
tan there rests an Opaque cloud which
steadily deposits a fine, almost impercep-
tible carbon, destructive of linen and
white goods. If a heavy snow storm
should fall upon the city, impeding the
delivery of coal in small quantities, it
would be safe to say that great distress
would fall upon the people. The state
ment then would be that fault cannot be
found with the coal carriers or wholesale
dealers, as there was ample coal, but an
to deliver 1t to the consumers. This sys-
tenn OF doing out coal to supply imme-
date wants has silenced the community
and until 1t becomes seriously distressed
the coal famine. which is today as actual
as 1t was thirty days ago, will be I'M
needed. Small coal dealers do not hesi-
tate to say that the coal carriers are not
endeavoring to do more than to supply
the actual day to day demands, and the
users of large amounts find that bitumi-
nous Goals are cheaper and are not at all
DESTROYS of returning to anthracite. The
gloom and the filth will doubtless con-
tinue indefinitely.
Recent developments have brought to
public notice a system of slavery that is
appalling 1t is reflection on the man.
agement of the emigrant commissioners
at the various ports of entry in Boston,
New York and Philadelphia, and also
upon the management of the tenement
house commission In the city of New
York 1t has been proven that hundreds.
of young girls have been imported into
this country and sold to slave masters
who place them in houses of tll-fame.
Prior to the election of Mayor Low this
condition was revealed by the campaign
ers seeking to Gust the then existing au-
thorities. New laws were enacted and
even the charter of the city was amend
ed so that control over this condition
could be given by process of law. Mr.. De
Forest, a lawyer of high standing, In be-
half of the tenement house commission,
of which he was chairman, drafted a bill
which became a law, and Mayor Low ap-
pointed him tenement house commission
er. With the authority given the COM
missioner by law no such dens of in
fanny should be permitted To exfst and
their very existence is a moral impeach-
ment of the commissioner There seems