The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-12-28
GOSSIP FROM NEW YORK
Jerome Has Injured the Cause Of Reorm-Presdent Cam
e tors Street Signs Conspicuous by Their Absence. &c
BY JOHN MARTHoL.

have no new ones been put in position.
but old ones have been taken down.
When the streets were lighted by gas ev-
cry lamp post had a street sign on IT.
Now that the city is lighted chiefly by
electricity the lamps have been taken
down from the posts and with them the
signs In view of the fact that New
York city is visited by hundreds of thou
sands of strangers, the necessity of street
signs is not only important but impera-
tive. The Hon. Jacob has simply followed
in the footsteps of all the reformers. that
is, they promised much and accomplished
nothing.
Another great shaft is about to be sunk
for tunnel purposes. A portion of Bat
terry Park Is now being fenced off prelIm-
mary to the sinking of the shaft from
which tunnel will be run to Brooklyn
This will be the first of the tunnels under
the East river to be begun.
-
Special efforts are being made by the
friends of the Tammany Hall organI-
cation to build up in public estimation the
new boss. Murphy. late dock commits
sioner and new boss of the organization,
is the recognized leader. Now, as a mat
ter of fact, Murphy is not the leader of
Tammany Hall; he is merely a puppet
or figure-head; behind him is Congress-
man Tim Sullivan. Sullivan is the actual
master of the situation in New York
county. He has been the master for the
past three years, and at the proper time
he will come out in the open and none
will dispute him. No one recognizes this
more foreibly than Johnny Carroll. and
realizing that Sullivan Is In to stay, has
retired from political life. Mr.. Carroll
announces his retirement fro politics as
the result of the claims of business on his
Iad tic al
few years ago, this reason for 1t might
have been accepted as the truth; but at
the present time all those who under
stand the situation know that Carroll has
more leisure time than he ever had in his
life; he Is simply forced out of the game
by Senator Sullivan
Nothing reflects the general prosperity
of the residential population so much and
so accurately as what is termed Christ
mas shopping" In hard times during the
two weeks prior to Christmas the stores
are filled with shoppers seeking articles
at low cost This year the stores in
the main thoroughfares have not been as
crowded as usual; but the storekeepers
state that the entire fall trade has been
unusually heavy, and at the present time
the demand is for articles at figures far
above those genrally purchased. There
has been an unusual call on high-priced
articles.
Wall street feels the effect of the output
of the certificate factory. Millions are
represented by certificates which the
great public has no desire to purchase In
fact, shares are a drug on the market
and promoters, with pigeon-holes full of
schemes are afraid to solicit financial
assistance. Besides those that won't sell
are the newly reorganized companies
T.. Lit.
floated companies having experienced UNI
| favorable trade conditions, burst in mid
air like other hot air balloons and came
tumbling down. These are now seeking
capital to float them once more. Finan-
ciers are not eager to underwrite new
schemes, having as much as they can do
to keep their own favorites from declin-
ing. A great many multi-millionaires are
only millionaires on paper. If no ill-wind
blows their highly inflated balloons will
soar heavenward, but If they should be
buffeted by counter currents many of
them will come a tumbling An extra
anchor to windward has been recently
created. l refer to the $5O0OO,OO0 pool. 1t
was a necessity. People out of Wall
street do not always understand how
multimillionaires multiply their possess
sions Yet 1t Is easy. Let us say that A.
who has had a partnership share in
factory netting him $4,000 per ann1m Is
offered 100000 in first mortgage bonds at
per cent per annum, 100000 in cash and
$4,000 in stock, or a total of $500 OOO and
salary of $4,000 as manager, would be
inclined to sell? He takes the salary he
puts 100000 into real estate, borrows
$l50,0O0 on the bonds at his bank and say
$4,000 on his stock. With the 5000 geo in
money he buys bonds and stock in more
good things" These he In turn uses at
his bank There are certain banks and
trust companies which are so allied with
the companies that they may be said to
exist merely to loan on such collaterals.
Mr.. A, who five years ago despaired of
selling his interest in the manufacturing
business, finds himself an officer in a
trust and reputed to be worth millions
All goes well until the market value of
securities declines and trust companies
and banks must to conform with the
laws, compel borrowers to reduce their
loans. In the recent slump" loans were
reduced. Should the "cali' for margins
on loans find borrowers unprepared lend
ers might be compelled to self-securities;
in that event the market value of stocks
would be further depressed. In order to
assist borrowers and to prevent the I'M
loading of stocks the $50, 900 pool was
erected. Or in other words. an extra
brake was put on the wheels of finance
to keep the vehicle from rolling down
hill.