The Birmingham age-herald., 1906-01-26
EVERYTHING HUNS
 IN NEW ORLEANS
Real Estate Values Have Doubled
 in a Year
1OOONEW HOUSES GOINGUP
Sewerage and Drainage systems Now Being Built Keep 10000 Work. men Employed at High
 Wages.

New Orleans, January 25-(special) )-- Chance rather than choice has made thousands of men in New Orleans rich within the past twelve months. and the most of them have not gambled. either. Paradoxical as this may seem. if ia true to the last degree Many minimizing orleanians display the spirit of their fore fathers when they look about them and say, My but we are on a boom: yesf' and let it go at that Observant visitors read the papers and marvel that invest ment values should enhance rapidly enough to bewilder the mind Within q year the real estate valuation of New Or leans has very nearly doubled, not on paper, but in actual cash effect. Bank stocks are in extraordinary demand. In fact, every class of local securities are in good demand at values which a short while ago would have regarded as ifnpos- sible. So heavy has become the trading in those local securities that within one year and half the selling price of shares in the New Orleans Stock exchange has advanced from $25O to s1O,0Oo. These con ditions obtain in a proportionate degree throughout the territory of Louisiana. Mississippi, Alabama and Texas tributary to New Orleans
 Reasons for So-CalIed Boom.
 The real reason for this so-called boom which neither quarantines nor the tieins up of cotton has checked are these.
 l. All values have been too low. 2. General prosperity throughout the south.
 3. Increasing earnings of southern en- terprises.
 4. Immensely increased demand for building lots in both the business and residence portions of the city, the result of the ability of the people to invest more money and the influx of people from other states and cities.
 D. The growing business of the port the coming of new railroads and steamship 1 lines, and the immense prospective re- suits expected to follow the opening of the Panama canal
 In the abstract these are the conditions that every day are making men rich in New Orleans
 In the concrete, many interesting illus trations may be cited
 few weeks ago eX-Postmaster Frank A.. Daniels-Cleveland' second admins tration-and a few friends organized the Cosmopolitan Bank and Trust company, and before one-quarter of the capital stock had been subscribed for and before the banks charter had become effective the first years dividend had been made | Were this an isolated case 1t would have caused widespread comment. But being one among many it has passed unnoticed The organizers of the bank building and values in that neighborhood immediately advanced, enhancing the value of the property held by the bank, Mir. Daniels receiving several cash offers, the least of which was a third greater than the cost of the property. This bank will have a capital stock of half a million dollars with shares at $20 par value plus 80 for surplus. Most of the stock has been taken, ! and wherever practical the subscriber is obliged to become a depositor MT. Dan iels reports subscriptions averaging 1900 shares a day are reaching him. The ex- perience of the Cosmopolitan is in no way dissimilar to that of a nu.dber of other banks recently organized and now in hourishing condition and whose stock is selling way above it's par value. What l Is true of the banks is true of other financial and commercial enterprises.
 New Enterprises Organized.
 Recently Secretary Fred Muller of the New Orleans board of trade resigned a l high-salaried position to organize big commission company and dozens of other successful young business men have done the same thing there being no difficulty | whatever encountered in selling the stock l of such enterprises at par or above
 A short while ago the D. H. Holmes | department store was sold to local syn | dieate for $20O0,000 cash. The Hibernla Bank and Trust company financed the deal alone and cleaned up H000O0 profits in a few days Shortly thereafter another department store was sold to another syn dicate and the scope of its operations immensely broadened. Now comes the announcement that several big Canal | street retailers have combined their inter- | ests, formed a company with a million or more capital, and will become active Competitors with the other two big con- cerns.
 One year ago The Times Democrat pur- chased a square of ground on Camp street | for $T5,0O0. Last week one-half of this square was sold to the Metropolitan bank for $7s,00O cash and the bank and the newspaper will erect handsome sister | buildings. twenty-foot street will be | opened through the square between the buildings.
 These are but a few illustrations show | Ing the rapid readiustment of values In New Orleans. There are thousands oi others.
 | ct me average DdllNe oTledHlHH VIII say: My, but we are on a boom, yes. " and then forget all about the wonders talk ing place around him.
 But the increased property earnings dividends, worlsmen's wages and business mens incomes are by no means all there is to this feadjustment.
 Increased property values means in creased tax income to New Orleans and better paved streets, better lighted city and the earlier completion of the immense sewerage, drainage and clear water supply project, the installation of which Is now giving employment to some % 900 workmen at high wages. Early evi- dences of the, prosperity of the municipal treasury is. the increase in the pay of all firemen and policemen, the construc- ton of, miles of steel freight sheds on the river front. etc. And the beginning is just commencing!
 More than 1000 new residences are now under construction in the American quar- ter of New Orleans. while unusual activ. ity in this direction is noticeable through out the French quarter. Even the Italian quarter Is not escaping the general i'm. provement | L..