The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1909-12-22
'sHONEST GRAFT
IN new YORK
Evidence If Wlful and Reck-
less Expenditure.
How COMMISSIONS SPEND
The Sum Of $751; 900 Paid for
One Street.
Seat seia n the New York stock
Exchange Est.sllshed New
Reeers Prsee-Nsw forks
A..lAaiatier l.
Preai4ps
by LoNGACRE.

New York, Dec Some facts have
been brought out within the past few
days which go far to show why New
York Is so much more expensive to
run than any other city in the world.
These facts, show that II is not actual
stealing so much as the '.honest
graft which politicians regard as
their due that adds to the cost OF mu-
nicipaI government
For instance. commission appoint
ed thirteen years ago to condemn
land for a boulevard In the northern
part OF the city has just completed its
work. The total value OF the land APP
praised by the commission. which con-
sisted OF three members. was placed at
sz.e22,6s1. and the amount paid to the
commissioners In fees was s254.sss or
nearly 10 per cent OF this entire val-'
uaton. This represented a mere trifie
Of $3.50 to each member Tor giving
what would not average more than q
few moments OF his time each week
10 the cfty's business This pavticu-
lar body was created. however, In the
comparatively modest days when
commissioners were paid only at the
rate OF SO for each sitting. In the
case Of the new Catsl<ili aaneduct. on
which the city is spending some hum
drcds OF millions for an additienal
water SUPPLY uSAWcch AuANy slastesf 49,
commissions OF three members each.
besides counsel and special experts
who have been employed In profusion.
have been engaged In appraising the
land to be used at the rate OF 700 70
zach commissioner for each meeting.
The average duration of meetings IL
safd to be about on hour. Computa-
tions that have been made show that
tho various commissions with their
employees cost the city about $l2.sOV
for each day that they sit. Almost
eyerv politician In the city and State
holds one OF these lucrative commits
sionershfps IN person or has secured
the appointment Of nufnber or MS
hanzers-or In number a. cases It
has been found that men have been
rervfug on two or three different
commfssions at one time and drawing
yearly amounts from the city In excess
Of salary of the Mayor and other I'M
portant oficials.
Probably no other government
xvsfv state. or Nationaf-anords 50
rnanx opportunities for rich pickings
,uvtffos,t the violation OF any law as
sloes that Of Greater New York with
sfn enormous expenditures. A careful
,snfin,zxe bv men familiar with the
rsglnxs OF the various city depart
,,.enfs nlaoas the cost to New York
~ this honest graft in the form OF
useless or excessive expenditures AZ
s20.0oo,o0o q year. or about Y per
cent Of the entire expenses OF admin
ksffation-
Has Fully Returned.
While the return OF prosperity MS
s,aa,, announced with more or less
Flourish OF trumpets maAy times dnr-
ing the past two years. at least there
Is unqnestionatie evidence that me
conditions OF fun activity In All INES
81 business which prevailed up to the
autumn Of 1907 have been restored.
This evidence IL found In the sale OF
= seat on the New York Stock Elk
change this week at the highest price
ever recorded in the history OF that
institution. II Is only when general
business is brisk and prosperity, vide
" diffused that financial operations
rise to the high water. mark. Like
wise the price obtainabIe for the
privilege OF transacting business on
the floor OF the country's greatest
security market rises with the, volume
of business handled there. A gener-
alton ago seats on the exchange sold
at $1,000 or $4,000. The price .gradu-
ally Increased up to the early sos
when Il had risen to sSs.0o0 to $4,000
In the boom years following the Span
seats SO far exceeded the supply and
the great increase In trading made
the brokerage business SO profitable
that prices rose to figures hitherto
undreamed of and $4,000 or more was
freely paid for membership in the
exchange. BY 1905 the cost Of ber
coming q floor member had risen
above $4,000 and one seat was sold
in that year for the d-breaksng
price of $4,000. This was the period
when more than a million shares OF
stock changed hands every day on the
Stock Exchange floor. The panic, of
1907 cut the volume Of transactions
down to a fraction of what they had
been previously and the price Of
seats fell off 20 about $4,000. Dur
ing the present year the price has
been climbing upward, again. About
the middle of November one seat was
sold for $4,000 aAd then came the
establishment of the new high record
of $4,000 which from present indica-
tions will soon be eciipsed. The New
York Stock Exchange is sometimes