Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-12-20
HONEST CRAFT OF
GOTHAM TWENTY
MILLION A YEAR
ENORMOUS SUMS
WASTED BY BIG CITY
New Record Price for Stock
Exchange Seats Destruction.
Of New York by Fin Predicted
by Expert.
Especial Correspondence to Morning J~oarnniI

Especial Correspondence to Morning Journal.
New York. Dee. Some factl
have been brought out within the pasi
few days which go FAR % shbw wh,
New York Is 80 much more oxponsiv,
% ran than any other eity In m,
world. These facts show that Il "
not actual stealing so much ~ The
honest graft" which politicians re-
gard as their due that AIDA 10 this
cos, of municipal government For
Instance, "a commission appointed thir-
teen years aRo 10 condemn land for u
boulevard in the northern part o. the
city has lust completed It's work. The
total value Of the land appraised by
thF commission. which consisted Of
three members, "a placed az ss.922,-
ga. ana the amount faid TO the COM
missioners IN fees was S|2di83s, or
nearly 10 per cent Of the entire Nalu-
alton This represented Il mere trlflo
~ $4,000 to each member FOR giving
wltat probably would not average
more than q fetg moments Of his time
each week 10 the eitys business. This
particular body was created. however.
IN the comparatively modest days
when commissioners were paid only at
The rate 81 ten dollars for each sit
ting In the case Of the new Catsklil
aquedact. on which the city Is spcnd-
inc soma hundreds OF millions Tor an
additional water supply. between for
~ and flfty commissions Of three
members each, besides eounsel and
special experts who have been em-
Played IN p%rofusion, have been en-
gagged IN aprrniging The land "a be
used ~ The rate of fifty dollars to
each commissioner for each meeting.
The average duration of meetings Is
said 60 be about an hour. Computa-
lions that AVE been made show that
the various commissions with their
employees cost the city about $4,000
for each day that they sit. Almost
every politician Ia tho city and state
holds . of these lucrative commits
aionefships IA person or has secured
the appointment N Il number OF his
hansers-on. In u number az cases il
been found thai men have been
rvinE on two or three different CONF
AZ one Time and drawing
yearly amounts from the city IN ex-
eess Of the salary OF the mayor and
important ofigials. Probably
no other government-oity. state or
NATIONAL Affords 80 many opportunl.
Ties for rich pickings without The VI
~ any iaw rs does that at
New York with it, enormous
expenditures. A careful estimate by
familiar with the workings of the
N~ari0us city departments places Tho
cost 60 New York Of this honest
In the far:a ~ useless or ox-
eseiye Expenditures at s%e0.UD0.OD0 |
or about twelve per cent of the
entire expenses of administration.
While the return of prosperity has |
announced With more or icss
Of trumpets many times dur
ing the past TIVE years. al least there
ig UNREASONABLE evidence Tint tho
conditions 81 run activity In an limos
81 business which prevailed up 10 tho
autumn ~ ia0f have been restored.
This evidence Is found ln tho sale OF
a seat ON the New York stock cx- !
thnnee this week at the highcnt price
recorded ia the history Of that
Institution II II only when general
business Is brisk and prosperity wide
dlffused that financial operations
rise 10 the high water mark. Like
wise the price o%htainabie for the priv |
ilege OF tr%ansaciing business ON the
Of the countrH's greatest sccur-
VS. market Rises with the volume ut
business handled there. A generation
ago seats on the exchange sold at
1900 or $4,000. The price gradually
Increased up 60 the early ninoties. |
when IL had risen to $3S.000 10 st0,-
900. In the boom years following tho
spanish.American war the demand
or seats so far exceeded the sunplV
md the great increase in trading made
HE brokerage business so profitable
hat prices rosr to figures hitherto
indrcumed Of ami SS5. 1000 or norri
VAS freely paid Tor memhcrship in
ne exchange ~ l9U6 the cost OF
becoming q floor member had risen
lboNo $4,000 and one seat WAS eaiII
D ihht Nrnr for the rcrord-hreukinr
iric" Of ss5 600 This was tho period
hen more than % million shares OF
took changed hanas every day on tho
took exchange floer The panic oil
900 cur thc volume ct transactions
90 q fraction of uhnt they had
'een previously and the prize OF seats
rll OF to about &Jo.oo8 During the
year the price has been
lmbinr upward again About the
oi NuN. Whcr one seat was sold
or $4,000 then came the osiab-
.shmcnt of tho now high record or
GOO which ron present indica-
VIII soon he cciipsc1 Tho New
ork Stock Exchange d somtumts r.-
erred 90 ns "the MOST expensive club
b the world Do no other hoursa. iu
mefica OF shoad. Is thc cost of mom-
anything a-prraachine tho .
mount required here
Gothamitcs have NOS iasl ANY sleep
Tar over the dire prediction of q
r. Humphrey. a philadelphia build
.r expert. thnt their elte rs doomed F,
undergo q cnnnuprausH Or NOR
sfnstafinE than those thuf swept Bale d
more and san Francisco ar Hum
who Is Just returning o. thir 1
nucr an extensive iuycsiiel-
On Of building and FIRE protection
in Europe. hascs hlr cheerful
rDphccy upon the inadequacg OF our
resent building laws. which permit /,
ie erection Of ~so-eatlcd %fireproOf