The Birmingham age-herald., 1913-11-10
New York City Election Is To Be OF
National importance and influenced
Whole Country Will Feel
Effects of Measures of
Fusionists - So-ne Prob
lens Mitchell Must Solve.
BY HOLLAND.

New York, November 9.--tSpecial)-A
few days ago any one who wanted to
borrow money OF the banks upon call
discovered that he would have to pay
high rates for the use of this money. Some
Instances were reported of demand OF
interest at the rate of 10 per cent. Pre-
surnably this demand was yielded to. The
customer found 1t imperative that he OBJ
tain the money. This was called furry
in the call loan market" 1t was appro-
priately thus described because the dis
turbance was of brief duration.
When the question was put to those who
were presumed to be able to answer it as
to what caused this furry. sudden and of
brief duration 1t was, there were va
Tious answers. Some said that 1t was due
to apprehension of confusion respecting
tho exactions of the income tax law, so
far as taxation upon coupons was con-
cerned But speedily this explanation was
put aside and the one which was given in
place of II spoke of the financing that day
OF large amount of bonds, millions In
all, which represented In part the cost
of construction work for the very great
system of new subways which New York
city has adopted This event was of far
more TRAN of local interest Money mar
lfets and stock exchange transactions in
other parts of the country quivered for
little while, thus demonstrating the close
relation between New York. the financial
center, and other parts of the country.
This relation Is sure to be far more forci-
bly, demonstrated during the new city ad-
ministration, which will go into office on
January 1. having behind it a majority
public sentiment of considerably more
than 100000 voters. Therefore in this
sense. and leaving out of consideration
the moral aspects of the fusion triumph in
New York city, the local election is to be
Of national Importance and influence
Mitchell Is Young Man
New York city has elected as mayor a
very young man. John Purroy Mitchell is
a little older than Hugh ]. Grant was
when Grant was first elected mayor,
and he is two or three years older than
Theodore Roosevelt when he was can
ddate for mayor.
This young man Is, in his four years
administration as mayor of New York, to
face financial and economic problems of
difficulty, some of them quite as diff
ficult as those which Alexander Hamilton
worked over when he, at about the same
age Mr.. Mitchell now is. became Sec
retary of the Treasury in Washington's
administration The wise han.ling of
these problems will affect not merely
New York city bene1cially, but also many
other parts of the United States. Fail
nd ofa1xy IN
lens WILL to some extent create depress-
ing influences which will be national in
effect
The Great Problems
New York city now Is burdened with a
debt which is greater than the bonded
debt of the United States. Unlike cur ma
tional debt, it is constantly increasing.
Many additional millions in money must
be secured In the four years of Mr..
Mitchels adminsti alton as mayor. For
unless large amounts of money are OBJ
tained by borrowing 1t will be impossible
to undertake even to complete public
works the reasonableness of which no
one doubts. The subway system itself,
the greatest and most expensive system
of rapid transit established in any city
in the world, will entail hundreds of mil
lions of dollars. 1t is true that the city
itself will not be obligated for most of
this money, but the city's credit will be
Ryailed OF in order to procure the mar
keting of the securities.
A Competitive Struggle
Some years ago when the first of the
great ocean steamships was constructed,
the mana ging director of one of the more
important North American steamship
companies said: New York city will
find her commercial prestige impaired if
she does not cause to be constructed
dry dock capable of floating even the
10N0-foot ocean steamships which In all
probability will be designed by marine
architects within few years"
The recently demonstrated energy of
Boston in the direction of so perfecting