Here's what I got from this passage: Bartimaeus throws off his cloak (possibly the only possession of value he has -Deuteronomy 24) is given sight (most likely not born blind) and told to go his way. I like to think of the cloak as representing this world and material possessions. Now that Bartimaeus has true sight he throws aside his cloak and instead of going his way, he follows the true way of life - Jesus.
Also used as the reading on Sixth Sunday of Great Lent: Sunday of the Man who was Blind in the Maronite Catholic Church. The emphasis on Lenten Sundays in the Maronite church is on the different healing miracles of Christ but the Messianic aspect is equally enlightening as the following Sunday is Hosanna (Palm) Sunday!! Thanks for the lesson!
Master is often also used in the context of a very wise, learned teache you followr, think wizened kung fu masters being addressed by their students, but without the kung-fu, and there is a similar tradition in the West. Naturally Jesus is not a mere wizened teacher, He is the Wisdom of God and thus the title of Divine Teacher.
Jairus (Blind-one = winter), a ruler in the synagogue (winter), was the same as Bartemeus. Though very poor, he had a daughter- perhaps many, like most poor folks. But that don’t matter. Jairus' daughter (the year) was about twelve years (months) old, and about to die-the year was closing. Jairus called upon Jesus to go and doctor her. Jesus hitched up and started. On his way a woman (Earth 'during the year), who had had an issue of blood (the crops) during the past twelve years (months), and who had spent all her living upon physicians, but all to no purpose, came up behind him, touched the hem of his coat, when the flux ceased-vegetation was arrested. Jesus perceiving that he had lost something-the weather had become cooler, cried out: - “Who touched me?” The poor woman, badly frightened, fell down before him, confessed that she was the guilty party, and told him why. All right, said the good Savior, thy faith hath made thee whole- “go in peace.” By this time, it was spring, as denoted by the word “peace.” Somebody now told Jairus his daughter was dead (the year had ended). Pooh! pooh!! exclaimed the Savior, she's not dead but sleepeth. Knowing her to be dead, the people derided him-laughed him to scorn. At this Jesus got his dander up, shoved them all out of doors, took the girl by the hand and called to her, saying, Maid! get up! Her spirit returned into her, and she got up. Jesus ordered meat (the crop) for her. Her parents were astonished, but Jesus said-say nothing. Career of Jesus Christ by Milton Woolley.