Smyrna times., 1877-08-15
Saratoga Financially.

Nowhere does the subject of finance as.
sumo graver proportions or present more
suggestive lessons than in Saratoga.
Does it pay ?"-the absorbing question of
the hour-persistently arises at every street
corner, veritable modern sphinx of inter.
rogation, that will not let you pass until it
is answered. 1t stares at YOU from the new
dome of the Grand Union, strikes you with
the echo of the workman's hammer at the
Clarendon, turks in the silent corridors of
Congress Hall, or stirs in the quiet hustle
of preparation at the United States Hotel.
1t rises from the dust of the beautiful
Union avenue, murmurs with the drip of
the numerous garden fountains, and winks
contdentially from the street gaslights,
until you are forced into an intimacy with
figures and statistics, enter into friendly
relations with facts and finance, and come
at last to confront the question and retort
by asking in reply,-What does it cost ?
Congress Hall, the first large hotel built
in Saratoga, was erected about ten years
ago at an expense of 100000 Much of
this capital was contributed by local resi-
dents, one poor widow of my acquaintance
taking $4,000 worth of bonds, which now
are nearly valueless, the magnificent build.
ing standing to-day monument of finan-
cial failure. The former proprietors, Mr..
Hathorn, and his son-in.low, Mr. South.
gate, have not only sunk the private for
tunes they originally invested, but are
indebted to resident bondholders. So
pressing are these obligations that Mr..
| 1athorn's household furnature was sold at
auction last winter, and every saleable
article in the hotel went at a great sacrifice
to satisfy the claim of local bank.
Not long after the opening of Congress
Hall, assured by its apparent prosperity,
the Grand Union was projected on still
more magnificent scale, but was forced to
surrender in the first year of its existence,
and finally passed into the hands of A. T..
Stewart for the sum of $4,000, about one.
third of its estimated value Since then
Mr.. Stewart has expended $50O,OOO upon
various additions and adornments, and as.
sumed the entire control of the hotel. No
one supposes it pays, and the only consola-
ton is found in the fact that Mr.. Stewards
estate can stand the pressure. | under
stand his ulterious idea, in case of failure
Tor hotel purposes, was to make the build
ing into Il charitable institution, and some
think this plan may yet be carried out by
Judge Hilton.
Ignorant of the unstable foundations OF
Congress Hall, dazzled with the splendor
OF the Grand Union, the citizens were
unanimous in supporting Mr.. Marvin in
his attempt to rebuild the States" Sums
from $500 up were rapidly invested in the
new bonds, until the house was finally
completed at a cost of over S1,OOO,OOO
following the fate of its grand rival, thi.
hotel also failed during the first year of it.
opening, was bought in by Mr.. Marvin fol
S95O,OOO, and since then has proved {
decided success in every respect.
The Windsor, the last large hotel erected
in Saratoga, was built by Mrs. Donoughr
OF New York, without any assistance from
outside capitalists. Opening in the Cen
tennial summer, it was not we'll patronized
and this spring the beautiful house anc
furniture, worth $4,000, were sold at auc
ton, and bid in by Judge Hilton for $45,
600.
believe the Clarendon, just opposite, il
the only hotel in Saratoga which has beer
financial success from the beginning
Built years ago, at comparatively shgh
outlay, it has always been we'll kept anC
constantly patronized by class of conser
vative aristocrats who were willing to pa,
large prices for the privilege of meetin,
each other. The Huests House, in tn
, same locality, follows in the wake of tn
, Clarendon, steadily gaining in popula
, favor through years of advancing prosperity
| until this season it opens with enlarge,
proportions and all the modern improve
q ments, new carpets, new furniture in ney
|. rooms, at maderate prices, completing tn
list of its attractions for the weary stranger
q Such is the financial history in brief q
I the renowned Saratoga hotels. The fact
4 speak so eloquently that no word is neede
r to point a moral or "adorn the tale" Tha
a the masses of local residents are victims t
all this grandeur is evident. That the
are burdoned with a municipal debt {
n 100000 is also suggestive, and an entr
q refutation Of the general accusation that tn
!. Saratogans live by extortionate charge
a upon the travelling public. The town hal
the water works, improvements on Unio
: avenue, sewerage, etc., have all been bui
within the last ten years, the burden fallin
upon the few, while the masses of ou
travelling public receive the benefi
Although the assessed valuation of rel
estate here is $2,S29,000, and the taxatio
= is only levied on one.fifth of this sum, tl