Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1877-05-18
OUR NEW YORK LETTER.
RIAL ESTATE


A test was made of the real estate mar
ket last week. Certain lots of ground on
Fightv-ssventh street. which cost five years
aeo 500. 900. and was considered cheap at
that. were put up at auction to determine
what reduction in price and in rentals
should be made The property brought
$50. 900 on the usual terms. As the sale
was made in good faith the reduction is
accepted by owners, and prices are estab-
lished accordingly. This is a terrible let
down, but owners are compelled to stand
it. Rents have fallen more in proportion
than prices. Stores on Broadway which
rented formerly for S, 900 only command
$4,000 or $4,000, and the hoped-for rise in
May was not obtained. There are thou
sands of stores standing empty, and thou
sands upon thousands of houses. People
who formerly occupied a whole house, now
content themselves with half, and in very
many cases with even less room. A great
many apartment houses have been built, in
which seven rooms can be had for from S25
to $50 month, and they are taken by the
people who formerly paid $25, 900 or $780,
600 for whole houses. The depression in
business has done part of it, and the per-
manent loss of trade to the city has done
the rest.
PRICES OF GOODS.
''Before the war; is not the comparison
for cheapness any longer. With bleaehed
cottons down to cents yard, and silks
of desirable grade at $3.50 yard, there is
little more to hope for in the way of cheap
goods. With suits to order, such as gen.
tleman can wear, at $25, and ladies' wear
to correspond, it is evident that the baleful
influence of initiation is withdrawn, and if
the Russian war does not hurry prices up,
common people can get some good out of
their money again. Silk suits are selling
ready made for $22; and long silk house
dresses in princess shape with founces
and drapery for $12 to $17.
THE PosT-oFFICE cATAsToPHE.
Can the Government. get honest work?
New York has post-ofice said to be the
finest in the world, which looks as substan-
tial and solid as the pyramids. But Tues
day the roof covering one large room in
the east side, fell in and buried five men
in the ruins. It was supported by iron
girders, filled in with cement, and of course
the poor fellows in the room were killed
And now the architects are
fighting as to where the blame should rest.
An investigation shows that a rascally con-
tractor put in defective girders, which an
equally rascally inspector passed.. which
cost five men their lives. 1t is
the age of shoddy and the Government
gets more than its share Of it.
LIFE INSURANCE.
The officers of the swindling american
Popular" have been indicted, and there is
a decent prospect that some. of them will
wear the stripes at Sing-Sing. There are
dozen other companies which need just as
an overhauling, and there are
enough of theswindlers who ought to be
n Sing-Sing to organize hfe-insurance
brigade there. These scoundrels ought to
De pursued remOrselessly, for they bring
lisrepute upon the really good companies,
md weaken public confidence. The effect
If these failures has been disastrous. The
business of ife-insurance has come almost
% stsnd-still, for with the exception of a
eW companies whose strength and honesty
S beyond question, no one knows who
lmong them to trust. The defunct ''Popu-
ar" made magnificent show upon paper,
,ut the expert commissioner showed that
was fraud from beginning to end
others will follow it in few weeks.