The daily gazette., 1878-04-09
Our New York letter.
NEW YoRk. Anril g 1879

the rules of the house forbid hanpno
pictures in the rooms, and because hoard
! Is 50 and 81 week. People who com
PLAIN OF these facts, forget that other
people also build hotels and offer them to
the public, have right to make terms on
which the public can come in. Mrs
Stewart INDUCES in no affection of nbi,.
anthropy "Philanthropy" as generally
exploited at present is the last refuge of
humbug, as "Patriotism" is the "last
refuge Of scoundrel." Mrs Stewart of
course expects her hotel to suit a certain
class, not shop girls. The house will be
well patronized by school teachers. and
teachers of various arts and practicalities
also ladies living on annuities, pensions,
&C, VINO now cannot get satisfactory
social privileges at Sc or 81 a week. An
educated woman likes to read the maya
zines and even the dailies, but it takes
much money to buy them, and the public c
library reading rooms (very few in num-
per) are not considered her proper
sphere. At Mrs. Stewards Hotel she
iinds many of the advantages of good
cub, namelya copious reading room, and
opportunity to select associates.
This hotel is also an excellent stopping
place for ladies' who come to New York
city to shop, or ENJOY the advantages of
the capital city. Here they will be as
well treated as at the Albemarle or Cole
man, Il don't say the Windsor or Fifth
Avenue,) at less than half the cost, and
Will get much more comfort. Having
seen the inside of the House, / can con-
iidently recommend it to the ladies of
Wilmington, unless they know where
| they can do better.
This city is undergoing troublous times:
all classes are dissatisfied. To begin with
private money lenders The bill
| that has passed the Senate throw
| ing the taxes on real estate, on the hold
er oil the mortgages, unless that holder
be bank or incorporated company, is a
severe shock to private lenders. If it
becomes law, 1t cuts per cent. incomes
down TO Al. Borrowers may be some.
what relieved by it, but the amount of re.
lief will not compensate the terrible losses
| they have sustained, causing not in hun
| dred, but in thousands of cases, the ruin
of whole households, case in point. A
lawyer of excellent repute and social
standing here, with, five years ago, sew
eral hundreds of thousands, had among
Others two Madison Avenue palatial
houses, that cost him $4,000 each, and
were considered fair value at the money
| On these he easily borrowed $50, 900 each
In March 1873, he abandoned these
| houses to the mortgages, and they regret
| on their own account he did so. He is
L fn-1nU a nannil lngG aaiH. l. IL
professional earnings which are yet good
but at 81 he finds all his life's earnings
gone, solely through the fall of property
There are here almost no buyers for rea
property; nor do capitalists consider that
| it has touched bottom. In fact it is
generally believed that the mass of dwell
ling house property must fall until peo
pie can live in comfortable 3 story brick
houses on a rental of 5000 each. WHY
should they not? This is the LondoI
| figure, the Paris figure Berlin and
Vienna do not reach it. Houses therefore
that sold in 1870 at $4,000 and $50, ,O0(
| are expected to settle eventually to 81 ,00(
| and $4,000. This calculation is certainly
not unreasonable. But while the scaling
process goes on, the effects are mos
calamatous. Failures occur every day OF
men whose lives have been industrious
and useful, and whose surplus earnings
have been invested in real estate on
| which they have borrowed moderately
yet these moderate loans are now ruin.
ing the borrowers. Nor do they now
| benefit the lenders; our savings banks
are in state of alarm. They forclose
as seldom us possible, when they do fore.
| close nobody bids, and the uniformly be.
| come the reluctant purchasers. Putting
up an elegant brown stone front laSi
week, Mr.. Blocker said: "Who bids
| over this mortgage of $1,000, do / heal
| 81 900, 500, $500, 500, SlO0, $50? Gen
tlemen, | will take a bid of S5" But
there was no bid and the Savings Bank
took the property The lot had cost 81 ;.
500 in 1870, and the house cost over S..
900 more. These unlucky Boulevards
haye swallowed up whole ranks of mer
chants, lawyers, doctors, and large and
small spectators who came in from the
country during the flush times of 1860
70
| Meantime no money is being made
here to counteract these enormous losses
and shrinkages. The once vast anC
profitable jjobbing trade of New York
has disappeared, absorbed by the grea
inland cities; its taXations are ruinous
| and nothing remains to it but it.
importing and exporting movement
which enrich it not much more
| than the currents of blood enricl
| the heart. The cheeks bloom, the mus
cles grow, the foot develops, the hne
of beauty all over the form softly in
crease their harmony, but the heart toll
and tugs without enrichment. SO is i
with this toll worn city. Men work her,
like galley slaves, but get very little tt
show for it.
As in Paris, during the Terror, tn,
theatres were nightly crowded SO her,
while bankruptcy walks the street il
mulhtudinous form, the theatres ar,
damned. People say that they go in or
der to forget their sorrow. /, myself
actually know of one family who mad
up a theatre party, supper afterward, las
week, and tomorrow a marshal of a cit,
court will serve a dispossession summon
on the head of the family for non-pay
ment of rent, and unless the funds ar
borrowed, the family will be in the nj
on Friday. Such facls are eloquent. Ye
this does not prevent Miss Kellogg iron
being greeted by 1900 well dressed pee
Pile at her benefit last Friday night, o
from receiving six immense stands o
flowers and about 20 huge boquets. Mis-
Mapleson Marie Roze) was equally for
tunate, while Miss easy, louder applaud
ed, only got one boquet. And mean
while the poor are dying of hunger.
An eminent pawnbroking firm tells III
| tha Moor are not pawulnp Inilch now