The Portland daily press., 1878-12-04
Our New York Letter.
Than 8 Twin n AZ. New Vorlx-R n .ixxe-s .sna
Buiidings-The Decline of Re al Estate
What Resu npiiOn will DO.
NEW YnRK Nov % 1ez

New YORK, Nov. 80 1873.
This has been broken week and somewhat
of an uneventful one. The people here have
grown into the way of keeping Thanksgiving
after fashion. 1t is not such holiday BY
any means as New Englanders are accustomed
to. They are not up to that sort of thing in
New York. They have no such knack of pre-
pairing appetizing dainties as Yankee house.
keepers are wonderfully proficient in, and their
sociablity is good deal more starched and
stately, and for that reason, much less easy
ard home-like. But the down-sasters residing
ia the metropolis who cannot go back to the
homes of their youth to celebrate the festival,
are obliged to content themselves with as good
an imitation Of the original as their means aus
accessories will admit of. The rest of the pop
ulation take as much enjoyment out of the
day as they can get, and in a community as
active as ours the opportunity of an occasional
interval of rest or recreation is sure to bs az
preciated by everybody who leads busy
life.
In commercial circles dead calm prevails
as is generally the case at this season of the
year. But it is very evident that the period Of
inanimation will ba of brief duration. Trade will
be resumed under new conditions and on a
greatly diminished scale of expenditure. In
the item of rents alone, an immense saving
will be effected. Shops can be hired on the
average of at least fifty per cent less than
they could in the days of initiation. Many of
the costly warehouses on Broadway can be
leased for third of what they used to bring
Land all over the Island can be purchased on
exceedingly reasonable terms, and buildings
Can be erected very cheaply. Undsr the temp
tatons which these facilities ;ncite, vacant lots
are being improved by the erection of numer.
GUS neat and commodious but not extrayasantly
appointed houses in the upper part of the city
The elevated railways have greatly promoted
this line of enterprise. Itis astonishing to see
what multitudes avail themselves of this mode
OF travel, and on observing the crowds that
gather at the station, especially night and MORN
ing, one cannot but wonder how all these people
found conveyance to and from their homes be-
fore they were furnished with the convenences
they now enjoy. The surface roads still carry
as many passengers as they can properly &C.
commodate, and there are no Indications as
yet that any of them will have to be discon-
tinIed. 1t is impossible to witness the opera.
tions Of thess. gigantic agencies of locomotion
without realizing that New York is still Wig
orous and opulent city
Examples of the great decline of real estate
are frequently being brought to public notice.
The other day a Murray Hill palace was sold
for $67 900. There was a mortgage on it of
$S0,0O0, which indicates that when the lien
was put upon it, the appraised value of the
property was $16O,OOO, the uniform prac-
tice Of lenders bsng to loan half the estimated
worth of the security. In this case the mort
gagees lost $4,000 of their principal and all
their arrearages of interest and taxes, amount
ing probably, to as much more. Prudent peo-
pie of course will express surprise that any
man would live in house SO heavily encum-
bered. The occupant was retired merchant
who left business with ample wealth. He
caught the mania for speculation in real estate,
just when everything was at the highest point
He operated extensively, first absorbing all his
own funds and then mortgaging his houses and
lands to raise margins to meet the first insta!-
ments on his new purchases. The panic
struck him when he was overloaded with
debt. He struggled in the tolls till his involve
ment became inextricable and then died By his
own hand in an insane asylum.
Mo tgagees have in many instances delayed
taking proceedings of foreclosure in the hope
of favorable turn in the market. In this
way the obligations of their debtors have in
creased largely. They are now beginning to
comprehend that their best course is to close
the accounts and secure what they can from
the wrecks. This is forcing good many
houses on the market, and as the number of
buyers is extremely limited, the few that are
able and willing to invest in this line have
chances to drive keen bargains. No doubt
there would soon arise a speculative feeling in
real estate if it were not for the universal terror
in which the tax-gsthersr is held. This ubiqui-
tous and inexorable functionary is armed with