The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-02-17

at an advance of rs per cent This is evidence the
feeling that exists. and indicates growing excitement
The rotunda of our Exchange is daily crowded with
spectators, and the walls are covered WIN mo-
tees and maps of property to be brought FORWARD
at future day Autographs are In demand The same
artist that produced the attractive maps OF city and village
lots in 1895 and employed by several OF our largest
real auctioneers and actively engaged In perfect
ing the various drawings Of property that will be
offered in market The principal purchasers these
sales are individuals whose must be familiar to
those who in the habit of reading the notices Of
bankruptcy published short time since These indivi
duals come into the market backed by some invisible
power, whose they depend, and on whose
shoulders fall the losses while they take the best posi-
BILE care of whatever profits may The capital is
provided by the institutions that have lately been
so actively engaged other speculaton Not considering
polite to appear the first party any speculations,
they employ individuals who have nothing to ose but
everything to gain, the nominal purchasers while they
in the back ground and supply the necessary CAPT
tai This is the third speculative movement the banks
and in viduals have taken hold Of within few months
Fancy stocks cotton, and real estate comprise the
three great items Of speculation and the banks are still
deeply involved in the whole. The first, comprising
fancy stocks the commencement, and Of the most
speculative nature. Prices advanced under the operations
but greater value created. This movement was
merely confined to small circle and interested small
clique, whose veal affected great interest Of
the country left any effect behind, except in the pock
cts of the stockholders Of the institutions who have inter-
estsd themselves in the movement. The principal par.
ties interested those who had received the button Of
bankruptcy, and compose the new board Of brokers
through whose efforts the speculations were COM
menced. The result will be made visible of
these days by exposure similar to those we
have so repeatedly The second was the cot
ton speculation and the most rational and legitimate
Of the two Operations in this staple denote value and
increase of price actually creates much additional
wealth. The market for sale and consumption being in
foreign country every advance in price increases the in
debtedness of that country to this, and whatever
mens will produce this result if distributed through
many hands, are legitimate operations But monopoly
Of even this valuable staple by few moncd institutions,
or individuals the object of which is to hold to the
last moment is attended with many dangers, and often
results In running the parties concerned The third spe
culaon and yet the last is in real estate There are
limits to this movement. The whole island may be
absorbed before crisis gives checkmate The nominal
value of real estate and house lots may increase tenod
but the actual value will improve mill Real estate
resembles fancy stock in this feature. The advance in
prices being produced by internal and the opera
tons being confined within limits, the value is
merely nominal and represents no more property than
before the operations commenced lot Of land that sells
for Ave thousand dollars today to capitalist in Wall
street, and next week sells for thousand dollars to
capitalist in Broadway has not created by this advance
any additional wealth to the city country but had the
last purchaser been English capitalist the wealth OF
the country would have been increased in proportion to
the advance Cotton speculaons produce different re-
suits That staple leaves the country and every arthng
of value added to IT, much in the pockets of pro-
ducers and SPECTATORS. is additional amount drawn
from the Golfers Of the foreign capitalist and brought into
own limits; it adds much to the value Of our ex
ports and operations creating real value should be
couraged when conducted egitimatey and bonafdely,
and when carried by individuals and not by corpo
raons This we cannot regulate. The banks will interest
themselves in every speculation the taps While they
have the capital they will take the lead in the Market but
they cannot enter the regular of trade unless
the merchants allow them do indirectly They cannot
the importers of merchandise take the place of
the jobber between first pnd third hands, Amidst all
the excitement attending the above speculative
ments, the commercial classes have not been erted
from their regular busneas. This class is composed Of
young merchants who have capital sufficient carry
healthy amount Of business within themselves and
who have grown up since the revulson of 1887
They are Independent of banks; they take inter
est in the specuations that such excemen,
throughout the country, having regular business to at
heydevoe all their capital and their and
energies to the line marked out and by steady and firm
adherence to the principles laid down. they will gradually
but surely acquire wealth. They Indifferent
widely separated from their pursuits and have no in
terest in their safety destruction 1t is only by this
paration that hope for any salvation.
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