The weekly Ottumwa courier., 1862-10-18
Immense Stock Speculatioaas = Eoery-
body making Fortune. ~

-Inamense Stock .Speculations = Ecery-
T body making a Fortune. s.t
From the New York Independent, Oct. o.
Never have we witnessed, in an expert
ence of nearly thirty years, in this city, such
intense excitement in the stock market as
has existed during the whole of the past
week. The transactions at the Board OF
Brokers have been unprecedented in amount
From o'clock in the morning until 5 o'clock
in the afternoon, the whole fraternity of bro
kers and operators have been flying about,
buying anything and everything which came
upon the market. Sellers at high prices one
day were buyers at still higher prices the
next The Bears-the few which dared to
appear-were punished most severely. On
Saturday, not single anima of that species
could be found in the whole city No rebel
army retreated from the battlefield in a
greater hurry than did the Bears last week
from Wall street. As the race is now en-
tirely extinct in this vicinity, their history,
it is generally supposed, will speedily be
written.
The large amount of money afioat seeking
Investment, together with the recent favora-
BILE intelligence from our army, has inspired
great boldness and confidence in all quarters
Capitalists as class move rapidly, and when
good opportunity is offered to make few
thousands they know how to embrace it,
Sometimes they take extraordinary risks,
but in such cases they expect extraordinary
profits. Their recent movements have been
more successful, perhaps, than ever before.
Every one has made money, and some have
realized very large amounts. All those
whose transactions the past week have been
large as buyers, have made snug fortune.
The ease in the money market is helping
outside dabblers in stocks very much. and
their aggregate operations are now very large.
The market has advanced so rapidly that
the margins Of petty borrowers have increas-
ed, and they have thus been able with a
small amount Of money to carry easily a
large load of stocks. The banks, at the mo-
ment, are eager lenders of money on all spec
ulative securities. Their line Of demand
loans is much larger than ever before, yet
they appear confident in regard to the fu-
ture, and act without the slightest fear of
any unfavorable change. So long as the
Government continues to disburse such
large amounts of money, so long it is be-
lieved, there will be prosperity. Stock spec
ulators think so, and act accordingly.
{ After the first battle of Bull Run every
thing was fat. Business men in all quar-
ters were half-scared to death. We were
having new experience as nation, and
our longest headed men couldn't see far
enough into the future to give them the least
courage. Wall street, at that time, was fill
ed with Bears, every one of which stood
ready, with growl, to make contracts to
sell almost any amount of stocks which the
few timid buyers then alive would take
Pacific Mail, the leading fancy stock, was
then sold as low as so. Ithas since advanc-
ed more than one hundred and fifty per cent
selling now at 1872. Old Erie, the foot ball
N Wall street, sold at II. 1t now sells at
59-an advance of two hundred and fifty
per cent. Harlem Railroad stock sold at 81.
It now sells at 24--nearly two hundred per
cent advance. We mention these as sam
Piles Of the enormous fluctuations in our
stock market in the short period Of fifteen
months. Who can tell what the quotations
will be tlfteen months hence? During those
months, as they swiftly pass, fortunes will
probably be made and lost in Wall street
As in days gone by. Let him that standeth
take heed lest he fall.