The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1864-04-01
The Madness of Speculation I'm New
York.

Inc extravaganza and FOLLY OF New YORK
in these hey days of abundant currency,
are everywhere the subject of remark, net
to say establishment. The New York
correspondent of the Boston Journal
writes as follows:
Not since the war broke out have shrewd
men been SO much at their wits end as
now. Speculation is rampant and men
are fairy mad with the gambling mania.
But these are uDfedged spectators who
have yet to learn how treaclerous and
uncertain the sea is on which they have
launched their all Men of capital are
standing aloof from the madness of this
hour. They confidently predict crash
that will be more sweeping than anything
New York has known this century. A
gentleman of large means called upon one
of our largest and most successful brokers
this week, told him he had $780, 600 to
invest, and said to him, what would you
advise me to dop Just then donkey cart
went by driven by an aoh-man. "Go and
ask that man," said the broker, che knows
as much about it as l do" Such is the
general feeling among shrewd and experi-
enced capitalists The speculations in
real estate the past year have been aston
ishing. Prices have reached figure that
it is impossible for them to maintain. A
broker in the city in 1868 hired a house
on Fifth avenue, and took alease at So, 900.
That was considered high price for it.
In January last he under-let the house a.
the rate at So, 500 year, semi-annually in
advance. He is now travelling in Europe
on the gain. A house that vas sold
LIST November for $4,000, was sold
in February for $50,T00, and the own
er is grumbling over the loss of $4,000,
on the sale, as he has since found
man who would have given him $50,
for it, Men have been sold out of house
and home by asking what they supposed
to be an exorbitant price for their proper
ty and finding themselves suddenly taken
up One man offered house that cost
him $1,000 for $4,000. His offer was
Immediately taken. When the pap
were drawn they were made out to thir.
party to whom the second party had sold
at an advance of $4,000 An ex Mayor
of the city, who lived in an elegant res
dence in sumptuOus style, was visited one
day by two ladies, who asked permission
to look at his house, stating that the house
next door was for sale, but tie occupants
would not allow them to view it. His
Honor courteously advised them that the
houses in that block were exactly alike,
and that they might examine his house us
fully as they pleased. On leaving, one of
the ladies said to him, 81 suppose you
would not sell your house ?" ooh, yes"
said his Honor, 81 would sell any thing
but my wife and children" That after
noon he received note from leading
real estate house, asking him if he would
sell his house, and at what price. He Of
fered it at $50, This offer was taken
at once. The papers were passed and the
money paid that night. The next day the
house was sold for $40, 500 Two or three
things in this transaction made his Honor
a little unquiet. He offered his house
$4,000 less than his next door neighbor
asked. He had to abandon his comfort
able and luxurious home instanter. He
was literally turned into the street Some
body made $4,000 out of him. Getting
a family residence at any price, was out Of
the question. Nothing remained for him
but the overcrowded Fifth Avenue Hotel.
He is now with his family in the attic
story, waiting for something to turn ND.