The Iowa transcript. (Toledo, Tama County, Iowa) 1858-1866, 1864-03-31
specr,.,,rs .t their vvsts, end

Speculalors at their Wits end
The extravagance and folly u New
York in these hey days Of abundant
currency, are everywhere the subject Of
remark, not to say astonishme"s. The
New York correspondent Of the Boston
Journal writes - follows:
Not since the war broke ont have
shre wd men been 80 much at their wits
end as now. Speculation is rampant
and men are fairly mad with the gamL-
ling mania. But these are unfiedged
spectators, who have yet to learn how
treacherous 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 conf
den,ly 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 lar
gest and most successful brokers this
week, told him he had 100000 to in
YES: and said to him, what would you
advise me to do? just then donkey
cart went by driven by an ash man.
Go and ask that man." said the broker
he knows as much about it as ! do"
Such is the general feeling among
shrewd and experienced capitalists.
The speculations in real estate the past
year have been astonishing. Prices
have reached figure that it is impos.
sible for them to maintain. A broker
in this city in 1868 hired house on
Fifth avenue, and took lease at 43 600
THIS was considered a high price for
it. In January last he under.let the
house at the rate of $s 500 year semi
annually ia advance. He IS now trav-
cling in Europe on the gain. A honse
that was sold last November for $780,
600, was sold in February for $4,000,
and the owner is grum6ling over the
loss Of 10000 in the sale, az he has
since found man who would have Civ
en- him $50 900 for it. Men have been
sold out Of house and home by asking
what they supposed to be an exhorbi-
! tant price for their property and finding
themselves suddenly taken up. One
man offered a house that cost HIM SIS,
600 for so5. 900. His Offer was imme
diately taken. When the papers were
drawn, they were made ont to a third
party, to whom the second party had
sold at an advance Of $4,000. An ex
Mayor Of the city, who lived in an ele.
CANT residence in sunptous style, was
visited one day BY two ladies who ask.
cd permission to look 1t his house, stat
ing that the house next door was for
sale bu, the occupants would not allow
them to view it. He courteously inform
ed them that the houses in that block
was exactly alike, and they might ex
anime his house as fully as they pleased
On leaving, one Of the ladies said to
him. 81 suppose you would not sell
your house?" "Oh, yes" said his Hon
or, II would sell anything but my wife
and children" That afternoon he re-
ceived note from leading real estate
house, asking HIM if he would sell his
house, and at what price. He offered
it at $50 900. This offer was taken at
once. The papers were passed and the
money paid that night. The next day
the house was sold for $4O,5Oo. Two
or three things in this transaction made
his Honor little unquiet. He offered
his house $4,000 less than his next
door neighbor asked. He had to aban
don his comfortable and luxurious home
instan,er. He was literally turned into
the street. Somebody made $lo,5oo
out of him. Getting fashionable res
idence at any price was out Of the ones
ton. Nothing remained for him but
the ovcrcrowdcd Fifth Avenne Hotel
He is now with his family in the attic
story, waiting for something to turn Up
Major II. II. Heath. Of the Seventh