Dayton daily empire. [volume] (Dayton [Ohio]) 1850-1865, 1864-04-04
gailg empire.
Speculation in New YOFk-A
Coming Crash.

Not since the war broke out have shrewd
men been so much at their wits end as now
Specialization is rampant and men are fairly
mad with the gambling mania. But these
are unisdged 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 alCof from the
madness OF this hour They confidently pre-
dict 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 brok ersthis
week, told him he had 100000 to invest,
and said to him, what would you advise me
to do2 just then donkey cart went by driv-
en- by an ushnan. Go and ask that man,
said the broker, "he knows as much about II
as do. Such is tho general feeling among
shrewd aud experienced capitalists. The
speculations in real estate the past year have
been astonishing. Prices have reached a fig
ure that it is impossible to maintain A bro
ker in the city in 1886 hired house on Fifth
avenue, aud took lease at 50 600 That
was considered high price for it In Janu-
ary last he underlet the house at the rate Of
IS 800 a year, semi-annualy in advance He
is now travelling in Europe on the gain, A
house that was sold in November for $50 600
was sold February for $50, 600 and the owner
is grunbling over the loss Of $4,000 on the
sale, as he has since found a man who would
! have given him $50 900 for it. Men have been
sold out Of house and home by asking what
they supposed to be an exorbitant price and
finding themselves suddenly taken up. One
man offered house that cost him SIC, 900 for
$4,000 His offer was Immediately taken.
When the papers were drawn they we're made
out to a third party to whom the second party
had sold at az advance OF $4,000, An ex-
mayor of tho city, who lived in an elegant res
dence in sumptuous style, was visited one day
iby two ladies', who asked permission to look
at his house, stating that the house next door
was for sale but the occupants would not allow
them to view it. His honor eourteously in,
formed them that the houses in that block
were exactly alike, and they might examine
his house as fully as they pleased. On leav-
ing one of the ladies said to him, 81 suppose
you would not sell your house p "0h yes, -
said his Honor. III would sell anything but
my wife and children" That afternoon he
received note from leading real estate
house, asking him if ha would sell his house,
and at what price. He offered it at $50 900
The offer was taken at once The papers
we're passed and the money paid that night
The next day it was sold for $40500. Two
Honor little unquiet. He offered his house
$4,000 less than his next door neighbor ask
ed. He had to abandon his comfortable and
luxurious home instantly. BE was literally
turned into the street Somebody made $40
: 500 out Of him Getting fashionable resi-
dence at any price was out OF the question
r Nothing remained for him but the overcrowd
ed Fifth avenue Hotel He is now with hir
family in the attic story waiting for something
10 turn up,
Such a state Of things cannot abide Our
, shrewdest fnanciers are looking out for
crash. Our leading merchants confess tba
they do not know how to buy or SELL ManJ
of them are curtailing their business; for
like experienced mariners, they read storm
in the sky, where, to an unpraeticed eye, moth
e. ing but fair weather is seen. But the mex
|. perienced men Of small capital, and profes
' sional men, are rushing into the opening vor
tex, whose pathway is strewn with gold. Men
York Correspondence Boston Journal