New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-06-27
TFT0m our hpesIaT UOFFesp0hdeht.I
LETTER FROM NEW YORK.

New YORK, June 81, 1866.
The gold excitement has in a great measure
abated Since Monday last it has run as high as
sixty-nine, and as low as ffty-fye, fuCtnating be-
tween those figures, and the fortunes that have
been made and lost are enormous. 1t is reported,
on good authority, that one prominent specuator
bagged million as his profits in the last four days,
but where we hear of these cases, one here and
tt re, we do not hear of the immense losses,
Ab& parties are obliged to stop; then we know
something of their troubles. A visit to the gold
room or stock exchange by a stranger, on any day
when fluctuaton is great and speculation is lively,
is certainly one of the things that will astonish one
who is uninitiated in the process of going long !"
or short.n Imagine, if you can, two or three
hundred men all crying out and each one trying
to cry louder than his neighbor, IN give seller
g. A. 100 at 4 regular y d" III sell any part of a
1000 Erie at cash, A, 100 old SOW at buyer
lO;'' "Ill give 10 per cent. call 1000 prairie
dog at a / in 10 days. " what kind of a / q
sixty and quarter - sold" The latter trans
action is one which finds considerable favor among
spectators as hey always know exactly what
they can lose. Take the offer stated above: one
person gives another $1,000 for the privilege Of
demanding from him within ten days 1000 shares
sufficiently within the ten days to make goot
thing, the buyer demands it and sells it out at 65
or whatever price it may have reached. If does
not go up the buyer of course loses $1,000. While
this is written in quiet place and with a quie
mind, the transactions on the exchange are carried
on midst the widest excitement; and in the golt
room you find the same state of affairs 'I'll sci
10 gold at ~ Take it at So" I'm give fo
GC11 md gtol
chases and sales are compared and orders ar,
passed from one to another, and in some case
$4,000 gold will be bought and sold and the goIt
not delivered, the brokers merely passing checks
from one to the other for differences, some per
sons charging 50 so for settling differences an,
others doing it without compensation. 1t has beel
the experience of most speculators that they cal
generally calculate " two to one what goes into
brokers' Office never comes out.n 1t is strange
but people have an uncommonly curious metho
of following each other in losing their money ii
stock speculations. OF course, every broker j
perfectly square, . but some how or other YER
few operators make money. Some broker an
bis friends will subscribe to fund to make
corner" on a stock, that is to run the stock u
and induce everybody to sell it " short" Will
they are buying it all the time, and when the con
tracts expire, the sellers having sold what the
have not got, are obliged to go into the street AM
buy it, and the "ringn having control of til
stock of course do not sell it, and, therefore, it
bid up to high figure, at which the ring" gen
orally settle with those of whom they bought, Q
let cut little Of the stock at the advanced price
Sometimes the ''pool are unable to get rid of a
the stock they are loaded with, and very frequent
are heavy losers after all, in consequence of bein
obliged to carry the surplus stock after the pool
is wound up. A little experience is necessary t
appreciate the advantages of stock speculation,
Congress has ordered an inquiry into Secretar.
MeCuogh's gold transactions in the street, sine
the lst of January last, including l presume,
slight investigation as to why one broker came tt
get $35 coo 900 to sell in one month. broke
who gets government boost" Of $4,000, for oul