The New York herald., 1873-11-09

v
ment until IL finally ran into the widest specua-
tiOD. Vacant property within the Old corpora
ton doubled, trebled, qnadrupled ana quin-
tupled Its valne colossal fortunes were
made in q short time by speculatlons in real
tate. ravenous horde OF real estate agents,
many OF them interruptions and some OF them
richly deserving Of term In the Penltcntiary,
spawned upon the city, and the bubble was blown
to dimensions lar exceeding those OF the Grafsio
balloon. Everybody went stark mad with the real
estate lever, and all the talk upon the street. In
the counting room, at the portals OF the cnurch
and between the acts OF the theatre was OF
"blocks,n 'lect" mon tage,n bodies OF land that
would "subdyice handsome.yn and eligible prop
erly that was bound to "dUupe IN yaluen in less
taan six months. syndcates and rings were
formed to speculate IN real estate; swamps four
miles from the city centre were bought up laid or
In small lots ana sold to
CRAzED SPECTATORS,
On small cash payments, the balance OF the purchase
money beng secured by mortgage notes at one,
two, three and four years. they were sold and
resod, and sold again each time at increased
prices. Everybody conspircd to bull the market,
and the few crOaking bears. who had read or heard
about the two apprentice boys wno got rich by
swapping jack knives, we're overpowered by he
weight OF public sentiment, and finally ended BY
becoming bulls themselves. Extraordinary de-
vices for "shovingn additions and SUBDIVISIONS
on the adjacent country were resorted 70.
The iactofyn dodge was fayorite one.
A company OF spectators would hoy up farm,
and the newspapers would herald the trans
action with the announcement that tine work
shops Of the great North American Frying
Pan Company, or the Occidental Mouse
Trap Works would be located thereon. Liiho-
ana drives, also showed q large amount OF space
preserved tor lactories.n The bare announcement
that q factory was to be located on the addition
was sufficient to give intrinsic value TO the lots,
and they were sold at astonlshngly high figures.
People bought and sold and got madder and mad
der, all the time jeerlngy alluding to the lalse
predictions OF the coming time when "the bottom
would drop out" II was londly believed that THIS
state OF things would last forever.
REAL ESTATE GAMBLING IN INDIANAPOLIS
was history repeating itself. 1t was the South Sea
bubble aud the tulip mania over again. But when
did a bubbled victim ever read history understand
ingly3 Sceptcs become believers and the mad
dest Of operators. Indianapolis grew and
nourished in the meantime, it is true.
Thousands OF buildings many OF them
substantial aud elegant, went up; rents increased
enormously ana large aadltions were mace to the
popuation. Mannacturing establishments sprung
wnere. In the height CI prosperity, when the cx-
cltemcnJ was at lever heat, the pane struck ln-
dlanaponS Ine failure Vi Jay Cooke pflcked the
BUBBLE. the gas escaped and the collapse was
tantaneous weak Dank, that mad been push
ing lis business TO dangerous extent, succumbed
to quiet run by timid aepOsitOrs and closed Its
doors. Then followed run on the fltl niger and
other banks, followed by temporary ana partial
suspensions on the part OF all the banAs except the
First National and Feicner's, an OLD private bank,
whlcn were very strong and well established in
the AFFECTIONS oi the people
In dire apprehension OF worse 10 come. lieai es
tate busnc IS dead, and the market pluttcd with
protested paper. The present outlook IS dsmai,
with but little nope Ol immediate rehef and gen
erally entertained lear ChaC the worst ~ yet 10
come. There nave been no absolute ialiures
among the business men, but many or them are
badly cripplel and II pushed must go by the board.
WITH good hog crop and abundant gram but ht-
tie OF the prOduce oil the country can be moved iOr
Want % money.
with the exception o ningan u Co., are doing lit
tie. Some are buying time much they
can, paying IS cash the nog packing
moderately Oh comlisslon. Farmers, disgusted
with tGe 'shrlnKagen IN the yaue Of hogs
anu the mposs b5y Of seiiina for Cash, are reius-
ing 10 sell. there rs not house III tne city, with
tile exception oil klngan 8, thai can run lour weeks
longer W. thout neip from tie banks, whcn there
Is little prospect o Obtaining the bank resers es
mouse, having wealthy european coLnecilons, is in
good condition and IS Gpei atig on cable transfers.
wheat bought III the rush times at ST IS, is Still
held over, in tie vain nope OF rise IN prices, ana
farmers decline 10 sell at present rates.
SIGNS OF DISTRESS.
Much OF the manufacturing and mercantile busi-
ness Of Ind ianapols, being y0lng, has been con-
ducteu on insuiicient capita, the establishments
depending on bank loans. AS these are now i'm.
possible, signs o. distress are manifest IN the cut
ting down OF wages, tne reduction OF hands and
the issue o. individual scrip IN lieu OF money. The
railroads have feduccC their working ioice twenty
five per cent and cut down the pay Ol those ie-
tanned ten per cent. The WOodburn Sarven Wheel
Company, the weaithlest corporation Ia tle city, is
running four days 10 the week only, eight hours
per day. The o.d rolling mill TOOK advantage o. a
foolish and lILtmcd strike among It's morkmen
TO quit work entirely. ButScn " Dickson, OF
the capital CITY Iron Works, are paying
their wornmen IN scrip The car works have prac-
ticay suspended, The machine shops are rui-
nng u time, with a iull force o. nans. work on
the Bet hallway tan enterprise desg gned to re-
heve the city o the pr, ssure ol railroad traus.er
Duslncss) has been suspended The wholesale
tSe s Ig s1s ay he sny na 10
feel the pressure severely They sell but little and
collect nothing.
ton AZ the beginning OF the panic VIII ne com
pleted, though IT is possible that many oi the ele
CANT storerooms viii be "Ior rent' for some TIME
NornINo LEFT FOR A RAINY DAY.
1t is esimated that at least 5000 persons will be
out Of emp plOyment w!thin the next SIX weeks,
most OF wnom, as Is the habit OF the American art.
san, have spent tneir money as they earned IT, ana
have lad up no hing ior a rainy day. Some effort
is being made TO relieve the necessities OF these
people; but, ncverti eess, Il is apprehended that
absolute suffering will come upon them during the
winter. The CITY treasury Is bankrupt, and CITY
employees are paid in warrants, current only ~ u
discount The common scnool treasury is bank
rupt, and teachers are paid in school scrip, which
can be used only at a discount OF ten per cent.
Small real estate notes and individual scrip circu-
late at a discount.
THE PrNANcraL TROUBLE
has been the absorbing topic o conversation ever
since the Cooke lallure. Meeting alter meeting
has been held, and the amount OF talk would fil
several volumes as large as WebsteI's 3 dictionary.
kine-tenths Ol the public sentiment Is in iav0r of
an expansion Of the currency. Just now IT Is to be
done, OF to wnat extent IL s to be carried, no
one seems to have any clearly detned iCca But
all unite in . cry for immediate reei, no matter
what may be piled up in the future. rbe national
banks, however, are opposed to innation. The
President OF the First National. Mr.. Wuiiam II.
Engisn, has attended several OF the meetings, aud
made unpalatabie speeches against inhaton. Mr..
English Is man OF some talent outside OF his nnan-
ciai tact, aud at one time was q member OF CON-
gress and originated measure famous at the time
as ''The English billn