The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-10-13

tu6 NcW 1Olh puASNin'l
This is doubtless the most extended conaa-
grafton the world has ever known, since 1t sur
passes the great Ere of London in 1888, that OF
New York In 1885, and that Of Constantinope
two years ago.
THE COMMERCIAL POSITION OF CHICAGO.
Chicago was city of about thirty-hve years
growth. During that period Its increase In
population and material prosperity was greater
than that of any other city OF which we nave
record. At the time of its destruction 1t was
the second grain centre In the world, Odessa
being the first. 1t was also the greatest rail-,
road centre In the world, being the principal
Western objective point tor all Eastern rail-
ways between Portland and Baltimore, and the
Northern objective point Of all railways be-
tween Rchruond and Galveston. The CONNER
cial importa, ce of Chicago was primarily due
to the fact OF It's relatively favorable situation
near the centre OF the country that lies between
the lines of latitude whose soil and climate at
the same lime favor the development OF energy
and enterprise, and the production OF such
articles of vegetable and animal classification
as are CT most value to mankind.
EXCITEMENT IN WALL STREET.
As successive reports of the progress of the
fire were received at the Stock Exchange and
private offices, 1t began to be considered now
much so vast destruction of property In the
great railroad centre of the continent might
affect the general value OF railway stocks,
since majority Of all our railroads connect
with lines that enter Chicago. The result OF
these reflections was to render the stock mar
ket dull and weak for general shares, while
concerning many of the roads whose main de-
pendence ior business Is on Chicago, the STOCKS
fell from to Z and to 10 per cent. Seven
per cent. interest and one-quarter per cent.
commission added were bid yesterday alter
noon for money "over night" and the more
seriously members of the Stock Exchange
reflected on the calamity the more they seem,
ed to be convinced OF its far'reaching and
disastrous influence. 1t may be properly men
toned In this connection that the strictly
banking capital OF Chicago did not exceed
SIC, 100000 The partial panic which prevailed
yesterday was reached the more easily In con-
sequence of the sensitive condition In which
the market has been for some days In sympa-
thy with the feverish money market abroad,
and the growing scarcity of funds here. The
t'tear' speculators. too, had been maturing
their plans tor depressing securities, and
more serious panic than occurred yesterday
would not have been an unnatural result.
Lively times are looked for in the street to-
morrow, unless the market rallies before the
hour for deliveries.
THE PRODUCE EXCHANGE.
The feeling on Change Yesterday was one OF
uncertainty. Various conflicting reports were
adoat, and II was 1OuuQ ituPossiole W piace re-
iiance on anything. In cJnsequence Of this
hnt little business was done. The holders Of
yrain in Chicago insisted that most o. The
stock stored in that city had been destroyed,
and asked for high prices for what was sup.
nosed 10 be left, but the buyers refused 10
resnond until some definite Information was
obtained. Telegraphic communication having
been interrupted, no market reports were re-
ceiyed, and this served to Increase the exist
inc uncertainty and confusion. There was but
little excitement visible, and what little there
was was caused by the eagerness OF t1e mer-
chants 10 obtain the latest Information In re-
9ard to the progress OF the fire. Business was for
the time forgotten, or else confined to the actual
necessities of buyers. During the day private
dispatches were received by members OF the
Exchange, that as many as fifteen elevators
we're DESTROYED, but as the kilograms failed to
Give their locality or the amount of grain they
Contained. they were looked upon as exaggera-
tions sent probably for the purpose OF advan.
cInr the market. Other dispatches estimated
The number of elevators destroyed to be six,
and this number was generally regarded as
The ,rnth. All these dispatches, however TALL
Cd to cause any excitement, or even specuia-
tions The loss of the grain, though II may 10,
terrupt many transactions, Is not regaroeeo ~
an serious as the LOGS of the elevators. lot u
these be destroyed the forwsrders VIII oe 9naoe
toSandle large quantities and forward IL as