The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-10-10
And COMMERCIAL.

MONDAY. Oct o-0k O'Clock r. n.
On Change to-day the al. absorbing topic was the
disastrous nre as Chicago. The wheat market was
higher, but, under the circumstances, quiet Cot
ton was steady.
HEAVY DECLINE IN STOCKS.
The ever sensitive medium OF the stock market
was prompt in rejecting the apprehensions ex-
cited by the Chicago calamity, particularly as
the financial and commercial interests OF
both cities are 30 closely interviewer. We
give elsewhere . more elaborate exposition
and explanation OF these interests. and invite at
tenton to those columns or paper which discuss
the subject. The peculiar features Of the fire in
threatening the insurance interests more particu-
larry, and BY involving serious detriment to the
business OF the vast network or railways centring
at Chicago have been the chief secret OF the alarm
produced among holders Of the shares dealt
In so extensively on the New YORK Stock
Exchange In this crisis there has been, as
usual IN such times, an unreasoning lack Of dscrim-
nation as TO the injury innicted on property not
directly involved tn the disaster for everything has
been depressed by the exigences arising out OF the
inability resist the unmerlted depreciation which
ID ever likely under the system Of holding and car
rytng stocks on margins.
Unfortunately che market was not In mood to
receive with equantmity the intelligence OF so
terrible Q disaster. The previous week mad closed
with very unfavorable statement from the
banks, and hence the temper Of the street at the
beginning OF business this morning was not even
ordinarily confident or steady. When therefore,
the kilograms began to pour in, each succeeding
one swelling the reports OF destruction to property
the uneasiness among the holders OF western rail-
way shares manifested itself In q suddenly unani-
nous desire to sell. The apprehension spread to
other stocks. and the board room was soon mass
OF excited men clamorous to part with their
stocks AZ such q time the heated
Imagination conjured up the worst fate
for the interests involved, ana as the salient feature
was Lake shore and Michigan Southerh Railway,
line so obvisusy dependent for large portion OF
its tranlc ON the prosperous existence OF Chicago
its great Western terminus, panic seized its
shares. ana, despite the prospective value Of them
- an investment they were borne down BY the
weight OF sales and fell from 100 to o5h-or loh per
cent This result was not reached without numer-
ous intermediate fluctuations The sympathy
OF the market was so completely enlisted in
the progress Of the connagration that when
ct times hopeful dispatches were received prices
essayed reaction, and for spell the market
threatened to 20 up as rapidly as it had declined
But when at length the aggravatiOn OF
sTRINaENoY IN THE MONEY MARKET
was added TO the already accumulated causes OF de.
preston the whole list seemed to give up the effort
at resistance, and the period OF settling bank
accounts witnessed q half panic. At first this
latter contingency was but carelessly considered.
There had been Is true fair inquiry early In the
day for money at seven per cent but hardly enough
to be called active When, later In the day, the
extent OF the disaster had been more fully known
and the grave situation OF the STOCK market had
excited apprehensi0ns to the safety OF loans on
stock collateras, the money lenders drew their
purse-strings. to speak ngurattveiy, and borrower
began most industrious WANING exercise In pursuit
OF money to make good their account at bank Money
suddenly became worth the legal rate In gold anu an
excited market was established on the sidewalk for
fznsacliohs IN I6Sns Eventually the hour q three
O'Clock arrived ana the agony increased. Borrow
ers were compelled to take the money on the best
terms available to them, and IN their efforts 10 in
duoe lenders to accommodate them extravagaut
commissions were offered az o bonus for the use Of
the wherewIthal to save them from the dishonor OF
an unfulnlled banK account Dealings were pro-
longed In this way until an hour after the usual
time for closing the banks, the latest borrowers
having had to pay as nigh as 4 anu y per cent for
their money.
THE EXTREME FLUCTUATIONS.
The extent OF the decline at the lowest stage OF
the day Will be the following table OF the
treme fluctuations. In the case OF Rock Island.
which was quoted dividend OF four per cent after
two O'Clock allowance must be mace to that extent
In the second column OF fgures:-
Decline