The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1871-11-09
Money Market.

AOASy MoXACt
From the London Times, Oct ober Is.
Attention i'm the city has been almost
entirely concentrated on the probable
consequences Of the IRE ct Chicago,
which seems, both In its financial and
commercial bearings, like to prove more
disastrous than any ever known in the
world. Although the estimate of loss
to the extent of HlO0,OOO.OOo may 1T
first sight appear preposterous, those
who are acquainted with the place will,
from the statement that the half of the
city, including the entire business Sec
ton, had already been burned, while
the flames were still unsubdued, appre-
bend that it may be found to involve
less exaggeration than is usual under
such circumstances of wild excitement.
The extent of arrangement which must
inevitably ensue, and which will make
itself universally felt, will, it is believed,
be much greater than most persons yet
conjecture. Chicago, with its popuIa
ton of 100000, WAS the grand center
both of the export and the import trade
of the West, and the calamity has oc-
Cured at a season when that trade WAS
approaching its height. About four
hundred thousand tons ofshipping were,
directly Or indirectly, engaged in it
twenty four lines of railway meet there,
and from 200 to $50 trains daily arrive
and depart. Its traffic in grain, lumber
and provisions far exceeded anything
known elsewhere, and, while its graua
ries. and yards were thus filled, its
magnificent warehouses were stored
with the manufactured goods and arti.
Giles Of domestic luxury received from
Europe in return for these riches. It
was now just the time for the grain
shipments to BIZ most active previous to
the close Of navigation, aud, on the
other hand, for the autumn supply of
Manchester, Lyons, and other goods, to
be concentrated by the wholesale houses
for the wants of the dealers from all
surrounding parts. Hence is ques.
ton how far New York Will be affected
by the failure of Chicago 20 pay for
these goods and, again, how far Man
chester, Leeds, Lyons and the other
manufacturing towns may be affected
10y any difficulties ut New York. On
the corn market such influence as it
may exercise will, Of course, be favora.
ble to our dealers and bad for the public
As regards the provision trade its effect
may be less important, as the time for
meat packing begins with the Novem
Der frosts, and the quantity in store as
yet may, therefore, have been small.
Equally serious with the disturbance to
be occasioned in trade may be, in many
cases, the financial consequences. The
large insurance offices of New York,
Boston, Hartford and elsewhere will be
called upon, more or less, to q crushing
extent, and these institutions will be
obliged to realize in a prop0rtionate
degree their holdings in Federal aud
State securities. The same will he the
case With the life Offices which have
made advances Oh bonds and Chicago
mortgages. All the bonds and shares OF
the railway companies convergiug upon
the city must likewise temporarily SUI.
fer from the PROJECT of suspended traffic
and the impoverishment Of the people,
aud the shares of the Illinois line, tho
Erie line and others have consequently
been sold to day at decline OF nearly
Go per share. Still, in the midst of all
the confusion and loss, it is necessary to
bear in mind the vigor and elasticity
with which the American people meet
aud repair every adversely. The con
sequences of the two fires which within
the asst thirty-five years have devastat-
ed the business portions of New York
were encountered with a promptitude
which soon effaced their traces and at
a later period a like visitation at San
Francisco caused u still greater develop.
ment of indomitable energy. Hence it
is some satisfaction; in the midst Of the
present disaster, to predict that what
ever may be lis magnitude, there viii
be ,othing more astoui>hi & in con
nection with it than the way in which
the sufferers will effect the work of
res toration.