New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-10-13
THURSDAY, Oct. PIP. ".
lot O'CLOCK A. NJ.

The all-absorbing topic of discussion in
the street il still the great Chicago fire and lis probable
effect upon the business interests OF the country Dut
more especially upon the values OF the securities d' III
at the stock board The immediate eject IL az course
demand for currency 90 West, which has temporarily
reduced the quoablc value OF certain securities; and
whether that decline ia to be permanent or not time
alone will determine But does not reduce the volume
paper money, nor Is 1t generally believed that IL WI"
materially, generally, permanently change the rea-
tive value this currency to other kinds OF property
While the losses sustained by the c0nagraon are UNI
paralleed in amount and extent they are individual
and affect only individuals, leaving Src00OOOO or
7OOOOOOOJ Of paper money still "Xtant. only
a small portion Of which Will he required at
any one tic carry the rebuilding and repairs that
Will begun III the stricken city Tbs VIII he
rccompcnscd 10y donations and adjusted insuranccs from
Europc and from Ncw-YOrk, New England, and other
portions of our own country. The rebuilding viii
furni, additional employ mcnt to thousands OF mechanics
and laborers merchants will commence at once To re-
plcIish their depleted shops aud the money Will hnd It's
way back to us quickly and dctcrinnedy a. water
finds its level Let not be understood a. hcltLng
the magnitude of the calamity aS II affects the we'll
being OF families or individuals in almost every
grade OF society. That aspect Of tho subject
Is treated appropriately in other parts or HE
TRIBi NJ. Our DUTY here is to regard Il iii the light OF
its immediate and prospective effect upon the general
money market and influence upon the value Of the
this point Of view reason for serious apprehe
sion The active movement Of currency the West
acs Of COURSE, unusual temporary demand for IT,
Can remain away considerable length OF time, or
will not its return to Ncw-York and New England
CONNIE "a the circle can be pcriOlmcdt
Already there are large orders from Chicago in
this city for goods to be paid for out of in
suranccs due here. and all such transactions will
be adjusted without the removal of dollar of
currency from the general bank account 1t must not be
forgotten that railroad and telegraph times,
and everything moves with velocity that sets all pre-
ccdcnt and history at naught.
Business at the Stock Exchange opened quite calmly
with an apparent tendency toward continuation of the
improvement Of yesterday. But after the opening
there was heavy feeling in the speculative stocks, and
prices declined from to per cent, and though very
largo business WAS done the decline caused not the slight
feeling panic the cliqucs were reported to be
large sellers. This the condition OF affairs up to
about p when the street was thrown INTO instant
excitement and wildncss by STORY that mob OF large
proportions was making rioous demonstrations III City
Hall Park and serious results were feared This was
the capsheaf that crowned the fear and at once there
was the most frantic disposition to sell out holdings at
decline Of and even per cent and the crowd en-
tertaned strong feeling that everything was going
the eternal smash at time during the week.
1t was until North Western Common had touched Sc,
Western Union Telegraph, 54l; Ohio and Mississippi,
34i N Y Central stock &C. scrip 81; Reading 1913 Lake
Shore, Rock Island 95s Union Pacific, 22h and Pa
cihc Mail Az. that the wiser counses OF cooler heads
prevailed, aud the afternoon marked a hrmer tone as
money became less difficult Of access
In the late afternoon dealings after the adjournment
OF the Long ROOM another panic seized the street and
for time the scene rvaled Pandcmonium itself stock
after stock was tunbled did the decline stop
until Northwest had touched 5lt; Western Union, SO;
Lake Shore Oil Central, t and scrip TO- rather bet
feeling pre- vailed the final close, though there