New-York tribune., 1871-10-10
THE EXCITEMENT IN THIS CITY.

THE EXCITEMENT IN THIS CITY.
The news of the great Chicago fire excited
yesterday in this city, the greatest interest, not un
mixed with consernatiop in view Of the probable nan
cia results The excitement In the business portion OF
the city scarcely surpassed by that OF inc most
eyentful times OF the war. One word alone-Chcago-
seemed to be the beginning Of every sentence IL was
shouted by the newsboys, buzzed by dealers In
stocks. and whispered by bankers and startled
insurance agents. The most calous stranger
could not have walked twenty yards in any OF
the principal business streets without being made
aware that something had gone wrong The nearest
newspaper office, telegraph bulletin, news-board or
crowd would soon have informed him what was tne
matter At their breakfast tables the merchants and
bankers learned that terrible conhagraon was raging
In Chicago; on their In their counting tele
grams awaited them of dire import-the news that the
whole business part OF the city destroyed and that
the fire was then spreading and beyond con-
troll At the Stock Exchange the excite
ment was intense. Stocks fell from 10 to per cent
without tho entering Of transaction Western Union
Telegraph stock taking prominent place In the tumble
Business was almost at sandstin. Operations In west
ern stocks were difficult Dealers paid much more at
tenon to and telegraph boys than to quotations.
and with looks discussedhe possible and prob
able effect of the calamity.
Sir" said prominent dealer; this LIS the signal Tor
the bursting OF Of the most awful bubbles the world
has ever known. Chicago owes and s owed money all
over tha world New-York can't pay Chicaeo's losses
Who then Ia going tot Not Londoni London has just
raised of discount from two to nve per cent
She raised It last Saturday Thursday Is the regular
meeting day Of the Bank When they raise the rate on
any other day IN the week, London merchants and
bankers pre- pare for stormsespecay at five per cent
No. sr this calamity viii bring on the most awful panic
this country has ever known"
These remarks were made publicly and seemed to be
IN hv tha assembled crowd. Cook
thought It the most terrible calamity that had ever
happened this country with the exception Of the war
The effect the Western Fall trade must be disastrous
let alone the fearful losses In produce goods and build
ings 30 far they thought the NewYork Stock market
had stood very though there had been comparatively
little doing.
The money market very active at per cent
until after bank hours, when the rate advanced to
Der cent per diem, with brokers eager to borrow at
that rate. None could say what amount OF money would
have to be sent out West It would be long time before
the real state Of things could be known.
The great center Of excitement Of course among
the various NewYork Insurance Companies which have
agencies in Chicago. The Presidents and Managers
were however all reticent and invariably replied
to any inquiries that might be made that they had not
any information further than had been published The
Adratc and other companies asserted that they had
seme time since ceased to take Chicago risks and had
Withdrawn their agencies. This action was mainly de-
termned by the competition OF certain new companies
and the low rates taken by English companies. Risks
which would be accepted here under II or per cent
are taken in England Of one per cent? and this
principle has to O great extent been introduced
here BY these English companies. About two
years ago, tho State Legislature OF Illinois
passed law requiring all foreign insurance companies
doing business the State to depost in the State
Treasury. Only two foreign companies complied with
this law-the Liverpool, London and Globe, and the
North British and Mercante-and they have both suf
fered heavily by the fire.
The President Of one Of the leading Fire Insurance
Companies said, yesterday: 1t is impossible to form
any approximate estimate Of the loss at present Those
who have suffered most interested In conceal
ing their losses. OF this certanevery insurance
company In Chicago Is gone; large portion Of
those in New-York having agencies In Chicago
will be seriously crippled For some time we
have not Liked Chicago, and have reduced our
monthly premiums from s, 500 to $500 month But ter
rible az It is this fire will have beneficial effect the
principle OF insurance and those companies which are
able to breast the storm. Insurance rates have
been demoralized by competition and quarrels
among insurance men till they were far too low"
In answer to the reporters inquiry as to his
opinion as to the probable loss in Chicago the gentlemen
replisd that without wishing to underrate the calamity
he could not think that It's extent had been unduy
exaggerated. "Our own company" said ne, nave
loss 10 write OF; but 1t is not heavy one, and, II the
the worst, we can snow very handsome
sum to be gin again with In fact this Chicago fire can
not break us-far from It."
AT THE STOCK ExCHNGE.
Pandemonium broken loose seemed to be
realized yesterday in the mad capengs Of the masses Of
humanity who In the ise Of stock brokers. mako the
Stock Exchange ring with their frshtful sAreks and
howIs Panic appeared TO pervade the atmosphere as
van "A ro characterize tho countenances Of the dealers
Early in the morning the edset Of the run on tho Third
Ayenue Bank and the Chicago Vc was perceptible In
the Of the stock operators who were
bu,ling ahe market. The disposition to sell was 90
oelerated By the raid Of the bears, who saw
their opportunity and svailed themselves OF 1t.
The Vanderbilt clique were supposed to be
largely "long" OF stocks, ana Interested
in all the leading railways running out OF Chicago. At
an early hour in the morning the market began to tafe
rspid downward course which was Accelerated By the
per,istent hammertna Of tho bears Sew.York Central
and Hudson which sold ct s2S In the morning, swiftly
descended to o. rsllying again Late in the day. and
slos,nr at ssh New.York Central and Hudsca oertih
catss which opened ct 81 declined 70 si and closed
AZ so, Eric, tho football Of wallst. began
TO move In the morning at soa dropped TO n, and re-
manned at tho latter ngurea Lake Shore opened ct lest
and declined to ssi. closing ct ss. Hsnihsi and b.
joseph, Tammany's latest scheme for making moaey,
and larsaly dean In By tho City Hall ofctsA dropped