New-York tribune., 1871-10-10
MONDAY, Oct. 9-P. ".

The day has been very exciting one IN
Walst and business fairly opened at the STOCK EA-
change It became very evident that prices were on the
downward grade This feeling soon developed Into
regular panic and after another the leading stocks
were dumped upon tho market to add to Its heaviness
Nothing equal this furry has occurred at the Board
within a year, and it comes now "hke thief In tile
night" rather Unexpectedly to most OF the brokers
although the feeling for few weeks past has been some
what bearsh To-day events have given another rude
shock TO the cques which have 30 long kept the market
In rt" and lesson Of caution will be taught Wnlcn
In the end will be beneficial to the stock business At
noon there was slight rally in prices but this soon
gave way further rush to SELL and at between and
4 O'Clock in the afternoon the lowest prices OF the
day were touched. Lake Shore from 106f In the
morning, sold down to 96i; Rock Island, from
100, to 99i dividend OF per cent Off; wabash
from Glt 64t; Western Union from 66t to 663 Pacc
Mail from 6l9 to 4Gi n. Y Central from 923 to S6 Ohio
and Mississippi from 42i to S6i Hannibal and Joseph.
from So to S. Erie from sO to 2 and others in nearly
the same ratio according to their prominence a. specu
latye OF the street The losses have been severe
but as yet we hear of failures In the street OF any
magnitude and the presumption is, II we may Judge
from the bearsh feeling Of the street. that but few losses
have been made among the brokers' The panic has been
accelerated II not mainly caused by the great fire In
Chicago which has been reported to threaten the de-
strucon Of that city While this appalling disaster can
not fail to impress itself upon the general mind ana
create feeling Of deep sympathy and apprehension the
subject Immediately in hand Is the probable enect
Of this great conhagration In financial circles, ana
Its influence upon general speculation. 30 far as
our information extends based upon partial ana per
hans reports Of the Western Trunk
line depots are destroyed with number OF grain ele-
yators and barges laden with grain. This must have
serious immediate effect upon western railroad values,
materially interfere with the through connections and
frsrate business for time. II not paralyEe IT, In all OF
the Western center closely allied to Chicago are the
principal cities OF the West It's effects upon the none
tary system cannot estimated until
n, the osses and insurance TO hand The principal
part OF the insurance risks the destroyed property Is
doubtless held by Eastern or Atlantic companies ana
already we hear Of several companies who have
risks out to such an extent, that they VIII
find themselves unable to meet their engagements Let
s hope that isolated In any event these
companies will be compelled to call in their outstand-
loans in readiness the emergency and 1t Ia to be
regretted that the present condition OF our banks Is not
such as might be desired in view OF the calls to which
they may be subjected. Much Eastern capital Is in
vested in bonds and mortgages on Chicago real estate,
while we also hear Of large amounts OF Chicago COM
paper held here redscounted by our city banks
all of which may serve impede the course OF money
The effects Of the FIRE upon railway property at the West
and upon insurance offices here and in other Cities have
undoubtedly been somewhat exaggerated, lbut very
uneasy feeling has been the natural result Stories In
regard to the unhealthy condition Of one Of our uptown
savings banks and the city Ring troubles though not OF
recent origin have added to the excitement and alarm
Later In the day. prices at the Stock Board rallied
smarty from the lowest points and there was stesder
and more cheerful feeling The market has been doubt
less largely oyersod and the depression has been 700
.evere 10 continue without some reaction. The panic
was aggravated toward the close OF bank hours Dys
sharp demand for money which was quoted at from gold
interest up to and per cent per day The earnings OF
the Western railroads must of necessity snow for ne
immediate future decided falling of, and this IN con-
oo,,o With the facts above stated taken with the
satisfactory condition of foreign financial aars leads
The minds of those interested in the Stock Exchange
gloomy ferebodngs and conjectures The scene at the
stock Exchange during the panic when oil were making
,ant,c erts 20 realize upon their stocks. was tepestu-
on, and rbable and win not therefore attempt
70 describe It, The number Of shares which changed
hands to-day unprecedented, and Is estimated by
some as high as 100000 100000 shares The following
table shows the highest and lowest prices Of active
stocks sold to-day: