The New York herald., 1871-10-11


by risks on Chicago property. ana who VIII need the
cash to liquidate claims for lOsses The rum0r OF
an intended extra purchase OF bonds on wednesday
steadied the market at the decline and prices
closed as follows:-Unired States currency
SKIES 1llX ll2k; do do, 1881, registered.
115x ll5k; do. do, coupon, 116X Ill; do.
fve-twenties, registered. May ami November ITO
. Ill; 90. do, 1882, coupon. do.. ll4K ll4x; do.
do, 1864 do. do ll4H ll4H; do. do. 1896. do do,
l14A IFS; 40. do, registered, January and July,
1la l1as; do. do 1895, coupon. do. llak llsX;
do. do. 1867, do. do. ll3 HAY; do. do 1858. do.
do. 1l3H llazs; do. ten-fortes, registered, 109s
l1o1l; do. do, coupon. HOY lllh.
PANIC IN sroCKs-A RALLY.
Sympathizng directly with the progress OF the
calamity at Chicago the stock Market which had
closed Monday night with some effort at recovery
based on belief that the fire had been subdued.
was thrown. into panic early to-day by the bull
letius Of the newspapers announcing that at the
last accounts the fre was raging with greater
severity and that the il.fated city was doomed to
complete destruction. From the moment the bro
kers got together there was steady outpouring OF
stocks and as the already weakened nerves Of many
shaky aud tmid operators incapable ofresisting
this fresh decline, the downward movement was
burdened with their frightened contribu Ons 10 the
falling market. When prices were at their lowest
the "bears' began to rally the market, and the pur
chases for the completion OF speculative contracts
threatened to lead to as wild a scene among the
shorts" as had just been enacted with the 'bulls."
The Western railway shares suffered most Lake
Shore tumbled to 9lh. Rock Island to % and
Northwest to cox. Even the placid Fort Wayne
went or to 9)K while the strongly-hel illinois
Central eluded the grasp Of Its friends and
sold, some few lots. at 1872. Some effort
was made to support st. Paul on the theory
that Milwaukee will be the Chicago OF the immedi
ate future, but 1t was carried down with the general
current and sold at 54. The element was inten-
si1ed when at the first board announcements was
made that three failures had occurred. and the lively
Imagination Of most OF the crowd readily conjured
up innumeraDle additions to this unhappy trio. The
steady demand from the artificial source provided
by speculative sales soon told however, upon the
course OF prices, winch changed to the upward
direction. verifying again the advantage OF
"snort" interest; for had the present
crisis happened without suficiency Of
speculation on this side Of the market IL would be
difficult to decide the limits Of the panic or tell
where the embarrassment OF the street would have
ended. In tn sudden reaction the best prices or
the day were made. Indeed with Rock Island at
10l and Lake Snore at Elk, the smile came back to
many haggard face around the rail ng OF the Stock
Board, and faint effort at cheer was made by
some OF those inside the circle. But these prices
and It's troubled waters were ever unsettled until
the Oil Of calm was poured upon them by the wires
from Washington, announcing the probability that
the Secretary or the Treasury would use his en-.
deavors to relieve the money market by extra pur"
chases Of bonds, II, as some extravagantly hoped.
he did not even 60 so far as to issue portion OF the
reserve greenbacks entrusted to his discretion for
use IN monetary emergencies At least such
thoughts colored to closing hours OF business with
brighter hue, and many sagacious ''bears'' VINO
were no longer Interested In the market gravely
conceded In the happy opinion that the worst was
over Moreover, the more cheerful feeling was en-
couraged by the limitation OF
The FAILURES
to the three houses announced at the frst board,
particularly as the rising market OF the latter por
tion OF the day extricated from similar misfortune
many whose fate was trembling In the balance
during the gloomy nours OF the forenoon. In view
of the importance and interest attaching to the
topic we have also devoted special articles to the
course Of events on the Stock Exchange and to q
report or the annual meeting OF the Erie
stockholders, which will be found In an
other portion of the paper. Two failures
are reported from Philadelphia, probably
from speculation in Reading, which Is largely held
In that city and which was severe sufferer In the
panic to-day. The fewness OF the failures under the
circumstances is attributed TO the large wealth pos
eeSsed by the leading "builSo and cliqueS. Their
losses revive obsei vation made not infrequenty
in this column, that the course OF speculation the
past three or four months has been steadily against
the professional spectators. The public interest
In the market was generally closed out last spring
and summer. Since that time the cliques have
labored like Ttans to support the market, but q
crisis has overtaken them as unexpected as the
great calamity In Chicago. To their honor
be 1t said that they have borne the
financial phebotomy Of the past two days with the
courage OF heroes. The enormous decline in prices
since Saturday, or rather since summer, has swept
away twice the profits OF the great "bul" campaign
OF last winter and spring. But they have fulfilled
the letter Of their contracts with scrupulosity OF
honor that goes far to redeem the game OF specula
tion the opprobrium with which 1t is popularity
regarded.
HIGHEST AND LOWEST PRICES.
The following table shows the highest and lowest
prices Of the principal stocks during the day.
Highest. LO,DeSt.
New York Central consolidated. ...... S9h 81
Harlem. ..............s...'...... lI4h
Eric. le................s... ..s......'... 20 70
Reading ............. ..............IOSh I03
Wabash. ...........................6 81 52L
Pittsburg. ............ .................116H 1888
NorthWeStern... .................... o31s IVA
IN ~ nal