The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-10-13
g, 2s7, ,e45

IOIdl. %, Soi ,efs
The value of this stock may be roughly esti'
mated at about $4,000, 900. What part OF il
has been consumed there Is at present no
means of ascertaining The only article that
was really affected on the market yesterday
was broom corn. Almost the entire western
crop was housed IN Chicago, preparatory to
being forwarded to other markets, and the
supposilion Is that most of it, If not all, has
been destroyed. About 1000 bales were lost
by the fire Saturday night week ago, and 2
slight advance was the consequence. And
now that the news of the great fire has reach
ed this city, the market has advanced as much
as three cents per pound.
THE PROVISION MARKET.
The information received so far concerning
the fire has had no appreciable effect upon The
provision market. This is chiefly owing TO
the fact that the packing houses are Tar re.
moved from the scene OF the disaster, and
they stand in but little danger. Fears, how
ever, are entertained of great financial dis
tress, resulting from the destruction OF so
much property. But very few sales were made
yesterday, everything being held IN abeyance
until reliable Information could be obtained.
IN THE DRY GOODS MARKET.
The excitement among the dry goods deal.
ers was intense over the meagre news dis
patches received, although the destruction oil
any of the leading dry goods houses mad not
been reported up TO late hour. 1t was known,
however, that the fire had reached point
less than block distant from Messrs. Field,
Letter & Co.'s building, while the other lead
ing houses are situated but little beyond theirs,
toward the lake, aud In the event OF their
building burning no hope was felt Tor the
safety of the other large stores. Chicago
affords an outlet for greater amount OF
goods than any other city in the interior, and
It's business men are, therefore, closely con-
nected with those of this city. all the large
Chicago houses having offices and resi-
dent buyers here. Aside from the SYM
pathetic interest ;elt by our merchants, the pos
sible effects upon business here OF the al
mos. complete destruction OF q city of so
much commercial importance, creates as
much anxiety among them as among the rep.
resentatives OF the Chicago houses. The fire
and its probable results have been the topics
OF conversation among all classes OF dealers,
especially in the domestic houses, and no
event, except of local occurrence, has affected
trade 10 such degree since the close of our
companies to meet their liabilities Is greatly
feared, and as the amount of risks held by
them is very large the effect OF such cOntin-
tingency would, obviously, be disastrous 70
murchants there. Although no doubts are en-
tertained Of the entire soundness OF the CPL
cago dry goods merchants, the loss of proper
ty will so affect the business Of the city that
its trade for months to come will necessarily
be light, and even though their present
indebtedness be promptly met, the loss
of their trade during the remainder OF
the fall months will be of serious in-
portance to our market. Estimates OF tue
probable loss are already placed at several
hundred millions, and should the dry goods
houses with their present full stocks 6e de-
Cd M
will be incurred. The leading jobbing and re-
tail houses In Chicago engaged in the dry
goods trade are Messrs. Field. Letter & Co., j..
v. Fsrwell d Co.. Bowen, Hunt Il Wlnslow,
Carson, Plrie 4 Co., Charles Gossage & Co.,
Hamlin, Hale & Co, D. w. i A. Keith Co.,
and Richards, Crumbaugh & Shaw. The latter
firm removed week or two since 10 tnelr
presen. location, and their former store has
already been destroyed. No direct Information
has been received by the representatives OF
any of these firms as to whether their stores
have been burned or not, and 1t is greatly
feared that ere its progress be stayed that por-
tion of the town occupied By this important
branch OF trade will also be swept by the lire.
INSURANCE.
The leading spirits in the insurance interest
regard the press reports IN regard 10 the IRE
as greatly exaggerated, and some of them go
so far as to state that the dispatches have been
sent here with a view TO affect the stock mar
ket It has been impossible to obtain any es-
innate of the amount Of Chicago property in-
sured in New York companies; but the pre-
vailing opinion Is that it Is very large-prooa-
bly many millions. From the confused re-
ports that have arrived 1t has been difficult to
obtain q correct Idea OF what part OF the city
has been destroyed or how far the fire has eX-
tended. 1t Is believed, however, by the In
surance men that the confagration has, In
great measure, been confined to The western
portion of the city, and If such Is the case
most Of the houses consumed nave oeen small M II
wooden structures of but little value. 1t Is
known, however, that the hre has crossed
the river and penetrated toward Lake
Michigan; but how far the inroads have ex-
tended has not been ascertained. East OF
State street Is the most valuable business por-
ton of the city. Here are situated the great
dry goods firms, and 1t Is stated that II the hre
should reach them. the loss OF the city
would be almost doubled. The fremont House
Is In the immediate neighborhood, and 1t Is
known to have been blown up to arrest the
progress of the flames. Most OF the New York
companies have risks in this vicinity, and II It
should have been consumed some OF their
losses will be very heavy. The prevailing
opinion among the insurance men, however,
Is that all the New York companies will be able
10 pay their losses to the last cent, though 1t
to do so. 1t may be that some Of the compa-
nies will be compelled to call upon their stock
holders for additional subscriptions. but as
this will not interfere with their financial
standing, it Is expected that all OF them
will remain solvent, though some may wind
up their affairs. With the Chicago companies,
however, the case is different. Since their
many Of them have possessed put
a nominal capital, which was only represented
on paper, and on which only small percent
age of that had been paid in. Under these cir
cumstances but few OF the companies VIII oe
able to meet their liabilities. and It Is nigniy
probable that many of them will never be
heard of again. New York has always been
heavy creditor of Chicago, aud our merchants
NAV finally be compelled TO bear heavy por-
tion of the loss. Even if the Western COM
panies are able to pay their losses, much con-
fusion must inevitably result, and long time
must pass before the claims could be settled.
Their buildings have been burned, and 1t IS
probable that in many cases all the books and
records have fallen prey to the flames. This
will prevent the prompt adjustment of losses,
and will lead to great financial embarrassment.
The New York companies are we'll assured OF
their ability to uay, and having their books at
hand, their losses can readily be settled. At a
late hour last evening a rumor was adoat that
three city companies had failed, but no names
could be ascertained, although inquiries were
made. No foundation for the rumOr could be
false. In word, the New York companies
feel perfectly safe under all circumstances, and
IL the fire should not have extended east of
State street, their losses will be paid Without
any great Inconvenience.
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