Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1871-10-26
THE RUTLAND HERALD.
WEDNESDAY, OCTOBER 25, 1871
The Losses at Chicago and Finance.


the Chicago fire, not only on insurance
companies and banks, but upon the city
merchants and private capitalists at the
East. From the wonderful recuperative
energy manifested in Chicago, it is prob
able there is little to fear. While, of
course, many losses will occur among bus
mess men, yet among large majority it
will not be a loss, only an extension OF
credit and bank paper.
A survey of the condition of Chicago,
although oft repeated, will indicate some
what of the losses and its liability to at.
feet the. finances. The fire devastated
the whole business portion Of the city,
leaving scarcely one building standing,
and with saving of little Of any kind of
movable property. Among the destroyed
property may be enumerated fifteen ho-
tels, including some of the largest in the
world; all the banks, the Offices Of the
CITY and United States Government; the
theatres; the depots Of nearly every rail-
road connecting with this railway center
of the West, beside much Of their rolling
stock; several grain elevators, including
two of the largest in the country; the
gas works and water works; every daily,
weekly and monthly newspaper office and
nearly the whole of the merchandise held
in that section where the wholesale trade
of the city conferred. About 100000
bushels of grain were in store or in ves-
sells, but, fortunately. only about l,5OO,-
600 bushels appear to have been lost. 1t
10, in fact, early, even at this distance OF
time to estimate the money value of the
property destroyed. But when it is con-
sidered that the area (all thickly populat-
ed) over which the fire spread is about
three thousand acres, and that, according
to latest estimates, fifteen thousand build
ings are destroyed, it is apparent that the
difficulty in estimating the loss is its
large extent The best accounts roughly
state it at two hundred millions Of dollars,
and we do not see how lower estimate
could be entertained, and, as we have be-
fore stated. possibly this may prove to be
much within the truth.
Although the period is short since the
cessation of the fire, the fearful severity
of tho catastrophe is half forgotten in the
efforts to repair the calamity and to pre-
pare the way for the rebuilding of the
city and for the resumption Of business.
hro
soothed by the quick outburst of sympa.
thy and aid from every part of the couu-
try, and by the noble response of Eng
land and the Continent to the mute APP
peal of suffering, and now comes the
work Of restoration which will soon give
full employment to the many thousands
who have been made destitute and thrown
out of employment. Chicago is a neces'
sity in the commercial machinery of the
great West. 1t is the granary and the
grain market for ten millions OF aglicul-
tural population, and at the same time
the center for the distribution of merchan-
disc over a still larger extent Of country
As the railroad system of the West rests
upon that center, the destruction of rail-
way property must be at once repaired,
which will lay basis for the rapid re-
oovery of the city. Fortunately all the
assets of the banks appear to have been
preserved in their vaults; and the bank
officers have formally resolved to adopt a
liberal course toward their debtors and to
extend every possible aid to the process of
recuparation.
The loss does not hy sny means fall
upon Chicago alone. Perhaps four-hfths
Of the Insurance will be paid by other
citirs. Some loss will have to be borne
by the merchants of New York, Boston
and Philadelphia, who have furnished,
upon credit, large portion of the goods
destroyed. 1t is Lot anticipated, however,
that these losses will be sufficient to-
prove cause of embarrassm cent at the
Eastern centres OF trade, and merchants
al ow every confidence in the integrity of
their unfortunate customers and every
disposition to aid them by an extension of
credit or by supplying them with goods
upon such terms as their necessities may
require. A very important class of suf-
ferers at the Feast, and especially in New
England, will be financial institutions and
private individuals who have advanced
money to property owners in Chicago upon
bond and mortgage, tempted y the high
rates of interest there paid. Some of the
foreign insurance companies, also, have
invested freely in this way, and will
therefore he double losers, first, upon
their risks and then upon their assets.
After a careful survey of the whole field,
and considering the wonderful energy of
the people, there is but little fear of any
disastrous effect upon the general fnan-
oes of the country.
The great interest OF Chicago, the grain
carrying trade, has not been IF, cted ma
terially for day. Its merchants are
handling rs many bushels daily rs they
did at the same time lsst7year. The rail
roads ard the lake have not been burned
up, and while Chicago stands at the head
of the great natural and artificial lines
connecting the prniries with the the sea-
beard, she must draw the freights to her.
1t is on the air line between the West
and Liverpool ty the ST. Lawrence route.
She can reach the Erie Canal chesply and
xpeditiously, and her railway lines to
the East tap every important city in the
United States. Chicago may be said to be
a national city, the only one in America
except New York. Her prosperity. credit
and stability are in the jealous keeping
of the whole country, and hence she is
safe from the fnsncial catastrophe which
might otherwise follow this severe trial.
The whole Union is interC sted in Chicago |
and New York, which are the inland
lobes of the hesrt of American commerce