The New York herald., 1872-11-12
for week $4,173,lOS $6,323,017 &S.e97. .573
epOrted.. 264, 961, ,7S0 328,016,710 869,O78, 729

OnCe Jan $Zo9, l34o7S 1854, S39 7Z7 $3I7, 302
THE BOSTON FIRE AND THE TRADE OF THE CITY.
In the course Of some editorial remarks yester.
day on the subject Of the great rise in values
which succeeded the Chicago fire panic, we said
that the explanation lay 'n the fact that the Chi
cago IRE, by destroying two hundred millions OF
bxed capital, made floating capital more abundant
~ compared with the lxed capital Of the country.
Panics In money arise from too great preponder-
Ance OF fixed capital as compared with floating
capital or money; so that with the first effects Of
fear and excitement gone by, the present disaster
pught to have really the effect Of enlarging the
volume OF money, as compared with fixed capital.n
Already has our theory received strong con.
1rmation In the course of the New York mer-
chandise markets to-day. TIL 9 dry goods, the boot
and shoe and other important branches of trade
have rec eived
A SUDDEN IMPETUS
lrom the operation of the law to which we have re-
Ierred. Indeed the activity thus displayed has
called forth special notice in the market report Of
n evening paper as follows:-
The eject OF the Boston fire on the merchandise
markets has been to enhance values here from
out the stocks of all the leading houses in dry goods
clothing, wool, hats and caps, boots and shoes,
IRON and Steel paints and drugs and Wholesale
liquors, and o careful estimate makes the value OF
ar soSSs eas y ~SR oaSR ns
Ing and crockery dealers burned out were
among the heaviest in the country, while the cloth
kng trade OF Boston has always been ranked as
larger than the combined aggregates OF any other
kwo cities. These people all held large stocks, as
month from the same causes which have from time
70 time Influenced the New York markets. This
Immense destruction Of merchandise, that is just
now the most marketable, brings the OverstOcks
and slow lots in other cities into Immediate promi-
hence. Already Boston men are here making
eeiections and accommodations for tents and
booths, which will be erected on the Common for
the progressive Yankees to barter and trade.
IN WALL STREET
me chief events Of the day have been the large fall
In stocks and subsequent rally and advance in
prices, the failure of some nine ten brokers' the
decline in gold, the steadness ofgovernment bonds
And spasm in money toward the close. As may
be fancicd the bankers and brokers and their vast
following OF spectators were IN attendance long
before the doors of the Stock Exchange were opened
for business, making gathering in Broad and
Wall streets not often seen at so early hour Of
the day. The market opened with
A PRESSURE TO SELL
almost everything on the list. In addition to the
orders given in person and by messenger and those
awaiting execution by previously fixed limit the tele
graph was loaded with orders from out of town and
some Of tho larger houses were so burdened with
business that they were compelled to distribute
their orders to dozens OF the smaller commission
brokers' When all this haste and scurry is regarded
from later standpoint the mind Is filed with
wonder at the disproportonate result upon the
market, which, while intensely excited and de-
Cidedly lower, was hardly SO depressed as to de-
serve the description Of having been
IN PANIC.
The reaction, recovery and advance in prices
also form remarkable afterplece to the early
drama Of depression and decline, the sudden re-
versa Of the market being further illustration of
our remarks quoted above as to the real financial
efect Of such occurrences as the Chicago and the
Boston 0res. The scenes that attended these vio-
lent fluctuations in the Stock Exchange, and the
excitement and doings Of the day in general, are
portrayed more fully in special report in another
column, to which the readers attention s directed
THE RAILROAD BONDS.
The railroad bonds were lower to the extent OF 4
. per cent, the general decline averaging about
x per cent. The following were the bids at the
regular CALI