The New York herald., 1872-11-12


Total losses admitted. $ll 9.7oO
EXCITEMENT IN WALL STREET.
Fears OF Panic Altogether Unfoundcd-
The Effect Of the Boston Firo Upon
Stocks and Operat0rs-scenes at the
stock Exchange-HOrace Greeley Makes
His Appearance On the street.
The first anticpatons OF the effect of the terrible
calamity at Boston upon stocks and securities
proved yesterday to have been very greatly exag
gerated. Wherever you went on Sunday afternoon
and evening you heard on every hand the same
dismal representations OF panic and failure, of
loss and ruin and commercial dshonor
TIE CROAKERs
indeed, improved the melancholy occasion with
characteristic enthusiasm, and, thanks to the ter
rors inspired by the vague rumors as to the amount
OF havoc wrought by the flames, they met with
credit from all but veterans In finance. The gene
raj public yielded easily to the plausible force of
their predictions, and many were eager to sell out
whatever stocks they had or were carrying at any
price they would fetch, In accordance with the old
traditional maxim OF 'frst loss is the best" At
the Fifth Avenue Hotel, stated In the HERALD of
yesterday, there were number of sales by persons
ofimpusive and credulous temperaments, some of
the rates being eight and ten per cent below the
closing quotations of Saturday. Meanwhile
COOLER HEADED
people, who had taken calm review OF the stua.
tion, quietly looked ON and made their arrange.
ments for buying at these feverishly depressed
figures confident that the fall was but temporary
one and that, as in the case of the Chicago fire. the
first shock of the news would be the severest. To
their friends, also, these wiser folks confded the
grounds that induced them to make a favorable
Ana rba
mate Of the damage wrought would they said, GER
tanly be extravagantly high such estimates always
were. The calculations given were also clearly
based upon the fallacious supposition that lot
had no value when the house that stood upon it
had been destroyed; for the computation of loss
had evidently been made from the assessed value
mercy In his estimate shown by the Tax Commits
sioner. This wasa
Then, lastly, 1t would probably turn out that
much larger stocks or goods had been rescued
from the flames than at first supposed.
%sis making tSnas out as badly 'as as
more pleasant to be able to make things subse-
qnently work more pleasant for his creditors than
OF atfalrs than had been at first reported And,
lastly, much stress was laid upon the general
was 1 Moss Ta oson ssS
large capital, in proportion to their business and
it Is all their own. While, therefore, much Of their
the will still have their insurance and their
balances in the bank upon which to begin again.
This is marked difference from what happened in
Chicago where no small portion Of the capital
employed by the merchants was borrowed at high
rates from the East. These
HOPEFUL AND CHEERFUL
views OF the situation proved to be correct. True,
there was for the FIRST hour or two on the street,
sures aksS rom uT ivy to ten psr cen aa
than had prevailed on Saturday. Only the big
confident OF their power to carry them for an in.
definite period If necessary, and certain OF being
Should recover eco as il or Later it's nor
NAL tone. The smaller my, however, could not
make up their minds to venture, especially as wild
reports OF what might happen still ioated about,
and suggested an unpleasant sense OF insecurity.
At the
STOCK EXCHANGE
however, there was very decided air OF anima-
tion and briskness The strangers gallery was
crowded In lines three or four deep with specta-
tors, who for the most part seemed to have been
attracted there from mere curiosity, and looked
with an air Of GOODNESS and amused good nature
personal interest in the dongs Of the noisy crowd
on the moor. To this there was, however, one
in the presence Of couple OF fashionab1y dressed
ladies. whose quivering lips and pale faces be-
trayed deep anxiety and alarm. A place at the
front was at once made for them by the gallantry
OF the other spectators, and they leaned over the
railing and for while tried to distinguish the
cries and shouts OF the brokers below. In this,
they OF course failed, and after half an hour be-
took themselves to some less noisy quarters.
THE BROKERS
at the open board looked as they always look,
except that the attendance was little more dense
and tine 5 e torn hsg ganI and
business, however, seemed not much heavier
than upon any reasonably busy day, and the
sne MAS as r eys ycorV n y @
its spoils by rushing the market up or down. The
crowd gathered together in knots, the buying and
selling went on with many yell and shout and cry
and many an eager, passionate geStculation. so
far can be discovered by the outside word, how
ever the
and the gestures were alike absolutely meaning
less Brokers speak language OF their own tSyr-
language or all unfortunate creatures who were
possessed by deyil), resembling rather the vague
accents Of ' ar.cuate Speech rSere appears so e
to have been developed among them some sort OF
manual language, in In which, by certain ar
ideas may be expressed. These Traits
lent the crowd certain strange, barbaric ap-
citizens had the charm OF novelty, whatever 1T may
have lacked In refinement and grace. And, by the
way, u may be asked In passing, where on earth
they wear while engaged in the active pursuit OF
curious aggregation OF styles and shapes and
such mutilorm variations Of age and length
area "Gst soyeppcs see and kossan % round Apnes
and nat-brimmed wdeawakes, st. PatrIcks
Day. "tes'' and SILK travelling caps, with hun.
dreds OF other indescribabe and nanleless species
ofchapeaus are thrown together, as you look down,
In one confused mass, which has singularly strlk.
ing and picturesque effect.
IN THE AFTERNOON
until the end OF the day. there was decidedly i'm
proved feeling and a general recovery in price,
Until the quotations were only two or three per
cent below those of Saturday, which, considering
the extent OF the destruction wrought and
that we have undoubtedly heard the worst
account OF the disaster that can be told. shows