Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-11-12
EFFECT OF THE FIRE ONTHE MONEY
MARKE~


SKw YORK, November s.-The effect Of the
Boston fire on the money market Is made the
subject Of editorials IN the morning papers.
The Tribune says: "If there be action with
in the power Of the Secretary OF the Treasu-
~, whereby temporary relief can be afforded
the sufferers by the great IRE in Boston, we
Let him frankly report TO Congress his act
and his reasons for II, and an act Of indeInni-
ty will doubtless be passed"
The Tirnes says: Boutwell, may undOubted-
~ be relied upon to prevent the government
securities, which Will necessarily be thrown
upon the market, from becoming the sport OF
speculators. Any other action which can be
legitimately expected OF him, with view to
relieve the financial pressure, viii unQues-
tionably be exerted-"
The Herald says: "The Assistant Secretary
OF the Treasury assures the publlc that Gov
erument viii use its money 20 prevent panic,
by aHOrding instant relief 10 the money mar
ket. The present situation should be viewed
coolly and calmly by everybody. The worst
haS been dOne.nOw that the FIRE is over. Panic
and excitement viii only aggravate the dis
The World says: s'Judge Richardson, Assist
ant Secretary OF the Treasury, announces him
self on duty TO stave OF possible financial
panic from the Boston IRE. This f. the very
nick OF time for him and Secretary Boutwell,
90 publicly fOusBear any Intent 70 again IN
Gate currency. Let secretary Boutwell, and
20 give public pledge that they will not add 70
THIS visitation by fire the calamity Of Imitation.
one devastation is ali the country can bear
are informed that Government viii come 70
the relief of the public, and u Is rot unlikely
that ten millions or fifteen millions viii be re-
issued, II such amount be necessary, 70 avert
another Chicago disaster"
THE STOCK MARKET.
The stock market has been paniclCy all the
morning. prices declining 5S9lO per cent. The
Suspensions are reported OF s. v. White, Pill
lott Perry g. Co., II. r. Wilcox, and =. j.
Kirnbail 4 Co., whose account stocks have
been sold under the rule. The market IL now
ali the insurance companies have their win
dows placarded With statement Of their con-
dlfiOn and majority say they have sustained
little or no loss The heaviest losers are the
If:s9 a.fn.-There Is no truth IN the sensa-
tionai reports now circulating that the fire in
Boston has gone beyond the limits reported
to six O'Clock this morning. The entire burnt
district is watched, and the fire u well under
FROM WASHINGTON.
WNsHrEqToN. November 1.-The Secretary
Of the Treasury this morning received tele-
gram from the President Of tho Merchants
Bank.of Boston, saying there Is no reason Tor
panlo, n the banks stand nrm. The loss Is
large, but IL falls on persons who are generally
able 70 stand it. Another telegram 10 the
secrerary, dated New York, this morning,
says the dlspOsition TO create q panic has
that there is no need for the Secretary 70 do
any thing financially. Information r. re-
celNed mat the Treasury has sustained no
losses BY the IRE, the funds and books being
uninlured.
FROM CHICAGO.
CHICAGO, November 1.-The Inter Ocean
calls upon the Secretary Of the Treasury 20 at