Year: 1871

In n Financial Point Of View.
In time of excitement over any great dis
astrous event there is always tendency to
| exaggeration as to the loss or consequences
1t is so, doubtless, now in the case of the Chi
cago fire, and we hope the generally estimated
loss may be greatly exaggerated. Dreadful
enough are the losses by this calamity without
over-estimating them. Though we have no
reliable data to base calculation upon, we
may by comparison approximate the truth.
Nor do we know yet-if indeed, we ever
shall know-how many precious lives were
lost. The disaster has been so overwhelming
and the destruction Of property so great that
the sacrifice Of human life has not been
thought of as much. as it would have been
be said with regret that generally human life
is regarded with more Indifference than prop
erty. But our object just now is to look at
the consequences Of the fire in financial
point Of view.


The loss of property has been variously
estimated. Some have made it amount to
three hundred millions of dollars. Almost all
have regarded it as q hundred millions at
least. We have not before us a reliable esti-
mate Of the taxable or assessed value of
property in Chicago at the time of the fire,
but it is said that the total valuation in 1870
lions. This, Of course, included land as well
as buildings and personal property. Admit
ting an increase Of twenty-five millions since
the valuation was made-and that would be
very large-tbe total value would be three
hundred millions. Brooklyn has fourth
larger population than Chicago, yet the tax
able value Of property there amounted to less
than two hundred and fifty millions. The
assessed valuation of Chicago must have been
much less. Allowing that the full marketable
value is much greater than the assessed or
taxable value, we still think that the estimate
of three hundred millions is large enough for
Chicago just before the Ere, including land
and personal property as well as buildings.
The buildings might have been worth twice as
much as the land. If we allow thirty millions
for personal property and ninety millions for
the land there would be left for buildings
hundred and eighty millions-that is, esti-



mating the total valuation at three hundred
millions.


The land, of course. is not destroyed Sup
posing, then, that one-fourth of the whole,
properly in buildings. and personal effects has
been destroyed, the total loss would amount
to afty-fve millions. Should we include in
this estimate Of personal effects the merchan-
| disc in the stores that was consumed, and say
the value Of that was twenty millions, this
would only raise the sum for all losses to sew
enty-five millions. We are disposed to believe
as, indeed, We hope, that the loss will not ex-
ceed this sum, and it may be much less. Still
that is vast amount. How mach will fall
upon the insurance companies cannot be as


certained at present II ftheir liabilities should


amount to half-that is, to thirty seven or


thirty Eight millions--it must prove q crushing


disaster to many of thern. Many, we fear,


will have to sink under the weight. Others


with less risks may overcome the difficulty.


Some banks and other institutions may become


involved. and the stock market NAV be