The New York Herald Newspaper, November 12, 1872, Page 4

GOTHAM AND THE HUB. The Effect of Boston’s Great Con- flagration in New York. THE CHAMBER OF COMMERCE MOVING. —~+—. Aid for the Sufferers To Be Rendered at Once. WALL STREET STEADY. How the Shoe and Leather Trade of This City is Affected by the Disaster. ———= AMONG THE INSURANCE COMPANIES. Most of the New York Companies Solveut, Though Somewhat Scorched. el THE WOOL AND COTTON MARKETS FIRM, ee ‘A “Blowing-Up Board” To Be Organized for New York in Case of Fire, The excitement manifested on receipt of the news of the Boston fire has in some sense died away, but the interest felt in whatever relates to it has not abated. Now, however, the main sub- jects of inquiry are such as pertain to the losses, the insurance and the effect of the disaster upon trade and monetary :and manufacturing interests. While here and there &man, as & speculator, will find a fortune in the wreck and ruin of others, the more careful and industrious will meet in any great change only dis- gster. The loss of material and of the products of Jabor accumulated in the great storehouses that have been consumed by the flames can bring profits only to gamblers, FEELING IN THE DRY GOODS TRADE. The general impression among the merchants in the dry goods trade is that no estimate formed at this moment of the effects of the Boston fire upen their business can possibly be correct. In the first place, it is not yet known whether or not the books of the firms doing business in the burned district have been saved. This is most important in judg- ing of the solvency of any of the firms that have suffered from the fre. Then the extent to which policies have been written by some of the New England companies covering risks in the quarter of the city destroyed must be known, H. B. Claflin & Co. estimate the amount due them by Boston houses to be about two million dollars, being about the fame amount due A.T. Stewart & Co. from the Bame source. Mr. Claflin thinks the large French Importing honses, like that of Messrs, Benkard Button, will be heavy losers. The price of flan- pols Was yesterday increased two and a half cents per yard, and the low grades of cotton goods have hada proportionate advance, The increase is at the rate of about seven per cent on the value of Ahe goods, New York buys in the Boston market goods produced at Lowell, Lawrence and the other New England manufacturing centres. Boston ‘ouys from New York Imported goods and has the balance of trade tn its favor, THE INSURANCE COMPANIES It is reported that the losses ef the New York ‘companies already reach a sum of over five millions of dollars. The losses of foreign companies and those of other States are stated to be more than seven millions of dollars. The Humboldt of this city has suspended, and three more companies are on the eve of closing up their busi- ness. Many more are caliing upon Stockholders to pay assessments. Many of the Boston companies must go down, All the companies propose to increase the rates, and many of them talk of refusing all risks on granite build- dngs with Mansard roots. MISCELLANEOUS MATTERS, Of the New York firms burned out Lee, Tweedy & Co., of Manchester, New York and Boston, lost $26,000; covered by insurance. “It was reported that the building No. 8 Summer street, occupied by the American Watch Company, of Waltham, had been destroyed with all its con- tents, This turns out to be utterly incorrect, though the building 1s the only one left standing in Ahe block. Some of the Boston merchants are now in this city buying goods to replace their stocks destroyed, Mr, Charlies Well, of the firm of Well Brothers & Dryius, late of 60 Summer street, has been the first to express goods vo a new location. The first subscription received at the HERALD oMice for the benefit of the sufferers by the Boston fire was one of $3, sent in last evening by William Parkhouse, bill poster, of 41 Sands street, Brooklyn. ACTION OF THE CHAMBER OF COMMERCE. Meeting in Aid of the Boston Safferers— A Large Attendance of Solid Men—Sub- stantial Aid To Be Rendered at Once— Suggestions For a ‘Blowing Up Board” in Case of Fire=Mansard Roofs, the Insurance System and the InsuMiciency of the Water Supply Con- demned. In pursuance of the call published in the news- papers yesterday morning the merchants of the city met in the rooms of the Chamber of Commerce at one o'clock yesterday afternoon to express their sympathy and tender their aid to the suffer- ers by the Boston fire. There were present about a hundred and fifty gentiemem, repre- fenting in their faces a great deal of the Culture and in their pockets considerable of the Wealth of New York city. Among the most dis- tinguished present were H. B. Claflin, George Op- dyke, S. B. Chittenden, William Butler Duncan, Abram 8. Hewitt, John P. Sturgis, J. P. Morgan, Royal Phelps, William E. Dodge, Willlam N. Fogg, Henry Clews, William M. Verinilyea, William i. Guton, Jackson S, Schultz, Paul N, Spofford, Charles Mali, B. L. Solomon, Lewis Roberts, Alexander Firman, Nathan Chandler, E. P, Fabbri, R, Warren Weston, Benjamin G. Araold, Charles E. Beebe, Frederick §, Winston, E. A.¢Lambert, Willam Seligman and Oliver Hoyt. The small rooms of the chamber were crowded to excess, and many heavy men were enabled only to obtain standing room in the doorway. It was estimated that fifty million dollars were represented in, this meeting, where the noble work of IMMEDIATE CHARITY Was alone to be done, The meeting was called to order by William H. Guion, who nominated William E. Dodge Chairman, Mr. Dodge on taking the chair said:— SPEECH OF WILLIAM B. DODGE. GENTLEMEN—We are called together to-day, ac- Cording to the notice published in the papers this morning, a8 the commercial community of New York city to express our sy mpathy with our neigh- Horing city of Boston in the terrible calamity Which has just visited her. It seems but @ Uttle time since we were called upon to sympathize with Chicago, then suffering under @ similar and, from present accounts, a snore disastrous calamity, and aow we are met to Bee What can be done to aid and cheer those sur fering from the sudden prostration of business in & city even more intimately united by business re- Jations with onrown, Iwill not detain you'n the Wibeussion of a ny r Se open to all our sympa hic wilt the pleasure of the meeting, VE Seouou Mr, Willan M. Fleiss gud George Wilaon were named as Secretaries to the meetin; Mr, A. A. Low overed the following RESOLUTIONS. Whereas our sister city of Boston has just suffered from a calamity that has but one parallel in ney of our country—a large section, embracing within {ts limits tho most Cogtly structures, having been devastated by fire and their stores of merchandise me & proy to tho flames; and whereas by this instantaneous destruction of the most substantial gre buildings and the burning of their valuable contents lo-ses of untold magnitude have been intlicted upon ® body of merchants who are every: where known for Sets eponey, their industr; alty and thoir benevolence ; and whereas communitios {n our day are bound together by mutual ties of interest and affection, Resolved, That it becomes this mercantile cammonity prompay. to tender to the merchants of Bosten an to all he sufferers by the devastating fire of ) ¥ pression of our deep and bh such generous co-operation in’ measures circumstances of nd the urgen demand, Resolved, That a committee of ten be appointed to con- sider what measures, if any, it. behooves this community to adopt in crder to alleviate the pecu' disabilities that are likely to result trom the sudden destruction of oe property, books and papers of hundreds of mercantile rms. he ox hearty sym of the time Mn. Low, in support of these resolutions, said:— SPEEOH OF MR, LOW. GENTLEMEN—When, & little more than a year ago, we were called upon to contemplate the great calamity which had overwhelmed Chicago, and @ committee was appointed to take measures of re- lief for the suffering inhabitants of that city, there Were no gentlemen more active in such measures of rclie! than members of some of the firms, named in the morning papers as LOW among the suferers in Boston, When I was Treasurer of your Reltef Cominittee at that time @ member ol a large dry oods firm, which had its branches in Boston, Brought me in one @ay $96,000, coilected and con- tributed to the Relief Fund, and that firmis now counted among the sufferers in Boston. It 18 not worth while here to repeat the terrible story of this new calamity, Language is feoble to depict its horrors, Ir WAS SUGGESTED that little could be said regarding the action of the | Chamber in this emergency, until the full extent of the calamity is known, but a motion waa mado to adopt Mr, Low’s resolution. REMINISCENCES OF OLD NEW YORK FIRES, Mr. Dopar said whatever was done in the way of sympathy or aid had better be promptly done, What was wanted was something to cheer and sustain the parties now in such deep distress, Many of us remember the great fires of 1835 and 1845 which afflicted our own city. I shall never forget the terfible night in 1835 when, aiter work- ing hard aW night,just alter daybreak IT was in Pearl street, below Wall, and saw our now venera- able fellow citizen, Colonel James Lee, with twent, Irishmen, digging for hissaie. He was covered with soot and dirt. Lotfered him my sympathy and aid, Said he, “Dodge, thank God my wife and children still live. These hands can support them still.’ Something in the way of sympathy is needed now to sustain these sufferers. Fortunately there can be LITTLE PERSONAL SUFFERING inthis case, such as made one of the worst features of the Chicago disaster. Some ot the employés in the factories are thrown out of employment, and Others of the poorer classes may be driven from their homes; but the merchants chiefly need sym- pathy and ald. The Boston merchants rendered us similar aid in 1585 and 1845, They extended New York paper held in Boston and otherwise ex- ercised forbearance and granted privileges in the ordinary commercial transactions, I understand that ONE OF OUR LARGEST INSURANCE COMPANIES has given notice that it will at once pay a portion ofthe losses, A Little forbearance and generous aid 18 all that is needed, ‘The resolutions were then unanimously adopted, an amendment being accepted that the chairman of the meeting be added to the list ag chairman of the committee, Subsequently THE COMMITTER was appointed as follows :— William E. Dodge, chairman; A, A. Low, Fred. 8. Winston, William H. Guion, Horace B. Claflin, George Opdyke, J. P. Morgan, Daniel D. Babcock, Jarvis Slade, Jacob Wendell aad 8. B, Chittenden, Notice was given that the committee will meet at the Chamber of Commerce at noon to-day to or- ganize and commence business. THE DANGER OF NEW YORK, ae resolutions having been adopted, Mr. Low said :— Mx. CHATRMAN AND GENTLEMEN—While this largo ody of gentlemen is here, it is a fitting oppor- tunity to discuss the causes and if possible the preventives of the disasters that have befallen Chicago and Boston. It seems that large buildings here take fire, are soon out of atilcontrol, and it actually becomes necessary to blow up and destroy large buildings im order to stay the flames. It may ae be said that ten or fifteen minutes after the fire broke out in thislarge building of granite tu Boston it had ascended through four or FIVE STORIES TO THE MANSARD ROOF and was beyond control of the Fire pepartment, Strong and efliclent as that department in Boston has been justly esteemed to be. In ten or fifteen minutes a large section of the city was entirely at the mercy of the devastating element. It will not do for us to remain blind to the possibility of the same thing occurring in other citles where build- ings have been erected five or six stories high, surmounted by something as combustible as a stable. There is immense danger in these modern improvements, and with the permission of the meeting I will read a series of resolutions, which, I think, need to be adopted in the present emer- gency. Mr. Low then read the following resolutions:— Whereas the recent destruction by fire of a large and valuable portion of the city of Boston reveals to the least retlecting the peril to great clties of large and lofty buuld- ings, surmounted by the modern Mansard roof or other constructions equally intlammabl, ind whereas a it has been demonstrated that our firemen, with all their Improved modern apparatus, assisted by steam, are total. ly unable to cope with fires that have once gathered head in a honse of great length, flve or six stories in height, exposed infront and side and rear to other buildings of nd in two remarkable in- stances it has been seen that asa dernier resort it was necessary to blow up more or less buildings in order to arrest the progress of the flames; now, therefore, Resolved, That a committee of ten, composed of mem- bers of our fire insurance compantes, be appointed to Fecommend proper measures to secure’ the early estab, lishment of a Board of Engineers, who shall be invested With legal authority in case of fire to enter upon, take possession of and blow up any buildings that are in the bath of the devouring element whenever in the Judgment of the Head of the Fire Department the fire shall have assed beyond the control of his department, and that it be nade the duty of such Board of Engineers to be prepared with the means required for the timely and effectual prosecution of this contemplated work. THE BLOWING UP OF BUILDINGS. Mr. LOWE then continued—In regard to the blowin, up of buildings, as our sctence has not yet succeeded in discovering something better, we should be ena- bled to apply this rude remedy more effectually. Here after a large portion of the city has been destroyed, it becomes of necessity a last resort, and the Mayor, probably reluctantly and against his wishes, agrees after consultations and delays upon destroy- ing two or three magnificent structures to save the rest, OUR WATER SUPPLY. Commodore J. P. Levy said—In view of the late catastrophe our own situation in New York is de- plorable. We have merely enough water to sup- ply the inhabitants and allow for wastage, and I would suggest that this meeting make such representations to the proper authorities as would induce them to provide for the introduc- tion of salt water to use in fire emergencies. Ten million dollars would serve to introduce the salt water, with auxiliary engines on the wharves to supply the fire engines. The fire plugs are of little capacity. The engines could better suck water out of a sixteen or eighteen inch pipe than out of our fire plugs. We ought to have abetter supply of water in any event, OUR INSURANOR SYSTEM, Mr. 8. B. CurrreNnDEN said the resolutions proposed by Mr. Low covered a subject of more importance to us than any other since the outbreak ol! the war. Two such calamities in thirteen months warn us that under the a ti eger we have no security against fire. Merchants onght to realize that another such sweeping fre will impoverish and break down our system of fire insurance. Com- mercial interests cannot be continued without a reliable insurance system, and I believe now that we have not sufficiently reliable institutions. I am reminded that after our fire in 1835 the insur- ance companies here united in opposition to un- derwritings on buildings over four stories high; and [believe even then the subject was so strongly advocated that a jong line of buildings on Platt street were reduced to the requisite height. Buiid- ings are pow built six Seven stories high, and théré aré buildings évén now In process of erec- tion which should be pronounced pubite nuisances, They forewarn us of a great fire here, and it is now time to discuss this question. I have had some experience o/ fires, though not seriously dis- astrous, and I find that the insurance I have taken on my property is no insurance at all, It might as Well hot be insured. I have been CARTING GOODS TO DISTANT PLACES to-day from my warcheuses, because the insurance | system is not safe, The question is, will people submit to the building of seven story nouses with Mansard roofs? These roofs rain fire upon the roofs beneath and serve to aggravate disaster as sure as petroleam will burn, We are treading upen t verge of a calamity, and we must do what is need- oe avoid it, nH motion, Commodore Levy's suggestio: a garding p y ggestion re THE INTRODUCTION OF SALT WATER Was referred to the committee proposed by Mr. Lowe, which Mr. Dodge announced he would ap- point in a day or two, FREE SUPPLIES TO BOSTON. A despatch was received from the Erie Ratlroad Company and read announcing that anything sent for the relief of Beston would be transported free of charge, and Dr, Paul Hofman, the Japan lec- turer, stated that he would offer his servic gratuitously for a lectare in behalf of the sufferers. Then on motion the meeting adjourned, THE SHOCK TO INSURANCE Col PANIES. A IN The Excitement Among the Policy Writcrse=Not So Bad As Was Fearecd— Most of the New York Companies Sol« vent, Though Badly Scorched=The Humboldt Suaspended—Other Suspen. sions Rumored—About Twelve Million Dollars of Losses Admitted Already, There was a fearful Mutter yesterday among the insurance men, and in nearly all the ofiices mect- ings of directors were heid to figure up their losses. Some of our companies were found in a very critical condi i the oMcers deliberated upon the question of making good their impairment on writing up. A large number of the institutions have come out so far with very slight loss. The scene in Broadway, also at the offices, was one of excitement and anxiety, and durmg the entire Gay the oMoes were crowded by anxious policy holders endeavoring to ascertain the condl- tion of the companies in which they are insured, Many offers on Boston property were made, but the compantes, learning that tne fire was likely to spread, refused to write any policies, and the ap- Plicants turned away to try other companies with no better success, There were many wild rumors afloat of this or that company being on the point of going up, but none visited by tho Heranp reporters admitted that they would be forced to close, except the Humboldt, whose exact losses are unknown, but are placed by outside authorities as high as $150,000, On most of the windows of offices were displayed bulletins, showing the assets and losses, and these figures were eagerly scanned by the excited popu- lace and street loungers. ‘The following are the assets, rlaka and estimated 1o3ses made by the oMcers ef the companies yester- day to HERALD reporters, and it is believed they will be found nearly correct:—Tho Hoffman ofm- cials positively refused to give any information, not even their assets, although they declared that the company is solvent. An insurance oficial ia Liberty street informed the reporter that the loss of the company ts fully $85,000, It wa reported on Wall street last evening that the Relief, Corn Exchange‘and International had become hopelessly involved, but as yet it has not beed ofticially confirmed, Theoflcers of the Inter- national showed no disposition to give any facts as to their real condition, but it is probable that they may be able te make good the impairment. The feeling among insurance men was very de- spondent, and all agree that the rates will have to vanced fully fifty per cent over the present ‘emium. One of the old companies declined to ake risks on @ granite building with Mansard roof at less than one per cent, and it is likely that hereafter that will be the ruling rate. The compa- nies are especially suspicious of Mansard roofs, ‘These figures represent, in many instances, only the appreximate risks and losses. ‘Those com- panies who have agencies in Boston, and whose books and property may have been burned up, will not know their actual standing for a few days yet. The total amount of risks reported as held by New York companies in Boston is. estimated at $169,202,726, while the losses are estimated at the maximum figure of $90,000,000, Of the 63 com- anies that hold risks in Boston 88 are in this jtate—chiefy in this city and Brooklyn—8 are foreign companies and the balance are located in other States Kast and West. The amount insured in New York companies {8 $57,789,553; in other United States companies, $87,414,511, and in rele companies, Liat ‘The losses by this fire will not fallso heavily upon New York companies as did those of the Chicago fire last year, because Boston has had heavy insurance policies on her own prop: erty and has very largely imported her own goods, Of the New York companies aifected by the are several of them were taking risks as usual yester- day. The Lamar Insurance Company had no in- formation of its condition up to three o'clock P, M. or would give none; but its officers gave assurance that they were amply able to pay all losses or risks held or sustained by them there, The Lorillard Company's officers could eet tell the e: tent of their loss, but knew it could not exceed $100,000. The Merchants’ Company could not tell thelr exact loss, but the companys im to be good for what- ever risks they have there. Their agents have not reported, The Niagara, though losing $300,000, were doing business as usual, but slowly. Their ut- most loss, if everything in Bosten was burned up, would not exceed $366,000, They lost $250,000 by the Chicago fire, and they don't expect to lose 80 much, though they have estimated more. Their capital and surplus 1s over $1,283,000. The Market el den 4 were without full returns also, but their admitted losses will impair the capital of the com- any. Ita directors yesterday made this all right, iowever, 80 that it is doing business as usual, The Standard confines its policies to New York ay and vicinity, and is, therefore, safe this time. ‘The Mercantile has lost a price of its capital; but as it has not renewed oston risks which expired during the Summer it claims to be solvent beyond any question. The Park ee aed confines its business to first class risks in this city and vicinity, and, therefore, loses nothing in Boston. The ‘Tradesmen’s Company will pay its losses out of its surplus without affect- ing its capital, and will go on insuring as usual. Tho New York and Yonkers Company say that their loss in Boston ($70,000) will not embarrass their business at all, and that ey will continue to take risks at adequate rates, The Williamsburg City Company declare that should they lose their entire risks ($91,000) they have still a surplus of $218,000 over and above their capital. The Boston office of the Standard et Was burned out, and it is not taking risks until its status can be determined, although one of its attachés yesterday reported to & HERALD representative that the companf-yas eon. on allright.” There was a rumor cunteet outside that it was il Abia swamped. The Relief Company was also reported to be ia a similar condition, though a telegram just received from Boston, and which was shown to the HERALD man, put the outside limit of its losses at $60,000, This certainly should not very materially impair a cash capital and assets of over half a million dollars. At the agency offices of insurance companies of other States and countries empowered to transact business in New York there was a very consider- able feeling of depression. The agents of Boston companies shook their heads in ominous dismay, and evidently thought the dfes ire had arrived. The representatives of the English companies did not, however, exhibit the slightest anxiety, and spoke of the loss of a few millions with a sang frotd indicative of enormous assets. The Lycoming In- surance Company was eae to have escaped scot free, but it transpired that it had insured A. T. Stewart & Co.'s ston property for $10,000. As the assets of this company are over six millions there is no fear of its suspension, however. Below are the figures showing the condition of the companies as near as could yesterday be ascertained :— CO! Companies, or Actual Loss, Ama, 5,000 Americ bein Aineric 70.000 Atlant ‘000 85,000 Arctic i 75,000 ‘Adriatic ‘ x TO) Brooklyn. N 374.297 None None. Broadway..." 407,000] None None. Brewers and Malsiers’. 340,000) 130,000] 50,00) Columbia. 100,090} 75,000, City, 200/000] 100,000 =| 00,000 104,00 104,000 120.0004 100,000 10,000} 50,000 200,000) 250,000 Eagle. None.| None. Exchange 15,000) 15,000 Empire C 25,000] 10,000 Firemen’s tr 8,000} 5,000 Firemen’s Fund. x x0 000 Importers and Trade 0 International 500,000) 850,020) 270,400] 417,075 5,000 8,000 7u\000) —#50,000 Merchants’....... 19,00} 50,000 Metrop None.| None Montauk... 5,000) 5,000 ; —| None. None. see} 440,000) 140,000} 140,000 K and Yonkers — — 70,000 w York Bower, 90,000) None.| None, York Equitable. 46,030] 20,000] 2,000 None.| None. 3¢6,000] 300,000 one.| None. 000} 18, Repati epub| Resolute Rutgers ‘ St. Nicholas... Safeguard Standard Star..... Sterling...... Stuyvesant Tradesmen’s. United State Washington... Westchester. Williamsburg Cit + Brewers’, Miiwatikee... Total thstimated. *Cap) % FIRE INSURANCE COMPANIES OF OTHER STATES AND COUNTRI 1 W YORK, Probavle Loss, $1,000,000 Rick Assets. | Boston. Alps, Erla, Amazon, Cincinnat. Ametican, Boston... i and Pennsy! adelphi.... =| 900,000 Cent'l, St. Louls) - - Worcester. - — Alvany...... = 40,000, Commere'l' Union, London 706173) 875,000 aaa ts NEW YORK HERALD, TUESDAY, NOVEMBER 12, 1872.—TRIPLE SHHKT. . Total | Husk tn | Provable Compantes and Laccition. | Aasets. | Boston. |” Lose Ditizens’, Newark. 00} 000 jonnecticut, Hartfor 500, « wer ere, Bangor, Me. ee - 4 3 *C! Ay ak 270, —({Susp'ad'd Fairtelt County, South) tore, Cuneo.) 250 10,000 © ‘und, ‘ranolseo. 856,7Hs| 1,329,043] 74,000 Franklint Philed s2e78} 49800) = rank li Faneuil tt , Host on 300 | suep'naid pein « 2,025, Mono} None. armers! ar =} Ree Gunedian, Lond 14,0000]? "Kone| Nong. wardian, Lon x 4 ; Harttord, Hartiord “ia 4102.60] 6,000 Home, Columbus. ‘909, 79, 35, Howard, Boston me Co; of Sin Phalad cba e - . Co. mer ica, Philadel 8,50) 1,000,000 Imperial, Tondo 5702852} 6,087,159 gs 0 | 14,000,000) 100,000 Lancashire, Manchvaster, P70 eer 120,400 = v Londo ‘and Globe, Liverool 009,000] 1,000,000] 1,000,000 Lancaster, Lancaster, Nn —| — Lawrence, Boston . 299,940] No ret’ns.|No ret'ns. Lycoming, Muncy, 6,006, 10,000} 100 factiirers', Boston..:| 1,316,819 = Merchants’ insurance, Boston. * h 944,106} =| - Mercan ile Insurance, abonton 604,000 - - cence.. 1,374,466] 60,000 Merchan Merltcn' Morin S000 = Soe f sriden. x = = National, Banvor, ie 419,60] 2,484,238 = National, Boston.. ‘915,592 | - Newport, Newport, it, 1..| 230,009 = North Amoricun, Boston..| 641,421 =i = National, Hartiord 617/205] = = Nubritish and M sie hnoas ondOn s+ 410,383) 3,70 ~ Or'ent, Hartiord . x —| — 160,000 Feunsjivania, Philadel Worceste! Phenix, Hartford. Prescott, Boston. ueen, Liverpool. Retemoe Phhadeipila yal, Liverpool. ‘ 1,260,000 Shoe & L, Dealers’, Boston| ‘03,754 = = Springfeid, spriugfiela, M} 1,055,105 = Sun, Cleveland . 290, State, Hannibal 300, ‘Triumph, Cincinina\ Union, Bangor, M Washington, Boston Total. .....i2sscesreres Add Now York losses as far as reported, Total losses admitted... ‘EXCITEMENT IN WALL Fears of a Panic Altogether Unfounded— The Effect of the Boston Fire Upon Stocks and Operators—Scenes at the Stock Exchange—Horace Greeley Makes His Appearance on the Street. The first anticipations 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 prognostications of panic and failure, of loss and ruin and commercial dishonor, THE 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- ral public ylelded 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, {n accordance with the old traditional maxim of “first loss is the best.” At the Fifth Avenue Hotel, as stated in the HERALD of yesterday, there were a number of sales by persons of impulsive 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 a calm review of the situa- tion, quietly looked on and made their arrange- ments for buying at these feverishly depressed figures, confident that the fall was but a 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 confided the grounds that induced them to make a favorable prognosis of the financial future. The earliest esti- mate of the damage wrought would, tney said, cer- tainly be extravagantly high; such estimates always were. The calculations given were also clearly based upon the fallacious supposition that alot 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 of the real estate, with a liberal addition for any mercy in his estimate shown by the Tax Commis- sioner. This wasa TRANSPARENT ABSURDITY. Then, lastly, it would probably turn out that much larger stocks of goods had been rescued REET. from the flames than at first supposed. Every merchant, in giving a rough esti- mate of loss, would go upon the basis of making things out as badly as possible, because it was, of course, very much more pleasant to be able to make things subse- quently work more pleasant for his creditors than to have to disclose as the truth a worse condition of affairs than had been at first reported. And, lastly, much stress was laid upon the general wholesome principles upon which Boston trade was carried on, Most of the Boston houses have large capital, in ba ile to their business, and it is all their own. While, therefore, much of their savings and accumulations may have beendestroyed, the will still have their insurance and their balances in the bank upon which to begin again, This is a marked differerce from what happened in Chicago, Where no small portion of the capital employed by the merchants was borrowed at high rates irom the East. These HOPEFUL AND CHEERFUL views of the situation proved to be cofrect. True, there was for the first hour or two, on the street, & marked flurry, and prices ruled at figures from five to ten per cent less than had prevailed on ny Beye Only the big operators had the courage to buy in at these rates, confident of their power to carry them for an in- definite period if necessary, and certain of being able to sell them at @ profit when the market should recover, as it must, sooner or later, its nor- mal tone. The smaller fry, however, could not make up their minds to venture, especially as wild reports of what might happen still Noated about, pe ye an uppleasant sense of insecurity. At the STOCK EXCHANGE, however, there was a very decided air of anima. tion and briskness. The strangers’ i@allery was crowded in lines three or four deep With specta- tors, who for the most part seemed to have been attracted there from mere curlesity, and looked on with an air of coolness and amused good nature that gave the lie to any suspicion of their having a personal interest in the doings of the noisy crowd on the Noor. To this there was, however, one NOTABLE EXCEPTION in the presence of a couple of fashionably-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 a while tried to distinguish the cries and shouts of the brokers below. In this, Nd 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 a little more dense than usual and the Urter ef torn tele ‘ams and messages lay somewhat thicker tipon the floor, The business, however, seemed not much heavier thab upo any reasonably busy day, and the excitement was far less than may be seen when some clique has won & victory and Is “scooping in” its spoils by rushing the market upordown., The crowd gathered together in knots, the buying and selling went on with many a yell and shout and ery and many an eager, passionate gesticulation. So far as can be discovered by the outside world, how- ever, the NOISE and the gestures were alike absolutaly meaning- less, Brokers speak a language of thé@ir own (Syr- jac, perhaps, Which used to be considered as the language of all unfortunate creatures who were possessed by a devil), resembling rather the vague sounds in use among the brute creation than the accents of articulate speech. There appears also to have been developed re them some sort of a el manual language, in which, by certain ar- Trangements the hand ‘and = fingers, ideas may be expressed. ‘These traits lent the crowd a certain strange, barbaric ap- pearance, which to the common herd of American citizens had the charm of novelty, Whatever it may have lacked in refinement and grace. And, by the way, do th HATS they wear while engaged in the active pursuit of their calling? Nowhere else, certainly, can such a curious Cs Ma jd of styles and shapes and such multiform variations of age and length of wear be seen in the same limited area, Stovepipes and Kossuths, round Alpines and flat-brimmed wideawakes, St. Patrick's Day “tiles and silk travelling caps, with hun- dreds of other indescribable and nameless species of chapeans, are thrown together, a8 you look down, in one confused mass, which has @ singularly strik- ing and picturesque effect. IN THB AFTERNOON, nntil the end of the day, there was a decidediy im- proved feeling and a general recovery in price, until the quotations were only two or three 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 ¢ brokers buy the it may be asked, in passing, where on earth | that there need be no immediate @ panic, at any rate from this cause. Towards four o'clock, also, the yolume of business grew much spate, though of course there was & constant run cepa See Ae Were reported, pemony amet: Wh No. 8 Wallstreet. On wre at his omce an an- nouncement was given that there was merely & temporary suspension of business for @ lew days aa that everything would be satisfactorily ar- ‘an, . One great to pr 4 PE Of the Gay was a visit the RORAOB GRRELEY, Or at any rate of a man who greatly resembled him in @ppearance and wore a white hat, From hall- past two to three a dense crowd was gathered on either side of the street in front of Vermilye & Co.'s banking house, near the Post Ofice, through whose ortala It was ‘announced that the Philosopher had em seen to pass. A policeman was stationed pa oe se kee) sacs carieatiy mongers in jen seotna. ner and rvention was frequently the spectators were ultimal rewarded with 9 reward a gratuitous view of the deteate: the Presidency; but the writer, donea the Wolf in geapait Se ae eee og Sha e fOr. mation of doubtful autnénticity that Horace hed found his way oat through been seen strolling along THE HIDE AND LEATHER TRADE. —_ How the “Swamp” is Affected by the Dis r=The Great Logs Experienced Among the Dealers in this City, and the Boston Men “Solid” and Good for Another Trial. The leather dealers in the “Swamp” who have large business connections With leather and shoe houses in Boston were naturally in a great state of excitement yesterday over the news from the “Hub.” Tho leather trade of the Swamp with the Boston houses amounts to millions of dollars yearly, and as report at first gave it out that every large wholesale boot and shoe house and hide and leather houge im that city had been “cleaned out’ the dealers here were busily engaged all day in ascertaining how and to what ex- tenf the disaster would affect them. It should not be taken for granted that all tho leather men in the Swamp deal with Boston, The fact is that not over forty houses do business in a large way with the Hub, but as those who do are of the largest in the “valley,” it was reasonable for out- sliders to suppose that the damage to the business by the fire would be immense, In order to ascer- tain all the facta bearing on the question a HERALD reporter yesterday made a careful tour of THE SWAMP BEGIONS and was very much surprised to find nothing like a panic anywhere, Everyone of the arms called upon conceded that their customers in Boston had undoubtedly lost heavily, but they were of the opinion that the misfortune would only be a tem- porary one, The losses even in prospective to the New York dealers, it was ascertained, would not in the aggregate amount to @ great deal. All the houses in Boston having dealings with the Swamp were all ‘solid,” and it was the general impres- sion that the disaster would not even interfere with their going right on with thelr business within a few days—just so soon, in fact, as they could get room enough to work in. Indeed, while the reporter was going his rounds he met several of the leading dealers, who not only talked con- fldently of there being no real great loss in the long run to the men in the business in Boston (that 1s, loss so great as to put them out of the business entirely), but who asserted that many of THE BOSTON MEN who had been burned eut had already yesterday (Monday) morning calied in and given new and very large orders, showing conclusively that even if they had been burned out they had yet plenty of the wherewithal to build up anew. ‘You see,” said a prominent dealer in Cliif street to the re- porter, “the men in the business in Boston who are heavy losers by the fire are vy no means ruined as people have been led to believe. They are for the most part men of great wealth; indeed I may, from personal knowledge, say the same thing of all the merchants who have been burned out. They WANT NO PROUNIARY AID, though they may, on account of their embarrass- ments, want a little extension of time to meet their labilities. ‘The case in Boston, in my opinion, is just the same as if Wall street and a few of our wholesale-house streets were burned out in this city. Itis not like Chicago, where not only the business portion, but also a large portion of the residences of the city were destroyed. There 18 very little of any distress of that kind in Boston— of people deprived of their homes, of whole fami- lies turned out into the streets to fimd shelter where best they could. Ihave no doubt but that in a few weeks the business men there, now ONLY TEMPORARILY DISABLED, will be on their fect again.”” Among other promi- nent dealers called upon was Jackson S. Schultz. He was found in his office poring over a pile of papers on his desk. He received the Teporter cordially and at once, “by special request,” gave his views as to what the dealers in New York had to expect from the catastrophe:—“There is no doubt,” he said, ‘but that every house here in the trade doing business with Boston has been more or less ‘bitten,’ but not one has been In any way really injured. There were, I dare Bay. about 150,000 sides, Valned at say $500,000 to $600,000, destroyed in the fire, I don't now speak of lines in boots and shoes, &c., but it should be borne in mind that but very few of THE LARGE JOBBERS or dealers there keep their whole stock on hand in the one place. Many houses here hold a great deal of stock belonging to the Boston houses. For in- stance, the latter purchase several thousand sides and leave them here. Byery once ina while they order a few hundred to be sent to this place, a hundred to that, and so on, just as they require them, Again, you must bear in mind that the stock of the Boston houses is scattered AMONG THE TANNERIES, and in ay cases among their branches and workshops. They get a large quantity of leather, and it is at once, or at least a ore part of it, sent to their factories. So you will see that most of them have not been completely swamped." “Are there heavy losses among the leather houses in this city 7? “Not of any account. The only risk the New York houses run is simply this:—If the insurance companies Ram promptly all their losses why, of course, the New York houses will not beosers, but : they do not why, then, they will lose more or jess. “In what way, directly 9 “Well, in the matter of the credits, Goods are bought by the Boston men on thirty days’ and six months’ credit, according to circumstances, If ipprehension of forace had @ back door and had iMiam street, when their notes become due they cannot meet = them, why, as & matter of course, it sie extension, whi the Rew ‘orl ‘fonges will have to take wha’ can get—as many cents on the dollar as they can obtain, But I assure you,” added Mr. Schultz, “that the men there in our business are all, AS A RULE, WEALTHY MEN, and will be right side up again in thirty i el I haven't the slightest doubt of it. You hear, doubt- less, of & good Many men being ruined. I concede that the disaster is a terrible one; that it has car- ried down to utter want many a man @ few days ago well off in the world; but yet as far as 1am able to learn a large number supposed to have lost their all will come out all right as soon as the excitement is over. I know one gentleman in the leather trade in Boston who 18 set down as ruined, yet his loss cannot be over a hundred and filty thousand dollars, and he is worth largely over @ million of doliars, “What about the losses in this city in the trade? Will the fire bring the trade to a stand still?” Not atall. Why even to-day Boston men have Bane large orders, just as if nothing had happened, ‘Their ay not get an those badly off undanbredly mH CREDIT 18 GOOD, and the trade knows that within afew months every one Will, With no great disaster in the future, be able to meet his liabilities to the last cent. Of course, as I said betore, a great deal of Wiiat the men in the business there may be avie {6 a depends upon the action of the insurance com- anies,” The reporter paid a visit to another large dealer in the Swamp, who seemed to hold exactly the Same views as Mr, Schultz, In fact, he said that the he ge trade had escaped remarkably well. Me had received telegrams from Boston which showed that TRE LOSS IN BOOTS AND SHOES was very heavy, but that there was not, fortu- nately, @ very large stock on hand. ‘Here,’ said he, handing the reporter a telegram, ‘‘this ap- peared in the Boston A of to-day, and it only goes to confirm what I have already told you." The extract from the article in the Advertiser reads as follows :— “All the old boot and shoe firms are solvent, and even strong as before the fire, and by their sol- vency will preserve to Boston unimpaired their very valuable line of business. Very many of the jobbing firms, also, in the same line, came out of tbe fire with large losses it is true, but ABLE TO MEET ALL THEIR BNGAGEMENTS and to continue their business. The destruction of boots, shoes and leather has been quite compicte, al- though the stock of boots and shoes In warehouses is much lighter at this season than it would have been about a month later, and tle loss will consequently be less to the owners, Besides this, large quanti- tes of boots, shoes and leather were saved, which will materially lessen the loss of the sufferers.” * Now, you can see for yourself,” said the leather merchant, “that ail you have heard among our ee Is borne out by the facts. There ts nothing ike A WILD-CAT CUSTOMER among our Boston patrons. They are all of the solidest solids of the Boston business community, and can probably afford, if I may be allowed the expression, to lose on an average more than any other class of business ai a that city and yet come out by no means ruined, It may, therefore, be get down as positive fact that the “Swamp” has not been swamped Boston disaster, and that to the Swamp tngvia te ne ret least, just at present, “There's nothing WOOL AND COTTON. —— The Loss of Wool Slight and the Market Quite Firm—Cott Steady and the Losses Trifling, Owing to various and conficting reports re- ceived-during the past two days from Boston by telegraph to the morning papers and to certaim business houses in this city, which seemed to indt- cate an unsettled state of affairs in the WOOLLEN AND COTTON MARKETS, & HERALD reporter was despatched yesterday afternoon to visit the diferent wool and cottom houses below Reade street for the of ascertaining the true feeling int! twe branches of \the trade. It was observable that Dearly every firm called upon were chary of giving figures or statements, fearing to take the Tesponsi- bility of making any statements at present, when 50 much exaggeration ia afloat and has gained so much credence, The statement that 8,000,000 pounds of wool ha@ been consumed by the Boston fre was pronounced by a partner in one of the leading houses of the city, if notin the leading dry ggods house which uses more woollen fabrics than any other, to be® O8T ABSURD AND INCREDIBLE tmprobabitity, This gentleman, whose name can- not be used in this instance, stated that he be. lieved it to be certain that at the time of the fire there were not more than 10,000,000 poun@a 6f Wool stored in Boston, including the foreign as welt aa the domestic products, Of this amount he cal- culated that there were two or THREE MILLION OF POUNDS of domestic wool and four millions of pounds of freight woo!. Then the parties who had large amounts of the material on hand for months past consigned to them on commission would natural: look upon this fire in Bostom as a godsend tani would bring them speedy purchasers for the at held on hand, They would corn, try to bull the market in the wool interest, and it 18 from such men as these that TUESE EXAGGERATED STORIRS CAME to affright merchants, who, if they would look into it, would be certain to laugh at the trick peing played upon them, Last year the United States Taised 82,000,000 pounds of wool, and there was im- moe into the country oue hundred to one hun- red and ten million pounds of wool, been much larger receipts of wool in PHILADELPHIA THAN IN BOSTON, and much larger even than in New York. The wool might average filty centsa pound on the higher ‘ades, such as shawl wool or wool for fine cloths. if 8,000,000 pounds of wool had been destroyed im Boston, and if it were of seasonable quality, that would be a dead loss of $4,000,000 to some person or perso! But there was no such loss, for the reason that the bulk of the wool was stored on the wharves, which were not in, but were quite a dis- tance from, the burned district of Boston. The LOWEST CLASS OF WOOL was used | eel a tsand the higher classes for de- laines and shawis. This class ran from fifty-five cents tosixty cents a pound. None ofour large wool houses in Boston, such as Hilton, West & Co., George Wil- am Bond, Foster, & Co. and many others, would be likely to store their wool in the centre of the burned district, and as EIGHT MILLION pocnde of wool would amount to 20,000 bales, there agnot as yet been any authorized statement that even 2,000 bales have been burned by the fire. The large houses who deal in wool are said to be near the wharves, where the material can be shipped to Europe on the ocean steamers. ‘Now,’ said the partner of this well known house, “none of these wharves are in the burned district, and the story of the destruction of 8,000,000 pounds falls te the ground, It is more than probable that THE LOSS OF WOOL BY FIRE in Boston will nearly reach 1,500,000 pounds, snd all additions to this story are merely made to bull the wool market in the interest OF COMMISSION CONSIGNEES.’ among See spoken to on the subject were the firms of Walter Brown & Co., Park place; Patter- son, Son & Co., Jacob Busch, Samuel Lawrence, Greene Siebert and other firms m Reade atreet and the vicinity. All these firms seemed to think that the losses were greatly exaggerated, and that Boston was not in anything like the state of panic that was represented. Among the cotton merchants there seemed to be a feeling of confidence and security, The state- ment that 8,000 bales of COTTON HAD BEEN DESTROYED by fire was pronounced to be a scandalous false. hood, as there was computed to be but 3,000 bales of cotton in Boston on last Saturday, and of this number itis estimated that not more than 750 to 1,000 bales were destroyed, and it is believed on good authority that tne losses, which are covered by in- surance in the raw material, will not amount te More than $100,000, Ihe Cotton Exchange was nite Kegete yesterday aiternoon, and cotton only fell an eighth. In the Exchange THE MERCHANTS ASSURED the HERALD reporter that the losses to the Bostom cotton men would only be trifling at this stage of the proceedings unless a new fire broke out. THE PRODUCE EXCHANGE. At the usual hour the members of this important commercial branch met at the Corn Exchange for the transaction of the day’s business. The general topic, however, was the great loss sustained by the citizens of Boston from the fearful conflagration, Prices of produce were not affected to any marked extent. It was expected that some steps would be taken by the members of the Exchange looking to- wards the relief of the sufferers ny the fire, but up to the hour of adjournment os 4 had been done in that respect, and there is no likelihood of any action being had unless a call for relief should be made, when this noble institution will respond as lib- erally in ae instance as it did to the cry of dis- tress from Chicago. The grain deslers in Boston have evidently escaped the fire, from all accounts, and will be able to do @ great deal towards alleviatin; any pressing necessity for food. Whatever supplics in the way of produce are required besides from here will be forwarded at the shortest notice, The sym- pathy of the members of the Corn Exchange is enlisted on behalf of Boston, and their services can be fully counted on when needed, THEATRICAL AID FOR THE SUF- FERERS. th * There have ‘gee The members of the theatrical profession are already Coming to the aid of the sufferers from the Boston fire. Mr. Maurice Neville is prominent among the actors in this city who have expressed their intention to lend their services in this phi- lanthropic cause. Mr, Neville intends at an early day to deliver algcture in aid of the Bostonians, taking for his subject ‘The Drama.” The ability of the lecturer and the charitable object of the ture will, no doubt, secure @ handsome pecuniary acknowledgment. The Benevolent Protective Order of Eiks are also in the fleld with their services. Ata meeting held on Sunday evening last it was proposed to givea benefit in aidof the sufferers. A committee, con- sisting of Charles T. White, Gus Wiliams, Frat Gerard, Tony Pastor and Colonel T. Allstin Brown, ‘Was appointed to co-operate with any other com- mittees engaged in raising a fund for Boston. The Flks are desirous to do allin their power, and to give their services in every way possible to relieve the distress of those who are sufferers from the fire. Miss Le Clercq sends the following letter to the HERALD, offering her services :— To rue Epiton or tHe HeRaL:— Shere isto doubt that alt the members of my profes s’on will, with their usual prompt generosity, insi@ntl oraanize representations in aid of the sufferdrs by th terrible calamity of Bosion. Will you therefore kindly permit me, through your valuable journal, to. heartily offer my serv.ces to any manazer whio way require them for the ame praiseworthy object, and oblige yours re sectiully CARLOTTA LE CLEKCQ, ba ik No. 19 West Twenty-fourth street BROOKLYN FEELS FOR BOSTON, | ae Message from Mayor Powell to the Come mon Council, The sad calamity which has befailen Boston was the chief topic of conversation upon all sides in Brooklyn yesterday, and the general sentiment ex- pressed was one of desire to lend substantial aid to the afflicted of the burnea district of the “Hub. At the regular session of the Common Council yes- terday afternoon the subjoined communication from the Mayor was read :— To THE Hoxoranie tie Common Counc ee Viste Grruneen—Another appalling disaster has fallen upon Pnetand fre nent ovintelly chee, earning aud wenithe. Pave ahr ered ences Crag geht deni; for Sai Zatent and effect of which cannot estimat It 1s @ source of consolation, however, to know that the dwellings of the people have not any great extent been destroyed, and, so ‘we are at present advised, but little if any’loss of lite hus ocurred. but while feeding on these small crambs of comfort it proper that we, a8 @ great and prosperous city, shout cordially extend to the authorities of the city of Boston Rg 1 ane ae ny circumstances may mand. Respcetfuliy submitted . 8. 8. POWELL, Mayor. FATALLY BURNED. Coroner Herrman yesterday held an inquest of the body of Louis Volk, a child three years of age, who died at No, 438 West Thirty-fifth street, from the effects of burns received a day or two ago his clothes accidentally taking fre from a stove.