New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-03-31
REVIEW AND DIGEST

Floods in West 0verbaIanCed by
Improvement Abroad.
The week ended on Saturday last
was filed with more important nat
tiOnal developments than any other
period since the San Francisco earth
quake as result of the storms and
floods in the Middle West. The inesJ.-
mable damage done in the sections VS.
tied by tOrnadoes and floods will not
he confined TO the local districts along
the ravaged trail of destruction, but
will be felt throughout the whole coun7
try. Institutions of the industrial
class. telegraph, telephone, gas and
electric water power companies were
severely hit, and the loss to the rail-
roads has been placed at various tS-
ures ranging from S15,WO,0O0 to 3d.
100000. OF the amount Of money
which will be necessary TO repair The
damage to corporations. combined with
the total property loss, S100OoO,O~
To 500, 100000 has been named as an
approximate amount. All guesscs Will
be unsatisfactory. as even If the fig
ures quoted should be sufficiently large
TO cover the expense of reconstruction
and repairs there is an indefinabe loss
which can never he fully made up and
which must go down as irreparable, as
is always the case in calamities.
The effect on the general trade Of the
country for the week was pronounced,
retail business being severely ham
pered in the districts Immediately sur
rounding the flooded sections, and in
less impressive form an influence was
felt throughout the country. Railroad
traffic between the East and West has
been sadly crippled, telegraph and tele-
phone communication have both been
seriously interrupted, and the loss of
life so far reported has been heart
rending
Such a situation and other events OF
importance during the week had an
influence on stock market operations,
but apparently the European happen
ings were interpreted by Wall street
10 possess more potency for consldera-
ton i'm the stock market than lorna
does and floods al home, and the fall
Of Adrianople caused better range OF
prices i'm the closing days of the week.
Broadly speaking. the European strain
in money and markets, due TO the
Turco- Balkan war, and the fear of
extended European complications, has
been the heaviest burden which the
stock markets and bOurses abroad have
had to carry, as the fear arising rom
q threatened general war in Europe
has been responsible for a very large
share of the liquidation in securities
and entirely responsible for the hoard
ing Of hundreds Of millions of dollars
on the Continent. II was not unna'-
ural that relief from such q pressure
was received with cheerfulness, al
though il will require some time be-
fore confidence will be restored suiii-
GENTLY to cause the masses 90 bring the
money from hiding places and rein
vest il in securities.
The position in which the United
States was placed by the urgent de
mand for gold abroad which allowed
Europe 80 draw from this country
about S4G.OO0OOO calls attention to
our inadequate currency system which
affords us no reasonable protection
when exigencies of this sort arise.
The address of James g. Cannon, presi-
dent Of the Fourth National Bank Of
this city. at the annual dinner Of the
Syracuse Chamber of Commerce las;
Thursday evening was particularly
timely appeal for a change in our
banking and currency laws.
Among other things Mr.. Cannon said
that the bankers Of this country have
been largely to blame for lack Of cur
rency reform because they could not,
and cannot now. agree among them
selves as 10 tho best method to be BUR
sued The time Is ripe, it seems 10
me" he said, when we should asr,c
upon some simple foundation and ;hca
build our system Of finances upon il,
and hat foundation, believe, We have
in the various clearing house associd
tons Of the country. l feel that an
elastic currency. designed TO meet the
requirements Of our trade, can be de-
vised by availing ourselves of the ma
chincry OF our clearing house associa-
tons.
IN the panic Of 1907 the maximum
amount Of Clearing House loan certif
Gates. cashiers checks and other sub
stitutes for money issued. as far as
Euown-and have attempted 10 gather
these statistics very carefully-was
1896, 1S9 600 which after the panic was
all retired without the loss of single
dollar 10 the banks or TO the public.
OF this maximum amount, $84,420.000
was outstanding in New York: $685.
'2S5. 900 in Chicago: s10,57S.000 i'm st.
Iouis-a total of $lS7 .2SS 900. or So per
cent Of the whole. having been contrib
utcG by the three present central re-
serve cities.
"rhe reserve cities. forty-seven in
number. had maximum amount of
$SS.496. 900, or 37Is per cent of the
whole: SO that the central reserve and