The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-31
IT'S AN I'LL FLOOD
THAT DOES NO GOOD
Millions Have Been. Lost, but
More Millions Will Take
Their Place.
VAST PROMISE is MADE
Only Danger Is That Country
May Suffer From Over
prosperity.
VAST PROMISE is MAD
BY THOMAS G. sHorwELL.

New York March 30.--In the past
week there have been developments af-
| fecting the fundamentals OF the market
10 such an extent that the whole aspect
| or things in Wall Street has been
changed. The two things that have ac-
lcomplished this wonder are the fall of
| AdrianoDle and the great storms that
have swept the country from coast TO
coast. Let it be understood i'm tho be-
ginning that in VIII Street the loss OF
human life is dcplored as much as I'm
any other place. But when life is lost
| under circumstances which affect pros
pcrty for the world In general, the
fhahcial world does not permit its sor-
| row iof the Gcad TO counterbalance the
rejoicing for the benefits conferred
| 6oth at Adrianoplc and in the storms
| of the past week the loss OF human life
| has been great but both DEVELOPMENTS
make Tor prosperity and happiness of
/ ten persons where ono has suffered
| The storminE of Adrianople and tho
storms in America are both distinctly
ouilish. when considered in connection
With the security markets.
The fall of Adrianople means that the
| Balkan War is near its end regardless
| OF what the Turks may say Finan-
cially speaking. the end of the war js
Important because it Will release be
| tween $500 600 and $500 900 600 OF
gold that rs now boarded by the peas
! ants Of Europe. Great loans will he
loatcd in tho adjustment of political
affairs in Europe, and these loans. be-
| ing made in tho midst of profound
/ peace, VIII draw out these millions
from their hiding places. 1t is true
| tllat Germany is In the midst OF an in
| custrtal collapse but the severity OF
| the decline i'll Germany will be tniti
gated by the easier money rates that
are now in sight In Paris gold ia al
ready making It's appearance in more
/ liberal quantities. and reductions of The
4 /, AZ ~ 70 hon
| ON Thursday of this week. or next
week at the latest ARRANGEMENTS have
/ been made 10 prevent money panic
and rates not SITTER than those that
nave prevailed Will be seen in Europe
and New York.
| All possibility of 4 general war in
Europe has PASSED away. In Mexico
I public affairs are assuming r more
/ peaceful aspect, and the whole world
| seems to be about entering n perjod
OF profound peace. IT liz hard to CON
vince some persons that the storms and
/ tempests that have hurled their thun-
/ dcrbolts at the devoted farmers III this
country have also showcred them with
/ blessings in the shape OF aking rains.
! iheSe rains have resulted i'm floods
I which in the excitement of the moment
/ are described as the worst on record
but If the floods arc the worst on rec
| ord, then the rainfall must have been
/ tie greatest on record, and that would
I
/ are entering on the new year in the
| best condition on record II la true
there viii be millions of dollars worth
| Of property lost in the regions close To
The banks of the rivers. but the area
covered 10y floods is not worth consid-
erlng when compared with the vast
HaST sSts.e,!~ ~ siA -. p: - ~. " u;~ q,
these floods
Many farmers have lost heavily and
VIII una 1t difficult TO get seed, nipple
\ % &c Il
| but Tor every farmer so injured there
| are hundred rejoicing on high land
| in the splendid condition of the soil
| 1t VIII be found that the fortunate
ones VIII be abundantly able to suppIy
the unfortunate ones and within a
| month there will be few who do not
look back upon the great storms of
March as an unqualified blessing The
storms have extended over the entire
agricultural region and have come al
a date so early that the spring plow-
! ing VIII not be materially interfered
/ with. Winter wheat was almost a fail
ure last year. but the mild winter
| taken in connection with those great
rains, promise to give bumper yield
ior inns season. Practically no winter
wheat mas been disturbed by the floods
/ Tor farmers in these regions cxpect
b Hoods. and reserve the low ground for
crops that are planted after the season
/ has passed away
Last year the country produced $40
600 100000 worth of crops. II is OK
tremely conservative to saw that the
storm of March will increase produc-
tloh = per cent and that means $500
100000 harvest in addition to those Of
| last year. In the face of such pros
perity, the loss Of $4,000, 600 or even
/ S1O.OO0.0Oo. worth Of railroad brjdrcs
machinery and frame houses will he
! forgotten There il no denying that
thousands Of Individuals will suffer
ana perhaps many have been utterly
/ ruined, Dht The stock market takes ac-
count OF general prosperity of the coun-
/ Try and ignores the individual owner
snip of the country's wealth
IN another week the special session
I OF Congress will be meeting at Wash
ngton. and rho leaders have ALREADY
arranged tariff schedules that they nro-
pose to have adopted. Advance infor-
4 NATION on these schedules indicates
| that they VIII he very conservatives
| The new administration is surprising
/ wall street with its conservatism
Union Pacific dissolution plans arc be-
! ing modified in Il way that will be
favorable TO the stockholders of both
! that company ANA Southern Pacific
| me new Attorney General has. up to
Gate acted in perfectly rational man
her ana ms record promises to be in
pleasing contrast with that of his pre-
tecessor vho did most Of his damage
| by talking.
About the only menace to the stock
market now is the possibility of too
much prosperity in this country The
tntiquatcd money system. devised nm
der desperate circumstances at the end
OF the war. was subjected to a severe
strain last year by The great crops
and the greater crops that are now
| assured for this year may bring about
Il complete collapse. The new admin
istration has an opportunity for
priceless service by reforming tho
money laws in such way as to do
away with these yearly money scares.
BY so doing the party in power might
easily retain control of the government
for generation. Not since the time
OF Abraham Lincoln has the United
States had such n chance TO do good
;.s has President Wilson.
SO far as the immediate future of
the market Is concerned. the danger
Of collapse from too much prosperity
is not feared. for the hope persists that
Congress will reform the money laws
The market is in sold-out condition,
stocks being in strong hands. Brokers
arc carrying but few weak accounts
London is heavily short on American
stocks Even thouph ono cap 1ook