The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-30
1'ornadocs and Floods May Have
Cost Country Quarter Of
Billion Dollars.
MARKET NOT DEMoRALIzE0
l'inanciers Have Not Attempted
to Make Killing Through.
Catastrophe.
ny II. G. FORBES.

worlds point OF view. the loss is not
an overw hclminS matter by any
means
Europe has been mulctcd in several
tunes as great a loss by recent and
current wars. yet European trade has
nccn prosperous rather than depressed.
:Nnd European countries have not half
INC rccupcrhtive power OF our young,
fertile land
These consoling facts are recorded
mere because there has been a ten
"chtS grossly TO cXaggcrate the extent
o' inc dollars and cents loss-to ex-
asseratc the suffering, tho horror and
INC grief were impossibIc
oi course. all fires. floods toruadoes
"ars' famine and scourgcs Involve de-
struction OF wealth, and are therefore
harmful to securities. 10 SNUFF prop-
eFty out OF existence or rctard normal
production cap never be helpful TO in
Nestmcnts That last weeks disastcr
may be placed in :; propcr pcrsncctivc
however. let us recall that the ordi
nary everyday fire damage is greater
tVciy year than the total destruction
just suffered '
The aggregate loss Will not exceed
ono forticth of the value OF the ycar,.
farm products
finnncterS Made No OTcr to I1uto,d
ou' strongest inanccrs did not lose
tncir heads aud rush 10 unload secu
rltes' Had they been AS malicious. as
',,ics aiiege, they could unauestion
hoiS nave made Il fat "kiiIiug" IN.
throwing The stock markets into dc
horanzation through hurried selling
hn' thcn. when the dcbHclc WAS n, Tia
worst. rcpurchasing large blocks -,
aisaln prices. Sometimes however
patriotism is put above hence ,,,c
ira financial leaders last week acted
coura eeously and commcudably
nay INC calamity must have :: dc
press'hS influence upon securities can
hot he ga'nsaid. The actual anuih;I.
ton OF property Will he arrray.,ted h,
interruption OF production in affected
areas and b% diSIocation Of tra,isnor-
'atioh. Then special demands Will fan
upon inc money market. for every suf
Lcrtr' from th" modest savings bank
ncpositor 10 the great railroad svs
TENS. Will have TO draw money fn-
urgent requirements
Overwhelming OF Crcdit.
~ "or"- wldc strinGency in money
la the wors, feature OF the general
nhahciai. industrial, colnmcrcial and
mercantile situation. One cannot sneak
hShtiy OF tho present obvious nycy
s'raiiinS OF credit. Extreme care win
nc necessary TO prevent swapping of
INC delicate credit cords. Some Nc,,
York bankcrs--rcn of high no.i,ior
ana extensive iniiucncc-cannot SEQ :,
way out. others DO
nc next fortnight should normall,
or'nG relaxing OF the strictly ,pous
larry tension. both abroad and AZ home
Germany which has been "a sore
spot. has evidently made all ncccss.rv
arrangements To meet the very boayy
Aprii settlements. No trouble il uoyv
expected there .Austri;, il h,r,
pressed but her quarterly dishursc
incnts are OF less account France
WI nave no difficulty i'll handling her
opiiEstions' and England promises Ia
emerge from The crucial pcriod u,i,l,
out serious scars
Fall OF Adrinnopic.
nc position abroad Will also he
vastly hciped by the fall of Adria
nopic' which marks the collapse OF
Turkish opposition to tho R,Il,r
States Peace will surely brinr f,n,,,
hiding the half billion dollars hoardcJ
by frightened peasants an. others.
by frightened peasants and others
vanced.
New York has received considerable
sums from Interior points Tic quar-
lcrlE disbursements will entail tom
poFar! Hurry in call money rates por
maps. bat the large sums paid out viii
return by APRIL 10, and easier intcrcsr
charges VIII then be in order.
me extra demands occasiond by las.
week 5 catastrophe viii be an item
OF some Importance. but as an Offset.
the slackeninS in general trade 10 re-,
leasing no inconsidcrablc amount Of
cash and credit
There is money ready for invest
mcnt Indeed, have been surprised
to find how many small investors want
to be told Just what to buy
Good bonds Available
Good bonds he purchased In
yield from { j.. TO > IL per cent
STANDARD railroad stocks arc on :,
per cent basis This is UNUSUALLY
high. hut buyers must be prepared for
possible dips. before any permanent
recovery sets in.
The truth is that the railroads arc
not comfortably situated. They arc
being harasscd ovcrmuch
1t is believed that movement will
be started looking to tho fling of a
request for permission from the In
tcrstate Commerce Commission to adj
vance freight rates, and railroad
managers arc confident their appcal
will be found lust. Action along these
lines would do more than anything
else to restore confidence.
Tho stock market was ovcrsold
when the bad news came from the
Central States. Hence {; mild decline
was followed by a fairly spirited re-
bound But crratic fluctuations must
he looked for.
CbnrchiII'n Proposal.
One rcd-lcttcr incident abroad was
overshadowed by our national calam-
ity. Winston Churchill, the head OF
Great Britain's navy Officially pro-
posed that all the great powers stop
building armaments for one year
1914
This daring overture may not be re-
huned by Germany and France for
The taxpayers in these countries, as
well as those OF Britain. arc beginning
TO stagger under the constantly in
crcasing load laid upon their should
crs
No more progressive proposal for
the welfare OF humanity has been pro-
pounded by any modern statesman"
said James Speyer, tho international
banker, to me In discussing the worlds