The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1913-03-31

NEW YORK, March 31.-lt is i'm
possible at once to form a reliable es-
innate of the effects of the recent
floods. The tendency at first is to
exaggerate. Conservative estimates
place the damage at between S50,OOO,-
900 to $100,000,000, the larger portion
of which will fall upon the railroads.
This should not have serious effect
upon the stock market The loss falls
upon big corporations abundantly able
to stand the temporary strain, and
cannot be compared with the San
Francisco disaster, in which about
$500 100000 of property was burned,
and the loss fell largely upon insur-
ance companies, which were obliged to
sell securities in order to pay losses.
There will be no important contin-
gencies of that sort in this case. The
commercial losses may prove consid-
cradle from local standpoint, but the
! interruption of traffic is of temporary
consequence. The iron trade has been
somewhat hampered, and the produc-
ton of pig iron will be curtailed for a
period On the other hand, there will
be fresh demand for constructive
material, especially to replace lost
bridges. Not few industrial plants
will be affected by the delay in receiv-
ing supplies of materials. The dis
aster is one that calls chiefly for
strong sympathy and abundant help
where needed. With these and Ameri.
can enterprise under difficulties, all
will be quickly recovered and repair
ed saving the sad loss of life, which
could not have been anticipated or
provided against.
A partial change for the better de-
veloped in the early part of the week
This had its first origin in decided
improvement in financial and political
affairs abroad. The fall of Adrinople
induced decidedly more hopeful feel
/ ing in foreign financial circles, since
that event ends the war and settles
another point of serious difficulty. An
additional factor of wide-reaching i'm
portance was the improved monetary
conditions in Europe, particularly in
Germany. The much feared crisis
arising in Germany from excessive in.
uuoIi loI oCCiFIly tHt Ddlhdu " dl
has been safely provided for. Much
easier conditions now prevail there
and no serious trouble is anticipated
! The Imperial Bank of Germany has
been able to materially strengthen it.
self by recent accessions of gold. Low
er rates have prevailed for money, and
ere long it is expected that the hoard
mo Of in uybi nh,
| ly aggravated the situation, will be
gradually released. The other great
European banks have also succeeded
! in Strengthening their reserves, and
conditions consequently will be more
favorable to financing the new issues
forthcoming after the war. Great
assistance has been rendered by the
$46,00O,O00 of gold taken from the
United States during the recent out
ward movement. While the bulk OF
this went to Germany, it will now
gradually find it's way to other bank
ing centers. In response to these i'm
proving conditions, Europe was large
buyer of American ecurities-foreign
purchases being instrumental in
changing sentiment here and in Off
setting the weakening effect of our
disastrous floods in the west
The home outlook aside from the
floods is also better. This applies par
ticularly to political conditions. Mr.
Wilson has made an excellent impress
sion thus far as President, and the be-
lief is growing that he will stand not
only for moderation in tariff revision
but also in new legislation generally
Mr.. Wilson, though a Progressive, is