Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-03-30
STOCKS MOVE Up,
/. DEMAND IS KEEN
Flood Disaster Affords Only
Temporary Check to I'm
provement in Market.
BETTER MONEY RATES
SPUR TO SPECULATION
Needs of Railroads to Repair Dam
ages Must Be Reckoned With
in Future.

NEW YORK, March 29.-The upward
movement in stocks went forward briskly
today. Trading was unusually active for
Saturday session, and there was a keen
demand for all the leading stocks. The
days gains amounted to to 2 points in
many cases. The rise. since the begin
ming of the week. reached about points
for Reading and Amalgamated. to 3
points for Union Pacific. Smelling, Le-
high Valley and Can and to 3 points for
long list of other issues.
The demand for stocks in which a
large short interest is believed to exist
was urgent. This was particularly true
of Reading and Union Pacific
More cheerful news from the flooded
districts and improved conditions in the
money market also encouraged operations
on the long side.
The bank statement made the expected
good Showing. The bond market was ir-
regular.
Gains Despite Disaster.
The storm and flood disasters acted as
q clog on the weeks speculative better
ment in securities, but did not prevent 1t.
The inference was plain that the bright
ening financial skies abroad found liqui-
dalton completed so far beyond what the
necessities called for that the flood
losses brought no effective pressure upon
the market. There was a disposition, as
well, to make allowance for some exag-
geration of estimates in the immediate
distress.
destruction Of capital in railroad proper
ty, manufacturing plants and in other
forms, which will have to be replaced,
which will involve ultimately a call on
tee
already. extensive prospective burdens.
The interruption of productive activity,
especially of the railroads, must also be
reckoned with for Its effect on earnings.
Congestion in Securities.
Warnings were heard of the heavy OBJ
legations that have been piling up to
await the expected easing OF the money
markets, now believed to be at hand. A
condition of congestion is reported in
security markets all over the world. with
large unsoid holdings in underwriters
hands and much new in financing still to
be done The great central banks OF
Europe all show proportion of reserve
to liabilities lower than for this date in
many years past.
All other considerations were obscured
by the perception that arrangements
were completed to meet the dreaded
April money settlements. Paris and Ber-
lin ceased to engage gold in New York
and the latter drew only a small amount
of gold from London. The easing Of
discount rates for the longer maturities
registered the expectation OF future
easing of rates. The improved feeling is
due in part to the belief that danger Of
war between the great powers is at last
averted
The more definite formulation of the
intended tariff revision bin at Washing
ton was accompanied by, limitations of
its contents usual at such stage of
legislation and these were not without
effect on speculative movements. The
new Union Pacific plan of dissolution
also was the subject of surmise. The
grain markets reflected no fears of great
damage from the storm and floods.
Iron and Steel Hold Own. -
Pig iron. which was inactive during
most of the week, showed signs of a
better movement toward the close. Some
contracts for foundry were closed for
second quarter delivery and some busi-
ness was done in silicon grades. The