Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-10-14
Announcement That the Coal
Operators Would Submit to
Arbitration Helps Prices
MARKET WAS suoYANT TODAY
Big Blocks of Stock Bought and Gen.
eral Advance Was Noted All Along
the Line-Homer Holland Writes of
the Situation in Financial Circles
Reaction Is Preedictd.

New York, Oct 1.-THE announce
ment of the coal operators that they
would submit the question at issue with
the miners to board of arbitration
created an optisimistic feeling in Wall
street this morning, which was reflected
in buoyant stock market. Enormous
blocks of various STOCKS We're bought
at the opening. causing general adj
yances from a point to three points in a
few instances.
New York. Oct. 14.-lomer Hollands
dispatch to Philadelphia Press:
II may be that three or four weeks
must pass before an impression. now
very strong here, that the crest of the
wave of prosperity has been passed and
that the reaction has begun becomes q
conviction. Possibly not until after the
first of January will those who are now
speaking of their fear that this is the
true condition at the present feel Justi-
fed in saying that 1t is no longer fear
but a certainty. 1t has been observed
for three or four weeks that many OF
those who look beneath the surface and
who see farther ahead than tomorrow
or the day after have been stirred by
Developments which none OF them ex-
pected to witness this fail.
The money stringency itself has
lasted longer than was expected. has
seemed more stubborn, has refused
wholly to yield even 20 such heroic
treatment as was administered by the
secretary Of the treasury. Liquidation
continues in the exchanges, and 1t is by
no means confined to those who find
themselves unable to carry the stocks
which they have purchased, and In pay
ment for which they have borrowed
money. More than the public realizes
there are. If not liqultiations. at least
Withdrawals ofsinvestment and CONVEX
sion Of securities into whatever cash the
market price makes possible.
From across the sea there come pri-
vate reports Indicating that the day OF
easy money has passed, or is passing
After the first Of January, possibly be-
fore, 1t Is now deemed probable that
there will be quoted higher rates fol-
money. heavier charges for discounts
than have prevailed in the larger finan-
cial centers there for some time. An
announcement of that kind would have
occasioned no especial concern mere
had 1t been made at. any time IN rne
past three or four years. But 1t does
give concern now. and that. TO- for q
reason Of which the public has no
knowledge, hut which not one of those
who are called International bankers
has failed to learn within the past Two
or three weeks. M
The truth is that England and Ger
many. especially England. are now de-
manding repayment OF the heavy
loans made in London and upon the
continent by American bankers in the
mast four or five months. No one is
able to state, no one tries to state even
an approximate figure representing
these loans Many guesses have been
made. Some of them place the amount
of these temporary loans higher than
$500, 600 900, others think that they can
not be more than $25O,o00,00o. They
are very heavy and it is certain that
long before there can be realization
upon our exports of breadstuffs. pro-
visions, and cotton the financial cen-
tiers will demand the payment OF much
or all of these loans.
Our securities held on the other side
will not furnish the means for liquid
ating them. They must be paid and
the apprehension here in banking cir
cles is that they can not be liquidated
wholly by utilization of credits, but that
there must be q hard cash settlement.
Therefore, 1t may be that before the
end of the year an already stringent
market may be compelled to contem-
plate another export of gold.