Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-10-30
WAR WILL NOT HALI
AMERICAN BUSINESS
GEORGE E. ROBERTS NOT APP
PREHENslvE OF SERIOUS
DEPRESSION.
COTTON SITUATION At
PRESENT CHIEF DRAWBACK
Hope. to See Difficulty Overcome by
Proposed Pool-Expeets Money to
Be- Available For Ordinary Business
But Little to Be Had For New
Undertakings.
Especial correspondence.l

Especial Correspondence
Washington, Oct. 3o.-That the
United States, in business and finan-
cial sense, can view the war in Europe
without serious apprehension Is the
opinion of Director George E. Roberts
of the mint. one of the keenest econ
omists in the government service. Mr..
Roberts talked about the situation to-
day and made 1t plain that. despite
many disadvantages. he sees no danger
, TO this country.
The situation with respect to cot
ton." said Mr.. Roberts, is the chief
drawback. With the market for cot
ton limited and prices low. the south
suffers seriously and the effect is felt
on the entire country. 1t Is a national
personal view is that we could have
well afforded to do something for the
cotton raisers.
The effects of the cotton situation
on the other hand are to considerable
extent counteracted by the fact that
in the north good prices are COM
manded by wheat. corn. livestock and
other products of the northern farms.
Not Apprehensive Of Collapse.
This country may expect to be
fairly prosperous during the period of
the war in Europe. We will not have
good times but on the other hand there
need be no apprehension of col
lapse. Capital VIII be dear and this
VIII tend to prevent the starting OF
new enterprises. We can not have
really good times unless money can
readily be obtained for new enter
prises.
Il do not expect to see money avail
able for the building OF railroad i'm
provements and extensions and new
lines I do not expect TO see new bust
ness enterprises 10 any considerable
extent started while the war lasts.
expect TO seq business In many lines
already established riin along about as
usual. In certain directions. II will be
improved.
The Europeon countries which are
at war Will go on putting out one issue
of securities after another. 1t Is a
question how much of that they can
float without compelling holders OF
American securities abroad to dispose
of our securities. On the whole.
would expect most OF the ready capital
in this country which under other
conditions would be hunting for in
vestment In new enterprises to be alb
sorbed for some time TO come In TAX
ing up American securities parted with
by foreign holders"
Delay Opening Of Exchanges.
Mr. Roberts doubts whether the
stock exchanges will soon reopen. He
says one strong Influence against IL
| is the banks which have made loans
on the basis OF securities. They do no.
want. on the one hand, TO call in theil
loans, anG on the other hand to no
{! want to incur any danger OF seems
stocks and securities they hold as col
: lateral quoted at low figures. He think!
l II will be considerable time before thu
exchanges are reopened But Nj
! Roberts pointed out tina. it would D'
! impossible long TO dam up traffic il
!; securities
Already they have in New York tn
/ gutter market said Mr.. Roberts. .
1 am informed that the volume of bust
ness done in this way is considerable
And 1t will grow. You can not stoi
for any length of time the business o
exchange. II the exchanges are closed
the buyer and seller will find som
other method of coming together"
Money For Ordinary Business.
Due in part to the fact the Inaugural
ton Of the new federal reserve system
will release a large volume Of reserv
money and in part to the fact tn
bankers and the country generally hav
recovered fear, Mr.. Roberts thinks tn
banks will have plenty OF money I
loan. He looks for little disposition t
loan money or to invest in new enter
prises. But on the other hand, he be
lieves there will be plenty of none
TO advance to meet the needs of or
/ binary business and to extend the loan
OF the average borrower. He has n
apprehension Of money stringency.
AS for the settlement of America
Indebtedness to Europe, as to whic
there has been much discussion OF tn
, shipment OF American gold abroad. NJ
. Roberts thinks this problem will b
adjusted He pointed out that it woul
be partly adjusted by the growing vol
ume OF sales to Europe. 1t will b
, partly adjusted by the individuals VIII
owe the debt and who secure exter
sions. In one way and another tn
volume OF the debt will be whittle
!, down, 80 that Mr.. Roberts does NJ
/, look on this r4oblem as at all :nsuI
, mountable AS for the cotton situa
ton, he hopes to see this worked oil
in part by the proposed pool and cor
siders 1t not unlikely congress may sc
y fit to act this winter. He differs frol
y many who oppose legislation to aid til
D cotton producers, and says it is a gre;
national emergency which calls for ur
usual treatment.
J Hardin County Grand Jury indiets.
en- 20 =