Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-10-30
WAR WILL NOT INIT
AMERICAN BUSINESS
GEORGE E. ROBERTS NOT AP-
PREHENsVE OF SERIOUS
DEPRESSION.
COTTON SITUATION At
PRESENT CHIEF DRAWBACK
Hopes 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

Especial Correspondence
Washington, Oct. 30.-That the
United States, in a business and fnan
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 it plain that. despite
many disadvantages, he sees no danger
to this country.
The situation with respect to cot
tom said Mr.. Roberts, SIS 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
question instead of a local one and my
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 a 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 a coll
lapse. Capital will be dear and this
will tend to prevent the starting of
no
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 ard new
lines. do not expect 10 see new bust
ness enterprises to any considerable
extent started while the war lasts. ]
expect 10 see business in many lines
already established run along about as
usual. In certain directions, it will be
Improved.
THE Europeon countries which are
at war win go on putting out one issue
OF securities after another. 1t Is q
question how much of that they can
float without compelling holders OF
American securities abroad to dispose
OF cur securities. On the whole. l
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 mp American securities parted with
by foreign holders"
Delay Opening Of Exchanges.
MI. Roberts doubts whether the
stock exchanges will soon reopen. He
says one strong influence against 1t
is the banks which have made loans
on the basis Of securities. They do not
want, on the one hand, TO call in their
loans, and on the other hand to not
want to incur any danger OF seeing
I stocks and securities they mold as col
F.. lateral quoted at low figures. He thinks
1t will be considerable time before the
exchanges are reopened. But Mr.
! Roberts pointed out that it would be
J impossible long to dam up traffic in
! securities.
Already they have in New York the
/ gutter market" said Mr.. Roberts. q
am informed that the volume of bust
| ness done in this way is considerable
And it will grow. You can not stoI
for any length Of time the business OF
exchange. II the exchanges are closed
| the buyer and seller will find some
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 reserve
money and in part to the fact the
bankers and the country generally have
recovered fear, Mr.. Roberts thinks thu
banks will have plenty of money te
! loan. He looks for little disposition Il
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 ne
apprehension of a money stringency.
AS for the settlement of American
Indebtedness to Europe, as to which
there has been much discussion OF thu
shipment of American gold abroad. sir
Roberts thinks this problem will b.
adjusted. He pointed out that 1t woult
be partly adjusted by the growing vol
ume OF sales to Europe. 1t will b.
partly adjusted by the individuals win
owe the debt and who secure extern
sions In one wey and another tn
volume of the debt will be whitfield
/ down, so that Mr.. Roberts does no
look on this rSoblem as at all :nsur
mountable. AS for the cotton situa
ton, he hopes to see this worked on
in part by the proposed pool and con
siders 1t not unlikely congress may SCI
I fit to act this winter. He differs from
many who oppose legislation to aid thu
cotton producers. and says 1t is a grea
national emergency which calls for un
usual treatment.
Hardin County Grand Jury Indiets.