Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1901-09-11

New York. Aug. "a The sock
market is under the contro! of very
influences. owing to de
such as the strike and
corn crop failure, which were entirely
beyond human foresight. the bull
received a setback from
which IL has not yet fairly recovered
Prices scared to sky-rocket attitudes
in .....y and June, and the recesslons
which have since followed have not
brought securities down to near the
bargain level. not Il few favorite stocks
still being quoted at very high figures
from the investment point OF view
Values continue under the influence OF
the community OF interest idea, which
!u one form or another H. expected to
make railroad securities safer and
more profitable investments than hero
tufore. unqucstionably the execution
Of these ideas has had most impnr-
tant bearing upon values. No force
equal to II has been witnessed In a
decade. but II Is time to call halt u
see oil. these expectations have not
been exaggerated. II will ut least be
safe for us to wait for period that
We may learn more AZ to the stability
and working Of these arrangements
Nothing will be lost by allowing time
for these vast experiments to demon
strate their staying powers. At pres
ent stocks are largely concentrated In
n few hands whose relations are >.
close and interviewer that harmoniOu;
actions are imperative tor the goof
OF all. Let these stocks, however
once be fairly scattered and the com
munity Of interest plans will be Sc
verely threatened ~ new forces an,
new riyairies tat are now necessaril!
represscd. Much satisfaction rs nov
obrained from the continued gains II
railroad earnIn.>'. and the expectation
OF increased dividends which such a.
ports naturally stimulate. 1t SHOULD
/ not he overlooked. however. that thes
gains are derived more from the In
crease in rates than the increase II
,rainc. Fortunately frame 10 nedN )
an. there Is plenty in sight; henC
conditions are particularly iavorabi
Tor a maintenance Of rates, and 4
event OF lessened business activity "
will be much less exposed to disa'
trous rate wars than formerly. 1t
folly to underrate the value OF th
community of interest idea. II mark
a new era. and a new level In railroa
stocKs; hut that Is no reason why "
should perpeluaily entertain exagge
ated ideas OF It's value, and the soont
We find its real and permanent wort
the better for all concerned. At pre-
ant nothing but pure expectancy
sustaining certain stocks at a 3
IL per cent basis. When they CON
down to Il To ~ basis they wi
be nearer their rue level.
The course of the money mark
from now on will be interesting. II
surplus reserve last Saturday stoc
at SiS,42l 300, compared with $40, So,
CSC year ago. 1he demand for ere
purposes will soon assert itself, al
we may look tor period of deClinir
reserves until the end Of October, TT
reduction Of the com crop will ha'
little effect upon the demand lor mo
ey, the higher prices for corn al
the abundance OF wheat offsetting q
lessened inquiries from that sour'
General bushes promises to be lair
active; though II Is questionable II
will exceed last years in volume. n
!. loss from corn damage and the strl
- will inevitably cause some diminuti'
of business In spots, even II Z