Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1907-04-18

tircIy free from objection. Another
source or relief to the money market
should DE the recent drastic liquida.
ton. Borrowings on an enormous
scale by great spectators will. no
doubt temporarily cease; while cur
rungy should soon begin 10 return
from the interior. After the middle
OF April-if not guoucr-we may oN-
pee, rising bank averages and u ces-
atiun Of the extreme rates for money
which have been experienced during
the last six months This does not
mean that very lor rates are in pros.
ppct ON the contrary fairly firm
rates must be- anticipated for some
time To- come.
we are evidently in for u period
Of more moderation, and the country
may consider itself fortunate indeed
that the crash which occurred has
not been worse. In all probability.
there will be some slackcning in
trade. There will he lcssenrd Dc
mand for Injuries, for jewelry, for
automobiles and for high-priced COM
mudltics. And there will also he a
postpOncmcnt Of new projects which
ultimately will diminish the demand
for labor and raw materials until
these come down to lower level, or
until the country has accumulated a
fresh supply of capital and had time
10 recover from the staggering effect
of the March collapse. which win
prove memorable one In the history
LOT American finance.
"A good deal of cXaEgeration eX-
ists as TO the effect of Mr.. Roosevelt's
attitude towards the railroads. II all
the truth were known, II is likely
that he is not half so radical as some
of his enemies would have ms believe.
The danger of injurious Federal leg
islation has unquestionahly been
much exaggerated. That something
will cvcntuallys be done to prevent a
repetition Of on abuses must be ac-
Ccptcd rs inevitable: but any radical
or seriously injurious national leEiE.
latiUu against American railroads IL
the misdccds of some of their mana
gers, the American railroads are in
too sound q position and of too great
benefit and importance to the coun-
l la t, IN -
any dangerous legislation. President
Roosevelt neither asks nor would he
support any movement of that char
acter. The chief danger lies in rad
zeal action by some of the States, but
this can be- and probably will be,
cOunteracted by intelligent discussion
and the taking of the railroads into
more confident relations with the
public. The latter policy has already
been wisely undertaken, and III flu
ture the market will probably have
less to fear on this score than from
the Teactionary effects of economic
causes. These have really been at
the bottom of the recent decline. In
spite of the attempts 10 place the re-
spOnsIDility upon various individuals,
who can do nothing more than aggra-
Nate or precipitate the reaction
which Is sure to come. The POSSIBLE
ity of serious railroad strike in the
West Is the latest blow to confidence
In financial circles, but It now be-
gins to look as If such a serious dis
aster will be averted. The worst of
the financial earthquake in my opin-
ion is over. Picking up the pieces
and cementing them together is now
IN order; this should be done without
further delay. A new and safer bot
tom will result for active trading.
The shrinkage in values of $1,000
coo, 900 which has taken place should
he considered ample to amend the
cxcesses in speculation ut high prices
which have been so transparent for
tho last twelve months nj least "