The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1910-07-08
MARKET LETTER
OF HENRY CLEWS

The improving tendencies intimated
in last weeks advices have been con-
firmed by moderate recovery in
values which has taken place since
then. Recent developments nave GER
tainly been of a more encouraging
nature, and while the situation is not
without it's perplexities and drawbacks,
still favorable factors prevail for the
time being. Chief among these is the
crop outlook. Some attempt to create
alarm was made by the professional
furry in both stock and wheat by the
circulation of exaggerated damage re-
ports; but the latter met with prompt
denial by more reliable authorities,
and exerted only a passing influence,
1t should be remembered that this is
the season when the crop-killer ex-
ercises his most pernicious activities,
and all sensations of this character
should be guardedly accepted. There
is little excuse for being carried away
by false alarms, Because the Govern
ment now publishes very elaborate
weather reports in the daily news
papers, and the study of these would
prove an important check upon this
insiduous foe of the farmer and bust
ness man alike. AS a matter of fact
the crop outlook for the country at
large is quite satisfactory, and with
the advent of higher temperatures is
improving daily. Some damage has
been done to spring wheat, which early
rains and increased acreage will pro-
badly offset; but the outlook is for. a
big corn crop, also large products of
hay. Indications, likewise favor a full
cotton crop. All, of our best crop
authorities now consider agricultural
conditions much more encouraging
than two weeks ago.
Monetary conditions are exception
ally favorable both here and abroad.
AS many stocks are paying 6 per cent
at present prices and bonds per cent,
it follows that money is better invest
ed in these than in time or call loans
The condition of the local banks is
being steadily strengthened by in
creasing reserves, and a contraction
in loans. The monetary situation
abroad is also specially favorable as
funds are accommodating and interest
rates declining. At the West there
has been an improvement in the bank
ing situation. Leading bankers there
have been pursuing a policy of re,
trenchment, and while the situation
in that district has not yet entirely
cleared up, there is greater confidence
than a month ago. July disbursements
were estimated at over 100000 900,
or more than $4,000, 900 in excess of a
year ago. This, too, was a factor of
some Importance in the investment
market. Very shortly Congress will
adjourn, relieving both business men
and financiers of a good deal of ankle
ty. President Taft Is closing the Sec
ond Congressional session of his term
with much greater credit than at one
time expected. In advertently the Pres
ident some time ago referred to the
new thrift as "the best ever" an opin-
ion not shared by many of his friends.
What he no doubt really meant was
that the new tariff was the best that
could be secured at that time. The
temporary and limited loss of popuia-
rity produced by HIS misconception
has already been more than recovered
by the Presidents recent legislative
successes. The passage of the tariff
bill, the railroad bill and the postal
savings bill, not to speak of minor
measures, can all be traced to Mr..
Taft's ability, tact and perseverance,