Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1910-02-28

responsible. 1t was in the midst Of
the period of apprehension that the
President went to New York and
took occasion to tell the Well Street
ers that they would be all right IL
they did business honestly, but
otherwise they might look out for
squalls.
This condition OF Affairs lends spe-
cial interest TO the explanation and
comment made by Banker Henry
Clews in his weekly circular issued
the day before the PresiGen. spoke
In New York.
Clews says that the periol OF ex-
IRENE dread and uncertainty has
passed, but adds that this does not
mean that the fundamental situation
itself has suddenly changed"
THE real change Is Temperament
tai, affecting chiefly the popular in
depreciation of the situation. Threat
iened legislation, having been the
pretext for numerous concerted
drives against highly nervous mar.
ket, 1t now being appraised at its
real value; and II Is found that ap-
prehensions have had slight tangible
basis. The real influence behind the
recent rapid and serious break in
the stock market was the fact that
important interests had forced the
price level up TO a point not justi-
fed by dividend returns, either pres
ent or In prospect fact that was
well known to these interests.
Amidst artificial enthusiasm they
wee successful in distributing a
large part Of their securities among
weaker holders, who have since been
compelled to take pretty severe
losses. which they should charge of
to experience account and profit
thereby: their enforced liquidation
created situation that at times fell
little short OF generalization. Hav-
ing sold out at high prices, these
large market interests were not
averse to taking the double advan-
tage OF profits on short commit
ments and of .repurchasing their sup
plies of securities at the resultant
declines, extending In the instances
Of some standard stocks 20 to 80
points from the high prices reached.
"Thereupon the fear OF adverse
legislation became OPPORTUNITY un-
settling and was insidiously encour-
ouad To taEa racnnpoihilit,, Gov tho
demoralized conditions. being ably
seconded by equally distorted views
Of the disorder to result In the event
of the supreme court sustaining the
lower courts by declaring the Stand
ard Oil and American Tobacco Com
pany illegal combinations on the
ground that they restrain trade. The
absurdity of. this undue. anxiety has
already been indicated In these ad-
vices. . Hr E.lsrfr
1T Is worth while, however, tc
look once more the legislative stu
alton frankly in the face, beginning
with the Administrations proposed
new laws. Best information from
Washington Is that neither the Al
illustrations railroad regulation
bill nor the Federal incorporation
bill. will be enacted at this session
The object ofctheir introduction ha'
been to subject them to the crucla
test of public discussion and criti
cism by which their unwiss CT dan
gerous features may be exposed an,
eliminated before they are placed
upon the statute books.
1T Is safe assertion that wheI
the Administrations measures ar,
finally enacted they will spell in
creased value and solidity for tn,
higher class of securities that ar
traded in on the New York Stool
Exchange. President Taft's FEEDER
'al Incorporation bill will, IN m,