The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1911-12-06
CLEWS PRESENTS
THE BRIGHT SIDE


In his special letter of November 25
Henry Clews takes a cheerful view of
the business position and prospects,
saying in part:
Beyond question favorable condi
tions predominant in the stock market
There is a spirit of confidence and
cheerfulness developing which is in
striking contrast with what has pre-.
vailed for many months. We still
have with us the pessimist and the
timid; but these classes are always
straint upon blind optimism cannot
long hold in check the growing spirit
of rational confidence now appearing.
A wide range survey Of the situa-
ton shows many changes for the bet
/ ter. There are, for instance, better
trade conditions because stocks of
merchandise are much below the nor
NAL and price concessions are often
acting as a stimulant to purchasers.
The credit situation in all parts of the
I country is better than for many months
and borrowers in good standing have
! no difficulty in securing all reasonable
accommodation upon favorable terms.
There is a decidedly better outlook to
the steel industry, which must still be
regarded as one of the best, if not the
very best, trade barometers. After
fully two years of economy the rail-
roads are at last compelled to place
liberal orders for rails, cars and other
equipment; this to renew wornout
plant. The steel trade has already
found substantial foundations and
really reached a turn for the better;
the indications being that in event of
any further increase IN activity prices
will show a hardening tendency.
There are also better conditions in
the textile industry, which ranks next
in importance to steel There Is no
doubt whatever that both the steel
trade and the textile industry have
seen the worst of the crisis, have
turned the corner and are now moving
forward to better conditions. Tari1
uncertainties are the chief obstacles
at the moment but these will soon
: come up for adjustment, and the prob
abilities are that no very injurious
changes will be made in any of these
schedules. 1t is only where excessive
protection has been enjoyed that SHARP
cuts are likely to be made.
There is also a better sentiment IN
banking circles as revealed by the at
titude of our financial leaders toward
the stock market and in their prepara-
tions for the placement Of new Secur'
ity issues. We are now approaching
the largest dividend season when me
demand from investors is always
counted upon in advance as a strength
ening element. 1t is worthy of partlc
MAR attention that dividends on both
railroads and industrials have been
well maintained in spite Of recent bus
mess depression. This result has been
largely obtained through economy and
the postponement of many renewals
and repairs. The railroads have Jared
better during the latter half of the
year than expected, and are now be
ginning to show better gross earnings
There is also much better politica
situation. A week hence Congress
will open and the country must be
| prepared for shocks from proposed
! radical legislation. The presidential
: campaign has been prematurely be
gun. 1t is fairly under way. Sensa
tional attacks must be expected 10
political effect. They should be re
garded however, with reserve and
= recollection of the fact that the cor
z servative element often rests in IN
3 BACKGROUND until the final struggle
3 when il usually asserts it's soberin
z influence. Recent events show
3 wholesome change in public opinio
y from extreme radicalism and irrauona
z progressivlsm. The people are ge
2 ting tired of agitation, and there
3 less danger today of extreme politca
3 acton than at any time for man
Q ;years. This is largely because the ant
3 trust crusade has passed the crisis
3 After ali, we had better let the She
g man law alone, and try it out tho
= oughly before any changes are a
3 tempted. New legislation will only II
& crease confusion and throw away a
8 the work of the Supreme Court
3 reading reason and justice TO the la
9 as 1t now stands The country hi
3 probably been saved by this sherma
3 law from political and social u
Is heaval which Would surely have K
9 lowed at no distant date under
q further concentration of capital al
q monepoly. The gravity of the dang
9 whEh we have escaped is not 81
3 6ciently appreciated, and for this t
8 country should be devoutly crater