The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1911-11-06
CLENS' LATEST

Henry CIsws of New York, under
da.e of October 81, says in part:
A moderate degree OF improvement
has taken place IN the financial mar
kets which should make further pro-
gress if nothing unfavorable inter
venes. The most powerful influence
upon values at present is the abnor-
nal plethora and ease of money. This
is usually a period of approaching
stringency owing to crop demands
and activity in trade. Quietnoss in
the latter respect causes funds to ac-
cumulate, hence our ability to lend
many millions abroad, when, under or
binary conditions, we should be con
sidering gold imports instead of gold
exports.
TO the ordinary buyer stocks look
cheap when the returns on high grade
securities are compared with current
rates for money. There are indica-
lions that the bond market is receiv-
ing stronger support from banking in
terests who wish to have the market
in better condition for impending bond
issues. II should not be forgotten
that municipalities have been waiting
for favorable opportunities to make
new loans and that our railroads are
still in need of large sums. Our
Eastern trunk lines have only recent
ly been obliged to put hundreds of
millions into improvements and ter
minals to meet the rapidly growing
traffic which practically doubles every
ten years. Many of our Western
roads are vastly more deficient in ter
minals and modern improvements
than Eastern roads, and during the
next few years enormous OUTLAWS Will
be necessary to meet these impera-
tive demands.
Another satisfactory feature in tn
situation is the continued expansion
of our export trade. In September
our agricultural exports amounted to
$95, 10000 the largest September on
record, and more than $14,OOOOOO in
excess Of this time last year. This
increase in exports was fortunately
well distributed between breadstuffs,
provisions and cotton The lower
ing the outward movement, and the
October returns for exports are also
sure to be gratifying. This creation
of a large export surplus is the ma
tutal result OF lower prices and has
brought our foreign trade back to nor
NAL position thus further strengthen
ling us to recall our loans there when
ever necessary
In the foreign situation there has
been further Improvement The Mo
roccan case is almost forgotten. The
Italian-Turkish war has thus far PROV
ed much less serious than expected,
and the strain so conspicuous a month
ago in Berlin, Paris and London has
distinctly abated, largely due to the
abundant financial assistance render
ed by New York The sharp decline
in cotton shows that the crop is going
/ to be much larger than was expected.
/ a 100000 bale yield and over is now
| fully anticipated What the effect Of
the Chinese revolution will be on cot
] ton depends upon its duration. If
prolonged, it will certainly be injur-
ious. Our exports of cotton goods
have already been seriously affected
1t is not to be assumed that the
business outlook is roseate in all res
poets There are still important draw
backs to be considered. The politi-
cal situation is not entirely satisfac-
tory and the country must be prepared
to meet some rather bitter and ag-
gresive campaigning on the tariff and
antitrust questions. While the lat-
ter has been greatly clarified by the
Standard Oil and Tobacco cases, the
feeling i'm the West against corpora
tions, both railroad and industrial, is
still running very high and will ex-
press itself in more or less denuncia-
ton and legislative attack, particular
| ly within State limits. The feeling
on the tariff is equally high There
is nothing new, however, i'm this rad
ical sentiment It has already been