The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1911-11-28
HENRY CLEWS
IS OPTIMISTIC

Henry Clews, the New York ban.
Kerr in his regular letter of the date
of November is, takes an optimistic
view Of the financial situation
throughout the country. He writes
in part:
Confidence and sanity are gradu
ally resuming their sway in the bust
ness world. Depression and resent
ment went to extremes and big bust
ness is now beginning to find that 4
has been more frightened than hurt.
Its discomfort at being compelled to
change from a system that was
against a public policy to a system
that is in compliance with public pol.
icy was easily understood. For nearly
twenty years our industrial leaders
had been working on the lines of in
dustrial monopoly. TO be obliged TO
suddenly change that policy and face
the risks of unbridled competition
was unquestionably an undesirable
and somewhat Ntartling revolution IN
business methods. 1t has been &C.
complished, however, without serious
friction and without the disasters SO
freely predicted. The question as to
what shall be done with the Sherman
law is now one of the foremost prob
lens of the day. Congress will I'M
doubleday give it much attention dur
ing the coming session; yet it IS
doubtful if any important changes
will be effected until after the PresI-
dental election, the two chief issues
of which are certain to be the trusts
and the tariff.
General business shows "A continued
tendency toward improvement There
has been no important increase in the
volume of trade but at the same time
there has been no important shrink
age compared with last year AS
matter of fact business is running at
about normal proportions. Profits are
not as large as a year ago or two
years ago, and this is the main cause
Of recent disgruntlement In many
however, the situation is re-
ally very satisfactory Financial anu
commercial conditions are sound, hay-
ing been thoroughly tried out by the
liquidation and the unfavorable ex-
perience of the past two years. The
rise in commodity values has been
checked and in many cases prices are
decidedly lower Our crops as a whole
are about on an average; the big
yield OF cotton and an ample yield or
corn compensating for shortages il
other directions. Our foreign trade is
in very satisfactory form.
How long the slackened pace n
business, which has now been running
for over a year, will continue cannot
be foreseen. But it must be remem-
bered that in the United States de-
preston never lasts long and is usu-
ally followed promptly by fresh for
ward movement. The only hindran3e
is the political situation. 1t is fore
gone conclusion that we are in for
another twelve months of pOliticai
contest. but as soon as the results
can be foreseen business will begin TO
resume its natural activity. Already
there are signs of exhaustion in eY-
IRENE radical circles and all indica-
lions point, first, to only moderate
in the tariff; and, second,
TO slow and rational treatment OF
the trust problem. Headlong action
5 extremely improbable. Congress
opens two weeks hence and its pro-
gram for the coming winter will be
fairly well known.
This weeks stock market ends with
higher prices and increased conf
ience. Underlying conditions con
Linue sound and show no change, eX-
,ept for the better. Money remains
very easy, but gold exports have
started upon a considerable scale,
chiefly to Canada and Argentina.