The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1911-10-11

ass.-.-......
| the markets are already disturbed by
international politics, by war rumors,
by railroad strikes, by trade reaction,
by coming tariff revision and other un-
toward events.
Stand Shock Well.
The wonder is that the security
markets stood up against such series
of shocks SO well. Thus far no serious
trouble has occurred, and at this writ
ing none seems to be anticipated,
which is remarkable, considering that
the shrinkage in values on the New
York Stock Exchange has run into
many hundreds of millions of dollars.
Fortunately there are some steadying
influences at work which should not
be overlooked. Trade conditions are
not bad. There is less doing than a
year ago and the spirit of economy is
spreading from East to West. Our
crops are not a failure. They are not
big, but are about an average, and as
our farmers, who are still the back
bone of the country, are securing good
prices for their products, we have at
least one very important class in the
nation who will enjoy still another
year of relative prosperity. This must
have an important sustaining effect
| uDOn Western trade
Foreign Trade Good.
Our foreign commerce, as has been
repeatedly stated, is in a very salts
factory condition. Exports are stead
lily increasing, particularly of manu-
featured products, and the surplus of
exports tends to strengthen our credit
abroad. The banking situation is
sound and affords no cause for uneasi-
ness. Paris is more hopeful, but Lon
don is not yet entirely free of diff
| ficulties. Under the circumstances,
conditions favor an active and very ir-
regular market.
Many stocks are selling at exceed
ingly attractive figures as investments
and it may be mentioned that dividend
disbursements on October / will ag-
gregate about $1SO,O00,OO0 Purchases
of stocks should, however, be made
with sharp discrimination, preference
being given to the better class of rail.
road issues. It would seem as if the
roads had discounted all known ad,
verse conditions. They know pretty
well what is to come in the form of
increased expenses and decreased traf-
fic, and have comparatively little to
fear from government interference.
Railroad Regulation.
The regulation of railways has al
ready made considerable progress and
removed many of the former points of
criticism. With the industrials, the
situation is quite different. They have
just entered upon an exceedingly try
ing period. Not few of the larger
concerns will be obliged to dissolve.
This will be disconcerting and irritat-
|
should be remembered that these
great organizations must continue in
business. There will be little check
upon production and manufacturing.
Real values will not be destroyed
There may be some diminution of mo-
nopoly profits, and some Of the ad
von+oUac Of combinations for rapT1a T.
ing prices will, of course, be lost
Some of these organizations, however
have proven unduly profitable and
were largely responsible for the pres,
ent cutlery against corporations. With
the removal of these objections, popu
lar clamor should moderate; competi
ton should be at least partially re-
stored, and in the end the outlook
ought to be for more peaceful political
conditions. 1t will not, however, dc
to be oversanguine regarding the lat
ter until there has been a material re
duction in the present cost of living
that is still one of the burning issues
of the day,
The outbreak of war between Italy
and Turkey will only affect this coun
try indirectly, Much depends upon
how the foreign Bourses regard the
impending struggle. 1t certainly has
disturbing possibilities, considering
Germany's active interest in Turkish
affairs.