The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1912-02-05

Continued on page seven.)
true, in the midst of reconstruction of
our tariff and antitrust laws; and
though in neither of these directions
is there well grounded fear of dam
aging results, yet until tariff sche-
dulles are fixed and until our big cor
porations clearly understand what le-
gal requirements will be imposed up
on them there will inevitably be more
or less doubling and waiting. For
tunately our trust problem is gradual
ly being worked out toward a solu-
ton Public opinion does not insist
that the great combinations be des
troyed but only curbed. Sentiment
for the creation of an Interstate Com
mission for the purpose of regulating
large corporations is steadily grow
ing. The responsibilities of such
body would be great, and its admins
tration would call for men of the
highest ability and unquestioned in
tegrity of purpose. At first such an
arrangement might work with con-
siderable friction, but in due season
many difficulties will be eliminated.
There is one power which on no con-
sideration should be granted to such
Commission-that is the power of
fixing prices. To give any small body
of men such power would be highly
dangerous in any office of political
nature. 1t would be easily possible
for a few men to practically con
fiscate an entire industry.
On the Stock Exchange there has
been a quiet but somewhat better un-
dertone. Dividends are generally be-
ing well maintained and there are no
further apprehensions of their cur
tailment excepting possibly in a few
instances. Many of the industrials
are showing unusually liberal returns
in spite of comparatively dull bust
ness. These securities, however, are
more exposed to the vicissitudes of
tariff and other forms of legislation,
hence they are less in favor than usual
with careful investors. The continu-
ance of the investigation mama at
Washington also acts detrimentally
upon industrials. For such reasons
good railroad shares are receiving
more and more attention from shrewd
investment buyers. The railroads
have been through the fire OF an anti
monopoly crusade, and have fallen
into the sheltering arms of the Inter
state Commission. Farther, it is
quite obvious that the railroads are
freer from legislative attacks than
they have been for many years
though still contending against the
exactions of State and city govern
ments. Even the latter are becoming
more reasonable because of the es-
adjustment of better relations be-
tween the railroads and the public.
The money market outlook is re-
assuring. Easy rates are probable
for some weeks to come; a factor of
considerable importance in strength
ening the stock market, for the cheap
ness of call money tempts many IN
situations into temporarily putting
their funds into high class securities
which will afford better returns.
Our foreign returns for the year
1911 have proved very satisfactory,
inasmuch as they show an excess Of
exports over imports amounting 10
$3.50, OOO, 900, against 1903 100000 the
year before and S252OoO,OOO in 1909
This is the largest excess of exports
on record, and shows a most crafty
ing turn in our foreign trade. In inn
ports there was decrease Of about
So 600 900 during the year, largely
due, of course, to lower prices and the
quietness of trade in the United
States. On the other hand there was
an inrref Sc of 1925 CGO,rCO in our ex-
ports,
| As COR the immCt;ia outlook, while
there is no immediate cause for con
Germ, it is wise to continue going
slow