Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1912-10-30
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FOR CONGRESS


Henry Clews of New York, III his
special letter Of October 70, says in
part: - -
The stock market has exhibited: ex!
ceptional res listing qualities. AS in evf-
dence the outbreak I'm the Bafkans
forced heavy European Liquidation as
the result of Misrepresentation In some
OF the foreign bourses. This induced
large foreign selling OF American
stocks estimated at between 100000
IN 500, Zoo shares, for the evident
reason that these were the best seeurt
ties on which to realize. a. -. ~
As to the immediate future Of the
market, not little depends upon po
1:ticaf developments, between now ant
election day. What is Of as almost as
much importance as who will be e7Sct
ed, will be the Congressional RET dfts.'
The great question is, will the prevail
ing political unrest in certain sections
result in materially changing the Pres
ent character Of Congress? The coun-
try has had more than enough unr, E
soning attacks upon capital and cor
rorations which are not the onk evil
doors in the country and have in the
IaSt few years received more than
their share of criticism and prUsecu-
ti0n. For this reason the Congress
sional returns should be closely watch
led after election day as an Indication
OF political tendencies during the next
two years. What the country may
reasonably hope for is more temper
ate and rational treatment of our po-
Etical ills; contamination deVoutfy
desired. ~. - r. i: 50 'e,t@' Z -
Monetary conditions continue an i'm
pcrtaht factor in the stock market
The West appears to have made more
Preparations for the present crop
movement, the. inability OF the rail-
roads to handle the grain crops having
reduced the demands for money TO
smaller proportions than expected. Il
Is somewhat unfortunate that gold ini-
ports should have been arrested by the
foreign situation We have been OBJ
.lieed to take back SIS. 10000 to $780,
co., 600 securities in place of gold. In
all probability, however. the influx or
tho precious metal Is only temporarily
delayed. Now that the financial crisis
IL Europe is about over there VIII be
less difficulty in our purchasing OF
gold. Our foreign trade balance is
running largely in our favor. More
over, Europe will probably buy back a
PORTION of the stock recently sold, now
that the Balkan outbreak is likely to
he restricted by the great Powers. and
also for the reason that American
securities are in a, stronger position
and offer better returns than any other
available in the. foreign markets.
American prosperity is based upon a
rock We have the finest harvest on
record. No class in the country TODAY
is enjoying such general prosperity as
the farmers. In nearly all sectiIas OF
tie country and for nearly every agri-
cultural product large yields and high
prices prevail. To such an extenS is
this true that great deal of jealousy
tcward the farmer is already develop
ing, and he is becoming more and
more accused of being the chief cause
for the present high cost of living.
Just at this time securities should
lie bought with caution, the present
ha rdly being Dpportune for renewing
the upward movement. When polf1cai
conditions at home become more set
tied and favorable; when the chances
Of friction. between the great Powers
us Europe become more remote ant
when our money market settles down
tc a more satisfactory basis, then Ee
may look for more active and higher
stock market.
A feature of some encouragement is
the Improvement in the bond market
tt ere is no lack of capital in the coun-
try awaiting safe investment, and the
country is facing d period of excep
tional prosperity. provided Congress
does not interfere by hasty, i!l-conG i'd
cred and injurious legislation or dead
locks on important and necessary
measures.
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