Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-06-28

The question which was raised
some weeks ago, and was answered in
as many ways as it was put, has
sprung up again with the result that
aiong the ''Etreet'' the query of
whether stocks have reached their
bottom is heard repeatedly.
During the week the news radiating
from washington, showing that the
Democrats were standing together on
the free sugar clause of the Wilson
Underwood tariff bill. has effected
the stock market In two ways: In the
falling off OF the amount of bust
ness done and IN the decline of a
number of stocks.
The deals which were recorded this
week were small Not an instance is
found where stocks in large numbers
were thrown on the market They
were -little men, sales. II is true
that four. hundred shares Of Olaa
changed hands in three sales, but it
would be straining truth to call 1t
any other than small sale.
or course, the reason for the pres
cnt suspension OF market activities is
the uncertainties surrounding the
sugar situation. Holders are reluct-
ant to dispose OF their stock at pres
ent prices and are confident that
with the passage of the tariff bill,
irrespective Of how it treats the sugar
question, business will improve. The
worst will be known then, they say
And, the worst being known. the
stocks will begin to recover.
Though they have based their argn-
ment on rather ancient adage. that
the fear of an effect is greater than
the effect itself, there is no positive
agreement along the street" where
the brokers are asking and answering
as best they can the query as TO
whether or not the bottom price has
been reachedNOa stocks. that stocks
will advance.
One thing is sure. however, and
taaf is that they are anxious for the
Underwood measure to be signed.
In the meantime, according to Hen
nv Clews, merchants and manufacture
ers are running upon hand-to-hand
basis. He ends a quite optimistic
letter, under date of June IL, with
the following words:
~There is good reason to hone that
the market has taken more en-
cpuraging turn for the better At
the same time Il would be imp-udent
to be overconfident The financial
situation at home has not yet been
entirely cured. The tension upon the
money market is great and the de-
mands for new capital still very in
sistent. Political conditions are un-
satisfactory. The situation abroad is
stifl one of great strain. There have
been several failures in London re
sulting from the extreme tension in
credit. and in Paris and Berlin there
is a similar situation, aggravated by
local affairs. Paris is suffering from
the reaction in Russian industfials.
while Germany is passing through
n general trade reaction and al uni
yersal shrinkage in securities. TIL
failure of the German loan is an IN
welcome reminder of world-wid,
monetary strain which cannot b.
cnred overnight. The Canadian stu
alton Is also one of concern, tn
'preak in Canadian Pacific having hat
damaging effects in the Londol
raarket Delay and confusion in tn,
hartman dissolution plans add Il
d,scouragement. There is. however
danger of pessimism being oyer
done In reality there is a bette
hs,v;ng power in the market than ha
exisfed IN several months This Ia