Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-11-24

i NEW YORK. - The stock market
continues unsettled, and fluctuations
are confined within relatively narrow
limits. Essential conditions are un.
changed, and no prolonged recovery
seems likely until some form of bet.
terment develops. The Mexican situ-
alton is still in the eyes of many a
factor of large importance. The main
point in this question from the finan-
eial point of view is Intervention or
non-interVention. President Wilson.
although prepared for emergencies, Is
known to be strongly opposed to any
such policy. Just what will happen it
is impossible to predict, everything
depending upon day to day occur
FENCES. Mexico will not be able to Of
Ter any, serious resistance. to the
United States because her treasury
Is practically empty and Mexican
credit will not enable borrowing
abroad under existing chaotic eondi-
tions. Huerta has turned to France
for aid; but Paris has already had
enough of war financing through her
Experience with the Balkan states. Be-
sides, the forthcoming loan OF $780,
o00, 900 for extra military purposes
will so absorb the attention of Paris
Ian bankers that they will have little
cid to grant Mexico - .-.--.~@5
The unsatisfactory condition of the
European money markets is a funda-
mental obstacle to any very marked
Improvement in security values for
the present at least, either In Europe
or the United States. In this country
We are relatively In better fina1-
cial position than Europe. At the mo-
nlent Paris is the particular point of
strain, and much depression exists
at that center. Berlin Is In somewhat
easier condition. So, too, Is London.
But the possibility remains OF an ad.
vance I'm the Bank of England rate,
and acts as an effective Restraints up
On many financial undertakings The
knowledge that many millions Of new
issues are still held back awaiting a
better market postpones any recovery
In sentiment, such as would ordinar-
lily follow the liquidation which has
taken place during the past few
months. 1t has also prevented any re.
coyery that might have followed with
the close Of the Balkan war. There
are signs of financial difficulties in
London resulting from the excessive
speculation in oil, rubber, Marconi and
other shares, and doubtless American
stocks would have suffered more had
1t not been for the low prices at which
they are already selling. At the pres.
ent time Europe Is more eager to &C.
Quire gold than stocks, and the latest
shipments here afforded little profit
as an exchange transaction. Were 1t
not for these facts, we might count
on a considerable influx of the pre-
cious metal during the next few
months. We are shipping large guam
titles of produce, especially cotton,
hence the weakness in exchange and
the possibility Of further gold imports.
II does not look, however, as If any
important amounts of the precious
metal will come this way, because I'M
der the new tariff our merchandise
imports will expand and London is
sure to check any considerable flow
of gold to this side. Fortunately our
supply Is more than ample for our re-
quirements.
At home the situation shows little
change. The annual elections have
passed off without showing any dis
.turbing features. Fortunately, the
vote showed no growth of radicalism,
and the Progressive vote was notice
ably small. The present session of
Congress will soon draw to close,
its main achievement having been the
settlement of the tariff question. The
currency problem is still open, but
that, too, promises a solution; if not
in this session of Congress, then in
the next. There is naturally some un-
easiness regarding the presidents
currently reported policy upon the an
THRUST problem; hence it is expected
that this question will be actively re-
vived during the approaching session
of Congress; and the leaders of many
of our great corporations, as we'll as
those interested in their securities,
are becoming decidedly uneasy over
the consequences. That further dis
solutions of some of these concerns
are pending~is regarded as inevitable.
1t Is some what early, however, to take
any real alarm over this question. In
the first place, no very important new
LEI islation is probable during the next
session of Congress, because action
upon so great and complex problem
is sure to be slow. 1t would also take
several months before the two
branches of legislature could reach an
agreement, and by that time the cam
paign for the Congressional elections
would be under way. Besides, it is a
matter of record that important legis-
lation just before a Congressional
election is almost impossible. 1T
should also be remembered that the
Northern Securities Company, the
Standard Oil and American Tobecco
Companies and the Union Pacific were
IL L. h.