The Hawaiian gazette., 1913-07-18
PROSPECTS GOOD DESPITE TARIFF

PROSPECTS GOOD DESPITE TARIFF.
The prophecies the best posted unir will
not 20 business after Underwood Tariff 1911 becomes
law, however hard viii hit number of varied Industries The
business have ALSO had combat against abroad
aud panic talk and trust legislation alarms at home result being
the market today rock bottom Henry Cews in
reviewing the first six months of the year, says
the half 1913 after nearly year of almost
continuous shnkage Stock Exchange values The highest aver
point reached for twenty leading railways 1872 2l on
August lth and ~ for the twelve leading ndurm On June
Oh of the current year the average OF twenty leading railways was
1903 and of twelve leading nduas a This is drop within eleven
months of p points the average of railroad shares and "a points
industrial shares an almost sensational decline ana the DGk OF
taken the election That has been accomplished
disaster excellent evidence of the inherent sound
less OF affairs IN general he question is wi the second nan OF
1913 show continuation of this tendency or is not at least moder
ate recovery about duet
Ever the election the market has been treated TO
sion of nighapass The Balkan fear of worldwide
tIingency I'M ey another tariff revision another an unsaS
factory railroad situation another ana he series OF Important dS
solutions in compliance with the sherman antitrust law still
other And yet the much dreaded Minnesota decision fin
ally handed proved be rather than disturb
The Tobacco dissolution is of the SO
the breaking of the Hartman Solution OF the latter
affords signal relief to the market nasmuch removes vast
of securities the final placing of which mouentouS prob
The Importance of this stock market factor has not
been fully realized Finally the monetary situation ghtng itself
The July settlements abroad passed without any OF th much
feared disturbances July payments in this country often
of temporary sngency passed without ripple and this in
spite OF unsatisfactory monetary conditions IN spite OF july dv
dnd and interest aggregatng $266O0O call loans
ranged from to IA per Our tariff iii the last stages
Of though il NAV be some weeks before actually PASSED
and months before going effect The in this respect is
already known and changes in schedules likely be
relief rather than an additional impeachment to manufacturers and
merchants passed. disposition certainly
of though six months the inclination
naturally the the proposed schedules
have already been largely discounted Comparatively few
will be frequently overlooked
many respects the lower schedules will be positive
trade activity The bill having rough sailing 1t
few features which unsatisfactory to bankers
and which leave the present bill of make than real
present banking currency ills Unfortunately popular
prejudice and stand the of really satisfactory
currency Probably the bill will pass due time But
of safety it would be well for extend the
Vrecland bill until such time satisfactory bill
| can be enacted.
Outside of the financial district conditions really
The outlook still satisfactory beneficial
having fallen freely where most needed during the past week
The wheat already harvested showing yield
lOOOOO bushels than The
will shortly be will be watched close
While general trade shows the quiet merchants
anticipating much active business the tariff
settled In shelves will b
for repenisnent This restartng of d
mills many sections the country trade reports decided
~ and good harvest will good business 70
another six months Steel orders being stimulated by Sigh
There only spot that requires caution
that the money situation Bankers still very
inclined TO enforce moderate readstmen Lilo
daton has been prolonged and securities; has mad
considerable commodities of which have undergon
sharp declines 1t making itself felt in the restraint
the plans for
men In short the of sefghtng has been fo
nearly full year; difficulties have been safely passed
those that remain have been well discounted AS the
monetary situations beyond the uncertainty
look for better stock market Just pessmism is
danger of being overdone.''