Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-04-05
CLENS STRIKES
ALARM KEYNOTE

Mingling words of hope for the best
with strong inYectiVe against the
''fFeakish" manifestations in the POI
iitical world-only a few tidbits of
which can be afforded space here
Henry Clews of New York, in his spe-
cial letter of March %, says IN part,
''Discouraging developments con-
tinue to prevent any. recovery in the
stock market. This can only be at
tributed to the outeropping of further
unfayorable features which had not
been anticipated. At bottom lies the
disturbed condition of finances in Eu
rope resulting from the Balkan war.
The strain upon European financial
,centers was passed on to New York,
end this center had to bear its full
share of that burden. AS result, we
have already exported sac 5000, 900 gold.
Our banking reserves are practically
exhausted. >, The delay in the
Union Pacific dissolution Is serious
disappointment in banking circles and
emphasizes the difficulties which
many of our large corporations have
to meet in going through the dissoly-
ing process for adjustment to require
ments of the government. The Easter
holidays also naturally induced a
sharp contraction in stock exchange
transactions, since great deal may
happen either in Europe or at home
in the three days between the Goth
and 24th einstants. A further decline
in New Haven, formerly one of the
very best securities, has added to the
sspnnral doDro0ciop . g
General trade is still active as a
result of back orders, but there is. a
marked. hesitation in many lines of
business in. the placing of new orders.
For this the tariff is partly respon-
sible, because no distributor or manu-
facturer is likely to stock up with
at present prices, if the
latter are to be lowered by tariff re-
auctions. - Three important fail
ures occurred In the dry goods trade
last week. These were generally un
expected and were precipitated main
ly by the changed conditions in the
ncney market which tend to check
and bring weak spots to
the surface" $ Mf@ -.-...- -.
Referring to the uncertainty of po-
l;tical action, Mr.. Clews says: Slow
~ but surely confidence is being IN
dermined by this condition of affairs,
and business leaders are keeping a
close eye. upon Washington to ascer-
tain how far our political leaders will
&C in the direction of fomenting dis
trust. 1t is high time that our law
makers should come back to reason.
looT ia Il
much political hysteria; too much
persecution of big business; too much
law making; too much government
in industrial problems
that would better settle themselves
without interference = But the
chief obstacle is. the unreasoning and
hostile attitude of public opinion to
nearly all classes of business enter
prise, which if not checked will drive
capital into hiding and throw many
cut of employment. Both con-
gress and administration at Wash
ington have it largely in their power
TO aid in restoration of normal bust
ness and political conditions. Now is
the time to test the, promise not to
disturb business
.'"As previously stated in these ad-
vices, many high class securities are
selling at exceedingly attractive prices
from an investment point of view.
There is little or no initiation in the
stock market, which is technically in
a sound position, and gilt-edged Sc
curities ought to be purchase upon
Gny sharp reeessions. But for the
lime being, and while general condi-
tions remain so unsettled, We advise
aroudence and caution in buying The
money and credit situations are up-
satisfactory; and the cure may be
nothing less than enforced contrac-
tion."