The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1914-04-17
SEES IN END
TO RADlClAILIsM!
Henry Clews Notes an Ehcourag-
ing improvement in Trade
outlook.

Henry Clews notes improvement in
trade outlook. In his letter Of April
8 he says, in part:
The stock market stands up we'll,
considering adverse conditions, remarks
Henry Ciews in his weekly letter, in
which he makes loud plant against
what he characterizes rs the illibcral
attitude Of the interstate commerce
commission toward the railroads.
10 other respects, he says, the politi
cal situation, which unfortunately IS
such factor in financial circles, is i'm
proving. The repeal Of the Panama
Canal Tolls Bill at Washington viii
have a rood effect. II unqnestionahly
satislos the country desire to main
tain ia reputation for national honor.
II win also serve to promote more har
monious relations with tore gu roeefs
and will preserve Great Britain't
iriendjiness toward the Monroe Dos.
trinej Friendship that might prove
Of tobsiierable value in the future.
The confost over the Panama issue has
also made more clear the lines Of po-
'litieal cleavage II Is certain that rad
iealiHm IN political circles is on the
wnno. The injury TO business from
'muth Of the Legislation recently con
ttmpIatcd Is already foresecn and win
probably be prevented. Protests against
further antitrust legislation have been
so universal and have come from slch
unqaestionnble sources that the prob
ability Of any radical action IN This re-.
epect grows more and moro remote each
week. President Wilson is, beyond
doubt, the strongest conservative force
in Washington today. According to his
pledge, he is doing his utmost to pre-
vent injury to business. Can he re-
strain the radical elements in HIS own
Partyi The change in political drift
should hasten action on the part Of the
Interstate commerce commission on the
rate question, and rumors are now cur
rent that an early decision is in pros
poet.
Another hopeful factor in the situa-
tion is the money market. We are now
evidently in for long period Of ease.
Trade requirements are restricted, and
funds are now returning freely both
from the interior and from Canada.
The monetary situation abroad is alsD
easing very materially, both in London
and in Paris. This is encouraging, not
only In the stock market, but in pro
fnoting trade revival. In all probi-
Ibility easier rates viii facilitate the
placing Of necessary foreign loans, sew
'eral Of which have lately appear ed. AT
home Il win aid the starting Of many
new enterprises which have teen post.
poned for a return of confidence and
cheaper money. III the railroads secrre
satisfactory concessions from the inter.
state commerce commission there will
be liberal placing of
orders with steel mills and consequent
revival in that important industry.
Low prices win also stimulate many
other building contracts. Spring is
now at hand. Outdoor work is being
actively resumed, and there Is every
Indication of material decrease in the
number Of unemployed; all OF which
viii aid in restraining the wheels Of in.
dustry and imparting fresh confidence
in the future. Conditions are such that
we can now confidently advise our
friends to worry less and hope more.
Cheerfulness will be valuable factor
in restoring Confidence. Our people
have been gazing too Professionally al
the sordid and pessimistic. Self.effort
Is needed to shake off morbid spirits.
There has been slightly better in.
vestment demand this week, owing ia
the distribution of April dividends, and
many high-grade stocks are today sell.
ing at attractive prices. Yet IL would
be folly to anticipate very sudden
change for the better. The future will
of course, be largely affected by The
crop outlook, which at present is emf,
nently satisfactory, and in some re
spects ideal. Soil conditions are IN,
usually high; winter wheat at tht
somewhat early date promises record
results, and planting of other crops IL
now being rapidly started in all part.
OF the country. New offerings of So
eurities have been comparatively lin
| ited, the total issues for March being
about 100000, 600, OF about 81 600 00C
ahead Of year ago. As the bulk OF
this sum was required TO meet matur
| ing obligations, It is evident that the
market is not absorbing new capital e
any unusual extent. Another featur,
of encouragement is that within tn,
next few months the new banking sys
tenn win be gradually brought into use
and the better credit facilities thereby
attainable win undoubtedly fave slim
ulating influence. The treasury is nov
recalling a portion Of the special de
posits made during a period of slrin
genev last year, but this movement Il
not likely 10 have any detrimental ef
feet upon the monetary situation. For
eign news is generally of favorabl,
nature The political atmosphere il
England has been materially cleared y
the recent crisis, and business condi
tons are better there than here. II
Paris the political tension has also con
siderably abated.