Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-04-17
COMMENT AND SUGGESTIONS
TN THE WORLD OF FINANCE
BY HENRY cLEWs.

Nevertheless, il is quite probable that
some concessions will be made TO the
railroads, not less, say, than" Pr to }
per cent. II denied, the outlook will
prove decidedly serious, and we may
anticipate series of dividend reduc-
tons, the injurious effects OF which
would extend far beyond the many
thousands of stockholders directly in
terested. UnQuestionabiy serious
financial arrangement would follow a
denial or fair treatment of the rail-
roads. The Mexican situation is an
other element of uncertainty. Every
week OF 'watchfully waiting" brings
US nearer actual Intervention, and II
is sincerely to be hoped that some
settlement will be, reached before pro.
longed irritation erouses the United
States into evaporation and then ag.
gressive action. The new antitrust
bills now before congress are a source
of much uneasiness among business
men upon whom the initiative de-
ponds. These bills are unnecessary,
because the Sherman law has already
been amply interpreted and defined by
the supreme court. They will simply
confuse the situation and might east.
ly throw away all that has been gain
ed in the last twenty years. Our bust
ness men should protest against any
hasty action on this subject.
4 This is the sombre side of the &C.
count. Let us now look at the bright
er side .of affairs. The unfavorable
features just referred to have ,unques.
hi " full,
revival in the Industrial field would
be quickly anticipated in the stock
market. Several industries have al.
ready apparently turned the corner,
1t is satisfactory to know that general
conditions are sound. This fact is
confirmed In all well informed sour.
ces. It is particularly true In bank
ing circles, where there is no un.
wholesome expansion of credit and
where our banking Institutions are
In an unusually strong position The
monetary outlook is assuring For
some months We are practically Ger.
tain of continued ease Easier eond;-
tons abroad are also in prospect. ow.
ing to trade reaction and the DISPOSE.
ton OF, foreign bankers to limit the
output of new securities. So far as
the United States is concerned, more
depends upon the next harvest than
upon any ether single factor. 1t is no
egagger3tion. to say that the present
outlook is unusually promising. Rare
ly have the soil conditions been SO
good in all parts of the country. The
winter wheat crop is the largest in
acreage on record; has experienced
the smallest winter killing ever rec
orded, and is altogether in prime con.
dttion. Conditions for spring wheat
are also very favorable, and the same
Is true for corn, the planting of which
has commenced in Texas. Perhaps 1t
is a long road between now and the
next harvest, but the fact of a. good
start is very important advantage.
We have now fairly entered spring
when outdoor Work will be actively
resumed and unemployment must de.
crease. Moreover, spring is a period
which almost Invariably lends itself
more readily to ENCOURAGEMENT than
to encouragement.
The financial outlook for the future
should still be regarded hopefully. We
nave fairly discounted all unfavorable
factors; financial and Industrial con.
ditions are intrinsically sound; the
oncoming of spring should in1part
some recovery; political conditions at
Washington, though unsatisfactory
are less threatening, and we are in
for a period of easy money. These
are all factors of curative sort. The
situation in Ulster has had no effect
upon the London markets, and it il
evident that we'll informed sources do
not anticipate civil war. The first of
April, when over $4,000, 900 in divi.
dends will be distributed, is now at
hand, and in the absence of unfavor.
able Developments there is nothing
to prevent fair recovery in the best
classes of stocks. The new banking
system will soon begin to be in opera.
ton and that will be helpful. - .