Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-04-17

Nevertheless, il is quite probable that
some concessions will be- made 10 the
railroads, not less, say, than 2Lg TO ,
per cent If denied. he outlook will
prove decidedly serious. and We may
anticipate a series OF dividend reduc
tons. the injurious effects Of which
would extend far beyond the many
thousands of stockholders directly in
GereSted. J'nquestiOnably serious
financial arrangement would follow a
denial CT 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 i.
is sincerely to be hoped that some
settlement will be reached before pro-
longed Irritation "rOuses 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
teen 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.
This is the sombre side of the &C.
count. Let US now look at the bright.
er side CT affairs. The unfavorablU
features just referred to have unques.
tionably been fully discounted, and a
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. 1t Is particularly true in bank
ing circles, where there is no I'm.
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 condi.
tions 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
egaggeration to say that the present
outlook is unusually promising Rare.
I 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.
dition. Conditions for spring wheat
are also very favorable, and the same
is true for corn, the planting of which
has commenced in Texas. Perhaps il
is 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 impart
some recovery; political conditions al
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 Is
evident that well informed sources dc
not anticipate civil war The first OF
April, when over $18O,0O0,O0O in divi
dends will be distributed, is now al
hand, and in the absence of unfavor
able Developments there is NOTHING
to prevent a fair recovery in the best
classes of stocks. The new banking
system will soon begin to be in opera
! ton and that will he he1Dful