Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1915-02-11
HAwAIrs BONDS m DEMAND.

The improving financial tone apparent
throughout virtually all sections of the main
land is emphasized to local investors and bust
nessmen by the demand for Hawaiian bonds
at premium.
The Star Bulletin has consistently endeav-
ored to discount stories of depression in the
United States and to point to the factors MAX
ing for optimism and encouragement 1t is a
fact that for months after the war broke out
the financial centers were largely paralyzed,
but this was not because of inherent weakness
but because the worlds systems of exchange
had suddenly been torn asunder by the mailed
Est Of military exigency Paris, London, Berlin,
Sc Petersburg, Vienna-their financiers and
finances were scarce able to move The money
eenters of the United States suffered from APP
prehensio1 hardly less than from the actual
Sailing Of the worlds financial machine.
But there was little the matter with Ameri-
can business in comparison with what was the
matter with European business A series of
factors for year past had been making for
rising market, including the interstate COM
Inerce commissions rate decision, big crops,
the establishment of the federal reserve bank
me system with its elasticity of action, and the
natural relief Of American business after the
period Of tariff legislation.
The war of course struck many businessmen.
with d, palsy Of nervousness. Some of them
feared that Uncle Sam was going to get into.
It somehow; others looked for the almost total
onnihilation of ocean commerce and the in
ability of the United States to send its manu-
features and foodstnffs TO hungry market.
After the first few weeks of conflict this nerv-
BUSINESS began to pass; business settled into
routine, and it was early seen that America
would be able to sell many of its staple pro
ducts at wartime prices. The stock exchanges
began to open and each as it opened found the
took and bond market stronger than when it
had closed its doors. Huge cargoes went rush
ing across the ocean and were paid for in gold.
AT home the apprehension passed, people had
less inclination to hoard their specie and more
inclination to invest in good income bearing
securities The timid investor was encour-
aged by the frank statements of leading fnan-
ciers that good times were ahead. Much of
Mr. Wilson's psychological depression
cloud was dissipated before the cheering sun
Of optimism.
Hawaii's securities, intrinsically sound, at
tract the wise investor. The territory is pros
Porous, thanks to wartime sugar prices pour
ing money into Hawaii at rate scarcely real
led here. The bond men know it, however,
and they are quite safe IN advising their clients
70 pay good pridk for Hawaiian bonds
The wisdom of the territorial administration
ID declining to sell its bonds few months ago
at low price has been justified by events 1t
was piece of sound financing.
A fortunate accompaniment to the bond sale
is its Immediate effect in stimulating local
business Not only is the sale at premium
IA evidence Of the ffmness of the general
money market, but the fact that the proceeds
VII BE spent on public improvements, employ
ing number of men, and the further fact that
these Improvements are largely to fit Honolulu
FOR its destiny as greater world will aid
directly in Hawaii's prosperity.