Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-08-04
MONEY OUTLOOK IMPROVES THOUGH
BUSINESS STATUS IS UNSETTLED

resulting, we trust in wider industrial.
and commercial liberty for the entire
world. The fewer the restrictions be.
tween nations, the greater the chances
OF permanent peace. What the world )
political developments will be cannot
vet lie estimated, except that a bet
ter democracy is in prospect, which
should improve social conditions and
establish a new and sOunder civil or,
der than the one so suddenly dis.
rupted at the close of July, 1914.
The local money outlook has some,
what improved Call loans touched
10 Per cent early in the week, but
subsequently declined to more normal
rates. The stringency was largely due
to the heaNy decline in surplus re.
serve, which resulted in very heavy
Withdrawals C government deposits
to pay off about 100000, 900 treasury
notes, and particularly to the changed
methods OF figuring the national bank
reserves. the required percentages OF
which have been reduced, and which
hreafter will be held exclusively in the
reserve banks. The easier conditions
in money were affected by renewed
capital applications; several large cor
poratiOnS offering issues this week
which aggregated $4,000, 900 1t IS
evident that concerns requiring CAPT
tdl Will have to make their bids be
fore preparations for the new govern
m"nt loan begins The financial Sill
UatiOn is further emphasized by the
fact that these applioationS appear
IN
short term obligations on or about a
Il per cent bass The latter rat
speaks Volumes. and has brought up
for discussion as to the best time for
tie now bond issue 1t is quite the
general opinion that the issue of the
loan had better be postponed until
October, in order TO enable farmers
who will then have marketed thrir
crops to subscribe more freely.
Business conditions continue much
unsettled by the situation at Wash
ingtOn. Delay Of legislation affect
ing food control. friction in the ship.
ping board and in the export control
board, uncasineSS over the submarine
situation, uncertainty as to now taxes
and =" "tternt> Of the government
- it-.'t'''l'. ~ !ttN, also me news IRON
Germany. all se~yo to leave both com.
MERGE and industry in a high state
of pernleNity. Under such conditions
TO one cares to enter into transac
tion@ extending far into the future.
business is necessarily of a hand 10
mouth character Both the steel and
COPPER industries are seriously ham
pered by fears Of government price
FIXING. In any event. the early antiri
EatiOnS OF eXCeSSiV" war profits have
moderated for many industries. with
a corresponding effect upon stock mar
ket activities Some very Substantial
declines hav" already occurred in con.
sequence. vet in spit Of Curtailment
in these directions the majority o.
industrial concerns are still doing a
large and profitable business Peace
prospects are not so enCOuraginE for
the reason that Germany is still ir
no mood to accept the terms which
the Allies will b. ikeIv to offer. Thi@
of course. suggests prolonged activi
ties in VAR industries The harvest
promises larger and better results
than az ore tine expected There is
no real scarcity OF era = a.tEuugA WI
der TIE circumstances a larger lio,d
would have been desirable. RUt tarn-