Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1901-09-11
FAILURE OF CORN And STRIKE
MAKE STOCK MARKET SHAKY

country as q whole does not sufsei
from these drawbacks. Bankers are
generally anticipating good demand
for money Mt firm rates. Supplies.
however. are not sufficient to permit
any active stock speculation. A rapid
bull market at this time would soon
meet an insurmountable obstacle ~
tight money. The Treasury receipts
continue larger than expenditures. and
this awkward movement Is likely to
continue until Legislation provides
some further curtallment of revenue,
or Secretary Gage buys bonds more
freely. Gold Is coming in with some
freedom rom the KlondiEe. 4 favor.
a...c feature was the weakening Of
! foreign exchange owing TO large
! grain exports and renewed foreign
buying OF American securities. II
these latter movements continue with
any freedom we. shall soon be again
I importing gold-a movement that Will
be facilitated by the gradual resump.
ton of the South African mines. It
Is quite evident that the Boer war.
which has had such depressing eli.
feet upon the London market, Is prac.
tically over, and the British army Is
now doing little more than police duty.
Already London is getting into hap.
pier frame of mind; and better feel.
ing exists In South African securities
which may easily extend into other
spheres. There Is an evident revival
OF interest In American securities in
London, and II will be interesting 10
watch its staying qualities.
The most encouraging feature in the
whole situation Is the certainty OF an
o.aer good year OF exports. Europe
seems 10 have shortage OF 400 900 ,OOt
bushels OF wheat and the United State.
a surplus OF about oJU,OoO,UOO bushels
Ihis insures us a good price for Oul
wheat and good maui Tor the rail
roads. II also strengthens the proDa
b. OF gold Imports, Tor Europe /.
comparatively bare OF American stock.
and cannot return them in consider
abie quantities.
We are stlll in the midst OF a trad
ers market. lne big holders am
large operators are absent and seen
content with keeping prices pegged Il
abou. the present level. Public buy
ing Is conspicuous Tor Its absence, an
the outlook is not for any special buoy
ancy until the monetary situation
? more favorable. At the moment "
advise proht.taking on all sharp ia
! lies.
? The marvellous industrial develop
: ment OF the United States In recei
+ years Is not thoroughly appreciate
4 by the average American so well as h
l. Europeans. upon whom presses wit
S irresistible force the expansion OF on
0 foreign commercials evidenced b
g the European press clamoring for pr
u lection against the INVASION ot eve
their home markets by America
I manufactures and for combinatlu
g tariif walls against us. Recent II
d ures, published by the Treasury y
: partment at Washington, giving o,
p coal production during the past Il
ii teen years, are as surprising as ths
e are gratifying. and coal is the vel
> soul OF industrial lite. The Unite
e States. In 1856, produced 100, 66i,o
l. tons OF coal and In 1900 the produc,ic
d was 245,i22,O tons, an increase
g very nearly $50 per cent in fifteC
c. years, while Great Britain increas,
y her coal output, during the same =
it rlou, only about so per centric
Ie 5i,5lS,O00 tons in lose to 225.1Sl o.
e tons in 1900. The foregoing figur
m are their own most eloquent herald
le HENRY CLEWS.