The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1906-06-28

! The following is Henry CleWs re-
view Of the market and financial situa-
ton under date of New York June IS,
| 1906:
"BetwiXt and between are words
which best describe the stock market
just now. Several of the important
crops are in a critical stage Of develop
ment, and for the next few weeks the
course of prices will be chiefly depen-
dent upon the progress of agriculture.
The winter wheat crop is practically
assured and the last government re-
port indicates total wheat crop of 713
million bushels. which is 90 millions
larger than the previous harvest 1t
would create no surprise, however, if
there was more or less deterioration Of
the crop during the next six weeks, so
that a bumper crop is out of the ques-
ton. The largest yield on record was
las million bushels i'm 1901 This year
we are promised a moderate wheat
crop at profitable priceN. so the farm
ers thus far have nothing of which to
complain in this respect The corn
crop is backward and planting does not
yet seem to be complete. There is,
however, an abundance of time to
make up for these deficiencies The
corn crop is the most important crop in
the country, and especially for ;he
West; hence, in that region, much VIII
depend upon it's progress. As to cot
ton, in spite of wide differences of OPP
inipn as to the increase in acreage, 1t
is quite evident that we shall have
crop Of reasonable abundance and at
profitable ices to the grower. Last
year the value of our agricultural prod
ucts was given at over 6,40O million
dollars To this amount corn contrib-
Uted over 1000 million dollars, wheat
over SOC million dollars hay more thdl
800 million dollars, and cotton SIS mil
lion doiars. The latter crop thus rank
ed second in value and is, of course,
the crop Of the South. This year the
cotton crop will occupy a peculiarly
Important position, inasmuch as it pre-
duces a larger amount of foreign ex-
change than any other item, two-thirds
Of the Anne rican crop being usually OK
ported. AT present our foreign indebt-
cdness is decidedly heavy. and, con-
sidering the present activity in trade
and the low condition of our bank re-
serves, it is probable that we shall have
to depend still longer upon the foreign
markets for banking facilities. We
may not be in position to export any
considerable amount of gold in settle
ment of our obligations, therefore lib
eral exports of produce will be the most
desirable form of settlement. Unfor-
tunately, our exports of meats and
canned goods, which are large in the
aggregate, have been temporarily
checked by the packing scandals. This
only temporary, because the agitation
will result in greatly improved meth
DDS, which in time should re-establish
the reputation of American meats on a
higher plane than ever before in the es-
timation of European consumers.
Our financial credit abroad is unim-
paired, and we shall have little diff
Guilty in extending existing obligations
as they mature, should such action be
found necessary, and provided no seri-
Gus financial arrangements follow the
disturbances in Russia. A contingent
cy, however which should not be lost
sight of is the coming demands upon
the money market by our large railroad
corporations. These will be more or
less imperative, since the funds will be
absolutely necessary for the completion
of improvements already under way, as
well as for the construction of impor-
GNaAH>Aa