The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1908-04-07
BUSINESS ON THE MAINLAND.


Henry Cews the New York fnancier his special circular of
March Fl discusses interestingly his
wont After mentioning that the larger interests which bought stocks
Immediately panic check the decline had made substantial
profits by realizing when had become difficult to prices to
higher level he states that 1T evidently to be the motive OF the
big leaders to induce activity by creating frequent moderate c
tons The disposition of these people take profits coupled with
unfavoab railroad reports having caused check to the upward
reduction in dividends by some larger railroads noted
January and February having been disastrous months for nearly all OF
the railroad systems but the stock market had already at the date OF
the CIRCULAR very thoroughly discounted reductions in dividends I'm
der the conditions says 1T nconcevabe that labor
should taking its share of the business reaction Yet
railroad labor ubboy refuses make concessions and insists
upon maintaining the old rate of wages"
Mr. Clews takes cheerful however of things general
while the technical situation of the market appears favor
the taking of profits and the of caution in buying the
situation to be growing better rather than Reports
from the West business generally of encouraging
The depression there has been nothing like the
East and the tendency TO recover IS more marked IN the industrial
Of the West than New York which has all along been the
cyconc The monetary situation shows further Improvement
and in consequence financial disasters resulting from the panic though
unpasany large proving less serious than time feared
Money reasonably low and good borrowers have little
dcuy III hdng necessary accommodation although banks are Pu
suing conservative and rightly turning down speculative
promoting schemes that would have been taken with avy
ago Ibis present attitude OF conservatism OH the part OF the banks
will unqueonaby in time lay the foundation for fresh start
safer and ounder basis than has existed for years.
Signs recovery are noted in better demand Tor some products
of steel and IRON larger business and Improvement
in the textile trade "The cotton goods situation Mr. Cews
has also been somewhat eped by euuco OF apout 10 per cent III
wages which much better for the operatives than forced shut
down of the mills is worthy of note that the of readust-
following panic been easily accomplished the
goods industry than any other This partly due to the
while the frequently led by of intelligence
who able recognize changes bust
conditions"
reads the following wholesome lecture labor: The
disturbing market the political outlook The
Presidential campaign growing intensity and less
inevitable until the nominations be aceraned The at
tempt labor through the President exemption from
Sherman Act make itself privileged class abb
Whoever responsible for this their
judgment fault and their conduct unwise Such class legislation
will be accepted the United States its advocacy simply
further dmnses the sympathy and for the OF labor
Labor had already secured its full share of the prosperity which u
with determination make itself privileged class is simply pa
ing itself beyond the reach of reasonable discussion
Mondays mail brings the information that the demands of the
labor organization such that the President constrained
the intention of sending special Congress the subject
would appear that demands which, if complied with would
nuy the principles of he square DEAF which the keynote of the
policy Of the administration e"'@"5