Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1909-04-22
APRIL 20, 1909

The condition of winter wheat is
anything but satisfactory, the acre
age being considerably smaller than
Il year ago and condition lower.
While there has been some improve
ment in the latter respect, the pros
be the lowest since 1904, some esti-
mates placing 1t as low as 425, 0O0,-
600 bushels. The effect OF this is
already seen in the abnOrmally high
prices for wheat: for the worlds
crop Of wheat is unQuestiOnably
short and has not kept pace with the
growth in population. It is possible
that a much greater area will be
planted than usual in spring wheat,
but rs winter wheat usually forms
about twO-thirds of the whole crop
the significance of the present situa-
ton is easily understood. Moreover,
high prices for wheat are not gener-
ally considered sound bull argu-
nCnt on stocks. Indications point to
q considerable increase in the acre
age of corn, and as this has proved
Ia very profitable crop at recent
prices there is more reason for hope
fulness regarding this staple than in
wheat. II Is altogether too early,
however, to form any reliable opin-
ions regarding the crops, although
much depends upon satisfactory
harvest. Crop failures next fall
would be particularly unfortunate,
coming at a time of business depres-
sion when the cost Of food Is already
! unreasonably high. Our farmers
should be persuaded to produce as
large crops as possible during the
coming year In doing this they will
not only benefit themselves, but 1t Is
| in their power to do more than any
other class in the country toward
lifting the nation out of existing de-
preston.
General trade conditions, while
somewhat mixed, present decided
element of hOpefulness. Business Is
strictly moderate in volume, yet the
tendency is certainly towards i'm
! prOvement, especially where orders
have been stimulated by concessions
/ in prices. More activity Is shown in
| iron and steel rs the result Of lower
! prices. and the revival Of building
especially of large structures, Is at
trlbutable to this cause. The genera
condition of business is sound anC
confidence Is rising. There Is NJ
doubt that reCuperatiyc influences
are steadily at work: costs are be
ing reduced, and only time is re
CURED to bring about more norma
conditions Or course, the tariff u
still an impeachment. There is NJ
special anxiety. however, regarding
final results. Little probability eX
lists of any disturbing reductions, an
now that the Payne bill with all 1t
Objectionable features has PRACTICAL
failed in the House the prospects ar
that a more workable measure vii
be introduced by Senator Aldrich.
revenue is what the Government
needs, the best thing to do would
to revive the stamp taxes, which ca
be made to produce a large revenu
in the easiest, most effective, an
least Objectionable way. Evidentl
D the tariff will be revised by II
friends, and there Is little reason
look for any radical or importar
u changes This minimizes the in
Z portance of the tariff in the stoC
y market, which will probably fe,
Z only indirectly the relief which MAJ
come to general business when Il
u issue is settled. That event may
j postponed until the end Of May, I
" even later. No one can foretell."
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