The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1910-12-10
MARKET LETTER
OF HENRY CLEWS

Henry Clews, of New York, writing
under date of November 26, says.
Trading on the Stock Exchange was
somewhat checked by intervention of
the Thanksgiving holiday In addi-
ton to this factor the contradictory
features of the general situation i'm
posed some restraint upon activity in
general. Reactionary tendencies are
decidedly more evident than six
months ago, and the year drawing
to a close shows a very different
business temper. The whole year has
been a period of readiustment, some
lines of business maintaining con-
tinued activity as a result of previous
momentum, while others showed a
| decided slackening if not actual re-
progression. AS reaction touched first
one department of industry and then
another, the conviction spread abroad
| that no general recovery was possible
until the readjustment process was
completed and a general evening down
had taken place. The fac that we
had reached, for the present at least
climax in the upward movement
was popularity expressed in innumer-
able complaints about high costs of
| living. These complaints at first ORR
ginate1 with the consumer, They now
come from the producer and distribu
tor, who find the enhanced cost of do
| ing business a serious detriment. The
| consequence is a wholesale change.
Economy is at last taking the place
of extravaganza with the consumer
while efficiency has become the watch
word among producers and distribu-
tors. At the same time, owing to
good crops the cost of living promises
to be further reduced by a drop in
the price of food products. According
ing to the statistics of the Department
of Agriculture, the combined cereal
crops of 1910 show an increase of
per cent over last year, corn and oats
reporting record breaking yields. AS
result of the big corn crop the price
of meat has already declined, and this
cereal being an important element il
the cost of raising cattle it would
seem as if the price of meat shoult
remain on a lower basis.
With some relief in the high cos
of living in sight, and with the politi
cal campaign out of the way, two i'm
portant elements of depression hav'
been ameliorated, if not removed. l
is true the tariff question is still will
us. We must expect and endure
period of heated and prolonged dis
cussion, but new legislation seems
hardly probable before 1912. Our new
Congressman do not go into Office
until year hence, and all talk of al
extra session of Congress after Marcl
4, 1911, when the approaching SEES
sion ends, should be earnestly dis
couraged. The short session beginning
week hence will be fully occupied
with appropriations and other neces
sary routine affairs, and these SHOULD
not be delayed in order 10 afford
pretext for forcing the President int
calling an extra session to enable pre-
mature seating of new members
There is danger of a political trio
of this sort, and it should be severel
discountenanced by the entire bus
ness community. 1t is UNIVERSAL
admitted that the tariff must be re
vised downwards, but hasty actio
is inadvisable, and the country is en-
titled to a period of rest before ano
Their change is enforced. Some inter
val between medicinal doses is neces
sary, or even our vigorous tariff-fe
infant will not survive the treatmen
Improvement in the monetary situa
ton is more evident Money is NOR
plentiful and easier rates prevail
Funds are retlrning from the interiO