The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1910-02-18
NEW YORK MARKETS.

NEW YORK MARKETS.
NEW YORK, February 5.-Circum.
stances combined to further unsettle
the stock market during the past week.
In the first place it was very evident
that the big holders of securities and
prominent banking interests had with
drawn their support from the market.
This left prices at the mercy of every
passing unfavorable current The sus-
pension of prominent bond house
spread unnecessary lack of confidence.
A series of unfavorable railroad re-
ports came out, such as might have
been expected in view of recent inter
ruptions to traffic by bad weather. The
anti-corporation agitation at Washing
ton and an exaggerated fear of unfav-
orable supreme court decisions also
tended to weaken confidence. Still an
other disturbing element was the effect
upon general business of continued agi-
tation throughout the country against
high prices. Even the floods in Paris
We're used as bear argument, although
that catastrophe can have but slight in
\
! bear party. however, was in the as
cendant, and encouraged by recent sue
cesses used every possible argument
to depress values as far as possible.
The general situation remains funda-
mentally sound 1t is doubtful if any
very injurious legislation will be
,, passed during the present session of
congress. The issues there are so many
and so complex as to frustraTe precipi-
| tate action. President Taft's policies
are not likely to go through without
much resistance and considerable mod
ifcation. The supreme court decisions
are still some distance away, and if ex-
! perience based upon previous cases is
of any value, the action of that august
| body is not likely to be drastic or ruin.
GUS When the time arrives for these
decisions it will be no surprise if their
effect is not found to have been fully
J discounted, as was the experience in
the famous Northern Securities case
At least they will put an end to para
! lying doubts. When it comes to the
technical position of the stock mar
ket, that, too, is generally sound. Sc
.curities, as rule, are now well under
control, and there are fewer weak spec
ulative accounts in the market thar
usual. Moreover, stocks the last few
days, have drifted into stronger hands
and the indications are that the market
leaders are quietly absorbing good Sc
curities whenever offered at a sacrifice
Added to this there has been fair in
vestment demand for small lots of the
better grade stocks, which will soon BIZ
found to have strengthened the founda
ton of the market.
So far as the condition of genera
business is concerned the agitation
against high prices is unquestionabl,
having its effect. The outburst of popu
lar clamor is being felt by the politi
clans, and is not likely to pass away
without having some effect upon futur,
legislation, especially concerning tariff
and trusts. In some instances com
modify prices have already yielded; anC
in the public mind the spirit of econo
my is taking the place of the spirit o.
extravaganza which has ruled for 81
many months. Retailers are alread,
feeling this new tendency in marked
degree, and are consequently buying
with much more caution than for man,
months past. This ,hesitancy on tn
part of retailers is naturally reflected
in the wholesale markets, and in boil
the textile and grocery trades there i
spirit of conservatism which is il
marked contrast with the feeling of {
month ago. This is not harmful, ant
will ultimately prove beneficial. Their
is no doubt that halt was necessary
in the upward movement of eommodi
ties. The consumer had already beei
pushed to the point of exhaustion, ant
discomfort was spreading, threatening
widespread labor agitation. Tn
latter is still disturbing possibilit,
and will continue to be 80 for SOM
time to come. In all probability tn
differences between labor and employ
ers will be settled by lower prices 70
many staples, which will diminish tn
cost of living, and by moderate conces
sions in the matter of wages, The in
dex figures for January should shoy
n decrease. since many articles haV
declined in price during the past month
especially those which enter most large
ly into the cost Of living The agita
ton against high prices has not bee
without good effect, inasmueh us Il ha
developed more conservative spiri
in business, ana probably lees oxirayh
CANT habits at home,
An easier condition prevails IN a.
money market, Funds arc general
returning from the interlor quite froe
81, ana the liquidation " the last fo'
Noebs Aaa tended ~ lessen tho demand
for accommodation Tho fell 10 seeur
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