The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1910-03-19
MARKET LETTER
Of HENRY CLEWS
MORE CHEERFUL VIEW TAKEN
OF SITUATION THAN IN LONG
WHILE.

w HlLE.
The market letter of Henry Clcw5
New York Of March 3, received pei
Willelmina late yesterday, contains the
following interesting statements in re-
gard to the business situation:
Another week Of comparative quiet
has passed, during which the tenden-
cies OF the stock Exchange were visib-
ly toward improvement. The under
tone is stronger, and confidence is
rising, At the same time there are
enough uncertainties to prevent any
premature upward movement. labor
troubles are creating a good deal or
uneasiness in corporation circles, es-
peciany as the season is approaching
when restlessness of this character is
usually most active. In a number OF
cases concessions have been made to
employees, but the violence shown in
Philadelphia naturally arouses fears of
possible disturbances elsewsera 1t
is not forgotten also that the Standard
Oil and Tobacco cases are still before
the Supreme Court, and that a decis-
ion may be anticipated at almost any
time in the next few months There is
less fear of drastic opinion than a
few months ago, but these two cases
are in any event important elements OF
uncertainty. Some further hesitation
has been induced by sensational re-
ports of damage to the winter wheat
crop but as these prove to have been
much exaggerated they may be dis
missed; it being too soon to form any
reliable idea as to the condition of the
winter wheat crop.
When it comes to considering the
faorable features the balance appears
to be largely on the side of the lat
ter The political skies are brighten
! ing, and unreasoning hostility to cor
porations is slowly abating Business
conditions are generally satisfactory
although there is some slight cessa.
ton of activity in certain lines, as is
usual at this period of the year before
the spring trade sets in. Dry goods
buyers are especially conservative fol
the reason that distributors refuse &c
stock up freely at present high prices
Both cotton and wooden gods have
/ shown a slight weakening in values
which 1t need hardly be said is unsatis
factory to manufacturers, especially il
! view of the present small margin be
tween raw materials and finished pro
duct and the prospect Of labor diihcm
ties In the iron trade, however, tn
better trade observed a week ago con
tinues
In the money market conditions arr
also satisfactory, and aside from tn
usual temporary stringency about tn
first of April the outlook is for con
tinued easy rates until changed condi
tions assert themselves. The foreigl
money markets are also easy and &.
sound condition, all of which will pow
erfully tend to encourage worldwd
recovery. Our foreign trade is still
source of some dissatisfaction becaus
of large imports and small exports
and this situation is not likely to b
corrected while the price level in tn
United States is 50 much above this
, abroad.
/ The outlook for the market must |
regarded as promising. There is sti
a considerable short interest, which
) not likely to cover without struggl
hence sharp fluctuations accompaniC
by sales to realize may be expectt
from time to time. But good stool
look cheap when compared with Il
present low rates of interest, and
spring approaches and business b
comes more active confidence will ri
still higher, rejecting itself in a fu
Their advance in. prices. An advan
is also likely to meet with approval
powerful banking circles, whose il
terests lie on the side of higher price
specially in view of Forthcoming S
Cu-!ty issues.
- HENRY CLEWS,
II pROVTSTONS ETC