Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1912-09-21
LIGHTS AND SHADOWS
OF BUSINESS SITUATION

Money, crops and politics domln
ate the stock market, says Henry
| Clews of New York under date OF
Sept I. While the West, encourag.
ed by plentiful harvests, is Boldly pre-.
pairing for active fall and winter
trade, the East is timfdly bordering
over increased money requirements,
the possibility of killing frost and CON
tinued unsettled political tendencies.
Mrs. Clews gives facts in support
of statement that all indications
point to an active money market this
fall. He then proceeds to say:
"Adgicesf from the interior are in
creasingly encouraging, bank clear
ings for August showing a gain of
over per cent compared with last
year Mercantile houses with scarce
~ an exception report an active de-
maRd by consumers for both 1ecessi-
ties and Injuries. Railroad earnings
also testify to trade expansion, thirty
seven roads reporting for the third
week of August an increase of 8 per
cent over last year. Better results
should come later. Importations con-
tinue very heavy; the increases being
in raw materials for American manu-
features and also in articles of lux
llry, such as precious stones, etc. The
dry goods trade at the interior is un
usually active, and jobbers report a.
satisfactory distribution in all classes
of clothing, both cotton and wooden.
There is no abatement in the activity
of steel. Orders at first hands are
somewhat less urgent, but many of
the mills are running at about IS per
cent of their capacity. They have or.
ders for railroad and construction en-
terprises that will keep them fully oc-
cupied for months ahead, and this
week a stronger demand and higher
prices developed for semi-fnished,
steel products The steel trade con-.
tinues to lead. all others in point of ac-s
tiyity. Nevertheless, other lines of
industry are generally well employed.
This is demonstrated by the satisfac-
tory profits reported by most of the
large industrials, not to speak OF the
extra dividends which many of them
have lately declared" =
= After discussing the outlook for cot
ton and corn, which Is represented as
highly satisfactory, Mr.. Clews hits the
political factor again thus: f. =
Wall Street is not in very optt
mistic mood in spite of very favorable
mercantile and industrial conditions.
The reasons for this, as already stat
ed ARE largely monetary and political.
Financial leaders are still sensitive,
perhaps undu1y. so, over the political
outlook The Vermont election was,
fortunately, not disturbing, but the
results in Ohio were somewhat dis
liked. Needless to say, the initiative
and the referendum are not relished
by those opposed to see our Govern
ment and legislatures at the mercy
of passing whims or waves of pas
sion"
A somewhat pessimistic view is TAX
en- of the railroad situation, with ref
erence to need of money for improve
ments and to the fear that all other
railroad labor will follow the example
Of the engineers in demanding more
pay The railroads might recoup
themselves" Mr.. Clews says, "by
passing on increased charges to the
consumer, as in other lines of bust
ness. But in this course they are pre-
vented by the Interstate Commerce
Commission. which keeps in view the