Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-09-12
VACATIONS MAKE
STOCK EXCHANGE
SEASON QUIET
tBy Latest Maill

IBy Latest NALL
NEW YORK. Holiday quiet, Mex
lean difficulties and damage to cot
ton and corn from protracted drouth
naturally lessened activity on the
stock exchange. Vacations, however,
are nearly over. and the return of
many buoyant ahsentees s.likely to
stiffen the spirit of hopefulness now
developing after almost year OF de-
preston. The main hindrance to fur
Their stock market recovery has been
the Mexican problem. Perhaps this
affair is taken rather more seriously
than deserves, for war with Mexico,
even were it probable, would not be
very serious matter to the United
States, and happily there Is. little or
no chance whatever Of such a mis-
fortune. President Wilson and con-
gress are in close accord for preserv-
ing peace Nevertheless, security
markets are peculiarly sensitive to
troubles of this character, owing to
their speculative possibilities. For
some time to come, at least until af-
ter the new election, Maxican affairs
will necessarily be unsettled, and
hence a factor of uneasiness here, es-
pecially IN view of large American
investments in that country. 1t would
seem, however, as if the injurious ef-,
feet of this controversy had been
fully discounted in the New York
market. The full effects of Presi-
dent Wilson's soothing but firm Mex
lean message have yet to be seen.
Reports of further damage to cot
ton and corn had a decidedly damp
ening effect upon bullish ardor. 1t is
evident that considerable damage has
been done to these two important
crops. and that the next government
report on cotton and other important
products fill be an unfavorable one,l
even allowing for the fact that Aug
ust is almost always month of agri-
cculltural deterioration. Our leading
crops not infrequently show q loss Of
s to points in this period, and the
drop in cotton in August will exceed
the average, estimates ranging to-
10 points The effect Of these losses
may have exerted its full influenced
upon both cotton and corn markets,
and is now causing a setback to-
trade in the affected districts;
though the states as a whole will not
suffer seriously because of good
crops and offsets in other directions.
Taking crop Injuries at their worst.
no calamity has occurred, but only a
disappo intment in early hopes. which
viii have to be taken into considera-
ton in estimating future operations.
Two effects will be. to bring better
prices for these staples to growers
in other sections and to lessen the
demand for money to move crops In
the injured districts; also a smaller
traffic for the railroads.
July exports amounted to $3.50, $780,
600, or s11.700,0o0 more than a. year
ago; the Increase being mainly in
grain and manufactures. Imports,
however, were only $139, 100000, So
100000 more than year ago. This
left an excess of exports for the
month of over 20,0O0,000, compared
with only $200, 900 last year and So
I0O0,000 in 1871. Here is a very sat
isfactory addition to our credit abroad.
Some interesting developments may /,
be expected in our foreign markets
during the next few months. Exports
should expand because of our bumper
wheat crop. OF course, there is
steady contraction in meat and miner
al oil shipments owing to growing de-
mand and scarcity at home, but this
promises to- be Offset by our steady
growth Of exports of manufactures
particularly Of steel products. The
most important influence in our for
eign trade, however, for the next few
months, will be the tariff, the reduc-
ton of which will tend to at least |
temporarily encourage imports Quite
possibly these will not> be as large !
as expected, as the amount of goods |
in bond is now unusually heavy. On !
the other hand, our manufacturers |
have been theoretically adjusting |
themselves to the new condition; so !,
lecturers show little enthusiasm over
our tariff changes, and do not expect |
to grain any permanent foothold for |
their wares in this market. On the |
contrary, many of them, as they see |
our manufacturers vigorously adjust !
ing themselves to the lower schedules, |
fear that before long they will be
obliged to meet a keener American
competition in foreign markets. A
few interests may be injured by ex-
IRENE cuts, put these will be infini-
tesimal compared with those affected
by the stimulus to trade which will |
follow and which will crafty many
thus far not heard from. American
skill and enterprise will surely give
a first class account of itself in the
long run, and tariff scares may now
as well be eliminated in business cal
culations of the future.
The financial undertone shows :
STEADY Improvement, although the
week has been quiet one and prices
In this, as in all the for
eign markets. monetary improve
ment is steadily progressing. BUSH