Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-04-04

mess OF the country Will TeCONeT. ne
says that the pronounced recovery in
january has not been followed Oy re-
cove rieS in February and Marc h.
Under date March y. Clews says 1t
is Tin" 70 stop and ponder as TO
whether reaCt.Onary tendencies in the
stock marker are not about exhaust
ing themselves We enjoyed pro-
nOunCed recovery in January based
upon President Wilson's favorable
stateIAt NJ in regard TO legislation and
upon the usual Investment demand
OF the season. That advance has been
.almosj entirely lost during the past
SiA weeks, and il can safely lie said
that the decline more than discounts
any changes which have happened
for tGt worse 1t is admitted that
the re- has been 4 general slowing
down Of business " tiCh is part Of a.
worldwide movement The trade
reaction in this country. EOWeVer. has
not been very severe. in most cases
it has been spotty. both as to indus
tries and localities. The somewhat
unsatisfactory situation has, however,
been seriously aggravated by political
tendencies at Washington and the
popularity Of corporation batting
throughout the country. Much of the
latter must be attributed to politics,
Especially as a Congressional election
is in prOpeCt next fall. 1t is doubtful.
however, if the voting classes are as
hostile in this respect as those cater
ing for their support assume. Last
week it was shown in these advices
that there are over 100000 bank
depositors with $7,00O,O00,000 of de-
posts in the United States who are
vitality. though often unconsciously
interested in securities. This class has
not yet been awakened to the injury
threatening them. 1t is also generally
overlooked that there are 100000
of life insurance policies in existence
in the United States. and that the as
sets of these benevolent institutions
amount to over $4,000, 100000. Alto
gether it is safe to say that, the fl
nancial interests of the bulk of the
voters in this country are being Sc
riously imperilled by the present un-
reasonable hostility towards corpor-
ations. PROFESSIONALLY a few of the
latter deserved the punishment al
ready received, but punishment can
not go on forever. Many mistakes
cannot be undone; and it is sheer fol-
ly to apply the same treatment to the
unoffending as to the criminal. I'm
less all signs fail, radicalism has seen
its zenith, and before long we hope to
see signs of returning sanity in po-
litical circles. President Wilson is
believed to be more or less conserva-
lively inclined. but he is evidently
having difficulty in restraining the
radical element. We do not doubt
that Mr.. Wilson is absolutely sincere
in his promise to build up business.
Perhaps the best thing that can be
done is for the constructive elements
in the country to aid him in the
laudable purpose Of moderation.
"The monetary outlook is encour-
aging. and aside from expected fur
ries about April 1st, which may not
come, the outlook is for continued
ease. Last weeks bank statement
showed a good increase in reserves
and a contraction in loans, the first
since the opening of the year For
eign markets are also showing signs
of returning monetary ease resulting
from a general slowing down of trade.
Some distrust was caused by the eri-
isis in the French government arising
from the assassination of NJ. Chal-
mette, but while temporary disturb
Iance is possible, if not probable, it
should be remembered that the
Frnn0h Nation ;cf;
sentative, in spite of their political
.eXcitability, for the reason that the
masses are exceedingly thrifty and
do not favor any public movement
that will injure their financial inter
ests. The Ulster difficulties appear
serious, but thus. far financial Lon
don has not got very excited over the
controversy.
The latest returns of exports show
some interesting results. In bread
stuffs there was shrinkage in Feb
ruary of about S10,000000 and in meat
and dairy products loss of over 81
100000 On the other hand there was
gain of over $13O0O,O00 in cotton,
more than Off-Setting both of these
losses. In the eight months ending
February, our exports of breadstuffs
have fallen S28OOO,OOO. Meat and
! dairy products increased $13,OOO,OOO
and cotton gained $51,OOO,OOO Vital
changes are taking place in our for
! eign trade, because on the one hand
! our exports of foodstuffs are steadily
, declining. being needed at home
while on the other hand the reduction
OF the tariff is operating to stimulate
imports although its effect in that
/ direction has not thus far proved as
/ important as expected AS to the
general state of trade, that continues
slack. New orderG for steel are dis
approximately low because the rail
roads are financially unable to place
much-needed orders. 10 relief in
this respect is anticipated until the
Interstate Commerce Commission
grants the roads higher rates. or IN.
til traffic shows decided improve
mtnt. The textile industry is aisC
draGGiHg. tMe tendency OF prices fire.
0u'nt'v being dOwMwards. cepe ciaIly