Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-04-24


| date of April 18th. Various factors
economic and political are assigned
! as responsible for the unfavorable
lett.r follows:
| Holidays md had news combined
we're crc' INSTANCES which the stock
! market resisted with difficulty The
London ste OK market was closed from
Friday Until Tuesday. The local Ex-
change was closed for Good Friday,
tut the large number of Gbsentees
during Easter naturally eXerted a re-
strainlnS Influence upon business.
The market Voc also further chilled
by unexpected developments. A
fresh chock came in the arbitrary or
der fer reduction in the Canadian Pa
cific rates. This caused a break of
ever points in that stock and had
an unfavorab,e effect upon the gen.
Cral market, inasmuch as it showed
a further development in the idea of
governmental regulation CT traffic
rates. Another shock came via Mex
leo, and was due to harsh treatment
CT SpaniarGs by the revolutionists,
which raised the possibility of fric-
ton between the United States and
Spain or other foreign governments
under similar conditions. There was
one more u1favorable development,
and that was the extreme du!lncss of
the iron trade, it being estimated
that the industry is only running at
about 20 or so per cent Of capacity.
New orders are scarce, prices are
unsettled and it is feared that some
SORT of adjustment will have to be
made in wages, unless the industry
shows marked improvement. The lat
ter, of course, depends very largely
upon the railroad situation. There
is confident feeling prevailing that
the Interstate Commerce Commission
ers are going to grant an increase In
freight rates, but from such informa-
ton as can obtain ! hardly think 1t
will be the per cent rate asked for
by the railroads; and as the commits
sioners themselves do not originate
freight, rate advances, they will in,
innate that fresh application, nam
ing lower rate, will be considered.
There can be no doubt whatever that
President Wilson favors an increased
rate, but he cannot even suggest what
rate should be named. The 5 per cent
asked, therefore, is not unlikely to be
turned down; at the same time en-
couragement will be given to make
a new application at lower rate,
and this win probably take place at
an early date. OF course the deci-
sion against the roads will be attend
ed with some disappointment, but
the intimation that lower rate will
be granted will carry with it a moral
influence that will be very effective
and lead to the impression that
should the lower rate not prove ann
pie. an additional one may be, grant
ed later to- make it per cent, IL abb
solutely needed by the railroads.
Sufficient unto the day is the evil
thereof" it is. hoped the commission.
ers will hasten their decision as rap
idly as possible. The commissioners,
being appointed by the president, are
comparatively free from political in
fluences; and should be guided more
by judicial, than political or class con-
siderations.
1 General business continues more or
less depressed, not alone owing to re-
stricted volume, but also to continued
threatening political conditions. We'd
nesday's vote to call convention for
changing the constitution of this state
was not an assuring factor. The con-
slant irritation at Washington also
prevents return Of confidence. Rail-
road earnings make On unsatisfactory
showing The total of 80 railroads for
the third week of March aggregated
S12, 100000 against $13,600,000 a year
ago. These figures do not indicate any
great loss in the volume of traffic, but
they fail to take in the large increase
in expenses and consequent loss in
net results, which are undeniably
heavy. The increase of $4,000 in the
of idle cars on April is also
of this decrease. however. was due to
the discrganized state of traffic re-
sulting from severe March weather,
and better results should be expected
from now on. The most encouraging
in the situation was the gov
eminent crop report on winter wheat.
indicating a record-breaking yield OF
about 600, 000,0 900 bushels The condi-
ton reported was $50, the highest on
record. In all probability there will
be more or less deterioration during
the balance Of the growing season. but
it is to be remembered that the gov
eminent estimates Of acreage and
yield are usually below the mark; so
that if only ordinary deterioration
takes place, the country is still rea-
sonably sure of big yield of wheat,
which is one Of our most profitable
crops. Generally speaking. the season
Is backward as to temperatures; but
the soil in all parts of the country is
in unusually good condition. and the
absence of unseasonably warm spells
has prevented any premature develop
nent and lesesned the dangers of late
'rosts.
The most effective support to the
market at this time is the certainty Of
easy money for the next three or four
This ease is worldwide, and
will facilitate the placing of many is
sues which had been deferred for
l.,