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

economic and political are assigned
as responsible for the unfavorablo
como :tion il. tie financial world The
ictt-r follows:
Holidays and had news combined
we're crc 'UEatances which the stock
market resisted with difficulty The
London stock market was closed from
Friday rntil Tuesday The local Ex-
change was closed for Good Friday.
but the large number OF Gbsentee8
during Easter nat1rally eXerted a re-
straining influence upon business
The market waG also further chilled
by unexpected developments. A
fresh shock came in the arbitrary Or
der for reduction in the Canadian Pa
cific rates. This caused a break OF
ever I 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 Spani&rGs 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
enc moro uafavorable development.
and that was the extreme dullncss of
the iron trade, it being estimated
that the industry is only running at
about 20 or 80 per cent of capacity.
New orders are scarce, prices are
unsettled and it Is feared that some
of o1 ruin houo In no
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-
tion as / can obtain | hardly think 1t
Will be the 5 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 a lower rate, will be considered.
There can be no doubt whatever that
President Wilson fayors 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
q new application at a lower rate,
and this will 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 1t moral
Influence that win be very effective
and lead to the impression that
should the lower rate not prove am
Pile, an additional one may be grant
ed later to make it 5 per cent, IL alb
needed by the railroads.
Sufficient unto the day is the evil
thereof" 1t is hoped the commission
ers. will hasten. their decision as rap
idly as possible. The commissioners,
being appointed by the president, are,
free from political in
fluenees; and should be guided more
by judicial than political or class con-
~
General business continues more or
less depressed, not alone owing to re-
stricted volume, but also to. continued
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 an unsatisfactory
showing. The total of 80 railroads for
the third week of March aggregated
s12, 900 900 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
N expenses and consequent loss in
net results, which are undeniably
heavy. The increase of $4,000 in the
lumber of idle cars on April ] Is also
suggestive of traffic conditions. Much
IF this decrease, however. was due to
he disorganized state Of traffic re-
,ulting from severe March weather,
md better results should be expected
rom now on. The most encouraging
slement in the situation was the gov
crop report on winter wheat.
a notwithstanding yield Of
about 100000 900 bushels. The condi-.
ion reported was 95.6. the highest on
'ecord. In all probability there will
,e more or less deterioration during
he balance of the growing season, but
t is to be remembered that the gov
,rnment estimates Of acreage and
feld are usually below the mark; so
hat if only ordinary deterioration
axes place, the country is still rea-
onably sure of big yield of wheat,
which is one of our most profitable
RODS Generally speaking. the season
8 backward as to temperature; but
he soil in all parts of the country is
Il unusually good condition and the
bsence of unseasonably warm spells
las prevented any premature develop
nent and lesesned the dangers of late
rCStS.
The most effective support to the
market at this time is the certainty of
asy money for the next three or four
1onths This ease is worldwide. and
ill facilitate the placing of many is
ues which had been deferred for
1Ore convenient periods. In Europe,
here has been a distinct Improvement