Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-03-21
New York. March

i
Transactions ON the Stock Exchange
in both bonds and stocks are larger
than year ago. but still considerably
below the proportions of previous
years. Neither confidence nor bush
ness have yet fully recovered from
the shocks and reaction Of the last
/ few years. This week the market was
discouraged by developments in Mex
| leo. BY the poor reports OF number
of eastern trunk lines and by the re-
Icent severity Of the weather. which
| imposed sharp restraint upon traf-
/ fic and Industrial operations in gen
ieral. Steel orders We're less in Feb
ruary than in January, although mills
were more busily employed on ac-
count of the Increase in January or
| ders. Generally speaking. the bush
mess situation is sound, and the out
lock is for Improvement when snrlng
approaches. The declining tendency
| of money has been checked, and there
/ is the possibility of temporarily firfn-
er rates as the first CT April approach
les. Bank reserves have fallen from
so ,000. 900 in the first week OF Feb
ruary TO below So, coo, 600 a week ago.
leans meanwhile having steadily in
creased from S1.S49 ,0o0. goo December
| 10 to $2,059. 754. 600 a week ago. The
reserves. however. will soon be aided
| by the return Of Canadian funds to
| this market, which will serve to COM
pensate for the further outflow Of
IgoId to Paris. The western credit sit
uation still attracts some attention
lin view Of the real estate situation
| out there. and the fact tina he farm
| ers are In debt more heavily than
usual. although net to any embarrass-
ling extent The crop situation Is now
/ "a matter CT Increased interest and
the heavy precipitation Of snow and
rain during the winter months should
leave the sell in generally good con-
diticn.
The railroad situation Is still some.
what embarrassing owing to declining
earnings. which emphasize the neces.
isify Of the interstate commerce COM
mission granting some concessions. It
can hardly be expected that the full
per cent will be conceded, but there
| is good reason to hope for 21z to
3 per. cent advance. particularly on
| the eastern lines which are feeling the
depression much more keenly than
these in the West. No lasting Inn
provement can be expected In the rail-
| fcad situation until this rate problem
| is settled. The outbreak in Brazil
had more effect in London than here,
Though this market is sure to feel the
disturbance indirectly
Evidence Of business torpor is found
| in the monthly statements Of new In
lccrporations IN the eastern states
those incorporated for 100000 or
lover having amounted IN February to
only $51 900. Zoo, compared with $751;
U0e, 900 year ago. Since January 1,
/ the total was onlv Sill 900 900 in
comparison with s524, 200. 600 year
ago. Allowing that the figures for a
year ago were unusually heavy. this
| IS a striking illustration Of the shrink
age in business initiative The record
of new security issues confirms this
general trend The total issues re.
ported since January / of railroad
and industrial corporations was $685.
100000. against $493, 100000 year
lago.. Fer the month of February the
total was $176.000.0 900 as compared
with $343, 100000 in February Of last
year, when the returns were also ex-
ceptionally large. Nevertheless, there
has been a notable improvement in
the bend market during the last few
weeks when the issues were of a de-
sirable character; and it Is notable
that larger proportion Of new financ.
/ ing has been accomplished with long
term bends than with short term notes
which have been regarded as nothing
more than floating debt. This Is an
encouraging change of symptoms
The Mexican situation still hangs
over the market as a menace and a
puzzle that only time will'solve The
policy of non-intervention to which
Mr.. Wilson so firmly adheres has much
in it's favor. No one wishes TO see
American blood and money wantonly
shed for the purpose Of settling quar-
rels in which we have no concern un-
less our interests are seriously jeo-
pardized, a stage which has not yet
been reached Much has been gained
| by the calm and friendly attitude Of
Great Britain; which plainly approves
Tour present policy though intent on
securing PREPARATION for the killing Of
Benton later on; possibly when order
is restored and claims can be legiti-
mately presented and more effective
. " enforced. To me the best course Is
plain. would suggest that an earnest
effort be made to bring Huerta and
Carranza together; that provisional
president be appointed. and that these
two heads of opposing parties be suit
ably recognized in some official ca
pacity. The time is ripe for media
tion. Both parties must realize that
there are limits to their successes;
that by keeping up the struggle both
are likely to lose; that Intervention
will mean their ruin, and that no last
ing peace can be secured that does
net protect the life and property Of
all nations. It viii do good to neither
! side to keep up prolonged irrita.
tien against the United States, for If
intervention is pressed Aupon us. ii
will 60 hard with those who drive MS
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