Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-04-17

Following is Henry Ciew's review
Of the financial conditions OF the coun-
tYy under date of March IS:
The financial community is still in
& state Of hopeful expectancy. No
Lt4st' g. pr ointment exists thai the
marked mas not shown greater
strength: yet it must be remembered
that we are passing through a period
Of trade depression an Industrial re-
adjustment, which IS worldwide AMI
not by any means confined TO the
United States. We are inevitably in
one of those periods of economic reac-
ton to which we must adjust ourselves
whether We like it or not, and which
are best met by candid appreciation
of the facts. 1t is of course uHneces-
sary TO deal with the past, or with
The causes leading TO present reac-
ton; but a survey of the present stu
alton at home contains both SOLDERING
and encouraging features.
The great transportation interests OF
the country are still paralyZed by the
indecision Of the interstate commerce
commission regarding an advance OF
rates; by the unfriendly attitude of
Congress; by the losses inflicted
through severe weather, and by gen.
eral trade sluggishness The steel in
dustry is suffering from continuous
lack of orders, due chiefly to finan-
cial inability OF the railroads, and to
the reaction in building as we'll as to
general trade .lackness. The United
States Steel Corporation failed to earn
its entire dividend in the last quarter
of 1913, and there is good reason to be-
beVe that the full dividend win be
unearned during the current quarter.
The great textile industries are also
feeling Feactionary tendencies. Con-
sumption is declining somewhat owing
to unemployment among the masses
and the general necessity for econo-
my. Our cotton mills are still facing
Geriens problems owing To declining
prices for fabrics, relatively high
prices for raw materials and rnfnb-
l!ngs Of fresh demands for higher
wages from labor. The WOODEN indus
try is exceedingly spotty. 4 few mills
which boldly met the conditions arts.
ing from tariff changes by sharp re-
duet1on IN prices secured plenty Of or
ders and have been doing a satisfae-
tory business. Those. who hesitated
to make the plunge are feeling the
pinch of circumstances, and more than
20 per cent of our looms are still idle.
/ Copper producers have had a hard
year. but lately seem to have been do.
ing better. The sugar industry is in
similar position. The rubber indus
try is also doing larger business af-
ter period OF severe contraction. The
tobacco industry has felt the effect of
disruption and increased competition,
but is nevertheless giving good &c
count of itself. The boot and shoe
industry slowed down considerably !;
nevertheless the Central Leather Co.
is doing very satisfactory trade. All
of the oil companies have heen doing
q tremendous business and making
unusual profits owing, of course, to
the great expansion in the uses of pc
trolenm. Our fertilizer companies are
/ expecting a good year. The agricul-
tural implement concerns have not
done well, some having manufactured
an oyeFsupply, while others are over.
loaded with a mass of farmers notes
which are not being met as rapidly
/ as expected. The real estate business
is anything but satisfactory for rea-
sons already well understood. The
February building returns for $50
cities reported prospective OUTLAWS OF
over s50,0o0,00o, compared with over
$50 1000, 900 year ago. In Greater
New York the total for the month was
only 100000 this year, against $15,-
/ 100000 year ago. ~
Washington remains a source OF I'M
certainty and disappointment in re-
gard to delay of the rate decision.