Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-04-17
COMMENT AND SUGGESTIONS
IN THE WORLD OF FINANCE
BY HENRY cLEWs

Following is Henry Ciew's review
t,y under date OF March Is:
The financial community is still in
stat e hopeful expectancy. No
lItu" disappointment exists thai the
market has not shown greater
strength. yet it must be remembered
that We are passing through a period
ct trade depression an industrial re-
adjustment, which is worldwide ami
hot by any means confined to the
United States. We are inevitably in
enc OF those periods OF economic Teac
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 Unneces-
aary to deal with the past. or with
The causes leading TO present reac-
ton; but 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 a 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 s.ackness. The United
States Steel Corporation failed to earl
its entire dividend in the last quarter
of 1913. and there is good reason to be-
lteve that the full dividend will be
unearned during the current quarter.
The great textile industries are also
feeling reactiOnary 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
serious problems owing to declining
prices for fabrics, relatively high
prices for raw materials and rumb-
lings of fresh demands for higher
wages from labor The woolan indus
try is exceedingly spotty. A few mills
which boldly met the conditions aris-
ing from tariff changes by a sharp re-
ductlon in prices secured plenty CT Or
derS and have been doing a satisfac-
tory business. Those who hesitated
to make the plunge are feeling the
pinch Of circumstances, and more than
70 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
a -iY loV
try is also doing larger business af-
ter period OF severe contraction. The
tobacco industry has felt the effect of
disruption and increased competition,
buf 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 been doing
a tremendous business and making
unusual profits owing, of course to
the great expansion in the uses of pc
troleum. Our fertilizer companies are
expecting a good year. The agricul-
tural implement concerns have not
done we'll, some having manufactured
an oversupply, while others, are over
loaded with 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 $50,000,000, compared with over
$60,000,000 a year ago. In Greater
New York the total for the month was
only $S,000,000 this year, against 49,
100000 a year ago.
Washington remains source of I'M
certainty and disappointment in re-
gard to delay Of the rate decision.