Newspaper Page Text
! f ! .
6
THti WftUl&Y HttO tfkiBUNli, klLOi HAyAil, TUESDAY frEkktJARY 6, ioo6.
, i
ii,' '
Kr.
&;,
&r-
Rg.V.-,
4 ,
l-,i ,'
h-
Kfi.,.
;;
IV ''
M
m
rw i
u
;t
!".
!.-;
L
M.-.-.
4,i
Mnt. '
- .V . ,
V '" . .
fvyV
M, '
W"
h,-
1"'
. i
ft..
V:
mv
??
;'.
5
!.''
..'
I
r.-
"
IT'
C'Af-
Ati
KM-r'
V '
fev
fit. - . .
1$ '' V.'
?Wf.' '
3V.
.' -
.
a?
Hi)!
YEAR OF PROSPERITY
MONEY AND BUSINESS.
Review of Financial Conditions During the Year 1905.
All Former Records Broken Expansion of the
Volume of Money Affects Prices Good Crops and
Employment Produce Wealth Prospects For 1906.
Springfield (Mns9.) Republican.
Unless the new year proves its
ability to meet the most, sanguine
expectations, the one just past will
long be remembered as the most
fruitful in material prosperity
experienced in our time. The
period following the civil war was
one of great industrial uplift and
notable excesses in speculation, and
so in more moderate degree was the
period of four to five years follow
ing 1878. But neither in the one
caso nor in the other was there a
successive rise year after year to
new high records in althat marks
business activity and profit, for so
long a period .'as this one just be
hind us, with no more than the
superficial reactions which" have
been experienced in the past seven
years. It is to the credit of 1905
that it outdid any other year in a
most notevvorthv and extended
series.
Labor certnmlv has been more
generally employed than usual
even in prosperous times. The ad
dition to the real wealth of the
country has no doubt, therefore,
been uncommonly large. But we
have also consumed wealth in un
common measure.
People have travled more, taken
longer vacations, and wasted and
consumed more. The great fact
of the time is rather the apprecia
tion of prices or valuations in terms
of money, and by this reckoning
the country has added wonderfully
to its wealth in the past year.
People accordingly feel rjeber, if
they are not actually on the aver
age in much greater command over
the means of satisfaction in mater
ial living. There is more confi
dence in the situation, more heart
in industrial effort, more to stimulate
activity and strengthen hope and
expectation and this as a result of
the rise in valuations rather than
as a result of great appreciation in
net values. But it all counts none
the less effectively in producing the
spirit which makes for prosperity.
MONEY VOI.UMK AND CROPS.
Hence if we were to select one
factor above any other as most re
sponsible for the wonderful uplift
of 1905 we should name the great
expansion in the money volume
which has been going on for half a
dozen years without which there
could not possibly have been this
rise in money valuations that so
stimulates activity through the ap
pearance of rapidly growing wealth.
Through continued enlargement of
gold production and bank note
issues we have the following ex
hibit of total monetary circulation
in the United States:
Dec. 1. Total circulation.
1905 $2,662,134,539
1904 2,573.888,367
1897 1,7211084,538
Here is an increase for the past
year of over $88,000,000, and an
average yearly increase since 1897
of the remarkable amount of
$117,631,250. Rarely if ever has
there been experienced such a
marvelous expansion as this, and
we find it reflected in the rise of
commodity prices to the highest
point known in 22 years, and in
the general advance of property
valuations which so greatly inspire
confidence and stimulate to indus
trial endeavor.
The second great factor in the
wonderful prosperity of the time
has been the harvests which yield
more substantial results. The
corn crop is the largest of record
and that of wheat has but once
before been exceeded. Prices here
have been lower because of supera
bundance, but the great volume
of production has nevertheless en
couraged agriculture, given to the
railroads more business than they
can handle, added futhcr stimulus
to the boom'in westerujfarm lands,
and suddenly restored to the couutry
to its old position in the foreign
grain tradi. Only cotton among
the principarcrops is short in yield,
but the prices being commanded by
the southern planter seem to.more
than makes the quantity shortage
good.
SPECULATION AND ENTERPRISE.
The year opened most hopefully
in speculation and enterprise, and
stocks continued to rise in the face
of low Jbank reserves until early
spring when a slump of consider
able extent ensued. But there was
early recovery, and as large crops
became assured the market for
securities broadened and finally fell
into hands of the most powerful and
resourceful combination of specula
tors ever known in Wall street.
From the late summer until the
closing hour of the business year
the stock market had boomed with
few interruptions. First this and
then that security was seized upon
and sent flying upward successivly
to new high records. That credit
was being over-extended, that sur
plus bank reserves were in a chronic
state of exhaustion, that crokedness
had been rife in the circles of high
finance and politics as shown by
insurance exposures and federal
prosecutions, that weak spots were
being developed as exhibited in the
Milwaukee, Kansas City, Chicago
and Memphis bank crashes, the
Dayton railroad receivership and
the Rock Island reduction, that
money was continuously tightening
and that Russian revolution threat
ened panic and contraction in west
ern Europe all this passed for
nothing; and the excitement grew
until at the closeWall street presen
ted the phenomenon of wildly
bidding up stocks in the face of
money rising to 125 per cent and
averaging on all call loans for a
week no less than 40 per cent.
The coal stocks and Union Paci
fic were the centers of speculative
interest, but practically the whole
railroad list has been dealt in in
unusual volume and as a rule for
the noteworthy betterment of
prices.
But the wildest activity has been
in certain industrial shares and
particularly steel and copper, a
table showing the course of the
market in these shares reflecting
first of all the great boom in the
copper and iron and steel industries
which has been the most striking
feature of productive enterprise in
1905. But the remarkable uplift in
Amalgamated copper may reflect
also the fortunes of a war for the
undoing of the spectacular Boston
operator, who set out to destroy
"the system" of which Amalgam
ated is a part.
Stock sales on the New York
exchange during 1905 aggregated
262,080,000 shares, a total that
exceeds all .previous records. It is
further to be remarked that six
stocks Union Pacific, Amalgam
ated copper, Pennsylvania, Read
ing, United States steel preferred
aud Erie were traded in to the
extent of over 100,000,000 shares,
or some 40 per cent, of the total.
Union Pacific was sold to the ex
tent of nearly 20 times the total
amount outstanding, Amalgamated
copper over 10 times the amount
outstanding, Erie and Rea nag
nearly 10 times the amount out
standing, United States preferred
nearly four times, and Pennsylvania
nearly three times the amount out
standing. INDUSTRIAL
It has been a
ACTIVITY.
record-breakiu g
year in many
other features of in
dustry. The production of pig-iron
will reach the enormous
over 22,000,000 tons,
total of,
against
16,134.349
432,1461111903. And the weekly
rate of production was greatest at
the end of the year. Prices of iron
and steel, however, have been held
below the figures of previous
booms. It is estimated that the
United States steel corporation
closes the year with a booked ton--nage
of over 7,000,000 of prospec
tive business, or about double its
usual volume of .orders on hand.
The boom in copper has been
equally noteworthy, but more the
subject of speculative manipula
tion, and prices arc about the
highest known. General industry
and business partake of the same
extraordinary degree of prosperity.
This is reflected in bank clearings,
which surpass all previous records;
in railroad earnings, which have
been increasing throughout the
year; in the low state of commer
cial mortality or business failures,
which will make one of the most
favorable showings ever recorded.
And the year ended in trade as in
stocks, with such a volume of buy
ing as was never before experienced
in the American retail trade mak
ing the holiday season one of
extraordinary bounty and brilliancy.
General commodity prices, as has
before been notedare at the high
est point known since 1882. Ex
ports of wheat and corn have risen
to old-time figures, and cotton at the
high prices moves out about as
freely as a year ago, when produc
tion was much larger and prices
much lower. General exports of
merchandise are at the highest ever
known and po are imports the
year ending with a wholly unprece
dented inrush of foregin goods
drawn here by the great consump
tion of commodities and high prices
prevailing.
A PROMISING OUTLOOK.
As to the outlook for 1906 no
one can safely venture a prediction.
The stock market has set aside all
precedents and its future 'course
defies calculation. It is only to be
noted that while many stocks have
had a towering and shaky rise,
many others have been negleted in
the feverish uplift of recent weeks
and remain below the quotations
established early hi the year. Ex
pectations of easy mouey after the
January 1 settlements are likely to
be disappointed for the time being.
Mot only are central bank reserves
down close to the danger line, but
there is evidence of heavy borrow
ing from abroad on exchange bills,
which will shortly mature. Thus
there is as good a prospect of gold
exports as of gold imports. More
over, the great expansion of enter
prise aud speculation in the interior,
which has seized upon aud delayed
the return to Wall street of the un
usual amounts of money sent out
to move the crops, may check
further that free return of funds
that is so confidently counted on
by the operators for the rise in
securities.
But the event alone can settle
questions of what is to come. Credit
is greatly extended. Stock and
some other speculative markets are
in a highly airy position. Con
sumption is one of that feverish
character which suggests overdoing.
All rules established by long ex
perience are being defied so far
successfully. This may continue,
and the cautious ones who make
too much of old rules may continue
to miss opportunities for money
making which the more reckless
will turn to profitable account. We
shall know more as to that a year
from now. But a canvass of opinion
among leading railroad men and
other captains of industry will re
veal great unanimity in the belief
that the year 1906 will pass with
out serious financial disaster or
industrial setback, and will prove
quite as solidly, if not as spectacu
larly, prosperous as the remark
able year which has passed into
history.
To I'rovo Bribery.
Washington, Jan. 26. President
Roosevelt has ordered the publica
tion of correspondence showing that
Attorney Packers bribed a press
reporter to so color his reports of
j the Chicago anti-trust trial as to in-
i fluence public opinion,
Another Man for Kui'otie.
The Board of Immigration will
probably select another man to go
to Europe in place of Secretary At
kiuson, who left Washington today
for Honolulu, in order to take his
place as acting governor during the
illness of Carter.
Among those who have been
mentioned for the place is Attorney
Frank Andradc, whose knowledge
of the Portuguese language would
prove valuable.
"It would be easy to get plenty
of laborers," said F.J. Dutra, the
Portuguese broker, who is one of
those who would be willing to un
dertake the job. "I am certain
that there are plenty of good strong
young men and women who would
be willing to come. All that is
needed is someone who can go
among them and explain matters.
"I would like to suggest that if
a colony of Portuguese are to come
they should be allowed to bring
five or six of their own priests with
them. I don't say anything
against the priests now here, but
the new comers will be more con
tent, and better handled if they have
their own priests with them. Plan
tations would find that such men
would be of the greatest value in
settling all sorts of questions.
Dutra has given a great deal of
study to the Portuguese immigra
tion proposition and wants to sec it
carried out. Star.
Safe Ilnrbor for Kuhulul.
For the past two years engineers
have been figuring on the con
struction of a breakwater at Kahu
lui, Maui, and there now seems to be
an immediate prospect of something
being done as preliminary plans
have been prepared aud Alexander
and Baldwin, on behalf of the
Kahului Railroad company, arc
prepared to go ahead with the work,
a contract having been signed with
the Hawaiian Dredging Company.
The breakwater will be built from
the Paia side of the oil tanks to the
American Girl rock, a distance of
2100 feet. It will be 250 feet wide
at the bottom and 100 at the top.
It will rise eight feet above high
water.
The construction will afford a
safe shelter in all weathers and the
harbor will be dredged out to a
depth of 32 feet. Star
Referred to Congress.
Washington, Jan. n. For some
time tlie French government has
threatened to send a squadron of
war ships to the Venezuelan coast
to force au apology from Castro for
his insult to the French govern
ment given to M. Taiguy, the
French Consul at Caracas.,
President Roosevelt has decided to
submit the whole Venezuelan case
to congress and now awaits the
report of Special commissioner Cal
houn, who went to Venezuela to
make an investigation of the as
phalt and other cases against the
government.
Willemstad, Jan. 26 Two
French cruisers have arrived here.
Tho Valencia Wreck.
Seattle, Jan. 26. One huudred
and seventeen of the persons who
were on the wrecked steamer Val
encia are still unaccounted for.
Victoria, B. C, Jan. 27 Sixteen
bodies have been recovered from
the wreck of the Valencia.
Ottawa, Canada, Jan. 27. The
Government has ordered an inves
tigation of the loss of the steamer
Valenpia on the coast of Vancouver
Island.
. Victoria, B. C, Jan. 29. Three
more bodies have been washed
ashore from the wrecked Valencia.
The Ella G, reported lost is safe. .
Hurled With Military Honors.
Wasniugton, Jan. 29. The re
mains of the late General Joseph
Wheeler were buried today with im
posing military ceremonies at the
Arlington cemetery.
Punished for Neglect.
New York, Jan. 27. Captain
Van Shaick, of the steamer Slocum,
which was burned in 1904, has
been sentenced to ten years im
prisonment for failure to enforce
fire drill on the boat.
Another Steamship Line.
The Los Angeles Times prints
the following: "Another steamship
line, and one of the largest in the
world, will be working directly from
San Pedro aud Los Angeles, and a
battle royal between the transconti
nental railroads and this Company
will be waged for the control of the
freight traffic between the East and
West when the contract between
the Hawaiian-American Steamship
Company and the Tehuantcpec
National Railway goes into effect
on July 1st of this year.
"At the present time this Com
pany operates these steamships
between New York, San Francisco,
Honolulu and back to New York,
the steamers passing ,from the
Atlantic to the Pacific by way of
the straits. The big liners all have a
speed of twelve and one half knots
an hour, and make the 14,000 mile
voyage between New York and
San Francisco in an average of
sixty days. '
"When the Tehuantepec Nation
al Railway and the freight liners
begin to work together, however,
the distance, will be cut to about
5,000 miles and the time from New
York to Los Angeles will be
twenty-five days or about the
length of time required to ship
heavy freight by rail between the
metropolis of the East and the
Southwest.
"The Americau-Hawaiian " line
has entered into a contract with the
the railroad by which the steamship
company will operate some of their
vessels between New York and
Coatzacoalcas, and the other ships
of the company between Salina
Cruz and the Pacific Coast ports
and the Hawaiian Islands. This
contract becomes effective July
1, 1906. Bulletin.
Tldnl Wares.
The present winter will long be
talked of by the seafaring men of
the North Atlantic as one of the
stormiest in their experience.
There is probably a connection
between the unusual weather that
has prevailed over the eastern half
of the continent this winter and the
extraordinary succession of hurri
canes thut has ravaged the Atlantic.
One steamer that came in from
Liverpool Friday after 15 days re
ported 14 days of violent gales the
worst weather in the experience of
the officers. During the storm of
Christmas week one captain re
ported the lowest barometer he
had ever seen on the Atlantic as
lo.w as a typhoon barometer. One
remarkable feature has been the
number and magnitude of what are
popularly called "tidal" waves,
due, evidently, not to earthquakes,
but to the unusual area aud viol
ence of the storms and the conse
quent uustability of the sea. A
considerable part of the loss of life
has come from this cause, and if
any vessel remains unaccounted
for it may be that it has been
swamped by one of these monstrous
rollers such as some of the big
liners encountered.
Subscribe for the Tribune.
scription $2.50 a year.
Sub-
CO WHERE YOU WILL
YOU WILL I'IND THE
SWELLEST
SMARTEST
SLICKEST
STRONGEST
SUITS
AT
GOO HOO'S
THE TAILOR
FRONT STREET, - HILO
f Pyrographlc Outfit B-J150
PwbnVMrW4.WM4.LM,aM,
lMWM,CtMi
U.lclMHMMl
I Handkerchief
Box, No. 688
I miMiM. nksMaa
r
Tto (ten ftrocnfUi Onf Ml BttrtmnttfB-
;I.MI.MI liUni f II piD 4
Oa fcM mlirtiliilllMt
SPECTAL OF-PTEre.
MMMM
1 GALLAGHER BROS.' GOODYEAR RUBBER CO. Mlf
.yOwA toPwMfaCJ.. R. II. PEASE, Pr-ld.nt.
r -irriinnn'i".??! i miiiiuM SAN FRANCISCO, CAL,., U. S, A.. ;$M ',
That Tired Feeling
Which Is so
is often
caused by
poor, thin
blood, result
ing in defi
cient vitality.
Tho blood noods
to bo onrlcliod
and vitalized:
and for this tlicro is no medicine In
tho world oqual to
Ayer's
Sarsaparilla
Tho euros it has worked, tho men,
vromon, aud children it has restored
to health, are "countless in number.
Ono such oxporleuco is as follows:
"Ihavo used Ayer's Sarsaparilla In mjr
famllr for years, and would not be without
It. I used to sudor with bolls and skin
eruptions, attended with great lassitude
and exhaustion. In fact, I was so 11 f that
I could not attend to my business. Doing
advised to try Ayer's Sarsaparilla, I did so,
and I am happy to say that the modioine
restored mo to perfect health. I have since
used Ayer's Sarsaparilla for my children, in
various complaints, and it has always proved
effective. 1 can safely recommend it to suf
ferers as a true blood purifier.''
There are many imitation
Sarsaparillas.
Be sure you got "AYER'S."
PrtpMbjrDr.J.C.AjerC.,Lowill,Mjif.,U.S.A.
AYKIVa FILLS, th but fimily Uxatlv.
For Sale by HILO DRUQ COMPANY!
Hilo Railroad Co.
Short Route to Volcano
TIME TABLE
In effect July 1, 1905.
Passe URcr Trains, Except Sunday.
7
A.M
9
P.M
8
A.M.
10
T.U.
5MS
5:40
5:2s
5:iS
4:5S
44J
iS
A
P.M.
S:ii
4:56
4o
4:35
4!5
4:0c
STATIONS
....Hilo....,
..Waiakea .,
.Olaa Mill.
....Keaau...
7:00
7:05
7:23
7:30
7:46
2:30
2:3S
2:53
3:i5
9:4
9:33
9:30
9M5
3:30
Ferndale.
9:0O
8:50
8:30
8:00
8:20
3:S5
ar-Mouut. V'w.
ar..Glenwood..
4:i5
1
A.M.
3
r.M.
2
A.M
SUNDAY:
8:00
8:06
8:35
8:3a
8:49
9:05
2:30
2:36
2:55
lv Hilo
ar.... Waiakea ..
ar... Olaa Mill..,
ar Keaau....
ar... Ferndale ...
ar..Mouut. V'w.
ar, Gleawood..
10:48
10:44
10:28
3:0 s
10:22
3:19
3:35
10:06
9:53
925
3:55
9:351
FOR PUNA:
The trains of this Company between
Hilo aud Puna will be run as follows:
WEDNESDAY:
Leave Hilo Station, by nay of Rail
road Wharf, for Olaa and Puna, upon the
arrival of the Steamship Kinau, running
through to Puna and stopping at Paboa
13
A.M.
14
A.M.
9:55
9:5J
9:30
QUO
8:42
8:30
7:3
6
P.M.
4:40
4:35
4U5
3:47
3-35
yoo
BBBBBBar yr ' m
Ipy
FRIDAY:
lv Hilo ar
ar.R. R. Wharf.ar
ar.. .. Waiakea. ...ar
ar...01aa Mill...ar
ar-Pahoa Juncar
Jar...- Pahoa ar
ar Puna lv
SUNDAY:
lv Hilo ar
ar.. .. Waiakea. ..ar -
ar...01aa Mill...ar
arPahoa June...
ar....Pahoa....ar M
ar Puna lv
6:0O
6:06
6:28
6:58
7:20
S
A.M
9:00
9:06
9:25
9:50
10:20
'0!5S
Excursion tickets between all poinU
are sold on Saturdays and Sundays, good
returning, uutil the following Monday
noon.
Commutation tickets, good for twenty
five rides between any two points, and
thousand mile tickets are sold at very
low rates.
D. E. METZGER,
Superintendent.
immmmiimmmmmimnm
For Elegant
Society
Stationery
Invitations
Programs
Announcements
1
1 Call at Tribune Office
iiMuiimmm.iiiiui.iu.uiim
1 .flap-
' ALL KINDS OF -W.;
RUBBER GOODS 'm
s
.V JW .'.
J'hi.ld
to?
mi
vtefl
wn
m
CI
m
m
' w
. 1
! :.
;- 'A
"im
; r
M v?
Tf
. 1
v;
A
: a', '
I1
