Saturday press. [volume] (Honolulu, H.I.) 1880-1885, 1882-11-11
$ SATURDAY PRESS
SATURDAY, NOVEMBER II, 1889.
COMMERCIAL CORRESPONDENCE.

explained cause her departure has been post
poned until Sunday, which Is he usual day, as
only one steamer has len On advertised time so
far this year The English mails for Australia
reached New York on the r2th, so that the de
lay can hardly be attributed to that source
There has been quite furry in commercial
circles during the past few days in consequence
OF the extraordinary depreciation in the stock
Of the Hawaiian Commercial Company. I'm.
der the heading of "Bad Break in Sugar
Stock, - the BHirfiH has quite an article on the
origin and management Of the Hawaiian Com.
mcreinl Company affairs
"About two years ago articles Of incorpora.
ton were filed here for the Hawaiian CONNER.
cial Company, with a capital Of 10000
in loo shares Of $1,000 each. The parties
Organizing the company are largely interested
in sugar plantations at the Hawaiian Islands,
and in sugar mills. 1t was a close corporation.
Very little Of the stock was sold, because Of
the high figure. The wealthy gentlemen in.
terestcd put up considerable money in the pur.
chase Of ground, machinery, and other appur.
tenances for large business. The amount paid
up in coin on account Of capital was two
months ago stated to be S., 100000 Profits
amounting to 81, goo, 900 had also at the same
time TO be invested in mills and other improve.
men,s. the stockholders preferring TO make
that disposition Of the money rather than to
submit to further calls on account Of capital
stock. In order to make the shares popular in
the market, the capital, few months ago. was
divided into 10000 parts, OF the par value Of
500 each. As soon a. this was done there ap.
pcafcd to be some demand, for the stock was
advanced to 90 and upwards. This was about
per share was declared August 18th and paid
on the 2ist of that month. The second
dividend Of the same amount was paid last
month. Before the time for declaring dividend
Tor this month arrived, one Of the largest stock.
holders returned from the Hawaiian Islands
and reported to the directors the advisablity of
investing in more land and other improvements
so rs TO extend the business, which is already.
said to have been fairly remunerative. The
Recommendation was adopted and the dividend
they will not be resumed again this year. The
effect on the stock has been bad. About two
months ago sales were made as high as 6sB.
AS soon as it became known that the dividend
would be passed, prices rcccded rapidly until
yesterday, when sales were made as low as
3ah, decline of nearly so per cent Though
there has been good deal of the stock sold
this month"; we are informed that il has been
principally on account Of single holder, who
at one time owned onc.twentieth of the capital
stock. 1t is stated that o,,ooo shares of the
capital are held by persons who will not sell.
ms statement appears to be confirmed by the
report that the transfers this month have not
exceeded 6,ooo shares. Those who have looked
into the affairs of the company say it has done
well during the past year, and bids fair TO do
better next year
As IS always the case when stock takes a big
drop there is sure to be more or less excite.
ment and all sorts Of rumors. AT one time it
was asserted that the stock was being manipu-
lated IN the interest of the Spreckels syndicate
evidently TO get control Of it. 1t was also as.
serted that the banks had refused to handle il
but those who are in position to know any.
'hing about the affairs of the Hawaiian Com.
mereial Company deny that there is any cause
ior excitement, although several small specu.
iators who had invested all the way from three
to six thousand dollars under the impression
that they had struck bonanza, are reported to
be badly vlc,imiZed. a leading broker on
Montgomery street, who has handled mos, of the
shares that have been put on the market. in.
iorns me that the stock has only met with the
usual fate encountered by average investments
under similar conditions. There is evidently
something in the wind however, as il has
since been made public tina, the Hakaau plan
tation, to do business in the Hawaiian Islands,
has been Incorporated with Claus Spreckels,
VIM. Center Claus Mangels, Nicholas Oh
landt and Claus A. Spreckcls as directors. The
capital stock is ST. ZOO, 600, which is divided
into 10000 shares a, a par value OF SIoo each
The Spreckels Brothers, of course, are the
agents OF the new company
Another item OF commercial interest to the
people OF the islands is the formation of a com
pany for the manufacture Of bogus butter. The
factory is already turning out large quantity
OF oleomMgarine butter, and when all the de.
tails are complete, the supply will be about
thirty thousand pounds per day, which will be
put up in rolls, kegs and barrels. II is said
tins remarkable counterfeit will keep for six
months. The company buy up grease Of all
kinds lncluIlnu shine Inch e.. a..
! am told that promincn, provision firm,
doing an extensive trade with the islands, has
been offered the agency for this market, and
that proposition has been made with another
OF nee in the same way. These gentlemen
have entered upon these enterprises with a
view to permanent business. They have in.
vested many hundred thousand dollars in lands. |!
mills, buildings, irrigation works, shipping,
wharves and other improvements the result Of
which has been to develop the resources OF the |
Islands on scale never before attempted. |
Custom House statistics show tina, our imports
from the Hawaiian Islands FOR the first nine |
months this year aggregate value Of S6,67s,.
Zoo, against S., iS3, 700 for the same time last
year This trade has been rapidly expanding
ever since the treaty wen, into effect. Il has
f'rm TO send regular quan,ities 10 vanous por. |
tons OF the interior and have il shipped here
In rolls as the genuine article. An experienced
provision dealer sampled keg Of this bogus
butter the other day and pronounced |, an es.
ceilens article, under the impression that il wa.
the genuine thing. Many OF the restaurants in
this city Use this article exclusively and their
patrons do not seem to notice the deception. |
have reason to think the Honolulu marke, will |
be hhcIallx slltI,l.l MIN I, 49,. L..