The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1898-11-26
THE DROP IN H. C.
A Striking Slump in the
Stock on Coast.
Tu nbles Down In a Day Pollitz
Says Enemies are at Work.
Campbell Bear.

SAN FRANCISCO. Nov. 1S-rhc rapid
and sudden decline of Hawaiian CONNER
cial yesterday on Change caused conster-
nation among large and small holders.
closely bordering on n panic. At the
opening OF the morning session the shares
sold at $3.50. a decline from the lowest
point OF the previous day. and continued
rsceding until they reached SIC. The last
sale in the afternoon was at so. though
only five shares were sold at that figure
More than l,UOJ shares changed hands
during the day in the open board.
Various causes Tor the sudden decline
are given ny as many Interested parties,
most Of whom claim that IL Is "A deal ON
the part OF the people who nave recently
been defeated in the deal they Coutcm-
plated. and who now seek to get even
with the holders by depressing the value
of the shares. Others say that the brok-
erS are in the deal for gain. while Lead
ing fuanCicrs and bankers are at a loss
to account for the decline.
The stock sold at Sp only week ago
1t declined point or two day. but TIA"
break came yesterday, startling the in
siders. who are AT loss TO account Tor
II. Other sugar stocks were slightly al
fcctcd in the decline OF Hawaiian Com
mcrCial. though the Shrinkage was only
nominal.
the recent victorious opposition 10 the
old regime i'm Hawaiian Commercial. was
not IN a pleasant frame OF mihu az W"
result OF yesterdays manipulations.
When asked as 10 the probable cause. OF
the sudden decline OF the shares which
he and his party had been booming, he
lit is caused by the spreading OF will
ful and deliberate falschoods about
islands. circulated 10y parties who are still
Smarting under the effects Of the late
deal. which resulted disastrously To them.
Deputy Superintendent Ferguson OF the
Hawaiian Commercial, who ~ next in
rank To Superintendent Bowrir. arrived
here, so did Mr.. Irwin. one OF the leading
sugar men OF the Islands. Both siren
uoUsly deny the Tumors OF labor troubles.
or any impending ones. nave received
HaCkfeld companNs plantations. ia
which he states that not only X there
no labor trouble on the Islands. but that
greater harmony prevails at present thau
has been the case during the last ten
..'rh. whole thing is dastardly at
tempt to euchre people out of their
stock. This cannot bc the cause OF the
rumors brought from the Islands. be
cause the decline commenced some days
before the steamer arrived here. tn.
steamer arrived yesterday and the mail
was distributed late in the afternoon.
while the drop commenced on NoNember
9th when the shares sold for $6o. Some
brokers and outsiders are likely con
cerned in this deal They are IN II i"T
what they can make out of it
James Campbell. the Hawaiian million
airc, takes quite a different view OF the
decline OF the SNdrtS. lie Sstll last even
ing: Il do not see anything very unusual
in the decline The stock rose too htgh,
and mad to come down at the first reac-
ton. nor would l be- surprised 10 see u
decline still more. All shares rising sud
denly and rapidly are subject TO similar
reactions. There is no truth IN the rum
ored labor troubles, nor i there any like
lihood Of labor troubles under the new
government. Wages are expected TO go
UP in the Islands. but that viii be ac-
complished without the slightest trouble.
The report OF typhoid fever could not
have any effect upon the stock or the
Hawaiian Commercial. which Is located
on another island than that where the
fever - reported as having broken out.
This nuctuation IS simply the result OF
speculation. Parties are Interested iu
booming the stock beyond its real value
while others make every effort u keep ii
down 20 further their own ends.
=. I. LanEeTmauu, a broker, who han
dies Hawaiian Commercial extensively
said that ne was not in the least dis
turhed by the fiuctuation. ascripiuE tnt
drop TO reaction and rumors OF labor
troubles and sickness in the Islands. Hs
bought and sold yesterday. right and
left as he expressed II.
Daniel Never. the banker, said that hf
was not prepared 10 ascrilc tho decline
| TO any special cause until he could SEE
| further developments.