The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1898-08-26
STOCK EXCHANGE
San Francisco Man Says
Should Be One Here.
Trading at Present Unsatisfactory
to Seller and Buyer-Extersive
Asking for island Stocks.

EDWARD fOilltZ. IOunuer anu now
vice-president Of the San Francisco
Stock and Bond Exchange, is at the Ha-
waiian Hotel and will be in town for
nearly fortnight yet. Mr.. Pollitz ar
rived by the Mariposa and is here on
business in his own line. He has been
established in San Francisco more than
twenty-five years, has been in the Ex-
change seventeen years, has connec-
tons with all the American and Euro
pean centers of business and Is well
known in the big financial circles. But
three Hawaiian stocks are listed at San
Francisco. These are Hawaiian,
(Spreckelsville) Hama and Hutchinson.
There is good deal Of trading in all
of them and Mr.. POLITE wants to see
more Island corporations on the call
sheet. He says that since annexation
has been accomplished there Is inquiry
from the great American cities and
from Europe concerning Island securi-
ties and that there Is q demand for
them. Capitalists and ordinary buyers
as well look with great or decided fav-
or upon Hawaiian investments under
the new political condition.
Are stocks too high here?' was
asked Of the veteran broker.
Not yet" came the reply. There
does not seem to be any booming, any
fictitious valuation. We do not hear
of any watered stock here and the
to, cd mi /
should say that stock will here come y
or reach the ten per cent basis. That
is, money will be put in readily on the
prospect or belief or confidence OF get
ting ten per cent on the investment.
What is needed here continued
Mr.. POLITE earnestly, is an exchange.
They can call it what they will. but In
the interest of both seller and buyer
there must be common quotations. ]
should think transactions here now
would be very unsatisfactory to all con-
cerned; whereas, II there were author
lied statements of bids and asked, both
holders and investors would know just
what they were doing. 1t Is now SIM
ply individual trading and to the eyes
of those having familiarity with stock
business has many odd features. 1t Is
not on a systematic or correct basis.
do not cast any reflection on anyone
when I 60 so far as to say that the
present method Is not quite fair. Even
the brokers suffer. They would dc
much better were there an exchange
and there would be much more bust
ness, / assure you. l have spoken to
some of the dealers and to many OF the
owners who have large holdings and al
to whom I have preached the subject
are in favor of an exchange. When We
started on the Coast the charter mem
hers nut in $50 each. Now seat In tho
exchange is worth $4,000 and we have
an insurance feature The calls are
made twice day and the lowest figure
is the quotation for asked. II the ex
change is established here our firm VIII
take it's chances with others IN sai
Francisco on getting share OF Dusi
ness. II the local men do not estab
lish an exchange, 1t will be done d!
San Francisco men so soon as the caDi
is laid and the business will go to san
Francisco
Mr.. POLITE is in conversation a mos
interesting business man and at ono
impresses his caller. Mr.. POLITE ha
deep faith in the sugar business a
conducted by the companies here. II
was careful that the Stock and Bon
Exchange should not be COMPOUNDED u
any way with the mining exchange
which Is we'll known as little else thai
a gambling institution. Reference I
the daily reports of the Stock and Bon
Exchange develops at once that onl
the best securities are listed.
The interview with Edward Pollit
on the subject of Stock Exchang
for Honolulu, published in yesterday
Advertiser, was the one topic G
thought and discussion among broker
during the day and created general In
terest and comment among bushes
men and investors. Lots OF money
pouring into stocks every day. Their
is a great deal OF idle capital in Hone
lulu. The unsystematic state Of va
uations Is the cause Of slowed none!
The condition Of things Is unsatisfat
tory to brokers, sellers and purchaser
of stock. All are working, in a mea!
IRE, in the dark.
The Importance OF a stock eXchane
suggested itself before. 1t was In
perative in independent Hawaii. A
that time one broker thwarted tn
idea. He was opposed to it because b
had a big trade and could get alon
without 1t. With annexation, howeve
a new phase appears. Hawaiian stock
can no longer he confined to the Hone
lulu market. San Francisco and Ne
York money will demand them. Thel
must be a stated, positive daily vail
alton here. 1t must be established .
Change. No broker or hui can do
When the cable comes the figures wi
be posted on Change in San Francist
and quotations and offers will
made simultaneously In both towns.
Willard L. Brown, prominent an
successful broker, said OF the idea:
Il have always been in favor of
Stock Exchange. With the number I
brokers here and the amount OF stoc
changing hands daily 1t Is necessit
When In the States l studied closel
the subject and am constantly recei'
ing literature relating to the bushes