The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1899-04-04


Snsuiys. b. transfer ~ lars. Interests
b piauta ions 20 nun.rrsil lent capital.
ls,f enc iotal hud small siprk mafksi
Shows 4 Hfons speculative spIfit u
lh.r fearhei that rUidhi0n In Nhioh
lths value 81 ths properties be Ones
o secondary ana r 40 doubt that ther.
lare soma purchases fsr lnyesl n.nt. In
1.-The los.a market. but che large major.
10y Of dealings are now made for
"turn" FOR a profit without special
Iregard 70 the intrinsic merit Of the
Stoke IN. merits are not entirely
Ignored. but the temper and dlsposi.
ton of purchasers has more to DO with
1.-THE making OF en- Immediate profit than
the real value OF the stock. This is a
iphass o, stock speculatlng which 4
apparcnt on every stock exchange.
Indeed, Il may be said that the maj
Iorl'y Of stocks dealt in. on the stock
Exchanges oi the world. are bought
and sold mainly on what the public
does believe and can be- made 90 be-
llieye.
The old veterans Of the stock ex-
changes always look. in the first in
stance. TO the human sid. OF the stock
market. They know that a really va
ljuable ssock will not command a fair
pric. n the public Is not In a buying
mood They know too. tina, n the
pubIIc Is I'm a buying mood. any stock
lean no sold and often the most worth
less such as are known on the ex-
lchanges as Cats and dogs" become
1.-The ,ayorites. The fayorlte American
l.tock for speculative purposes. ON the
lIondon end New York exchanges. is
I"rria Railway" II has Maid two small
Iaividends within forty wears but its
Inrice rises and falls with the general
marriott vhollv irresnective of its
merits IntrinsicalIv a is practically
vor,hlas. Al -ha so,ra time capital-
ks+s uriI Loan mo,ev unnn II with n
r,rrouor MARGIN than u,on many d.
Ivide,d having s.ocks Tho historv NJ
I,bis and o,bar stocks sbows that tho
1,roost mar, of tho dealings u, rho
lexcbargos arc based n, tho tbeorv that
IA, ono purchases n stock some ono e,se
will soon buv n "on tho rico Tbere
lis little occasion for considering tho
merits of an article when its rise in
,rice IL antirarv controlled nv tho tam
lnaramant of the nuh,ic Ono os tho
lordes, and most snccessfuI stocL or.r-
Iators said that ba rara,v looked NJ tho
-anor,s made ahout railway ,rono-tios
Iue confined his Atlanta, IN ,.a,i,,
tho ,u1sa NJ tho nrh,ic Vrberever be
felt a ouickeninp Of the snecuIative
,,Ise Il. hou,bt for n rico r,,,bo,,
lraoard IN merits and .s n rr,a r,odo
Largo nrofts Tho nuh,ic comn,sed
mainly NJ "Iamhs has No mind NJ
l;ts ov, and s,acura+os -, humans
lIt has M natience for tho cxamin,-
ion n, vaIues wben tho rise In nrices
rs we'll started the snecplative mo-
lmeut Jepends upon the certainty with
which as all eynerience shows tbe
lpublic that is the "lamhs " will enter
the market As the old operato-s
think more ranidlv than the nub,ic
does, II happens that the nub,ic he
gins 4, buy on a large scale, and ere
ate high prices at the moment the old
operator abandons the market.
This course OF speculation Is now
lapparent here, though It is on a small
lscale. II concerns mainly the small
dealings. because the larger transac-
ltions are made in private. The bust
ness. when analysed, takes notice of
1.-The merits OF the stock incidentally.
It's main object is not to wait for divi-
ldends. but to sell to a purchaser on
the rise. II is in this that the gambling
spirit shows itself. As few men care
to work for money If they can get it