The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1899-10-06

Broker POLITE Carries it
Through.
Fifteen Thousard 6hsv-s p AOsd IN.
San Francisco ~ Trrty.nvs
Dollars Per Share.

BY the Coptic yesterday afternoon
E. C. Macfarlane, the stock brokes
who engineered what IL known - the
"Honokaa deal" for Ed. Pollits Of San
Francisco. received word from that
gentleman that he had succeeded in
placing the stock In San Francisco and
that the deal was therefore closed.
1t will be remembered that Mr.. Pol
lite, through z. c. Macfarlane, secured
options ON 1900 shares Of the Homo
kaa stock held In this city at S2sEe
some weeks ago. with the condition
that he should take 1t to San Francis
co and place 10 ON the market there ut
the opening figure. Although shsre
were many here who said Mr.. Pollitx
had undertaken more than he could
accomplish and that the deal would
surely fall through, 1t would appear
that the San Francisco broker knew
pretty well what he was about.
The doubling Thomases" here pre-
dicted the failure Of the deal from the
fact that there had been . decline in
sugar securities at the Coast and Q con-
seQuent weakening Of the market
there. which 1t was thought would ef-
fectually shut out any new flotatiOn
scheme Of any kind. The contrary has
proven to be the case, however, and II
speaks well for Mr.. POLITE standing
In San Francisco monetary circles that
he has been able to float the H0nokaa
stock In the face Of falling market
The successful ending of this latest
Of Mr.. Pollitz' enterprises In Hawaiian
sugar stocks means the introducing Of
nearly half million OF foreign capital
into Honolulu at one stroke. What
this will do In the present coalition
OF the money and stock markets of the
city may easily be imagined.
| Mr.. Pollitz writes that he has placed
every share Of the $4,000 on which he
secured an option in the San Francis
CO market at $35, as he agreed to do,
and that the stock Is held firm at that
figure. He also stated that the fact OF
all the sugar lands Of the company be-
ing held In fee simple was the great
factor on which he had relied to place
the stock.
Concerning the above the Chronicle
Of September ~ says
| "A new sugar stock is listed by the
HOnOkaa Company. which has an su-
thorized capital Of 1000, 900, fully paid
up. There are 100000 shares at @1o
each.
"The stock has been selling in the
Islands Of late at from $24 to 427, but
some interests here have started to
buy II up and the price Is stinsning.
although few brokers here seem. to be
Interested In It.
1T 10 reported that an option was
taken In the Islands for 1000 shares
at $3.50 to be placed here at $35. The
stock at present pays 35 cents month
dividend.
"All the other sugar stocks have
been rather weaker Of late and tend to
a price where they should pay / per
cent or better on the investment Cap
ital in the Islands has been put into
the different sugar stocks so freely
that new companies are not taking 80
we'll as they did some time ago, and
many Of the companies that were
started lately are selling stock for .
good deal less than the amounts paid
in. One of the reasons for this Is said
to be the labor agitation"
The loca quotations on Hon0ksa
stock yesterday were 33M bid and 33h
asked, with sales Of IS shares at 33X-