Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1899-08-03
SUGAR KINGS Big DEALS

as is ny custom about this time of
the year, 1 have come to Homo
lulu 10 study up the financial stu
alton here" So said Edward
Pollitz, fnsncler, capitalist, and
millionaire, to BULLETIN repre-.
sentative at the Hawaiian Hotel
yesterday afternoon.
"The money market in Frisco
for the last few weeks was inclin.
ed to be stiff. There is nothing
whatever alarming about the
situation, however. Crops are
beginning to come in, and as q
consequences country banks are
drawing rather heavily. on city
banks. That is the usual state Of
affairs about this season of the
year. In q month or go things
will be as easy as ever.
81 have hardly had time to look
into the situation here, but il
seems to me that the main reason
of the present slump in stocks Is
that people here 60 10 for specula-
ton rather than investment. Sugar
is not thing to speculate with.
Investments should be based on
the actual showings OF the plan
tations. People here look upon
sugar stocks as a necessity, and
buy, many of them, without any
idea of meeting assessments when
due. They buy to sell again al
their earliest opportunity for a
slight rise. This is mere betting.
"The plantations are there, the
sugars growing, competent men
have charge, each successive crop
is greater than the last. VIVA,
better investment would you de-
sireP You invest, and you are
safe. Speculate, and dry season
or any other temporary set back
ruins you.
"And yet, after all, the talk in
Honolulu of small spectators
being pushed to the wall stands
for little; those who lose capital
invested are only about % per
cent OF the plumber who own sugar
stocks. Half of those who put
their money into these securities
do so with every assurance OF
holding on to the stock, and il II
is assessable with every assurance
OF being able to meet all assess.
ments. Out of the remaining
bali 20 per cent. are losers, as ]
said before. The other 30 pc,
cent, who, like the losers, bought
shares simply for speculation
manage to scrspe together enough
as assessments fall due to NEE
them. A'
"There is too much of the spec
ulative element altogether here
it want to buy any amount
prices Immediately jump up,
have noticed this several times.
II find very little speculation in
San Francisco, there they invest
and invest heavily in Hawaiian
securities because they know they
are good. 1t is not only on The
Coast that Hawaiian sugar stocks
are sought after, we have for some
little time been placing large
blocks with Eastern houses.
VI can safely say that today
over S25, GGG, 900 in Hawaiian SO
curities are held by investors or
the mainland.
10 be sure people were shy oil
sugar stocks in San Francisco
during the recent volcanic activity
on Hawaii, they did not know bnt
what the Sandwich Islands, plan
tations and all might be swallow.
ed up at any time by an earth
quake or covered over with lava.
converting the rich cane fields
into sugar mines.
swell! the eastern markets are
slowly absorbing sugar stocks.
and now that Mokuaweoweo has
ceased giving correspondents here
an excuse for sending startling
reports to the Coast, people there
will be as anxious as ever to in.
vest.
"We have done millions of dol
lars worth of business in this con.
nection that is not known. AS.
sessable stocks don't take readily
with San Francisco buyers, ex
sept McBrydeT 1 have sold large
blocks of McBryde to California
parties, and the securities are in
strong hands, too.
II notice that new plantations
starting up base the price of their
shares on the estimate of a posi-
BILE future yield rather than upon
any actual caDitaI ipvaatad. th;.