The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1899-10-06
The H0NOKAA DEAL
Broker PollitZ Carries it
Through.
sIfceen Thousand Shares Placed In
San Francisco at Thrty-five
Dollars Per Share.

BY the Coptic yesterday afternoon
E. C. Macfarlane, the stock broker
who engineered what is known as the
"Honokaa DEAL for Ed. Pollitz OF San
Francisco. received word from that
gentleman that he had succeeded in
that the deal was therefore closed.
1t will be remembered that Mr.. Pol
litz, through f. c. Macfarlane, secured
options on 5000 shares OF the Homo
kaa stock held in this city ut $3.50
some weeks ago. with the condition
that he should take it to San Francis
co and place il on the market there at
the opening figure. Although there
were many here who said Mr.. Pollitz
had undertaken more than he could
accomplish and that the deal would
surely fall through, IL would appear
that the San Francisco broker knew
pretty we'll what he was about.
The doubling Thomases" here pre-
dicted the failure of the deal from the
| fact that there had been n decline in
sugar securities at the Coast and con-
sequent weakening of the market
there, which ii was thought would eff
fectually shut out any new fiotation
scheme of any kind. The contrary has
| proven to be the case, however, and IL
speaks we'll for Mr.. Pollitz' standing
| in San Francisco monetary circles that
| he has been able to float the Honokaa
| stock in the face OF a falling market.
The successful ending of this latest
of Mr. Pollitz' enterprises in Hawaiian
sugar stocks means the introducing OF
nearly half a million of foreign capital
| into Honolulu at one stroke. What
this will do in the present condition
of the money and stock markets of the
city may easily be imagined.
| Mr.. POLITE writes that he has placed
every share of the $4,000 on which he
secured an option in the San Francis
| co market at s35, 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 81 says:
"A new sugar stock is listed by the
Honokaa Company, which has an au-
thorized capital of $4,000, 200. fully paid
up. There are 100000 shares at S2C
each.
THE stock has been selling in the
Islands of late at from S2i to S21, but
some interests here have started &c
buy it up and the price Is stiffening
although few brokers here seem to be
interested in II.
1T is reported that an option wa:
taken in the Islands for 5000 shares
at $3.50 to be placed here at $50. The
stock at present pays 35 cents a month
dividend.
"All the other sugar stocks hav,
been rather weaker of late and tend ts
price where they should pay pei
ital in the Islands has been put into
the different sugar stocks so freely
that new companies are not taking Sc
we'll as they did some time ago, ant
many of the companies that were
started lately are selling stock for :
good deal less than the amounts pai'
in. One of the reasons for this is sal,
, to be the labor agitation"
The local quotations on Honokai
stock yesterday were 1915 bid and 33t
asked, with sales of So shares at 1914