The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1906-02-01
the SLUMP IN
OCEANIC S. S. STOCK

The San Francisco Bulletin of Jan
uary u says:
The slump in Oceanic stock, an
nounced in the Bulletin yesterday,
| caused a wave of excitement in local
| financial centers. which was felt as far
away as New York. While the con-
| dition of the company has not been
| reassuring the crash was not expect
| ed so soon. Nevertheless some of the
| stockholders have been quietly getting
| rid of their Improbable shares in an
| ticipation of trouble at the meeting on
Monday morning.
1t has been rumored that the over
draft of 81, 200. 900 reported at the last
meeting has been increased during the
year to nearly $2,100,0G0. To meet this
| it has been said that an assessment
would be levied. AS there ara only
| so, 0G0 shares that might mean an as
sessment of $40. While the company
may be able to pull out, the stock
holders do not care to go down in
their pockets for any such sum, espe-
cially when the stock has gradually
declined from $3.50 a share to 81. its
present value. In consequence there
nave Bt6n itEtiIy dli4Oio e1OOob "iiHNS
the disgruntled stockholders propose
TO do.
The stockholders who failed to get
rid of the stock at the time are indig-
nant at the turn affairs have taken.
Many of them think that the condition
of he finances is largely due to mis-
mana cement and il is possible the
courts will be asked to take a hand.
None of the officials of the company
will discuss the situation. They seem
to have been surprised at the sudden
collapse, but when questioned ask to
be excused until they have the meet
ing
John D. Spreckels, the president, has
been absent during all the trouble In
curry at his office diScloses that he has
been in San Diego and the efforts OF
stockholders to reach him have been
unavailing.
The troubles of the Oceanic Com
pany began in 1902, when the first as
sessment of $40 a share was levied.
The last dividend was paid in Febru-
ara 1901, and Immediately afterward
came the assessment. The announce
rlent was a shock to the market, and
the shares declined rapidly from SlU3
to $50 The stock fiuctuated between
this figure and $40 until January. 1902,
wnen it dropped to $25. Since then it
has been gradually falling month by
month until it is now down TO 81.
A few days ago it was 81 share,
but as the time of the annual meeting
grew nearer there was less and less
confidence. The rumors afioat of an
other big assessment frightened the
investors and none could be found who
were willing to even take a chance.
The few left with the stock on their
hands are clamoring for reprisals and
the future is fraught with evil fore
holdings.
1t was thought when the steamers
We're transformed into oil burners that
the saving on THE expenses would en-
able the company to pull out of it's pre-
dicament, but the expenses of main
tenance have increased in other ,direc-
tons in greater ratio than the saw
ings.
The reasons for the persistent de-
cline in the companys stock may be
accounted for in many ways, but the
officers of the concern are not dis
posed to discuss them Secretary H.
w. Thomas said last night that he had
nothing to give out concerning the
collapse.
Il know nothing about the decline
in the stock" he said, amy further
than the quotations show. There is
nothing to say about it. The meeting
will be held on Monday at II o'clock
and then there may be some action"