The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1910-10-08

shown "a san heavier tone. Rallies
have occurred at intervals ht m
each iusUnce the final outcome has
been "a lower level of value
Many influences. now apparent are
responsible. not one of which takon by
itself could possibly create sufficient
uneasiness among the stockholders of
the sugar companies 90 warrant selling
ineir holdings at the present sacmnc-
ing prices
When the local market began to
SHOW am improved undertone. and lust
az a time when any favorable news
would nave caused q very beneficial
effect adyices We're received from San
Francisco stating that the leading SUI
gar stocks We're Offering freely al al
most panic prices, with no buyers in
the market As an illustration Ha-
Wallan Commercial, which is generally
concerted 60 be a very conservative
issue, was offered to local brokers on
tuesday In large blocks at the ex-
Jremely low figure of $35, while on
Monday, during the session of our ex-
| change' $3S IA was bid for this stock.
and sale was cOnsummated at this
/ price Immediately following the board
Prices i'm San Francisco had been
gradually dropping, few sales taking
place, and the sellers asking less each
| day, until the low prices, such as the
foregoing, began to attract buyers.
The holders of sugar stocks on the
mainland, especially in the territory
tributary of San Francisco, are people
OF a speculative turn of mind While
the high interest return is an induce
ment to purchase, they do not repose
the same confidence in our securities
from an investment standpoint as is
the case in the Islands, but look upon
them largely as a speculation, and are
naturally anxious to dispose of their
holdings the moment any report is
current that might cause a decline.
! In the instance at hand the price OF
raw sugar declining rapidly caused the
unrest, and it was further augmented
by the effort being made by Mr. Claus
Spreckels in San Francisco to break
the price of sugar by selling direct to
the consumer, accompanying each par
Gel with a card strongly advocating
the public to repeal the tariff on sugar
, This would have little effect, ordin-
arily, but the press have made IL a fea-
ture, and have expressed Mr.. Spreck-
els ideas in detail, accompanied by
large headlines.
The result was natura.. a cam
paign of this character is nearly AL
ways reflected in the stock market
While the tariff, without doubt. will
continue on the same basis. the senti-
| cd 10 ,sfu
er stock values. San Francisco's rela-
tons with our market are very close.
and before any noticeable improve
ment can take place here the market
conditions there will have to change
for the better.
| The price of sugar remains about
the same, IS 10 1-2d being yesterday
quoted price of beets in London, while
the last quotation received on centri-
| fugals is 1895
Last week we mentioned the latest
forecast of the European beet crop
and we now have before us the state
ment of Willett & Gray, explaining that
of the $4,000 tons increase in the
estimated crop of Europe this year,
10000 tons will come from Russia
alone. Preliminary estimates such as
above are somewhat doubtful for in
stance Mr.. LIGHTS estimate on last
years crop proved to be $4,000 tons
greater than the crop actually har-
vested.
The coming Hawaiian sugar crop
Will probably be marketed at lower
figure than this years crop, but allow
ing price even below the present
quotation, the companies should not
find it necessary to curtail the present
dividend payments.
The directors of the Honokaa Sugar
Co., at a meeting held on Wednesday
afternoon decided to discontinue the
payment of dividends indefinitely. This
action was anticipated and largely dis
counted. The bid price of Honokaa,
$1S IL, compares favorably with other
stocks, considering the dividend with
drawal, and the very weak prices pre-
vailing
The day closes with all the sugar
stocks weak and freely offered To our
knowledge no sales have been made
since this mornings session