The Maui news. [volume] (Wailuku, Maui, H.I.) 1900-current, 1910-11-26
Commercial
Happenings
Racy News From the lsritOl Regard
Ing Sugar Stock.

Honolulu, Nov. %.


The prediction of last week that
{, the advance in the price of sugar to
$50 was only temporary proved to
lp entirely correct. Bttts followed
r,ws upward until 9s, ld was
reached On Saturday came the
anticipated slump III raws, the drop
being to 3.S1, and yesterday beets
declined to IS, Id. Rush orders
for Christmas uses may keep the
prices up to the present level for a
short while, although it is not i'm
possible nor improbable that the
onrush Of the beet crop may swamp
the market and send prices far
down as soon as the holiday demand
for surplus sugar has been satisfied.
There seems to he Il feeling, how
ever, in both America and Europe
that there will he reaction OF con-
siderable proportions next year.
Advvced from England and Ger
many, Willett & Gray and other
American authorities appear to be
coming around to the same opinion.
1t is shown, for instance, that the
present beet crop in Europe is be-
ing sold at cost and less than cost.
This, it is held, will result in very
considerable reduction in 1911 SOW
! ings and substantial curtailment
of the output. Some of the same
feeling of encouragement is manifest
among the beet growers of America,
while the cane planters OF Louisiana
are already preparing to plant cane
to cotton next year. While Cuba rs
cane area next year will not be re-
duced it is almost certain that it will
not he increased to any extent; and
the worlds cane area at large will
be sufficiently reduced as to make a
difference of several hundred thons-
and tons in future estimates. That
this augurs in favor of higher prices
in the no distant future is plain;
and it may be well for pessimists to
recall this prediction a year from
date.
In Honolulu's stock market, how
ever, no consideration is ever paid
to the future. Stocks are sold and
purchases made on basis OF the
immediate day, and for that reason
mistakes are numerous and some
times more or less serious.
MAUI STOCKS DOWN.
Maui stocks have been severely
hit by the depression in the past
week. Pioneer, for instance, which
stood week ago today at $177 so
) bid and S182.50 asked is now $3.50
bid and $167 asked. A few months
ago this stock was hard to get at
$3.50. Yesterday sale of 5 shares
was made at $165, and the stock
can probably be bought for less to-
day. Taking the entire seven days
through and there have been 1853
shares of Pioneer sold, the majority
at the highest figure, $3.50, and the
lowest figure being s165; the aver
age was S178.S97. The total value
of Pioneer sales was $30,165.
Hawaiian Commercial came in
for almost equal buffeting. A week
ago $33 was bid and $34 asked
Today the figures are $32.125 bid
and $3.50 asked. Yesterday the
cable reported that Hawaiian Com
mercial was selling in San Fran
cisco at s31 80. This message came
to Ed. POLITE, who is still here,
A week ago Mr. Pollitz charged that
Honolulu was responsible for the
cutting of prices. His cablegram
+, would seem to fix the blame where
it belongs-in San Francisco, Ac'
tual sales of Hawaiian Commercial
during the week, however, have
4 n y