The Hawaiian gazette., 1898-08-26
4 Pretty FiQlt in Hawaiian Com.
meEial Nov On. :
Gus AND RUDOLPH ARE GAME
Headed OF In One Direction They
Plunge In Another-SIc on
Bold Manipulation.
Is. F. Financial Letter, Aug. 81

Company is in. The liabilities at that
date were $29S, 500, which includes $780,
$50 for the new pump and $4,000 for
the new mill. which constitute the
chief improvements authorized at the
annual meeting. The sugar afioat
amounts to 4.74O tons and the amount
to be shipped is about 1000 tons, max
ing at total of $40 tons. At $40 per
ton, the price at which the previous
shipments sold, this would yield SELL
500 Less the liabilities. there would
remain a net profit of $313,3O0. That
is the profit for the year up to July
LIST after paying operating expenses, in
terest on the bonded debt, and retir-
ing seventy-five bonds, amounting to
500, 45O and providing for the new
pump and new mill and other improve
ments. In six months from the date
of that statement there will be crop
Of from Is to II thousand tons ready
for the mills. That crop at SO ton
will give the company from $1,150,000
to 81 10000 gross. Deducting a years
expenses, including all expenditures.
which will fall short of 100000 there
will be left on hand next July, the sur
plus Of $313.30O now on hand in sugar,
and the profit of 100000 or 100000
made on next years crop. So that the
company will have fund Of about a
million dollars in the treasury next
July, with all its obligations up to that
time paid. The prospects of the COM
pany are exceedingly bright.
At the beginning of the present cam
paign, 1t was estimated that the sugar
crop Of the Hawaiian plantation would
be $4,000 tons. The crushing season
Is now over and it Is ascertained that
the crop Is $1,000 tons, two thousand
tons in excess of the estimate. The
weather thus far has been very favor
able for the growing crop and 1t is esti-
mated that the crop for the next cam
paign will be $4,000 tons.
IS. f. Financial Letter, Aug. 12)
At meeting of the Board of Direc-
tors of the Hawaiian Commercial &
Suagr Company 1t was decided to sub
nit to a vote OF the stockholders the
proposition to increase the capital
stock from 100000 shares to 10000
shares.
1.-THE object OF the stockholders
meeting Is to consider and act upon
a proposition to increase the capital
stock OF said corporation from the
present amount thereof. to-wit: ten
million, ($1O,OOO,OOO) dollars divided
into one hundred thousand QOO,OOO)
shares of the par value Of one hundred
$1,000 dollars each. to fifteen million
$3.50 ,OOO) dollars divided into one
hundred and fifty thousand Q5O,OOO)
shares Of the par value Of one hundred
(s1OO dollars each; that the amount
to which 1t Is proposed to increase the
capital stock is fifteen million ($l5,-
OOO.OOO) dollars"
Some people will say manipulation
Others will inquire without specify
ing-will "look askance." The fact Is
that the Spreckels "boys'-Rudolpf
and Gus are having an interesting ex'
perience. Hawaiian stock is only ~;
paid up on the 500 and has always
been means Of speculation. In the mid
die Of last winter Rudolph and Gu!
had three fourths of all the stock o.
the corporation. Late in the winter
they began selling at pretty good fg
ures. The stock has changed hands a
all the way from 10 cents to $37. Tit
boys sold heavily. About April thu
moys started in to break the market
obviously with the intent to put bacl
at low figures what they had sold II
4 hA v.tS
public had been informing itself. Tn
market was obstinate. When the boy
went In to sell buyers were ready, blu
were not paying quite SO much as the.
did in the winter. When the boys wen
in to buy there was "stiffening' a
once. The boys tried the effects Of toss
ing blocks OF thousand shares on tn
market. 1t was mo USE" They sim
ply had to quit. And before they reach
ed the conclusion that the deal or cor
ner was failure they had actually los
control on the books. They had les
than a majority Of the stock. The,
have not majority now, but were abb
to control the meeting in May. as tn
public" did not wish to Gust director
and officers who had been doing well
The public" cumulated their votes an
put in one director. This makes fou
OF the men Of the "boys" on the board
There was held an annual and post
poned annual meeting, with the pro
ject of increasing stock in the air a.
the time. There were also curren
numerous stories plainly designed t
bear the stock. The boys were har
put. At the first session Of the annua
meeting they went SO far as to put u
dummy" list Of directors, but with
drew 1t ut the second session. And the
are not done yet. Their plan no.
seems to be to push the increase
capital and to get all the new stock fo
themselves through their four diret
tors and to be once more in contro
Under the California law the fou
directors will have a free hand in di,
posing OF the new stock. That stoc
cannot be issued, however, without tn
authorization of two-thirds of the pre-
ent stock as voted. And the propos
tion must hang up for six months.