The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1899-04-11
CONTROLLING INTEREST ON THE
COAST MARKET.
Sale of the Stock Will Bring over
$2,225,OOO into the Country-Hecht
Brothers, the Brokers.

A controlling interest on Makaweli
plantation has perhaps already been
sold in San Francisco. Hecht Broth
ers had the option for thirty-five days
from the sailing of the last Australia.
The shares included those held by AL
exander e. Baldwin, nearly a control,
and other small lots to make up the
amount.
The figure at which the option was
given was 1925 a share Yesterday on
the local exchange $232.5O was asked
for Makaweli. 1t is not believed by
men on the inside here that Hecht has
found any difficulty in placing his bar
gain at San Francisco.
The Chronicle of March 29th contains
this statement of Hecht's deal
with heavy rains insuring a pros
porous sugar season and the visits OF
prominent San Francisco brokers to
Honolulu in search of Hawaiian plan
tations to place on the American mar
ket, sugar values have risen so phe-
nomenally that investment is becom-
ing a delicate matter. However, Bert
r. Hecht, of Hecht Brothers & Co.,
who returned from the Islands yester-
day, brought back a large property
which may be placed either here or on
the eastern market, matter that is
yet to be determined. The firm has
secured an option on the majority of
pany of Makaweli, on the Island of
Kauai, and owned principally by the
great firm of Alexander & Baldwin of
Honolulu and San Francisco. Nearly
5000 acres are under cultivation, and
the seasons product is stated to be 49,
900 tons of sugar. The capital stock of
the corporation is 20,0 900 shares of the
par value of $2,000000, and the market
price at the time when Hecht Brothers
& Co. obtained their option was 1925.
1.-The basis for this high figure is the
fact that dividends of over $500,"jO
were paid last year, and that there is
a surplus of $530,000 in the company S
treasury at the present time for the
payment of future dividends The
plantation does not depend upon rain
for it's crops, but like that of the Ha-
waiian Commercial Company is sup
piled with water for irrigation. A
portion of the plantation has not yet
been brought under cultivation. 1t IS
situated on higher levels, but it is
stated that water is to be raised there
this season from the Makaweli canal.
at a moderate expense, and when this
is done the plantation will produce 20.
900 tons of sugar annually. At a con-
servative estimate the profits this year
are placed at $500, ,000."
News from Eecht about the stock
will be expected on the Australia 90
morrow. The money TO change hands
in the purchase will be something ovCr
50, ,225 900, which will be a neat sum
turned loose on the local market at the
present time.
The latest information from the coast
on the subject is that while there is nc
doubt about the deal going through il
may be placed on the Boston market
| instead of on the San Francisco mar
ket. Hecht is disposed to put it on
| the Boston market where divided int
| s20 shares it would readily sell for S5l
a share. Some of the San FranCisCc
! brokers are antagonizing it, but Others
| are trying to secure it for that city as
| they want to make San Francisco tbs
market for sugar stocks. 1t is though
! by some that it would be an advantage
| to the Islands to have it placed in Bos
ton as that is a wider and bigger IN
| Nestment market.