The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1901-08-13

these bonds and the mortgages should be
cancelled.
The company has expended in the ac-
QUESTION of property for it's business, per-
manent improvements ETC., the sum of
over s15,000,000. This has benefited. both
classes of stockholders, the preferred
stock in the added security which it has
given, and the common stock in the add
ed value of the property of the company
and in increased facilities for the trans
action of its business. The $4,000, 900
which the proposed increase will bring
to the treasury of the company will be
used for its business purposes. AS cap
ital it will benefit preferred stockholders
in promoting the preferential value of
their stock. That the common stockhold-
ers are interested that the increase shall
be made seems, to the directors, to be
manifest.
Increase of the business requires an in
crease of capital. The strength of the
business consists in its freedom from
mortgage debt and its entire pecuniary
independence. The entire amount real
lied from the new stock will come into
the treasury of the company and will be
available for it's business uses.
Herewith the directors enclose proxies
which, so far as given, will be voted for
the proposed increase. While the direc-
tOiS utStIe lildi llle SlOChllOlueIS
act according to their own judgment,
they feel justified in saying that, in their
opinion, stockholders are Interested that
this action will be taken. Respectfully,
i THE BOARD OF DIRECTORS.
The meeting of the board of directors,
at which the issue of the above communi-
cation was approved. was held last Wed
nesday. The document is now in the
80 s
ficient copies be turned out they will
be sent to the stockholders. The direc-
tors of the company who approved the
proposition are: Henry o. Havemeyer,
Charles II. Senff Arthur Bonner, Wash
Iington B. Thomas, John e. Parsons, John
Mayer and Lowell NJ. Palmer. The pres
ent capital stock of the American Sugar
Refining Company is S75,000,O00, half COM
mon and half preferred. When President
| Havemeyer was asked about the circu-
lar he said:
Nothing should have been known
about Ii until after the stockholders had
received it, but since you have it, / don't
know that it will do any harm to let the
facts be known. / saw some kind of a
perverted rumor about the proposition on
the tape this morning, sent out from
Philadelphia. That stated that the mon
ey obtained by the sale of the new stock
would be used to acquire properties OF
some of our competitors. There is not a
word of truth in such statement The
American Sugar Refining Company does
not purpose to buy up a single independ-
ent plant. We have use for any more
properties. And this includes he Ar
buckles. We have made no settlement
with them and have no intention of max
ing one. If you We're to say that the Su
gar Trust had in mind some operation:
in fields outside the United States, bu
not far from our shores, you might com,
pretty near hitting the nail on the head.
DO you mean Cuba, Porto Rico anC
Hawaii?' o. asked the Sun man.
, Hawaii is too far away" - said Mr.
Havemeyer, .'but they grow pretty gooC
sugar in Cuba and Porto Rico The su
: gar industry in Cuba will boom wheI
they get the tariff fixed right. VIVA
/, they want in Cuba and what the bee
/ sugar men and the cane sugar grower
in the country would not object to i
: the admission to American ports of raw
sugar from Cuba and Porto Rico free o
duty. What the growers here want is
; tariff on refined sugar. Give them a tar
5 if on the refined product of half cent
, That will take care of them and we ca
2 get the raw sugar from Cuba and Port
: Rico When the tariff is adjusted aloni
Q these lines, the sugar industry in Cub
and Porto Rico will be worth watching