The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-11-21
A SNARL AT THE POLICEMAN
OFFICIAL VERDICT on PHILIP
PINE PLANTATION "a.
Ht Can't pa Business I'm the philippines for
Reasons That Nevertheless DO Not
seem ca interfere with ITS Liberty To 90
On selling stock I'm This Jurisdiction

Reasons That Nevertheless Do Not
seem Co interfere with ITS Liberty to 90
On selling stock I'm This JurlsdictiOn.
Since the publication I'm THE U OF the
news from Manila announcing the decision
OF W. Cameron Forbes, Secretary OF Com
merce and Police of the Philippines, to re-
fuse a license TO do business IN the islands
to the Philippine Plantation Company,
many persons who bought stock at prices
around thirty cents a share from A. L.
Wisner a Co. of 70 and no Wall street and
others who we're on the point Of buying
have written to the Wisner concern to ask
how about il.
In at least one case A. Il, W'sner. mead
Of the firm. replied promptly:
We are in receipt Of your favor Of the 2Sd
enclosing article from n Denver paper copied
from THE NEW YORK SUN. This is a con
temptible. false. malicious and hbelous ar
ticle. wholly uniustihed by the facts, and we
have paced the matter in the hands or our
attorney with instructions to begin action
against THE Sun for heavy damages.
The Philippine Plantation Company is a
meritorious enterprise tina has been handled
along Straightforward. honest and upright
business lines and has n great future before
| It. and there II absolutely nothing In connec-
ton with the enterprise that could call Iorth
! any fTllItlNm III INV WY WI II INN
SUN Is owned by interests connected with
the New York Stock Exchange. and for years
they have pursued u policy Of Criticising and
roasting various firms for doing business ~
investment securities outside or Stock FIX
change lines. They do everything they can
TO prevent anybody from doing business in
investments, evidently on the principle that
by pursuing this policy they can keep more
money going into Stock Exchange thannels.
rom whence II rarely re- urns.
In view Of the fact that the article in
! question was printed only about two months
after tho local manager OF the Philippine
Plantation Company at Manila had been
informed by Secretary Forbes that a license
couldn't be granted his company. uDon
which information he withdrew his applica-
ton for a license. it is Just possible that
A. J.. WiSner n Go. may not have had ume
10 get the sad news. In that event II II
likely that the full details haven't arrived
at ~ Wall street even yet.
On "A chance that such may be the case
TIVE SUN publishes for tbe benefit of A. l..
Wisner 4 Co. and he stockholders the
following report from Secretary Forbes
to Governor-Genera Smith:
have the honor to inform YOU that ! have
notified the Philippine Plantation Company
that would not approve their Application
for a license to transact business in the Philip
pine Islands on the ground that their company
have been guilty Of unfair dealing in their re-
~lationS with the public and IN the representa-
tona which they have made to induce people
TO subscribe for stock. Section 6S Of Act
T., $50, the Corporation law. empowers the
Secretary of Commerce and Police 10 refuse
a license TO n foreign corporation when not
satisfied Of its fair dealing and solvency. In
this case I am not satisfied as TO the fair deal
ing of this company.
Secretary Forbes then goes into "A history
of the company. which has already been
published in THE Sun. and says of it:
The company was organized with a capita
Of $40, OOO. 600. divided into 10000. OOO shares
Of 81 each. The probable object OF making
the par value so small was to induce people
who had but one dollar or small multiples
thereof TO purchase their stock. This stock
was offered for sale. according 70 the CirCu-
lar, at 80 cents. and I have reason TO believe
IL has been sold AZ "A greater discount. The
fiscal agents OF the company. A. L. Wisner
4 Co.. cannot he ranked rs the most CON
servative OF banking houses. nor have the
enterprises which they have financed always
I been of the most conservative type.
In concluding his report on the plantation
company Secretary Forbes said:
The company purports to have paid ono
/ dividend to date. J have information that
/ this could not have been done out Of tho profits
from the cultivation Of this land in Cagayan.
/ ~ IHNN lINl NlAlh NFflll w lilNANAaNF NAAAN " VIZ
paid out of the money received from the sal"
! Of securities. This lends color to the belief
that the whole enterprise is on" deSigned'to
induce %crcdulOus people to give up their
money, aud not one which will rebound to the
credit Of the company or to the Government
which allows cnt crpriSss Of this kind to use its
laws to fulfil their purposes.
This ia the -meritorious enterprise
that has been handled along s~traiRhtfOr-
Ward honest and upright bIIaingSS lDps
and has "A great future before IT,"
Wisner was saying up TO a few weeks
ago that the only thing that stood in the
way of the immediate RESUMPTION of bust
ness by the Philippine Plantation Tom
ship of the land claimed by the plantation
company. which was bought by the COM
pany at a tax sale, but later redeemed by
the heirs Of the original owner. There
hasn't been a decision on the title 10 the
land AZ vet, and according to a lawyer who
has Just returned from the Philippines. q
long time is likely 10 elapse before the
ownership is finally decided. This lawyer
saws that while il Is hard even in the United
States 10 obtain clear title TO land obtained
at a tax sale. in the Philippines il is much
more difficult.
A few weeks ago il was announced from
Manila that the Philippine Plantatbo Com
ANY had passed into now hands and that
il was TO be reorRaniZed. The purchaser
was said to be Charles +, Humphrey Of San
Francisco. In view OF the fact that Mr..
Humphrey has been the attorney for the
Wisners and the plantation company all
! aIOnu IL NAV he thai even III the COMPANY