The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1908-12-06
COMMERCIAL NEWS
Continued from Page Four.)
American Sugar Company Deal.

American Sugar Company Deal.
The most important financial event
of the week is the purchase of the
Hartwell interests in the American
Sugar Company by c. N. Cooke, Linn
tied. The transaction involved ap-
proximately a quarter of million dol
lars. and gives the control and almost
the entire ownership to the purchaser.
The transaction was consummated by
the election of C. NJ. Cooke, presl-
dent; c. N. Cooke, Jr., vice president;
A. f. Judd, secretary; c. II. Cooke.
treasurer, and r. A. Cooke and z. Z.
Jones, directors.
The Ranch Principally.
George P. Cooke will be the mana
ger of the enterprise, leaving next
Tuesday to take up these duties. The
American Sugar Company has cap
| i+aliza+iop of $500, 900. It owns some
thing over 10000 acres of land in fee
simple in the western half of the Is
| land of Molokai, and operates ranch
on which cattle, sheep, hogs and bees
| are raised. 1t has been a ranch for
many years. 1t was a paying ranch
when it was sold in 1897 by the
Bishop Estate to the then newly-or-
ganized American Suga: Company,
which proposed to convert 1t INTO
| sugar plantation, the belief then De-
| ing that a sufficient supply OF water
| for the irrigation of thousands OF
acres of the extremely fertile and
well situated lands included IN the
purchase could be obtained from arte-
sian wells, as had been done on oahu.
| A million dollars and more were eX-
pended in the effort to create sugar
plantation. A great wharf was built
| at Kaunakakai. Immense pumping
plants were constructed. Many acres
| of cane were planted. A sugar mil
was contracted for. 1t was found,
however. that the artesian supply was
not as great as had been expected
! in fact, was not sufficient to warrant
sugar plantation-and the estate re-
verified to a cattle ranch. AS such 1t
has proved profitable.
Plans for Development.
"The property will continue to be
conducted as ranch" said c. FL.
| Cooke. treasurer Of the company. cit
| is the expectation, however, that the
property AS a ranch can be greatly
| developed The spread of the alga-
/ roba forests along the southern shore
of the island adds increasingly to the
value of the property and It's posi-
| bilities as ranch. Because OF the al
garoba forests now existing, the ranch
/ has suffered less during the drought OF
the present season than other ranches
have. The algaroba has turnlshed
forage for both cattle and hogs.
Irrigation for Forage.
"Some of the old artesian wells
| have been uncapped and it has been
! found that. if moderate duty pumps
are applied. a considerable supply OF
water can be secured for irrigation
purposes, making it possible to put
| land enough into cultivation for the
| growing of forage and fodder for cat
] tie and hogs, to greatly increase the
amount of stock the ranch can carry.
! The difficulty, when it was attempted
| TO run the estate as sugar planta-
| ton. was that when the heavy pumps
nut ON the wells to secure the neces-
sarv supply were run, they exhausted
| the supply of fresh water and pumped
up salt water from the sea.
The Market Stronger.
| The stock market on the whole has
| been rather stronger in tendency than
for a week or two before. Oahu has
regained considerable, sales being
made yesterday at $2S, recovery
from last week. Eva is lower, but
that is due to the fact that the extra
dividend was paid the first of the
month, So that since then buyers must
take into account that circumstance.
| Hawaiian Commercial is strong at $99.
Olaa. though not quite up to its high
est selling point of late, IS still beng
dealt in quite extensively at prices
| Just under s. share.
Big Dividends Paid.
Besides the extra dividend paid by
| EVA. another extra dividend was paid
this week. that of Haiku, and the
handsome one of three per cent. Ono
mea paid its usual per cent; Wal
manaio. 2 II per cent; Honomu, Pho
neer. Brewer & Company and Hawai-
| ian Electric. per cent; Paia, IL
ner cent; Olowalu, Kahuku, Hawaiian
| Agricultural and Hawaiian Pineapple,
| I per cent; and Hawaiian CONNER
| cial. so cents a share.
High-Priced Bonds.
Rapid Transit 6 per cent. bonds are
the highest-priced bonds in the mar
ket, sales at $1O7 being reported yes
terday.
Transactions of the Week
The following are the transactions
of the week on the Stock Exchange:
Monday Oahu sug. Co., 25:3O.
Tuesday-$5OO Paia IS, 101; p Oahu
w Wednesdays Oahu sug. Co, 27.5O;
70 Eva 1925; 200 Paauhau, 20; ~
Oahu sug. Co, $3.50; 20 Hon. B. & NJ
| Co. 20. 40
Thursday-25 Haw Pineapple, %
Friday-25 Olaa, 4.S75; $4,000 Hon.
R. r. & L. IS, 10Y.
saturday-$1O,OOO H. R. R. Con. IS,