The Hawaiian gazette., 1908-10-06

Oahu Sugar Company remains Where
| it was the week before. The announce
ment was made during the week that
the idea of paying special dividends
had been abandoned, and that the regu'
lar dividend of two per cent. would be
paid instead, has had steadying effect,
I it is believed, on the stock. AT any
rate the quotation has been UNMARRIED
throughout the week.
The Squirt in ookala.
On Monday and Tuesday there were
indications in the quotations of squirt
in Ookala. 1t may have been the re-
suit of the announcement in these col
umns last Sunday that The Henry Wa
terhouse Trust Company was picking
up the stock in considerable quantities,
for both an unknown client and an I'M
known purpose. There is feeling that
the purpose is very likely speculative
one, to get the benefit of the present
unusual crop prospects and the present
range of prices. The idea that IL is
bought up with a view to continuing
the enterprise as a plantation is not
widely credited. 1t is argued that in
order to do so, new corporation will
|
poration expires by limitation within
year or two, and the lands will have
to be secured again from the govern
ment, and as it seems almost certain
at a higher rental than the present. If
it has been impossible to pay dividends
on the present rentals, it is argued how
can the concern be made dividend pay
ing with higher rentals. 1t has been
l tAI 4l,n4 ntt1 n
be very willing to let out the lands to
small holders on very favorable terms
after the expiration of the present
leases, and that if it could be divided
up among small holders, the ownership
and operation of the mill as strictly
mill enterprise and not as a plantation
enterprise might be made a paying one.
But for that purpose there would be
no advantage in controlling the pres
ent stock.
The Speculative Movement.
The speculative theory seems to be
the more generally accepted one. When
the termination of the enterprise was
determined on it was estimated that
stockholders would receive something
over $l3 share for their stock In
the final working out of the project
This estimate was based on an estimate
of 300 tons for this years crop a
$50 ton. But the crop amounted tt
over 5000 tons and more than $50 mel
was realized it. The result is thai
the bond issue has just been redeemed
/ year before the original plans called
for. With good prospects both fol
crops and prices, there are those wh'
E think there is good speculation il
I buying the stock at $12 or thereabout
{ and holding it in the expectation o.
I what may be realized out of it in thu
process of liquidation.
i onomea on Velvet
Onomea has a very bright outlook
The crop this year at the beginning
of the season was estimated at between
IL 900 and 10000 tons. 1t yielded owe
1900 tons. This was due to the alb
sence of leaf hopper, the depreciation
of which, expected, had been allowed
for in the estimate, and to the splendid
weather during the grinding season. i
was dry and warm, just right to maxi
, the juices of the best. The acreage
! from which the crop was taken wa
about 1000 and it averaged at least ;
, ton more than it has ever averaged OF
: this plantation before. The plantation
after paying the, present dividend OF
five per cent. month for September
October, November and December, will
carry over to next year a surplus large
enough to enable it to pay dividend
of two per cent. all next year even Il
it does not make a dollar out of It'll
next crop.
Kahuku Plantation.
Kahuku Plantation which took of
the bulk of its crop sometime ago leav
: ing one field to be taken off later, has
just completed milling the cane from
, this field. The exact figures of results
are not yet in but it is satisfactory.
The Grinding Season.
The year for statistical purposes in
the sugar industry in Hawaii closes
: September 80. which was last Wednes
day. The official figures for the cror
are now being made up. They will moi
! very materially from those given in
these columns last Sunday. Most of the
, plantations had actually finished grind
ing before September 30, though there
were a few which had not, and it is
these, for the most part, which will
make whatever variation there may be
from the figures published last week.
] Plantations all over the Islands are