The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1909-07-18

AZ bid and none for sale. There were
a few shares sold at Al, but not enough
to fill an order No sales of the stock
were listed on the Change. The price
during the last few months has been
pretty steady at 40, but the shares look
good to those holding them, and there
is no indication of any intention to let
go. Dividends of and even pa per
cent. month are prophesied for thus
stock.
Hawaiian Sugar is capitalized at only
S., 100000, the bonded Indebtedness has
been taken up, and heavy crop is be-
ing harvested. A stock dividend of TO-
per cent. would not cause any great
surprise on Merchant street. 1t IS
claimed that the plantation could pay
l per cent. month on a capitalization
of $4,000,000. AS the par value of the
stock is 20, it is believed that, with the
increased capitalization, the shares
would find ready market at 20.
Inter-Island Steam Navigation show
ed tendency to founder around bit,
beginning the week at 10 and closing
at 1O7.50. This was probably caused
by general uncertainty as TO just the
position that the stock should occupy,
and was more in the nature of a new
commodity seeking its level than from
any prejudice against the stock.
The final figure of lO7.50 is probably
low-water mark, and anything above
that may be looked upon as an advance.
One hundred seven and half, on the
new basis, is equal to 160 on the basis
of $1,5O0,00O capitalization. The stock
sold at 1925 before the new issue of
stock There is every indication that
Inter-Island will continue a very steady
stock.
One of the causes contributing to the
present unsettled position which it oc-
cupies in the market is the uncertainty
regarding the dividend on the new
basis. The old monthly dividend was
| rs cents; the. new will probably be so
or 65 cents. Till the dividend has been
| decided upon by the directors, the trad
| ing in the stock is likely to be light,
| as to the casual investor it looks too
| much like buying pigs in a poke.
Prophecies that the construction Of
| the Hakalau extension would cut into
the business of the Inter-Island Com
| pany and result in decrease in divi-
| dends do not meet with much credence
on Change. The FIVE plantations
which the extension will tap have con-
| tracts with the Inter-Island Company
for the carrying of their freight, and
some of these contracts have as much
as three years to run. That there is
ample business for both railroad and
| steamship lines seem to be the general
i belief.
The new bonds voted to finance the
construction of the. Hakalau extension
of the Hilo railroad are proving very
/ attractive securities, and nearly all
have been taken up. The first stretch
/ of construction work will be to Ono
mea, and more than enough bonds to
| pay for that construction work have al
| ready been placed and the money paid
| in. It is the intention to float from
| 100000 to $4,000 worth Of bonds to
| construct the extension as far as Haka-
lau, and negotiations are now under
way for the taking up of the entire I'M
| sold balance of the issue. This deal
| will probably be closed before the end
j of the week. These Bonds will be taken
not in small blocks, but in large lots,
| by some of the strongest financial es-
| adjustments in the Territory, according
! to report.
| These bonds are 10-20s, insuring an
| investment for ten years which may
| be extended to twenty at the option of
| the company.
One million dollars worth of these
| securities are in reserve, to take up the
old issue of Hilo r. r. bonds which are
| redeemable early next February. Those
| interested expect that there will be a
healthy demand for the new~seeurities.
Sugar Shipments.
Up to date, the years sugar ship
ments through the Sugar Factors Com
| pany total more than 345,000 tons.
| This is about five-sixths Of the amount
which the company will handle, some
$4,000 tons yet remaining to be shipped.
OF amount unshipped, about two-thirds
| has already been harvested
| Up to July l, the Sugar Factors
Company had shipped 100000 tons of
sugar, and there yet remhined 10000
tons. Since that time, $4,000 tons
| has been gotten under way. The
| figures on July l were rather under
those OF last year, the figures for that
| time in 1908 being 301 900 tons. This
apparent falling off is explained by
the difference in the sailing schedules
| of the ships, however, and by the fact
that few sailing vessels have been
called into service in moving the crop.
Secretary Atherton expects that the
final shipments will be made the first
week in October, and that before the
middle of that month all of the crops
| will be out of the way.
Oahu plantation viii be rather later
this year than usual, but within the
next six or seven weeks it is believed
that the entire crop of that planta-
ton viii be ground. The mill is
grinding about 100 tons day, the rec
ord for last week having been $50
tons.
Naialua will grind up till the end
of August, in all probability. but it is
believed that September l will see ali
of this years crop out of the way.
Eva will finish grinding by the end
of this month. according to the present
outlook. Kohala will also have hel
crop out of the way by the end OF
July, The rest of Castle g. Cooke Z
sugar is well along and it is believed
that it will be cleaned up by early
autumn at the latest
The shipments up to date, via tbs
ACKNOWLEDGEMENTS steamers, have
4 Eoo