Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1910-12-29

TIE Trusts Real Estate and Its
Investment Securities.

TIE Trusts Real Estate and It's
Investment Securities. ....
"Thc item CT real estate and plants
includes, as stated above, the cane
sugar rennCrics, the ma hinery and
real estate, the very valuable operat'
/ ing plants, including the Chalmette
refinery Mt New Orleans, the largest
and NEST modern and up.to-datc sug'
ar refinery in the world. costing
something like SG,O00.O0O, and capa-
bic Of very large production at cX.
ccedingly low cost.
THE real estate included in this
| item consists not alone in real estate
in the large cities, with immensely
valuable waterfronts and privileges,
| but also includes thousands of acres
Cf timber lands in New York, Penn
sylvania, Missouri and Arkansas
upon which are located the stavc
mills of the company, producing for
| It's use hundreds Of thousands OF
slaves and barrels annually used in
its immense business. All these
items are carried at a very conserva-
tive valuation.
"Of the Investments about 80 per
cent. is represented in beet sugar
properties. 20 per cent. in stock OF
the National Sugar Refining Com
pany and Western Sugar Refining
Company; % per cent. Is in market
able stocks and bonds taken at fair
prices. Its beet sugar properties
represent investments made at time
when they were Of great help in de-
veloping beet sugar business through
tho West, and are carried at n con
sCrvatiye NEUTRALITY-SUSPICIOUS. con
scrvativc considering their present
earning power, but no more so. per
haps. than they should be carried
considering the possibility of adverse
or hCgtiie legislation affecting theil
value, but IN this particular the com
pany Is very wei fortified, from thu
fact that any legislation likely t
adversely affect ole branch CT thu
refining business would have n cor
rcTpordiGg advantage in other direc
tons That IL TO say, tariff legisla
l tion rCdu Ing the duty upon raw
! sugar would affect the beet suga
factories adversely, while being o
l advantage to the cane sugar inter
| csts, and rs the company has larg
| interests in both branches of rein
ing, 1t seems to have been very wise
~ managed with Il view to protect
ing the interests of its stockholders
THE company owns practically
quarter interest in the National Sug
ar Refining Company and n one hal
interest in the Western Sugar Re
filming Company of California. Tn
company has no interest, directly o
indirectly, in any cane lands or Il
any beet fields anywhere in tn
world, nor does 1t produce singl
pound of raw sugar. 1t deyOtes 1t
II business entirely to the industry q
refining sugar. 1t Is in no sense
monopoly, and is subje t daily TO nc
T tive and keen competition, which II
Superior facilities and an acqualnt
ance with the business enables 1t
meet successfully. So that | am col
ldent the owner CT shares in tn
:, American Sugar Refining Compan
u may face the future with equanimlt
whatever it brings,
II wish you would allow me
add for my own part the reassuranc
that this company, rs at presor
managed, is wholesome, clean an
honorably conducted; 1t is strong
arsets and has no debt, and viii
the executive officers of the cOmpan
y as well rs the directors, are not d.
I ceiviug themselves In any degree /
to the attitude Of the public towaI
the company, they are devotin
= themselves, in spite of this handica
to the effort Of so conducting i
4 business is to reinstate 1t in publ
!, confidence and with a confident hol
>, Of accommodating this purpose"