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

tUilt OF pIeieIIed anu common STOCK
would receive about 1892.
The Trusts Real Estate and Its
Investment Securities.
THE Item of real estate and plants
includes, as stated above, the cane
sugar refincries, the ma hinery and
real estate, the very valuable operat
ing plants, including the Chalmetto
refinery at New Orleans, the largest
and most modern and up .to-date sug,
ar refinery in the world, costing
something like SG,OOO,OOO and capa-
bic Of very large production ut eX.
coedingly 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
Of timber lands in New York, Penn
sylvania, Missouri and Arkansas
upon which are located the stave
mills of the company, producing for
itc use hundreds of thousands of
slaves and barrels annually used in
its immense business. All these
tive valuation.
"Of the investments about 50 per
cent is represented in beet sugar
properties, 90 per cent. in stock Of
the National Sugar Refining Com
pany and Western Sugar Refining
Company; 25 per cent. is in market
able stocks and bonds taken at fair
prices. Its beet sugar properties
represent Investments made at a time
when they were of great help in de-
velOping beet sugar business through
the West, and are carried at con-
servativc valuation-eXtreme con-
servative considering their present
earning power, but no more so, per.
haps, than they should be carried,
considering the possibility OF adverse
or hostile legislation affecting their
value. but in this particular the com
pany is very wei fortified, from the
fact that any legislation likely to
adversely affect one branch Of the
refining business would have cor.
responding advantage in other direc.
lions. That is to say tariff legisa-
tion redu ing the duty upon raw
sugar would affect the beet sugar
factories adversely, while being of
advantage to the cane sugar inter
ests, and as the company has large
Interests in both branches of refln-
Ing, it seems to have been very wise
ly managed with view to protect
ing the Interests of its stockholders.
The company owns practically n
quarter interest in the National Sug-
ar Refining Company and a one half
interest In the western Sugar Re-
iining Company of California. The
company has no interest, directly or
indirectly, In any cane lands or in
any beet fields anywhere in the
world, nor does It produce single
pound of raw sugar. 1t deyotes its
business entirely to the industry of
refining sugar, II Is in no sense a
moEOpoy, and Is Suhie daily TO ac-
tive and keen competition, which its
superior facilities and an acqualnt-
ance with the business enables It to
meet successfully. So that am CON
lident the owner Of shares IN the
American Sugar Refining Company
may face the future with equanimity
whatever It brings,
II wish you would allow me to
add for nay own part the reinsurance
that this company, as ut present
managed, Is wholesome, clean and
honorably conducted; It Is strong IN
nfsets and has no debt, and while
the executive officers Of the company,
rs wei rs the directors, are not de,
ceIylng themselves in any degree as
TO the attitude Of the public toward
tho company, they are deyoting
themselves, In spite Of this handicap,
10 the effort uf su conducting lis
business p3 TO roinstnte II In public
confidence nad with O confident hope
Of accomplishing this purpose"