The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1911-08-25

ting your price?
Mr.. Spreckels. without even get.
ting my price they contracted with
Mr. Havemeyer and l understand
that Mr.. Havemeyer is interested in
the alifornia-Hawaiian plant
The Chairman. l will say to the
committee that an inventory of the
estate shows he had considerable in
terest in that company.
Mr.. Spreckels. l have never seen
that, but l have always thought so.
The Chairman. The inventory was
sent to me by Mr.. Dykman; it is
copy of the records of the surrogates
office of New York. The inventory
shows that the Havemeyer estate has
I quite a considerable interest in that
company and at the time of his death
he left that interest Whatever rea-
son there was, they would not get
I your price and they did contract with
/ Mr.. Havemeyer.
Mr.. spreckels. Yes; that is the
| idea.
{ The Chairman. Well, now, you say
you sold your plantation, the large
one of 10000 acres, which you have
{ described to the committee, that is
you sold your sugar plantation in Ha-,
waii in about 1899?
Mr. Spreckels. 1897 or 1898.
The Chairman. Why did you sell
it, if it throws any light on this mat
ter? Did you sell it to go into some
other branch of the business?
Mr.. Spreckels No; sold it to re-
tire.
The Chairman. From the sugar
business?
Mr. Spreckels. Yes.
The Chairman. Did you finally find
the business of the sugar plantation
in Hawaii profitable?
Mr. Spreckels. Very.
The Chairman. 1t paid fair per
cent on the money?
Mr.. Spreckels. 1t paid a very good
rate.
The Chairman Would you mind
giving us an estimate on that sub
ject?
Mr.. spreckels Well, the planta-
lions vary.
The Chairman. I know, but give us
I your experience, if you have no OBJ
lection
Mr.. Spreckels. At that time it was
defunct plantation
The Chairman. You bought it when
it was in bad shape?
Mr.. Spreckels. Yes; it was in such
shape that no one thought it would
be possible to make it pay.
The Chairman. What did you pay
I for it in round numbers?
Mr.. Spreckels. About - cents
share.
The Chairman What did the stock
cost you in point of numbers?
Mr.. Spreckels. One hundred shares
in the company at $4,000, but there
was a bond issue against it.
The Chairman. What was the bond
issue?
Mr.. spreckels. The bond issue, I
believe, was $1,1OOOOO.
The Chairman In other words, the
stock was practically valueless, and
you bought it for $4,000?
Mr.. Spreckels. Yes.
The Chairman. And you say the
company had bond issue which you
assumed? srWTHU
Mr.. Spreckels. Yes.
The Chairman. Did you ever sue
coed in paying the bonded debt, or
any considerable part of it?
Mr.. Spreckels. I did. sold out
the stock. But the company was in (
good shape at the time; paid no div
idends but put the returns back into
the plant and into improvements.
The stock at that time was selling
at SAD per share.
The Chairman. $40 per share?
Mr.. spreckels. $40; l sold my last ,
stock at $50 a share.
The Chairman. You mean the ,
stock you paid 10 cents a share for?
Mr.. Spreckels Yes sir.
The Chairman How many years !,
did it take you to do that?
Mr.. Spreckels. Four years.
The Chairman. Four sugar cam
paigns? :
Mr.. Spreckels. Four sugar cam
The Chairman. That is better than =
a gold mine, is it not?
Mr.. Spreckels. Yes.
The Chairman. Those people do '.
not need very much protection, do =
they? Al
Mr.. Spreckels. I have worked I'M
der free trade. l worked under free