Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-07-10
BEET SUGAR men ,
.AFTERNENSPAPER
Chicago Inter-0cean Given
! Consideration as Means of
Opposing Tariff
Removal

! The following letter, dated March
20, 1912, addressed to Charles w.
Warren. president of the Michigan
Beet Sugar Company. by Clarence G.
Hamlin of Colorado, was read before
the congressional "insidIous lobby
probe committee and shows the eff.
forts made by the beet sugar inter
tss TO secure the Chicago Inter
cean as an organ with which to
tight against the removal of the tar
itf Hamlin is a newspaper owner of
Colorado Springs, deeply interested
in the beet sugar industry and a
nephew of Senator Clark of Wyo.
ming. The letter reads:
Dear Mr.. Warren-S writing
you on Saturday have had two con.
fercnces with Mr.. Hinman, who con
trolls the Chicago Inter Ocean. 1t
seems to me that matters discussed
deserve our serious consideration.
Mr.. Hinman has purchased. or ar
ranged to purchase, $20G,000 of the
bonds OF the lnter-Ocean formerly
held by the Yerkes estate, but as
gather it, he is not in shape to handle
the proposition personally and desires
to place these bonds. The total bond
issue against the paper is, 100000,
including the above. and bears inter.
est at 5 per cent and natures in 1926.
OF these 100000 mentioned s165, 900
has already been placed and Mr.. Hin
man desires assistance in handling
the remaining $4,000. In placing the
bonds already sold, Mr. Human has
had the assistance of the vice-presi-
dent and ex-Speaker Cannon, both OF
whom are interested in seeing him
Garry through this transaction. His
proposal is that we assist him in TAX.
ing care of the remainder Of these
bonds; $4,000 of the proceeds to go
to working capital
'The Intef-0cean has had its vicis-
STUDIES and is now operating at some
loss, but Mr. Hinman assures me that
It is now on the upgrade He tells
me that they are practically free from
floating Indebtedness and have never
defaulted on an interest payment.
An Eye to the Farmers.
The Inter-Ocean is one of the three
papers which hold Associated Press
franchises in the city Of Chicago, and
the only Chicago daily which pub
fishes a weekly edition This weekly
edition has circulation OF nearly
100000, almost exclusively among the
farmers in sections which it is most
desirable for us to reach. think no
PAPER published in that section of
the country is so generally quoted by
the. agricultural and country press as
Is the Inter-Ocean.
The paper has always been friend
ly to our interests, and should we aid
Mr.. Human, speciality will be smade
Of the sugar tariff and our business
will receive particular attention all
along the line
The daily circulation of the paper,
is about $4,000. Mr.. Human tells me
that he has Standing offer of ST.
100000 for the paper, and while these
securities are not such as to be dis
posed of readily it seems to me that
they are perfectly safe. as a paper
with the circulation, franchise and
standing such as the Inter-Ocean sure
ly ought always to be worth $500 900.
1t certainly seems to me it would
be good business for our people to
make this investment and thereby es-
tablish an organ in the Middle West
which will give cur industry the at
tention 1t deserves So far as my
Own company is concerned, feel safe
in saying that we will pay our share.
Thinks Plan Good.
IF these bonds, or a considerable
portion of them, were taken over and
then distributed among the larger!
concerns, the amount invested by any
one would not be large, neither would
the money be giI en- in the way of a j
contribution. | gather from my talk
with Mr.. Human that the matter is j
somewhat urgent in so far as time is
concerned. Mr.. Hinman personally
owns about three-fourths OF the stock
of the Inter-Ocean. Mr. Oxnard seems
to think that his people will look with
favor upon helping. | am writing or
ly to yourself and Mr. Morey If two
or three of the stronger concerns
would underwrite the remainder OF!
these bonds or substantial proper
ton of them, believe we would have
no difficulty in distributing them