The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1914-04-24
HIDALgQ mot
AtDBS,. SAYS
Ripe.
Prompt Action Can Save MuddIsa
Assets Of Mexican Enterprise
for Hawaii Investors Is Opin
ion Of Boston Capitalist Now in
Honolulu.
fFrOm wednosday Advertisor.j

[Fron "Wednesday Advertiser)
Prompt action, little nerve and a
determinaticnon the part Of the stock
holders to get together will result In
saving the Investors 100000 or more
which the residents of this Territory
have placed in the IIidalgo Plantation
& Commercial Company, according to
t. A. Rippey, capitalist Of Boston,
who is one of the heavy stockholders
in the concern. Mr.. Rippey has been
here for the past week or more, a guest
at the Young Hotel, waiting for the rc-
port of Mr.. Heiser which was submit.
ted at a meeting held here Monday az.
ternoon. Mr.. Rippey will leave on the
steamer Wilhelmina this morning, en-
route home unless in the meantime an.
other meeting can be arranged and a
final effort made toward getting the
muddled Hidalgo affairs straightcned
out.
He says that if the stockholders can
arrange to take mp the 100000 loan on
the Rcvuolto property before June 30
an arrangement can be made to insure
working capital for the property and
put II on paying basis. OF the $780,
900 he says that himself and other Bos-
ton Stockholders IRE ready to put up
approximately 100000. He is enthus.
iastic over the future of the property.
despite Mr.. Heiser's report. 4ss'
The. Hidalgo holdings in which local
m 10 -" - .A.I 4
net value, based on war time valua-
tons Of nearly one million dollars.
Rippey's Statement.
sit is easy for live jackass to kick
a dead lion, said Mr. Rippey yester-
day. have seen some pretty small
and NANCY ours get behind a picket
fence and bark ifercely and bravely at
mastiffs passing by. Likewise / have
seen bullres hammer and kick person
unable to defend himself. / cannot be.
lieve, however, that the press of Homo
lulu belongs to either class and that If
y has done soiiie kicking, barking and
bullying unfairly il will at least set
itself right dbyy giving a fair hearing
on the whole matter involved 1 refer
TO the Inference drawn in the press
from the Heiscr report upon the affairs
Of the Hidalgo Plantation & Commercial
Company, that the concern is d swindle
and the plantation shareholders film.
damned. As an investor in the Hidalgo
and on behalf. Of Hawaiian
investors protest at being held up in
the public press MS an easy mark and
a rube' unless there, is a true basis
for the aceusation. .tvr |
"1f the reporter who worked up the |
Hidalgo sensation had not had his mind
upon playing up at all costs the sen.
sational and the destructive he would /!
have analysed the report more carefully |
and found about as follows, - Il. 1
Immense Enterprise, n
: First. That the combined HidaIgo |
and sister Plantations comprise $4,000 |
acres Of planted rubber and 1900 acres
Of planted coffee, the largest enterprise
Of the kind in Mexico, IL NOT in the
world, under ono management. rfs
Second. That the management
had complied practically TO the letter
With all its share contracts with its |
plantation shareholders . yi |
Third, That II had created upon
land formerly pure jungle these great
ON d bank valuation made |
during period of civil war in Mexico
worth $3,432, 345 gold Fhis bank APP
praisal was made by the 'Bane0 |
Hepoteeano of MoRico City, the Credit
Foncier' of Mexico, corresponding to-
the Credit Foncier' Of France, a most
financial Institution.
" Fourth. II would have found that
The value of lIidalgo holdings accord,
ing to this appraisal is 81 ,465,375.
Fifth. 1t would have found that
he total amount paid in Cor shares in
he Hidalgo plantations was 81 1896, 500 |
IF which $397,24s had been returned
n interest from coffee earnings, leav-
ng a net investment of only $999, 342,
rs against Properties valued by the
,ank at $l,465,S75.
Substantial Equity Remains.
"Admitting the dark side Of the
'epOrt; that the management had been
,xtrsvagant, that its methods of
nance were most extraordinary as is
eadily apparent, that In plain breach
y trust II has mortgaged the proper
les the fact still remains that even
lfter we deduct from the bank S valu-
'uon OF the properties the Hidalg0'si
proportion Of the indebtedness $751;
iT3, there romans an equity of 1898, 7O2
gold, which is Substantially equal In
amount TO the total net Investment in
he shares and this upon bank appraisal
Turing a period Of civil war. is it not
yell while We. are damning to take this
tlto consideration. Will any one ven.
ure to say Il hat there has been no
!reater shrinkage N the equities in
he sugar estates in the Hawaiian
Stands today even with no civil war
n the islands, Va n
~ Let MS be fair I have ridden
Yer the Harrison rubber and coffee
lantations. If there Is more won.
erful agricultural sight than was that 4
n these rubber properties j have
ever seen it. There is none to com
ARE with it on this island The