Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-08-30
RuNOR CONSOLIDATION SUGAR
COMPANIES HEARD FROM MAINLAND

p - Z : $
years have changed. San Francisco
and Honolulu furnish. the only
! two markets for Hawaiian sugar
stocks, and these markets are admit
tedly too narrow for so great vol
ume of one kind Of security. Both
markets are getting pretty well satur-
ated, with the result that stock
prices do not respond to improved
conditions in the industry The only
way TO correct this situation is to
broaden the market Such an under
taking in behalf Of only one or two
plantations would be too costly, and
the venture would he justified only
when undertaken in connection With
merger OF plantations
The situation becomes obvious il
one studies the present yield OF
Hawaiian sugar stocks as compared
with last Yields. Stocks that formerly
sold Gn Q 10 per cent basis are now
selling to net Is and 20 per cent. One
often hears the statement that
Hawaiian Commercial, selling here
round 80, would be selling at SC II IL
enjoyed 9 New York market
Thus. conditions have shaped them
selves SC that the factors may reason
ably take a different view of rnerg.
er than they would have two or
three years ago.
The plantations, with tonlages, for
which C. Brewer & Company are
agents follow: -.
Plantations ,-~z-'.s. Tons
Hakalau Plantation Co. ...... 19.32sl
Hawaiian Agricultural Co. :. :. L. l6.407
Hilo Sugar Co. ..............:1 1895
Honolulu Plantation Co.. -. 1928
Honoipu Sugar Co. .......... 9,S52
Hutchinson Sugar Plan. Co.,. 6,7S1
Kilauea Sugar Plan. Co. 49,. G,733
OloWalu Co. ............... 2,173
Onomea Sugar Co. ............ 81 ,320
Paauhau Sugar Plan. Co. 500. 1908 /
Pepeekeo Sugar Co. .......... 1888
Wailuku Sugar Co. ....... 1917
Maimanalo Sugar Co. ........ $3.50
Total .l65,1S9
Most OF the foregoing are controlled
by the agents through stock owner
ship. Hakalau and Kilauea are con-
trplled by John D. Spreckels. Hutch
insOn and Paauhau are controlled by
the Irwin estate and associated in
terests. It is said that the sSpreekels
properties could be counted on for q
merger IL they were permitted to con,
tinue shipments as at present TO the
Western Sugar Refining Company
The Irwin companies could also be
counted on. .2sst fG@
The plantations, with tonnage, for
which Alexander e Baldwin are
agents follow: s-.F-.'
Plantations ..~ Tons
Hawaiian Com. & Sugar Co. . Sc, $50
Hawaiian Sugar Co. S. ....... -, I06
Kahuku Plantation Co 1923
Koolau Agricultural Co.. Ltd. -. 4S7l
Laie Plantation Co. p. -. LII
Maui Agricultural Cor -. =. $500
McBrgde sugar Go, EtdE -: 1888
Iotal -. -. .I4o,u40i
OF the stocks OF the foresoing
plantations, the agents own from so
to Is per cent. The figures are for
the crop of 1915, and show that
these two agents control 81 900 tons,
out OF a total OF $4,000 tons for the
islands, or nearly half.
E. Faxon Bishop. head of c. Brewer
& Company, is on his way here from
the islands, and it Is understood that,
on his arrival, he will take up this
subject of Q plantation merger with
some of the large stockholders in
properties that his agency does mott
control through stock ownership.
At the time Emil Tschumi, for
many years secretary of the Hawaiian
Commercial & Sugar Company, left
this city for New York, the fact OF
his departure was guarded. Several
weeks later, an announcement was
made, but no reason given for his
resignation. As q matter of fact,
Tschumi went to New York to famil-
iarize investors with Hawaiian sugar
stocks, and his campaign to that end