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

years nave changed. san francisco
and Honolulu furnish the only
two markets for Hawaiian sugar
stocks. and these markets are admit
teddy too narrow for so great a VOL
urne OF one kind of security. Both
markets are getting pretty wen 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 be Justified only
when undertaken in connection with
a merger Of plantations
The situation becomes obvious if
che studies the present yield of
Hawaiian sugar stocks as compared
with last yields. Stocks that formerly
sold On a 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 SO if it
enjoyed q New York market.
Thus, conditions; have shaped them,
selves so that the factors may reason
ably take n different view of mers-
er than they would have two or
three years ago. :.Es:- ...*f-.E go
The Plantations. with tonna&es. for
which O. Brewer G. Company are
agents follow: EE
Plantations H. Tons
:Hakalau Plantation Co. ..... 1922
Hawaiian agricultural Co 49,. 16.40i
Hilo Sugar Cor. ........ 1905
Honolulu Plantation Co. . 1929
Honoipu Sugar, Co. .......... "9,S52
Hutchinson Sugar Plan. Co... 6,T81
Kilauea Sugar Plan. Co.. ..... 6,7333
Qlowalu Co. AHA
Onomea Sugar Co: ...............2 I,320
Paanhau Sugar Plan. Co. 49,. 1903
Pepeekeo Sugar Co. .......... I,9dS
Wailuku Sugar. ca. .,........ 19,177
Maimanalo Sugar Co. ...... $3.50
Total 80. -. 80. -. ~. l6oyl69
Most of. the foregoing are controlled
by the agents through stock owner.
ship. HakaIau and Kilauea are con-
trolled by Jehng D. Spreckels. Hutch.
inson and Paauhau are controlled by
the Irwin estate and associated in
ScfGStS. 1t h. Sdld bitdl TIA opl etNGlo
properties could be counted on for a
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. - f.. =. -.
The plantations, with tonnage, for
which Alexander & Baldwin are
agents follow: @T
Plantations ..-. Tons
Hawaiian Com. & Sugar Co. -. 56,7SA
Hawaiian Sugar Co. 24,705
Kahuku Plantation Co ...... 1928
Koolau Agricultural Co, Ltd. 49, 4S7t
Laie Plantation Ca. ..:.1, III 4
Maui Agricultural o.. ....... $500
McBryde Sugar Co., Ltd. -. -. 15,458 +
Total .z.n.... 1876 45l
Of the stocks of the foregoing
plantati ons, the agents Gown from so
to IS per cent The figures are forj
the crop sof 1914.15, 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. Faxofl Bishop head of G. Brewer
& Company, is on his way here from
the islands, and it Is understood that,
on his arrival, he win take up this
subject of a. plantation merger with
some of the large stockholders In
that his agency does not
control through stock ownership.
E 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 a matter of fact,
Tschumi went to New York to famil-
Iarize investors with Hawaiian sugar
stocks, and his campaign to that end
will shortly begin. "