, tUWATIAN GAZETTE FfclDAY, MAUCII 22, 1918 -SEMt-WEK KLY.
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" To Fall fecri
Last- Reports Are, Pessimists
Hstwanan Strgar Win Bel IrtNo,
. t at Ja ' . i
, way Aireciea
, , ltt.Atlod.Pra fior.M
t9 tr)att the vu1? ctJ Ji
itr,tit WkMV or it. a
totaraed lnvlgtof ia1 footed aa ay.
Ing. that iW JroMblee . aoteriato t(
alteration and farther thal pkatera ar.
OuaaXIUedi wltki the -BrK-a aiada
their augar. that feeling of diaaproint
jaeat ,beiag'sggrrate4"'4r Oernaa
toTolftaada. .. v
t WiH fjrtjr 'la-ta Wi aoaaerra
ha, the4r Xtimaie xof the Cvbaa
Crop but tftt other etlmatea have rue,
anack higher Mbaa' tfceim Vrhe moat
generally aeeepted eatimate baa bee a
9,77A, ton, aa Ucreaaw tt 189,000
tone, over faint year. Prom taia;tht e
aintated ' total ' available- Yet ahiptaeat
aa placed at 3,A46,000 tona. It ay
be the erop Wilt fall aa low aa SflObflW)
. 'Ia-ordinary, timea tkid wajott 'would
be rereWed witk tomt degred f.aatia.
- laeHni. by th plaaW ber ' f or W
woald -aaeatt higher priM for tU
iraiina Crop. Aa mattera atand, how-
"' -Wet.'witi fbe Tr,it4 AeKattely it'
wirTdl tb KaWiia.erolnot't all
It merely a (Teat a the reoeipta ia New
. Tork; aot the priee, and -timing, the
' anpply arailaTjle fr th' UAited Htatea
and it mllaM ta tke xtcnL.tke rnn
; : amir fall thori Of 'the eatiaiatei '
y ' ;i.vThra han.heea' a; feelinf -aaaoag the,
Cubaa planter that the price waa fixed
'. tT the emmiaa)o at too Irtw a figure,
' That Mntiaekt''wao'ahard iailuiai
' ana and here it ha" boea.felt that with
. te added bordea Of oit ' and ta jj
nd iarreaaad freight the fljrore waa
.. lower thaa it might ha been, It m
. equiralent to The re aa (real of the one
ret'daty; ?uba Hev really getting a4
better price than ia HawaiL . , '
Jj,', : Ifowerwr there haa bee leaa eriti '
, y rieta froavhe-plenr her tha'd from"
, the plantera in Cuba and in Looisiana
tt SiK eeot aajoftf rw ia little if airy better
, - thaa -waa .few? eent-wigar before the
i: Wf. kit kwiies more, that U aH.( '
ifrinifttittWlW-itai by Cubaa
' T - . and Launan planter that, augar ha
t . Tiol tnereaaed a triee prportioaately
' "with- other (tOTikmoditiea. All that the
;hrmteta tXjWre haW M aldvaaned. it ia
dherefrtr' their -een teat ioa that th
, jriea ia too low. While little hae been
- aaid. on the aubject here, the feeliatf
; underneath the Surface' Jl 'th price
inniua- bsti oefni nigner. '- -t , '
1 , . .-The-tkeory that the Oabaa tdanter
. will aot est, grind and hip at the price'
him eeeme aardly tenable.,. It ia nat
human nature, if a profit ran ho aiadA.
to, refuae aneh profit' beranae it ik rt
. , ao large aa la demrefl and It had Hut yet
bewj said that Cuban plantera will op.
ee at an aetdal tone nmier th price
BECAUSE OF W,
fmppvniens i sagar ilante ar
gotn)' forward alnwly tkteae data. It
I learned from a local houae- tfcata
thetmainlaad an less orders' are ahoWh
t be absolstely essentral they ar bat
aarieV time after time- for orders that
secure a precedence. Unless th order
bears the atamp "A 1 essential" there
is o tellihg when it will be fillkd;'"
kOc taachinerr leave' the factory,:
nc-weVer, H WoVea to itr desttnatioa.
Thce- has been no diflrimTty op to thia
lnte Tit fretting 'the freight W k Paei
e pttrT, nsuatly Wan FfaneiseO, dnd Oatee
tbn tt Veacnet TfonolHlu ia flue aeasoa.'
. ' Much woril that' hta Wen -planned
"for (he Inlands hk be-eri delayd ainee
.the' rnrtod States entered the war d
this it shown in several of th eom
pany reportit' The prospects are that
. the delays will increase '-rather khea
fllaifrtlsb. Fortunatery mbst of the.
companies' are In good shape at their
plntJ)ut where work ts underway -or
pis sued. H may -be expected that it
will fell behind any attempted schsd
' til 01" e'oniplc'tion. V.
; It 1 the" same way ik securing equip
ment outside oftnitl material, the fill
ing of orders te very! slew.
Wfi ANQfiLKS, Fehraary 20 IJnl-
. ; ; tel States food regulations srf , to
"I enfdrfcj i l.6 Aigetes by a'fooa'
l aduuiiistratfon " poljce, num'berihg ap-.
( 'proxiindtely 700 ihcb. ' '.-.
Thia announeeinent waa mad 'by
;"' Food AdmHistrator LouM M. Cold this
' 'evening-at a meeting of festairani
Biea.'' Chairmen of twenty Committee
' of- reataurant owners were named to
. ' , poKi the reatadrAfita aad hotel die-
X Hi .
kijnawB BWVk uuii
'''-.' Cl k
; 'hig koomw of Xoa Aagi'les. v -v
..!, '.! 1:.. -(rFea big eowmitteos will be organ
'iVl te'ooteft with the food dnin-'
, , ,. C,', . lstratiod, coniistrng of grocery mfa,
j .. returaabniu, butcher and hankers.
'"" ' -;','.'..Tl,0 aine.ting of reHtaurant men today
.. , .! . .. i wa of a patriotic nature. Kach man
.si';'., present expressed hi willingness aad
i , " Oeaire 19 comply with food regulation.
" Higher During Days of War
Ijtlle rbiinirc In the mm! vduatiotm nf (h ner romptnVAa f th-i
niKinre ni pmuumi fnrre in fh t
ttw. t. .te-
psnira m n pniviM PT t lol
til v nVfi(konil.
1nraH iB"lMMn t
WHk-M kaMneJ valuation of
i vtint tha atiRar fompaalrt will pay a larga itroportioa of the running to
j Hhaa of the Territory, ani at th same time thfy ai bearing their full nhars
j l(rwith ia jmhliahej a fomj.arativa aUtemenf of tas ratea anil ;ameiiii
u 1 vaiuationa for this year and lant
i(; ft 8.';;.;:,',,,. . ,
r,w' v ..'- ,'.-:.-,...
Mnt Ajrrv-oltaral . . .
2?l,f t M'?"s''?V.u'i
Iul '" "-n
Waiahra KrkBltaral' ,
t laamrta & 'ar , ' . . . ,
Jlonoluhi, fjantatiaa . . ."; . . . .
Uhae ('Inntatloq ' . i TV'.y. .
Krkaha Bilgar ,,..,.....
(Xiirfmea v. ;,.'. . ', . . .
WaiftKea ! y .,
iogar,,..'AV. rVkVU . . .
Hawaiian -A tn-fl. Co, .
IUkafau Plantatioa . . . 7 . . s .
Oiaa aprr i
Pepeeea.5n .,-,.'. '
, ? 'tT.-1
S '. V-'X 'V ' '
wni ," ' . ' '
fe" fiheL KuktoB)
McBrye OMigar ,
Kaeleho . 4. .
Kilanea tSagar ' . . . . .
Waiana o. .
Orovd Parmt .J.'.ii,
Kabuhii K. ft.?.,.. , .
haeifie 9ugar .
Hawaii MiU )
Warnea pugar . ...
flalawa Plantation .
Calou Mill . , ..:..
I.ikae. Bam-b, , .
A,' Itolrhmeu Nliliao
Aarioaa , Sugar . . .
Ualeakala Itanrh . .
PriBrevill .. .
Hanolua Kan h . .
Kipahuiu ?.....:....,';. ... . '
Qtieehsland'Sugat Grind .ExtehdSj
Artaluina f OtimthIitiiI V Iin! lit 1111
f - The crushing seaeon, Which usually
fad much before the end of the year,
Has been erteudot right into ' turn
month, and ha not yet been completed
t some bf the fai'tories. Th amount
of ktlgar estimnted to have been tnrfde
In Queensland ik ..I.i.IMH) tons, which
U Welt outnide the previou higlutst
ef-op I Qoecaland 242,000 tons in
ItlX" Whh the SO.tKW tons raised an
NW South Wali-n ami a small quantity
of beet augar, the total is more than
NMMNJV tons above Australia's aanual
ettnsU'mption of sugnr. It was the first
year-'ia which sm-h a state of affairs
' The reason for the great yield was
twofold, the ei-el'ent seanon and the
'lkfg atmennt of enne that stood ovct
from the previou venr on account of
the strike pural.ving industry for a
tinie. Unfortunately, not all th eane
available was taken off in tbe season
nowj closing, a the xbipping strike
cauned ' eotigeHtion of rsw sugar at
many of the fai-torien, which were left
Without steamer connection to relure
fm) taks, 'nnd the factories had to
ilesa'down for five weeks in ome iu
MaAees. This clown re occurred at a
thaa when tbe sngar content waa high,
ao that there wa not only the loss or
(Train if as a remit of Home of the eane
ataa'ding over, but tbe crushing of a
uedtity of cane had tn lie postponed
ttatil th sugar content was low, and
Instead of a little over seven tons of
eane making a ton of sugar the quan
tity. ef caue roMe to 10 toua or more
aftef the heavy rain set in.
. On the- lower Hunlckin and the Mac
kay District there was a Jafitpiuautity.
of eane left over for h e4 K U..,n. Tile
proariae for 19 IS crushing is excellent,
as ia addition to the cane held over
plenty of rain hu fallen and th caue
has uiaile wonderful progress,
tkeamera are now available to lift the
raw augar from the ugar district to
the renurrie iii the various' States;
but it will be Home mouths before the
arrears are cleared off, even if ii ia
possible to clear the Hheihi before the
Ms, crushing Mnrt. It is probable
fnrt'the start of cruH.hing will be fairly
early this coming eanoo.
The Mat-kav itiict hu, a good sea
eon, the ttgurc for a number of years
being a follow:
I jnei-'ilHii'l ' Markay'a
Year Ton. Tons.
tft I U.tKJO 20,650
t3 -M:,Si7 54,900
114 -21H47 4:1,000
1915 140,400 29,630
1910 .- I7,i7:' :t:i,50
JS17 :t25,Mio :i,ooo
Home iiilcrcHi attttcliea to the fiiinii
elal operations of the fuctories iu view
of the high Hwar.l for wages under
which they were worked this lust sea-
x rtM forlbr yrf la tli tot of nt vom
or Ike TWttt Jlnone W1tnntX
in 1017. ' But hK inreS are by no
' Tb ftv4nl tX 'M arlilnl and
an1 wir VwbTlta ikxnt a,wlL
U 4.4X0.000 awt iflartmwitUi
- 0 600,000
" ,3rtO,(H - -
. : i.im,tm '
' A- . ,-. '
: S0.5W .
i7.ti i :
30. ' -MH.10
1 750 1)00
1 000 060
'173.000, v f
Plug Land Co. 'a
Ovr longer Than Custmary
' ' .': ..' H vj
ao. rt ia known that the result at
some of them-were not -aatiafaotery be
eauN ef the delays to the plant nnkaiog
up the season 's working t Oxpeusea,
May individual farmer ha-ve anfferr-d
heavy losses through i failure-4 Tur the
whole of their eane; the heavier erop
will be a total loss. In the Lower Bur
dekin alone over EOO.000 'toks vf CaM
hml to stand over until next' aeHsoa.
t'nfortunutely, some of' tknr'.ean Is
A large Government Irrigation plant
is being laid down in this district, the
former paying- the latere! f a ',fht
rout. It is hoped by this mean to
avert the disaster of last year, When
the weather t-auscd such -i 'failure'-Of
the crops as to prevent the factory
opening up at all. Altogether in! the
northern region 4m),(HHj tons of eauo
j was not harvested
The output df sugar in different -dhj-
trict in the north is given ae foHoWK
Mackay, 6.1,000 tons of sugar; f ree
erpinc, 8,700 -tons; - LoWer BurVekiit,
30,260 tons; Herbert Biver, 29,130 tons;
Iuuinfail, 2H.750 tona; Cairns, 41,500
tons; MossmkB, 6,800 tone. . .-.,
The government has been approach,-,
ed with a project for the erection of
another factory in tk Ayr diatrtft,
knd it hak been kaked tdvrOmoVe -One
of the unprofitable 'mille in andiatriet
in the southern pari of the State and
erect tt f the aorta, wweare can grow
ing is such sureossfol iaduatry.f ,
The difficulties of obtaitfing -fertilizer
led to the utiliaatioa of the guano
deposit in one of ' the 'cave" la the
reutrul district. The eanegrowers ' are
evidently satisfied- with the retfults, as
itt. order have beea 'given. The
iioMflifjf oT fh guand 6uf of the raves
is done by electricity, and the caves
are. lighted withthn heme power..'4:
TAKE NEEDED PROPERTY
W A HU IN QTOlf ; MkreH 81-(Aaeir
ated Press) Aeting Secretary , of War
Crowell has sent to the senate for ia-trodiK-tion
a bill empowering th pres
ident during the war to' take oVer
property of any kind, personkl Of rOr
alty, with rompensatina ha deemed
nereKHry for national security, r to
aid in the conduct rf thiwr.-
w. a. a. . .
A FAMILY imtthSJXt'.:
Kvery family should be provided With
Chamlierlaiu 's Paio Balm at all times.
Sprains may be cured ia much lew time
when promptly treated. Lame back.
Inmo niiouliler iiain in tbe aid' and
chest and rheumatic pain ar aoifle ef
the .llMcaccH for which It la especially
valuable. Trv Ihia liiiimMAt a a.t hfleaina
ariiiuiuted with it qualitle and Vou J guaranteed price tor next year ' crops
will never winh i be without it. For;of $13 per ton plu 75 per cent of the
xulc by nil dealer. Henaou Binitb A . molassea that 1 mad from the beets.
Co., Ltd., agent fur Huwaii. Advt.
) ( hi .-. st 1 4 V '
u ii'' '' V q yndteate or New York DatiKera
Biff rlahteCS", Put More In Sugar, provide, the financial resource re-
But ' . Planters G.-lliyig?&:
'"rcr Cotton and Corn m,b were Taadenbine fwnWA'!
v ; "' - 1 la aw mwndtrtilpenfnt given out Jby
r St'W ORtfeANa,' WarVn 2-A . man J Charlea H. Wabhr realdeit " oVfie
who hai Teei f.lfntilled with the ,u.t Oaarahty Twet Crtpany of New f 6k,
Ui U ' . i ' ii.' 1 . . f-wbo hfea acted an nhalrmna of a bank-
gar laauatry,aetlvelyr Ihe laat twea-,J e)lnmittee formed, to organiaa th
ty yeart mora haa juat retnrned ayn.licate and formulate the working
from . trip throughout the, weatera detaih of the plan. , The announcement
pariihfa'of.thegar district. , He aaya 1 told in Fata, About Sugar
th.W.VhM h:r in ;fSrd feioV i-o1
acreage ,1 tboae.. pariahra, lut not a VnitrA Htatea haa adviaed the aecrelary
very greai innreaa becaiine the 'email of atnte dad the aocretary of the treat
farmera ara'aot increasing their p'aat- tiry that it will be aectmnary to provide
ing,' aU of the lecreaaee being doe to, fnnda in thia country lo aid in financ
the ntoro atena)Ve planting peratione ) tag the preaent Cuban augaalerop.
or tne Dig eoueevna owning ann operai -
fog faetorlea;' a; ..
Tbia... informaat aaya- that tm
teavtencr morong ( the-factory interaeta
ia to-'itlnacfmore caa. but that the
amaU farmer are e lined not to ptant
a much cane tkia year a mat year
add put the land taken oat of ean into-
eotton, which ia- agaia necommg .a
populart crop ia thoea pariahea where,
before' the bollr weevil InVOaioa, it was
the banner product.'
V ber eottoa la not 1 the ravonte,
in .uuiUr of the 'farmer, there
.HWatall. , AMa,
ly aroond ' Yoaagnville, in Lafayette
" PaYiah. an.l Loreanville: in. Iberia.
I -ioa,.BS) K'UgOl -y-arsaireai , w ssa-4
i has' alwdy been, strictly a maaufactur-
1 z&r&iM's. tm0yv
1 mm jrrowtirir 4m vvrmtilion rar-
laak . aayW. aTka a. X ak 4f SS am ntkiinprlltlt.
rMn!oooly M P" yV to acqoirt, at a ju
tamM'di'dalraal, 1200. acre 'of cane landa
'TYrJoofher-rtofar idle. They ar planting thia
(m 000 1 "rK' t,t in aad expect a fuQ
?nn'iin i p-lhererotn. ' . - v' . i
nnfl'nl 4 Tho OaklawiJ ' Sugar , Company, at
r.un;; Franklin, in 8t. Mary Parish, have also
Tliwreid Ihrtr Wo piantiagsiby 1200
Vs'o'ooi I r Utlw year. Their land holdings
a'1 nrn 1 ' 'rT- eateaalvi and tbe hicreaaod
toaiSCi ha beerAput in on some of
..n'XXXltheie-'OW lkndW whirls had lemaine.1
ttecaltfvated i ir many years. Thia big
intrcase at Oaklawa i all" tbe more
laterenting since this) company aa late
as-two -years ago had made prepare
tlons'tO' go out -of the augar business,
r fiaeii.aii. anil'eonditians .and atub-
bis aiv. average wary, high' -in ex.-el-1
tenee In ' ail 'or the ' western.' parishes
' i. - an fhl. anihnrit Vietd work.
Kill aaid, wak wen advance and a high
grade of cultivation was the order or
th day. there.
jM- .'W.-..', V-rr-r.'
Question-Ts- rsVed Whether Ha
waii Will Benefit
. V.'",.. . "
''What if. any. effect will, the takinu
ever of th liutch ships hav upon the
shippiug situation. in-'Kawa'iif . This is
the question-that at eoc Arises in the
minds of sngar shippers when the news
-ef the taking) jover of eeventf -seven
Lhitck ship wa awnoaneeu. Tn poo
ibility that some of these vessels may
be assigned to the Iln rqn as freight
ers at once suggested itself.
Aa yet the shipping board represen
tative herr is not Informed as to what
diaposition will be made of the newly
acquired shipping. .'Undoubtedly ' the
fastei vessel Will go Into the Atlau
tie. There t always the possibility
that Hawaii will benefit to some extent,
even though it be only ia some special
voyage and nbi from a "regular as
signment. There hafe been no eUdirge ia the
stigar situation sd far a -definite in
formation goes: The Sacramento is
soon to leave and up to the present
time it ha, bfett believed he would
make the canal trip but thia ia Aubject
to change at- any time. ' After she
leave no ok knew When another
augar hhipmeat by-way of the canal
will leave a or hat there been any fur
ther information relative "to sugar go
ing kast by raiL
, Growing ugr beets is aa Important
Industry in Dektaark.- and careful at
entioe (t- paid' to" thU aobje- by the
Agricultufah Department, to determine
how much land should be devoted to
this erop, and how much to grain and
potatoes.- If th matter I determined
on the basis' of price aldne, It 1 Impos
sible to arrlv at a correct deciaidn,
because of tbC aiahy world condition
that control prlre.7 The grower of
ugaf bet ar disturbed by tbe feat
that they Will not get tblr proportion
of like generally aavaueea pneee, ine
ifsent price for ugar pccts is nooni
H ner toil, bat th grower are uniting
ejud making demand for a 06vernment
Alolaate has always, beea considered
DUTCH SHIPS COULD
fi . i
s.V .i.t'r.- ' " "-
ptiws for FiMticuiG. cunnii t lion
nrinniiiifFn Hv Hfvj vnnti niwifFPCv .
I ITTI Fk""v"v .
MIIIL' Full detalla of the plait inaugurated
"1 4. ;lj . by the International, Sngar Committee
iT International, Sngar Committee
1 neither the food adminiatrator
nor the offieera of the . United Statea
J government have authority to maka the
neocanary advances,' the food ad mini
I bankera'-; jsommittee '. provide, the
mena for making a seriea of advancea
for thia porpoae. , Wa understand that
thia request ha kH approved by the
secretary of jtate and the secretary of
the treasury. - . " ;l
' 'fit ia therefore Drotoecd to organixe
a avniiii.at tj ei,tiH hv ridiiii
;:J. ?.5rW" lV.Tt
IHK 0 DIUAIiUHHI IIC11UU rAUIIIUU
made by the syndicate are not to ex
ceed 0100,000,000 outstanding at any
one time. .'- s':
V The -form of thia eredit haa, bre
submitted to "the. Federal , Reserve
Board, which haamlmi that notes and i
billa wbieh will be drawn is norauanca'.
of the terma of the credit agreement
will be eligible for uurehase and
eount by the Federal Reserve basks. , 1
i' W plan to carry out the request of.
the food administration 'in the follow
ing manner: v "
'.It ia proposed to form one or more
corporations, hereinafter called export
corporations, t which advancea will be
made by tbe members of the ayndicate,
and which corporations, with compare
tively small capital, will
1 money so advanced to or for the ben-
: efit of tbe owner or. bokjer of the ugar.
Each loan made by audi export eorpoia
tiona will be evidenced bv the note' of
the owner or holder of the augar, mar j half percent of th maxinlun principal
turing in not more, thaa ninety, day,' amoont of the note of tbe borrower
and soetirej by dpcaieqta wvidencrakvAeU' bwtheoHpereoiporation't any
tbe pledge ef raw u;ar a the baais of I one time.' Any tiirolua ream! king at
three cents per pound, . which i less , the rlo-e of the syndicate tranaactloaa
than tbe average eoat of production for
hi season; The suffnr ViH be fully in-
Valud of Last Year's Outturn,
Ran Over Fifty-four Mil
lions of Dollars
SAN JUAN, Porto, Bieo, February
18 (Associated Press) Ninety -ono
percent of the 1:44,510,41 trade of
Porto Rico for the past fiscal year Was
with the United States, making a new
record both for totul volume of busi
ness enjoyed by the island and in per
centage transacted with the' mainland.
The IncreuHe in grows volume of busi
ness was approximately $29,000,000
while the Uland increased its purchas
es of goods in the United, States by
$27,000,000 over 1916.
Tbe island was more prosperous than
ever before, according to tbe annual
report of (iovemor Arthur Yager for
the fiscal year 1017, which' has just
been wade public. Since the first year
of annexation the islund's external
commerce bax inc reused $55,600,000 and
thia growth, judged from th report;!
not due to direct war business or war
values, although sugar is the island's
tays the Governor' report:
"Not only figure as to trade and)
rmiastry but all the surface indications
of the commercial life of tbe island
show unmistakably that the prosperi
ty has reached a higher level and I
mor general than ever, before. There
has been a general though varying in
creases of wages and there is less un
employment than at any time in fe
cent 'year !TIe-i Umafe'WbeW
circulation, mbrt- 'kiltlvity in general
bnaiheaa, more confidence In lbs
strength ami stability of the bo sinews
situation than the island ' ha ever
The island sold to or purchased from
tbe United States goods of the value
of $122,654,47.1. Sugar exports totalled
488,943 tous, valued at $$4,015O, a
gain of 6a,t)8ft tons, or k eighteen per:
cent in volume, and $8,000,000, or eigh
teen percent, iu value ever 1916.
" Total export amounted to $80,970,
917, While import, totalled $58,545,224.
Bank deports showed a gain of $.'1,000,
000 for the vear and reached a totaf
good cattle fend, but it i Somewhat
difficult to handle. Sometimes it is
mixed with water for the cattle to
armx, ana sometimes with tfa. A
new method has recently been adopted
by a local oil mill. Thia mill hns usu
ally beco preasing soya beana and sell
lug the cnlies for eattlrt feed. Now
II ut no more bean are obtainable, uu
lasses ia beini; mixed with leaves from
beech ticca uud prcssud iuto cukes.
hnnm ninn nun in nmnirT iniuoTrn
f UK I U KlbU dUUAK i IVI AKtt I AUJU- I tU:
MAKES NO RECORD TO WAR CONDITIONS
". "..Tr"-; , ..is tmancca . -. .. t
aured by renpoaaibla aompaniea for tht'f t ' Plim
benefit of the 'lender. Ilia eoat of ia- 1(1 WPW-r Y OlK" lHV
The export eorpatatioa Wall the
loan wiH thereo
qpoH either 'iaaua it.'
notea to or draw ItaiKiIt ntwnt feieinhera
of the syndicate with anaturitiee not ex
feeding ninett dyj in any ease. - la
konnectiod iwHh h payraenf of calls
made on tfirm the -synaicMe man
ager, the member will hav th Opttoa
Of discounting iuch note or accepting
aoch drafts. The . erport eorporatioa
will endeatfor t find' a purchaeer for
each acceptance ether thaa the acceptor
of same, but la cnaa hi cannot b ar
ranged the aeeeptora will agree to fiad
purchasers for, or, failing that, tV pur
shase their owa acceptances at a rate
of an percent 4n excess of lh prevail
ing efrective baaia ' rate tv b tab
liahed from time to time by th NeW
York Federal Reserve' Bask for redis
count of endorsed bank aeeeptrfneea. is
ued nader thi A tredHt'tithe tat at
which notes will be discounted by syn
dicate member win Jb on feerrtnl fn
xeess of the basic rot above referred
to. Ia addition, th eradicate members
will receive . commission equiVaieat to
three-quartera of one pereeat for each
niaety day oa th am0ant of drafts
accepted or notes discouhted by them
resneeri veiv rrnm hmi til -cima
Tpon aubeeribinr to' the syndicate.
member inust notify the syndicate
managers how thai particlpatloa ahaM
be divided in respect -to notes aad . ac
ceptances. Five days' aotlce of tail
will be given U aJember f th4 syn
The undersiansd will act aa syndl-
rate manaL'era. and Witt have full tower I
to act a they ahall determine to, bo f tt
the intereat of the ayndicate. Neither
dia-ithey nor their'aganta will assume' a t
reeponeibUlty for the repaymsflt of th
advances mad by the syndicate mem
ber or for the auffleienej or validity of
the security therefor. . r:
"The syndieat managers will make,
no charge for their services,' bot' the
borrowers will pay wit excesses 'ikeur
red in connection with the formstioa of
the syndicate and the carrying eut ef
the plan.. A fund to meet auh etpeaeea
and any losses Witt be provided y
withholding out of the amount bor
rowed by the -otw net or-holder of thi
sugar sum aot to exceed one aad one
will be divided among the,
"0 6 retaf ' ;
Investors "Have Long Since Dis-
counted the Expectation of
,,,it eaa hardly ,tbe , aaid .that any
great .surprise was excited by the re-
marka of George B. Carter before the
chamber of commerce relative 'to- e-
ductioa f '-. dividends by vsrios cor
porattons of the .'Territory, especially (I
or the augar companies. Airsaay a
few of the Compkule hfcte. announced
redactions in their regular rates; - Still
others, which have ia the past paid
a1 number of extra! dhrldenda, fre re
jwrted to be -purposing 6 continue the
regular dividends at the old ra!te but
to discontinue, or at least to heavily
Cut, th "extra".
atany month, ainee before the
tarted for tbla country, but when
it appeared likely the United ' Stktce
woui become involve the stock mar
ket has beea busy adjusting prices to
conditions and that adjustment meant
prices ' cOnrmensurat with probable
dividend:' ' -"rr. -.--, 1
Ooatt Hlgluar - - .v. '-r . . : "
All of the supplies which the plan
tation etfmpaaie require have gone sip'
greatly ia price. Especially Is thia ao
with the costs of fertilisers and bags.
Freight rates ou the sngar ship
ment are muoh higher thaw thy were
last year aad - so also on gools im
ported thereby still further adding to
the higher-' eont-"of producing and
hipping. It i true there will be ft
smaller amount paid out ia bonuses bat
the other costs awr than Offset thia.
More Taxes -, -.
Th companies will have to pay tnelr
Increased ' loeom "ta'xe ' aad the war
profits taxes out of -last year's sur
pluses and from this year's earniuga
must b paid the taxes dbori such
earnings and income. All of thia ha
been taken into consideration' by in
vestors for week and ioi month's aat.
Pricea are now materially lower than
they were a year -ago as was . known
when The AdvsHmet published com
parative table .o l prices at the end
of 1917 and the end pf 1910 which waa
iione, early i January.-1 1
r Oua, point. rala(l hy"nfr, Carter kak
perhapkanet, beeai 4 'eine1y'-onaid-ered
tijri' knveetor $s' 'Wight be; ' th
question of shipments. - It la quite true
that returns cannot' be secured from
sugar which may be. unshipped and iu
storage here. ( . ''
It is also true that those who have
uot recentl v. acquired their atockk it
prei4eut levela, or who did ot kcquire
(i,ejr .hares at still lower let-els yeara
, ng,,, fld the ''paper value" of their
cnoital reduced proportionitely with
the lunrkct value of th ecnrities.
. Tluiir iuc.inea will naturally (leereaso
urn nitn u-ith Ilia "naner value" of
J the capital. Ho it ia that those who
riiJfi HviJ-.f-Vt 2l4
S Hh Jji-V Cfllttn ctetf and
.Vir: v.T-'TV- . !!,... i.
MoSt ofiirtdrerj'Miinorl Dol-
lart ' Subscribed But Particu
lars Are' Not Announced ."
EW ;YpBh .February. WH H.
Morgan, special represeatktlv 'of th
Vaiieor ewes is vfHo,'n
yeaterdav, aaid deapaUrf frent Havana
just recei tied,' that plan for financing
the ?ubaa rrop aad bee- consummated
In New York thia week and that fund
wer now Available fof local producers,
ay Facta About Bugar.' This new haa
reaulUd 1 a morli better feeling among
augar produecre here. . The impression
reflected i that the Amerieaa 3ovra
ment ia fulfilling to th 'utmost th
pledge give to Cubati .produeera in
the Onhan Agreement. ' v; t '
At the clone -of th market thia week
tt Wa Jernd frfem V Official ' aoarr.es
that , the 'plan Inaugurated ' by the
International kagar eommtttee aad 'ft
syfldickt of " Wew 'Ykrk banker to
provide th nnanrial resource required
M nieet the 'eed f the Cubaa augar
producers during the present erop eea
so and fulfill th spirit of the Cuban
Agreement, haa be eonauamated.
Aawnukeement rorecaat .- . f
The aanouaeemeut wa forecast by
atatemeat ' from the International
agar,: committee earlier in th week
id th effect that th look arrangements
wre progressing aatifactori)y i aad
that ia a abort time 'the committee
hored to be able to report that the
eatire Uari W. $100,000,000' jrt An ac
eoMwiished' fact. ' 'H waa intimated by
the committee' that $60,000,000 tf the
amouAt had ' ab-ealy - bora . subscribed
bV New York bankers aad refiners and
that the balance would be forthcoming.
, - WhHIe the details of thia important
financial plan - are aot available at
it is now known that all of the
otrataelea that have prevented Its con
summaiion prior m mis uae at v i ..
overcome. It is known that the Fed
eral" reserve board ha finally made a
ruling which permits the commercial
neper involved to be discounted by
federal reserve bank.' It is also
known that On Friday practically all
of the' $100,000,000 asked for had bee .
subscribed. ' ' v .
' Fall details- relative to , discount
terma and the - Variou - methods . ef
procedure ) wich loan will be
allowed ftfe t be made public early In
the coming week, tit la understood oa
. .. . . . i i - i.
s-bod autaotity tnat- tae'uuoan govern.
I raent ' has atifiedi the State Depart
ment at wasniagron inai me vauuuj
Of Cuban 'Warehouse receipt will b
guaranteed.- The qkestion of the valid
ity of theae receipts was oae of the
obstacle that held up the carrying out
of the syndicate 'a plan. -
.. According te latest Washington ad
vices, oa the receipt of att interehange
of international . cerrespondean rela
tive to .thia loan and accompanying
advices from th State DepertnieBt, the
final. decision on the loan waa made by
Felix Warburg of the FeJeraf Beservw
Board on Thursday of this -week. Mr.
Warburg passed upon the question mak
ing the American bankers' aeeentauee.
discountable at the Federal Reserve
It Is understood that he ap-
proved this form of commercial- paper
and set an acceptable discount rkte.
' The dinpokitloa of thia irttportent
matter was welcomed by the trade, in
asmuch as it was the only step aot
et taken to bring, about the full con
summation of the - Cuban Agreement
With the perplexing financial problem
settled, the shipping situatio Well in
hand and every evidence in sight that
ths major portion of the Cuban rrop
Will be purchased by the International
Sugar Committee, all matters relative
to the marketing of Cubaa become
matter of routine. '' ' ' ;'
AUSTRIAN SUGAR CROP
' The Neuer Paicie Presse of Austria
reports that tmv Austrian stigar crop
in 1917 was 530,000 tons, which is 50,
000 les than in 1916. In Austrik Hub-
rgary . the crop 1 Is estimated at 130,000
tone, against zuutsj tons ia ivio; toe
factory price of augar ia put at 130
kronen' for 100 kilo and In Hungary
820 kronen' -A kronen ia . about 80
cents and 100 kilos would be somewhat
over two hundred pounds.' 'Thia would
'mean 'that the sugar in the factory in
Hungary would cost Over twenty cent
ft pound. ' " 1 '
held shares last year will - receive ft
mailer return this esr than last. The
fluctuation ef the business world with
Consequent fluctuations of 'dividend
and price 1 the Uncertainty that en
ters' into investments in stocks aad
dole enter into bond inveatiheuta where
a atable Income 1 kssured. On the
other hand the bonds never offer tbe
opportunity for large return that
fcq;ks ia ; strong companies of large
earning Cftpac'ity can and do offer.
"Hawaii" experts smaller dividends,
consequently incomes and heavier in
eom taxes ' this year. A yet com
paratively few of the voaipsniefc have
mads announcement. Moat of them
kr Waiting to' definitely determine
what their taxea will be before mak
ing announcement of dividend chang
. There is yet another reason why
there will be smaller earniuga this year
than 1it. The sugar rrop willne ma
terially smaller. There will be a con
siderable falling off in production a
the preliminary 'estimates hav hewu.
But; there is nothing in the-situation
which Is likely to unnettle th
stock market in any way. The securi
ties, so far as prices are concerned ar
ft n u war liitia liauta
;'1 "i -
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