Honolulu star-bulletin. [volume], September 06, 1913, 3:30 Edition, Page FIFTEEN, Image 15

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HONOLULU CTAE-BULLETIN, SATURDAY, SEPT. 6, 1913.
- FIFTEEN
v; :
1
V
Is Biasiiaeos Circles IIevs -.and Eeviey
PESSir.iiSTIC ESUr.IATIOW OF .; m
, SUfiAR STOCKS VALUE IS FAR
TOO LOW, CONTffl EXPERTS
', ' .' ' r .. . . ' -
I v . .. . . ;
Data Secured from Leading Plantations Substantiates Claim
- of Undervaluation Uncertainty-of Tariff and Financial
Stringency of Country Responsible for Present-Depression
EXCHANGE SHOVS
INCREASE OVER PREVIOUS PERIOD
WEEKONSTOCIt
Su gar stocks are far below their
value. Pessimism Is being overdone.
The sugar plantations are in a far
better condition than is generallj be
lieved ; These statements come from a man
who is closely Identified with the su--gar
industry of the islands and who
J: as spent the greater part of his life
in its study. The same .'statements
tire made by other persons also in in
timate relations with the industry.
In 'looking for the .basis upon which
- they have been, made the Star-Bulletin
has obtained some data from 'the
leading plantations, which, it. seems,
amply support the proposition that
. sugar stocks are now undervalued.
v They show that the' crop Just taken
4off has been large and indicate that
. the balance to be . carried over this
,. year will be large.; The bountiful
- rains which hare fallen on ; the
. plantations . lately have put the
young cane in excellent condi
tion. As there are aboue 2Q.000
tons of sugar o be shipped before the
; season closes, it is not yet possible
to get definite figures on . the total
sum which the yield on the several
- plantations will bring, but an estimate
v made at VJ.a time should not be far
, amiss. .i ' .. " ".
., There are, of course, -three main
, ronsldcrticr.3 which must be kept In
. rair.d in approaching the question of
why stocks have , dropped , to their
' present low figure. They are; the
threatened . tariff Tension, Jbe j low
rrlce of suar, and the country-wide
noney stringency. Reports from the
cast indicate that the stringency is
ccr.lns to an end, the tariff appre
hensions are being discounted there.
Surar prices are improving. v
Notwithstanding,, the prices of su
' rnr stocks have remained virtually
vn improved. Slight fractional recov
eries have been na2c, only to-be fol
lowed by relapses. During the week
Ilawail-n Comraercial - stayed around
L'S.tO, only a point and a half above
i ar; Ewa was tali at 17.25, two and
cr.e-ta!f peats' belotf par; Oahu at
v 13.ro, 13 .being Its par value; Ola at
"1.13, Its r-vr value al?o being 20. f
7f c. f f';,' thexC'cct ota
rrr.r:t v. -u 1.-3 I c en ; terribly de-Trcr-cJ.
' 71.3 ' .rrcrcnt quotations
lave tern at i-ricrs lower than reach
cl for jc-rs. Ar.J the question which
i tie trcLcrs, and everybody interested
with then in ti e Fituaticn, are asking
Is whether ir ret the low prices are
juriiflctle la Ticw cf the' 'good physi
cal rendition' cf the plantations, the
rreval'.:r.g ccct cf . susar, and the im
r.incnco cf tariff revision. -Tari.7
Dcr.I.nsr.t Llerrent.
' Of court e, tha threatened change in
the tariff cn euar 13 really the doml
cant clement la driving down "the
stock values: the other two elements
have had eomo effect, but in absence
i of -the Underwood bill it is not likely
I that, their presence would have hurt
J the market severely. In years past
during the stringencies or quasi-pan-ics
on the mainland, the local market
has been able to weather them well;)
and it is likely that It would have
done the same thing this time had not
the tariff danger, lent its weight to
that of the other two elements,
It would seem from, this that the
low prices of sugar stocks are due al-'
most entirely to the proposed tariff
revision; and that the other two
named considerations are of no great
importance. In speaking of this the ,
brokers are almost of an undivided
opinion that stock values will rapidly
Improve with the settlement of the
tariff bill, this despite what changes
it might make In the duty on sugar. .
Sugar men here, having given up
hope of defeating the bill, and relying
upon having undone at another ses
sion of congress what Is done 'at this
time In the tariff on the productThave
begun to lay their plans .to economize, ,:
and' some surprising results are be-"
ginning to be made known. Differ
ent plantations, it is learned, have cat
down" large sums in their expenses, j
Manager's Estimates Close. . - ' '
' The yield for the , season on ; the
large plantations has been close upon
the manager's first estimate. In some
Instances It exceeded it slightly, but)
aa a rule the estimates and the actu
al outputs hit it off about even. TTake
Ewa for an example. The manager
at the opening of the season estimate
Jed that the crop, would be 30,000; but
a little later he changed that to
28,000. The actual output was 29,400
tons.. In the case of Waialua, though
the crop is not all .milled, the mana
ger estimated the output at; 29,507;
and the output will be within a few
tons of that ., ' . v ' u- .'
The Increase in sugar' prices Is
noteworthy. While the average price
of it from November 1 to July 31 was
571.34 a ton; it was bringing $75.20
a ton on Thursday. The highest price
it has reached was $81 in November;
the lowest $66.36 in May. However,
most of the crop was sold in , the November-July
period. , ;
There has-been, -423,600 tons
shipped so far this 'season.',' At this
time last- year . 442,000 had been
been shipped. . .. ; '"'
The following figures-1 show-the
amount cf the yields and the man
ager's estimate of a few of the plan
tations: . . ;. . '.' ;'T -: . ';
Hawaiian Commercial, 50,000 esti
mate; yield 50,310;, Maui Agriculture
Company, 28,000 estimate, yield 24,
633; Kahuku 5,600, yield 6.621; Hawai
ian Sugar Company 22,500, yield 22,
304; McBryde 14000 estimate, 'yield
14,555; Ewa dsUmate 28,000,, yield
23,400. ; V-
Comparing this with - the crop of
last year the following is shown:
V The six-ciay ' period , coming to " an I
end Friday eaw a volume of business j
jdefie cn the atock and. bond exchange l
!n excess of that cf last week, though
by- not a large sum. Prices remained j
abouL,aa thev have been for the pas:!
fortnight- One of the exceptions to
this is found in Honolulu Consolidated ;
Oil, for which 1.35 was being Did mis
week. At and about that price sever
al hundred shares of the stoc chang
ed hands,.; the demand for it for a
time being strong. , It rose rom 80c,
this In spite of the ten cent assess-
. Sales of Oahu Railway & Land
company were made at 130. Its last
sale before this was.115, though the
former price Has. been, bid for it for
a number of days.
During the six days, there were soia
1550 shares,' the proceeds of which
amounted to $14,072.05. This shows
an -increaseof a couple of - thousand
dollars, over the. business ' of last
week, which amounted to the sum of
$12,011.25, 1052 shares being sold.
Ten shares were traded in, of which
three changed prices' during the week.
Ewa dropped from 17.50 to 17.25, Ha
waiian ; Commercial dropped a" quar
ter of a point from 26.75, and Pines
fell a quarter point from 37.50, and
in one sale of five shares it dropped
a half pointy r -:..
- Olaa remained at 1.25. McBryde at
2.50, O. R. . c U at 130, Honolulu
Brewine & Malting Co. at 20.75, Mu
tual Telephone at 20, Oahu at 13.50,
Hflo Com. at 4. - : '
'Toward the last of the six-day per
iod business improved, with perhaps
the exception .f Friday, when ilo
sales were ; made during the session.
: In the. real. estate circles bright re
ports were made of the condition of
that market Midway in the week the
report of one of the largest deals at
tempted for years became known
the purchase of the Lewers & Cooke
building by Albert Wilcox. The con
sideration was ' said to be $250,000
though' no confirmation, of this was
made. "It is said that a fortnight will
fee the deal consummated. It has
teen pending for some time.
5S
V.
COMMERCIAL ITEMS
The consolidation of the three main j
telephone , and telegraph companies
of Hawaii has begutf, according to J.
A. , Balch, treasurer ; of the Mutual
Telephone & Telegraph Company.
The latter concern owns controlling
interests in the three Hawaii phone
companies the Hilo Telephone & .
Telegraph Company, Kona-Kau Tele
phone & Telegraph Company, and the
Hamakua and, South Kohala- Tele
phone and Telegraph. company. These
three companies are to-be united un
der one company to be known as the
Hawaii Telephone Company Im
provement . work . will commence at
once, under the direction of the Mu
tual Company, to put the Hawaii sys
tem in better shape.: Much , money Is
planned to be spent in developing the
system on Hawaii. r 4, ? ; ; ;
Hawaiian Commercial estimate 56,
600, yield 60,010; Maui Agriculture es
timate 33,000, yield 34,61 2; , Kahuku es
timate 5,700, ylelfl 6,024;' Hawaiian
Sugar Company estimate 25,650, yield
25,553; McBryde, estimate, 14,000,
yield 13,391; Ewa , estimate, 30 000,
yield 32,343.s . : : ; '
In two instances of' those given the i
yield has been greater this year than
last year. ;--';::'; ' . ' ' -
v"Expensea are being kept 'down as
far as possible," said a representative
of one plantation the. other day, in
speaking of, the effort' the, local siigar
industry is already beginning to liake
to face the change in the- tariff. "The
yield this year has been fairly good,
and sold at not oad prices. Though
the proceeds from crar crop may hot
equal that of last' year,, our .expenses
being much, less a pretty good show
ing should be made." . . . . . .
It is said that one plantation on the
island has reduced , its expenses, ; so
far this year,, $150,090. ; It is also said
that other plantations, by economiz
ing, have brought down their expenses
to a surprising amount .
. .In view of these facts, the, yield and
the probable price it , brought, the
rains which , make next, : year'a cane
lock good, the losening of the money
stringency: on . the mainland, these
with other considerations supporting
them, would seem to Indicate that the
pessimism Is be ing overdone- . :
A large real estate ; deal Vhere
by the Lewers & Cooke building be
comes the property of George Wilcox
of Kauai for a price said to be in the
neighborhood of $250,000 : is thev re
port which' has reached the status of
a general street rumor this week. The
parties interested, in the sale refuse
to discuss it . It is said that there
will be no change in the operation eT
Lewers & Cooke, Ltd.' When th&deal
is completed It will rank as one : ol
the most Important in years. .
; An : amendment has , been made' in
the order of quarantine by which all
cotton seed hulls and cotton seed of
foreign growth are excluded from the
United States. By the amendment.
Issued by order of Beverly. T- Gallo
way acting secretary' of" the interior,
cotton seed and cotton seed hulls mar
be imported , for;, m$naf actqrtni pur
poses, cmy iron. thr,8tates of Nuevo
Leon and TamanliDas. - Mexiro. th
Importation to be dona under cpecia!
regulations. , - T t -il - V : -:"
Vr.i&.Y. , Wilcox.. SDecial aeent .in
charge of .the federal exDeriment .sta-
uon,.4is recommenajng ;the,,dcveiop-s
islands, -t tie, aays", he lU beJieTes tfrQ
small farmers on the islands caa make
goo4. profit from cocoanuts ;, and .he
gives, as;aa instance the. case ,of Kau
ai growers whom, ha says,- have prov
ed .mat therp is..inoneyjfalthe pnts.,,
t jThere , have been 423,600 tons of
lugar . from. . the , Islands n the., last
season, as against J42.000 shipped , at
thia .time list. YeaiL ih mnnt
shipped 386,400 tons have arrived, at
maraet; 4 the balance is afloat. It is
estimated that there will.be 20.000
more cons sent out this season. .-' .,
The tract Is being taken
; All the most exacting
Hcne-Ccllder wishes for
is tcre; Kalare has been
pood to Slanoa Talley and
what Is good for JIanoa Is
good for. .
n -y . . . .
, The air yon brt?atke In
Woodlawn Is not contam
laated by smoke or im
pregaatcd " with ' disease
perms, . Woodlawn ozone
makes for health.'
On and ' after September
1st the price of . a' lot "con-
taining one acre of land
wnnnj
will be advanced from
$1000 to $1250. . :
: Exceptional Automobile
Drives, Electric (Lig ht,
Waterworks and Tele-
phone Service now in-,
.. stalled. 'r'i:
np rapidly the publicity
- , - -
Iwi
In this paper has inerea
ed the demand fori Ibis
; most desirable r. pioperty
iocause of its desirability
as a Uome Section. .
Go oat In your machine
today oter the bcanlifnl
. roads. '' ; -
The scenery is fascinat
ing, the air sublime. loo
will enjoy both. V
f f -Vs -( h- f" i
fo-,:; two.
Fort above Merchant Street
it vCr.' Summer, c superintendent of
the Hawaiian dredging cbmDanr. has
been awarded the contract for the wid
ening and deepening of the channel
over the bar in San Diego harbor, Cal
fornia: The contract amounts to; about
1200.000.
The contract fdr-furatehlhr! n,
laying the Jlnoleuni: pn. the floor ol
the judiciary buildihg iiaa been award
ed to J..Hopp.&, Co the bid being
BAR THE GERM
One thing is certain--the busy little
germ is responsible ror about all the
ills that flesh Is heir to; and if we can
Dar tu entrance we can keep our sys
terns free from the seed a
The natural cavities of the hndrnA
the openings afforded by cuts, scratch-'
es or insect bites are the points we
should guard; and it is not enough to
just keep them clean? The' germ is
persistent, aggressive ;r and more than
cleanliness is necessary to quiet its ac
tivityk - . ' r - . ,
Keep the germ out by destroying it
Make the fight offensive instead of de
fensive, Nip trouble in the bud. The
daily use of a reliable Peroxide anti
septic as a mouth wash or douche, or
applied locally, to ' cuts, bruises,
scratches or insect bites, wilt, do this
promptly and effectively - ; ' -
The best antiseptic to use is LISTO
GEN.; It goes; farther than Peroxide
of Hydrogen by uniting "with that most
efficient gerin destroyer the remedial
and antiseptic properties of Thymol,
Menthol and Eucalyptol. '
These valuable elements take op the
work where Peroxide of Hydrogen
lCaves off and with their help LISTO
GEN not only destroys the germ but in
some degree repairs the damage the
germ has done. ': 1 '
Ask your druggist for LJSTOGEN;
you will delight in the purifying, re
freshing sensation ' that it gives. 23
cts.r 0 cts., and $1 a bottle, at Ben
son, Smith & Co., Ltd.- advertisement
IE
30C
Every Kind of Tool
; For all Trades; ; t:
1 LEWERS & COOKE, LTD. . .
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A drive in the Studebaker "SIX" will
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BUT the Studcbakcr "SIX" trill win
you, as sure 'as ever you sit behind the
wheel. K 1 ' - - - i
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i Electric Starter -s
Electric lights
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24 x 4-inch tires v
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Detachable, Demountable Rims
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Anxious Mistress -"Jane, hare "'you" drank the water I gave theni last
given the , fish any ' wresh water late-.mdnth yet."Puck. ::
ly?" Jane "So, mum.; They haven't 'Baker "I understand your late wife
coulrt, make, everything -la. tbr cook
.bcok."- Dj-speptic "She ' not c.'y
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