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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. . . . mm m S Studebaker "Six," $1800.00 f.o.b. Honolulu A drive in the Studebaker "SIX" will charm and' convince you. ; If there las ever been confusion in your minjj concerning the qualities of a worthy Six, your questions will be fully answered after you have driven this ' "SIX". : ii-r. 4 (:: : '. And t?ven if you are aware what some good sixes can do, you will enjoy a great-'', er glow of satisfaction when you drive ' this car. 'C '; " As you sit behind 'the alluringly smooth and responsive motor, no one will need to tell you why you like it. You will know perfectly well. , The instant and full answer to your .call for increased speed or, power, - the sure and perfect response to your control, the quietness, the absence of vibration, the sheer thorough-bred ability of this "SIX" to do all its work without strain or perceptible effort these things will prove a never-ending delight. . . v ; It is as hard 'adequately to describe this "SIX" as it is. always difficult to de scribe any new and more perfect instm mentv -: ' ' '. , ' BUT the Studcbakcr "SIX" trill win you, as sure 'as ever you sit behind the wheel. K 1 ' - - - i DPBCIAL FJaAIUrJZD i Electric Starter -s Electric lights Electric Horn , ":, 24 x 4-inch tires v . ', . . v - : ' Detachable, Demountable Rims ; Extra Rim ; " 1 ' - ' Tire Holders y : STB0KE, 49 1L P. MOTOR j Speedometer : ". ' t . , ' . . Three-quarter Elliptic Rear pring3 , .; " : " .. . Full-floating Rear Axle t ; - ' . r n Silk Mohair Top and Cover Studcbaker-Jiffy Curtains tlear-vlslon. Ventilating, Rain-viclon ' f- Windshield : . . Tools and Special Tool Box xvp iTlTl m??1 5?i TiTi " a GO J - - V . -- "t mmig I J X) n ( y (su .a 3 ; Cut to ' "x ' - ' Cpmplete with Coaster V fcoiH;: JL 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 could, but did.' JuJj.