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HOXOLTTX STAR-BtXLETiy, MONDAY. DECEMBER 17. 1917.
:: Business And Financial News :: FRANK C. LOVREY BREAKS OUT AGAIN FIGHTING AMERICAN REFINING CO. The Federal Sugar Refining Com pany In a circular letter states that much criticism Is hear'd in tfie sugar trade over the way the American Su gar Refining Company now being sued by the government under the Sher man act, has been allowed by the Food Administration officials to con trol the fugar situation. Frank C. Lowry, well known In Honolulu, and now Bales manager of the Federal Sugar Refining Company, in an outspoken review of conditions and in particular the recent purchase of Louisiana sugar by the "trust," tays in part: The Letter. "Mr. Babst, president of the Amer ican Sugar Refining Company, the United 'States Food Administration and representatives of the Louisiana sugar industry, held conferences in Washington on October 22 and 23. to settle upon the price at which the Louisiana sugar was to bo sold. No ether refiner was invited to attend these meetings or know that they were being held. "It was later announced by Cfce Food Administration that 100,000 tons had been secured. The American company then stated that 50,000 tons would be refined In Louisiana and the other 0,000 would be shipped 'to our north ern refineries at Boston, Philadel phia and New York.' On the assump tion that the quantities, would be about equal, the price agreed upon made an average return to the plant ers of 6.225c a pound. The Rub. "As other refiners had been in structed to stay out of the market, and their responsibility for buying supplies left with the international committee, of which Mr. Babst and Mr. Rolph were members, it was nat ural for refiners to assume that this sugar had not been purchased for the American Sugar Refining Company alone. "The following week Mr. Babst and Mr. Rolph, chief of the sugar divi sion of the Food Administration, upon being asked whether the sugar pur chased would be allotted to the dif ferent refiners, replied that It would not, and that the sugar had boon bought solely for the American Sugar Refining Company. This statement came as a distinct shock to the othr refiners, who had had no opportunity to purchase." Mr. I3wry says that the announce ment that the deal had been conclud ed was premature "through no lack of effort on the part of Mr. Rolph and Mr. Babst," but because the Louisiana planters refused to accept the prices offered and allowed only 26.000 tons of sugar to be sold to the American company. The Federal company-then went into the market and offered 6.35c a pound f. o. b. plantation, whereupon the American company on November 2 announced it would. '"vol untarily" raise Its price to that same basis. "The indications now are." Mr. Lowry says, "that the total produc tion of 9t test sugar "will not exceed 0,000 tons, the balance of Louisiana production going for direct consumption." SUGAR FOR EXPORT TO NEUTRALS DISTRIBUTED TO DOMESTIC TRADE NEW YORK, Nov. 13. Statistics by; Washington. I ('., November i'V 1917. special cab'es. Cuba. The entire isl- Word was rceivrd to-day by th and: Receipts, nune against cone li3t Sugar Division of the United States tons last year and 4.242 Food Administration that 25. hh baps. or 2.o"0,i''0 pounds, of beet sugar will be shipped next week from lb1 boot fugar districts. This sugar will be consigned to New Knzland states an-.i will be distributed where sugar is most needed. Th distribution will be rnder the direction of the American j Refiners" Committee of the Food Ad wee rC has been a' ministration. rather uncertain one as regard 3 the: , .., . . i actual selling Dasi3 01 raw sugars, j .4. "While the International Sugar Com-', rnittee maintained the official quota-' : week. 1 . ! 1 4 1 j tons in 1S13. ) Exports, l.-1'.' tens; stock, 25.37S' i tons, against lact yrar 7.279 tons, j Stocks in th- L'nited States and I Cuba toeether-of 2.1.746 tons, against ' 48.&"2 tons last week and ISC',57 tons i last year, a decrease of lZ'.'Ml tons- i Irom last year. , RAWS. The BltyANCIAL NOTES tion at ;.?0c, duty paid (j'ic c. & fT j for Cubas). thero were several days ' ; when the Committee would not pay; j this pric.'. In fact on Tuesday a trade ! buyer secured a lot of Vtnezuelas at , :. shade less than the official quota-' , tion. or say at .V",c c. i. f., or 6SSc: duty paid, against the official quota-j ', tion of r.-firtc ONOMEA SUGAR DIVIDEND. Next Thursday the Or.omea Sugar stock will pay a regular monthly divi dend of 4" cents and the extra divi dend of 60 cents. This will be the fourth extra dividend paid by the com pany this year. RECORD FOR C. P. R. The preliminary report of earnings of the Canadian Pacific Railroad for j However, on Wednesday the sifua-j j tion was cleared and the full fi.9"'c 1 basis was restored bv sales to the In-! ternational Committee of Cubns at November shows that a new high rec I 57ic c. & f. (t;.9ic). and Philippine j rd lr any month in the company's i Centrifugals at 6.V. Penis were sold history has been established. The at 5c c. i. f. Some further lots aral"t'KO iau .n-ins ior .wvvniuri understood to be under negotiation, j an aggregate gross of $14.042.0110. and win nf Lnnioum rofinin- praries ' it is probable that when the usual SPECIAL RULES FOR DEALERS SELLING SUGAR The following special rules govern ing licensed wholesale and retail deal era In sugar are promulgated by the food administration: Wholesale dealers: Rule 1. Ne wholesale dealers handle the same purchases such sugar from the refin er or producer, direct or through a broker, shall sell 6uch sugar at an ad vance over the refiner's list price at .which he purchased such sugar great er than the normal margin charged by wholesale dealers in refined sugar In the same locality or such margin an ABT hereafter be established by toe food administration. Practise Considered Unreasonable cmiAeTtA on tin. reasonable practise if two or more wholesale dealer In refined sugar who agar at a greater total margin than that prescribed, by rule 1. No whole sale dealer or other, licensee shall eeO refined sugar to a retailer or to a per son veins, such sugar to" manufactur ing at a price representing an .advance orer the producer or refiner's price list on the day of such sale greater than the advance allowed by the pre ceding ruTe to a wholesale dealer in the locality where such sale occurs. Retail dealess: Rule l.'The licen see shall sell sugar at not more than a reasonable advance over the actual purchase price of the particular goods sold, without regard to the market or replacement value at the time of such sale. Apples, $1.50 per box. First grade Newton Pippins and White Winter Permain. Come and get them. Geo. A. Belayeff, 926 Maunakea street. Phone 3722. Adv. M. Rode. Danish minister of the In terior, said in the Folkethlng that the result' of the harvest was disappoint lng, and only by great care would It be possible to secure enough , bread The people would have to endure con slderable privations this winter and next if a general famine was to be avoided. In xhoosing this bank for his Official Depository, Uncle Sam indicates his CONFIDENCE .... in the safety of the vaults andTthe care with which his funds are accounted for 3-bedroom house for rent, Makiki and ' Dominis Sts. Large spacious grounds. $45 a month. , ' 11 v A M OF HAWAII HI) Ik - w II is reported to Sugar Land. Tex:, re finery at 6.35c f. o. b. plantation. ' Louisiana advices are to the effect that as the American only obtained grades under their oirer or ir,')jv tons, they are now In tne market for further sugars at the f.:i"c basis. An other New York refiner is also re ported as endeavoring to buy these sugars to the extent of .'0.000 bags, but so far without reported success. The offerings of raws are very small, as most factories have discontinued making this grade and are making Clarifieds instead. Reports from New Orleans are to the effect that it is understood, there that the American will ship the 25,000 tons, which they have accepted on contract, to their Atlantic Port refineries. If this proves the case, and it is not prob able this company will" be able to get sufficient raws there in addition, it will not be possible to operate the Chalmette refinery until the arrival of new Cubas. Today further pales of Cubas are understood to have been made to the International Committee at 5 "4c c. & f. (6.90c). Conferences between the Food Ad ministration and the Cuban delegates regarding new crop Cubas it is under stood have been interrupated at least temporarily and no announcement is yet forthcoming. adjustments are made the monthly statement will exceed $15.000,(iO0 by a good margin. The previous record for one month was $14,733, 774. APPLICATION FILED. The United Light. Kuel and Power Company has filed with the Railroad Commission an application for an ex tension until January 1, 1919, of the time within which it may issue lO.i'OO bhares of capital stock heretofore au thorized by the commission. LONDON LOANS LARGE Annual reports of the 19 London joint stock banks show that on June o0 their aggregate loans and discounts were 83,300,000 greater than in 1914, but 97,500,000 greater than a year ago. Holdings of investments were 163,900,000 above 1914, but 19,700,000 below 1916. PROSPECT OF NEW LOANS. Congress is expected to authorize two Liberty loans between February' and July 1, aggregating more than $8,500,000,000. The question of fur ther advances to the allies will re ceive early attention. ,T1 : !! 'Mi For Your Christmas Dinner . - . Fresh Ranch Eggs , 'Large, white, select; 1 dozen in carton. ' - Perdox, 65c s Newtown Pippin Apples Per bos, $1.60. . - Rice ' Hawaiian, per 100-lb. bag, $7.25 v California Onions V ' Per 100 lbs.. $2.75. Potatoes Per 100-lb. bag, $3.00 GaKfornia Feed Co., Ltd. Phone 4121 Alakea and Queen Sts. REFINED The distribution of the export sugar held for neutrals to the domestic trade has been the only fea ture of interest during the week. In this connection the following was is-J sued : "The Food Administration has final ly concluded arrangements releasing for domestic consumption approxi mately 9,000 tons of granulated sugar, originally purchased fr shipment to neutral countries, but .which cannot go forward because of the embargo. This will mean the release of nearly 200,000 bags of granulated sugar for distribution in the territory adjacent to New York, This dugar is to be dis tributed and invoiced by the Ameri can Refiners Committee, under the direction of the sales managers of the different New York refineries, who In conference determined on a policy ot distribution which will give some sugar to many buyers. The territory to be covered will be Connecticut, New York State, Pennsylvania, New Jersey, part of Maryland, Virginia and West Virginia, and the basis of the allotment will Tie 100 bags to the larger and 50 bags to the smaller wholesale distributors. In this way it is expected that close to 2,000 whole-j sale grocers win receive rrom tnis distribution a moderate amount of sugar. "The neutral interests owning this sugar have authorized the Refiners Committee to sell same at cost, aid the price will be 8.80c per pound, net cash, without discount, f. o. b. , New York. After the Jobbers' profit of c per pound has been added, the retail grocers should be able to sell this stock at 9c per pound, and each TREASURY CERTIFICATES. The issue of treasury certificates due June 25 next closed last night with subscriptions reaching about $690,000,000, more than any previous issue. PHILIPPINE SUGAR CROP, NEW YORK. Willett & Gray have received cable advices from Manila estimating 1917-18 sugar crop at 271, 250 tons. The 1915-16 crop, "the larg est in recent years, was 332,158 tons. The 1916-17 crop is estimated at 210,- 000 tons, of which 184,000 tons have been received since January 1. DEMAND FOR SMALL COIN. SAN FRANCISCO Director of the mint is receiving letters from busi ness interests urging coinage of a 2-cent piece, to meet prices on small articles on which increases from 5 to l1 cents or 10 to 12 cents might te made. A bill will probably be pressed at next session of Congress to authorize minting of such coin. A number of street railway companies, which are considering raising fares to 6 cents, will urge legislation au thorizing a 6-cent coin. PACIFIC GAS REPORT. A decrease in net income of $94, 93.40, compared with October, 1916, is shown in the financial statement of the Pacific Gas & Electric Com pany for October, issued recently. Gross operating revenue for the month was $1,619,738.74, and expenses were $1,185,509.58. Accrued dividends for the month on preferred stock were $123,935.34. OLAA IS AGAIN HEAVY TRADER Waialua and Olaa divided attention at the session this morning of the Ho nolulu Stock & Bond Exchange. 2.'0 sharea cf the last named stock trad ing hands at the same old steady :rif-e of $4.50. and 5 shares of the first named stock selling at 522.7 ". also a steady figure. Between boards '..: shares of Olaa changed hands at the session price. Heavy trading in Pioneer was reported between board; .V".) shares selling at $2S.75, which was cents higher than the closing prrce on Saturday. Mutual Telephone stock to the extent of 15 shares passed at $:;:.n. In the unlisted securities fflntana Bingham slumped a few cents; 60 shares going at 43c. Between boards 20i Montana-Bingham sold at 44c. Engles dropped 10 cents. 100 shares trading at $4.45 and 30 at $4.35. Be tween boards ."-0 sold at $4.t5. Ma dera and Mountain King were not selling, but the first stork improved 3 cents over Saturday's price. In the miscellaneous stock Honolulu Brewing & Malting Company, Ltd.. stock fell a quarter of a dollar. $17.75 being asked with no bids. Present talk of nation-wide prohibition is be lieved to be the cause of the slump and further decrease in this stock is expected. Th Bonds ere is now an exceptional oppor tunity to purchase the highest class bonds at prices yielding 5Vi to 8 per cent, against yields in normal times of from 4 to bVi per cent. Full information regarding all main land and local bonds furnished with out charge. Bishop Trust Co., Ltd. Bethel Street. Phone 5725 Honolulu StocV Exchanae Monday, Dec 17. BRAZILIAN EXPORT LARGER. Sugar exports from Brazil during the first six monthp of 1917 amounted to 65,373 tons, 'according to statistics transmitted by Commercial Attache wholesale grocer should impress upon ' compares with a total of his customers the necessity of doing ... ,,- K, ut, this. only 13,972 tons in the first half of 1916. and 55,412 tons for the firit half of 1915. ItflH i 1 . "As the American Refiners Commit tee contemplates handling only this present lot of neutral sugar, no credit arrangements have been made, and Z n rMmm(0 .;,, ,i syrups after a conference with offi- ing, all out-of-town shipments will be, . , , . . , : t u j iv . uni dais of the I-ood Acministration. have InHins- nnrt no rttv rtolivprioc will haj announced .u...u,, -- ..... I tn 1i 'o Kaon rdAatra Vi- fViA Awe,Mar Refiners Committee at 111 Wa i made and not to use granulated c.rnt f,i , f sugar m their products. A committee uki tui, vum nig ui'-- ju.1l aaiuuui j i , . . . . WASHINGTON. Representatives of concerns , manufacturing table that they have agreed use a larger proportion of corn MFRCANTfLF Alexander & Baldwin ... C. Brewer & Co Ewa Plantation Co Haiku Sugar Co Hawaiian Agr. Co Hawn. Com. &. Sugar Co. . Hawaiian Sugar Co Honokaa Sugar Co Honomu Sugar Co Hutchinson Sugar Plani.. Kahuku Plantation Co. .. Kekaha Sugar Co. ....... Koloa Sugar Co t . . . McBryde Sugar Co Ltd.. Oahu Sugar Co Olaa Sugar Co., Ltd Onomea Sugar Co Paauhau Sugar Plant. Cs. Pacific Sugar Mill Paia Plantation Co Fepeekeo Sugar o Pioneer Mill Co San Carlos Milling Co... Waialua Agr. Co Wailuku Sugar Co Mia'JELl 4NEOU Endau Developing Co. ... 1st Is. Assess. 7 pc. Pd. 2nd Issue Paid-up Haiku Fruit & Pack., Pfd Haiku Fruit & Pack. Com Hawaii Con. Ry. 7 pc. A. Hawaii Con. Ry. 6 pc. B. Hawaii Con. Ry. Com.... Hawaiian E!ec?re Cow-... Hawaiian Pineapple Co.. Hon. Brew. & Malt. Co... Honolulu Gas Co., Ltd Hon. R. T. & L. Co Inter Island S. N. Co.... Mutual Telephone Co. .. Oahu Railway & L. Co.. Pahang Rubber Co Selama-Dindings Plant... Selama-Oindlngs, '70 pc.) Tanjong Olok Rubber Co. BONDS Beach Walk Imp. Dist... Hamakua Ditch Co Hawaii Con. Ry. 5 pc Hawaiian I rr. Co., 6s.... Haw. Ter, 4 s-e. Rtftnd Haw. TerrM 4 pa. Pin) imp Haw. Terr. Pub. Imp. 4 pc Hw. TerrM 3 pe Hilo Gas Co., Ltd., 6 pc. Honokaa SugarXo., 6 pc. Honolulu Gas CoM Ltd., 5s Kauai Ry. CoM 6s Manoa Imp. Dist. pc foborydc Sugar Co., V.. Mutual Telephone 5s ... Oahu R. & L. Co., 5 pc. . . Oahu Sugar Co., 6 pc... Olaa Sugar Co., 6 pc Pacific Guano & Fer. Co. Pacific Sugar Mill Co., 6s San Carlos Milling Co... 2834 29 165 35 40 42 40 19 8'i 8H 29' 4 4!2 48 50 HAWAIIAN TRUST CO., Ltd. Stocks and Bonds Real Estate Insurance Safe Deposit Vaults Authorized by law to act as Trustees, Execu tors, Administrators and Guardians m 28 23' 4 18 22 i 4 22 Vz 4'4 3I-4 if You Want Life, Fire, Marine, Automobile, Tourists' Baggage or Accident Insurance, CALL UPON v CASTLE & COOKE, Limited General Insurance Agents Fort and Merchant Streets g "k J" " E. C. PETERS 210 McCandless Bldg. Honolulu, T. H. Stocks, Bonds, Securities, Loant Negotiated, Trust Estates Managed 41 , 4134 17?4 120 135 192 150 18U 772 80 97 100 P. H. BURNETTE 79 Merchant St. " Phone 1848 NOTARY PUBLIC Commissioner of Deeds California and New York Draws: Wills, Deeds, Mortgages and all Legal Documents PACIFIC ENGINEERING COMPANY, LIMITED Consulting, Designing and Con structing Engineers Bridges, Buildings, Concrete Struc tures, Steel Structures, Sanitary Sys tems, Reports and Estimates on Projects. Phone .1045. 93 100 Between Boards: Sales: 315, 185 Pioneer, 28.25; 55, 10 Olaa, 4.50; 15 Mut. Tel., 19.50. Session Sales: 20, 30, 50, 50 Olaa, 4.50; 25, 10 Waialua, 22.25. I ae annar rmntatinn Ofi rimrt 5.92 cents, or $118.40 per ton. Sugar 5.92cts Henry Waternouse Trust Co Ltd. Mtmbtri Honolulu Stock and Bor4 Exchange Fort and Merchant 8treets Te'ephon 1208 Alexander Si Baldwin Limited Sugar Factors Commission Merchants and Insurance Agents Agents for Hawaiian Commercial & Sugar Company. Haiku Sugar Company. Paia Plantation Company. Maul Agricultural Company. Hawaiian Sugar Company. Kahului Railroad Company. McBryde Sugar Company. Kahuku Plantation Co. Kauai Fruit & Land Co., Ltd. Honolua Ranch. C. BREWER & CO. (LIMITED) SUGAR FACTORS COMMISSION MERCHANTS SHIPPING AND INSURANCE AGENTS FORT ST, HONOLULU, T. H. List of Officer and Director: E. F. BISHOP President G. H, ROBERTSON ...Vice-President and Manager R. IVERS ...Vice-President and Secretary A. GARTLEY Vice-President E. A. R. ROSS. ........ .Treasurer GEO. R. CARTER Director C. H. COOKE Director J. R. GALT. Director' R. A. COOKE Director D. .G. MAY Audlty Bank of Honolulu Ltd. ' Fort Street, near Queen Transacts a General Banking' Business. Invites your account and guaran tees safe and efficient service. Exchange, Letters of Credit and Travelers' Checks' issued on principal points. Cable Transfers Keep your SAVINGS In a safe pace. We pay 4 Interest BISHOP & COMPANY " pointed te gee that the acxement was carried oOt throughout the country. UNLISTED SECURITIES. Monday, Dec. 17. Bid Asked Oil. sugar allotted each buyer. The simp lest way for arranging . this ill be for each New York City buyer to send his certified check to his broker for the amount of his allotment. On re ceipt of the same the broker can take the check to he American Refiners Committee and see that the order is immediately released for delivery." The sugar, distributed ?o far hast been Federal, Howell and "Warner j brands. 'American and Howell have been ac cepting a little business nearly every day and Pennsylvania has also taken a little during the week. r . : j 1 . . a n - -1 viuuvu uiituAHju hi 0 ,,oc anu Sa,es: 2300 Bingham. .44; 500 Hon demand tmabated, Federal. Arbuckle ;i - its u:- nn icv. and Earner still have nothing to or-;0iI. 4.40; 50 E , 4-45 6CQ Bj fer in tl e regular wav. inn pi ' AAe.. en c -v. . , . . ,l ham, .43, 100 tngels, 4.45; 50 Engels, The arrival a consuming points of14-e J domestic beet Granulated is disap- i pointingly slow, due to the shortage j ui ifs ajiu me pwr ?rlce iurnisnea 1 OIL Honolulu Con. MINING Engels Copper Mining Mineral Products Co.. Mountain King Mining Montana Bingham Co. Madera Mining Co.... 4.40 4.30 .09 .05 .40 .32 4.65 4.40 .11 .10 .43 .35 J ust receivec and can be had for the asking, 6 by the railroads. Factories are mak- ing the sugar much faster than theyj are furnished facilities in which toi ship it, and their storage capacities are taxed to the limit U. S. FOOD ADMINISTRATION THE YOKOHAMA SPECIE BANK, LIMITED. Capital subscribed. . .yen 40.000,000' Capital paid up yen 30,ooo,roo Reserve funds yen 22.100,000 S. AWOKI, Local Manager. j t . WAR TAX . A synopsis of the War Tax 'vith accurate tables and concrete examples of its application to individuals, partnerships, corporations, joint-stock companies, insurance companies, etc. Ask the Bank of Hawaii, Ltd. Cor. Fort and Merchant Sts. for a copy. Insurance B. F. DILLINGHAM CO, LTD. PHOJKE 4915 Fire, Life, Accident, Compensation SURETY BONOS Money to Loan HOME INSURANCE COMPANY OF HAWAII, LIMITED 811 Fort Street Telephone A r fRit J. F. MORGAN CO., LTD. STOCK BROKERS Information Furnished and Loans Made Merchant Street Star Building Phone 1572 FOR RENT Electricity, gas, screens In all houses. Fine new 3-bedroom house, 30. Neat furnished cottage for two. $18. For loan on mortgage, $10,000. J. H. SCHNACK J XL