The Castle & Cooke partnership was incorporated and Joe Atherton was elected president. At this time the company was just coming out of a financial slump caused by its 1889 investment in a sugar development called Ewa Plantation on the island of Oahu. To provide the huge amount of money needed to fund the project, Castle & Cooke had sold a large part of its holdings, including its valuable interests in the Haiku and Paia sugar plantations on Maui. The company continued to believe in the profitability of the Ewa Plantation and the risk paid off. By 1898, its production totaled 18,284 tons of sugar; in 1925 it reached 50,000. To add to the abundance, when Congress annexed Hawaii in August 1898, sugar prices rose.