The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1899-10-27
THAT NA|ALUA MEETING



stated in open meeting for their OBJ
jections.
Mr.. Magoon stated that he was one
of the kickers, and attacked the propo-
sition. He believed the act was illegal
IL looked to him like a deliberate at
tempt to take property from one set of
individuals and transfer to another set.
1t was taking forCeful possession of
property of others. He could not see
that the Waialua Agricultural Company
had anything to do with the suit of
Colonel Soper and Mr. Dillingham;
That was a private matter between
those two gentlemen and should be set
tied between them without reference to
the stockholders of the Company, who
mad nothing to do with their tangle.
He denied the assertion that the deal
would not depreciate the value of stock
and the earning power of the planta-
ton. The effect had already shown it
sell, and If the deal went through the
value of stock and earning power of
the shares would be reduced almost
third. If the plantation wanted money,
there was way to raise 1t. He OBJ
jected to doing it this way.
Mr.. McClanahan replied to Mr.. Ma
COON, denying that the move would re-
duce the value of the security. The
point was to settle the suits. When
this matter was out of the way the
shares would be of greater value, on
the general proposition that no one
would buy law suits. With the suits
out of the way the stock would advance
as natural sequence. All obstacles to
the rapid development of the plantation
would be removed and confidence in it
would be restored. This was the cream
of sugars history. In the next three
or four years ii was almost certain
that prices would not be so high: in
which event the earning power of plan
tations would be curtailed and stocks
must fall in sympathy. 1t was the
duty of stockholders to settle this mat
ter at once so that the plantation could
be developed radily. 1t was to the in
terest of all to hurry things along in
order that they might reap the best of
this harvest.
Mr.. Hatch also replied to Mr. Ma
coon. He represented Mr.. Dillingham;
| and the Honolulu subscribers to the
| stock.
A. B. Wood. holding claim for 3,OOC
shares of the Dillingham; stock, and al
so holding 500 shares of paid up stock
in the Company, stated that he had
come firmly and finally to the conclu-
sion that the proposition was a good
thing and he would support it.
]. F. Colburn asked if the Honolulu
| subscribers to the Dillingham; stock
|
would vote their stock.
Mr.. Tenney replied that the directors
| had decided, after consulting their owr
attorney and the attorneys of both
sides in the suits, that Honolulu sub
scribers must give their proxies to B
f. Dillingham; and that gentleman
! should vote the stock in the meeting
This question and answer was fol
! lowed Immediately by a head-to-head
conference between the several lawyers
and the officers of the Company. In
moment Mr.. Tenney stated:
I'VE have decided that the stock OF
! Honolulu subscribers may be voted
whether proxies have been given tC
| Mr.. Dillingham; or not"
f. j. Lowrey moved an amendment
| to the resolution, providing that be-
| fore the deal should go through the di.
rectOrs of the Company first secure the
written agreement of both the Homo
lulu and San Francisco subscribers tC
the Dillingham; stock
Mr.. Dillingham; replied that before
anything should be done, all would b,
satisfied. He wanted all details clear
and above board. and again stated tina
he was acting for all of the stockhold
ers.
Mr.. Ena arose to withdraw any OBJ
| lection to the deal. He said that eX-
plantations by Mr.. Hatch and Others
had convinced him of the wisdom OF
| the move.
In the course of the debate Mr.. Nc.
| Clanahan, as attorney for the Sar
! Francisco subscribers, stated that his
clients had no rights in the meeting ant
| conceded that the authority to vote the
10000 shares of Dillingham; stock was
vested in the Honolulu subscribers, il
in anybody at all.
In one of his speeches Mr.. Dillingham;
also expressed the satisfaction thai
more than a majority of the stock was
favorable to the proposition.
At II o'clock Mr.. Dillingham; stated
that it had been decided to postpone
the meeting to next Wednesday morn
ing when a vote will be taken. This
was in order to give all a chance tC
| digest the prOnOsitiOn.