The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1899-10-31

Win wn1Cn 10 develop the plantation
and carry on Its business.
PROBABLE DURATION OF LlTIGA-
TON.
IL this compromise were not made
and the appeal went on the situation
would be as follows:
The Supreme Court term has Just
closed. 1t would not sit again for two
months. II would then remain in SEES
sion for month hearing cases. Its Gus
tom Ii to dispose Of simple cases. re-
serving the complicated ones to the
last.
This was one Of the most complicated
| cases, both as to law and fact, ever
tried before this court.
There would be no probability of Sc
curing decision within less than six
months and q decision might not be
obtained for year. The first stage Of
the litigation had already lasted eleven
months.
During all this time the inability Of
the company to collect Its assessments
would continue.
IF THE APPEAL IS SUSTAINED.
II the appeal Of Dillingham; and the
company IL sustained then there Is
nothing to prevent the other thirty-two
suits already filed, with several more
which could be filed, beginning all over
again in the Circuit Court and contin-
uing for an unknown length Of time,
the injunctions In each case preventing
the company from issuing the stock,
and, SO far as any ability to collect as
sessments Is concerned. leaving 1t in
the same position that 1t now is.
ADDITIONAL CAPITAL NEEDED
ANYWAY.
The speaker understood that full de-
velOpment of the plantation would in
any event need another 81, 100000 of
capital which would have to be pro-
vided shortly.
From the standpoint Of the depre-
citation of the stock by the issuance Of
additional capital, 1t would make no
difference whether that capital were
issued now or year from now.
Irrespective of the fact that an issue
would end the entire litigation and re-
lieve the company from its financial
embarrassment 1t would be of benefit
to both the Dillingham; stockholders
and the assessable stock not in litiga-
ton, In that 1t would provide 10000
of expenses, instead Of only 10000, the
present number. This would require
the present assessable stockholders to
pay In only twO-thirds of the amount
of assessments, which they would 9TH
erwise have to pay within given time
1t has been suggested that the issu-
ance OF an additional 10000 shares
would depreciate the stock.
Thio
of the fact that the stock was to be
paid for in cash to the amount Of ST.
DOC, 900, and that ii would relieve the
company entirely from the embarrass-
ment which under existing circum-
stances could not hut be injurious TO it.
MR.. ENA OBJECTS.
Hon. John Ena stated that Mr..
Thurston had said that the San Fran
cisco subscribers approved Of this
compromise. He wanted to say that he
was San Francisco subscriber and he
did not approve of 1t and had told his
attorney. Mr.. McClanahan, tina. he
would not consent to it.
MANAGER GOoDALE PRESENTS
SOME FIGURES.
w. ". Goodale, the manager of the
company, presented the following
facts in relation to the financial status
of the company:
He stated that all the assessments
levied, amounting to over $500, 900, had
been spent: that Castle & Cooke had
advanced $325,O0O in addition, which
had also been spent, and was now due
them; that the mill which had been
ordered and would have to be paid for
within year from now would cost not
less than 100000; that within the year
ensuing expenditures for additional
pumps and railroad equipment would |
have to be made to the amount of |
100000; and also the expense of run
ming the plantation until the crop of |
1901 began to come in, would have to |
be provided for.
MR.. TENNEY WANTS TO HEAR.
Mr.. Tenney, of Castle & Cooke, stated |
that number of stockholders had been |
to Castle & Cooke and objected to the |
proposed issue Of stock, and that there |
had been great deal Of talk on the
streets and elsewhere against the
the suggestion even being |
made that the proposition was a sinful |
one. He thought that now was the |
time Tor anyone Directing to he meas |
ure to state his reasons therefor, and
give the assembled stockholders the |
benefit of those reasons, so that the
objections to the measure, as wei. as
the arguments In behalf of 1t, could be |
MR.. MAGOON's OBJECTIONS.
Mr.. ]. A. Magoon stated that the |
reasons presented by Mr.. Thurston did |
not convince him; that 1t seemed to |
him that the controversy was one
with which the company had nothing |
to do; that 1t was simply a question |
between one set Of people who wanted
to be stockholders and another set Of
people who wanted to be stockholders;
that until this question was decided |
by the court the company had moth
Ing to do with the matter. and was
simply a nominal party to the suit and |
would obey the final order of the
court as to which set OF claimants
should have the stock.
That as to obtaining funds to carry |
on the huainasa NJ tha ,amnauv ha |