The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1899-10-27
BIG CONFERENCE WITH A BIC
SUBJECT.
Many Speeches on the Side of Mr.. Dill
linghams Experimentation Defer
red to Next Wednesday.

Waialua plantation postponed their
meeting until Wednesday afternoon
when vote on the questions of in
creasing the capital stock by 1000 900
and of effecting a compromise between
Mr.. Dillingham; and Colonel Soper will
be taken.
Mr.. Dillingham; presided at the meet
ing. Secretary e. d. Tenney was pres
ent for the company, and I. H. Petrie
and Mr.. Campbell called the roll. The
house was jammed with stockholders.
a large majority of shares being repre-
sented.
Mr.. Dillingham; stated the objects of
the meeting and Mr.. Tenney read the
call. Mr.. Hatch then took the floor and
offered the following resolutions:
Be 1t Resolved by the stockholders of
the Waialua Agricultural Company,
Limited in special meeting for this pur-
pose assembled:
That Whereas, The Company is now
involved in 80 suits in equity in each of
which said suits njunctions have been
issued and are now in force against
this Company preventing it from eXer-
clslnS It's powers necessary to the col
| lection of assessments on one-half of it's
working capital, the payment of which
| assessments are now necessary and es-
sential to the beneficial prosecution of
| the Company'S business, and it is liable
to become involved in further suits,
both in equity and at law, all of which
will keep this Company in litigation for
a long period of time
| And Whereas, Such litigation so con-
| tinued will embarrass and injure this
| Company in it's business and tend to
! seriously depreciate the value of its
| property and it's stock;
! And Whereas, 1t is possible to COM
promise and finally settle all of said
! litigation by the issue of 10000 shares
of assessable stock of the Company at
| par;
| And Whereas, One of said suits has
already been decided adversely to this
| Company in the Circuit Court of the
] First Judicial Circuit;
And Whereas, An appeal by this Com
| pany from said decision to the Supreme
| Court will necessarily involve a period
| OF many months before final judgment;
and if successful will in no way bar the
prosecution of each and every of the
| remaining 80 suits:
| And Whereas. The business of this
Company will at an carly date, IN due
and regular course, require an increase
of working capital of not less than the
par value of said 10000 shares, viz:
| 81, ,000, 900;
And Whereas, The present final set
| tlement of said litigation in its entirety
can be accomplished in no other way
| and such present settlement of said liti-
cation will be of great benefit to this
Company, and to each and every share
| of stock in this Company;
| Now Therefore, For the purpose of
! providing additional necessary capital
| with which to carry on the business of
! the Company, and more particularly for
! the purpose of compromising and finally
settling the litigation now pending
against this Company, involving the
| ownership of certain shares of its capi-
tai stock, the Capital Stock of this
Company is hereby increased to $4,000
600 by the issue of 10000 new assessable
! shares of the par value of 800 each;
And the Directors are hereby author
lied and directed to issue such shares
! in such amounts and to such persons as
may be necessary for the purposes
/ aforesaid.
Mr.. Thurston was the first speaker.
! He is senior counsel for the San Fran
cisco subscribers in the suits against
Mr.. Dillingham; and the Company. He
stated that he had agreed to a COM
promise because he felt that it was
better for all concerned. The matter
was now in the courts. In Supreme
Court important issues pended at times
for months and sometimes years. Some
time ago he had made the identical pro-
position, on behalf of Colonel SOper, to
Mr.. Dillingham; for a compromise, but
the latter had refused to entertain it.
Later when Kinney, Ballou & McClan-
ahan came into the case, they too had
The present proposition had come from
Mr.. Dillingham's attorney and was ac-
ceptable. The speaker knew full well
that it had been acquiesced in reluct-
antly by Mr.. Dillingham;. Mr.. Thurs
ton argued that paid up stockholders
would not be materially affected by the
Issuance of the new stock. Assessable
stockholders would be benefited be-
cause it would relieve the plantation Of
the thirty three suits now pending and
would give to it the capital required for
carrying on its works. At present the
assessments on 81 900, 900 of stock was
tied up, and a half of the assessabe
stockholders were really at this time
supplying the money to carry on the
plantation, In order to complete the
mill t$5OO,OOO), pumping plant $3.50, ,0O0)
and carry on the plantation until the
first harvest of sugar next July ($400. 70
0O0), the assessments on this stock now
tied up must come in. There was no
hope, unless a compromise was effected,
that the case would be out of the courts
in many months, and all of the other
thiTty-twO suits might follow the prn-
cipal one All of the San Francisco
subscribers had agreed TO the compro-
mise.
Manager Goodale, of Walalua plan
tatiOn, made a statement of the pres
ent financial condition of the institu-
tion and the amount of money II would
be necessary to have to carry on the
work Immediately ahead. He substan-
tiated the statement Of Mr. Thurston
that the assessments on the 81 900, 900 Of
tied up stock would be necessary to
carry on the work.
Mr.. Dillingham; affirmed that he was
working in the interest of all the stock
holders. He wanted numbers and not
amount Of stock held considered. If
the stockholders We're not agreeable to
the project he wanted the wagon to
drive on"
Mr.. Tenney gave the views Of Castle
x Cooke on the matter. His firm be-
lieVed the move was a good business
one There had been considerable street
talk about what had been termed "this
great sin" and he would like to hear
from some of the kickers on the matter
; He would like to have their reasons