The Independent. [volume] (Honolulu, H.I.) 1895-1905, 1900-04-07
CORR EsPoNDENoE.
One In Many,
TD. THE INDrpENDENr:-

,Iat ter enough il the reports we
ear are true. In the first place, il
hese reports are true, there was
'ome sharp practice in springing
he Kihei stock upon the market
which brings no credit upon the
rgauiz-rs OF that company. When
his stock was sprung upon the
market al the outsiders thought it
would prove another bonapza, and
bought it without asking any ques
ions. But when they found out
aLer that the lands that had been
ought for song, had been sold to
ne K,hei Sugar Co. for S1,500,00O,
hey began 10 smell mouse, and
new that they had been caught
ike u rat in trap.
But it is stated that this land
ould have bAen bought for $500, 900,
Which was evidently about Eve mes
bat it vas worth. had not D,llipg-
am, for sume teasons OF his own,
sisted upon putting it down at
'l,500,000, saying that he could get
AT sun j,-t as -asv as the former.
y, i II ri l. true, We would
* t., know Why this sum OF ST.
100000 was paid Tor this land? And
Why IT was received as payment,
hen it is W, II known that the Ia nd
question was not worth anything
Ike the money! And it's this trans.
action, it is generally supposed, that
ike an incubus, is hanging about
The neck of Kihei. That Dilliug-
ram aud Thurston should play this
community for a parcel of suckers
and dupes, no one is surprised; but
is strange that Baldwin, with mil
lions at his back, should try his
prentice hand at the same game,
aud thus bring loss and misfortune
upon 80 many persons by depriving
them Of their hard-earned savings.
But little good will money gained
in such a way do them, to say moth
ing OF the disgrace aud meanness of
acquiring riches at the expense, mis-
fortune and ruin of others. As to
the McBryde we do not hear so
much OF the pay of the promoters,
Or of the fabulous sums paid for
the land, but we hear enough OF the
-xtravagauce going on there. The
same may bs said of the O!aa plan
tatiop.
Bat whether his work is the re.
suit OF biuahering stupidity, or a
deap-laid snhrme to freeze out the
poor ella of stockholders, IT'S hard
TO say, but in ell her case it is giving
bad outlook tD them. The folly
of putting inexperienced men in to
mauage such large places is now be-
coming very apparent, and is likely
TO prove disastrous to all concerned,
unless something is done to prevent
it.
In regard to Kihei, if there is not
ano, her niger in the fence, many
are OF the opinion that it should not
require the full amount Of three
millions to start this place. now that
the mill is not to bs erected, and we
are expecting 10 hear, at anytime
now, that the stock is paid up. We !,
also object to being kept in the
dark, as to what is being done on |,
these plantations, excepting what we
can fnd out ourselves, for it looks to |
us that we might just as we'll be
throwing our money in we'll, for
all the good it's doing.
In thu old companies, it was the
custom OF the managers to make
report at the end of the year, show
ing what had been done, and how
the money had b-en spent, but mo-
ney is so plentiful now l suppose;
that this would be an unnecessary
trouble,
That Kihei, and Olaa should drop !
out OF sight, almost, we are not so
much surprised, but what's the mat
ter with McBryde after being twenty
times over subscribed and going in
one week 200 per cent above par?
and after such blast of trumpets,