The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1901-12-21
.KAMALO'S
BIG PUMP
1t Viii Go Back to
the Original
Sellers.
SATISFACTORY
TO CREDITORS
Improving Financial Statement OF
the Company-ProbabIe Rea-
Iizations From Cane Crop.

! Creditors of the Kamalo Sugar Com
pany, whose troubles in the Circuit and
Supreme Courts of the Territory have
lasted over period of two years. agreed
yesterday TO give the directors an op-
portunity to recover from their financial
straits. At a meeting Of the directors
and creditors. held yesterday afternoon
at 4:3O in the office of David Dayton
Merchant street, the financial standing
]. A Magoon. attorney for the company.
and the creditors agreed to give them a
chance to get on their feet.
a heavy liability. amounting to little
over $4,000. was lifted from the company
by the action of the creditors in allow
ing the directors TO return the Worth
ington pump to the manufacturers. The
agents OF the pump company have been
paid $4,000 on the pump, and still have
an account $4,000 with interest still due.
The pump people made a proposition to
the directors TO take the pump back, re-
leasing them from any further liability.
The directors expressed themselves as
proposition, and presented the same to
the creditors, with favorable results,
The meeting was attended by the fol-
lowing members of the Kamalo board Of
directors: David Dayton. president; H.
r. Hitchcock, treasurer; L. II. Dee, audi
tor; D. y. Lewis. secretary; J. a. Ma
COON. attorney. The creditors were rep
tgr.v,
Company. Attorney e. c. Peters; Hawai-
ian News Company, J. II. soper; Will
der's Steamship Company, S. b. Rose;
Lyman Brothers. l. Rubenstein; Hawaii
an Gazette Company. Charles Crane; 7.
II. Davies & Company. Mr.. Wilson; Ha-
waiian Star Company. Frank Hoogs; Hol-
lister Drug Company, Hawaiian Carriage
Company
Mr.. Nagoon stated at the opening OF
he meeting that the object of the meet
ng was TO consider the financial situa-
lion. You all know the suit in the !
courts has been delayed" said Magoon,
'on account of the refusal of Judge |
to hear it after il was sent
pack to him from the Supreme Court |
The Worthington Pump people are press !
ng for the amount of their claim, ana |
We desire TO make some settlement with |
hem. a proposition has been made that |
We return the pump to them, and they
Sil give US a receipt in fun of their |
lain against it. The objection to that |
8 that there might be some question as |
o the right of the directors to make that |
ransfer. We want the consent of the |
to do that.
'"f Re Contract price for the pump was |
25. 600 We have paid in the neighbor
lood of $1,000 leaving balance, with |
interest and other expenses, of about !
10, coo. The pump people have intimated |
! Willingness to take back the PUFF and !
elnquish US from all our liabilities. The !
directors have considered this a wise
hing TO do. There might not be chance
or them to sell the pump for the bal
nee due. They hold a mortgage on the i
lump for 5000. which they can foreclose {
md sell it out at 4 mortgages sale.
I'VE are afraid the pump will not bring
nough money to pay the balance due. |
md there would still be something COM
ng to them. BY their taking the pump
IF our hands as 1 have stated, II will !,
elease us from any obligation to them.
They also agree to contract with US to
Illow us 10 purchase the same pump
within short time upon the payment to
hem of the amount that is due them.
With good interest. With this liability
tut of the way, the company Is entirely |
solvent, and can then pay its debts dol
ar for dollar. One Of the creditors, the
Hawaiian Hardware Company. has be
,un a suit against US today for $1272.S4."
Mr.. Dee stated the total liabilities are
81, 600. The latest inventory of the as
;ets showed them to be worth in the
leighborhood of $133,o00, in plantation
mules, rolling stock, pumps.
and in fee simple. etc OF the latter /
here We're 5000 acres. There was also
/ suit on IN the courts for which they
lad Judgment in favor Of company for !
$1,000. With the pump turned over to |
he manufacturers. the liabilities would 4
% reduced to $4,000 with the case en- /
!rely settled In their favor. the COM !
1any could pay off all its debts. Even |
{ the case went against It, the claims /
you'd still be good q there was enough /
i the assets TO wipe them all out. He I
also stated that there was forty-seven (
lcres in growing cane which would run l
about eighty tons TO the acre in cane. I: |
vas expected there would be ten tons CT /
sugar from this, which would assist in
lccumulating n little money. There was !
not cent of cash in the treasury.
Mr.. Magoon moved that the directors |
De authorized to turn over the Worth |
ngton pump to the WorthinEtOn Pump |
Company, on condition that the company
discharge the Kamalo Sugar Company
rom all liability 1t has against the com
,any. The motion passed uEdniu ously. |
md an Adjournment was taken.
IT.
Amadro CavalH, a Swiss. was killed
h hi 70 -fnn1 4 Dol a TFf a