The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1901-06-19
GEAR, LANSING & COMPANY IN
PILIKIA.
Meeting of Creditors Yesterday Names
Committee to Examine Affairs-A
Receiver is Likely.

Creditors of the firm of Gear, Lam
sing q Company are again considering
the question of what should or can be
done to protect their respective claims.
At a meeting held at 4 o'clock yester-
day afternoon the creditors appointed
a committee to value the assets of the
company and to formulate, II possible,
some plan of working out of the DIM
Guilty. This committee will confer this
afternoon. A cOncensus OF opinion
among those in the best position to
know is that a receiver for the property
viii be appointed, he to take charge
and protect the creditors as best he
can.
The troubles of Gear, LANSING &
Company began with the promotion of
Maunalei Sugar Company, and the fail
ure to find ready sale for the building
lots in Kaimuk tract. Soon after
Maunaiei was started subscribers 20
assessable stock began to fall behind
with payments. The promoters step
ped into the breach, sent good money
after bad and became responsible for
numerous debts of the plantation Their
! total loss in the venture was nearly
| 100000, 100000 being for work and eX-
! penses of promOtin" and the balance
being for cash advanced and obliga-
| tions assumed. Kaimuk tract proved
/ a white elephant almost as large. A
great deal of money was expended in
I laying out streets, supplying water and
Z otherwise improving this tract This
was done with the expectation that the
! electric railway would shortly touch
! the tract and that there would be ready
| sale for the lots. AS 1t turned out,
/ however the car line failed to mate
rialize, and instruments on lots, pump
ing machinery, etc, had to be met.
! In regard to the Kaimuki lots l.. II.
Dee says that he has examined into the
matter and finds that while the mort
| gage still outstanding on --.e Kaimuki
property is only $4,000, there is still
due on installments from purchasers
of lots about 60,000.
A year ago. when Mr.. Lansing was
offered the office of treasurer of the
| Territory the creditors held a meeting
and consented to stave off the debts
of the concern for twelve months. This
time has now fully elapsed.
Early in the week Gear, Lansing &
I Company prepared an itemiZed state
ment of their assets and liabilities and
called the meeting of creditors for yes
terday afternoon. At this meeting the
following committee was appointed to
take charge of the statement and pre-
pare a plan for future action: w. O.
Smith George Rodeik w. G.. Cooper
Henry Holmes and w. II. Baird. This
committee represents the principal
creditors.
/ Prior to the call of the committee,
papers We're filed in the office of the
Territorial treasurer Incorporating the
Bulletin Publishing Company with a
capital of $12,500 w. r. Harrington is
president; Lewis S. Gear, secretary and
A. V. Gear, treasurer. Other stock
J holders are f. j. Cross and w. r. Sims
A feature of the statement in the
hands of the creditors is that the assets
largely overreach the liabilities The
trouble, at first sight, seems to be the
inability of the concern to realize on its
} assets. Were this possible il would
seem easy TO bridge the difficulty