The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1902-03-07

...II.'." N. 'U" M.I| ||NN. "|N'
p1nf are W'tlur with visor t1 sHV.
tho plantation from impending ruin.
Meetinrs were held yesterday ANA au-
other VIII take place this morning.
which maf result ln The complete turn
Ink over 0f the affairs of the uinn'l 'uu
Go another factor than q receive. ar-
pointed by the courts. and thus s.pur.
the crops nov coming On for the benefit
of the stockholders
The committee appointed hy the cred.
itors yesterday afternoon viii walt up
uu the steamshop company this morn
ing and try 90 make an arrangement
by which the Mauna Loa will no, he
dispatched for Kona ports until the
stockholders and creditors have reach
ed "A final conclusion IN the matter To
ada 90 the feeling Of confidence which
has lately been expressed by those at
interest in the matter. b. r. Dnling-
ham yesterday took up the matter of
the Kona company and saw a number
of men in the city, whose relations
with business affairs are such that they
feel a great interest in financial stabil-
ity and asked them to help i'm the sal
vati'n Of me property.
The activity Of the creditors OF The
company was uue to tf" r1rt that %
tvcame LrcS,n early in the jcy that
the receiver had signihed his intention
to write TO the manager of the
plantation, directing that al 1.-The labor
ors be discharged and :he flrre "f
AZ e.i,ans De reduced to "A number Suf-
hoient only to guard the movable prop
erty OF the corporation. This letter, It
IL alleged was mentioned TO several OF
those Interested in the plantation, and
they at once urged that ii be not sent,
but there was no decision communcat-
ed t. them Other than the original c,ie.
The fact that this is regarded a. he
very worst thing that could happen 10
the estate caused the creditors to get
together and thus make an endeavor
to secure backing sufficient to carry
,hc plantation through
The meeting of the creditors OF the
plantation was held in the Offices of
Kinney, Ballou and McClanahan, and
there We're present representatives OF
the bondholders. the Kapiolani estate
and some of the stockholders OF the
corporation. The discussion was along
the line of keeping the estate going, so
that there might be no deterioration in
values growing out of discharge and
disintegration of the force of labOrers
II was stated at the meeting that II
the receiver should discharge the men
II would mean that they would disap-
pear among the other plantations and
the expense of rehabilitating the plan
/ tation In the matter of labor would
/ reach $50, 900. There was a long talk
/ over the affairs which have led to the
/ decision Of the receiver to sell, and the
decision was unanimous that If the la
borers were discharged the plantation
would not bring more than very
small sum at a forced sale. After this
decision the determination to ask a
/ committee to call upon the steamship
people and endeavor to secure time for
the bringing together of the creditors,
SO that there may not be this danger OF
heavy loss, was reached,
The basis upon which the creditors
have moved SO far is that there should
be an assignment made, the present
suit being withdrawn, and the affairs
Of the plantation placed in the hands
of s. NJ. Damon of Bishop a Company,
as assignee. This was the common
gossip of the street during the after
noon, and many of the creditors seem
to believe that this could be effected
1t was rumored also, that the Kapio-
lani estate stood ready to act in the
event of an attempted pressure upon
the part OF the officer of the court tc
sell the estate without doing any more
to save some of the growing crop for
the benefit of the plantation stockhold'
ers.
The estate owns some 400 acres of the
lands embraced in the plantation, anc
the lease which has been entered into
by the estate gives it certain powers
which are said to be sufficient to cause
trouble in the event of an attempted
sale. The contract contains n CLAUSE
! which sets forth the reservation of th'
| lessons, that the lessee may not trans
usooeA>s.,s...s.a.ss scsecssssSScSSS