The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1903-08-14

OF VALUES
Real Estate Was
Rated Too
High.
The Dowsett Company
Makes a Sweeping
Sacrifice.
Reduction Of Capital and Bonds.
The Dillingham; Company
Resigns as Trustee.

Initiation of the values of real estate
in these islands Just before the Terri
tory of Hawaii had its birth is strill-
ingly illustrated by the readjustment
OF the Dowsett Company. Limited,
which was organized on December 81,
1899, principally by the children and
heirs of the late James 1. Dowsett TO
take over his entire real and person.
al estate. The capital stock was placed
at $500. 600 in shares of 500 each par
value and all of the property was
mortgaged as security for an issue OF
twelve hundred 5O-year three per cent
gold bonds of the denomination OF
$1,000 each. Bonds are outstanding and
uncancelled OF the par value of 81, 100.-
600.
BY the pending readjustment the
capital stock is to be reduced to $780,,
600 in 5000 shares of the par value OF
800 each, and the bonds are to be
surrendered and cancelled and a new
issue of six per cent bonds substituted
therefor to the par value of $275, 600.
All Of this means a wiping out of
100000 of the capital stock and $685.
600 of the bonded debt of the compa-
ny.
Particulars of the whole deal are
given in a petition filed in the probate
division of the Circuit Court by Da
vid Dayton, guardian of Annie H. X.
Dowsett, a minor, for leave to join
in the various acts necessary to the
purpose. The petitioner states that
the only alternative to this scheme or
arrangement appears to be the sale
of the assets of the company under the
power or trust for sale in the said
deeds of trust or under an order of a
court of equity and the payment to
the bondholders pro rata of the pro-
ceeds of sale after the payment there
out of the costs of sale" Details of
the readjustment are as follows:
The B. F. Dillingham; Company,
Ltd, assigns and transfers to the
several beneficial owners thereof-be-
ing the heirs of the Dowsett estate
1900 shares of the Dowsett Company,
Ltd, held by itself as trustee, and the
said beneficial owners receive such
shares and discharge the Dillingham;
Co. from its further duties as trustee.
The present board of directors of
the Dowsett Co. resigns and the Dill
bingham Co. resigns as manager of
the Dowsett Co. The Dillingham; Co.
assigns to w. F. Dillingham; four
shares and to A w van Valkenburs
one share of the Dowsett CO.
Surrenders of shares by the legal |
and beneficial owners of the Dowsett |
capital stock are to be made as fol-
lows: Dillingham; Co. 5125 out of
1875; Mrs. Phoebe X. Raymond. 625
,ut OF $50; Mrs. Elizabeth Knight. 295
tut OF $50; Marion c. Dowsett. 295 out
# $50; Genevieve Dowsett, 295 out of
so; Annie II. X. Dowsett, 147 out OF
20; Madeline c. X. Dowsett. 14S out
II 375; Alexander c. Dowsett, 345 out
# So; Samuel II. Dowsett, 345 out of
rs: Mrs. Annie X. Brennan, S45 out
Il $50; Mrs. Mary X. Parrish, 345 out |
# SO; David A. Dowsett, 345 out Of
20; F.. f. Paxton. NJ. p. Robinson,
,ecil Brown and F. NJ. Hatch. each
out of 5; a. w. van Valkenburg re-
ewing l share in addition to 4. and
v. F. Dillingham; shares in addition
o one.
The bondholders are to surrender ;
II the outstanding bonds to be can
elled along with the deeds of trust
occurring their payment. The sink
ng fund is to be conveyed to the
rustees under a new deed of trust.
he Dowsett Co. is to issue bonds to {
he par value of S275.OOO, bearing in
crest per cent payable semi-annual-
y on July / and January l. and shall z
xecute a conveyance. by way of mort
age deed of trust o. all the property
Z the Dowsett company to Alfred w. {
'arter. 5. z. Damon. ]. r. Gait. +. ]
Y. Macfarlane and a. b. Wood. as i
rustees. to secure the bonds. and shall 8
Hot the bonds among the present
ondholders as follows: Mrs. Eliza :
eth Knight, %; Marion c. Dowsett,
;; Genevisve Dowsett. %: Annie H. X. b
'owsett and Madeline c. X. Dow
EFT. between them. % Alexander
nor-eat+ 90. Car,,,,a1 II nn,,-sat+ 90 |
Irs 9owena y. Turner, 90; Mrs. An g