The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1903-08-02
Some Stockholders
Ready for Any
thing.
Mouritz Against Plan
of the Smaller
Holders.
Believes That Something Can Still
Be Made-Mortsase to Pay
the Debt.

The stockholders of the Kamalo Su-
gar Co. at a meeting last evening au-
thorized the appointment of a commit
tee to find purchasers for the planta-
ton. There was as we'll the election of
set of new officers with the apparent
intention to reorganize the corporation
and the directors We're given authority
to mortgage the property to pay the
debts amounting to $4,000. Among the
smaller stockholders the sentiment ap-
peared to favor the closing out of the
concern at any cost though the larger
holders all seemed to favor retaining
control. DR.. A. Mouritz was elected
puB IeHeN L L pesoons on LeSBuem
Hitchcock was also displaced, while
there were numerous inquiries as to the
course to be pursued in relation to the
alleged shortage. There was talk also
that Hitchcock, who is deputy sheriff
on Molokai held an execution against
the plantation and might foreclose at
any time.
There were represented 1900 shares
of stock at the meeting. of which Dr.
Mouritz and L. H. Dee represented the
majority.
The first business was the reading
of a report by the committee appointed
to examine into the accounts of the
concern and of which DR.. G.. w. Bur-
CESS was the chairman.
His report contained the letter which
was sent to Hitchcock and which
brought him to Honolulu in a hurry to
answer the charges. The committee re-
ported that he attempted to make an
explanation which was not satisfactory
and that there were $685. for which no
vouchers could be shown. Hitchcock
admitted that he had drawn on the
company's funds for his personal use
and made no statement in his books of
the cash account from January, 1901,
to November, 1902. Hitchcock also had
promised to pay to the manager, Meyer,
5000 for salary out of his own pocket.
There was also a check for $500 given
to Hitchcock by Ouderkirk of which
there was no account, making the al
legged deficiency $795.55. The committee
found that Hitchcock was extremely
dilatory and negligent:
The cash balance of the company
to $54.6S. An inventory of the
property was also given.
NEW OFFICERS CHOSEN.
The officers were all unanimously
chosen, through Lucas raised his voice
against the election of DR.. Burgess,
though he didn't seem to know why.
The officers elected were: G. w. Bur-
CESS, President; l.. H. Dee, Vice-Presi-
dent; David Dayton, Treasurer; A.
Secretary; ]. Lightfoot, Audi
tor, Dr. Mouritz and ]. j. Sullivan,
Directors
Mr.. Cunningham made an inquiry
about the purchase of property Dy
Mr. Dee for the company to prevent a
sacrifice upon execution, and Dee,
Douthitt, Lightfoot, and Magoon ex-
planned that there was an agreement
by which the purchase was made by
Dee for the company's benefit, and
because Kamalo could not hold more |
than one thousand acres under the |
Organic Act.
Mr.. Dee, when his motives were ques- |
stood in the breach during the suits |
when George Davis ran away to
and he had to get new
counsel.
Mr.. Dee wanted to know what was
o be done with the property and
and Lucas said sell it
ven if it brings only five cents on the
lollar."-
IT, NVo,,r;tz o,Docad fbiS and Slig-
-ested that only the smaller pieces of /
and which could not be used. be sold
n order to pay present expenses. He
aid that Kamalo had been robbed in
ront of his face. that Meyer was
brother-in-law and did
-hatever he said, that Hitchcock used
he plantation for his own pasture.
DR.. Burgess suggested that what
-as not good for sugar might be used
or sisal. but Mouritz objected that
he company could not go into that en-
arprise Dee said he could go out
nd sell the plantation for $4,000 and
ucas moved that he be authorized
, do it, and Cunningham offered him
alf of what his shares would bring.
his finally crystallized into a mo-
on for the appointment of a COM
littee of three to get offers. 1t was
lated that Pain wanted the land for
sal and that Eben Low might buy 1t
,r cattle raising. The chair appoint
I on the committee, ]. Lightfoot, Dee
nd Harrison.
Then Mr.. Dee moved that the man
ger be replaced by DR.. Mouritz which
lrried.
Mr.. Mouritz said ne would serve
ithout pay and he was elected unani-
ously.
Mr.. Magoon moved to authorize the
rectors to mortgage the plantation 4
, pay the debts. if necessary and
lis carried after some discussion. The
Getting adjourned for two weeks.