The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1903-02-10
|KONA-KAU
RAILROAD
! is SOLD
Jacob Coerper No
I Longer Is a
Factor.
Disposes of Holdings
to Wilson and
Quits.
Construction Company Will Put
Down Road With Money From
San Francisco.

By an agreement reached yesterday
afternoon the Kona-Kau railroad COM
pany passed from the control of Jacob
Coerper and his associates into the
hands of President Wilson, of the con-
tracing firm of Wilson, Lyons & Com
pany of San Francisco. With the rail-
road concerns there went also all the
affiliated interests, including the hold
ings of Coerper in the Kona Sugar Com
pany and the law suits in which his
name has been used.
The intention of the new owner of
the franchise and the rights of way,
the terminal facilities and other valu-
ables including surveys and maps, is to
proceed to San Francisco as soon as
the company is fully reorganized, and
there incorporate a construction COM
pany which Will build the road, taking
over all the securities which now come
into Mr.. Wilson's hands, and through
it secure the money necessary for the
work which will fill in the coming two
years for the men in control
OF the stock of the Kona-Kau rail-
road $2,720,O00 passes into the name of
the new owner. OF the original issue
of s., 900, 900, s2SO,OOO worth has been
used in the promotion and preliminary
expenses. OF the proceeds of this much
has gone to advertise the Kona district
and again considerable amounts for the
securing of the valuable services of
men who will have a considerable time
to wait until there is any trackage for
them to assume control of in their ser
vices for the company. Mr.. Coerper has
been indefatigable in his work of MAX
ing known the advantages of the Kona
district and extensive advertisements
have been made in the East of the
values of the farming lands to be had
there.
1t is understood that the considera-
and that the transfer is absolute. so
that Mr.. COerper ceases with the sign
ing of the contract, to have any con-
nection whatever with the railroad line
or any of the affiliated industries
Mr.. Wilson said last evening that he
had no doubt at all as to the future,
as he knew that the funds for the con-
struction of the line were to be had in
San Francisco and that he would be
able to organize the construction COM
pany once he placed the proposition be-
fore his friends. AS to the time of the
commencement of the work of actual
construction, he said it might be within
ninety days, though he would not set
any date at all. The matter of labor,
he said, would not embarrass the COM
pany, as there are at least 1000 men in
Kona who would be glad to work on
the road, and probably as many more
here in Honolulu who would go out of
town for this kind of work, but who
would not go to a plantation.
AS to the reorganization of the COM
pany the men who are to fill the direc-
torate have not been consulted, and
there is nothing known as to the make
up of the board, though it is understood
that Gardner K. Wilder, who has been
identified with the enterprise for so
long, may continue in the executive
branch.
Mr.. Wilson said that he could not
plantation as it was in litigation and
what might become of the estate was
matter of pure conjecture.