The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1903-07-16

EIk's Hall was surcharged with cleo
tricity long before the meeting was
called to order-every stockholder knew
that something was going to drop, and
Ahere was no disappointment for those
hat were looking for a lively meeting.
Out Of it all though comes the prospect
I OF a reorganized company, which fail
= ing the estate will be sold, Mr.. Dee
Alnaking the announcement that there
fwere four purchasers waiting, and that
the stockholders would receive fifty
cents on the dollar. IL not dollar for
dollar.
This was the first meeting Of the
company for two years or more and
the stockholders were anxious to find
out what had become of their money.
They didn't succeed, though a report
Is promised for the special meeting
which was called for the evening OF
August 1st.
THE CALL TO ORDER.
The meeting was called to order by
David Dayton, the president. There
were present thirty or more stockhold-
ers in person and they represented al
together 1857 shares Of the total hold
ing OF 1880. This is virtually the en-
tire stock as the difference is repre-
sented by the stock repaid into the
company by the promoters upon the
order OF the court. The larger stock
holders represented were DIR. MourftZ
who said he had a third OF the stock.
and 7, II. Dee who had a half The
Meyer family 34OO shares. II. p. Hitch
7 n AEO II I.nCaG 80.
c. Brown 500. F. Hustace 100 w. NJ.
Cunningham 200. Jas. Steiner 800. d.
McCoriston 1885. McLain $50. were also
represented.
After the showing OF stock had been
made President Dayton announced that
each stockholder was entitled to exam
! inc the books.
where are the books?" came the
RvoIce OF a stockholder with the first
hint OF trouble.
Mr.. Dayton continued by stating the
object of the meeting, which he said
was the first since May. 1901. The
.sQuestions to be considered he announced
.'were:
1. Shall the company close up it's
business2
2. If the company is reOrganized
shall all expenses be cut down?
3 II the KamaIo Co. continue shall
the stock be reduced from one million
dollars to five hundred thousand and
shall enough money be borrowed 10
pay the debts?
Mr. Dayton announced further that
there was but one suit remaining of
s14OO on which execution had been is
sued, and the total debt amounted to
$4,000 ''The delay has been caused by
expensive lawsuits" concluded the
president.
Yes. it was a good thing for the law
yers." said J. Lucas.
Yes" replied Dayton. they took the
cash but didn't touch the stock"
DEES REPORT.
l. H. Dee as auditor stated that the
books OF the company We're in the sac
deposit vault. and that they were cor
rect up to the time that John Ouder-
dirk quit. II am sorry that I can't
say the same for Rex Hitchcock" he
dark clouds over that man but as far
as can make out the books show him
TO be $500 short. They show s1O.65 in
the bank and several letters we sent
20 Hitchcock to bring him down 10
straighten out the matter had no effect.
II gan't find the vouchers to correspond
NH the checks: they were made out
<rayable to self. and to cash. I find
him s400 behind and so consequently
couldn't audit the books. I have made
la statement of all but the s40O."
- LAWYERS REPORT.
Mr. Dee announced that lawyers had