The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1904-08-26
THE. PUMA
COLLAPSE
Suit To ForecIose Not
Contested BY
Sugar Co.,

/ Suit was entered In the Circuit court
| yesterda,- for foreclosure of mortgage
upon the one million dollar bond issue
of the Puma Sugar Company, Limited.
of which $5oO,OOO are now outstanding
in the hands of bona fide holders and
100000 held in trust, as the complaint
sets forth.
The first prayer of the petition is for
the appointment of a receiver for the
and effects (which" as the paper
reads. lis the primary object for which
this bill is filed"
There was a meeting of the Puma Su-
gar Co. yesterday, when it was decided
that the suit should not be contested,
as the company is without funds and
has been unable to arrange for further
advances. Olaa Sugar Company had
for some time been making advances to
Puma, but these advances ceased on
the 18th of August instant.
The form of proceeding is a bill in
equity "for appointment of receiver
and of foreclosure" The plaintiffs are:
First National Bank of Hawaii at
Honolulu, a corporation; H. Hackfeld
e. Company, Limited, corporation:
NJ P. Robinson; H. NJ. Won Holt, trus-
tee for w. S. Chambre and A. Ahrens.''
The defendants are: Puma Sugar Com
pany, Limited, a corporation: S. M.
Damon and S. E. Damon. copartners
doing business under the name of Bis
hop & Company; Olaa Sugar Company.
Limited, and B. F. Dillingham; & Com
Ipany, Limited
Like the principal defendant named,
the Dillingham; company win set up
no defense to the action. What Bis
hop & Co. may do in the matter is
not as yet divulged.
After laying down the status of the
parties to the suit as engaged in busi-
ness in this Territory, the bill relates
that the Puma Sugar Company did,
on July l. 1900 execute a certain deed
of trust to Bishop & Co, conveying
certain lands, buildings, machinery.
improvements, franchises, ETC.. in short
all of the property OF the grantor ito
SSCdIe tHC JULIUS VI 51itl utlzb sugar
Company, Limited. and each of them
to the amount in aggregate of one
million dollars ($1, 600 ,000), that is to
say, bonds of the denominations of one
thousand dollars $4,000 or FIVE hundred
dollars ($5Oo), each aggregating one
million dollars ($1, 100000 bearing even
date with the said deed of trust, pay
able in gold coin of the United States
twenty 900 years after date with in
terest coupons thereto attached for the
payment of the interest thereon semi
annually at the rate of six per cent
(6 per cent? per annum in gold coin OF
the United States"
The bill recites that it is further
provided in sail deed of trust that the
said Puma Sugar Company. Limited,
shall pay all taxes which shall be as
sessed laid upon the mortgaged
premises on any part thereof; and also
maintain, preserve and keep said prop
erty and every part thereof in good
repair and condition and cultivate the
same according to the practice of good
husbandry," etc.
Besides what has been stated above.
as to the issue and holding of the bonds,
the bill says that prior to the filing
thereof b. F. Dillingham; became the
owner of thirty-ffve of the $1,000 bonds
and one of the $500 bonds, and that
said Dillingham; assigned thirty-two of
said bonds to the First National Bank
as security for advances to him; that
sold and delivered three of
the $1,000 bonds to II. NJ. Won Holt, trus-
tee for w. s. Chambre; that b. F. Dill
lingham g. Co. Ltd, acquired thirty
three of the $1,000 bonds and assigned
them to the First National Bank as
security for advances; that one $1,000
bond was sold and delivered to H..
HackfeId & Co, Ltd, and that forty
eight of the $1,000 bonds were sold and
delivered TO NJ p. Robinson-all said
assignees and purchasers being now
owners of such bonds respectively.
AS cause of action it is stated that
The Puma Sugar Co. has not paid the
on said bonds which became
iue on July /. 1904. and has not paid
he taxes assessed on the rnortga ged
property for the year 1903.
It is set forth that the Puma Sugar
20 has planted and growing upon it's
plantation at Puma. Island of Hawaii,
,ver 100 acres Of plant cane and long
-attoons and over $50 acres Of short
attoons. and that the sugar cane when
n condition to be harvested will be
f the value OF from $4,000 to $g5, 900.
;ald growing crop, it is shown. requires
immediate care and attention, as also
oes the large stock of horses and mules
or which the company is without
means to buy feed stuffs. There are
Continued on page 3D.