The Hawaiian gazette., 1904-08-26
The PUMA D
COLLAPSE.
Suit TO ForecIose Not
Contested By
Sugar Go.

yesterday for foreclosure of mortgage
upon the one million dollar bond issue
of the Puma Sugar Company, Limited,
of which 100000 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 receiver for the
Puma Sugar Co.'S property. accounts
and effects. which" as the paper
reads, lis the primary object for which
this bill is fled"
There was n 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 bill in
equity for appointment of receiver
and of foreclosure" The plaintiffs are:
First National Bank of Hawaii at
Honolulu, Il corporation; ii. Hackfeld
Il Company, Limited, corporation;
NJ. L. Robinson; II. NJ. Won Holt, truss
tee for w. S. Chambre and a. Ahrens.'
The defendants are: Puma Sugar Com
pany, Limited, corporation: S. NJ
Damon and S. Il. Damon, copartners
doing business under the name of Bis
hop Il Company; Olaa Sugar Company,
Limited, and Il. +. Dillingham; & Com
pany; Limited"
Like the principal defendant named
the Dillingham; company will 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 bust
ness in this Territory, the bill relates
that the Puma Sugar Company did.
on July /, 1900 execute n certain deed
of trust to Bishop x Co.. conveying
certain lands, buildings, machinery,
improvements, franchises, etc, in short
all of the property of the grantor ito
secure the bonds of said Puma Sugar
Company Limited, and each of them
to the amount in aggregate of one
million dollars Isl 10000 00), that is to
say, bonds of the denominations of one
thousand dollars $4,000 or five hundred
dollars $500, each aggregating one
million dollars (S1000,000) bearing even
date with the said deed of trust pay
able in gold coin of the United States
twenty GOD 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
CO per cent? per annum In gold coin OF
the United States"
The bill recites that 1t Is further.
provided in sail deed of trust that the
said Puma Sugar Company, Limited.
shall pay all taxes which shall be as
seSsed or laid upon the mortgaged
premises on any part thereof; and also
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
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 i. f. Dillingham; became the
owner Of thirty-ive of the $1,000 bonds
and one OF the $500 bonds, and that
said Dillingham; assigned thirty-two Of
said bends to the First National Bank
as security for advances to him: that
sold and delivered three of
the $1,000 bonds to IL. NJ. Won Holt, trus-
tee for w. $. Chambre; that b. f. Dill
lingham Il CO., Ltd, acquired thirty
three of the $1,000 bonds and assigned
them to the First National Bank as
securi for advances; that one $1,000
\ 4 10
Hackfeld & Co., Ltd, and that forty
eight of the $1,000 bonds We're sold and
delivered to NJ p. Robnson-all said
assignees and purchasers being now
owners of such bonds respectively.
As cause of action 1t Is stated that
the Puma Sugar Co. has not paid the
interest ON said bonds which became
due on July l, 1904, and has not paid
the taxes assessed on the mortgaged
for the year 1903.
1t is set for,h that the Puma Sugar
Co. has planted and growing upon its
plantation at Puma, Island of Hawaii.
over 200 acres of plant cane and long
rattoons and over $50 acres of short
rattoons, and thet the sugar cane when
IN condition to be harvested will be
20 the value of from $4,000 to $4,000.
SAID growing crop, it is shown, requires
immediate care and attention, as also
loes the large stock of horses and mules
for which the company Is without
means to buy feed stuffs. There are
also laboTers on the plantation who will
cave If not paid. The great danger.
rom these conditions. that the already
assets of the company Will
De dissipated and destroyed Is pointed
mt as making . necessary that IA re-
eiver should bee appointed. 1t II re-
;arded AS desirable, as well for the
Welfare of the public as the interests
Il the bondholders, that the entire en-
erprise should be- held together and
maintained AZ one entire property.
II II prayed that the receiver he au-
hprlzed to issue certitcatef Tor the pur-
'oses ul his oltioe, Ia constitute FIRST
nd paramount lien upon the estate,
H
THH GREAT SUCCESS of Chamber.
aims collie, en- llnra and nlarrhaaa
IYmfUN la tnt treatment aI haApi anna