The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1905-05-20

placing of a 81 900. 900 bond issue would
be successful as of course.
Without their support, it is more
than doubtful if the issue can be float
ed a. al.
CD If the debt of the plantation is
funded, an annual sinking fund can
be provided for and the plantatio
placed on dividend paying basis on
or before the 1st of January next
Prior to the funding of the debts of
the Oahu Railway & Land Company,
its stock was unstable. Immediately
thereafter it went to par, and COM
manded a wide market. l confidently
believe that the same result will fol-
low a like proceeding on the part of
Olaa
go In the event that Olaa acquires
Puma it can do Herewith what it
pleases. It can either develop it now,
or at its leisure in the future.
Or it can lease it out, assuring to it
self the profit of grinding the cane
therefrom.
Or it can by biding it's time, sell it
out as a whole, at certainly no loss,
and with every proba bility OF a profit,
at later date when the returns from
the present Hawaiian sugar crop have
more generally affected the local finan
cial situati
Permit me to say in this connection,
that | own, or represent by proxy,
112,646 shares of Olaa stock of a par
value of 81, 252 800, out of total out
standing issue of PIG, 237 shares; and
represent by ownership or endorsement
$472, 500 of the Olaa bonds total in
terest in Olaa amounting to 1925, 420.
My personal interest in Puma bonds
is so small as compared with the over
whelming interest which I have in
Olaa, that there is no comparison be-
tween the two, and the comparatively
small incidental benefit which I will
receive as a Puma bondholder will be
nothing compared to the benefit
which 1 will receive as an Olaa stock
and bondholder if this proposition is
accepted
In the interest of myself and of
every Olaa stock and bondholder. and
of the agents who will be relieved
from carrying the present large debt.
l urge upon you to approve the prop
osition herein set forth, and if you
approve, to act promptly thereon.
Yours very truly.
(Signed) B. F. DILLINGHAM;
Mr. Dillingham; said in addition: mfr.
Damon mentioned having put in a great
amount to carry this Olaa plantation
through. No one appreciates this more
than I do
IT don't wish to pose as the savior
of Olaa. I've passed through a year of
anxiety that L would not repeat.
I've put my utmost cent into every
undertaking that I've asked the people
to join.
Conditions were so bad soon after
O1aa started that many were unable To
carry their stock. Wea couldn't allow
large blocks of stock to be thrown on
the market. 1 had to carry some
100000 of additional stock. I found
one man in Frisco who would take
hold with me- but who was not able
to make any substantial advance.
Should the plantation go to the
wall? 1 would not see this happen.
Il have poured into this company.
to pay out the assessable stock-I
have borrowed and put into this COM
pany some 100000 Today L see
my way out of this difficulty.
mo man has stronger desire to
relieve the agents than 1 have
The vote was then taken on the prop
osition to acquire Puma, and it carried. !
MSTOCKER'S OPINION.
There has been considerable discus
sion on the street concerning the merits
of this deal, and the former manager
of the Olaa Plantation, Frank B. Nc
Stocker, when asked as to whether in
his opinion it was advantageous to
Olaa to take over the Puma lands,
stated that it certainly was so, that
he was very largely interested in Olaa
and would certainly not favor a propo
sition which was not, in his mind. adj
vantag eous to the property. He said
that numerous statements have been
made from time to time of a number
of those opposed to the ownership of
Puma by Olaa on the plea that Puma
could not be made a paying PROPOSE
ton.
Outside of the personal opinion of
Mr.. McStocker several experienced
plantation managers, notably j. T.
Moir. George Ewart, Mr.. Lydgate and
August Ahrens and several others,
have emphaticauy expressed the opin-
good cane proposition although some
difference of opinion existed as to
whether it was profitable to send the
cane to Olaa Mill, or whether it would
be wiser to erect a mill on the Puma
property.
When asked in regard to the letter
of Mr.. Watt, the present manager of
Olaa Plantation, which was presented
at the meeting and which was opposed
to the purchase of Puma, Mr.. McStock-
er said it was rather delicate matter
to attempt to criticize the letter as his
statements might be attributed to pref
udice. Entirely disavowing any such
feeling Mr.. McStocker stated that the
letter while technically correct. was
very misleading to the stockholders in
considering this question. and from his
point of view was rather intended to
bolster up the desire to turn down the
proposition which was presented for