Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-01-08
Big Federal Contract at HiIo
Involved in Philadelphia
CeSapse
LORD GETS WORD TO
CLOSE DOWN THE WORK
Another Chapter Written in a
Chain OF Financial Misfor-
tunes-Future in Doubt

The Breakwater Cornpany Of Phil
adeiphia, with important interests in
Hawaii, has gone, into the hands OF
receiyes, throwing the big contract
lor the Hilo breakwater up into the
ar glgher than ever.
L. J. Lord, president Of the Lord.
Young Engineering Company and re.
Gently appointed manager Of the Hilo
work for the Philadelphia concern,
has received cablegrams giving the
information that the big eastern com.
llany has collapsed and instructing
lin to shut down work on the Hilo
breakwater contract. The first cable.
gram says that the company has gone
into the hands OF a receiver and the
secoial asks him to forward q state.
ment as TO the local debts, expenses
and other financial matters. -
This latest chapter in the fortunes
and misfortunes of the Breakwater
Company Is not exactly a surprise 10.
oally Many months ago the Phila-
delphia concern was practically taken
over by an eastern trust company,
which was handling some of its bonds
This move eliminated Charles r.
Wood. yice-president OF the Break
water Company and the man who
came 10 Honolulu more than two
Years ago and underbid all others on
the Hilo federal contract. In Hawaii
II has been believed that Wood ''bit
off more than he could chew on the
Hilo job and that this was the begin
ming of the BFeakwater Company's
chain of financial misfortunes.
The HiIo work Is far. behind the
terms OF the contract. The work has
been reorganized two or three times,
the lass time being when Mr. Lord
was made the local manager. He be.
gan vigorously on the new desi and
was making good progress until told
to close down the work.
II Is estimated that the BreakHater
company is tout on the Hflo Job
about sS50.000 In fact 1t is so badly
involved that the chances are, accord
ing to well-informed people here, that
II does not dare to let go. II will 60
through with the building of the
breakwater in order to save as much
as possible out of the chaos.
III Is also conjectured that the bond
holders of the company now in re-
ceipers hands will see that the work
here Is completed, even II at heavy
financial loss. They will lose every
thing If the contract is dropped.
For this reason there does not
seem much chance OF any other con-
tracing concern getting the compile
tinn Of the Job. II the contract is re-
which seems possible, the
Breakwater Company will underbid
any competitor IN ortiersto keep the
work in its own hands and salvage
its fortunes so far as IL can do so.
The Philadelphia company is an
immense concern occupied almost en- |
tirely with breakwater work 1t has |
a large number of federal contracts
on the mainland. totaling eleven or
twelve million dollars, and its various
plants are valued at quite $3.0o0,00 |
II Is probable that the company will |
not go out of business entirely but |
will be reorganized possibly after the
common stock has been frozen out"
and will continue carrying on its
work.
Mr.. Lord will go to Hno On <Satur-
day and attend to the closing down of
the work there and at the Kapoho
quarry from which the rock for the
bfeakwater was to be taken