The Maui news. [volume] (Wailuku, Maui, H.I.) 1900-current, 1922-02-07
Floating Of Fair
Bond Issue Starts
Committees Organize In Var
ious Districts and Begin
Canvass; Wailuku Wants
Many Small Buyers.

Canvass for sale of bonds of the
Maui County Fair and Racing Asso-
citation started yesterday. In some
districts committees had organized
previously in others they formed yes
terday. Wailuku was one of the lat
ter districts. There II. b. Penhallow
had appointed on his district COM
mittee j. Garcia, George Weight, Jr.,
Dan 7. Carey, Glenn c. Crowell,
Ralph Wilson and Joseph H. Gray.
They met at the Bank of Maui in the
afternoon and a few minutes later
some of the committeeman were out
with lists.
Program Laid Out
Chairman Penhallow in talking
with his committee suggested that
efforts be directed to selling rather
a large number of 800 bonds than
smaller number of the larger denomi-
nation. The association is a com
munity affair and as many as possi-
BILE members of the committee should
be financially interested in it he said.
In the past a comparative few had
pushed it to the fore, but the more
persons financially interested in it.
the more there would be pushing and
boosting its projects The bonds are
an investment, not a contribution.
They pay 6 percent, two percent bet
ter than savings accounts and there
are now many securities which are
not paying dividends Fair Associa-
ton bonds are a safe, conservative
investment in which practically any
business house can well afford to in
n CT InH tNrtH n1C fnn
will find such bonds paying better
than many other securities presented
to them. Dividends are uncertain, in
terest on bonds assured.
Security is Ample
The property of the Maui County
Fair and Racing Association is con
servatively estimated at 100000 by
President F. F. Baldwin in his let
ter. The bond issue is only one
efou'th of that amount, $50;1QD' and
will constitute Tie entire indebted
ness of the association. They will be
in amounts of 500 and $500, redeem
able at the end of five years at any
interest date the association may
elect and finally due and payable in
20 years. Only 10 percent of the
amount subscribed need be paid on
subscription, balance to be paid by
March /. The banks have shown
their confidence in the securities by
offering to loan adequate amount to
prospective buyers not able to pay
all at the one time and to carry the
loans for a fair and reasonable period
All Receive Benefit
1t is pointed out that every busi-
ness house in Maui, especially in Wal
luku and Kahului receives important
business increases each year through
the activities of the association At
fair time, when there are races and
at other times when there is enter
tainment on the grounds, outsiders
come in. Such financial returns from
support accorded the association in
the purchase of one or more bonds
may be considered as an addition to
the six percent interest the bonds
pay. 1t is community project and
every dollar in brings to the business
men from the outside rebounds to
their benefit. Should the association
cease to function and hold fairs and
races there would be bitter complaint.
The visitors who came from other
Islands last year left several thou
sands of dollars on Maui and the eX-
hibitors from outside brought bust
ness when they installed their ex-
hibits. 1t is from persons who thus
benefit beyond the interest they will
receive that subscriptions will be
primarily sought.