Honolulu Republican, Volume IV, Number 506, 25 January 1902 — KONA SUGAR CO'S FINANCE [ARTICLE]

KONA SUGAR CO'S FINANCE

ARRANGEMENT IS SATISFACTORY CROP OF THIRTY-FIVE HUNDRED TONS IS READY TO BE HARVESTED. Ordinary Stockholders Are Subscribing for a Large Amount of the New Issue. Which Was Ratified by a Three-Fourths Majority— Good Security for First Mortgage At the meeting of stockholders of the Kona Sugar Company the issue of $lOO,OOO of preferred stock was ratified by a three-fourths majority of the stockholders. A large portion of this issue has already been subscribed by the ordinary stockholders, amounting' in all to about $30,000. Street rumor has it that this action on the part of the stockholders w - ill give into the treasury $lOO,OOO of new bonds and $50,000 or more of prefer- i red stock, which the directors are au-1 thorized to apply or use as security 1 in connection with certain loan ar i rangements which have rec ently been made between this company and one or two financial institutions. The . present capital stock is $500,000 of j ordinary stock, ail paid in. $lOO,OOO of preferred stock and $500,000 of mortgage bonds. It is said that by the time crop op j erations begin there will have been j expended over one million dollars on | | the property of the Kona Sugar Com pany, which will be the security for the $300,000 first mortgage issue. As near as can be gathered the estimated crop now ready to be harvested is about 3.500 tons, and as the machinery is said to have been set up j j and the necessary money for harvest- j ing is procured, it may now be considered that the plantation is fairly well launched and should have a: ] profitable career.