The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1885-07-10

0Ir. Spreckels proves that there wer
between 1000 and 5000 acres held i
| Zee simple, and from II, 900 to Is, QUO acre
under the lease, the entire beneficial inter
est in which, under he declaration Q
trust, has been vested in the Hawaiian
commercial and Sugar Company and it
| predecessors since 1875. in such manne
hat it could be enforced in any Court O
equity, either at Honolulu or in San Fran
cisco. 1t was ludicrous to hear the senior
counsel for the prosecution extracting in
formation from Mr.. Harrison about tn
law of trusts, with which he must hav,
oeen familiar so far back that tho memorI
! Of those present at least "runneth not u
| the contrary.
If the Chronicle had any influence, i
! could not be surprising if the stock of the
| Hawaiian Commercial Company, agains
which it made so determined raid FOL
| years, had gone down to zero. You know
the ordinary effect of assertion in a daily
! newspaper of standing about the assets
| and the sOlvency OF an individual corpora
| tlon and think you can easily infer from
| the
| BASELEssNEss OF THE ACCUSATIONS
Against the Hawaiian Commercial and
| Sugar Company, and from the fact that
| hey were calculated o inJure and not TO
| benefit the State of California and the city
| prompted them WAS either personal re
! venge or mercenary profit, very likely a
! mixture of both.
Nj. Spreckels' conversation with Mr..
Orerman. he sugar reIner OF New York,
| while it re lily does not establi h a fact,
which Is always difficult, indeed almost
impossible of pro 4, new rthe4 eSS gave rise
to grave suspicion when you consider it in
ceiatIon 10 Journal which is identified
with the principle that the reports and
opinions OF the press are mere matters of
mere handlse, ana, notwithstanding the
ind cent effort OF the CnTOHiCie to in
ter ere wi h the course OF this trial, which
was Il tIy rebuked by his Honor on the
osHch, L scarcely think you will have any
II
ton occurred exa thy a. Mr.. Spreckels
stated 1t, though perhaps not precisely as
{ Was t1leSra phed 10 New \ OK. Beg ond
,his, as AIr. McAllister has pointed out
:he TACT that MIR. De Dung in spite of Mr..
Lloyd ) promises when lie LETT the evil
.cn@e al ut OHerman in, remained silent
upon the sub ect Is conciuslvr.
Mr.. >. reckelS has never dealt in the
stock of the Company. Neither he nor the
defendant ever sold a share, nd il &. A.
> .recsIoIS, the youngest brother. made any
,ales, they were not until alter November
~. 1850, when MS original certificate was
ut up. They amounted only to 1919
5narcS. and he still mold an amount equal
10 his original interest in the stock. Mr..
opr, cSeIs did buy thousand shares for
-a@,GUU, which Is an average of SI4 per
share more than DR.. Barkan paid for his,
out he has never manipulated the market,
anu any stock transactions which have
taken place in come ton with the ha-
waiian commercial and Sugar Company
have b en- a much outside of the a., tual
operations or that company asin the pdlmy
days OF the COmStock, the speculative in
veStmentS in the San Francisco Stock
nO3rd were outside of the real W rk done
III Virg mia City and Its reighbo h d.
Thure is, however this inc. mpleteness
in the pdrallO /: in the case of the Com
Stock, tue principal owners
RELIED UPON SPECULATION
For the enormous profits they realized,
while Mr.. Sprec1els mas devot-d his life
and energy to the raj ing, transports ton,
C ming and selling of sugar, which is q
Japle article, and has relied upon his ex-
traordlnary commercial enterprise for his
gains. Moreover. now an attorney-at-Iaw,
out for years 4 news-c Hector Tor the
ChrO, ,lcte, and a professed expert in
bookkeeping. examined nve of the books
OF the hawaiian commercial Company.
and of the Hawaiian Commercial and
Sugar Comp ny, and was brought he in
rebuttai TO justify the direct assertion
made by the Chronicle and tod by
counsel, that the dividends d been de-
ciared in 1852 in order 10 initiate the market
and dupe the public into purchasing the
stock h I'D by Claus Spreckels and his sons.
Mr.. McAlllster ha referred to this testi-
mOny. l will take the liberty OF quoting a
little more tully the unkuarded language
used Uy MIR. Lloyd here while Mr.. Tum
SUDDEN was being examin' d, and TO- which
he has not apologized, as Mr.. Taylor did
Tor mucn slighter error with regard to
ID. Murphy We propose TO sh "a
favorite phrase of Mr. Lloyd's-" that
in the name OF August Spreckels,
L believe 5000 shares, was cut up and sold
in the market through Brown, when the
show that this stock to the extent of 5,OOt |
shares was cut up and thrown on the mar. |
ket when this stock was at $o2 and broke |
the market down, and once again Mr.. |
Lloyd said: They say that the articles |
nle untrue, that they did not break the |
mark t.. Now want to show that one OF |
opreckels' family broke the market. They |
-lo1F hat fTS,la
they had nothing TO do with selling the |
stock" (Record. pages 1885, 1867
And then Mr.. MCAlliSter at once with
1rew all objections to the proposed testi-
nony, which we believe to be incompe-
ent, and in accordance with our constant
to furnish the prosecutor with
III the means we could suggest to lroVe
he truth of his charges, the live books
dr. Tum SUDDEN. What was the result? To !
What extent WAS the
GRANDCHILDREN PROMISE
# Mr.. Lloyd fulfilled 1t is said that
liars should have long memories" Of
curse, do not in any way efer to Mr..
lloyd, who was simply miSinformed-buL
he provero is quite applicable to the per-
Oh, whoever. he may be. by VIII m the
er OF proof is inspired. The article
hich have already commented upon, of
orember 10, 1883, to be found on pages 7I3
} is of the record, has giaring headings,
Ich as:
= AIispayment of dividends" How
nab!es Sir Claus t. proftably dispose
I large amount of stock" Anu the |
io-head: Looping in the Public in
men it stated that when the stock
ovid could sell and still tain the CON
'ol was ftoated at that figure"
Mr.. Tum SUDDEN made his examination |
"a or after Novembe. Is. 1854 II the
hrontcle told the truth it was in poses.
n Of information which Mr. Tum SUDDEN |
as call / 10 communicate year or more !
eforr he made his txamlnatiCR of Eha !
ooks, and at least seven DAYS before G. A
preck-ls certificate for 5000 shares was
roken. But he inspected the books at his | ,
eisure and what did he ind? Why, gen.
emen. l have described this matter be. (
)re, and let me rep at it, even if il is in |
attn PGTtu7'iant monies ct rascitllr rid
'utuS D"S-the m untain conceived and !
rought forth mouse. Perhaps 1t would |
Q bet er TO let two words of the original
land untranslated and ler the passage | :
lad thus: The prosecution conceived
nd brought forth a ridi. .ulous muSs."
UGH conceptions were very c 'mmon |
uring the trial, and il is no wonder so
ANY doctors were introduced to insure !
lie counsel.
SAFE DELIVERIES. {
repeat. what did Mr.. Tum SUDDEN prove7
lrst. that on November 70, 1888. fourteen t
lonths after the last of the two dividends
ad been declared. and ten days after the /.
hronicle article Of November 49, 1888 c.. {
=. Spreckels had transferred 1000 shares [
} +. \. w alton. who WAS the Secretary Of +
he company, as Trustee, and that the i
ock was issued in this form in 100 GER I
hcates, varying from 25 to 100 shares. {
econd, that On April II, 1854. % of these {
lares were transferred-IO to G. +. Bow [
an, Trustee. and Is to a. w. Blow. Q
rlstee. Third. that on APP il %, 1854, 80
these shares were transferred to Walter | Il
Dung, Trustee. Fourth that on NOVem- C
Dr. Z, 1884, 1000 Of these shares were trans a
rred to William Center, who, | believe, J
not embraced among the dissatis ed v
OF course these transfers I
d not show sales. as Mr.. Tum SUDDEN ad- &
lit RI but they also did not sho.y mn | /,