The Hawaiian gazette., 1894-01-23

I by virtue OF quantity of stock which be
claimed to own therein, large portion
OF which. however, had been, according
to his statement. illegally taken out OF
his control. He, therefore, sued, together
with his fellow-plaintiff, n. Nj. Woolley,
for an accounting, making his father and
brothers and all the other directors OF the
company defendants, on the theory that
they had conspired together to defraud
him OF his rights in the premises.
Philip n. Lilienthal and Meyer Ehrman
were also made defendants, this being
done, however, merely to comply with
the formal necessities OF the case, their
connection with the matter being merely
that OF trustees to whom quantity OF
stock was temporarily decided at the time
certain bonds were issued by the com
pany as a means of raising money.
The attorneys in the cae spositively re-
fused to give the reason for the COM
promise or the agreement by which the
settlement was made. When SO many
persons hold a secret, however, leaks are
sure to occur, and many facts in regard
to the case were brought to light. Z. A.
Spreckels had 900 shares OF stock OF the
Hawaiian Commercial and Sugar Com
pany. BY a So assessment and other
means most OF the stock OF the company
had been wiped out, until about 900
shares only remained. OF these the $50
shares OF g. A. Spreckels and sixty-one
shares in other hands formed two-htths
of the whole. c.. A. Spreckels failed to
pay the IS assessment on his stock, but
it is alleged to have been paid by mis-
take by his brothers. |
When Gus Spreckels wanted the stock
on the books to his name MS
brothers refused to comply with ms re-
quest. OF the 900 shares G. A. SpTeckels
had but forty in his own name. ThS
name OF Claus Spreckels was on 700 and
mar ui u.uIT L. Dodge on $50, but they
we're Endorsed and owned Dy u 4. or Z;
Spreckels. He made another demand
o have the stock transferred to his
lame, offering to reimburse his brothers
or the money paid on the assessment.
When they refused he commenced suit
IS above stated.
The suit dragged along for six weeks,
Until compromise which is said to be
satisfactory to all parties con-
erned was arranged.
By the terms of the compromise G. A.
preckels will obtain full control of
2 100000 worth OF property belonging
, the Hawaiian Comm. ercial and Sugar
xsuy. This company will be inn
nediately reorganized. The offices will
e removed from their present location
n Market street to l19 Bush street. In
few days new board Of directors will
e elected. They will be as follows:
rudolph Spreckels, Mountford Wilson,
russell Wilson, c. A. Wheeler and W Z.
fond. The above names are those
fven to commercial agency. Although
be name of c. A. Spreckels does not
ppear he will be the power behind
be throne. Thus ended the suit which
,as expected to occupy the attention OF
be courts for many months. By the
C. A. Spreckels sewers him
elf forever in business sense from his
ather and his brothers. He has secured ]
fortune and an immense business, the
uccess or failure of which will be due to
is own exertions, as he has full control
it.
J. D. Spreckels and A. B. Spreckels
9th absolutely refused to say anything |
hen interviewed on the subject OF the