The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1894-02-19
c. SPRECKELS AND son.
A PHASE OF THE HAWAIIAN
COMMERCIAL LEASE.
The Youngest Brother Has Received
S15O,OOO From His Father.
Macfarlane's Part.

By the Australia from Honolulu yes
terday news was received of an interest
ing deal in which the recently organized
Hawaiian Commercial Company is con-
cerned.
Papers have been filed in the Ha-
waiian courts showing a transfer OF a
judgment for $150,0O0 from Claus
Spreckels to G. A. Spreckels, the presi-
dent of the Hawaiian Commercial Com
pany.
The history OF how the judgment was
obtained forms an interesting episode in
the story-yet untod-of the transfer
from the elder to the younger Spreckels;
and the judgment itself is evidently one
of the terms OF the transfer, for it is
made payable not to the Hawaiian Com
mercial Company, but to G. A. Spreckes
i'll person.
The judgment was recovered by Claus
Spreckels upon promissory note issued
by George W. Macfarlane originally to
Honolulu banker named Bishop.
The security accompanying the note
consisted OF half-interest IN the Wal
kipu plantation.
Macfarlane became involved in some
monetary difficulties, and he secured
from Banker Bishop loan OF $l20,000
several years ago.
1t happens that the land holdings of
the Hawaiian Commercial Company
almost adjoin those OF the Waikapu
plantation, and between the properties
Is parcel OF land owned in common by
| the two companies.
Macfarlane owned a haif-interest in
| the plantation. Claus Spreckels was
anxious to get hold OF the note issued by
Macfarlane to Bishop, and, for con-
sideration, Bishop transferred it to him
personally.
He received it, not rs representative
of the Hawaiian Commercial Company,
bat as an individual.
When the time for the payment of the
note was up, Claus Spreckels sued Mac
farlane to recover on the note and
forclose on the security, which was Mac
iarlane's half-interest i'm the stock OF the
Waikipu plantation.
Some time between the date Of COM
mencement and of the termination oil
the action suit Tor partition Of the
lands held in common by the waikiki u
Plantation Company and the Hawaiian
Commercial Company was inaugurated
and is still pending.
This latter fact prevented Claus
Spreckels from realizing on his judg-
ment, which was awarded to him in
November last.
Meanwhile the troubles between the
opposing branches OF the Spreckels
family were precipitated into public
notice and finally ended by complete
trDn sfn 4 lntt Il II Il
Spreckels OF the assets and affairs of the
Hawaiian Commercial Company to c,
A. Spreckels.
The story is that the transfer included
much more than II surrendering of the
Hawaiian Commercial Company, for the
big judgment held by Claus Spreckel,
for $l50,0O0 and interest amounting t,
nearly $4,000 more was not, it is al
legged, an asset OF the company at all
and yet it has been transferred to c. A
Spreckels personally.
j. ID. Spreckels was interviewed upor
the matter yesterday. He said:
81 have heard from various sources
that my father had unconditional,
transferred this judgment to G. A
Spreckels, but this is not SO. The fact
are that after George w. Macfarlan,
issued his promissory note to Bishop my
father purchased it for $40, 900, with tn,
idea OF enhancing the value OF the adj
joining properties of the Hawaiian Com
mercial Company, although he bought
the note on his individual account an,
, Us personal investment. But he di,
not make freewill offering of tn,
Judgment. On the contrary he sold i
to g. A. Spreckels for $50, 900 and nov
, has collateral security for that amount.
, Charles Wheeler, of CARRIER, Boalt
: Bishop & Wheeler, who is Vice Presi
| dent of the Hawaiian Commercial Com
pany, declined to be interviewed on tn
subject at all.
n THE matter" he said, sis one tina
!. very much concerns my client person
ally, and do not feel justified in dii
= cussing it"
The Honolulu advices state that tin
4 matter of recovering upon the big iudl
4 ment and of foreclosing on the securit
!. is in the hands of firm of Honolulu
lawyers, who will doubtless act upo
the direction of T. B. Bishop, who as {
A. Spreckels' representative is still
! the islands adjusting the affairs of til
n company.
George w. MacfaIlane, who issue
II the note, is a liquor dealer in Honolulu
and brother to the late Queens Mini
Il ter, L. q. Macfarlane, -EIdm 'ner.