The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1895-03-16
Suit Between Rudolph SpreckeIs
and His Father.
1T CONCERNs PAAuHAU STOCK.
Plaintiff Claims That il the Nevada Bank
Transfers Certain stock, He VIII Lose
a Quarter OF = Million Dollars by
Reason Hawaiian Govt. Taxes.

SAN NFRANCIsCO. March Rudolph
Spreckc Is has brought suit in the Su-
perior Court to enjoin the Nevada bank
from transferring from his name GER
| tain shares of stock pledged by him to
! secure certain payments from G. A.
Spreckels. Judge Hebbard has grant
ed temporary injunction and will
hear the case. The injunction is in
the sum of $4,000 and the sureties
are G. P. Splivalo and Joseph Kahn.
The complaint sets forth that in
January, 1894, Claus Spreckels and
G. A. Spreckels entered into an agree
ment by the terms of which Claus
Spreckels was to transfer to his son
certain valuable property in consider
alton of certain yearly payments to be
made by him, the last one to become
due next January. To secure his
yearly payments G. A. SpreckeIs
pledged some securities said to be far
more valuable than the total of the
payments so secured.
At that time, so runs the complaint,
Rudolph Spreckels owned 5000 shares
of Paauhau Plantation Company
stock, which stood in Spreckels'
name. This stock Rudolph agreed to
pledge as additional security for the
payments from G.. A. Spreckels
would provide that Claus SpreckeIs
transfer it to his (Rudolph's) name on
the books of the corporation. This
was done, and Rudolph indorsed the
certificates, it being agreed, SO the
complaint alleges, that the stock
should remain in Rudolph's name
until after the maturity OF the debt.
1t was also agreed, sets forth the plain
first yearly installment of the debt
$500 shares of the stock should be re-
turned to Rudolph and that upon the
liquidation of the Indebtedness the re-
naming $500 shares should also be re-
turned.
Claus Spreckels transferred his
claim against his son to the Nevada
Bank, turning over all the securities
hypothecated including RudOlph's
5000 shares of Paauhau stock.
G. A. SpreckeIs paid his first yearly
installment amounting to 1851 $50,
and half the stock was turned over to
Rudolph. The other payment will
not become due till next January,
but the Nevada Bank, so the plaintiff
claims, disregarding the agreement,
now threatens to send the stock to
Honolulu and have it transferred from
RudOlph's name Notwithstanding the
alleged fact that it holds other secur-
tiles far in excess in value of the pay
ment still to be made. 1t is charged
in the complaint that the banks action
is taken for the purpose of voting the
shares against Rudolph at the next
election and preventing him from
pOcketiDg his interests in the corpora
tiOn: 1t is also charged that the pro-
posed action is meditated solely for
the purpose of iDjuring the plaintiff in
his property and finarUial credit.
incidentally the plaintiff claims
that the transfer ant reissue of the
stock will impose large expenditure
upon him, because the Hawaiian Gov
ernment levies a tax upon such re-
issues.
The plaintiff claims that if the bank
be permitted to pursue its intended
course he will be injured through the
depreciation of the stock from its
present value Of $250,OO0, far beyond
any amount of damages he might be
able to recover. Therefore, he prays
that the bank be en- njoined from re-
moving the stock from the Jurisdiction
of the State of California and from
having it transferred from the plain
tiff's name pending the maturity of G..
A. Spreckels' Indebtedness.