The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1898-10-12
lis UNDER HOME CONTROL WAR IS NOT YET OVER senator QUAY ARRESTED
THE SPRECKELS' LOSE HAWAIIAN
COMMERCIAL.
j, B. Castle Heads a Local Syndicate,
Which Owns Two-thirds of Stock
Will be Managed Here.

The Spreckels' interest has lost the
control of the Hawaiian Commercial
and Sugar Company. a local syndi-
cate headed by j. b. Castle now owns
two-thirds of the stock which means
an entire change of management at
the plantation and the removal of the
directorate from San Francisco to
Honolulu.
The first move in the new deal is
thus described in the San Francisco
Chronicle
Another big deal has taken place in
Hawaiian Commercial a third notable
turn in that stock, which has furnish
ed more sensations than any other on
the local market This time the af-
fairs of the company have passed en-
tirely from under the Spreckels scep-
ter. Formerly it was Claus Spreckels
that ruled the company, then it was
his younger sons, and now not sin
gle Spreckels has anything to do with
it, though it is estimated that the bro
theirs and their friends still own some
thing like $4,000 shares of the stock.
The result is an entirely new regi-
me for Hawaiian Commercial, one
that is expected to send the shares to
a high figure and to result in the ear
ly declaration of a dividend. The new
directors. who modestly declare them
selves only temporary, but who will
probably be permanent, are Edward
Pollitz (president), E. NJ. Walsh, AL
bert Meyer, r. G. Brown and Charles
Sutro, Jr. The gentlemen represented
bNvt tprc cl, Of
the stock, which is more than two
thirds of the whole. For months they
and the men behind them, prominent
among whom is Daniel Meyer, have
been buying Hawaiian as fast as it
was offered, and refusing steadfastly
to sell. Until last Saturday no one
knew exactly to whom the stock be-
longed, though there were many sur
misses. On Saturday the stock was
put in the names of the owners, and
the merest glance at the books must
have shown the Spreckels people that
their days were numbered.
The formal meeting at which the
| power passed was held Oct. and
was peaceable in the extreme. The
old directors, Rudolph and c. A.
Spreckels, Charles S. Wheeler, Russell
j. Wilson and NJ. II. Hecht, successive-
ly resigned, and the new directors
were elected in their stead
| The stock of the new directorate
was not purchased for nothing. The
whole manipulation has cost the syn
dicate of brokers between $1,5OO, ,OOO
and $1,75O,0O0. They paid from SIG
to $35 share for their stock, and in
the last three weeks have purchased
about 10000 shares at $25, $26 and $27
a recent trip to the Islands on the
part of Mr.. Pollitz disclosed the fact
that there was nothing the matter
with the plantation, but that no one
in the Hawaiian Islands would touch
a share of the stock under the late
management.
c. M. Cooke, president of the Bank
of Hawaii, who was reported to be
in the new deal, said this morning:
Il really have nothing to do with
it. 1t is true 1 picked up a few
shares of the stock before I left Sar
Francisco and I still have them. A:
l understand the matter Mr.. Pollitz
came down here and made certain rep
reservations about the stock to j. b
Castle, III. b. Baldwin and Others
When he left he had guaranteed t.
furnish 1000 shares, or the contro
OF the stock, to Mr.. Castle and his as
sociates, at certain figure. 1t would
appear that he more than kept hi
bargain. The new deal will of cours,
means change of management anC
the plantation will be controlled il
Honolulu instead of in San Francisco
The new board of directors will al
serve until the annual meeting whicl
takes place tomorrow in San Francis
co. j. b. Castle will be there in per
son and new board may be appoint
ed from local people. w. R. Castle
trip had nothing to do with thi
matter, which is being attended to b.
j. B. Castle alone.