The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1906-04-07
OCEANIC IN
L|MELIGHT
Delinquent Sale of Stock
of Steamship
Company.

The Oceanic Steamship Company's
financial affairs are in the Gmelight
once more Holders of $500 shares of
the company's stock have refused to
pay the 81 assessment per share levied
February goth. and the Spreckels man
for sale at auction Monday, April %.
AS the company's stock has ranged in
market value between a cent and 81 a
share since February Goth, the pre-
sumption is that there will be no de-
mand for the delinquent shares, which
will enable the management to ac-
quire them for the face of the assess
ment and thus add to it's majority
holding
It appears that outside the Spree
kels family and some of the employees,
holders of only $500 shares have
thought it proper to pay the 81 assess
ment The Spreckels family holds 90
900 of the total $4,000 shares, while it's
employees own 1000 shares. The latter
have paid their assessments and the
Spreckels faction have paid theirs. The
company owes them an overdraft of
about 81 900, 000 on which they are
drawing a good rate of interest.
COSTLY FOR OUTSIDERS.
During the past four or five years
Oceanic holdings have proved costly
to outsiders The bonds have fallen
from above par to s62. Luckily the
bondhoIders have & first lien on the
company's property. Were it not for
that fact, the supposition is that the
Spreckels people with their 2,OOo,000
overdraft might have wiped out the
stock and taken the property in set
Element. AS things stand, the bond
holders can only hold what they have
in hope of the better days repeatedly
promised by President John D. Spree
kels. The stockholders are not in any
position to wait for better days I'M
less they have financial resources TO
meet the assessment. Including that
latest assessment, they have paid a
total of $50 a share. They still can
be assessed for a total of $4S. STOCK
has dropped from above par to prac-
tically nothing in the past few years
! LOSS LAID TO CROP FAILURE.
Meanwhile the Spreckels people, the
| real owners, as agents of the com
pany, are drawing 100000 a year as
interest on the s., 000 900 they have adj
yanced the company. The reason the
/ company has gone behind to this ex-
tent is said by President SDreekels TO
be the failure of crops in Australia for
| a number of successive years He mas
said constantly that things Will be
all right as soon as business picks up
in Australia" In his recent annual
report he said that Australian busi-
ness conditions promise well for the
immediate future. If the hope proves
| groundless the belief is expressed II
financial circles that another assess
ment will be forthcoming. In tina
event ii will not be surprising if th'
[ remaining outside holders OF 300
shares let them go by the board anc
t allow the Spreckels faction to get al
the stock.
REFUSE TO BE ASSESSED.
Those who have refused to pay tn
assessment on the $500 shares o
stock mentioned include Herman Al
thof Worthington Ames. John ASH
man, B. A Becker as trustee, A BOW
er as trustee, H. Berl, r. G. Bolton
: | Charles Berger, c. T. Boyd, F.
Bowersmith, California Title and In
surance Company as trustee, Mar
| Commins, j. M. Campbell, David Cru
den, California Safe Deposit and Trus
= Company as trustee, Mrs. M
| Churchill. G. w. Coffee, c. E. Dugan a
| trustee, w. D. K. Gibson as trustee
:. w H. Thomas as trustee, NJ. Ehrer
berg, NJ H. Falkenstein, j. w Garth
waite, Z. S. Goldsack. Albert Josepf
. Albert Isson. Hecht Bros. q CO. an
thirty-six others-S. F. Examine
| March 81.