The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1907-12-14

assignments from -. A. Magoon TO J.
A. Magoon, trustee under the will of
J. L Blaisdell' have never been re-
corded. These are as follows:
LIST OF MORTGAGES.
William A. CahiIl. $500; Arthur
Covne. $1,000 ($1500 paid; Annie
Blessing Phillips, 91I00; Mary Ailau,
500; Kamaka, $500; John Keaweha-
wall, $3.50 (s100.67 paid; solomon Ma
helona, $4,000; J. Lightfoot. $3.50 first
mortgage; J. Lightfoot, $4,000 second
and first mortgage combined; j. *. ka-
anaana. $500 1898 paid: Mary Ann
Perry Kaloaamaikai, $1,000 (replacing
mortgage of 1920; H. T. and Eliza
beth Walker, 5000; Caroline Tranquada,
1925: Kaauaua, 1925; Robert Lishman,
500: R. Wassman, 1925.
Each of the foregoing was assigned
by Magoon to Magoon, trustee, but the
assignment in no case has been re-
corded
In some instances it is pointed out
that Magoon himself carried the mort
cages from one year to several years
before assigning them to the Blaisdell
estate. Interest is delinquent on some
mortgages for years.
In one or two eases the money was
paid out of the Blaisdell estate some
time before the date of the mortgage.
INVESTMENTS BAD.
The master in a number of instances
reports that the investment is bad and
recommends that Mr.. Magoon be re-
quired to take over the mortgage him.
self.
Under the head of real estate the
master continues his disclosures.
There was a mortgage by James Carly
of Palolo Valley property and a Rich
ards street leasehold, to j. Lightfoot,
guardian of the minor children of james
A. King. 1t was for $4,000 on the for
mer and 5000 on the latter, total of
$4,000 and the mortgage was dated
April IL, 1901. On June 49, 1908, Light
foot, as attorney for Magoon, trustee
of the Blaisdell estate, made affidavit
of the sale of the premises described
under foreclosure to j. Alfred Magoon
for $2125. There is no record of the
assignment of mortgage by Lightfoot to
Magoon The cash for the mortgage
was paid out of the Blaisdell estate
April IL, 1902 The assignment is in
the office of Magoon and dated August
80, 1904. two years and four months
subsequent to the date on which the
cash was paid There is no foreclosure
deed of record conveying to Magoon the
properties purchased by him at the
| foreclosure sale. The lease in the mort
gage is not of record. 1t has six years
to run at an annual rental of $3.50. As
security under mortgage the master
| considers it has little or no value, the
| improvements reverting to the lessor
at expiration of lease.
''The estate derives no benefit from
| this lease, although the American Sta
bles is occupying the premises and con-
| Quoting business thereon the master
says.
''Why was this mortgage transferred
| to the j. L. Blaisdeu estate? Was it
! because j. Lightfoot, guardian of the
minor children of James A. King, wish
| ed to avoid foreclosure proceedings?
81 do not think this mortgage was
sufficiently secured, and / therefore
recommend that MIR. Magoon be requir-
| ed to take over this property
Land taken over for Maud Alice
| Crabbe mortgage, put down at $4,000,
is discussed The money was paid out
of the estate Oct. y, 1904, while the
dated January 4, 1904.
Land at Pauoa, taken for $3.50, went
| through a process. of mortgage similar
| to the cases above described.
Finally the Rose Laid properties are
considered. There was mortgage for
$4,000 to Magoon dated March g. 1902.
Magoon had been carrying a mortgage
on the property for eight years, before
making tAis new mortgage which he
turned over to the Blaisdell estate.
There are several mortgages of record
unreleased prior and subsequent to this
$4,000 mortgage The original mortgage
to Magoon in 1896 was for $4,000, and
the master asks why was it increased,
March 6, 1902, to $4,000. 'Was it so
that Rose and Sam Ladd could pay
| accrued interest on their $4,000 note2''
He cannot see why Magoon saddled
! the mortgage on the Blaisdell estate,
and he recommends "that Mr.. Magoon
be required to take over this property
himself
FINAL QUESTIONS.
! In conclusion on the general account
of the estate the master says:
Since June, 1908. the trustee has
taken over real estate amounting to
! Snaps and a lease of $780, in order
| to protect his loans.
''Why has the trustee had all of these
mortgages made to j. A. Magoon, in
| stead of J. A. Magoon, trustee under
| the will of j. l.. Blaisdell? Has it
been because he wished to have them
so that he could transfer them from
! one account to another?'
---s.%.s.-
| What is home without a Christmas
! tree? The New England Bakery will
/ equip your tree.