Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1907-12-13

the trustee shall have discntangled It, |
"Why has the trustee not resold |
these oahu lands? Is it because the I
recommend that Mr.. Magoon be re.
luired to take over the balance of !
this mortgage. Mr. Magoon carries |
this investment as a mortgage for the !
]. l.. Blaisdell estate, but has re.
ceived no interest on It for several |
years"
The Master recommends that Ma. |
coon be required to take over the
Mary ALLAH mortgage for 800, dated
April 8, 1897, although the date on
which the money was paid out Of the
J. l.. Blaisdell estate Is April 5, 1901.
Mr.. MagoCn carried this mortgage
himself or for some other account
for four years and then transferred
Il to the J. l.. Blaisdell estate. This
!s a two years mortgage and was
transferred to the J. l.. Blaisdell es
tate after the two years had expired.
The assignment from J. A. Magoon to
j. A. Magoon, trustee, Is dated Aug
INST 81, 1904, but has not been record.
ed to this day"
Neither has the assignment Of the
Solomon Mahelona mortgage for S250O
been recorded. It, like most of the
others, was transferred on August 81,
1904. Although this was a one year
mortgage. 1t was carried by MagOOn
himself for two years and five months
and then transferred to the estate
Marcallino considers this bad invest.
ment and recommends that MagOOu
be made to take II over.
The Lightfoot mortgages present
some curious features. The J. Light
foot mortgage for $3.50 to J. A. Ma
COON is dated May /, 1899, was trans
ferred to the estate August 81. 1904
but has not been recorded. This Is
mortgage on the Lightfoot residence
In the Ellen McCully Higgins tract
1t is on a half interest in 90 year
leasehold from Ellen McCully Hig.
gins to Magoon & Lightfoot, dated
Nov 9. 1898. Under the terms of this
mortgage, Mr.. LightfOot was to pay
$50 per month for ~ consecutive
months. None of these payments
have ever been made and yet, on Feb.
!uary 3. 1903. after the 81 months had
this mortgage over for the J. l.. Blais.
dell estate. respectfully recommend
mat Mr.. Magoon be required to take
ever this mortgage himself.
Notwithstanding the fact that Light.
foot had not made any of the 81 pay
rlents of $50 each on the first mort
gage, Magoon on March Il. 1902, took
second mortgage from him on the
same piece of property, for $500, and
IN August 81. 1904, assigned 1t from
J. A. Magoon to J. A. Magoon, trustee
Of the Blaisdcll estate. This transfer
has not been recorded. although,
says Marcallino in his report. this
mortgage Is dated March IA, 1902, the
cash was not paid out of the J. l..
Baisdell estate until February 3
1903, almost one year subsequent to
the date of the mortgage.
"A great deal may be said about the
monthly net profits received by MIR.
Lightfoot out of this leasehold. but
cannot see that that does the estate
any good. as the net profits are not
turned over to the estate.
"In view of the fact that Mr.. Ma.
COON knew that Mr.. LightfOot had not
lived up to the terms of his $3.50
mortgage. ! cannot see why he adj.
Nanccd this further amount out of the
estate of J. l.. Blaisdell. | therefore
recommend that Mr.. MagOOn be re-.
Quired to take over this mortgage him.
self"
Regarding the Kaauaua mortgage
for S525 to j. A. MagOOn, dated June
l6, 1906. and assigned to MagOOn,
trustee, June T., l9O6--twClyC days
previous to the execution Of the mort
cage. the Master says that both the
date of the assignment and that on
which the cash was paid out Of the
estate correspond but both are dated
riOr to the date on which the mort
gage was executed.
The above mentioned are only a
few of the many transactions which
the Master criticiZes. Most Of the
others upon which MarcallinO reported
ere of similar kind, and the total
amount of bad securities which he
recommends that MagoOn be required
to take over himself iOots up over
$4,000.
The matter was up before Judge De
Bolt this morning, before the filing of
the Masters report, and MagOOn OBJ
5ccted strenuously to MarCallino's be-
ing permitted to go into the matter of
the value of the securities. His oh
icctions, however, were overruled by
the Judge. who directed the Master to
make as full and complete a report as
possible. The report, the judge said,
he wanted for his guidance, although
he might not necessarily follow all the
recommendation made,
The firm of Kinney 4 Marx has TAX
on up the matter on behalf of the
Blaisdoll heirs, and will demand a full
and complete investigation Of the do
Tags of the trustee, with view to