The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1908-01-14

trustee. I may observe that Mr.. Ma
COON has agreed to take over all Of
these securities and all of the real es-
tate, paying to the parties in interest
the full inventoried value of the same;
and may 1 say, your Honor, that it
is source of peculiar satisfaction to
me to have been identified with this
matter as an attorney. In the first
place, it is a source of satisfaction to
represent a client who, when his in
vestments as a trustee are criticized,
says that he is willing to back up his
judgment. as fiduciary, with his coin,
as an individual, to the extent of $685.
600 and upwards. 1 venture to say
that were it not for the depreciation
in values in Honolulu, which have af-
fected real estate investments of all
kinds. there would not have been the
slightest criticism of the administra-
ton of this trust. A trustee is not
supposed to be fraught with all of the
learning of the past, nor president Of
the Extraordinary prudence is all
that can be required of any agent.
In this connection, 1 can not do
better than quote from the language
of distinguished judge, employed in
relation to certain investments, made
by a trustee, which had shrunk in
value, namely, IAN unusual rise and
depression of property of all kinds oc-
Cured over most parts of the State
(Pennsylvania) from 1914 to 1920; many
of those who were considered, and who
were, in fact, of eminent skill in bus
I'D ID
as any of their neighbors, were ruin
ed 1t was a time in which great loss
overwhelmed many of all classes, and
accident had more to do in the event.
ual wealth or poverty of every man
than knowledge or exertion. The in
fatuation, as it is now called, per-
vaded all ranks. A few from extreme
caution, few from extreme Incidence.
and perhaps some few from great
superiority of mind and experience,
kept aloof. 1t is not right, however,
TO make these few a standard by
which trustees are to be held liable or
not: preeminent knowledge or uncom-
mon foresight is not required; common
prudence, common caution, are al
that Icourts have required or should
require
1.-The records of the courts of this
country do not furnish another situa- |
ton such as we have in this matter. !
In this case the trustee has paid TO
the various beneficiaries, from time to
time from the income, the sum of $751;
653, and after paying all the expenses
of administering the estate, there has
Of hnl
trust estate the sum of $12,109, maxi
ing the principal at this time $685. !,
BAL, as against the sum of s26,230 no
ceived by the trustee when he took |
charge of the estate. These are facts
that can not be disputed-they are
chiseled right into the record here. II
is impossible to believe that this trus-
tee could have accomplished more,
unless he had played poker witho the |
money of the estate, continuously, and /
had held a winning hand in every
game. 1 find satisfaction in appearing |
here as counsel for the further rea-
son that l am persuaded that, with
the slightest upward tendency in real j
estate here. my client will reap a /
handsome profit on the property which !
he now takes over.
''As to the report of the master, let !
me say that 1 do not concur in the
hostile criticism that has been made
upon him. A master has duties to
perform of impressive responsibility, |,
and he should set himself to the task
without fear or favor, or the thought
of consequences to himself
At the conclusion of AJudge Hum
phreys' remarks, JudgY De Bolt sign
ed the decree as reported above.