The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1910-10-01

Masters Report Discourages
Some Ways of Handling
Estates and Trusts.

! The InISmanaging of estates ana
trusts is liable to become a rather un-
/ popular amusement if John Marcallino
and Job Bachelor keep up their good
work It is matter of common knowl-
I edge that this method Of getting rich
quick has N the past been quite Preva-
/ lent in Hawaii but during the past two
or three years the circuit court clerks
above mentioned have. as masters, re
. turned into court some reports that
have made some administrators and
+ trustees somewhat shy of appropriating
/ to their own uses money that does not
rightfuIIv belong TO them. Still, such
/ things still occur at intervals.
/ Yesterday Job Batchelor as master,
! filed his report in the matter Of John
X. Sumner versus \. Y. Gear. and the
report shows the estate of Mr.. Sumner
to be in mighty bad shape. The master
/ recommends that A V Gear he sur
! charged with nearly $4,000. As Gear is,
legally at least, bankrupt, it is difficult
to see how Sumner is going to get back
any Of the money that the master com
PLAINS has been wasted.
Caustic Comments
Regarding Gear 5 stewardship, Batche-
! Tor makes some interesting and caustic
comments. John Marcallino. as the lat
est guardian of the Sumner property is
the man who brought the bill for an
accounting and it is largely owing to
his efforts. assisted as he was by At
torneys Watson and Thayer, that the
actual and dlscouraging state of affairs
has been brought to light.
In his report Mr.. Bachelor says in
part:
Said A. Y. Gear filed an account on
the 9Th day of September, 1910. show
ing receipts in the sum of $6227.95 and
disbursements in the sum of S6227.95.
That Thayer Loan.
The item of $1,000. in said account
invested by A. V. Gear with A. f.
Thayer, is secured by prOmsso note
and an agreement. The terms Of the
said agreement are that John X. Sum
ner furnishes the sum of $1,000 for the
purpose of acquiring titles and deeds
to certain tracts of land in the Philip
pine Islands known as the Friar lands.
1t is agreed that \. +. Thaver, one of
the parties to the agreement will make
all necessary surveys. carry on all bust
ness in regard to the securing of such
lands and report on them fully to \. Y.
Gear, attorney in fact for John X. sum
ner 1t is agreed that in cOnsidera
ton of the money furnished and the
work TO be done that the said John X. |
Sumner is to receive ten per cent. in
terest on the amount of $1,000. and one
third of the profits and proceeds of such F,
lands. Said lands to be acquired in
connection with tract known as the |
"Planters tract, and to be turned |
over with and in injunction with said /
sale
II am unable to perceive upon what |
basis A. V Gear. attorney in fact for |
John X sumner made this investment |
Upon an investigation of said power
of attorney 7 fail to find any authority +,
given to the said \. Y. Gear to invest. /
Even if the power Of attorney con
ferred upon \. Y. Gear the authority !
to invest. trust funds should not in
any ease be loaned on such uncertain
security. ! can not approve this in
vestment. and would recommend that
A. Y. Gear be surcharged with this
item Of $1,000.