Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-09-30
STOCKHOLDERS
Of LAKE VIEW
TAKE ACTION
Assess Themselves Five Cents
a Share for Purpose OF
investigation

Action was taken last night by local
stockholders OF Lake View No. Oh
Company TO conserve and protect their
interests. Al a well-attended meeting
in the Young hotel roof garden. 22,4S1
shares being represented. two resoiu-
tons were unanimously adopted pro-
piding for an investigation OF the az
fairs OF the company.
Under the first resolution the stock
holders consented to the leyying Of an
assessment Of five cents a share upon
their stock. to be paid within 80 days
from date to the treasurer Of the fund.
The second was as follows:
Resolved, that committee OF three
OF our meeting, to consist Of G. w.
Ashford, chairman: Daniel Logan sec
Rotary, and H. G. Davis. treasurer, be
and is hereby appointed. with full
power to arrange for such myestiga-
tion as above contemplated. by. the
engaging Of enc or more competent
experts to audit the books and exam
Inc the affairs Of said company, and
said committee shall have full discre-
ticn in the disbursement Of funds
raised or which shall be raised for
said purpose, as well as full power.
and discretion to instruct and direct
the operations of such experts, re-
porting to future meeting or meet
ings Of these stockholders from time
to time as conditions may render de-
sirable."
There was considerable discussion
of the resolutions before they were
put to the meeting. A. w. Eames and
others. who had been for some time
past in favor of waiting policy, in
view of the great difficulties the di-
reetors were experiencing in CONTROL.
ing and storing the output of the
wonder WE'LL" now expressed their
conclusion that there could be no val
la excuse for the failure of the direc-
tors to furnish the financial statement
promised in circular dated two
months back, or at least to give an
explanation of the delay.
The adoption of the resolutions was
moved by A. B. Ingalls, and seconded
by w. M. Minton. Before action was
taken the secretary read an extract
from the commercial page of one Of
the latest issues of the San Francisco.
Chronicle, referring to difficulties met
by producers In marketing their oil.
ewing to the situation caused by the
European war. together with the fol-.
lowing mention of the oompany's sue
cess in storing the gusher output:
The management Of the Lake View
No. 2 Oil Company has successfully
solved the problem OF caring for the
surplus output of the companys great
well on section 4, 11-23 in the Mid.
way field. The well, which was the
wonder Of the field until the Stan
dard's order limiting deliveries to the
maximum under contracts almost
made it white elephant on the hands
OF the company. continues to flow at
the rate of $1,000 barrels. a day. de-
spite all efforts to pinch the produc-
ton down. The crater around the
well is surrounded with pumps, which,
are operated by gas and electric pow
er, and the oil Is being pumped to
several lines which carries 1t to stor.
age. As an instance OF the difficulty,
encountered in obtaining suitable
storage facilities. it Is of interest to
note that the company has purchased
10000 feet Of six-inch pipe to connect
the big crater with stump nearly two
miles away from the well
The oil carries large percentage
Of emulsion, but Il clears itself when
allowed to stand for week or so In
the sumps. Several large motors were
recently installed around the crater
to facilitate the work Of holding the
flow down. this move being necessary
in order to prevent the productions
from backing up on the operators.