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 lCSal
stockholders CT Lake View No Oh
Company TO conserve and protect their
interests AT = wellattended meeting
In the Young hotel roof garden. 21.4SI
shares beng represented two resoiu-
tons we're unanimously adopted pro
viding for an investigation Of the AZ
fairs Of the company
Under the first resolution the stock
holders consented 60 the leEyfng Of an
assessment CT i've cents q share upon
their stock. 10 be paid within 90 days
from date TO the treasurer Of the fund
The second was as follows.
Resolved, that committee OF three
OF cur meeting. TO consist OF C. W.
Ashford, chairman. Daniel Logan. sec
Rotary. and H. 6. Davis. treasurer, be
and Is hereby appointed with full
power 20 arrange for such investiga-
ton as above contemplated. by the
engaging CT che CT more competent
experts 10 audit the books and cram
Inc the affairs Of said company. and
said committee shall have full disere
tin IL the disbursement of funds
raised or which shall be raised for
said purpose, as well IS fun power
and discretion &c instruct and direct
the operations Of such experts. re-
porting to . future meeting or meet
fngs Of these stockholders from time
10 time IS conditions may render de-
sirabIe
There was considerable discussion
of the resolutions before they were
pat to the meeting A W. Eanles 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 controll-
ing and storing the output OF the
wonder well now expressed their,
conclusion that there could be no val
Id excuse for the failure Of the direc-
tors to furnish the financial statement
promised IN q circular dated two.
months back. or al least to give an
explanation Of the delay.
The adoption Of the resoIuti0as was
moved by A b ingalls, and seconded
by W. NJ MinfOn- 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 eompany's sue
cess IN storing the gusher output:
The management CT the Lake View
No 2 Oh Company has successfully
solved the problem Of caring for the
surplus output of the company's great
well On section 4, 11-23 In the Mid
way field The wei. which was the
wcnder of the field until the Stan
dard,s order limiting deliveries TO the
maximum under contracts almost
made il white elephant on the hands
Of the company. continues TO dow at
the rate OF $4,000 barrels 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 Il to stor-
age As an instance OF the difficulty
in obtaining suitable
storage facilities. It IS Of interest 70
note that the company has purchased
1000 feet Of six-inch pipe to connect
the big crater with stump nearly two
miles away from the well
The oil carries a large percentage
Of emulsion. but IT clears itself when
to stand for week or 50 in
the sumps, Several large motors were
installed around the crater
TO facilitate the work Of holding the
How down. this move being necessary
IN order to prevent the production
from backing up on the operators