Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1915-06-19

or controls virtually all of the stock.
Garden said that $500 shares in
the Macfarlane Company we're sold
at public auction, and that he bought
the stock for $20e
Assets and Liabilities. Il.
| When Garden took hold of the com.
pany last January. he said, the assets
were $3e,7t.38 and the liabilities
$a2d77.3S. The present assets are
about roughly $4,000 and liabilities
$40 600, he added.
Garden said it was his plan to offer
the creditors IS cents on the dollar
for their claims, which would be better
for them than having the company
go into bankruptcy.
If the place gets a license, bust.
ness can be continued. III not, it
will have to go into bankruptcy" he
said.
Later he said:
Il think the charges of 'frenZied
finance are not borne out
In response to question by Chair.
man Lowrey, Garden said he was act
ing for Thompson. Roth and the man
to whom Bartlett assigned his claims.
Garden later testified he believed
Thompson to be the assignee. These
men, he said, will be the owners OF
the stock in the company. 1t would
be run as a bona fide stock corpora
ton, he added.
why were the doors of the COM
pany opened June Ia after they had
been closed for practically four
months p aswed Chairman Lowrey.
Because matters had been set
tied to such an extent that 1t was
thought the business should be re.
sumed.' answered Garden.
Garden testified that at present the
brewery is the largest creditor. The
company owes it about $500. plus in
terest, he said
The company is not defnnct,' de-
clared Garden, 1t merely suspend
ed business for the purpose of saving
expenses"
Garden was asked what assurance
he could give the eLlEnission that the
company. if givea Il license, would be
iun with regularity as pertains to a
nances.
The s7-00 note that Mr.. Thompson
took mp, he said. He's got to get
his money back
Brewery Won't Sanction This Scheme.
Under questioning by Olson, Garden
admitted that the Honolulu brewery.
the largest creditor OF the Maefarlane
company, had declined to sanction or
to participate in the reorganization
scheme. He explained that he had
secured options on the creditors
claims for the purpose of securing the
settlement, but admitted that he could
give the creditors no positive assur-
ance of satisfactory settlement,
Olsen tried repeatedly to pin Car
den down to the statement that the
company opened its doors last Monday
and made few sales in order that IL
could declare itself '.going concern
and thus secure a renewal of the. u.
cense, but Garden wouldn't admit his
fatty, though when the cross-fire had
been finished, Olson said, We'll, it
amounts to that, anyway
Oison's Questioning also showed that
the reorganization scheme carries lit.
tie or no assurance of satisfaction to
the creditors.
j. l.. Fleming. president .of the J.
f. Morgan Company, was called as
witness and testified to the sale at
auction of 300 shares of stock in the
Macfarlane Company February Is, He
said the stock had been purchased by
w. T. Garden
Evening Session Short.
The commission met again in the
evening. After brief examination OF
the partners OF the Wing Chung Ling
and Kwong Chong Lung companies,
Wholesale liquor dealers, and Of the
owners of the Pacific saloon, Yong
kwong Tat. manager of the latter
wholesale company, was requested by
the commission to dispose. of his stock