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

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5000, and for which the brewery has
no security other than mortgage coy
4 ering the open account alone, accord
ing to Fields figures.
I More Details Given.
4 During the course of his Testimony
Field read statement on the Mac
farlane deal which adds some details
to the summary above. In this state
meHt he said:
Thompson, Bartlett. Macfarlane
and Roth then owning the Macfarlane
company, sold cut the company about
February 3. 1914. TO DIR. Haida and
! his associates OF japanese for the sum
OF $4,000, made up as under:
$4,000 for good will:
21,000 for stock on hand;
5000 for accounts receivable;
10000 for furniture and fixtures;
10000 for incidentals;
$4,000.
"of the above capital stock of $70.-
600, DIR. Haida paid Thompson the
sum Of $4,000 cash being $4,000 of
his own money and $4,000 which he
borrowed from friends to put into the
business Of Macfarlane & Company.
"T. Niiya bought $4,000 worth of
the stock; r. Nakagawa $14O0; M. va
mashiro $1.500: N. Takahashi $1,000,
the balance of $4,000 being made up
In small purchases of stock by the
Japanese, including four notes of S.
600 each, two of which Thompson and
Dn~ tr.f<
cry and obtained the cash for the
same, $4,000. DR.. Haida does not
know what became Of the other notes
for $4,000 each
Brewery Gives Check.
"Ichiyama, one OF Haida's associ.
ates. obtained from the brewery q
check for $4,000. for one Of the $4,000
notes as above. and turned the check
over to Thompson, who cashed it.
.lt is now understood, that, on &C.
count OF the failure Of DR.. Haida and
hisl associates. paying the sum Of S..
600 on a Macfarlane company note
and falling to keep the merchandise
stock up to level of $4,000. Thomp.
son sold out $500 shares of the Mao
farlafie company at auction in Febru.
AIRY. 1915. to W. T. Garden, one Of his
Office assistants. for $500.
New Promotion Plans.
Thompson has now perfected the
organization OF the defunct Macfarlane
company with q capitalization OF SIS.
600. account Of good will OF the bush
ness. marketing the treasury stock of
$25, 600 His plan is to get the cred.
ifors OF the company to take stock
from the treasury stock in the COM
pany on a pro rata basis, according
to their claims against the Macfarlane
company =
Thompson still owes the auction.
eer for his fees In selling to Garden.
Shares Almost Worthless.
Garden said he was the holder Of
$500 shares Of stock in the present
company. This. he said, had been
purchased at public auction at the
salesroom of the ]. F. Morgan Com
pany. II cost him $500.
About two months ago an endeavor
was made to put the Macfarlane Com
pany on its feet. as it were. Garden
made thorough Investigation of the
financial affairs Of the company, he
said He cited the sale of the com
pany to a hui OF Japanese by Frank
Thompson, William p Roth, c. G..
Bartlett and Harry Macfarlane for a
consideration of about $4,000. He ex.
planned that the sellers were to take
care of the then outstanding debts
The remainder OF the purchase price
was paid In the form of notes. Ono
Of the notes was for $4,000 and was
held by Bartlett Three remaining
notes were taken by Thompson for the
three remaining parties In the transac-
ton.
Garden said that Bartlett turned ia
his note to the brewery. He testified
that the company then borrowed
1900 from Bishop & Company.
and that the Japanese hui was to pay
the money back at the rate of $500
a month. Garden said that about $1,000
is still due on the loan and that the
note for this amount had to be taken
up by Thompson.
Then, said Garden, the company
borrowed S60ee from the brewery. The
note for this amount. he declared, is
the one which Field testified about
But, as this note was signed by the
manager of the company. and not by
the president and treasurer, it was
declared to be invalid. A meeting
was held and it was decided to give
another note to the brewery of $4,000
to take up the invalid note.
1t was case of where the Japa-
nese had not played fair under their
agreement" said Garden. They didn't
pay interest on the three notes held
By Mr. Thompson, and they did not
pay Interest on the note held by Bish.
op & Company
nu-'ng the course of the hearing il
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