The Hawaiian gazette., 1918-03-19
HACKFELD SHARES !.
Z MAY Be SOLD SOON
Executive Orders of the Presi-
dent Make Clear the Course
Likely To Be Pursued

Under the authority Of an executive
order, issued by the President on Feb.
,ruary 90. it lies within the power of
the alien property custodian to liquidate
the business of Haekfeld & Co. and dis
posesof it If such action may be thought
necessary TO protect the business as
going concern.
In view Of the recent order to the
Trent Trust Company to disincorporate
the J. F. Hackfeld, Limited, which re-
moves the American corporation which
held the stock in Hackfeld & Co. and
throws the stock directly into the hands
)f the alien property custodian, it Is
growing to be more and more the local
belief that the stock Of Hackfeld 4 Co
now held by alien enemies, being the
majority of the stock, will be placed
1n sale to American buyers. The pres.
ent directorate had acquired a major
ity Of the stock from the J. F. Hack
field corporation, which transactions
have now been cancelled. Now the
same stock will be disposed Of. to the
zane or other buyers, II the local sup
position proves true.
Summary Of Orders
The Official Bulletin, of March ., just
received, publishes an authorized sum.
nary Of the President s executive order,
issued by A. Mitchell Palmer, which
'xplains the new rules and regulations,
This summary is:
1.-THE executive order made by the
President, prescribing rules and regula.
ions respecting the exercise of the now.
YRS Of the alien property custodian, was
made in pursuance of the tradinp-with.
he-enemy act approved October @. iIp17.
The purpose of the new rules and reg.
ulations is TO provide for necessary de.
'ails of operation of the Office -
Powers of Custodian 80
"Under these regulations, the alien
property custodian will bo abs 70 de.
nand, receive, and administer as trust
estate any interests which any enemy
has in property in the United States.
10th tangible. and intangible. Where
the property, is incapable of physical
'eliverySor immediate conversion into
money, the alien property custodian will
heIAble to step into the shoes Of the
enemy and exercise all the rights and
0owers with respect thereto which the
"nemv could exercise if no state of war
existed.
1.-THE alien property custodian will be
BILE also to make terms for the collec-
ion of enemy money and the delivery
II enemy property. granting time, in.
tvtgence. or accepting security for the
tRme. The new executive order also
"reatly facilitates the administration, of
Fthe property in the alien property Gus.
'odian's hands. Means are provided
FOR the payment of expense of admin
'stration out of the income Of the en-.
my property, and the alien property
'ustodian will have the power to exer-
'ise any right, power, or authority
1ver corporate stock or beneficial In.
'erests of the enemy in American cor
oorations which the enemy himself
might exercise if no state of war exist.
ed.
Given Voting Powers
For instance, notices issued by the
corporation will be served upon the
lien property custodian, who win be
md the right to receive subscriptions,
lights, dividends and other pay
nents on account thereof. The custo-
dian is given the specific power to nom
nate managers of corporations and to
sell commodities or other tangible prop.
erty which may be perishable or which
in the preservation thereof may involve
expense. He may also dispose of any
going businesses whenever such sale
shall be deemed necessary to protect
the business or prevent waste. These
sales may be made publicly or private,
y. Under the new rules depositaries
will account for money received by
hem at stated periods, not less FIRE.
'urntly than quarter yearly, and all
money will be paid by depositaries di.
Get to the alien property custodian,
vho will deposit the same in the treas,
rv Of the United States.
Law Vests Power
These rules and regulations do not,
# course, give any powers to the alien
property custodian which were not al,
eady vested in him by law and by exc,
'utiNe order under the authority of
The trading with-the-enemy act, but
hey more clearly define his powers in
respect to detailed operations of his
'ftice and greatly facilitate the trans.
action Of business between the public
nd the office of the alien property
custodian"