The Honolulu republican. [volume] (Honolulu, T.H.) 1900-1902, 1900-11-21
BALDWIN AND THURsTOh
act IN kEHEI DEAL
THEY RETURN NoRE THAN
KALF 4 MILLION DOL
LARS OF STOCK.
Explained By Both Mr.. Thurston
and Mr.. Baldwin and There
upon the Stock is
Accepted

I hihsI Plantation company yesterday II
/ T. BALDWIN and l. a Thurston b..rveer
{ then refunded TO The company over s
half million dollars worth Of the paid
NJ stock OF the company which had beer
aiken By them in payment FOR land sold
I by them TO the company al the tine IN.
plantation was aoated.
( Mr. Baldwin turned in 10 The CON
pany S4l5 800 worth Of stock. NJ
Thurston turned back a little over 500.
I 900 worth. OF the stock turned in "a
the company 10000 viii ~ cancelled
o. the G00Do shares Of the capital
stock OF the company there were repre
sented at the meeting 3G.I15 shares. II
2. Baldwin presided and besides hin
there were present L. \ Thurston, sec
rotary. and J. T. Cooke. treasurer of the
company.
After the meeting was called to order
Mr.. baldwin spoke 70 the stockholders
present as follows:
Some weeks ago I made a proposition
20 Mr.. Thurston to give up one-half Of
my paid-up stock in Kihei plantation.
Ny total holding is SS99.9JO. To make
the figures even offered TO surrender
>455.J00 of this would state that Do
pressure Of any kind has been brought 30
bear upon me to do this. l have reached
the conclusion that probably too much
was paid for the land at Kihei and !;
believe | should return some of my stock.
That is all have to say"
Mr.. Thurston said: This proposition
is one of Mr.. Baldwin's and not of mine.
! want that distinctly understood.
Whln he first proposed the matter 10 NE
replied that did not feel disposed 20
give up anything | did not see why
should. The promotion of kihei planta-
ton was open and above board Every
detail was published in prospectus and
reprinted in the newspapers. Every iu-
weston knew exactly what he was going
into when he signed for stock There
was nothing hidden. | therefore replied
10 Mr.. Baldwin that / saw no legal or
moral reason for surrendering any of
my stock. If Mr.. Baldwin wishes TO
give up his stock. well and good. 1t is
his to give. At the same time | cannot
view the action as anything but he
Stowal of bounty upon the company.
Certain newspapers have had great
deal to say about the Kihei deal | have
never felt disposed TO reply to them and
do not propose TO now. l would like TO
say for myself. however. that | hare
never speculated a particle in Kihei
stock and never transferred any, ex-
cept TO members of my own family and
$4,000 worth which | transferred to i
friend as an accommodation 10 the end
of the month. l went into Kihe as an
investment 'and intend TO keep all OF
my stock permanently
Mr.. Colburn, agent of the Kapiolani
estate very large stakeholder. asked
Did you not at the time the deal was
made think the price of the land too
high?"
Mr.. Baldwin: Il considered it rather
high"
Il. F. Dillingham;. who with Messrs
Thurston and Baldwin was one of the
his connection with the company and
took upon himself the responsibility for
the organization of the scheme to have
the plantation where it was. He had
made trip to Maui with no intention
Of locating a plantation and on going
over the ground had been very much
with the land as the location
for very fine sugar plantation. lie
had spoken of the matter with the own
ars of the land and had undertaken to
ioat the kihei scheme ON payment 10
him of Sl50.0o0 worth of the paid-up
stock of the company As an earnest
If his good faith in the matter he had
put up as a guarantee the sum of $4,000
N bonds of the Q. Il. X L. Co. that the !
lotation would be success within four
months of the time he undertook Il. |
There had been prospectus issued be-
ore the subscription lists of the com |
lany were opened and everything that |
vas proposed was stated in the pros
lectus. TIL land was sold to the COM
'any for 1852 an acre and in the estima- |
ion OF Mr.. Dillingham; it was well worth |
he price. Mr.. Dillingham; further stat !
d that the faith he had had in the /
scheme at the time il was foated was
till strong and that if he had the mon 1
Y at present he would like TO take up /
he whole proposition and run it himself
nd show in few years that it was one
4 the finest sugar properties on the
Stands if not in the world. Mr. Dill
ingham also stated that at the time he
bought the value at which the land
lad been turned in 10 the company was
little too high he had agreed TO take
10000 worth of assesSahle stock of
be plantation. thus showing his great
aith in the scheme.