The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1900-11-20
K|HEI STOCK RETURNED
BALDWIN AND THURsToN GIVE
UP $5S9.OOO.
Remarkable Meeting of Stockholders
This Morning-Reason for the Return
of Stocl1-Speeches.

At a meeting held in the Chamber of
Commerce this morning stockholders
of Kihei Plantation Company passed a
resolution accepting the offer of H. p.
Baldwin and i. A. Thurston to turn
into the treasury the sum of $539 900 in
paid up stock and to reduce the capi-
talization of the company from $3,000,-
900 to $2,500,000 $4,000 of the stock
turned in to be cancelled.
President II. z. Baldwin was chair
man of the meeting With him were
Secretary l.. A. Thurston and Treasurer
j. p. cooke. OF the 10000 shares of
stock issued a total of SO, us shares were
represented in the meeting.
When business was taken up Mr..
Baldwin said: "Some weeks ago l made
proposition to Mr.. Thurston to give
up one hald of my paid up stock in XII
hei plantation. My total holding is
$S99 $50. To make the figures even l
offered to surrender $445 $40 of this.
would state that no pressure OF any
kind has been brought to bear upon me
to do this. 1 have reached the conclu-
sion that probably too much was paid
for the land at Kiheiand l believe
should return some of the stock. That
is all L have to say.
zone reason which has brought me to
the conclusion to surrender this stock
is that since the application of the Ter
r1tOria4 bill the plantation, with other
plantations, has had labor troubles
thrust upon it. The outlook is still
threatening and the profits originally
forecasted by us may be cut down
some. Added to this is the increase in
the price of coal, machinery and other
materials. With the result of the cleo
tion on the mainland 1 do not see any
prospect of an early reduction in the
cost of any of these things.
Il have proposed to Mr.. Thurston
that he also give up proportion of his
stock. As the balance of the stock of
the plantation will be benefited by the
surrender of my stock, have proposed
to him that he give up the estimated In
crease in the value of his stock as a
result of such surrender This will be,
as near as we can figure it, about $685.
900. My understanding is that he will
do that. He is present, however, and
can speak for himself"
Mr.. Thurston said: "This proposition
is one of Mr.. Baldwin's and not of mine.
l want that distinctly understood
When he first proposed the matter to
me replied that l did not feel disposed
to give up anything. did not see why
L should. The promotion of kihei plan
tation was open and above board
Every detail was published in "a pros
pectus and reprinted in the newspapers.
Every investor knew exactly what he
was going into when he signed for stock
There was nothing hidden. / therefore
lSpllGu W MI. bdluMln lIldI L 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 I can
not view the action as anything but a
bestowal of a bounty upon the COM
pany.
"Mr. Baldwins idea is to increase
the value of the holdings of the ass
essable share owners. The plan will
surely do that. have no assessable
stock and will therefore not be benefit
ted on that score. With the advance IN
:, s,assessable stock, however, paid up
shares will also advance. After delibe-
ration l have therefore consented to
give up as much as the estimated in
crease in the value of my holdings will
be somewhat between $780, 900 and $780,
900.
Certain newspapers have had a great
deal to say about the Kihei deal. I have
never felt disposed to reply to them and
do not propose to now. / would like to
say for myself, however that I have
never speculated a particle in Kihei
stock and never transferred any, ex-
cept to members of my own family and
$1,000 worth which | transferred to a
friend as an accommodation to the end
of the month. l went into Kihei as an
investment and intend to keep all of
my stock permanently"
John #. Colburn asked this question
of Mr.. Baldwin, after deiberation is
1t not fact that you have, on account
of the condition of the cane or prospects
perhaps, came to the conclusion that
you received too much money for the
land sold by you to the plantation?"
Mr.. Baldwin replied that the growth
of cane on the windward side was not
good and for year and a half the es
tate had been troubled with heavy
dusts which had made it hard of late
TO Keep laborers. But this was not tC
be permanent. With the rains now pre-
Vailing this hardship had past and very
soon, with the assistance of new trees
and shubbery, there would be less dust
There was nothing in the condition OF