The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-01-18
To CALI.
ANOTHER
MEETING
The First National
Bank Men
Act.
DIRECTORS SAY
BROWN ERRED
Election Will be Held in March.
No Transfers of Stock Will
be Allowed.

n unanimous vote at special
* meeting yesterday afternoon the
~ directors of the First National
bank of Hawaii decided that the ac-
ton of the President, Cecil Brown. in
ruling out the votes of the majority OF
the stockholders at the meeting of last
week, was an error.
| When this point was reached there
was nothing further to be done but to
call another meeting of the stockhold-
ers, and the cashier was ordered to give
such notice and set the date of the new
meeting for March Sth., 1902, at z p. m
After doing this much there was noth-
ing left for the board to do and the
adjournment was taken. The call need
not be issued for two weeks yet, ana
there is to be plenty Of time given for
the faction here which is opposed to the
recognition of the mainland stoekhold-
ers to make a hard fight for securing
the control of the stock. The decision
of the board meets with general appro-
val on the street where opinion had
grown that this must be the outcome.
The date set is a very convenient one
for those who would have the advan-
tage of the very latest mails from the
coast. and from the East as well.
There is given full opportunity for
exchange of letters twice over, which
will mean that when the next meeting
will he full
agreement on the part of the locai
stockholders and the mainland inter-
ests as to the new officers OF the bank'
owing to the fact that it has been the
expressed wish of the proxy of the san
Francisco people that there should be
no selections made until there had peeh
full conferences and entire agreement
The directors of the bank are oelleVeu
to be entirely in accord with the Anglo.
Californian bank, which is the parent
institution. and through connections
there is largely Interested in HAWAIIAN
affairs, and it is the general BELIEF tnat
there will be no great changes made
except perhaps as to the management
of the Institution
Some fear was felt yesterday that the
action of the board in calling the meet
ing for a date 50 far in advance was
due TO a desire TO secure all possible
stock for the minority representatives.
The attorneys for the representative of
the mainland men are now looking up
the law on this point, and 1t is the be-
lief that as the decision of the board
makes it apparent that there was no
egal meeting held on the date for the
annual gathering and election, there
.ore there should be no change In the
status quo ante, which would mean
hat the mainland shares would be
Toted and hold the majority Nssthe rep
Should there By any ap-
parent determination on the part OF the
present officers of the bank to make
my transfer Of stock, the intention "a
% have an injunction issued TO pre-
7ent such transfers, and thus preserve
he conditions which existed when the
)ooks of register were closed, the day
before the meeting.
The decision of the Board Of Direct
,rs or the bank was reached in re-
Iponse to the letter from the attorneys
or G. w. Macfarlane, published yes
erday, and the letter from the oanks
,fficers, which was addressed to ). j.
Ounne, ]. A. Magoon and T. J. Dillon
IS mis- attorneys is as follows:
Your communication Of the 10Th inst.
uly to hand. and has been submitted
, the Board of Directors al a meeting
eld this day. and I am directed TO in
arm Won that such board unanimously
anne to the concIus on that the presid-
~ officer committed an error In reject
~ most. If not all of the proxies offer
4 by your client, on the grounds he did,
nd have therefore ordered that notice
f another meeting for the election OF
directors should be given and have fixed
le daY for said meeting as March sta--