The Honolulu republican. [volume] (Honolulu, T.H.) 1900-1902, 1902-01-18
BROWN WRONG
ABOUT PROXIES
- - 2 -

cent Cecil BroWD hEd slItrAN ~
IFS contention that proxies should be
STAMPED before they could b. accept
81 ana had practically Acknowledged
ms mistaken position. considerable
inte-es. was excited a. 70 what the
raxt move would be II the matter
The first National Bank IS . large
unit IN -he business affairs q the
Territcrr a-1 the interests Of the
nans are. t0 q large extent the inter
ezts q ,ae Eh0le community. More
is repre- euts4 By the present difti-
raItv than would ordinarily be sup
posed
Colonel Mscfzr'ane came 70 Homo
lrIg ga his present visit 20 perfect
certain financial arrange meuts which
would result In a material easing up
o. the money market and which
would lend q new impetus 20 certain
rev and important enterprises
Hacfs-lare VIII Mt TAX.
Colonel Macfariaae was seen last
night but expressed the determination
that he would at present have nothing
10 say foE publication in regard to
the present difficulties in The First
National Bank 81 Hawaii He had
the answer OF the president and direc-
tors Of the First National TO bis com
muaicatlon Of the 10Th instant in his
hand and expressed satisfaction that
President Brown had seen his mas
take and had decided 10 remedy Il as
far a possible Colonel Macfarlane
said that the case was now in the
hands OF his attorneys and he did not
care 10 give any thing out for pIblica-
ton at present that might possibly
eubarrass the work Of his attorneys.
Whsn asked concerning his mission
her. and whether the National Bank
affair would interfere with plans iu
regard 10 the floating Of the bonds Of
the Kona Sugar Company. the Col
onel said that he would place no OBJ
yacles In the way of the consumma-
ton Of these plans. but on the con
i-ary he would assist the Kuna Su-
rar C0mpauv~ financial sche with
the First National Bank. by every
means his power as long IS it was
q sound banking proposition. He as
serted also that as far as PERSONAL
Ties were concerned. he would in
fulge In no action OF a vindictiye or
,ituperative nature. his whole inten-
ton and ambition being u work for
harmony and the best interests OF the
First National Bank and such pro
lsrt as he happened to he engaged in.
Brown Claims Mere Votes.
II was reported yesterday that
President Cecil Brown received from /
the Coast. per yesterdays steamer. /
800 shares more Of purchased steel; I
az The First National Bank which Z
viii be voted at the meeting called
for March s This report naturally /
created some stir among his per
sonal friends. The general opinion
seemed 10 be that these shares, il in
deed they were received yesterday
could not be voted. II is said that
this stock was not on the books in
the name OF Brown when the trans
fer books were closed As Mr. Mac
farlanes votes. which were ruled
out. represented a majority OF votes
and as the proceedings Of that meet .
ing were null and void il is the same
as II the meeting had never been .
held: eQuently the votes as rep (
resented by the stock transfer books .
al that dsv can not be changed. thus
maintC ming a status quo ante. at
least this seems 10 be the unanimous
opinion OF the business community.
This question is one that will prob
ably not be decided until the annual .
meeting is held over again in March.
the last meeting having been acknowl-
edged 10 he Irregular.
President Brown would have moth
Ing 20 say In the matter yesterday /
beyond the assertion that the special
meeting Of directors had unanimous.
~ decided upon the answer cf Colonel
Macfarlane published above.
Il is hinted by Mr.. Browns friends
that. Notwithstanding the fact that
he has acknowledged his mistake and
that uew meeting had been called.
he is holding something up his sleeve
and that he will not acknowledge de
feat without an effort to maintain his
present position.
President Browns Position.
Il was generally conceded around
town yesterday that President Cecil
Brown. OF the First National Bank.
had done the only thing LEFT for him
&c do lev calling a special meeting and
surrender,ng his position in regard
TO the proxies held by Colonel Mac
farlane. unless, indeed. he had re
signed his position as president OF
the bank
Colonel Macfavlane had retained
United States District Attorney ]. J.
Dunno, and Attorneys J, Alfred Ma,
gon aud T. J, Dillon. and the martsr
was about TO be brought up in the
Federal Court the expectation being
that the Federal Court would imme
diately declare the meeting st which
the proxies were turned down to be
null and void.
The wise ones prophesied that this
action on the part of the Federal
Court wouA not become necessary as