The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1902-04-25
M'BRYDE BONDED
FOR TWO MILLIONS
ORIGINAL ISSUE PROTECTED BY
A SPECIAL RESERVE
FUND.
ALL INDEBTEDNESS TO BE PAID
OFF.
b. F, Dillingham; Presents an Encour-
Arrangements for Placing Bonds.

Arrangements for Placing Bonds. (
A mortgage bond issue of two million
dollars was authorized by the stock
holders of the McBryde Sugar Com
pany at a special meeting called for
that purpose this morning in Castle d
Cookies assembly room.
The meeting came to order shortly
after 10 o'clock, four times the neces- /
sary majority being represented or
~, 1913 shares. Stockholders present in
cluded President d. p. r. Isenberg,
Vice-President b. F. Dillingham; Secre-
tary r. Give Davies Treasurer f. NJ.
SWanzy, NJ. p Robinson, w. A. Kinney,
w, f. Allen A. Raas, j. Fleming A.
d. MCBryde and c. w. Norton The
meeting being called to order the min
utes of the previous meeting were read
and on the motion of w. A. Kinney,
confirmed and all previous action con-
Cerning the matter in hand ratified.
The request of the directors to the
president for the special meeting, the
press notices and publishers afFidavits
were read in due form, followed by
financial report from the treasurer.
The figures read by f. NJ. Swanzy
showed that up to December 81, 1901
the amount of $3,473,446 had been eX-
pended on the estate, 81, 200 900 upon
permanent improvements and the bal
anCe on planting, operating expenses
Tbe inTabtodnsss 70 tho ogerts +o the
ond 6f Iast go, ,,,as sbo,,,7, to he eez2
7lS OF Of ttbe a.ssesso l,1e stocly e1 tQO
| e15 bod ,,,o,,er, ,,,aiIobIn fo,, tbe com
,,ar,-,s ne f,1r,, ~, o,.i,rir,ol ies,,, of
| ST. $780, 900. The bond issue of $3.50 900
and the produce realization amounted
/ to nearly 100000,
| baing eItir1ateS at s50 O0O n month and
| ~, 5i,,ectors ba,yir,o on+icir,ated the
r,7 ,f St5n 0oo fC,, ,,er,,, ,,a,,t ir,,,ro,,e-
/ ,,,e,,+s tEis ,,as,, II I,ae sbo,,,r maj ec-
/ aar,+f,,or 10 o,,,o,ted s,Ieyor. ,-iaId of
/ SE6o onS +I,l,,e ,,-I,,I5 he n ,ja6oi+ of e55o
! oo0 co.. ttis co,,i,,ry ZOO, which would
. ~ r,,ao,,,o tLa 5al,t =, ~ ognrts 70 on
/ l,,s ,,o,,,,+ f eo0O 900 ,,,,Ioss, ,+tar
| ,,,,e,,,s go talyo, 70 iIcnidata mot
a,,l,I,,+
w KINNEY, rnal,irg.a a ra,,. remarks
,,,i,,. 80 i,+.,ri,,,,i,,C ri .os,oI,,tio,
.,,tatad tbot tbera bad haan some talk
/ lo+,,a,,, H. Ji,ao+ors os 70 aviDsr tba
an1o,int of Tho nov bo,d issue buf thar
two MILTON dollars had been finally
n oraed mon .ryVitb tba sq0O OOO omen
a,S9oo,,r+ ar,I tho ,,rs,,io,,s bo,d iss,1e of
s75O OOO the nIantatfon owes an indebt-
ednass of 81 G5O 000 which win leave
s95O 600 in reserve in case of any con-
tineenc,- which may arrive II was
,,,,,.,,as,,7 ~, r,eae,,,,, S-zO O00 Of tho nov,
Lord iesua to ra,, off tba ORIGINAL issue
which vas dua in 1q1O hut which could
he naid off at tba ontion 0f tbe director
afe an,, tirne after tba middle of 1gO5
Aftey na,,t January he believed that
tho ,lantat ZION yvouId he nroducina- q
y,ie15 of * ooo IONS in an economical
y1,Dr,ar orr, ba ,TacticaII,, saIf sun-
Iorting Mr. Eyinnav tbouobt that
bondh9I5ars would nrefer taking bonds
, ,,,lara tl,era .,,-as a reserve fund behind
lie addad maj definite mans had been
mad for the disnosaI of tba bonds and
= nresented a resolution authorizing the
| iss,,arca of tho bonds to rIear Off ali
= existing obIipation and hearing inter-
/ est at 4 nar cenr per annum out of
p which issue $3.50 900 was to be held back
tn meet the Old bond issue which need
$ not tban on on the market hut couId
[ he redeemed at the Optfon of the direc-
} tors Who were also vested with the
] ro,yer to defer the redmption of thi.
original issue to such time as they
might deem proper providing that the
amount was alvays kent i'm reserves .
e In answer to a question by w. f
- AiIan Mr. Kinney evnIained that sucI
D a nrocedure was o1ite common. tina
e tbe new bond issue was practically Z
o. f,st ,,,ortpaoa as the oripinaI issue
/ while eveTctsinp q prior claim would
under the resolution be always pro
tactad nv, tba raservinp of tbe amoun
of radanntion He added tbat viii
railroad romnanies such methods yver,
freouentlv adonted the original b0nd
beinp nrotected bv a reserve fund. III,
aIso nointed ont that since the origina
- fssue of three quarters of a million
nearly one and a half million dollar!
had been expended i'm permanent i'm
movements. He thought that the plan
tation was i'm excellent shane.
= r r. Dillingham; seconded by W. +
$ Allen. moved that the resolution pass