The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1903-01-10
BANK STOCK
TRANSFERS
Campbell Estate
Holdings
Sold.
First National Control in
Hand of Present
Board.
American Savings Majority Also
Safely Held by the Friends OF
President Brown.

BY the transfer of the holdings of the
Campbell estate in the First National
Bank and the First American Savings
and Trust Company to a syndicate COM
posed of friends of the management, all
the complications which have surround
ed those institutions are cleared away.
and when the meeting of the first nam
ed is held on Tuesday next it will have
for its business the reelection of the
present board of directors and the Of
ficials who are now in control of its
business.
The announcement of the deal was
made yesterday. and, although the
names of the buyers are withheld. it
was the gossip of the street that a com
bination of capitalists were interested
and, indeed. one of the number whose
name was connected with the rumors
refused to deny the statement last
evening. The names which have been
connected with this. one of the largest
recent deals in local shares. are those
of Cecil Brown. VI. P. Robinson, l. L
McCandless, August Dreier. y. Nunst
Harry Armitage, ". C. Cooper, and
others. All of these interests are in ac-
cord with the policy of the control of
the institution, and the stock viii there
fore be voted in connection with these
previous holdings, which. it is said.
means that Of the 5000 shares there
will be nearly 5000 in the majority
party in the First National meeting.
This showing is such that it is believed
that every cloud which has been pro-
jected across the horizon of the insti-
tuition will be dissipated. and that the
bank will continue in its course Of sue
cessfuI administration.
The sale of the shares held by the
Campbell estate was the result of a
long negotiation. When the differences
arose and the mainland stockholders
failed to poll majority of the votes
last year. there were efforts made to
buy the Campbell stock for both sides |
Much of the stock was secured by the |
local party, which is in sympathy with |
the management of President Cecil |
Brown. The representatives of the |
mainland party then offered ii is said. |
Sl20 for the Campbell stock and this |
bid is said 10 have been increased. |
While no figures were given out in con-
nection with the deal Of yesterday, it /
was learned that the price Of the Ma
tiOnal Bank shares was close TO $40,
and that for the American stock was
about $104. This would mean that the
whole price was in the region of s95, 600 |
While the purchase of the National !
shares puts the control beyond question
n the hands Of the management. there
was some feeling that as the Campbell
estate stock had been voted against the
acfarlane-mainland stockholders at
he annual meeting, the sale of yester-
lay might not affect the control of the
savings institution.
President Cecil Brown said yesterday
hat the control Of the minor institution
vas also safely in the hands of the
present management. Not only do re-
.ent purchases give a new alignment 10
he stock, but as wei recent proxies
lave been received from the mainland,
md these insure beyond question the
continuation OF the existing control.
some of the new proxies received by Il
dr. Brown were given with the under
tanding that they are TO be voted in
upport Of the existing management,
nd the owners of the stock declared
hey had not before understood that :
ther use had been made Of previous
iven proxies.
Brokers yesterday afternoon said that
here were no more Of the shares in the :
4arkat. and il is now held in the
trongest hands. There is not expected
D be further sales for some time IS
here IS no floating stock