The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1913-12-12

on the new bonds, which increase was
absolutely and wholly indefensible and
was done with reckless disregard to the
rights and interest of the stockholders
of the McBryde Sugar Company. Ltd,
including the undersigned; and done
apparently without stopping even to
consider possible consequences to the
stockholders in overburdening said
company with increased yearly demands
at Il time when it was directly against
the interests of the McBryde Sugar
Company, Ltd, to take on a dollar more
than possible of virtually demand pay,
ments, such as an obligation to pay
yearly the said sum of $4,000.
''Said acts complained of also in
clude attacking and undermining and
instigating and inspiring attacks upon
the private credit of and financial
! standing and assets of the undersigned.
1t also includes the passing of the divi-
dends on the preferred stock due July
first of this year, such suspension being
needless and uncalled for and being
voted in manner showing reckless dis.
regard of the rights of the undersigned,
and other stockholders, for the reasons
that it was announced but few days
before the date when said dividends
were to have been paid, thereby with
holding from the undersigned any ade.
quate warning of the intention to pass
said dividends and cutting him off from
an opportunity to prepare to adiudge
his finances TO meet the suspension of
said dividends.
said acts complained of include Civ
ing over the execution of said trust
created under said pooling agreement
and indentures to the personal execu-
| tion and performance of and by j. =.
! Cooke, with no adequate check or re-
view and often with no authorization
or review whatever, by any other of.
ficers, directors or stockholders of said
Alexander 4 Baldwin, Ltd, in violation
of the obligations of said trust where
! by many irresponsible, reck less and un-
authorized acts were done in the name
of Alexander & Baldwin, Ltd, by said
j. J.. Cooke, with the personal aid and
assistance of said Wallace Alexander
Elmer +. Paxton and Walter i. Dill.
lingham.
| 'Said acts complained of also in.
emde many other acts of omission and
commission in violation of said trust.
Said acts complained of have not
only destroyed the value of stock hold.
ings of the undersigned in the McBryde
Sugar Company, Ltd, but have com.
PEELED him to make forced sales of
and reali2ations upon other property
and assets of the undersigned at great
personal loss and sacrifice, and have
lin other directions than those above
enumerated, DESTROYER the financial
credit of the undersigned and caused
him great financial loss and damage
Yours truly,
'f(Signed) w. A. KINNEY.
''P. S.--fou are hereby notified that
failure to comply with the foregoing
demand will be followed immediately
by the institution of proceedings in
court to enforce the same.
On November 3, 1913, Mr. Kinney
addressed a circular letter to the pres.
ident, officers and directors of the
MeBryde Sugar Company demanding
that they take steps on behalf of him.
self and the other stockholders to set
aside the deed of trust securing the
new bond issue, the reason given for
this demand being that under the pro,
visions of the bond the assets had
been decreased 100000 absolutely
and that the fixed charges against the
plantation had been increased $50, ,00O
per annum.