Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-11-11
'MBRYDE Opens
LEGAL WAY To
PAY DIVIDENDS
Special Meeting Unanimous I'M
Putting Through Propositions
Submitted to the Directors

MCBTyde SUGAR Company. La. III =
Especial meeting this :Iornlng, by mean
imous votes IN ever instance, Fr
through the propositions OF the di.ec
tors which were submit ed in the CIR
cular calling the meeting, with the c7t
exception Of that for the purchase Of
stock of the Kauai Fruit & Land Com
pany, Ltd, this being deferred.
In the frst place, a note for S142,
972.96, given by the company TO LEX
ander & Baldwin, Ltd, on January 8
II914, payable three years after date
bat with the privilege Of liquidation on
any interest date prior to that time
was ordered paid forthwith. -
Next came the reduction OF the cap
ital stock OF the company from $4,000.
900 to $500, 900 by reducing the par
value OF the common stock from $40
to SIG a share This action opens q
legal way to the payment OF dividends
Then, after disposing OF the Kauai
Fruit q Lsnd Company stock matter,
the meeting adopted a recommends
ton OF the directors not mentioned In
the cali, which was TO donate $500 to
the Belgium relief fund.
II was the largest meeting OF Nc
Bryde shareholders ever held, accord.
ing to the memory OF some of the d.
rectors. There were 29,SI9 shares Of
preferred stock represented, out of 3d.
900 outstanding, and l33, 500 shares of
common stock, out of 165,604 outstand-
ing. Stockholders present in person.
including number Of ladies', crowded
the hall Of the Chamber Of Commerce
to overlooking. Judge De Bolt and C..
r. Hemenway, attorneys for the direc-
tors, were in attendance, together with
President j. p. Cooke In the chair, and
Secretary John Guild and Treasurer
John Waterhouse officiating in their
respective roles.
In. a statement made by the presi-
dent regarding the payment Of the
note, it was shown that the note must
be paid prior to action upon the pro-
posed reduction Of the capital stock,
In order to comply with the Law that
the liabilities of corporation must
not exceed one-half Of the remaining
capital stock after a reduction has
been made. Further. the president
said.
"The cash balance with the agenG
on December 81, 1914, is estimated to
be $4,000, after making all sinking
fund payments, paying 1913 and 1914
preferred stock dividends (if the re-
duction is made and the directors so
order), and after paving the note for
$142, 972.96 mentioned above.
The payment OF the note can and,
In my opinion, should be made ire
spective OF the proposed reduction Of
The capital stock. III the note is not
paid, 1t means an unnecessary interest
charge for the plantation
After the resolution for payment of
the note. which was moved by F. s.
Lyman and seconded by Paul isenberg,
had been carried the treasurer cancel.
ID the note on the spot and announced
ts cancellation.
Moved by H. H. Walker and second |
I'd by II. M. Won Holt, the resolution
% provide for reduction of the capital |
'tock was carried without discussion.
I was In effect an authorization to |
he directors to take the necessary |
Jteps with the government for amend |
ng the articles OF association to the
md desired. In the preamble, cover.
ne all details, It was provided that
soldiers Of preferred stock might have
heir shares converted into common /
took. Robert Cation asked If q .l1olderl
Il preferred should receive I'VE shares
i common for four shares Of preferred
took, to which Judge DeBolt replied,
He would receive share for share"
is previously reported, IN reference to
he call Of meeting, holders of COM
non stock will have equal voting pow.
r with. holders Of preferred.
Action on the option held by the
ompany on 200 shares of Kauai Fruit
Land Company stock was omitted
fter hearing statement that, ION
ccount OF the present depression In
he pineapple business, IL seemed d
ather unfortunate time to act on an
ption of this kind Further, it was
tated that the question had been
olyed by an extension of the option,
0luntarily, by r. w. T. Purvis, hold
az so shares, and Alexander & Bald
Tin, holding 80 shares. for Is months, i
r until March 81. 1916. It was hoped
hat by that time the pineapple bust.
ess would be on . much firmer foot
az, and IL 50 the stock would be
Torth much more than 1t 10 today. If
today, IL was mentioned, the
rice would be $152.6S a share.
The Belgium relief resolution was
ased on a Recommendation of the
resident, being that the company con-
ribute to the fund an amount equalJ
lg 5 cents per ton OF the sugar pro- |
uCed from the 1914 crops, which
'oHld be approximately $500. Mr.. Is
nberg, in moving the adoption OF the
esolution, asked that everyone pres.
ut vote on it. The response was
earty and unanimous in the affrma.
We.
Mr.. Alexander, manager Of the plan
ltion, being present it was suggested /,
y the president that he might be
uestioned by any stakeholder rela-
We to the crop prospects or anything I
lse. Nobody saying anything, Mr.l
Iexander volunteered the information +
lat II looked as IL the 1915 crop would
D over $1,000 tons. and that the 1g16l'