Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-11-11
KBRYDEOPEEStt
LEGAL WAY TO
PAY DIVIDENDS
Confined from page one) )

steps with the government for amend
end desired. In the preamble, cover
ing all details, it was provided that
holders Of preferred stock might have
their shares converted into common
stock. Robert Cation asked II holder
OF preferred should receive five shares
of common for four shares Of preferred
stock, to which Judge DeBolt replied,
"He would receive share for share"
AS previously reported, In reference to
the call of meeting, holders of COM
mon stock will have equal voting pow
er with holders OF preferred
Action on the option held by the
company on 200 shares of Kauai Fruit
& Land Company stock was omitted
after, hearing a statement that, ION
account OF the present depression in
the pineapple business, it seemed a
rather unfortunate time to act on an
option of this kind" Further, it was
stated that the question had been
solved by an extension of the option,
voluntarily, by r. w. T. Purvis. hold
Ing so shares, and Alexander & Bald
win, holding 4 $50 shares. for 10 months,
or until March 81, 1916. ,,It[was hoped
that by that time the pineapple bust
ness would be ON o much ;frmer foot
ing, and it SO the stock would be
worth much more than It Isl today. If
purchased today, Ii was mensioned, the
price would be $152.6s q share,
i. The Belgium relief resolution was
president, being that the, company con-
president, being that II accompany con-
tribute % the fund an amount equal.
Ing 5 cents per ton of the sugar pro-
duced from, the 1914 crops, which
would be approximately $500. Mr.. Is.
enberg, in moving the adoption Of the
resolution, asked that Everyone pres.
ent vote ON it., The RESPONSE !. was
hearty and unanimous in The affrma-
tive. 1g,e s. 2.,. :. -sa.s>,.:, g ~
Mr.. Alexander. manager of the plan
tation, being present it was suggested
by the president that he. nigh: be
questioned by any stockholder rela-
tive tqtthe crop prospects or any thing
else. Nobody saying anything. Mr..
Alexander volunteered, the Information
that It looked as If the 1915 crop would
60 over Il, 600. tons. and that the 1916
crop would be IargeE Conditions were
much improved from the additional wa
Ter obtained from. Eihhe, at q cost OF
So a million gallons. 49, -, !. ! -,
President Cooke, after the meeting,
said that the prospects of the com.
pary for the. ensuing year all depend
ed on the price of sugar. With a credit
balance of So, 900 al the end of this
year. the company should do well If
good prices were received for the crop.
II had been the Intention of the d.
rectors of McBryde, after the reduction
| OF capital stock fofmalfties were con-
lciuded; TO issue new certificates of
stock on the amended par, value basis,
but, there may be some delay in this
respect. C. A. Cottriil, collector of
Internal revenue. Is inclined to the
View that the reduction of capital
stock amounts to the same thing as
q REORGANIZATION Of the company, in
which case the certificates would be
subject to the, stamp tax in the war
revenue bill. which Is s cents on every
500 of the par value. This, would
mean charge Of about $500 the, com
pany would have to hear. 2 49, {
The. agents do, not consider the
change in par value q reorganization
in any proper sense, but the federal
official having raised the point the
Washington authorities must decide it.
IL the ruling be adverse to the. COM
pany, it is probable that the issue of
new certificates win be deferred until
al, - .fkl..- 49,