Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-01-20
ALEXANDER & BALDWIN
+ ARE STRONGLY UPHELD
Hearty Praise Given Agents for
Hard Work in Face of Diff
Guilty, Attacks on Their Fidel-
ity Being Discredited- Some
Constructive Criticism on FL
rlancing, with Recommends
ton That Reduction Be Made
in Common Stock

w. A. kinneys charges against
Alexander q Baldwin Of alleged mis-
management as agents Of the affairs
Of the McBryde Sugar Company are
not sustained by q report Of the spe-
cial Investigating committee. The
report was presented 20 stockholders
Of MeBryde at largely attended
meeting IN the Chamber OF Com
nnerce room this morning, and was
unanimously adopted.
The meeting further accepted Al
exander 4 Baldwln's offer made az
the last meeting 70 accept note for
the balance due the agents on open
account
The committees report Sits and
summarizes the charges made by At
tcriey Kinney In connection with his
claim for more than 100000 dam.
ages. Eleven main charges are dis
cussed. The report dismlsses six
charges, holds four unsustained and
In the last generally upholds Alexan-
der q Baldwin while making snunn-I
ber Of suggestions for possIbleI
changes IN financing. Some slight
criticism, for the most part construc-
tive, IL indicated, but the document AZ
. whole - q strong vindication Of the
policy of Alexander q Baldwin In con-
neetleu with the Mc6ryde company,
and MIekander q BaldWinis manage
entnt - made the subject Of sincere
and hearty tribute.
The eharpes dismissed are those
for which no basis whatever was
found. The charges not sustained
are those III which some Of the facts
n.ioht Be - alleged by Mr.. Kinney
but IN which his allegations as 70 the
intent ~ the agents or as TO the setu-I
al results were held by the commit
tee net 20 be justified or correct.
Unanimously. on rising vote, the
McI3ryde stockholders accepted the
report Of the investigating committee
presented at the adjourned special
meeting this morning.
Attendance is Large. r..
There was q larger attendance than
at the first meeting when the COM
mittee was appointed to investigate
KinBey's charges, lis, ,967 out Of 1885,
GOA shares being represented. This
made goodIy margin over a quorum,
which is 97,So3 shares. Ernest II.
Woiehouse. as temporary chairman,
presided. II. M. Won Holt. as tempo
rary secretary, read the letters and
published notices relating to the ad
journed meeting. Richard Ivers,
chairman of the investigating COM
mittee, presented its report.
Hon. f. M. Hatch moved the accept
ance, Hon. Paul Iscnberg seconding
the motion. It was that the report be
accepted and placed on file, and that
the committee be discharged with the
thanks of the stockholders for the
able and exhaustive manner in which
1t had performed its duties.
A. & q. Offer Accepted.
No remarks had been offered on
the report. After it was disposed of,
the offer of Alexander & Baldwin,
Ltd, agents, to accept note at three
years for the balance due them on
open account, with interest at per
cent payable quarterly, was unani-
mously accepted. The matter was
presented by the McBryde directors
in q letter covering one from the
agents, which showed that the bal.
anee on December 81, 1913, was but
SOC, ,95420 instead of between $780,
600 and $15o,00 as estimated in the
original offer made at the first meet
ing. Owing to certain payments male
since that date, the amount on Janu.
ary 2 was $l42,972. .96, and the mo-
ton passed, made by H. NJ. Won Holt
and seconded by Mr.. Isenberg, was
that the proper officers Of McBryde
Sugar Co. be authorized to execute a
note for this sum on the terms of,
fered.
Before the motion was put, Hon
George r. Carter mentioned that he |
presumed the object was to place the
agents in position where they could
not foreclose the Indebtedness, or de,
n.and its payment, within three years.
1t took Mr.. Ivers, reading clearly
though rapidly, an hour and 20 min
utes To present the report of the spe.
cial investigating committee. There