Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-07-20
WIDER IEENAY
GIVEN MINERAL
PRODUCTS WORK
Treasury Stock to Be Sold;
Annual Meeting Satisfies
~. Shareholders

Satisfaction With the outlook for
early realization 8f revenue was eX-
pressed at the annual meeting of the
Mineral Products Company, held in
the board room OF the Bishop Trust
Company yesterday afternoon al g..
This and a general expression Of opin-
ion in favor OF selling about 10000
shares of treasury stock remaining
were the features OF the meeting.
More than 95 per cent of the outstand-
ing stock was represented al the
meeting. .&
The annual reports in printed form
were supplemented, by brief oral re-
port b. President A. F: Judd. The
oral report spoke fayorably of the
outlook for early shipping of ore and
the beginning OF a stream of revenue
into the compaAy'S Golfers. h..
One stakeholder asked about vague
reports that the stock might be as
sessed. President Jndd replied that
no such action was contemplated. #
consider the stock worcestershire" he
commented.
A large stakeholder, after the re-
ports had been presented, spoke
in favor of selling the treas
ury stock, declaring that the magni-
tude of the Mineral Products project
is, not fully understood even by its
stockholders and that it must have
sufficient funds to work with. Presi-
dent Judd said that he would recon.
mend to the directors the sale of the
stock at par, though as there are now
more than 500 stockholders it will
probably be impossible to work out a
feasible scheme of offering the stock
pro rata to the present shareholders
II is understood that the stock is to
be sold as soon as possible so that
the funds can be in hand.
Numerous changes were made in
the directorate. The president report
ed that. Manager H. G. Ginaca and
w. r. Jones, also of the company and
residing on the. property, felt that
thew should leave the directorate, and
that the directors should all he resi-
dents of. Hawaii, so that formal action
might be practicable without delay.
He also said that J. Waterhouse and
John Guild did mot wish to serve
again. John Watt then read the fol
lowing nominations for directors,
which were adopted on : show of
hands: A. F. Judd. John Watt, L. NJ.
Judd. William Thompson, S. NJ. Low
rev, w. G. Hall and C. G. Bockus.
President Judd announced. a meeting
of directors would be held immediate
ly to elect officers and discuss the
sale of the treasury stock. 49,.
Directors eet-.and- QraanLze-=--.y,
Wednesday evening the newly eject
ed directors met and organized, elect
ing A. F. Judd president; John watt,
yice-president; q. C. Bockus. secre'
tary; M. NJ. Grahant. assistant secre-
tary, and the Audit Company OF Ha-
wall. treasurer. At such meeting 40
action was taken relative to the pro-
posed issue of treasury stock = ~:.~
President Judd stated TO the star
Bulletin this morning that the direc-
tors of the company were starting at
once to thoroughly familiarize them
selves with the company and all OF
its affairs and that when they mad
done this they would be in position
to and would act with full intelti-
gence upon pending matters. An IN
formal meeting on the idea of call
Gus is expected to be held this even
inn 81.