-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Jrs8yvEdtOHDOseyauh5FctBuVX6E9pOXWJ/zMuq7LU40aXP6S4rgAxjo/0sz0AD
 qeqCk4txYmGz5ULZegFlOg==

<SEC-DOCUMENT>0001206938-03-000001.txt : 20030423
<SEC-HEADER>0001206938-03-000001.hdr.sgml : 20030423
<ACCEPTANCE-DATETIME>20030422174452
ACCESSION NUMBER:		0001206938-03-000001
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030421
FILED AS OF DATE:		20030423

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALEXANDER & BALDWIN INC
		CENTRAL INDEX KEY:			0000003453
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				990032630
		STATE OF INCORPORATION:			HI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-00565
		FILM NUMBER:		03658908

	BUSINESS ADDRESS:	
		STREET 1:		822 BISHOP STREET
		STREET 2:		PO BOX 3440
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96801
		BUSINESS PHONE:		8085256611

	MAIL ADDRESS:	
		STREET 1:		822 BISHOP STREET
		STREET 2:		PO BOX 3440
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96801

REPORTING-OWNER:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STOCKHOLM CHARLES M
		CENTRAL INDEX KEY:			0001206938
		RELATIONSHIP:				DIRECTOR

	FILING VALUES:
		FORM TYPE:		4

	BUSINESS ADDRESS:	
		STREET 1:		822 BISHOP ST.
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		8085258450

	MAIL ADDRESS:	
		STREET 1:		822 BISHOP ST.
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>sto243.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>
SEC Form 4
<TABLE width=1272 border=1>
<TR>
<TD width=254 valign=top>
    <div align=center><font size=4 face=Tahoma><b>FORM 4</b></font></div>
    <br><div><font size=1 face=Tahoma><b>[ ] Check this box if no longer<br>subject to Section 16.  Form 4 or Form<br>5 obligations may continue.<br><i>See</i> Instruction 1(b).</b></font></div>
<br><font size=1 face=Tahoma>(Print or Type Responses)</font>
</TD>
<TD width=764 valign=middle align=center>
    <font face=Tahoma><b>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</b></font><br>
    <font size=1 face=tahoma><b>Washington, D.C.&nbsp;&nbsp;20549</b></font><br><br>
    <font size=2 face=tahoma><b>STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP</b></font><br><br>
    <font size=1 face=tahoma>Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility</font><br>
    <font size=1 face=tahoma>Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940</font><br>
</TD>
<TD width=254 valign=top>
    <div align=center><font size=1 face=Tahoma>OMB APPROVAL</font></div>
    <br><div align=center><hr width=98%></div><br>
    <div><font size=1 face=Tahoma>OMB Number: 3235-0287</font></div>
    <div><font size=1 face=Tahoma>Expires: January 31, 2005<br>Estimated average burden<br>hours per response. . . . . 0.5</font></div>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=1>
<TR>
<TD width=310 valign=top rowspan=2>
    <div><font size=1 face=Tahoma>1. Name and Address of Reporting Person<sup>*</sup></font></div>
    <div><font size=1 face=Tahoma><b>Stockholm, Charles&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M.</b></font></div>
    <div align=center><hr width=98%></div>
    <div align=center><font size=1 face=Tahoma>(Last) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;(First) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;(Middle)</font></div>
    <div><font size=1 face=Tahoma><b>333 Market Street, 30th Floor</b></font></div>
    <br>
    <div align=center><hr width=98%></div>
    <div align=center><font size=1 face=Tahoma>(Street)</font></div>
    <div><font size=1 face=Tahoma><b>San Francisco, CA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94105-131</b></font></div>
    <div align=center><hr width=98%></div>
    <div align=center><font size=1 face=Tahoma>(City) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;(State) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;(Zip)</font></div>
    <br>
</TD>
<TD width=444 valign=top colspan=2>
    <div><font size=1 face=Tahoma>2. Issuer Name and Ticker or Trading Symbol</font></div><br>
    <div><font size=1 face=Tahoma><b>Alexander &amp; Baldwin, Inc. &nbsp; ALEX</b></font></div>
</TD>
<TD width=518 valign=top rowspan=2>
    <div><font size=1 face=Tahoma>6. Relationship of Reporting Person(s) to Issuer</font></div>
    <div align=center><font size=1 face=Tahoma>(Check all applicable)</font></div><br>
    <div><font size=1 face=Tahoma><u>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<b>X</b>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</u> Director &nbsp;
    <u>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</u> 10% Owner</font></div>
    <div><font size=1 face=Tahoma><u>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</u> Officer &nbsp; &nbsp;
    <u>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<b>X</b>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</u> Other</font></div>
    <div><font size=1 face=Tahoma>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
    <b><u>Director and Non-Executive Chairman of the Board</u></b></font></div>
    <div align=center><hr width=98%></div>
    <div><font size=1 face=Tahoma>7. Individual or Joint/Group Filing (Check Applicable Line)</font></div>
    <br><div><font size=1 face=Tahoma><u> <b>X</b> </u> &nbsp; Form filed by One Reporting Person</font></div>
    <div><font size=1 face=Tahoma><u> &nbsp; &nbsp; </u> &nbsp; Form filed by More than One Reporting Person</font></div>
</TD>
</TR>
<TR>
<TD width=254 valign=top>
    <div><font size=1 face=Tahoma>3. I.R.S. Identification<br>&nbsp;&nbsp;&nbsp;&nbsp;Number of Reporting<br>&nbsp;&nbsp;&nbsp;&nbsp;Person, if an entity<br>&nbsp;&nbsp;&nbsp;&nbsp;(voluntary)</font></div>
</TD>
<TD width=190 valign=top>
    <div><font size=1 face=Tahoma>4. Statement for<br>&nbsp;&nbsp;&nbsp;&nbsp;Month/Day/Year</font></div><br>
    <div><font size=1 face=Tahoma><b>&nbsp;&nbsp;&nbsp;&nbsp;April 21, 2003</b></font></div>
    <br><div align=center><hr width=98%></div>
    <div><font size=1 face=Tahoma>5. If Amendment,<BR>&nbsp;&nbsp;&nbsp;&nbsp;Date of Original<br>&nbsp;&nbsp;&nbsp;&nbsp;(Month/Day/Year)</font></div>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=1>
<TR>
<TD width=100% valign=top>
    <div align=center><font size=1 face=Tahoma><b>Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned</b></font></div>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=1>
<TR>
<TD width=340 valign=top>
    <div><font size=1 face=Tahoma>1. Title of Security<br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr. 3)</font></div><br>
</TD>
<TD width=100 valign=top>
    <div><font size=1 face=Tahoma>2. Transaction Date<br>&nbsp;&nbsp;&nbsp;&nbsp;(Month/Day/Year)</font></div>
</TD>
<TD width=100 valign=top>
    <div><font size=1 face=Tahoma>2A. Deemed<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Execution<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date, if any<br><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Month/Day/Year)</font></div>
</TD>
<TD width=100 valign=top>
    <font size=1 face=Tahoma>3. Transaction<br>&nbsp;&nbsp;&nbsp;&nbsp;Code<br>&nbsp;&nbsp;&nbsp;&nbsp;and<br>&nbsp;&nbsp;&nbsp;&nbsp;Voluntary<br>&nbsp;&nbsp;&nbsp;&nbsp;Code<br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr. 8)</font>
    <br><br><div align=center><hr width=98%></div>
    <div align=center><font size=1 face=Tahoma>Code &nbsp;|&nbsp; V &nbsp; &nbsp; </font></div>
</TD>
<TD width=320 valign=top>
    <font size=1 face=Tahoma>4. Securities Acquired (A) or Disposed (D) Of<br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr. 3, 4, and 5)</font>
    <br><br><br><br><div align=center><hr width=98%></div>
    <div align=center><font size=1 face=Tahoma>&nbsp; &nbsp; &nbsp; &nbsp; Amount &nbsp; &nbsp;&nbsp; | &nbsp; &nbsp; &nbsp; &nbsp; A/D &nbsp; &nbsp; &nbsp; &nbsp; | &nbsp; &nbsp; &nbsp; &nbsp; Price &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font></div>
</TD>
<TD width=140 valign=top>
    <div><font size=1 face=Tahoma>5. Amount of<br>&nbsp;&nbsp;&nbsp;&nbsp;Securities<br>&nbsp;&nbsp;&nbsp;&nbsp;Beneficially<br>&nbsp;&nbsp;&nbsp;&nbsp;Owned<br>&nbsp;&nbsp;&nbsp;&nbsp;Following<br>&nbsp;&nbsp;&nbsp;&nbsp;Reported<br>Transaction(s)<br><br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr. 3 and 4)</font></div>
</TD>
<TD width=114 valign=top>
    <div><font size=1 face=Tahoma>6. Owner-<br>&nbsp;&nbsp;&nbsp;&nbsp;ship<br>&nbsp;&nbsp;&nbsp;&nbsp;Form:<br>&nbsp;&nbsp;&nbsp;&nbsp;Direct(D)<br>&nbsp;&nbsp;&nbsp;&nbsp;or<br>&nbsp;&nbsp;&nbsp;&nbsp;Indirect (I)<br><br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr. 4)</font></div>
</TD>
<TD width=100 valign=top>
    <div><font size=1 face=Tahoma>7. Nature of<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indirect<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership<br><br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr. 4)</font></div>
</TD>
</TR>
<TR>
<TD width=340>
    <div><font size=1 face=Tahoma><b>Common Stock (1)</b></font></div>
</TD>
<TD width=100>
    <div><font size=1 face=Tahoma><b>04/21/2003</b><br></font></div>
</TD>
<TD width=100>
    <div><br></div>
</TD>
<TD width=100>
<div align=center><font size=1 face=Tahoma><b> &nbsp; &nbsp;M</b> | <b>&nbsp;</b>&nbsp; &nbsp; </font></div>
</TD>
<TD width=320>
<div align=center><font size=1 face=Tahoma><b>3000.00</b> &nbsp; | &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <b>A</b> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; | &nbsp; <b>$24.40 &nbsp; &nbsp;</b></font></div>
</TD>
<TD width=140 align=right>
    <font size=1 face=Tahoma><b> </b></font><br>
</TD>
<TD width=114>
<div align=center><font size=1 face=Tahoma><b>I</b></font></div>
</TD>
<TD width=100>
    <div><font size=1 face=Tahoma><b>By Revocable Living Trust</b></font></div>
</TD>
</TR>
<TR>
<TD width=340>
    <div><font size=1 face=Tahoma><b>Common Stock (1)</b></font></div>
</TD>
<TD width=100>
    <div><font size=1 face=Tahoma><b>04/21/2003</b><br></font></div>
</TD>
<TD width=100>
    <div><br></div>
</TD>
<TD width=100>
<div align=center><font size=1 face=Tahoma><b> &nbsp; &nbsp;F</b> | <b>&nbsp;</b>&nbsp; &nbsp; </font></div>
</TD>
<TD width=320>
<div align=center><font size=1 face=Tahoma><b>2777.00</b> &nbsp; | &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <b>D</b> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; | &nbsp; <b>$26.35 &nbsp; &nbsp;</b></font></div>
</TD>
<TD width=140 align=right>
    <font size=1 face=Tahoma><b>6898.00</b></font>
</TD>
<TD width=114>
<div align=center><font size=1 face=Tahoma><b>I</b></font></div>
</TD>
<TD width=100>
    <div><font size=1 face=Tahoma><b>By Revocable Living Trust</b></font></div>
</TD>
</TR>
<TR>
<TD width=340>
    <div><font size=1 face=Tahoma><b>Common Stock</b></font></div>
</TD>
<TD width=100>
    <div><font size=1 face=Tahoma><b> </b><br></font></div>
</TD>
<TD width=100>
    <div><br></div>
</TD>
<TD width=100>
<br>
</TD>
<TD width=320>
<br>
</TD>
<TD width=140 align=right>
    <font size=1 face=Tahoma><b>564345.00</b></font>
</TD>
<TD width=114>
<div align=center><font size=1 face=Tahoma><b>I</b></font></div>
</TD>
<TD width=100>
    <div><font size=1 face=Tahoma><b>By Spouse</b></font></div>
</TD>
</TR>
<TR>
<TD width=250><br>
</TD>
<TD width=100><br>
</TD>
<TD width=100><br>
</TD>
<TD width=100><br>
</TD>
<TD width=320><br>
</TD>
<TD width=140><br>
</TD>
<TD width=114><br>
</TD>
<TD width=100><br>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=0>
<TR>
<TD ALIGN=LEFT VALIGN=TOP>
    <div><font size=1 face=Tahoma>Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.</font></div>
    <div><font size=1 face=Tahoma>* If the form is filed by more than one reporting person, <i>see</i> Instruction 4(b)(v).</font></div><br>
</TD>
<TD ALIGN=LEFT VALIGN=TOP>
    <div align=center><font size=1 face=Tahoma>Persons who respond to the collection of information contained in this form are not required to <BR>respond unless the form displays a currently valid OMB control number.</font></div>
</TD>
<TD>
    <div align=right><font size=1 face=Tahoma>(over)<br>SEC 1474 (9-02)</font></div>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=0>
<TR>
<TD width=100%><hr width=98%>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=0>
<TR>
    <TD width=100% align=right><font face=Tahoma><b>Stockholm, Charles M. - April 21, 2003</b></font><br>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=0>
<TR>
    <TD width=100%><font face=Tahoma><b>Form 4 (continued)</b></font>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=1>
<TR>
<TD width=100% valign=top>
    <div align=center><font size=1 face=Tahoma><b>Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned</b></font></div>
    <div align=center><font size=1 face=Tahoma><b>(<i>e.g.</i>, puts, calls, warrants, options, convertible securities)</b></font></div>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=1>
<TR>
<TD width=172 valign=top>
    <div><font size=1 face=Tahoma>1. Title of Derivative Security<br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr. 3)</font></div>
</TD>
<TD width=76 valign=top>
    <div><font size=1 face=Tahoma>2. Conver-<br>&nbsp;&nbsp;&nbsp;&nbsp;sion or<br>&nbsp;&nbsp;&nbsp;&nbsp;Exercise<br>&nbsp;&nbsp;&nbsp;&nbsp;Price of<br>&nbsp;&nbsp;&nbsp;&nbsp;Deri-<br>&nbsp;&nbsp;&nbsp;&nbsp;vative<br>&nbsp;&nbsp;&nbsp;&nbsp;Security</font></div>
</TD>
<TD width=76 valign=top>
    <div><font size=1 face=Tahoma>3. Transaction<br>&nbsp;&nbsp;&nbsp;&nbsp;Date<br><br>&nbsp;&nbsp;&nbsp;&nbsp;(Month/<br>&nbsp;&nbsp;&nbsp;&nbsp;Day/<br>&nbsp;&nbsp;&nbsp;&nbsp;Year)</font></div>
</TD>
<TD width=76 valign=top>
    <div><font size=1 face=Tahoma>3A. Deemed<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Execution<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date, if<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any<br><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Month/<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Day/<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year)</font></div>
</TD>
<TD width=78 valign=top>
    <font size=1 face=Tahoma>4. Transaction</font>
    <br><font size=1 face=Tahoma>&nbsp;&nbsp;&nbsp;&nbsp;Code</font><br>
    <font size=1 face=Tahoma>&nbsp;&nbsp;&nbsp;&nbsp;and</font><br>
    <font size=1 face=Tahoma>&nbsp;&nbsp;&nbsp;&nbsp;Voluntary (V)</font><br>
    <font size=1 face=Tahoma>&nbsp;&nbsp;&nbsp;&nbsp;Code</font><br>
    <font size=1 face=Tahoma>&nbsp;&nbsp;&nbsp;&nbsp;(Instr.8)</font>
    <br><br><br><hr width="98%">
    <div align=center><font size=1 face=Tahoma>Code | V &nbsp; &nbsp; </font></div>
</TD>
<TD width=160 valign=top>
    <font size=1 face=Tahoma>5. Number of Derivative<br>&nbsp;&nbsp;&nbsp;&nbsp;Securities Acquired (A)<br>&nbsp;&nbsp;&nbsp;&nbsp;or Disposed (D) Of<br><br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr. 3,4 and 5)</font>
</TD>
<TD width=162 valign=top>
    <div><font size=1 face=Tahoma>6. Date Exercisable(DE) and<br>&nbsp;&nbsp;&nbsp;&nbsp;Expiration Date(ED)<br>&nbsp;&nbsp;&nbsp;&nbsp;(Month/Day/Year)</font></div>
    <br><br><br><br><br><div align=center><hr width=98%></div>
    <div align=center><font size=1 face=Tahoma>&nbsp; (DE) &nbsp; &nbsp; | &nbsp; &nbsp; (ED) &nbsp;</font></div>
</TD>
<TD width=186 valign=top>
    <div><font size=1 face=Tahoma>7. Title and Amount of<br>&nbsp;&nbsp;&nbsp;&nbsp;Underlying Securities<br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr. 3 and 4)</font></div>
</TD>
<TD width=76 valign=top>
    <div><font size=1 face=Tahoma>8. Price<br>&nbsp;&nbsp;&nbsp;&nbsp;of<br>&nbsp;&nbsp;&nbsp;&nbsp;Derivative<br>&nbsp;&nbsp;&nbsp;&nbsp;Security<br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr.5)</font></div>
</TD>
<TD width=102 valign=top>
    <font size=1 face=Tahoma>9. Number of<br>&nbsp;&nbsp;&nbsp;&nbsp;Derivative<br>&nbsp;&nbsp;&nbsp;&nbsp;Securities<br>&nbsp;&nbsp;&nbsp;&nbsp;Beneficially<br>&nbsp;&nbsp;&nbsp;&nbsp;Owned<br>&nbsp;&nbsp;&nbsp;&nbsp;Following<br>&nbsp;&nbsp;&nbsp;&nbsp;Reported<br>&nbsp;&nbsp;&nbsp;&nbsp;Transactions<br>&nbsp;&nbsp;&nbsp;&nbsp;(Instr.4)</font>
</TD>
<TD width=50 valign=top>
    <font size=1 face=Tahoma>10.<br>Owner-<br>ship<br>Form of<br>Deriv-<br>ative<br>Security:<br>Direct<br>(D)<br>or<br>Indirect<br>(I)<br>(Instr.4)</font>
</TD>
<TD width=128 valign=top>
    <font size=1 face=Tahoma>11. Nature of<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indirect<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Instr.4)</font>
</TD>
</TR>
<TR>
<TD width=178>
    <font size=1 face=Tahoma><b>Stock Option</b></font><br>
</TD>
<TD width=76 align=right>
    <font size=1 face=Tahoma><b>$24.40</b></font>
</TD>
<TD width=76>
    <font size=1 face=Tahoma><b>04/17/2003</b></font>
</TD>
<TD width=76>
    <div><br></div>
</TD>
<TD width=78>
    <div align=center><font size=1 face=Tahoma><b> &nbsp; &nbsp;M</b> | <b>&nbsp;</b>&nbsp; &nbsp; </font></div>
</TD>
<TD width=160>
    <font size=1 face=Tahoma><b>&nbsp; &nbsp; (D) 3,000.00</b></font>
</TD>
<TD width=162>
    <div align=center><font size=1 face=Tahoma><b>04/22/1994</b> | <b>04/21/2003</b></font></div>
</TD>
<TD width=186>
    <font size=1 face=Tahoma><b>Common Stock</b> - <b>3,000.00</b></font>
</TD>
<TD width=76 align=right>
    <font size=1 face=Tahoma><b> </b></font><br>
</TD>
<TD width=102 align=right>
    <font size=1 face=Tahoma><b>0.00</b></font>
</TD>
<TD width=50>
    <div align=center><font size=1 face=Tahoma><b>D</b></font></div>
</TD>
<TD width=128>
    <font size=1 face=Tahoma><b></b></font><br>
</TD>
</TR>
<TR>
<TD width=178><br>
</TD>
<TD width=76><br>
</TD>
<TD width=76><br>
</TD>
<TD width=76><br>
</TD>
<TD width=78><br>
</TD>
<TD width=160><br>
</TD>
<TD width=162><br>
</TD>
<TD width=186><br>
</TD>
<TD width=76><br>
</TD>
<TD width=102><br>
</TD>
<TD width=50><br>
</TD>
<TD width=128><br>
</TD>
</TR>
</TABLE>
    <font size=1 face=Tahoma>Explanation of Responses : </font><br><br><br>
<TABLE width=1272 border=0>
<TR>
<TD width=60% valign=top>
    <font size=1 face=Tahoma>** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.</font><br>
    <font size=1 face=Tahoma>&nbsp; &nbsp; &nbsp; &nbsp; <i>See</i> 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).</font><br><br>
    <font size=1 face=Tahoma>Note: &nbsp; File three copies of this Form, one of which must be manually signed.  If space is insufficient,</font><br>
    <font size=1 face=Tahoma>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <i>see</i> Instruction 6 for procedure.</font><br><br>
    <font size=1 face=Tahoma>Potential persons who are to respond to the collection of information contained in this form are not</font><br>
    <font size=1 face=Tahoma>required to respond unless the form displays a currently valid OMB number.</font>
</TD>
<TD width=40% valign=top>
    <font size=1 face=Tahoma><u><b>/s/ Charles M. Stockholm</b>&nbsp; &nbsp; &nbsp; &nbsp; </u>&nbsp; &nbsp; &nbsp; &nbsp;__________________<br>** Signature of Reporting Person &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Date</font><br><br><br><br>
    <div align=right><font size=1 face=Tahoma>Page 2<br></font></div>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=0>
<TR>
<TD width=100%><hr width=98%>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=0>
<TR>
    <TD width=100% align=right><font face=Tahoma><b>Stockholm, Charles M. - April 21, 2003</b></font><br>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=0>
<TR>
    <TD width=100%><font face=Tahoma><b>Form 4 (continued)</b></font>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=1>
<TR>
<TD width=100%>
    <div align=center><font face=Tahoma><b>FOOTNOTE Descriptions for Alexander &amp; Baldwin, Inc. ALEX</b></font></div><br>
    <div align=right><font face=Tahoma>Form 4 - April 2003</font></div><br>
    <div><b><font size=2 face=Tahoma>Charles M. Stockholm<br>333 Market Street, 30th Floor<br><br>San Francisco, CA 94105-131</font></b></div>
    <div align=center><hr width=98%></div>
    <div><font size=2 face=Tahoma><b>Explanation of responses:</b></font></div><br>
    <font size=1 face=Tahoma><b>(1) &nbsp; On June 25, 1998, the Board of Directors of the Company declared a dividend, with respect to each share of common stock, of Common Stock Purchase Rights (the 'Rights') pursuant to a Rights Agreement, dated as of June 25, 1998.  The Rights are currently attached to, represented by, and transferable with, certificates representing outstanding shares of common stock.</b></font><br>
</TD>
</TR>
</TABLE>
<TABLE width=1272 border=0>
<TR>
<TD width=100% align=right>
    <font size=1 face=Tahoma>Page 3</font>
</TD>
</TR>
</TABLE>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
