SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* WALL CHARLES F (Last) (First) (Middle) C/O HAWAIIAN ELECTRIC INDUSTRIES, INC. P.O. BOX 730 (Street) HONOLULU HI 96808 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol HAWAIIAN ELECTRIC INDUSTRIES INC [ HE ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) VP & Corp. Information Officer
	3. Date of Earliest Transaction (Month/Day/Year) 08/06/2004
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/06/2004		M		6,000	A	$17.605	6,000	D
Common Stock	08/06/2004		J(1)		1,825	A	(1)	7,825	D
Common Stock	08/06/2004		M		6,000	A	$14.74	13,825	D
Common Stock	08/06/2004		J(2)		1,675	A	(2)	15,500	D
Common Stock	08/06/2004		S		4,080	D	$24.95	11,420	D
Common Stock	08/06/2004		S		900	D	$24.97	10,520	D
Common Stock	08/06/2004		S		200	D	$25.02	10,320	D
Common Stock	08/06/2004		S		3,800	D	$25.04	6,520	D
Common Stock	08/06/2004		S		1,400	D	$25.05	5,120	D
Common Stock	08/06/2004		S		200	D	$25.09	4,920	D
Common Stock	08/06/2004		S		200	D	$25.11	4,720	D
Common Stock	08/06/2004		S		500	D	$25.13	4,220	D
Common Stock	08/06/2004		S		1,100	D	$25.14	3,120	D
Common Stock								3,424.1834(3)(4)	D
Common Stock								5,223.014(4)(5)	I	By 401(k)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Options & DERs (right to buy)	(6)							(6)	(6)	Common Stock	(6)		24,878.8712(4)(7)	D
Stock Appreciation Rights	(6)							(6)	(6)	Common Stock	(6)		10,131.4812(4)(8)	D

Explanation of Responses:

1. Shares acquired as dividend equivalents pursuant to the terms of the Stock Option and Incentive Plan for the period 5/99 to 2/03 with a range in price of $14.5625 to $23.4275 (price accommodating 2-for-1 split).

2. Shares acquired as dividend equivalents pursuant to the terms of the Stock Opion and Incentive Plan for the period 5/00 to 2/04 with a range in price of $16.0078 to $25.7075 (price accommodating 2-for-1 split).

3. Aggregate shares; earned dividends are automatically reinvested in the Hawaiian Electric Industries Dividend Reinvestment and Stock Purchase Plan (DRIP).

4. Amount adjusted for 2-for-1 stock split on 6/10/04.

5. These shares are held pursuant to the Hawaiian Electric Industries Retirement Savings Plan 401(k) (HEIRS). Effective 4/1/96 the participant's investment in HEI Common Stock was converted to units in the HEI Common Stock Fund portion of HEIRS. A small portion of the Fund is held in cash and the overall value of the Fund is based on the combined value of the HEI Common Stock and the cash portfolio. For SEC reporting purposes only the actual stock portion of the Fund is being reported.

6. Previously reported.

7. Aggregate option shares and dividend equivalent rights (DERs); option grants previously reported.

8. Aggregate shares and DERs; SAR previously reported.

Remarks:

	Molly M. Egged, Attorney-in-fact for Charles F. Wall	08/09/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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