The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1889-04-27
: RESIGN.

Committee OF Five StockhoIde to
Arrange Fresh Terms of Union.
There was an attendance OF about +.
hundred stockholders of the Mutual
Telephone Company, at the building OF
that corporation on Friday afternoon, in
response to the call OF a meeting Tor con
sidering a proposition to amalgamate
with the Hawaiian Bell Telephone Com
panv. Hon. II. a. Widemann, Presi-
dent, in the chair, stated the objectof the
meeting and called on the Secretary to
read the record OF all that had happened
regarding amalgamation.
Mr.. c. 0. Berger, Secretary, read min
utes OF Directors meeting, at which pro-
posals for amalgamation were received
from the Bell Company; also, an ac-
count OF subsequent proceedings, includ-
ing the financial statement put forth by
the Joint committee of the two com
panies, of which the following summary
has been given in the ADVERTISER:
{" Receipts of the Bell for 1888
were So, 242 90; expenditures, 49, $50 80,
showing excess of receipts over eX-
penditures OF $3S6.l0. For the pre-
sent year collections first quarter
have been $2.149 So collected and
due second quarter SAY, $3.50.
Discussed from Jan. LIST to March 3lst,
1889, 81, 1I2.47; from April LIST to 18th,
$2O925.
"The Mutual shows assets OF $50, 7lS.39,
including cost of lot and building, So
44O, and construction account, about,
Ia TO ind "a hfn,nAGE
April 18th, was $37 ,S25-- The annual
income from rentals is ST. 400, and run
ming expenses, $12 ,S75, leaving profit
per annum of 81, 525."
The President stated that they had all
! received the circular respecting the
standing of the two companies, which
might enable them to come to some de-
cision that day.
Hon. w. G. Wilder moved that the
report of the committee be rejected. MIR.
Scale seconded the motion.
MIR. +. A. Schaefer thought the motion
was not regular, as the report was from
| the Directors.
Hon. j. b. Atherton said they were to
accept or reject the report Of the Direc-
| tors, representing 200 shares.
The President said it was a meeting
| of three out of six of the Directors. OF
! course the other three would not object
| to the report coming fOrward-it would
| have been impolite to do SO. This was
! a matter for the meeting to decide. He
! owned $l2 900 of shares, but he went
| into this as mutual company, and,
| although their object was to make money,
! he would stick to the crowd. applause. )
Mr.. Anterior said the Bell animated
last year that the first thing toward
amalgamation was for the Mutual to pay
| off thar Iaht the nV,ininro 1f the
| Mutual meeting last year that they
| should either facilitate amalgamation
or try to cripple the other company.
! Since then they took out the Bell tele-
| phones in order to cripple that company
| to the injury of their own business But
! although crippled they are going on.
! Having related proceedings prior to these
| things, the speaker said he was always
in favor of amalgamation. There had
been complaints OF the working OF the
| Mutual system, andit was the opinion
! that new departure was necessary. lie
| had been informally deputed to make
overtures to Mr.. Cassidy, Superinten-
dent of the Bell, but found he was I'M
| approachable on the subject, feeling in
| honor bound to stick to the Bell. Ee
! Mr.. A. } had suggested that it would be
| for the best interest of all that there
| should be but one telephone company.
One member of the Bell was principally
in the way, some others being not so
| strongly set against negotiations. The
| Mutual's debt stood in the way. They
| still owed $3S, 900. The other company
put down the rates, although he did not
| see that there was any necessity for it,
or that they would be any worse OFT to-
! day by keeping up rates. When he saw
! that there was some chance for amalg "a
l., r hrt
! the company If the Bell was ready to
| consolidate on equal terms, that was the
| only thing to be considered. Would he
| have done that if he was to be sat upon
! and made tool of? He was assured
| that if favorable terms could be agreed
| upon the directors would vote for ANAL
| gamatiOn. There was to be no charge
! above SIS for private residences. Ii they
continued as they had been doing, they
would have to come TO assessments on
| the stock. He and the other members
OF the committee considered they were
backed up by a majority OF directors and
Of stockholders.
MIR. j. 4. Hopper said it was proved
! at the meeting that they were backed up
| by , ZOO shares out OF total OF 5000 OF
| the stock.
Hon. Henry Warehouse supported
/ the statements of Mr. Anterior Did
the meeting think the committee should
have gone on unless backed up by 200
and odd shares. The question now was
whether the directors were a unit. He
referred to what he had heard on the
| street about a certain director being ION
! the other side, and now ne wanted to
/ know what side the directors were on
/ 1t was for the shareholders to say
! whether they should incorporate or not
| The committee had got those statements
and it seemed now a ii they said, I'VE
! have got them where we want them"
The President said that statement
was brought 10 him three DAYS after
their meeting, and that was what star
! tied him.
Mr.. AthertOn-Diunt YOU know what
! their standing was-that they were sup
/ posed to have a surplus
Presidential was only surmises.
/ Mr.. 3. Ordensteiu said it was no dis
/ grace if they rejected this report. He
/ thought it was a very meagre statement.
! 1t was going in on an equal basis-that
/ was where the shoe pinched. He was in
/ favor of one telephone provided it could
! be equitably arranged.
Mr.. Atherton said there was consid-
/ cradle talk about this company when
! being formed, that it was going TO give
us cheap telephones. BY opposition the
| price had been reduced. The Bell Will