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


member OF the public believed it was for /.
their interest that there should be ANAL /.
gamatIOn. What was the objection on
the part OF stockholders TO consolidate !
on the terms mentioned, and if they OBJ .
Jectea TO these terms what terms did they
wish II the President was going TO stand
by the small stockholders, perhaps the
small stockholders did not want TO be
stood by.
Mr.. }. T. Waterhouse, Sr., said he was
q small stakeholder, but he was sorry to
see how things were going Dividends
might be paid at low rates. He gave an
instance Of the Inconvenience and loss to
winch two telephone systems gave rise
There was want Of unity, a want OF
harmony, a want OF making money
about it.
Mr. Schaeier stated that there could
be no question that at the meeting OF
directors amalgamatiOu on equal terms
vas regarded as desirable This cons
pany ought to take into consideration
that 1t has debt, while the other COM
plny has none. There was no question
IN his mind that ANAL gamation would be
beneficial. Perhaps more satisfactory
arrangement might be come to, which
another meeting Of stockholders would
accept. He thought the principle OF a
mutual telephone should be maintained,
that seyen-eighths OF stock should be re-
qulred TO raise the rates. They had con-
Guided that IS for houses. 81 Tor business
places, and $40 for country stations were
fair rates. lie did not think ANYBODY
was entitled to any more than fair in
terest on his investment.
The President stated that the Mutual
had made three different offers OF ANAL
gamatiOn. First, they offered them two
thirds OF the voting power, but they were
not satisfied with that, they wanted
more. This telephone company had al
ways been III favor OF amalgamatiOn.
lie was always in its favor. But when
he came 10 the conclusion that they were
TO be wiped of the face OF the earth, he
made up his mind that he would not
support this proposition. Mr.. AthertOn
told them he had 200 shares of this com
pany, which he would carry into the
enemy's camp. a following statement
10y the President was corrected by Mr..
Anterior, a. Il misapprehensiOn, and the
speaker resumed ms seat.)
Mr.. Anterior said that in interviews
with Messrs. Widemann and Berger,
these gentlemen were quite willing to
get clear Of the work and worry OF their
offices in the company. Now it was a
President and Secretary. 1t had been
agreed by the joint committee that Dir.
Berger should continue as Secretary
while nothing was said about the office
Of President. 1t had been assented to-
also, that seVen-eighths of stock would
be required to raise prices of telephones
Mir. Wilder asked leave TO amend his
motion by saving Board OF Directors
instead OF committee"
Mr.. T. r Walker did not want a vote
taken till the question was more fully
! understood. Tie Bell has $50, 900 il
property and no debts, and the Mutua
500, 900 in property and $3S, 600 debt.
Ii the other took hall the debt he die
! not see what the objection was. He
should certainly not vote for that mo
ton.
Mr.. Warehouse, ST., on the roll OF the
stockholders being called, before the
vote was announced, said: | have beer
left out in the cold. Is it design OIL
| otherwise? l represent the large mum
| Der OF 20 shares, and | vote no, decided
I ". And, gentlemen, you will remember
! it. Good day Walks out the door,
! The Secretary announced the result O.
| the vote as-Ayes, ,S02; Noes, 934
| The President announced the motion
! carried
MIR. Henry Waterhouse rendered his
| resignation from the Board of Directors
/ Mr. Atherton saw no other course but
resignation for the directors.
Mr.. J. A. Hopper, the remaining mem
/ Der OF the committee, also resigned from
| the directorate.
Mr.. NJ. Lyman did not see why the
/ directors should resign.
| Mr.. Schaefer moved that a committee
J - 1 10 al. Nv br
members from outside OF the Board, be
| appointed to further consider the Ques
| ton OF aInalgamation and report to {
! further meeting Of stockholders.
MIR. J. II Wood said he came there to
/ hear reasons for union. He had moi
/ heard any. They had enough money t
/ meet the first note in October and had
| cheaD instruments. Members should
| take out the telephones oil the other
| company. The Mutual subscribers were
increasing, the others diminishing, anC
| it was only a question OF time when there
would be but one company.
Mr.. NJ. Hvman stated he was in favor
OF amaI-amation. He wanted a basis
first The Bell company had not given
any account Of value OF their property
nothing Of construction account. Let
them proceed ON business terms such rs
would be admissible in their private
affairs. In the meantime he was con
tented. getting the same telephones now
for SO that he used to pay $40 for, a
saving that was equal to 30 per cent. on
the stock he held in the company.
Mr.. c. NJ. CoOhc-Ihey give Us hall
OF our debt.
Mir. Hyman-Our debt is provided for.
The motion being carried with but
one dissentient, the following committee