The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1891-01-26

81.
Mr.. Turrill-What about the ca
pital stock of the two companies
100000? How is the interest to be
paid?
Mr.. Atherton moved that the max
imum rates be $3.50, $3.50 and
$3.50.
Mr.. Schaefer moved in amendment
for So, 81 and $3.50.
The question having been put, the
amendment was declared carried by
a vote of 1880 shares.
The President said that, although
in favor of the maximum adopted, he
would oppose raising rates after CON
solidaton.
Mr.. Thurston was afraid that the
big shareholders would run away with
the small ones after consolidation as
they had done now, and the rates
would be Immediately raised. He
did not see why a profit could not
be made at the lower maximum pro-
posed. The other company was just
able to hold its own and this company
was making profit. He agreed with
the remark of stakeholder, that
when the capital is paid the interest
will be all wiped out.
The President suggested that Mr..
Thurston amend his resolution, so as
to commit the matter to the Direc-
tors to arrange terms with the other
company, and then call a meeting of
the stockholders.
Mr.. Ables gave Mr. Cassidy (Bell
Superintendent and Mr.. Pratt { Mu-
tual superintendent as authorities
for an estimate of only 700 instru-
ments after consolidation instead of
1000. 1t would be necessary to raise
rates in order to pay interest.
The President--We have practi-
cally 700 now.
Mr.. j. A. Hopper-If we are not
going to have more than 700, what is
the use of consolidating
Mr.. Spencer thought it was to the
interest of the small stockholders not
to consolidate, but he did not think
it was fair to ask the large stockhold-
ers to carry the small ones further.
Mr.. j. A. Hopper said it was de-
cided at the formation of the com
pany that no man ought to have more
than twenty or thirty shares.
Mr.. Dayton-What have the large
stockholders been buying up stock
for if it was not for this purpose?
Mr.. Atherton-What were you
selling for?
Mr.. Dayton-I was not selling; |
refused to sell
The President said he bought stock
whenever it was necessary.
Mr.. c. NJ. Cooke was in favor of
Mr.. Schaefer's motion although he
did not vote for it. There was no
place in the world with so cheap
telephone. Still he did not believe
the rates would be raised to So for
private houses.
The President said there would he
0,000 stock to pay interest on,
and it might be necessary to raise the
rates. II they find that customers
drop off they can lower lhrm again
He wished the meeting wouli make
the vote unanimous for S., 81 and
$3.50 month.
Mr.. Anterior had vot 4 for the
lower maximum, but recoyn zed that,
if majority of the ST ilholders
afterward wanted to raise it, they
would do so.
The President would have the
maximum put in the charter so that
it could not be changed.
Mr.. Atherton What is to hinder
them petitioning for a dissolution of
the charter?
The President No; would never
90 so far as that.
Mr.. Thurston submitted his resolu-
ton amended as suggested, and on
motion of Mr.. Cooke, seconded by
Mr.. Atherton, it was adopted as fol-
lows:
Resolved, That the principle of
consolidation of the two telephone
companies, proposed by the two
Boards of Directors, be approved by
the stockholders of the Mutual Tele-
phone Company, provided that one
/ of the terms Of such consolidation
shall be that there shall a maximum be
limit to the rates to be charged, which
shall be rs follows: country stations,
$3.50; business houses, 81; dwelling
houses, So a month";
THAT the Directors be authorized
to prepare form Of agreement for
such consolidation which will be ac-
cepted by the Bell Telephone Com
pany and submit such agreement to
a fulnrr meeting ot tins company "
Judge liiekerluH asked II that did
not put them buck 10 whore they
wero last Yeur
The President Nu hNe some
thing tangible nuN
Judge lipkruuu llid unl Asl
WrtlluH nulhuuN llu Dlrlur ~
piurmi sllh consolidation
lhr l'IrNlrul tnIi lNll mpIIua
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"a lH. Ha HNI.H aH I.h.H. I.
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UH ui $1,000 H auI HH
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