Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1902-01-16
WIRELESS TELEGRAPH
COMPANY WILL REDUCE
ITS CAPITALIZATION
Manager Cross Makes Statement as
To Condition System Should
Be Working SOOn---LOan
Authorized.

The annual meeting Of the share
holders and directors Of the Inter-Isl-
and Telegraph Co. was held yesterday
afternoon in the Office of +. J. Cross
Stangenwald building. Those present
at the meeting were: +. J. Cross
manager and president, W. r. Far.
rington, secretary; c. ]. Hutchins
treasurer; Il. c. Brown. J. H. Fisher.
Robert Cation and W. II. Hogs There
were 1871 shares out of the 1000 repre-.
scented. TREASURER Hutchins made .
verbal report. saying there was s. in
the bank and that this had ben garni-
sheed. There was an Indebtedness Of
$4,000, Robert Cation being the prin-
cipal creditor There was $4,000 in
unpaid assessments which could not
he brought in. none Of the sharehold.
erg being willing to pay cent of the
money due. Even those who had paid
their assessments regularly at first,
rad Joined the others.
Manager Cross stated that the sys.
TEN started on March ?. 1901. and that
for three months afterward IL did not
pay expenses or interest. this being
largely due to the inefIiciency Of the
operators. At the end OF that time
the system was working satisfactorily.
Just at about that time Marconi made
demand for the balance due him
This not being forthcoming. he re.
fused to supply any more material
The tubes began to play out. The man
ager was unable to secure any more,
the system began to work poorly. and
on November %. there was a complete
shut down.
The speaker said he left for tho
Mainland in September to get new
tubes and make the repairs himself
He returned with some of the mater.
ial and had made the tubes which have
been found to work satisfactorily. Now
there was no money to put the opera.
tors back again
When the tubes were sent to the sta.
tons, the batteries were found to I'D
very weak. Treasurer Hutchin8 pro,
cured new batteries here and forward.
ed them but many were SIN on tho
docks of the various islands. there
being no. money to move them to the
stations There was no fault in the
system. which had been demOnstart, {
TO work as promised but the company
had been operating on shorr capital
owing to the stockholders having fail
ed to pay their assessments.
Mr.. Gross, continuing. said he woul,
turn back his promoters stock IN OF
der that paid-up stock could be giver
TO the stockholders for what they ha,
paid In. He also suggested that tn,
proposition of reducing the capita
stock from 100000 to $50. 900 or 500
900, be adopted.
W. II. Hogs said he favored the re
duction OF capital. There had been 10,
many peanut stockholders" in II.
company when 1t started. These haC
really blocked the successful opera
ton OF the system, since they positive
iy refused to meet the assessment,
agreed upon. The same had been trl,
or the Nahiku plantation. lie ha,
faith in the entire wireless telegram
proposition, and he was anxious to So,
the system operating once more.
It was stated by Treasurer c. ]
Hutchins at the meeting that the sys
TEN had cost $4,000. and that ther,
was now $4,000 In debts to be consider
ed. On the new basis OF reducing III,
capitalization, issuing paid-up stock t
assessable stockholders. and market
ing the remaining stock. there woul,
be surplus after paying the debts
which would give the company
financial footing.
The election OF officers resulted a,
follows; President. F. J. C:oss; vie,
president. w. w. Hall; secretary. w
X. Harrington; treasurer. Clinton ]
Hutchins; auditor. r. C. Brown. Thes,
Officers and the following namad form
the new directorate: C. a. De Cew. ]
A. Magoon, L. o. White and W. II
HOOgs.
On motion OF c. J. Hutchins. the, di
Fect0rs decided TO authorize thr direc
tors to negotiate a loan to cover ad
yances which may he obtained and I,
start the system again.