The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1902-01-31

NAME OFFICERS

At the annual meeting of the stock
holders OF the Honolulu Rapid Transit
Company, held yesterday afternoon, the
corporation received the reports of its
officers and chose a board of directors
and officers which show few changes
from that of last year.
The reports show the company to be
in excellent financial condition. For
the purpose of extending the road the
stockholders decided that the capital
stock of the company should be in
creased to 100000, an addition Of $780,
600 to its capitalization.
The meeting of the company was a
large one, there being 2051 shares out
of a total of $500, represented. The
elections resulted as follows: President,
l.. A. Thurston; vice president, ]. B.
Atherton; secretary, ]. A. Gilman;
treasurer, l.. 4. Peck; auditor, Charles
H. Atherton: directors in addition TO
the above, w. r. Castle, George Castle
and j. ii. Fisher. c. G. Ballentyne,
the manager, was also made a director
-otficio. The report of the manager,
which was read at the meeting, sets
forth the condition of the company in
full, and is as follows:
The Stockholders of the Honolulu Rapid
Transit and Land Company, Homo
lulu:
Gentlemen:-In presenting this third
annual report your manager is glad to
be able to state that after experiencing
the delays and setbacks with which you
are all more or less familiar the COM
pany completed the installation of its
power plant and the construction Of it's
roadbed and overhead structure from
Alexander street on Wilder avenue to
Wyllie street. on Liliha, via Hotel and
King streets. a distance of 14,726 feet
and on the 3lst of August the operation
of this part of cur system was begun,
the Governor of the Territory with ap-
propriate ceremonies, turning the throttle
valve and wishing the company the sue.
cess it deserved by reason of the install
lation of plant of such superior char
acter.
On the 23rd of April contract was en-
tered into between the Rapid Transit
Company and the trustees of the Oahu
College and the Island Realty Company
for the extension of the company's tracks
from the intersection of Punahou street
and Wilder avenue to and through the
land tracts of the Oahu College and the
Island Realty Company, a distance OF
1856 feet, they agreeing to supply all the
ballast, perform all the labor required in
laying the tracks and building the over
head structure, and pay a bonus of ST.
1926, In consideration of the company's
supplying the track and overhead mate
rial This extension was completed, and
operation. in accordance with the re-
quirements of the contract, was begun on
October 3lst
On the 31st of October a contract was
entered into with James s. Mckee for
the construction of an extension COM
n encing at the junction of King and Ii
liha streets, to Kalihi, distance of 10. go
feet. This contract was completed as
far as the Tramways Companys stables
and operation of this portion of the road
was begun on November 2lst. The re-
naming portion of this extension was
completed on December Sth and the serv-
ice extended to Kalihi. This gives us
total track mileage in operation, includ.
ing turnouts. of S.44 miles
These lines are now being operated in
three sections. known as the 'main line"
extending from Alexander street and
Wilder avenue to Kalihi; the "Liliha
street line" from Wyllie to King street
with transfer point at King street; and
the 'hanoa Valley line" with a transfer
point at Punahou corner.
Your directors are glad to be able to
inform you that the success met with in
the operation of these various lines has
exceeded their fondest expectations, the
income not only meeting the expense ac-
count but far exceeding II. The income
to December 31st-four months-was
A2 $685. and the operating expense &C.
count, $2i.2 1920; leaving a balance of S1s-
6c9.65. or Sc Clio per cent OF the income,
which is certainly a very favorable show
ing, and one with which the shareholders
mileage Increases we hope to be able to
make even more favorable showing,
especially SO when we have our lines ex-
tended to Waikiki and King street.
One item to which I wish to draw your
attention is the fact that there has been