The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1904-03-12

terhouse Trust Co. F. j. Cross, the
promoter of the wireless, who controlled
the majority of the stock at yester-
days meeting, is dissatisfied with the
management of the affairs of the COM
pany, and through his attorney. F. z.
Thompson, objected to carrying out the
arrangement made by the board of
directors (of which he is one) with the
company that is furnishing the money
to improve the system. Waterhouse &
Co. have a claim against the company
of over $500 which is secured by
mortgage on all the property of the
company, as we'll as by the agreement
with the Board of Directors. Thomp-
son said that he was willing to give
the Waterhouse Trust Co. all the secu-
of the agreement, which took entire
control of the affairs of the wireless
from the hands of the stockholders and
placed it in the Waterhouse Trust Co.
DIDN'T OWN THE STOCK.
Before the meeting opened, NJ. P.
Robinson, as president of the Oceanic
books as owning $50 shares, stated that
he wished to say that the company re-
linquished all ownership in the stock,
and he would revoke the proxy given
to f. J. Cross at previous meeting.
The release presented at the meeting
was an agreement signed by r. H.
Trent, as treasurer, on behalf of the
Inter-Island Telegraph Co, releasing
the Oceanic Company from liability
for the assessment on the $50 shares,
amounting to $500, in exchange for
receipt for 1896 owing to the Oceanic
Company by the wireless. Mr.. Robin
son stated that no one knew who had
subscribed for the $50 shares and that
the Oceanic Gas and Electric Co. was
not responsible, although one assess
ment had been paid.
EXCHANGE OF STOCK.
There We're altogether 1121 shares of
the 1000 represented at the meeting, of
which Cross held about 700. w. W.
Hall, presided at the meeting in the
absence of G. ]. Waller. the president.
F. ]. Cross moved that the meeting
consider the disposition of the assessa-
BILE stock which was advertised for sale
today. The motion was seconded by
F. E. Thompson, who presented the fol-
Whereas, pursuant to instructions
from the Board of Directors of the In
ter-IsIand Telegraph Company, Lin
tied, it's Treasurer has advertised for
sale on Saturday, the 18th day of
March, A. d. 1904, certain assessable
stock of this Company upon which as
are due and unpaid. and
Whereas, the market is not in a con- |
-, fof, rN,,ic l1al
stock so advertised for sale, which, if i
bought in at nominal price, would |
place. in the hands of spectators, one
fourth of the stock of the Company, |
and
Whereas, we believe that the organ |
izers and original stockholders should, |
so far as possible, be protected in the |
amount of their several investments,
Therefore, be it resolved: by the |
of the Inter-Island Tele- |
graph Company, Limited, at a special
meeting thereof, held in the Castle &
Cooke Hall, on Friday, the 18th day Of
March, A. d. 1904, at the hour of $3.50
p. m, pursuant to due and regular call,
that the Treasurer be, and he is here
oy instructed to withdraw from sale
said advertised delinquent assessable
stock, and
dent and Treasurer of this Company
De, and they are hereby authorized,
and directed, upon the re-
luest of any holder of assessable stock
lpon which assessments are due and
unpaid, to issue in lieu thereof as many
shares of paid up stock as the total |
amount of the paid up assessments on
said stock is divisible by so; the asses
sable stock so acquired to be and re-
main in the Treasury of the Company
In the event of there being a remain
Ter after the division of such total
amount of paid assessments by 90 the
to have the right to pay
n cash the difference between such re-
nafnder and fifty and receive therefor
/ share of fully paid up stock.
r. H. Trent moved as an amendment
that the treasurer be authorized to buy
n the stock offered for sale, bidding up
to the amount paid in, the stock to be
turned into the company treasury.
This Mr. Trent said would give every
a pro rata share of the
stock.
Mr.. Thompson said that the action
proposed by Mr.. Trent was contrary 10
the charter, as the company could not
hold any of it's own stock. He said
that there were oVV shdlSS ~ DS foiN'
which some Spectator might pick up at
4 dollar per share, and then by pur-
chasing sol shares more secure control
Of the company
Mr.. Trent said that the sale of the
assessable stock had been ordered at a
meeting of the directors. and he asked
Why directors who had voted for this
action, should now speak through at
against the action. Mr.. Trent
withdrew his amendment and Thomp-
sons resolution carried.
THE AGREEMENT.
A letter was next read from rhe
Henry Waterhouse Trust Co. asking
that action be taken on the agreement
made with the Board of Directors. The
lgreement. which was read, provided
that the Waterhoysa Trust Co. should |