The Hawaiian gazette., 1904-03-15
(From Saturdays Daily.)

The majority of the stockholders of
the 1nter-Island Telegraph Co. yester-
day refused to ratify the agreement
which that company has with the Wa
terhouse Trust Co. r. 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. T..
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 n claim against the company
of over $1,000 which is secured by a
mortgage on all the property of the
company, as well 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-
rity it wanted, but objected to the form
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
Gas and Electric Co. which is on the
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. II.
hnhulf nj 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 1921 shares of
the 1000 represented at the meeting, of
which Cross held about 200. w. w.
Hall, presided at the meeting in the
absence of G. j. Waller, the president.
f. j. Cross moved that the meeting
consider the disposition of the assessa-
BILE stock which was advertised for sale
touas. me iiio'io,i was 'eeo'iuu
e. iiioiiipsoii' WIZ pie'e''eu 'Ne
lowing resolutions:
Whereas, pursuant TO instructions
from the Board of Directors of the In
ter-lsland Telegraph Company Lin
tied, it's Treasurer has advertised for
sale on Saturday, the 18th day of
March, A. ID. 1904, certain assessapie
stock OF this Company upon Which as
sessments are due and unpaid ana
Whereas, the market is not IN n con-
dition to absorb, at any fair price the
stock so advertised Tor sale, which, IL
bought in at nominal price, would
place in the hands OF SPECTATORS one
fourth OF the STOCK OIL the company
and
Whereas, we believe that the organ
izers and original stockholders should'
so lar as possible, De projected III 'he
amount of their several Investments,
Therefore, be 1t resolved: by the
stockholders OF the lhter-lslahu Ieie,
graph Company, Limited, at a speclai
meeting thereof, held IN the Castle
Cooke Hail, on FRIDAY, the llth Jay %
March, a. ID. l9oi' at the hour OF o'oo
p. M, pursuant to due ana regular call
that the treasurer ne, anu ne 10 hei
by Instructed TO Withdraw from sac
said advertised delinquent assessapie
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