The Hawaiian gazette., 1904-03-15
WIRELESS COMPANY
IS IN MORE TROUBLE

s tne ChHiter, as the company could not
hold any of its own stock. He said
that there We're 800 shares to be sold,
which some Spectator might pick up at
a 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 ut n
meeting of the directors, and he asked
why directors who had voted for this
action, should now speak through at
torneys against the action. Mr. Trent
withdrew his amendment and Thomp-
sons resolution carried.
THE AGREEMENT.
A letter was next read from the
Henry Waterhouse Trust Co. asking
that action be taken on the agreement
made with the Board of Directors. The
agreement, which was read, provided
that the Waterhouse Trust Co. should
manage the affairs of the company, in
consideration of furnishing $4,000 for
certain improvements in the system.
The trustee is to receive s166.66 per
month. for office rent. bookkeeping and
services, and is also to have member
on the board of directors, and TO get
mortgage on the entire property of the
be no change in the directors while the
agreement is in force
Mr.. Davies moved that the agreement
be ratified, and he was seconded by II.
G. Brown.
Mr.. Thompson said that the agree
ment could not be ratified, that 1t gave
to the Waterhouse Trust Co., the duties
of the treasurer, and the powers of the
nd f. ha NV
laws. He also contended that it could
mt be passed unless the bylaws were
repealed as the directors were given
general management of the company.
He said that while he believed the Wa
terhouse Trust Co should be secured;
as it had bridged the chasm between
poverty and possible prosperity, yet he
did not believe it should be given all
the rights and duties of the stockhold-
ers.
! Mr.. Trent replied that the Water
house Trust Co. had been acting under
the agreement in good faith, and had
faithfully performed its part of the
contract. The Inter-Island Telegraph
Co now had overdrawn its account to
the amount of $4,000, and he believed
the stockholders were supreme to act
as they wished and ratify this agree
ment. If there was a majority against
the ratification of the agreement, the
Waterhouse Trust Co. wanted to know
1t at once as they were vitality inter-
eSted in the matter He did not be-
lieve Mr.. Thompson's point was well
taken, as the Board of Directors had
delegated what authority it had to the
Waterhouse Trust Co. Nothing was
done without first obtaining action by
the directors. The trust company had
n mortgage as well as the agreement,
and had advanced $4,000 showing its
good faith. If the stockholders wished
to throw the company down, the Wa
terhouse Trust Co. would like to know
it. While the company did not insist
upon ratification, it did insist upon
some action on this matter, and also
that the objects for which the meeting
was called be carried out
Thompson said there was an added
objection to considering the agreement,
namely, that it had not been mention
ed in the call for the meeting.
Mr.. Thompson said he had only the
highest commentator for the way the
Waterhouse Co. had carried on the
company commercially, and that he
had no disposition to cut out their
security, but he didn't think it fair
that the concern which had the COM
pany iu hook, should have the entire
management and control He said
that the company could be secured
without taking away the rights of the
stockholders, and that a portion of the
agreement could be approved and GER
tain portions should be rejected, as
pernicious.
r. c. Brown moved that the bylaws
be suspenueu and the agreement rati-
fed. Mr.. Davies seconded the motion.
Mr. Thompson was asked for an opin-
ion as to whether this could be done.
but said he wouldn't want to give a
legal opinion. as it might seem biased,
but he intended to vote against it. He
raised the point of order that there
was a motion before the house, and
Davies then withdrew his previous
motion for the ratification of the agree
ment. The vote on the motion to sus-
pend the bylaws was then taken,
Cross, Thompson, Campbell and Nc
Claim holding a majority of the stock
present voting against 1t.
Cross then moved to adjourn until
Tuesday at $3.50 o'clock, which was
carried.