The Hawaiian gazette., 1909-06-08
|MUTUALS ARE
READY FOR
WIRELESS
tFrom saturdays Advertiser.)

-
The Mutual Telephone Company
held special meeting of its stock
holders yesterday morning to consider
the subject of amalgamation with the
Wireless Company. There were 49,
234 shares represented out of a total
of $4,000 shares outstanding.
The stockholders voted unanimously
10 carry out the recommendations of
the committee, consisting of Geo. r.
Garter j. p. Cooke and L. A. Thurs
ton, heretofore made, recommending
the amalgamation and the use of the
Mutual Company's charter and fran
chise for that purpose.
Unanimous resolutions We're passed
by the meeting covering the various
recommendations made by the COM
mittee. Chief among these were
amendments to the charter Increasing
the authorized issue of the stock of
the company to s1,0O0,0OO: increasing
the present issue by 100000 making
the total present issue $3.50, 900, divided
into 25'O00 shares of a par value of
$40 each.
The new issue of S1OO. 900 will be Maid
through the Wireless Company in ex-
change for all of its property. assets
ana franchises. The latter will then
disincorporate and distribute it's
shares to the present stockholders.
they receiving two shares of Mutual
stock for each share now held by
them in their own company.
Other amendments to the charter.
were extending the term of its corpor-
ate life to the full term of fifty years:
broadening the scope of it's powers
to enable it to do a wireless tele
graph business to points beyond the
limits of the Territory; and authoriz-
ing it to borrow money either on
open account or secured by mortgage
and coupon bonds.
Amendments We're also made to the
bylaws, increasing the number of di-
rectors from five to seven. John
Waterhouse and Richard Cooke were
elected to fill the two new offices.
AS soon as the amalgamation is
completed the board of directors will
be reorganized and will consist of
four directors from the Mutual Com
pany and three from the present
stockholders of the Wireless Com
pany.
Inc meeting also unanimously voteG
TO take over from c. j. Hutchins the
option for franchise for the ex-
elusive use for the Territory of the
automatic telephone; the lot of land
at the corner of Merchant and Bishop
streets now owned by him and the
option on the adjacent lot owned by
the Peacock estate; also all the en-
gineering and other data and the sub
scriptions for approximately 100
telephones which were secured by
him few months since. Mr.. Hutch
ms receives only his actual cash ex-
penditures in connection with the
foregoing.
Mr.. Gartley Heard From.
Geo. r. Carter, Treasurer of the
Mutual Company, reported that he
had heard from Mr.. Gartley, who is
investigating the relative merits of
the Automatic and Manual telephone
systems. He had completed his in
vestigation at San Francisco and Los
Angeles and was about leaving for
Omaha, where the Automatic tele-
phone has just been installed by Mr..
Hummel, the telephone expert who is
now studying the situation in Homo
lulu. Mr.. Gartley expected to be
back in San Francisco by the 18th of
June, hoping to leave for Honolulu on
the steamer of that date; but would
remain longer If necessary.
Mr.. Carter also reported that Mr..
Hummel had about concluded his
study of the local situation and con-
ditions' and would report at an early
date upon the necessary work to be
done outdoors in reconstructing lines.
1t is Intended to put most of the lines
in the city under ground.
The directors were authorized to
make all of the expenditures called
for by the votes of the meeting. This
will be done by money to be tenn
porarily borrowed, the same to be
ultimately covered by bond issue.
An issue of bonds is temporarily
withheld until a decision is arrived
at as TO whether the Automatic or the
Manual telephone system shall be
adopted. as the amount of the issue
will depend upon this decision, a con-
siderable larger amount being involv-
ed IL the Automatic system is adopted.
The outside work now being re-
ported upon by Mr.. Hummel will be
carried out just the same, whichever
system is adopted as 1t is the inten-
lion of the reorganized company to
establish in Honolulu the most per-
feet telephone system which money
will buy.
The wireless Company has already
acted affirmatively and unanimously
upon the proposition TO amalgamate
with the Mutual Company, so that
nothing now remains to be done TO
carry the amalgamation into effect,
but the execution and delivery of the
necessary documents, which will be
accomplished within the next few
days