The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1910-04-07

national Telegraph Construction Com
pany.
What the securities Of this subsidiary
| company, or the other companies CON.
| sroLed by the United Wireless com
pany, may be there i no apparent way
| Tor the intending investor 10 ascertain.
''Patents and patent rights ar
listed as worth 5,320,-336c. Stock in
the treasury of The company to the
| amount of $4,>23, 400 par value is also
| carried in the list OF assets. This treas.
ury stock, according to Scale, is pre-
ferred stock. Next to the items Of
| treasury stock, patents and patent
rights and stocks and bonds of other
| companies, the largest item listed under
| the assets is $4,000 for boat stations
and contracts. On what basis the value
Of these contracts is computed is not
patent
Land stations and sites are listed at
| S6l2, 900 These would seem to be fairly
tangible assets, providing the land is
held in fee simple,
The items of factories and equipment,
| $50, 552.54; real estate, S34 1920; fur
niture and fixtures, $25 ,990.15; cash il
| the treasury and treasury agents, $3l1,
| 44S.70, and bills and accounts receIv
| able, $105, 7S6.77, would seem to be
pretty tangible. Whether the land re
| ferred to under the heading "raal es-
tate includes the land station sites
held in fee simple is not Indicated.
| A glance at the following Bile, which
| is taken from a copy of the financial
| statement Of the United Wireless Tele-
| graph Company for January 10, 1919,
| handed to the editor of this department
| yesterday by Fiscal Agent Scale, Will
| shaw what a small proportion of the
listed assets show themselves to be
| tangible on their face:
Patents and patent rights. $500
$3.50; United Wireless Telegraph Com
| pany stock IN treasury lpar), St,>25.-
| 100; stock and bonds other companies
! tbook VaIuA). Slf,l4S.6Io; factory ma
teral on hand and completed equip
ments, Hlo9,o'2.oS; factories and equip
mentS, 35.3o2.34; land stat ons and
sites, $6l2,ooo; boat stations and GO j.
tracts, SNl',ooo; real estate, S34,292.2o;
furniture ana MIXTURES, S-o,'9o.'4; cash
! N treasury and treasury agents, SILL
1880; bills and accounts receivable,
sos. 1851; total, S26,399,94Il3
STOCK and bonds IN other companies
companies unknown), listed at par
value, would not be considered very
strong as assets by the thinking busl-
ness man, yet from the above II VIII
be seen that more than fifty per cent.
of the total assets are Jumped under
that head.
Preferred shares of United Wireless
stock are now being sold at 400. That
i, one share, par value SO, costs the
purchaser $40. This is spite of the fact
that the company has never paid a
dividend. just what agency should
force non-dividend paving stock up
10 any such price is question 1t has
evidently been the practise of the com
panv to advance its treasury stock at
regular intervals. but npon what
grounds is not altogether plain. Writ
mo under date of March 10, 1910. Gen
eral Fiscal Accent George n. Parker
addresses the Stockholders of the com
many a. follows.
- Stock is now selling at $40 Der
sboro p-h;.b i ,-orv Low considerino
tho ;ncon1o of tho comnapv and It's az.
sats Ion viii note Inv the animal
statement we increased our assets over
ona Million and uarter dollars the
mast year OF course our assets will
increase . GREAT deal faster from now
on than they have in the mast We eX-
nnct hevopi all onastion ia eonin from
nua "a two Thousand of the large steam
sbins before our naxt animal meeting
We are huildino factories now that we
bono viii onahIa nc to take care Of
ia contracts as Fast as thev are re-
.a;,-oa Will ,,oS IN Now Work tho
comnan, r,,s RECEIVING contrarts from
the steamshin companies in excess Of
fonr steamships nor day.''
The United Wireless, stock being of
ferrd here takes the form Of preferred,
non-cumulative. participating shares,
uayino ner cent diyidcnds (when the
company GETS readv). That is. these
shares must pay dividends at the rate
Of per cent per annum before any div
dend> can he paid on the common stock.
After the preferred stock is looked
after the profits viii 90 to the com
mon stock to the extent of ! per cent
per annum, par value. After the com
mon stock has been cared for the sur
plus earnings VIII be divided between
preferred and common stock, share anu
share alike.