Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-12-03
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exiires September u, 1919. and has
no value.
Ledger Account.
Hawaiian tramwlys franchise
! purchase ..................$ $50, :,:,u
Sources Of Payment.
| (Cl Honolulu X. T. e. l.. Co..
stock issued .......... $500. Sl0I ,OUJ
: Cd Honolulu r. I. & l., CO..
| bonds issued ............... lJU."ou
Cash from earnings ..... 400
S255. 75u
No stockholders (c) or bOndholders
-, I'd cash went into this transaction,
but it vas a paper transaction that
! must be ultimately made good by the
public through surplus earnings retir-
ing the above evidences Of obligation
to the amount Of $251 900.
Ledger lnVestment-Stock, Pearl Har.
Dor Traction Co.. Ltd.
| No consent Of the territory through
its representative. the superintendent
OF public works. for the below invest
ment of surplus earnings is Of record.
/ Stock, Pearl Harbor Traction
| co. ................... $'9,02
! Source Of Payment.
, Cash from earnings H. r. T. &
| l.. Co. S09.U24
! Bonus Capital and Dividends.
| These, properly computed, are as
binding on public good faith as is the
preservation of the stockholders cash
n NV
II, through manipulation based on
foriginally undiselosed, unanaIyzed pow
ers and privileges, the public is de-
prived Of its rights and emoluments,
the facts should be fully comprehend
, ed by all interested.
| Bonus Capital.
This is controlled by section ST.,
lines l, 2, 3, 4, 5, and the first eight
words of line 6, chapter &C, R. L. 1905,
to wit:
| 1T shall not be lawful to increase
the capital stock of said corporation
at any time in excess of said 5000, 900,
unless the proposed increase shall,
when taken with the said original cap
ital stock, represent only the ACTUAL
COST OF THE PROPERTY of the
said railway and not over IS per cent
of such cost in addition thereto"
Statement of Stockholders Actual
Cash Capital Invested in Actual
Property snd Legal Bonus Thereon.
! Total cash paid in $500, 500
Total legal bonus. 25 per cent 1855
Dividends.
These are controlled by section S51,
paragraph 2, to wit:
Dividends MAY BE PAID to the
stockholders. not to exceeu EIGHT
PER CENT on the par value of the
stock issued"
II by design and eagerness to issue
non-cash paid stock, there was any
hiatus in the original stockholders re-.
ceivfng continuous maximum legal div
idends, it is not pertinent to this anal
ysis.
Dividends Accrued and|Psid to Janu.
airy I, 1sfs-As Going Concern
from January I, 1903.
Capital Dividends
Stock. Paid.
On stock paid for by
stockholders ....$606,500 $4,000
On stock bonus. &C.. 151,625 10000
Dividends in full at legal limit $3.50, 900
While the last quarters dividend of
1914 has not been paid, the funds
therefor, $24,l50, iare in the treasur-
er's hands.
There have also been set aside the
two following Suspense Dividends:
June "A. 1913, account of pend
ing franchiset.*.: .$31 400
Jan. 1, 1914, account of pend
ing franchise ......... 1900
= : J 1.E $47,1O0
Present Capital Stock Issued.
At present the capital stock issued
amounts to $1,207,500 and on it divi-
dends are being, paid equal to the lie.
gal maximum of 3 per cent or $50, 800
per annum.
The effect of this rate of dividend is
disclosed'by the price obtained on the
par value 6$100) of shares at the last
sale of Rapid Transit stock in June,
1914, when the stock brought one hun
NA~N anu oAAIy i3tOOJ per
share, or the equivalent of a capitali-
cation of $1,932,00O.
Honolulu Rapid Transit and Land
Company. Summary Of Surplus
Earnings up to December 31st, 1914.
Revenue, above Operating
Exp. and Taxes, to Oct. 81,
1914 ..............!$.... $2,197,191
Revenue, above Operating
Exp. and Taxes, for Nov,
1914 ........ ...... 1854
*Revenue, above Operating
Exp. and Taxes, for Dec,
1914 ............... 1884
$2,230,259
Deduct:
Interest Charges. .......$ 467,89O
Legal Div. accrued on actu-
al share capital contrib