Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1915-10-25
ital stock now outstanding is OF the
par value OF sl.205.5

L 5tl
Cost o. Property.
THAT your petitioner has been in
formed by an expert accountant. who
has examined the books Of the safe
Honolulu Rapid Transit & Land Com
pany, that the actual cost OF the pr9p
Ierty OF said railway Il S79s.4l7. and
lyour petitioner believes the statement
lof said expert accountant and there.
fore charges the fact to be the actual
cost OF the property OF said railway Il
s7e5. 4eT.
THAT the amount OF capital stock
now outstanding to wit, Gapital stock
OF the par value OF 1907 500. exceeds
actual cost Of property at the railway
and % per cent Of such cost in at.di
tion thereto.
WI.
increase in Stock Planned
That the said Honolulu Rapid Tran
sit & Land Company plans and in
tends to and will. unless restrained by
the, order of this court, further i'm
crease its said capital stock to the
sum OF 81 200, 900. and that silch pro-
posed increase, when taken with the
present existing capital stock. does
not and will not represent only the
actual cost Of the property of said
railway and not over % per cent OF
such cost in addition thereto but on
the contrary said proposed increase
when taken with the capital stock of
said corporation now existing. will far
exceed the actual cost OF said railway
and % per cent of said cost In asidi-
ton thereto, to wit: the sum of $685.
4fl7. plus % per cent of said S795. 40I.
VIII
That your petitioner is without any
adequate remedy at law.
Injunction Asked.
that said respondent be summoned to
appear and answer this petition. an
sWers under oath being hereby express
~ waived, and to show cause why an
Injunction should not be granted, re-
|straining said respondent from increas-
ing said respondent from increasing
said CAPITAL stock of said Honolulu
Rapid Transit & Land Company to the
sum OF $1,000, 600 or to any amount. in
excess of the present capital stock of
4
said corporation: and your petitioner
further prays that, pending hearing
hereo1l, the said respondent be en-
joined and restrained by order of this
court rom increasing the capital STOCK
OF saia Honollilr RAPID transit & Land
Cohpahy 20 the amount % si'0'tV.vuV
Ut ~ guy an,ouM. ~ eAcsss ~ VIZ
~ -. - ~. 80 s.. sa,u -. ~ =. =
~, - g. u q .s...as
~ $3.50 49,, .,,, - :. .'.s -
asa -. - asss = IIs.,,s,,s
49, 49,. 49, =. IS - ..s
49, ~, = a..... - essS
49, a.ts -. aT =. = = $50 : sosA
80 ! -, -..-s,.,s
nsp'os ssHs't : ANSWER.
The Rapid Transit's answer was
Iiied on july "a.
Among otner Things. the answer OF
the company denies tnat the actuaI
cost OF the property OF the railway at
the time OF the filing OF the Dill was
SIS9s4vh ana says tnati the aetuai cost
az that time was ana now exceeds
the sum Of SE,lIl.sH.
Inc answer denies ,tnat tue amount
-....-e--s :,
tne time OF the HING OF the Dhi-tnat
Is, stock 70 the par value OF Si.zVI,-
oVor-exeeeded the actuai cost q the
property o. the railway ana 20 per
cent IN addition thereto.
AnsWeflnes pafasrapa Z OF the Dill,
Inc respondent says
I That neither its directors nor its
stockholders have taken any action.
looking to the increase Of its capital
stock to the sum Of $1,606,000, or to
any other sum, but that after a full
Investigation by the legislative and
executive branches Of the government
of the territory OF Hawaii, as to the
amount OF capital stock which the re-
spondent was then entitled to issue,
in case 1t should be granted an extern
sion OF it's franchise for . period Of
approximately 20 years, an act was
passed by the Legislature and approx
ed by. the governor on April 70, 1913,
which in terms provided, among other
things, that the respondent might in
crease its capital stock as OF January
i, 1919, to $500, 900 and issue to its.
Stoekho ldersr of that date, or, their