Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1915-01-23
RAPID TRANSIT
URGES GOVERNOR
TO START SUIT
Recent Correspondence Made
Public Double Tracks and
Bus Lines are Planned

7
Following the meeting of the Ho
nelulu Rapid Transit & Land Com
pany yesterday, at which the directors
decided to add nearly mile of double
track to the King street line CORES
pondence between President l.. Ten
ney Peck Of the company and Gov
ernor Pinkham was made public, re
latiye to the investigation Of the com
pany's finances, instituted some weeks
ago by the territorial executive.
The Rapid Transit people again urge
the governor to carry his differences
with il into the courts for a definite
ruling on the various points.
The correspondence arose from the
investigation Of the company's affairs
made by Superintendent C. R. Forbes
of the public works department and
H. Cooling Field, the accounting ex-
pert employed by the governor. The
governor, in letter dated December
80, 1914, submits resume of the
superintendent findings, the execu-
tive asking whether the figures given
by Forbes are correct In the Forbes
report capital stock bonuses and
stock issued without consideration are
itemized, these going to make up a
total of capital stock outstanding Of
s1,207,500.
One of Forbes, items is Capital
stock traded for Hawaiian Tramways
franchise expiring Sept Is, 1916 =
$101 600" The superintendent in
cludes an explanatory addendum on
this, saying, 1891, 900 of this amount
was traded direct, while $4,000 was
sold to Henry E. Cobb and the pro-
ceeds transferred to make up the spe-
cited $101. 000.n
Peck REPLIES.
In his answer to the governors let.
ter President Peck says:
Dear Sir:--In further reference to
your letter of the 5th inst, re Tnvesti-
cation OF H. r. T. & L. Co., in which
you ask IL our figures accord with
those contained therein conioined with
such captions as bonus stock, traded
stock and stock issued without con-
sheraton would respectfully state
that the books of the company, which
have been recently inspected by the
agent for the public works department
do not record any transactions which
justify the adoption of such terms. All
transactions have been entered in de-
tail upon its records and are self-ex-
planatory.
There is not one share of out
standing stock that is not represented
equivalent tangible property at cost,
as has been publicly demonstrated
time and again before legislative com.;
n1ittees, and through the public press.
Il still submit that the financing of
the company, through issuance of capi-
tai stock and evidences for debt, has
been IN substantial accordance
throughout with the Hawaiian stat
utes. Should the government assume
otherwise, / would again suggest that
the matter be referred through some
amicable proceeding to the courts for
settlement, as Sections IL and 81 of
the Granting Act give the superintend-
ent of public works no supervisory |
power in the premises"
.Insconelusion President Peck says: |
However. If you will precisely state |
wherein you are inclined to the opin- |
ion that the law has not been duly OBJ |
served by our company, am conf
dent 1t will be found by frank inter-
change of views that the facts or the !
law, or both have been misapprehend. /
ed by those who have urged certain /
unwarranted conclusions upon your Of !
fetal attention.
Yours respectfully,
a. T. PECK,
a President.
Routes for Bus Lines.
At the meeting OF its board of direc-
tors the H r. r. & L. Company de- !
cided to begin at once doubletracking /
its King street line south from Punch
bowl to Alapai ,tre5t, ara north 1900
feet from the Palama lire station.
President Peck and Manager Eallen-
tyne also were requested To compiled
information concerning proposal TO
establish autobus lines, to work in
conjunction with the streetcars, FRONT
the Kaimuki terminus, ths north King
street terminus and a point iuet north /
of the Kamehameha schools. svs
The third lire would carry passen-
gers to and from Kalii1i FaIiey, the
second would operate between the teri
minaf and Moanalua, thus acco.nmps
dating the people at Fort Shafter. amt
the first would pass the Leahf Home,
going out as far as Fort Ruger. The
would charge a scent fare /
each way on the busses. -
CARD or THANKS.
e
M q zHardastv and sp,;sa do /