Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1915-10-26

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evidence by the plaintiff.
Mr.. Castles testimony showed that
from 1899 until 1908 the capital
stock OF the Rapid Transit was in
creased from 100000 to 10000.
Taking up the, first increase in the
capital stock of the company, Mr.
Castle testified, with the aid of rec
oris, that meeting of the stockhold.
ers OF the Rapid Transit was held on
September Is, 1899, there being 116s
shares represented. At this time the
capital stock was raised TO $500, 0Oe
| by the issuance OF 100000 worth of
new stock. A letter from the depart
ment OF the interior, addressed to G.
II. Atherton, then secretary of the
company, and acknowledging receipt
of notice OF the Increase, was placed
in evidence.
Increased to $780, 900.
Another meeting of stockholders
was held on January 25, 1901, there
being 1887 shares represented. At this
meeting the capital stock of the com
pany was increased to 100000. IL
was testified that at this time the cost
OF the property OF the company ex-
ceeded $500, 900, and that the purpose
OF the increase in capital stock was
for the purchase of equipment rather
than further extension.
On January 80. 1902. testified Mr..
Castle, a meeting was held at which
time it was voted to increase the cap
ital stock to 100000 On April 5 of
the same year, another meeting was
held at which was read commune
cation from the s. NJ Castle estate.
This communication, according to
minutes read in court, set forth pro-
posed agreement whereby the SIN.
Castle estate, which then owned $209.-
900 worth of the bonds of the COM
pariy, would surrender all its bonds
in exchange for an issuance OF stock
|at par, preferred, with the right to
exchange to common stock at any
time. The agreement also carried a
proviso whereby the estate would re-
ceive a bonus of Is per cent, amount
ing to approximately $4,000.
The company, the minutes related,
took up the bonds of the estate in
exchange, as regarding the agreement.
This was includede in the increase to
$500 900, IL was testified to, and re-
suited In the changing of some Of the
stock of the company to preferred.
Hall Million Stock Dividend.
On May z, 1902, at a special stock
holders meeting the capital stock of
the Rapid Transit was increased to
100000 Another meeting was held
on June 6 of the same year, at which
time resolution was passed ratifying
the increase to million dollars, and
distributing the stock of the company.
The distribution included a $500yG00
stock dividend.
Mr.. Castle testified that on March
25, 1908, meeting was held to con-
slider the purchase OF the Hawaiian
Tramway Company, corporation
which was controlled in London, and
which operated mule-drawn tram cars
through the streets of Honolulu. The
purchase price was approximately
$325, 500. The contract regarding the
purchase was ratified and approved
at the meeting.
) In connection with this meeting,
the Issuance of $500 shares of stock
at the par value of $3.50 900 was au-
thorized. This increased the capital
stock of the company to $3.50, goo.
with Mr.. Castle stiil witness. the
records of the company containing
for bond issues were
TO be taken up this afternoon
Clinton O.. Ballentyne. manager OF
the Rapid Transit. was called By the
plaintiff as q witness this afternoon to
testify regarding the oscillations OF
the company from the sale of stock.