Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1915-04-30

time TO time increased ltS capltaI
stock, so that the amount of said cap
ital stock now outstanding Is of the
par value of $1,207,500
V
Cost Of Property.
That your petitioner has been in
formed formed by an expert account
ant, who has examined the books OF
the said Honolulu Rapid Transit &
Land Company, that the actual cost
of the property of said railway is
1895 ,4O7, and your petitioner believes
the statement of said expert account
ant and therefor charges the fact I'd
be the actual cost OF the property of
said railway is $795, 407.'
vi
THAT the amount Of capital stock
now outstanding, to wit: Capital
stock of the par value of $1,207 500,
exceeds actual cost of property Of the
railway and Is per cent of such cost
in addition thereto.
VII
Increase in Stock Planned.
THAT the said Honolulu Rapid
Transit & Land Company, plans and
intends to and will, unless restrained
by the order of this court, further in
crease its said capital stock to the
sum of $1,600,000, and that such 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 Is 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 Is per cent of said cos tin addf
ton thereto, to wit: the sum of $685.
407, plus % per cent of said $795, 40T.
VIII
THAT your petitioner is without
any adequate remedy at law.
Injunction Asked.
"Wherefor, your petitioner prays
that said respondent be summoned to
appear and answer this petition; ans
under oath being hereby express
ly waived, and to show cause why an
injunction should not be granted, re.
said respondent from in
creasing said capital stock of said
Honolulu Rapid Transit & Land Com
pany to the sum of 81 100000 or tot
any amount in excess Of the present
capital stock of said corporation; and
your petitioner further prays' that,
pending hearing hereon, the said re-
spondent be enjoined and restrained
by order of this court from increasing
the capital stock of said Honolulu
Rapid Transit & Land Company tol
the amount of 100000 or to any
amount in excess of the present capt.
tai stock of said corporation; and that
said respondent be enjoined and re-
until further order of thisl
court from paying Or attempting tol
pay any dividends upon any capital
stock of said Honolulu Rapid Transit
& Land Company other than upon the !
amount Of said stock now outstanding,
and that upon final hearing hereof, |
that said injunction be made perpet- |
lal and for such other and further
relief, as in equity and good consci-
to and for costs of this action.
Honolulu, April 80, 1915.
TERRITORY OF HAWAII,
by INGRAM M. STkINBACK,
Attorney General"
The 1913 legislature passed an act |
10 grant, with the approval of Con-
eress. a franchise extension; to the
'ailway for a period Of 81 years. to
'eplace the present franchise Is years
hence. The present franchise pro
7ides that all profit over 8 per cent?
De divided with the territory, but to
late it is alleged the street car COM
Dany has paid nothing into the terri
orial treasury, but instead, to lessen
he per centage of dividends, is al
eyed by the territorial officials to
have "watered" its stock. The pro-
posed new franchise povided that 212
yer cent of the gross receipts of the
company go to the territory.