Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-08-29
HAWAII RAILWAY
BONDS AND STOCK
Being DELIVERED
Long Work of Adjustment Ends
and Bondholders Receive
New Securities


Railroad Bondholders' Protective As
sociation began the distribution OF the
bonds and preferred stock OF the Tia.
wall Consolidated Railway. Limited.
The distribution Is announced In
notice signed Hawaiian Trust compa.
ny and John r. Gait. treasurer Bends
and stocks are delivered at is office,
Kauekeolani building. on surrender OF
the committees certificate OF deposit
After months Of work the committee
which was appointed TO safeguard and
protect the interests OF depositing
boudholders Of the Hilo Railroad has
completed its work and rendered It's
final report.
A receiver was appointed. the prop
erty sold. new company. the Hawaii
Consolidated Railway Company. has
heen organized and not only have the
interests OF the bondholders been pro-
tected but so also have the interests OF
stockholders and unsecured creditors.
Weeks ran into months of hard work.
meeting after meeting has been held
and now bonds are signed and stock
certificates In the new company are
issued.
The report OF the committee just Is
sued further tells Of the organize
ton of the Hawaii Consolidated and
story dating back MANY months. OF
the progress made step by step from
the deposot Of bonds of the old com
pany to the organization OF the new.
or the $4,500.00O bonds Of the old
company $4.496.50 were turned In TO
the COMMITTEES. OF the 1909 issue $1,000
and of the 1901 $4,000 we're not turned
In and the holders of those tonds were
not located.
The report recites the court proceed
ings, naming OF receiver and the sale
and then proceeds to give the basis
upon which the new company has
been organized.
Holders Of the 1901 Hilo Railroad
bonds under the committees plan OF
reorganization receive bonds tn the
new company to the extent OF 50 per
cent OF the par value Of the bonds
which they deposited with tho com.
mittee and preferred stock OF the
per cent issue to the amount OF 42 per
cent OF the par value Of the old bonds
so depositad pfiis accrued interest Tor
the Is months to April, 1916. on such
old bonds.
Bondholders OF the 1903 issue re-
ceiye bonds OF the Hawaii CONSOLIDATE
cd Railway to the amount Of so per
cent of the par value OF the
bonds they deposited and z per cent
preferred stock for the other so per
cent, plus Is months accrued interest
to April, 1916.
Unsecured creditors and holders OF
the preferred stock of the old com
pany receive per cent preferred
stock in the new company to the full
amount of their. claims In the instance
of creditors AMI the par value OF their
shares to such stockholders.
Holders of the common stock Of the
old company, $1,000, 900. the balance
having been surrendered under agree
ment, receive 100000 Of common
stock In the new company
In conducting the affairs OF the Ha-
wall Consolidated Railway Company
holders of the I per cent preferred
stock are entitled to two votes for
each share OF stock they now hold and
the per cent preferred and the ecm-
IRON stockholders one vote.
The z per cent stock Is cumulative
and the per cent non-cumulatiFe.
Depositing bondhoIders are nov
bondholders and first preferred stock
l.olders In the Hawaii Consolidated
hallway, Limited, With n capital Of
$3,654,960, made up as follows:
12S,750 shares, per cent
preferred, at $40 .s..... sS2,54o,000
33,99S per cent preferred
at $50 Commandments. 6t9svo0
10000 common stock at $50 100000
= The bonded Indebtedness is 81
350, 900.
The officers of the Hawaii Consoli-
dated Railway, Limited. are J. X.
Gait, president; A. w. T. Bot
tomIey, treasurer, and II. H. Walker,
secretary. The directors are these
officers, with the exception Of the
secretary, It being provided that the
secretary may be selected from With
out the board: A. N. Campbell, A. f.
Judd. A. Lewis, Jr., e. ]. Spalding and
Z. II. Wodehouse. The Audit Com
napy ~ He Uofi i1 ossr4ffrr