The Hawaiian gazette., 1916-07-28
Transportation Folk Grow Weary
Of FooIing With Governor and
On Strength Of Supreme Court
Decision viii Increase Capital
SKATER AND kALAkAUA : D..
IMPROVEMENTS UNDER WAY
Additional 'Paid-up Stock Issue
To Be Authorized Win Provide
$3s2,5oo For King:Sreet Bet
torment and Much other Work

TINE Honolulu Rapid Transit and
Land Company does not propose
20. spend any more time fooling
with the Governor. If that high OH.
cial chooses to amuse himself by carry,
ing on an appeal to the federal circuit
court of appeals in California, at the
expense of the public, he can do so;
but the Rapid Transit company is SC
well satisfied with the soundness Of the
decision of the supreme court of the
Territory that it proposes to proceed
forthwith upon the strength thereof
issue additional paid up stock to the
amount of $780,, 500, thereby increasing
the capital from the present par value
Of $1,20T5OO to 81, 100000.
Stock Issue To Be Limited
The decision of the supreme court
authorizes the company to issue new
stock to the approximate amount of
100000; but the company is propo.
sing to issue only up to the amount
named in the compromised agreement
negotiated several years ago with Gov
crnor Frear, with the approval of the
cOmmittees of the chamber of com
merce and the merchants association
and ratified by the Hawaiian legisla.
ture. This agreement is no longer in
force, it having been repudiated by the
Territory under Governor Pinkham q
guidance, and there is nothing TO pre-.
vent the company now issuing paid up
stock to its present stockholders to the
full amount of 100000 which is the
limit of permissible stock issue under
its charter. The committee is content
however, under existing conditions, to
limit the present issue to the amount
above set forth.
Governor Blocks Improvements
The directors of the company yes.
to-day adopted resolution, recon.
mending the above indicated issue of
stock to the stockholders, a meeting of
whom has been called for Saturday
August 5, at nine O'Clock to consider
the matter
In view of the fact that Governor
I1nkham has succeeded in holding up
the extension of the Rapid Transit
franchise, before congress-, the Rapid
Transit company will not be justified
in proceeding with the several consid
CRADLE extensions under consideration
but the directors yesterday decided t.
60 ahead Immediately with one short
eXtension-that at the northern termi.
nus Of the King street line, 80 as to
extend the track to the top Of the Mo
analua hill, just beyond Fort Shafter.
The company also decided to proceed
as soon as the rails could be Obtained
with the double tracking of Kalakaua
Avenue and the shifting Of the track
to the center of the street in accord.
ance with the agreement with the city
supervisors. The company will also
proceed with the renewal of rails in O
number of places where the joints are
worn down, causing pounding Of the
cars. For these several Improvement,
the directors yesterday authorized thu
Immediate ordering Of 10000 ties and
rails for FIVE miles OF track.
Resolution to Increase Stock
The following is a copy of the roso
luton adopted by the directors fuI
increase Of stock aud of notice to stock
holders of meeting to ratify the same
Voted that the directors recomme nd
to the stockholders to increase the capi
tai stock to $1,600.000 by the issuing
Of 1892, 500 Of paid up, non asset sable
stock pro rata to the stockholders al
record of the date of said meeting t.
cover in part amounts actually invest
ed in the plant of the company in ex
cess of outstanding issued stock which
the company is authorized to issue Il
its stockholders under the decision OF
the Supreme Court of the Territory OF
Hawaii; and that the same be proper
tionally distributed, as provided by the
bylaws of this company, fractions OF
shares to be sold as therein provided
and the proceeds distributed pro rata
among those entitled thereto.
Notice Of Special Meeting
Notice of a special meeting of thu
stockholders of the company, to con
slider the question Of increasing tn,
capital stock Of the corporation and thu
methods of issuing the same. anC
whether the same or any part Thereof
shall be issued as paid up, non-assesSN
bic stock to be issued pro rata to the
stockholders for amounts actually in
vested in the plant of the company
in excess of outstanding issued stock
appears In another column of this is
sue of The Advertiser. The meeting
will be held Saturday morning, Auo
nSt 8, at nine O'Clock, at room 60!
Stangenwald Building.