Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1920-02-03
TWENTY-FIFTH
ANNUAL MEETING
WAUSAU TELEPHONE COM
PANY SHOWS EXTENSIVE
GROWTH - CAPITAL
STOCK INCREASED
FROM 100000 TO
S500,000

Last evening was the occasion OF the
twenty-f1fth annual meeting of the
stockholders of the Wausau Telephone
company. The meeting was held in
the offices of the company on Fourth
street and called to order by Nathan
Heinemann, president, at eight o'clock.
l There was over two-thirds of the cap
ital stock represented, much of this
was by proxy, but enough were pres
ent personally, to fill the large Office
room.
The secretary, James Montgomery.
w. w. Albers, submitted their reports,
which were accepted. The balance
sheet showed the standing of the COM
pany
G. d. Jones, counsel of the company,
made the following statement:
ITO the Stockholders of the Wausau
Telephone Company.
Gentlemen:
Your directors appreciate the sup
port we have received from our stock
holders in the past. We have had an
altogether new set of circumstances
confronting us the past year The
very decided advance in the cost of
living and In the cost of material
used in our business was not antici-
| pated We believed that when the
war closed times would show a decid-
| ed tendency to return to a normal
basis. We therefore did not meet the
| situation which confronted us with
| confidence, and did not make our ap-
\ plication to the railroad commission
for authority to increase our telephone
| charges until spring, and did not con-
| clude hearing before the railroad
| commission in the matter until about
the first of October. The Railroad
Commission considered the matter and
rendered its decision the last of Octo-
Der, to take effect November LIST. We
! were authorized to increase our rates
exactly as we had requested, and to
put the new rates into effect Novem-
Der list. We therefore proceeded five
s1Xths of the year on the old basis for
rentals. We were satisfied from
the beginning that our requests for in
crease were very moderate, and we
stated frankly we feared we might be
obliged to ask for further increase.
We are glad to be able to say that we
hope this will not be necessary.
We believe that on the same sched-
ule of earnings as the last two months |
of 1919 we shall have a fair net in
come on the increased stock we reck- |
oned for issue.
We find that we are forced to make |
very considerable extensions to our
plant. This includes:
LIST. An addition and improvements
in our central office which we believe |
will cost us about $5O,00000. End. |
For new underground work, substan- |
TALLY $25,000.00; Sd, for extensions to |
our aerial cable and pole lines in the |
city, approximately $15,000.00; 4th, |
For additions and extensions to our |
rural system, from $10,000.0O to $751; |
10000; 9Th, We believe it would be |
for the best interests of the company |
TO also build warehouse as tais has |
been a real necessity. This would |
cost not less than $10,O0O.0O. Total, |
s115,0000O
illustrating the general situation, |
he new cost of our telephones will be /
not far from $500 per station as
against $3.50 in the past, and the cost |
of other material has proportionately |
increased.
In view of all these facts your board |
Of directors feel that it is their duty |
20 represent the situation as nearly as |
we can to our stockholders, and we |
respectfully recommend that at this |
meeting We increase our authorized |
capital stock from $2,000,O00.00 to |
$5O0,OO0OO, and thus we place on the |
market s16O,000,00 of this treasury
stock at par and that we offer the |
same to our stockholders on fair terms /
pro rata to their present holdings. |
We appreciate we shall need all this |
money to put us in good sound work |
ing condition.
AS you know, we have only $160, |
10000 of stock issued, and our recon- |
mendation will at once double our |
outstanding stock, and we shall have !
opportunity thereafter for our in /
creased growth.
Our present Indebtedness, is:
LIST. Our bonded Indebtedness, which |
was originally $50,000.00, but which |
has been reduced TO $30,000.00, and |
We are paying this al the rate of S.
100000 each year.
I'd, We owe at the banks in the city |
of Wausau in all about $69, 10000.
We have already paid SIT 100000 on
our order for additional switches in |
our central Office, so that the net |
amount remaining unpaid of the items
enumerated before will be sos 500 90
We most cordially recommend that
at this meeting you authorize the in
crease of our capital stock as above
stated, and that you authorize us to
issue "$16O,00Q00 of stock forthwith,
and that you further authorize us to
make additional issues of stock here
after as the needs of the company
may warrant.
All matters pertaining to improve
ments, increase of capital stock, etc.,
were discussed and with reference to
the increase to 100000 it was thor
oughly understood that it would be
many years before the stock sold
would reach that amount that it was
the intention to sell stock at such
times only as extensions made it nec-
cessary
1t was voted unanimously to in
crease the capital stock of the COM
pany to 100000 as recommended.
Apples and cigars were literally
supplied and an enjoyable evening
had by all in attendance.
The following directors were re-
| elected: Nathan Heinemann, w. w.
Albers, James Montgomery. G. d.
Jones and E. B. Thayer.
A feature of the meeting was a PAM
phlet distributed to the stockholders.
Il, was compiled by Manager H. L.
Crawford which treated of the history
of the Wausau Telephone company,
showing that the movement for a new
| company was started in January, 1895.
| After the preliminaries which required
several months. the company was or
| ganized with a capital stock of SIC, 900,
and Messrs. Nathan Heinemann. II. P.
Maynard W. w. Albers James Mont
gomery and G. d. Jones were elected
its directors. ;EH
The officers elected were:
President-Nathan Heinemann.
Vice Pres.-H. p. Maynard.
| Treasurer-W. W. Albers.
| observation-disclosures MontOonnarv