Honolulu Republican, Volume IV, Number 498, 16 January 1902 — PROPOSITION TO REORGANIZE [ARTICLE]

PROPOSITION TO REORGANIZE

USELESS MESSAGE IS POSSIBLE !mcr Island Telegraph People Discuss Plans for Raising More Funds. Wzrager Cost Report* on Mi* Visit to Wa-nland ard the Purchase of Suppl e*—Parent Marconi Company Remain* Obdurate —New. and Vore Powerful Battery. K proposition to reorganize the In- ■, ilsland T*-!-graph Company was 4;*cu««ed at th- annual meeting of th*- company. held yesterday afternoon. at the office of President F. J Croas in the Stang- nwald building The plan proposed was to return -o - ae trea- .r-- all paid up shares of itock amounting to about four-fifths •f the eapitalization, after which raid up stock would be issued to the holders of assessable stock according v. the amount • a< h had paid into the treasury'll was <:aimed that this m**th•d, about 22.000 shares would be nailable for sale, and could be is-iQ.-d as new a«s«-ssal)le stock. The amount derived by the sale of the »h«n - would he sufficient to cover all th*- pr- -• nt indebtedness of the InterI. land T' legraph Company and leave a handsome working capital with which ma»uy improvements in the service could be completed. Inefficiency of Operator*. The ni'eting yesterday showed that th< treasury of the company was pra< tic-ally empty, in the r< sort sub milted hy Manager Cross he admitc. <t that at the outset the company had b**en gr* ally hampered by the inefficiency of the operators. This branch of the service improved, as the year wore along, until in the latter part of the summer the tubes employed in the transmission and receiving of messages became almost useless. An appeal was made to the Marconi people, but they refused to is'-’isT in remedying the difficulty owing to the non payment of assessments claimed as due by the Mar<oni company from the local concern. Manager Cross made a business trip 1" the mainland last fall to purchase tubes, or secure material for their manufacture in the islands. Mr. Cross stated that he had purchased the necessary apparatus and had no difficulty in making the much needed tubes. The practical tying up of tie- systim during the absence of Manager Cross was slated to have had a depressing effect upon its finance*. New Batteries Secured. Recent troubles with the batteries, in that they had outlived their usefulness. was the next serious difficulty that confronted the wireless system The treasury being depleted. Treasurer Clinton Hutchings agreed to stand pood for the purchase price of new batteries. These were securrd ami ai rived in the city some weeks ago. All stations on the line will again he tquipp d with renewed generating power. When the work is »ompb’ted it is believed that the Inter Island Telegraph Company will I).- in a position to transmit messages as of old . That the system is practical has b« en demonstrated by past experience. The failures encountered by the local company have been due mainly to a lack of funds. It was Mated that the income of the company over and above all operating expenses, for the month of July last, exceeded fhoO. Officer* and Reorganization. The election of officers resulted as follows. F. J. Cross, president; W W Hall, vice president; W. U. Farrington, secretary: Clinton J. Hutchings. treasurer; K. C. Brown, auditor; directors: W. H Hoogs J. A, Mapoon. C. A. IV C* w and F O. White. The arrangements towards a reorrauizatiou of the company are now in the hands of a local financial inMituti.n It is generally believed at th pi position will jea.h a suei * ssful culmination