Lewiston teller. [volume] (Lewiston, North Idaho) 1878-1900, 1881-12-22

MORE CAPITAL.


On the 2lst of last month the direc-
tors of the Oregon Railway and Navi
cation Company pissed the following
resolutions:
RESOLVED, That for the purpose Of
providing the sum of $6.000,000 for
tho completion of the company's syst m
of roads and for additional equipment
therefor a special meeting Of the stock
holders Of this company be, and the
same is hereby called, to be held at its
Office in Portland. Oregon, Dec. Goth
At noon, for the purposes and for the
consideration Of the matters contained
in the following resolution to be sub.
mitted to the stockholders at said spec
ial meeting, viz:
RESOLVED, That the capital stock Of
the company te increased fr,m 100. 900
shares, of the par value of 800 each,
to 10000 sh res of the par value Of
800 each, by issuing 10000 addition
al shares of the capital stock to sub
scribers thereof ut par upon payment
to the company Of the par value there
of.
That said 10000 additional shares
be offered for subscription at par to the
stockholders Of tho company Of record
December %, 1881, and their assignees,
in proportion to their respective hold
ings of stock op said last named day.
That subscription books therefor be
opened at the offics of the company in
New York and Portland, Dec. 20, 1881
and closed closed Jan. 5, 1882.
That sll rights of subscription, not
avaiIed of on said last named day, shall
be disposed of as the board shall direct.
That said subscriptions be payable at
the Offices Of the company where made
at the following dates and in the fol.
lowing amounts: Jan. 10, 1882, 20 pc,
cent; Feb. l, 10 per cent; April l, lC
per cent; May l, 20 per cent. and lC
per cent. each June l, July l, August
and September /.
i That stock appertaining to the first
two installments will be delivered Feb
lst; to the next three installments
June LIST; to the next three installn,ent.
, September lst, and that they will b.
entitled to all dividends subsequent t.
delivery.
j The reasons why the directors favor
ed an increase in the capital stock ar.
! set forth in the following circular, is
sued by Mr.. Willard under date o
Nov. 2lst:
IL First--The actual construction OK
e penses during the current year consid
r erably exceed the preliminary estin,.te
o of cost. This was mainly due to tn
4 extremely heavy work al'ng the Go
r lumbia river, on the line from TIL
Dalles to Portland.
n Second--Owing to the closer rels
d tions between this company and tn
:. Northern Pacific railroad company
a modification of the contemplated sy'
TEN of tranch lines in the country b,
}. tween the Northern Pacific main lin
q and Snake river becomes desirable an
g necessary, which change involves til
If construction Of nearly 100 miles in al
ic dition to the mileage included in tt
N original construction plan.
=, Third-The very great increase I
is our general business, and especially I
our freight traffic, compels immedia'
g. provision for large addit ons to o,
motive power and rolling stock.
al take much pleasure in stating tina
al although but half of the mileage Of IL
d. new road, which will be completed OF
re of the means provided from the Ia
n issue Of s6,00O,000 Of full paid stoc
h. is as yet in actual operation, our ear
IN ings show already a very large increas
n There is every assurance that Il
n. growth of the traffic upon the full COT
,h pletion of the new lines already pr
ag vided for will exceed the expectatio
of the management, and that the pr
ye posed new outlay Of capital will produ
lis equally satisfactory results.
THE coal measures on the line of {