Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-06-14
The Sc. Paul C Manitoba Deal.

The new Issue of st. Paul & Manitoba stock has
not been explained in detail here but the following
circular tells the story:
OFFICE OF TIE ST.. PAUL, MINNEAPOLIS & !
MANITOBA RAILWAY COMPANY,
CS WILLIAM STREET, NEW YORK, June s, 1882.
At q meeting of the directors of the st Paul,
Minneapolis Manitoba Railway company, held to-
day, the following preamble and resolutions were
unanimously adopted:
WHEREAS In the opinion OF this board. it is
deemed expedlent to provide further funds for the
continued development Of the property of the COM
psny, incl ldng the construction and acquisition Of
certain extensions and branches Of the main line,
already made or in contemplation, and for these and
other purposes, to issue and dispose of additional
capital stock to the amount of S5000000; therefore
ResolUed, L. That the capital stock Of this COM
pany be increased from 5,c00,0G0 to $4,000 COO =
2. That the company proceed to issus this add-
tons S5,O0000O of stock in shares of $lOO each on
or after the first day of August, 1882.
3. That the transfer books bs closed from the
18Th day OF July, at p. m. until the 2lst day of
August, 1882, and that until the 20h day of August
1882 the privilege Of subscribing for such additional
stock at par shall be offered only to the holders of
the capital stock of the company as they shall APP
pear of record upon the said transfer books on the
Goth day of July. 1852
4. That each of such holders shall be entitled to
thus subscribe for share of such additional stock
for every three shares of the old stock SO held by
him. on the said Goth day of july 1882 and no moro
prouided that all stock, for waich such subscrip-
on shall have been made shall be paid for In cash
on or before the Goth day of September, 1882: but
no rights in or to fractional shares shall be allowed.
&. That upon all payments made before the Let
dsy of August, 1882, upon such subscriptions there
shall be allowed rebate equal to the interest on the
subscription price from tho date of such payment to
said lst day of August. 1882, at the rate of per
centum per annum; bat In case such payments are
made after said LIST day of August, 1882, and on
before the Goth day Of September 1882 there shall
be charged upon such subscription price interest at
the same rate.
g. That ouch of the said additional stock (if ANY,
as shall not be subscribed for aforesaid shall be
hel by the company, to be used and disposed of
the board may hereafter direct: pr0Uaded that no
part thereof shall be sold disposed of st less than
its par value, with interest from said LIST day of Au-
gust, 1882, at the rate OF per centum PSF annum.
T. That the fiscal agents of the Company be and
they hereby instructed, soon as practicable to
mail copy of these resolutions to all stockholders
as they may now appear 0 f record upon the COM
panys books, and also to such other stockholders
may on the said goth day of July, 1882. appear of
record upon such DOORS. o. 81. NORTHCOTE,
Secretary pro tenn.
NEW YORK, June g. 1882.
To the Stockholders of the ST. Paul, Minneapolis
and Manitoba Railway Co
GENTLEMEN: With this you will receive copy
OF RESOLUTIONS adopted this day at messing of thu
directors of the st. Paul, Minneapolis Manitoba
Railway company, providing for an Increase i'll tbs
capital stock of the company to the extent of
S. 900 000 This additional stock is to be offered to
the stockholders of record at the closing OF tbs
transfer books the Goth Jnly, on the terms aud
conditions set forth in the resolutions.
The large and increasing imm grafton which has
for some time been pouring into Minnesota aud Da-
kota, followed Icy correspondiugy rapid settlement
and development of extensive sections OF country
in the nelghboI hood of the original lines of thu St.
Paul, Minneapolis Manitoba railway, has compelled
the directors either to extend the lines of the COM
pany into these districts and make them tributary
to the original lnes or to leave the territory to be
occupied by others to the serious detriment of your
interests. The company was organized May, 1879
and had then but 565 miles Of completed railroad
It las since added about 4s0 miles to its system and
expects to add in the coui of the present year $50
10 300 miles more, which will make total of over
], 800 miles.
The large increase in earnings the directors fee!
certain, fully justify the pc icy they have pursued
but much still remains to be done
The work of replacing iron by steel rails INST be
continued, the new lines ballasted machine shops
built and the equipment and rolling stock still
further increased.
To provide the means necessary for this purpose
without infringing upon the surplus earnings proper.
~ applicable for dividends, the directors have in
Difference to the expressed wish of large number
of shareholders, decided upon making an addition
to the capital stock of the company to the extent
above indicated.
The directors have declared semi-annual diyi.
dend of Shsper cent. payable on and after LIST OF
August on the original capital stock of the company
nancy SIS TO the stockholders of record on
the 18th July, Yours. truly,
GEORGE STEPHEN, President.