Lewiston teller. [volume] (Lewiston, North Idaho) 1878-1900, 1889-05-23
THE WILLARD PARTY WANTS
THE 0. II, & n, BADLY.

the Oregon Il Transcontinental Company
ut the annual meeting to be held in this
city June II. The Northern Pacific
syndicate, headed by Charles B. Wright,
Il endeavoring to obtain influence in
control Of the o. r. & N, BY controlling
She Oregon aud Trauscontiuental. It is
another phase Of the trouble between the
Northern and Union Pacific roads,
caused by the joint lease. Each is build
ing in the others territory and Eastern
Oregon and Eastern Washington are
being gridironed with railroads. The
latest move of the o, r. & N, is to
bald branch,
FROM ROCKFORD TO SPOKANE,
"A distance OF twenty.six miles, which
will give it an Independent line from
Portland to Spokane. At meeting Of
the Oregon & Trauscontinental directors
sto.day resolution was adopted authoriz.
ing an increase in the capital stock to
Vl0.00O,000. The stock to be pre-
ferred, and upon which is to be paid a
dividend Of six per cent. guaranteed by
pledge Of the Oregon Railway d Navi.
gaticn stock. This is done at the special
request of Henry Willard as is considered
beyond the power Of the board OF drec
tors. Wizards object is to get control
.of'the Oregon Railway & Navigation
The effects of this new issuance Of $l0,.
100000 additional stock will be to
dcpress the value Of $40, 100000 Of the
stock already issued.
A resolution was also adopted amend.
ing the bylaws 40 that no one represent
ing less than one.qnarter Of tho entire
capital stouk will be allowed to have
access to auy of the old books or records
for any purpose. This is in direct con
fict 0. the laws Of this .tats, which pro
sides that any stakeholder, creditor or
other person interested may have at all
times access to the records Of the cor.
poration.
The Oregonian to morrow will pub
dish the following special dispatch from
New York:
THERE Is GREAT CONNECTION.
here in matters relating to northwestern
railroad interests. The full facts are
difficult to get at, but it is learned that
the contest for control Of the Oregon
Railway & Navigation company, through
the Oregon & Transcontinental, has led
to proceedings which have produced
great excitement among those interested,
and which are denounced by the anti
Willard party as extraordinary and il
legal. 1t is well known that the North
ern Pacific party in the Oregon 4 Trans
continental have long been trying to use
that company tor control Of the o. r.
4 N. Recently there h.s been pro
posal to meet this effort by institu.ing
legal proceedings directed against the
.. d T.. contesting its right as corpora.
ton, on the grounds Of public policy,
to be the holder Of stock Of other cor.
porations. 1t is believed by many that
IN this way the o. Il T., could DO pre-
vented from voting its holdings Of the
90. r. & N, stock. and that the Smith
party thereby could hold control as
AGAINST THE WILLARD PARTY.
To meet this proceedings, as is pro.
posed, Willard sent orders to his board of
directors of the o. & T., in Oregon,
among whom are said to be Schulze,
lend agent of tho Northern Pacific
Charlton, passenger agent Of the
Northern Pacific at Portland; Hansen,
immigrant agent; Fulton, freight agent
Hall, agent Of the N. p, Express Com
pany, aud Iyndale, secretary Of the
c,mpany, irstructing them to authoriz.
Ind direct the issue Of so, 100000 al.
ditional stock Of O. and T., which is to
be put in the hands Of trustee to be
held aud voted as Willard may direct.
This stock is to be preferred to all pre-
sious Issues, is to receive an ANNUAL
Dividend of six per cent, tbas cutting
the regular stock out making up most Of
the annual surplus of the o. II. L. N,
earnings. In this movement two OBJ. |
]ections are supposed to be in view.
One of them is to get an issue Of stock
to be voted in coming election 10 Oregon
sutiicicnt to assure control in all con.
tingencies to the Willard party; the
other to pass the earnings of the 0. r.
4 ~, into control of preferred stock
holders Of the Willard party. But the
opposition have mtt this to-day by
APPLYING FOR AN INJUNCTION
against the issucot the proposed stock,
and temporary order to that effect has
been cYapted p,r.;,s - ;n......