Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1916-09-27
Meeting Yesterday Author
ICES Increase from 81, 2O0,-
600 to 100000.
MAY BE PRELIMINARY
no BIG IMPROVEMENTS
General superintendent B. c. Fowles
Departs Yesterday Afternoon for
New York to Confer with Ma
jority Stockholders.

The articles of Incorporation of the
Pine Bluff company, owners of the 10.
|cal electric light, water and street
|far franchises, were amended at a
meeting here yesterday to authorize
Ian increase in the capital stock from
Isl 200, 900 to $2,O00,0OO F. G.
bridges, president of the company
Stated last night that the action does
hot mean the stock will be issued at
knce but simply places the directors
I'm position to issue the new stock
should there be any reason for the
company to raise additional funds.
B. C. Fowles, secretary-treasurer
Ind general superintendent of the
company, left shortly after the meet
Ing yesterday for New York, where
khe majority of stock in the local
company is held. Whether Mr.. Fowles
koes to discuss extensions and fur
fher improvement of the plant was
hot stated It is known, however,
That local officials of the company
have been calculating for some time
hpon extensions of the street car sys-
lem. and it is considered not at all
Unlikely that the authorized increase
IN the capital stock and the summons
Dor Mr.. Fowles to visit New York for
conference has to do with these
tlans.
Possible, Extensions.
The extension of the street car
ystem discussed recently are:
Extension of the Cherry street line
the Pine Bluff Country club. and
he building of loop from Cherry
the Main street line, thru Sew
nteenth avenue. Harding avenue
annot be used because it was re-
emily made parkway, and permits
Na for line could not be obtained.
The building of a loop to connect
Ne East Sixth and East Second ave-
We lines at the present terminals of
es lines.
The effect of these costly improve
ents, besides opening a large terri
by in the neighborhood of the coun-
y club to settlement by hometown
q, would be to provide two belt
pes and greatly improve the SET vice
enerally.
Value Of Property Exceeds
Capitalization.
The physical value of the Pine
luf company's property here. in
luding the suggested extensions,
ould equal or exceed the new capi-
llization of 100000. The property
as for some time exceeded in value
pe capitalization of $1,200,000, testi-
lony adduced in court some months
30 placing the actual value of the
rect railway, electric light and Wa
= systems at $1,400,OO0, or 5000, 900
ore than the capital of the COM
hny.
Inc authorization for the increase
capital, taken at a meeting held
tne company's offices here yester-
afternoon, was recorded in the
nee Of County Clerk G. M. N1chol
ort!y after the meeting adjourned.
Ne instrument filed shows that all
ocknolders were represented in per-
or by proxy, and that the direc-
present at the meeting were F.
Bridges, president; G. H. Triplett,
20 FOX and Byron G. Fowles, also
ctetary-treasurer and general SUI
rnlendent of the company.
- seven Per Cent for Preferred.
me articles of incorporation were
ended so as to authorize the in
sase OF the capital from 5000 shares
~ OF preferred and common stock
a snafes Of 500 par value each. to
wv shares of preferred and 10000
ares OF common, each share IF a
value of 800. The resolutions
after the preferences of the pre-
'eu STOCK, providing, among other
~ mat preferred stock shall be
uleo TO receive cumulative iivi-
nus from the date of issue to Oc,
49, at 6 per cent, ami from said
VI later date of issue at per
= ana no more, payable quarterly.
also provided that preferred stock
De redeemed at the option of
ward OF directors upon the pay
"a =. s!15 per share ana accnmu-
: ulVldends, and that the option
oe exercised upon 80 days no.
.ovlsaon is also made that the
FRY cannot be mortgaged ex-
"itn the consent of half of the
.s OF preferred stock, and that
~ cent OF the gross revenues, are
set aside for a renewal and
n" S.ement" fund. until such fund
sunts to $125, 900.
~ OF the majority holders were
sssated at the meeting in person.
p saock being voted by some Of
as BLUM shareholders.