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Show ORPHFUM INCREASES ITS CAFfflL STOCK Speci.il Meeting of Stockholders Held on Monday Orders Increase In-crease to $500,000. THIS IS JUST TEN TIMES WHAT PRESENT CAPITAL IS Directors Empowered to Levy Assessment, if Deemed Necessary, Ne-cessary, of 100 Per Cent. Stockholders oC the Orpheuin Theater company on Monday at a special meeting meet-ing held in the oflico of the manager of the theater, decided lo increase tho cap-ital cap-ital stock of tho company tronv tfoO.OOO to $300,000. The purpose ot the increase is to purchase a site and erect a new theater for the circuit here. Ivow that the consl ruction of the new Ivewhousc theater, which is to bo taken by tho William Morris company, is being pushed toward completion and which it is understood Avill bo ready for occupancy occu-pancy this fall in time for the opening of tlic season of 1910-U, tho Orpheuin people feel the need of a larger theater. The Morris company is the strongest competitor in tho vaudeville world that tho Orphcum company has to meet since tho move toward a new theater. Some limo sinco it was made public that a site for a new Orpheuin t healer 011 State street near the now Seinloh hotel had been secured, but, it now appears ap-pears that this was an erroneous statement. state-ment. Overtures have been made, it is also slated, for a site on East First South street, but theso overtures thus far have come to naught. Other sites arc being looked over. H way be that tho new theater may be built below Third South on Stato street, as efforts lending toward that end havo already been made. Empowered to Levy Assessment. Tn addition lo voting to increase the capital stock lo half a million dollars, tlio directors were also empowered to levy an assessment of 100 per ccnt upon the present stockholders if this is deemed necessaiy, which would make the original stock" stand at $100,000. H' this should bo done as it is stated that will likely .bo the case, (his $50,000 assessment as-sessment "would bo used lo erect a new theater upon leased ground rather than upon an outright purchase of a site. This plan is favored by several of lho majority ma-jority stockholders. Should this be done the capital stock, which is to be increased as said to $."00,-000, $."00,-000, would in all probability be retained as treasury stock to be issued whenever the directory might del ermine. But unless a site for a new t healer is purchased pur-chased outright the issue will remain in the treasury. Great Money Maker. It is understood that the Orphcum theater here is now and has been for some time past earning every .year ten per cent upon a valuation of $7;10,000, or $75,000 per annum, and it may bo that the determination to increase tho capital stock is for tho purpose of watering so as to have the earning capacity ca-pacity apparently lessened by declaring a smaller dividend quarterly, but which will amount lo the same thing in view of tho watered stock. It is also intimated that the proposed assessment of iOO per cent on the original or-iginal capital stock is to freeze out the smaller stockholders and thus corrall all the stock into the hands of two or threo people who now control the majority of tho slock. |