The Michigan Central R. R.

The Chicago Itoüicay lies ie w says : The directora have deetoed it advisablc to issue 2(3,000 ncw sharos of Capital stock, whicb were offcrcd fox sale to the stookholdcrs Nov. 18th, iu the ratio of oue new shan; i'or evory six shares held, the nW stock to particípate in thu-umingsof the rood on and af ter Déoember lst. President Joy, in liis oiroulai to the stockholdcrs esplaining the circumstances that have neoesaitatoa Ehe ncw issue, States that during the last live yeitrs the amount of freiht earried over the road hu more than doubled, haring increased from 533,451 tons in 186S-6, to 1,105,873 tons in 1870-1, an increasü of 072,4-4 tons; whilo the passenger business haa shown as average iuerease of aboat cn third. Daring this period, sny3 Mr. Joy, the addifcion to tlie meaos fax doing this greatly augmentod business have not kopt pace with the grovvth of the business itsolf, and tb.fi proaeiit faoilities of the oompany are n.it adequate to tlie profitable and econoinioa] tranaaotion ofsuch an extended and stiil increaaing traffic. As a oonsequeiioe, they have been couipelled to pay largo suins i'or the use oí' cars and motive power; to build n cüiiiu shop umi rounu-uOUBG il dacicson ; and also to laya largo amount of truck and about sovcntoen miles of sidings. Kxtonsivo odditions to tke powei and ruiling Btoük have ulready beun made, but a very niueh larger amount is indispensable. The vast business 0V6X the road botween Deti-oit andJaonon - scvcnty-six milos - rendered it Iniost iinpoeeible lokecp the track in proper condition ; aad it becamo nccessary thut steel rails ghould ba sub stitutcd lor iron rails tho whole distanofi - experience liaving proved this to bo tx-uc cconomy on account of their muoh greatei durabüity, althoogb tho original oost is somewbat largor. Contracta nave biH'ii made for the requisito amount, and about sixty miles liavc been laid. It is in order to moet these nocossitios and providu for tbs payment of improvementsand additiona already made and to be made, and for oarrying on with profit and eoonomy the great and oony f;rowinK business of tho road, tliat the (lirectors deemed it advieable, and for the advantago of the stookholdsrs, to maio this additiou to the capital stuck.