The San Juan islander. [volume] (Friday Harbor, Wash.) 1898-1914, 1901-07-25
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PAR FOR PREFERRED STOCK
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The following circular. . copy a
which was secured and published By
the Fairhaven Herald, gives the condi.
lions Of the transfer Of the PA. r.
Co.'S interests to the big Combine
and puts IN sfsctual quistus upon the
exaggerated reports Of the terms %
cured by the PA. r. stockholders:
To Stockholders PaciHc-American Fish-
cries Company
Sir: The owners Of the majority OF
stock In the Pacific-American Fisheries
Company, both of preferred and common,
and tho men who have bad tho most
money invested In said company, have
accepted . proposition Of the Pacific
Packing and Navigation Company, Just
organized, for the purchase Of the stock
Of the Paciac-American Fisheries Conn
pany. The terms under which the stock
will be taken are ~ follows:
Each holder Of preferred stock will
have the option Of taking par value for
his preferred shares In cash, or Of taking
the debenture bonds Of the Pacific Pack
ing and Navigation Company Of the same
par value - tho stock and 50 per cent Of
preferred stock and 80 per cent common
stock Of the new company; and each
holder ofthe common stock Of the Pacific
American Fisheries Company will re-
ceive half share Of the preferred stock
In payment for each share Of common
stock.
All stockholders who desire to dis
pose Of their stock upon these terms
should deposit tho certificates duly In
dorsed with tho Illinois Trust and Saw
ings Rank not later than July 20. Upon
making deposit Of preferred stock the
shareholder should declare his election ~
to whether he will take cash for his pre-
ferred stock, or debenture bonds and pre-
ferred stock and common stock - herein
Get forth. Such election may DO made by
indicating on the inclosed blank the
choice Of shareholders and delivering it
70 the Illinois Trust and Savings Bank.
Chicago, ct same time certificates are do
posted.
The Pacific Packing and Navigation
Company has purchased and consolidated
upwards Of twenty-five properties and
companies engaged In tho fisheries busi-
ness ON the Pacific coast and Alaska; it
will issue 3. 0o0. 900 Of its per cent deb
enture bonds and q. 0o0. 900 Of non-cumu-
lative = per cent preferred stock and o.
000, 900 Of common stock.
Upon careful investigation by the prin-
cipal owners of the stock Of tho Pacific
American Fisheries Company they are Of
the opinion that the Pacific Packing and
Navigation Company will have q sufii-
cient working capital, and will be en-
abled to 80 AIRY ON the business that
they will be able to pay the interest on
the debentur bonds and the dividends
on the preferred stock.
We advise all stockholders In the Pa
cific- American Fisheries Company to ex-
change their stock on tho conditions
above set forth, leaving each stakeholder
to determine for himself whether he will
take the cash for his preferred stock or
take the debenture bond preferred stock
and common stock - offered by the pur-
chasing company.
We deem tho transfer one which will
rebound to tho profit and benefit Of the
Pacific-American stock holders.
Money and stocks are TO be turned
over TO holders Of Pacific-American Fish
cries Company shareholders and transac-
ton completed by July -. 1901.
JOHN CUDAHY,
CHAS. COUNSELMAN,
JOHN J. MITCHELL,
JOSEPH +. SNYDACKER,
+. A. MORAN,
CHAS. L. HUTCHINSON,
e. A. HAMILL,
II. b. STEELE.