New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-12
PACIFIC NAIL SCARS.
OFFER OF T. ". LAWSON.
Proposes to Pay $40 Share for Ont
standing Minority Stock.

Pacific Nail was the leading feature yesterday
IN a stock market in which several of the spe-
cialties made sharp advances, while the United
States Steel issues and some Of the recently ac-
tive railway shares were rather depressed, ap-
parently under profit taking The movement IN
Pacific Mail conceded with the putting out OF
a circular. which was widely advertised. to the
oorpany's stockholders by Thomas w. lawson
of Boston On Thursday the stock had closed
az 46 a net gain for the day Of points. Ii
opened wide" yesterday. with simultaneous
sales OF 5000 shares at from 81 to 90, the latter
figure being the highest reached in the course
Of the cay. maximum advance OF points. The
close was at 523s, a net gain OF o]s points on
total transactions of about $4,000 shares. The
Lawson circular. which was dated November 10
follows:
Notice 10 the stockholders Of the Pacific Mail
Steamship Company. 81, l..
The capital stock Of this company outstanong Is
10000 shares: I0005G shares are owned py the
Southern Pacific Union Pscihc railroads I Ife.
c9st IL mem 81 is 50 IS the argest stockhoder next
TO the Southern Pachc-Union Pa cifc VIII pay pay
all the outstanding minority stock proVioeo Cd a
purchase same on or before Monaay; % he at
Iached blank and send same TO me by return mai
Amended 20 the circular was blank FORM
for signature by asserting stockholders agree
ing to deliver stock TO Mr.. Lawson in Boston
before November IS payment by him OF
$50 share
Just what MI Lawson expected 10 do with
the $1,000 shares, If he could get them, Wall
Street did not know. There was an unconhrmed
rurnor hat he was planning to bring an action
of some sort against the Southern Pacific Com
PAW. which owns a majority of the stock; but
as already the largest stockholder next 10 the
Southern Union Pacific" he is in a po-
sition TO begin suit without buying any addi-
tiona. stock His offer, it was pointed out.
Trouu tie I'D until November IS all the Pacific
Mail stock accepting il, while leaving him en-
tireg free TO decline to receive the stock. as IL
is hardly conceivable that he would be able 10
gat2er in the amount Of stock stipulated for by
hin, $4,000 shares, which is practically the en-
tire quantity in the hands Of the public
With the floating supply materially restricted,
as Il would be in the event OF any general ac-
oeptance Of Mr.. Lawson's request TO the share
holders 10 give him free call on the stock until
November IS it would be a comparatively easy
operation. it was said in the Street, for Mr..
Lawson and his associates to advance the price
OF Pacific Mail and unload their holdings at
handsome profit
The Southern Pacific Company in November.
1900, purchased S1O!005.OO0 Cpar valuel of the
S20.O00,000 capital stock of the Pacific Mail
Steamship Company. trihe more than one
half On the day on which the purchase was
approved by the board of directors the stock
closed on the Stock Exchange at 81 Mr.. Law
son. IN his circular. says that the 10050 shares
cost the Southern Pacific 500 share, pertinent
70 which assertion may be the following Official
statement from the directors of the Southern
Pacific Company, issued on November Is, 1900:
The stock Of the Pacific Mail Steamship Com
paly, which was purchased by the Southern Pacific
Company (being upward Of a majority of the whole
stock) was purchased by the Southern Pacific Com
pany less than 80 per cent OF its par value The
payment for this stock will absorb only about half
the proceeds Of the ve-years' ~ per cent gold
bonds OF the Southern Pacific Company sold 10
Speyer IL Co.