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Show II. S. FUG TO . flGI FLOAT . oinpcinc Southern Pacific Railroad Accepts Offer for Steam-ers Steam-ers Made by Big New York Corporation NEW OKK Dec H The o th oru Pa fic con pany announced tS1aj it n had ac evtel an offer of $10 a fhare ex d denl for 110 S00 shares of tn Pa it c Mail steamship on i any rom Y R. Grace 1 Oo n add t onal $o0 a share wil) be pa H for the 'took pro ded the assets of the Pa ifie Ma 1 corapaov exclusive of the proceeds from the sevei stean ers jtha sale of whiti was announced yeiterdaj to the American International corpora t on exceed $1 2o0 000 The announcement by the southern Pacific company that it had agree! to sell its hold ngs of 110 800 shares of Pac fic Mail steamship company stock to w E Grace Co was taken here to mean that the stars and stripes and the Pac fic Mail flag will remain on the Pacific ocean. ProMsions of Sale Ylule the plans made public by W K. Grace t Co Tfho in conjunction w th the American International orpo r taon announced yesterday that they h a purchased the eren remaining steamers of the Pacific Mail company are only general, it was predicted here that the new purchasers would so rejuvenate re-juvenate the Pacific Mail that v thin a year or so the line might resume operations op-erations between this country and the c-ent. The offer made public today by Jul ius Krattschnitt enairman of the ex ecutiTe committee of the Southern Pa eifie company provides that W R. Grace & Co. will pay $10 a share ex dividend of o for the 110 S00 shares and in the event that the assets of the IKcific Mail, exclusive of the proceeds of the even ships sold to Grace & Co equal or exceed $1 330 000 an ad ditional $2.50 will be paid for each share. If thef assets fall below $1 "a0 -.000 a proportionate reduction will be made ra the $2.00 additional payment The final value of a-sets will be determined de-termined by Irank A anderlip for the purchasers and H W De Forest for the Southern Paeifie company Rights to Piers " W K. Grace 4 Co also have offered , the same terms to minority stockholders of the Paeifie Mail company The ) 110,800 shares held by the Southern Paeifie company represents the control of the '00 000 shares of the Pacific Mail company The purchase o control of the Pa ei&e Mail tompany will give W R. Trace & Co. the- ryghts to piers at tin Francisco and tber Pacific ports, lighters, tnga and various real estate holdings ra. the United. States China and Japan W K Grace X? Co are now operating a line between New York and an Francisco and when the A-jencan International corporation an nonced the purchase of the seven Teasels Tea-sels yestetday it was stated that W R Grace & Co would d rect the opera tion of the vessels and endeavor to build up trade between this country and South and Central America Ships Are Sold Seme tune ago the Pacif c Mail com pany announced that it could not operate op-erate its steamers at a profit under the La Follette seamen s act and sold four of its largest vessels to the Interna tional Mercantile marine. The line further announced that the remainder of the fleet was for sale and began 1 quidation proceed ngs The cap tali zation was greatly reduced and recent lv a dividend of $2o a share was de clared. Pacif c Ma 1 stock sold bet een IIV2 and lhs ex dividend on the stock ex change today |