The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1877-08-22
she Telegraph consolidation.

NEw YORK, August 2l.-Tha Times
saw lhs terms OF the agreement be-
tween the Western Union and the At
lantic and Pacific telegraph companies
are rs follows; Keene and Sage are TO
turn over 1000 shares OF Atlantic and
Pacific stock At 70, to William II. Van
derbilt, as trustee tor the Western Union
company; Vanderbilt, il return, is 10
give them IN equivalent IN stock Of the
Western Union Company At IS. The
two Comp4nias aro to continue to carry
on business, and I'll outstanding
contracts are to be fulfill
cd, but tho earnings OF both
are to be pooled and the Atlantic and
Pacific is 10 receive one eight Of the gross
amount, the Western Union retaining
the remaining seveu-ejgths. The country
is TO be- re-districted, superfuous tce
graph offices are to be consolidated and
the rates are to be raised t. the old
standard. The form Of the contract eX-
tends into snd is based on the poOlIng
contrsc. used by the direct and Anglo.
American cable companies. The hitch
was IN regard to the per centsge which
the Atlantic and Pacific should receive.
1t WAS settled on basis of 8 per cent,
New YORK August President
Orton to-day ssld that the Western
Union Telegraph company would re-
celve SI3 per cent, and the Atlantic
and Pacific l24 per cent ot the gros
earnings Of the pooled receipts of both
companies The arrangement went mt
effect this morning, and the decision OF
tho conference wit be final.
The written contract agreed upon Will
not be given 10 the public because i!
contains many details which DO not con
Germ the pobiic The Western Union
and Atlantic ard Pacific COMPARES are
now practically one COMPANY They
Will still run Ms two companies, each re-
tanning its old officers ana general or
ganlzatiou, bat all the profits resulting
from their telegrsphing will be pooled.
This arrangement VIII isst !Or twenty
years, and this is the whole arrange
meut. private details excepted -:
course II follows that the rates will b.
advanced, but they Will be advanced
only so far IS shall secure fair profit 10
the company. We have bought ma.
iOrity Of the Atlantic and Pacific stock,
between 7l,O0O and 5000 shares but
nearer 1900. | cannot give the exact
number Mr.. Orton did hot say what
price WAS paid, bat il is beheyed tnat
for nearly 10000 shares ~ 25 per cent
there were paid about 22,O00 shares OF
Western unlon at IS per cent The
Atlantic and Pacific company is there
fore now fully under control OF the
Western Unlon company. Great salI.-
faction is telt and expressed by the lstter
company. A prominent Western Union
director believed that the rates would be
only slightly advanced; that the COM
psny desired TO act equltaOIy and mod
erately, that twenty-five cents for teie-
graphing disps,ch TO. Omaha WAS
entirely 100 low. No c"mpsny Coud
afford 10 send messages to points
20 distant at that price. but the directors
intended to make but small advance in
charges. The meeting of the Executive
comm. .ttee of the Western Union Tele-
graph company this morning ratified IN
iull the proceedings OF the joint CON-
mittee OF last evening, and the contract
made bv thst committee was placed on
the records. Heretofore IL has cost the
two companies from 60 TO 70 per cent.
to csrry on their business, but it ls now
believed that by virtue OF the new ar.
rsngement the expenses can be reduced
to 90 per cent.