Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1881-01-28
Conditions Of tho conso,,,1xt,,,n.


New York, Jan. 2S.-The following is
careful abstract OF the agreement by
which the Western Union telegraph
company purchases the insects, plank,
patents, franchises, and stocks owned by
the American Union and Atlantic and
Pacific telegraph companies, and the first
that has been made which is absolutely
correct: The purchase includes all the
property OF the two companies, except
their franchises to the corporation con
sideration paid to the American Union
which is 10000 shares of Western Union
stock Mt par value of 500 to be delly-
cred for distribution in exchange for
100000 shares OF American Union stock,
and 5,0OO,00O OF American Union bonds
aud stock to be exchanged share for share
and the bonds at par for stock at par.
The American Union contrncts to deliver
its property free Of liens and encum-
brances that is if the indebtedness does
not and shall not exceed the five million
in bonds, and that its capital stock does
not exceed 100000 shares. and that the
entire amount OF its bonds are not less
than the shares of it's stock, shall be ex-
changed within three days after notice
that the Western Union stock il ready
Tor exchange. The consideration paid to
the Atlantic 4 Pacific is $1,000 shares of
Western Union stock, to be issued
in return for 100000 shares of
Atlantic & Pacific stock at 800 share.
An exchange also is to be made by the
Union Trust company at the sale OF
three shares Of Western Union for five
shares of Atlantic and Pacific. The T.
201 shares of Atlantic and Pacific stock
belonging already to the Western Union
orn RI ,a ipp lrIf.I II, tbo a.,
Western Union shares exchanged for
them to be delivered directly to holders
OF the present capital stock ot the West
ern Union shares, when united, so as to
constitute valte equal to the par value,
three shares of Western Union to be ex-
changed for five shares of Atlantic and
Pacific. All American Union and At
lantic and Pacific stock is to he deliver
ed by the Union Trust company to the
Western Union telegraph company. 1t
is next agreed that the Western Union
shall increase its capital stock by
3S,92S,59O shares, the issue to be
delivered to the Union Trust Company
for distribution us follows: Is 526,53 to
holders Of the present shares of the
Western Union, to represent its invest
ment of earnings i'll construction and
purchases since July, and the residue,
23,4O0,00O shares for the purchase Of the
American Union and Atlantic and Pacl-
tic as above described. There shall also
be distributed to the Western Union
shareholders the 5,5S5,550 shares OF stock
now in the company's treasury. The
Western Union undertakes ali telegraph
and othef contracts of the other compa.
nies, and particularly the American
Union agreement to lease for cable mes.
snges certain wires to the owners OF the
cables about to be laid across the Atlantic
provided that if the Northwest disputed
auy ot these contracts it shall carry then
out only as purchased companies woul0
have been able and bound to do il til.
transfer had not taken place, and pro
vided that it is not intended to include
any of the Atlantic and Pacific contracts
or alleged contracts with any persons o
bodies corporate now in litigation or ii
ragard to which any litigation or advers,
claims has arisen, provided for interes
on bonds fer which it is responsible t.
the government.