The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-01-29
HAPPENINGS
OF ALL SORTS AT HONE AND ABROAD
YESTERDAY.
Progress OF the Pedestrian COnlest-Rs'
cent !TeIegFRPhIc Consolidation
gcnmenIcaI Methodist COun.
eII-DF. George SeC'y Of
the Committee,
THE TELEGRAPnIu CoNsOLIDATIos.

Terms OF the Combination, and Com
pensaIiOn 10 the OId Stock holders.
NEw YoRE, January 27.-The World oi
this morning says; The following Is q
careful abstract Of the agreement by which
the Western Union Telegraph Company
purchases the assets, plant, patents, fran.
Chises, real estate and stocks owned by the
American Union and Atlantic & Pacific
Telegraph Companies. The purchase In.
CIudes all the property Of the two com.
panies, except their franchises to be cor
porations, The consideration paid to the
American Union Company is one hun
dred and fifty thousand shares Of Western
Union stock Of the par value Of one hun.
dred dollars, to be delivered to the Union
Trust Company for disnibutlon, in ex.
change for one hundred thousand shares
OF American Union stock and $4,000, 900
In American Union bonds. The stock is
to BIZ exchanged share for share, and the
bonds at par for stock at par. The Ameri-
can Union contracts to deliver Its property
free of liens and membranes; that its
indebtedness does not and shall not ex-
Ceed the 81, 900 900 In bonds; that It's cap.
ital stock does not exceed one hundred
thousand shares, and that the entire
amount OF the bonds and not less than
- shares oil its stock, shall be exchanged
within three days alter notice that the
Western Union stock Is ready for the OK.
change.
The consideration paid the Atlantic 4
Pacific Is eigkty.four thousand shares OF
Western Union stock, to be used In 70.
turn for one hundred and forty thousand
shares Of Atlantic 4 Pacific stock at 500
share, the exchange 10 be made at the
rate OF three shares OF Western Union for
five shares Of Atlantic 4 Pacific, The
seventy.two thousand and ten shares Of
Atlantic X Pacific stock belonging already
to the Western Union are to be Included
in tho exchange,
1t Is next agreed that the Western
Union shall increase its capital stock by
s39, ,026. 800, Of which $l6 900 600 is to be
given to the holders Of the present shares
OF Western Union to represent In the in.
vestmentt the eearningsspent In construction
and purchase since July lst, 1866, and a
residue for the purchase OF American
Union and Atlantic & Pacific.
The Western Union undertakes all tele.
graph and other contracts OF the other
companies, and particularly the American
Union agreement to lease for cable mes.
sages, certain wires to the owners Of two
new cables about 10 be laid across the At.
lanLlC! The rights, privileges and interests
OF the Baltimore 4 Ohio railroad, II is cd.
peCially agreed, shall be protected and OBJ.
served. 1t 10 stipulated that the Western
Union shall be put into possession OF its
purchase February "a, and shall deliver
stock OH or before that date, but purchase
and sales shall be held To date from Janu.
ary Let, at least, and oil earnings and ex.
pendltures since shall be for account Of
the Western Union. The American Union
stipulates that the assets Of the Centennial
Construction Company and all its proper.
ties, rights and franchises remaining after
the discharge OF It's debts shall be surren.
dered 10 the Western Union; and It is
agreed that in the event OF delay from
legal process, no liability shall accrue
therefore to the party effected.