The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-05-09
DETAILS Of Bic
. TRACTION DEAL
NOW DISCLOSED
West Penn to Purchase Mo-
nongahela Common Stock
at $3.50 Cash and
- r& New Stock.

Parkersburg. ". Va Nav S.--De-
tails OF the pending Offer of the West
Penn Traction < Water company for
the purchase Of the properties OF the
Monongahela Power 4 Railway com.
pany, operating street railway and
traction lines in and around Marietta.
Ohio. Parkcrshurg. tairmont. ClarkS-
burg and Norgantown. W, Va. and
through the upper Monongahcla valley.
are becoming known IN financial cir
cles. A copy OF the proposal received
here reveals the plan If the proposed
purchasers, and there is every iudlca-
ton that the deal viii soon De conSum.
mated.
The West Penn company offers to
purchase all the common stock Of the
MononSahela company at the rate "
$3.50 cash and q share OF the common
stock OF new company for each
share. The new company referred 10
IS to be hereafter organized under the
laws Of West Virginia. Delaware or
such other state as may be agreed
upon. with capitalization Of per.
cent cumulative preferred stock and
common stock without par value.
The new corporation IS to own and
bold all the shares Of common stock
of the MonorGahela company. Its pre-
terred stock is TO BE- issued in an az.
regate amount at par only equal 10
the aggregate amount paid under the
terms OF agreement 10 the stockhotd-
ers OF the Monongahela company, plus
additional necessary expense. The
shares Of the common stock OF the
new company. without par value, are
10 be issued against each share OF
common stock Of the Mononsahela
company acquired by the new COM
pany.
The West Penn CompanE's offer IS
conditioned upon the deposit with ihr
Equitable Trust company Of New YORK
properly assigned on or before June
10, 1922 OF Is per cor ~ the ioidk
khares OF outstanding common capital
stock OF the Monorcahcla company. The
Equitable Trust compRny Is 20 issue
It's transferable certificates OF depusI,
against the shares Of stock 80 dspos-
tied.
Within thirty days after 'Nposlt Of
TIE proportion Of stock required. me
West Penn company - :" pay the trust
company Tor account - IN" respective
depositors the c. SIN consideration Ut
Tered and cause to be issued and d"li"-
pred TO the holders oS certificates Of de
post against surrender Of said cHct'n-
rates OF deposit duly erdor cd Similar
opportunity - to hc afforded holders
of other shares for tirt"Nn days longer.
Conditions Of Purchase.
The West Fem company offer Is
conditioned as follows. That the pres
ont issue Of outstanding preferred stock
NJ the MononCah"'a company aggregate
uot exceeding sA.375.o00 in par value.
Consisting or rot in excess 90 11lOpu
shares oS the par Waite Of So each;
that the total ar'n,S. of common stock
~ the MonoHGlhelL company issued AMI
outstanding does not exceed SS.2I9.-
$3.50 in aggregate ua- value, consist
IrS Of not EXCEEDING 22l.lS6 shares or
the par ya,"" Of So each: that no div
tends shall b. delivered or paid upon
either class % 'nc capita, stock e the
MonongaheIa COMPANY uni! final &C
-eptance or refusal - this offer other
than regular dividends upon the pre-
rerred stock at the rate 90 per cent
Der annu-: that c"nCur-cntly with pay.
nnent by the new COMPANY for IN" !
shares OF stock. q majority ~ the d.
rectors OF tho Non"Ncohc'2 company
vhall resign and th"i- places filed by
our nominees" :