The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-06-22
Thr Telegraph and the Pubifc-imP"r-
tant Meeting of Sha re holders.

The magnetic telegraph has now been In ex-
istence a. a means of communication about fif-
teen wears. In this short period IL has been
extended with such rapidity that more than one
hundred thousand miles of its iron nerves are
at the present moment vibrating with intelii-
genee throughout the world. The large pro-
portion of forty thousand miles Is in this
country alone, and so extensively are the pub
lie availing themselves of the advantages 1t
offers that ii is rapidly taking the place of the
Post Office as a means Of intercourse between
one individual and another. The telegraph Is
more employed in the United States than any
where else in the world. Everybody uses it.
II is an institution. 1t is therefore the more
important that it should be well managed, and
on plan that should at once combine the &C
commodation Of the public, at economical rates,
with perfect system of operation and proper
remuneration of the holders of stock.
When the enterprise was first suggested, by
reason of the popularity of its original organi-
ration and the doubt that prevailed as to its
ultimate success, many individuals who did not
belong to the class of capitalists, merchants
md shareholders of the day, were induced
to lend it their support because they disco
vered in it the elements of the powerful
usefulness and profit which have since
been developed. In consequence of its
falling into the hands of this class, difficult
ties arose which have never been satisfactorily
settled. One of these difficulties still exists
between the press of the country and what is
called the American Telegraph Company, who
own the extensive line which runs along the
| Atlantic seaboard from Nova Scotia to New
| Orleans.
This company covering as i, does most Inn
portant section of the country, and taking In its
route most OF the principal cities, has capital
of one and half million of dollars which is
about to be increased to two millions.
On this capital its annual net earnings are
twenty per cent, and within six months, If no
accident occurs, it will probably declare this
handsome dividend. 1t appears, however that
| its managers are not satisfied with this already
| rem,sneratiye income. and, on the principle OF
..thc more gain the greater greed" think that
| by increasing the rates they can add to their
enormous profits, maintain monopoly, and
do as they please The first conflict they
| have had on this score is with the press.
| But the more acute shareholders of the COM
pany see in this conflict, and very justly,
too, an opposition which will lead to the
construction Of competing lines, division
| of the business, diminution of the profits,
and consequent depreciation of their stock.
| They have, therefore, called meeting, to be
held at No. A Wall street, on Thursday, the 18th
inst, in order that the subject may be laid be-
| fore the entire body of stockholders, who now
number some Eve hundred individuals. and
such measures be taken rs shall prevent so Sc
| rious calamity to their interests. The only
manner in which this desirable object can be
accomplished Is by securing on that occasion a
full representation of their strength, SO that all
may be present to hear what is said on both
sides of the question. If shareholders cannot
be present themselves, let them entrust their
proxies, not to directors or managers with
whose interests their own are antagonistic, but
O associates who have the same interests with
hon. ......
served by the establishment of competing
lines, and II the press undertake this work, it is
the intention that theyshal be conducted on q
merely remunerative principle, and not on a
system which, like the present, draws from the
| pockets of the people an extraordinary profit,
and transfers 1t to the Golfers of q monopoly.
When we take into consideration the fact that
the press pay this company alone $4,000 per
annum, and when We remember also the state
| ment made by the President that the press pay
only one-tenth of the annual receipts, some idea
may be had of the immense business which has
been done by the company, when they receive
| their capital back every year.
With such facts as these before them. the pub
lie can see how easy 1t is to establish competing
lines, and how much capital can be obtained on
such a favorable basis. There is, probably, no
other incorporated company in the United
States that annually receives back its capital in
actual receipts. II shows with what encourage.
ment an opposition would proceed, and how
quickly new lines would take from the pre-
sent company very considerable portion Of
| its income. Remembering this, we trust the
shareholders will see the necessity of being pro-
pcrly represented at the approaching meeting
on the 25th Of June.
Inc press nave moved IN TINS matter because
they make the interests Of the public their own,
and because, as the regular customers Of the
telegraph, they are the only organization which
can combine In movement Of this character.
1t would be impossible to unite merchants,
brokers and private individuals who use the
telegraph in an opposition to q monopoly, any
more than to combine the writers Of the letters
daily dropped into the Post Once; but the in
terests Of the press and the people are Identical
and In taking the initiative we are only contend
ing for protection which will be alike enjoyed
by all.
N-bon Tho Ped Goa telenraph shall hare nor