Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1860-06-30
LATEST NEWS.
By TELEGRAPH
70 THE WORCESTER BAlLf spy
lelegraph Meeting

arg OF Tive stokllOideTs OF the American Tel
egraph Co. walheld at tie Astor House to.
day. In orderto open the discussion, the fol-
lowing resolutins were introduced:
Resolved, hat the stockholders of e
American Telegraph Co. deem it nexpedient
to take any aeon in relation to the business
for which thismeeting Las been called, in le-
Ultimately euirglng the board OF directors.
Resolved, hat we have full confidence in
the ability anintegrity of the board of direct
ors to m2nas the business, and that eoual
justice will bIdone to the public, the press.
and the stockholders. Discussion ensucd be.
tween Secretly Russell and ID. d. Field, the
latter confronting the statement OF the Tor.
mer that mer the charter granted by the
legislature etNew Jersey, the directors had
power to mth laws for the government of the
corporation, Mr.. Field held that the power to
make laws US yesled in the stockholders, and
moved as aA mendment to the resolutions the
appointment Messrs. Kendall, Hewitt, and
Balls, as tolmittee to ascertain if bylaws
are now legay in force, and if not, they to
frame such, t,be submitted at a future meet
ing of the stockholders.
A pamphewas read setting forth the views
of Mr.. HUT Cyrus W. Field, and Hewitt
directors LIB propositions of the press TO
the COMPANY &c embodied in it. Mr.. Hewitt
moved as al mendment that committee OF
three be apIoited to examine into the contro-
versy existngbetween the company and the
associated pres, and report what ought TO be
done to adjSthe same.
Mr.. Cyru 7. Field moved an amendment
oNthat the coHnttee it is not expedient that the
nj present tarii the press, or public shall not
be increaseohless with the consent OF IL ma
jority of thebckholders. Mr. Field then re-
viewed the timca condition OF the company
showing thate profit for the first six months
was Sl23, 4u,which gives Is per cent per
annum on tln Ill capital.
The amounbf dividend for the year, con.
slderlng the aDunt Of the capital put into the
consolidated clpany, would be over 80 per
cent, proving necessity of raising the rates.
They were dog well enough. If rival line
were built vi the influences of the press it
would at eativide the receipts, entailing a
loss to the Aerican company of S249, 6l3.
he urged th.iroprety of placing the contro-
versy in thelnnds of an intelligent and fair
committee.
f. 0. j. Slth opposed the amendments in
a lengthy speh MIR. Field considered the
statements 1.-THE pamphlet OF the executive
committee heath notice, and said, it was full
of gross missements. He had sold a part of
his stock, kFing the ruinous policy OF the
executive conttee, and intended to sell all
together witlthers Withdrawn firm the com.
pany
MIR. Hewitt lid the quarrel arose from the
breaking up the arrangements with the
Boston Pres and the executive committee
then gave ntii to the United States Press,
that their rngements for foreign news
from Nova Sea would be terminated. The
Associated To then stated that they regard
ed this as a thinning OF war between tile
onIln 8
they did nodbtain a permanent contract
they would bt an opposition line.
Mr.. Field asd if the executive committee
would explaito the company their policy.
The secretarNid he would explain at the
proper time, b would not state all they in
tended to do \ how they intended to do it.
Mr.. Smith saiehe papers OF the Associated
Press pay oneili per word, while merchants
and others paive cents per word.
Mr. Hewittlhat calculation is made by
dividend of tliharge between all the papers.
Mr.. Smith ught the press was curse to
any telegraphmpany, and when they owned
line they wd be Il curse to themselves.
The united pB and telegraph are a blessing
to the countrWt taken individually the press
is a curse to telegraph. The Boston press
is alarmed base they think the telegraph
company is pairing Il guillotne for them.
The Boston ps has paid onetwentieth part
OF mill per I'd Tor news, and the executive
committee haaiSed this to two-fitteenths OF
mill per wor This was II great cause for
fear and for disruption OF the American
Telegraph CoAny.
Mr.. Hale Boston papers have paid
double the prioaid by private individuals.
Mr.. Smith willing to hear any facts
on the other s. but the only cause for the
fear of the BoA press was the raising OF the
rate from 1900 l-15th of mill, by the d.
rectors.
Mr.. Feld--e executive committee, not
the directors
Mr.. Barnunin justice to the executive
committee, desi to say that the action of
the committee always submitted to the di.
rectors. Mr.. H asked if the pamphlet of
the executive cmittee was submitted to the
directors. Mr.arnum replied that it was
not Mr. Smic6ntinued to review the de-
mauds of the 4ociated Press as to the selec-
ton of directontad designated them as alb.
surd and extr;gant. He declared that the
only inducemetOr him and others to go into
into the cOnsoltion, was the understanding
that the contractor foreign news should be
destroyed.
Mr.. IL. j. Rnond, of the Times, replied
to the remarks Mr.. Smith. He could not
hope to follow twhole Of these remarks, but
it was not to btondered at that in 50 long
speech he sho have contradiced himself
several times. D far as the remarks of the
gentleman resting the speculative use OF
the foreign newTere concerned, he desired
to give them fand direct denial. The cy-
pher to whiche gentleman alluded, was
adopted by the,ssociated Press on purpose
to prevent any proper speculative use OF the
news. Before regulation was adopted,
the news was len by several on the line,
through listenirto the ticking Of the wires,
or through sign from an office. The cypher
prevented this. As soon as the market news,
which is first reyed, arrives, the Associated
Press is at liberto put up the news on a bul.
letin, for the eless purpose OF preventing
speculation. III was known by Mr.. Smith,
and he was sursed he had concealed it. The
present and p; arrangements Of the Asso-
ciated Press wepurposely adopted to prevent
the speculation men wO preyed upon the
public, and to pse benefit alone the distinc.
ton of the prest arrangements could tend.
He continued tpeak at length in relation to
the extortons the company. He said the
lnress asked noavors of Them. They need
not build lines)r themselves, for capitalists
stand preparedo-day, TO build up as many
lines as the sociated Press may desire,
whenever the PISS will PROMISE to give these
rival lines their lsinessj For his own part,
he did not belle the press could expect fair
play or justice I'M this company under its
present directiojudging from the pamphlet
tae executive CON ttee had put forth
Mr. Hale of Il Boston Advertiser, on the
part OF the Bosttpress, said, although it had
been stated that controversy resolved itself
into mere queSn of the rise ofprces, some
fraction of milthis was not so. The calcu-
.ation Of the exeltive committee was based
"a 1ivisiot, la nrpp mid nv m 90