New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-06-30
Fx,spsss Of the line for yesr."..."....sISo,g1 ~
Rsceipts u the line fo7 yssr..'''''''.' sS',os0 W
,.$N9,613 SO
Los. for yeu.........".."......$s4s,sl

.t. Los for ................". $Z4se1 ~
He argued therefore that the almost inevitable resul.
of the pre sent niscbevous policy OF the Executive
Committee. BY rendering unavoidable me ou'lding 81
an obi osi,ion ne would be TO wipe out me net PROM
Of AIS ISL I6 or more than Is per cent on the stcck
and 10 entail npon the stockholders the ruinous oes IN
one year Of $249 GLIB 80:
M. KrspALL hoped some means would be taken 70
asee,tain v hai sock was represented here: de re-
eardsd these proceedings 'egtimate until ths was d.
certaiDed.
Mr.. +. o. J. SMITH thought when vote was
taken on the resoluti before the House. wou,a NO
tin enough 70 decide the point alluded by Mr. ken
DALI He alluded to the argument that had arisen on
the question of the bylaws The two learned gentle.
men, Mr. Field and the Secretary had referred 70 LORD
Mansfield and The English law, but ne thought the
question could be settled by the law OF New-Jeresy.
He argued that the general law OF New-Jersey gave
tie power TO make by laws 20 the Corporation, ous
that meant in effect the delegated power OF the Corpo
ration as represented In the Board OF Directofs'
The Directors are the legitimate, rgaariy
organized agents Of the Corporation, and all
matters OF detail are confded to them.
At the anrua meeting of the Stockholders last January
solution was adopted 20 apply TO the Legislature OF
New jersey for several amendments to the Coostitu.
tion among which, was 70 give the express power OF
mskpg by -aws to the Stockholders alone. The adop-
Ii of this solution Itself proof that the Stock
holders rgaroed the power at present under the laws
of New jersey, and the eoaraeter OF the Company;
lie held therefore, that the bylaws were legal aad
Mr. Field made as an amendment TO the resolutionso
Mr. Livingston sto raise committee TO consult as
ttwtether any bylaws are legitimatey Ia force This
might make delay of six months, and If one half Of
the arguments in favor VI opposition line are be-
lieved we shall have an opposiiion here before that
time. He did not desire To mpUgn mems motives, but
if these figures spread before the world, all man
ner Of capital will come forward to build rva line.
There will be certain opposition If these 6gares are al
lowed to 90 forth without an antidote. He believed
he had been in the telegraph business long enough TO
know that the profits are fucuatDg and uncertain and
the expenses unthought Of. The Railroad Companies
realize 40 per cent actual profit, and 60 per cent is
at least the expense of running railroad. Bat il is
wemaDsgeo Telegraph Company which nets 10 per
cent it's stockholders and which can be run at lees
than Is per cent expenses on the annual receipts
ibis monopoly, as it is called they should remember
this fact The report Of these telegraph stockholders
and directors should not be permitted to mise ad capital
its into false idea of the profits OF the telegraph
business. The resolution Of Mr. Field would invah-
date all the past acts of the Company. He did not be-
lieve the stockholders were prepared for this.
There we're one OF two propositions in Hewits
staten ent which looked h Gue presumlng, at least.
One position il took was that We had got mo contro-
very with the pie ss and % viii set ASIDE the D
recoIs and trust the matter into the hands Of outside
so kbolders twas cubnDgy conTivtd political trick
once the part of certain politicians IN Cabinet 10
propose that the whole Cabinet should resign They
did TO- aud no member of it ever heard Of pub
lely after. So would IL be with the Directors who
D, opposed to dsplace themselves and place the duties
they were inrurted with in the hands of outside stock
holders He stated that of the three Directors who
had sened Mr. Hewitt's circular, Messrs. Hewitt,
Field and Hunt Mr.. Hewitt, Mr.. Peter Cooper SON
in.law, bad purchased small amount of stock, Mr..
Peter Cooper having sold out all his stock; Mr.. Field
bad sod al his stock and since purchased thirtyone
shares.
Mr.. HEWITT stated that Mr.. Peter Cooper had not
cold ont any stock. He had given to Mr.. Cooper,
his son, aid to himself Mr. Hewittl, $25 GOO each Of
stock hch they had sold, but they now held $50 0Oo
worth of the stock and he thought that was good
nters st.
Mr. FIELD said that he had not alluded TO the state
ments in the pamphlet Of the Executive Committee
because he had believed them beneath notice. He be-
heved that Mr.. Barnum the President, for whom he
had every respect, had signed that paper without
knowing lis conients. 1t contained thirtysix pages
and thirty Elk grose msetatements One was that the
American Telegraph Company had never paid div
idepd The statement was signed by Mr. Alden, who
was siocholder in the American Company, and who
knows that the Company paid two dividends of ten
per cent EACH and then received 100 cent for the
stock snd realized their new stock in the CONSOLE
dated Company II per cent dividend He, Mr.. Field,
the Executive Committee would ruin the Company.
H. t Ind 2d nssihsa Ct BIS sGss
bad mutually agreed TO sell no MORE until they all
agreed 10 draw ont altogether, and cell all
The SECRETARY said Mr.. Field had sold out before
the preset Executive Committee had been appointed
Mr.. FIELD had sold some stock, and the Secretary
knew the reason. He would state il if IL was desired
that h. should do so. He had become Disguised with
Mr.. RUSSELL conduct, and in consequences sold out
The President called Mr.. Field to order.
Mr.. FIELD said he would speak as respectfully as he
coud 10 the Chair for whom he entertained respect
but be believed he had been led into signing this
pamphlet without knowledge Of the contents. 1t
vas well known that he (Mr. Field had sold some
stock at three months credit, to Mr. RUSSELL and pur
chased to the smot ut of $751; for cash.
bab cd .pf nutun afn mr.
Mr.. SMITH had only alluded to this matter to show
that the Directors who oppose the action OF the Execu
tive Committee had desire TO retain their stock aud
il med him that some peculiar motive must have
induced him TO purchase a small amount back. He
asked for information from some Director as TO what
was the quarrel between the Press and the Telegraph
Company.
Mr. FIELD said Mr.. Raymond and others of the
Press were present and would make a statement.
MIR. SMITH desired only to obtain an answer from
Director.
Mr.. HEwITT said the Executive Committee are un-
willing TO give full information to the Directors This
he thought at least in bad taste. The quarrel arose
from the breaking up of the arrangement with the
Boston Press. The Executive Committee then gave
notice 10 the NewYOrk Associated Press that their
rangerhent for foreign news from Nova-Scotia would
terminate The Associated Press had then stated that
they regarded this as the beginning of between
the Company and the Association, and stated tina. if
they did not obtain permanent contract, they would
build an opposition line. 1t was on this account this
meeting was called. -,
Mr. FIELD asked if the Executive Committee would
explain to the Company heir policy, which they re-
fused to do to the Directors
TIE SECRETARY said they would explain in proper
time, but would not state all they intended TO do and
how they intended to dot.
Mr.. SAITH said 80 far as be could understand, the
papers in the Associated Press pay one mill per word
for their news; while merchants and poll aclans and
the sick and the dying pay five cents per word.
Mr.. HEwITT-fhat calculation ia made by dividing
The charge between all the papers that receive It,
Mr.. ID. u. FIELD asked If the whole amount paid
by the Associated Press for message was less than
The nuhc maid.