The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-05-09
TELEGRAPH CONSOLIDATION.
Whse ehs President or tho Paciae ~
A"nt'o Limo Has to say-The woster-
Union TO swallow tho Smaller Lines.

What the President or tho p.c,a.
Atlantic Ltno Has to say-The West.rC
Union 20 Swallow tho Smaller Lines.
PTrrssURa. Pa. May g. 1878.
sirce the election Of new ofacers Of the Pacias
and Atlantic Telegraph Company which eveue
took place last Tuesday, there have been reports
current that the Western Union was to take pos!
session Of the line, and also rumors that Augustine
Schell and Cornelius Vanderbilt were to securs
control OF the present Western Union line, whcu
that company would slip In and run the new line.
william G. Johnson. OF this city, the new Prcsi-
dent or the Pacific ana Atlantic Company, was In
terviewed this afternoon In regard to the truth on
the assertion that his limo WAS about to bol
absorbed BY the western Union. The Prcsidcnt
said that he could not learn that there wal
a single stakeholder OF the Western Union Com.
pany that held shares In Pacific and Atlantic.
the retiring management would have formed lease
he said, with the western Union II 1t could have
been done on the right sort OF terms The present.
Board had not given the matter the least attention.
1t organized ana adjourned, and will not meet
again for three months unless business OF specal
Importance should neccssitate Its meeting. IL
answer to the question whether not negotiations
were pending on the part OF the Board, looking to
the control OF the Pacific and Atlantic and passing
II to the Western Union, the reply was, II em-
phatlcally deny that there are any negotias
Atlantic and Western Dnion either e with
TO SALE lease or any control whatever. The direo.
tors OF the company the President are powerless
to prevent their stockholders from selling theiq
certificates to any who may desire to purchase tho
same, and have in No way endeavored to contros
In regard to the representations OF feeling dis
played by the stockholders at the recent election,
towards the retiring management Mr. JohnsoaI
said there were fsur gentlemen present who held
proxies OF stockholders to On amount exceeding .
large majority OF the whole stock; and the express
were obtained were that the late onioers
should not be reelected, either to enlc!a9
position even members IL the Board No
stipulation was made as 60 who should occupA
their places. and the definite arrangements werd
hours OF the election, and the new ticket was then
agreed upon, after consultation with quite large
who held and their
nous. Resolutions were permitted to be carried BY
half . dozen weak voices rather than provoke
angry discussion which would have been useless
and interminable.
The President further said that three-fourths q
the whole stock were voted last Tuesday, and thae
the vote was unanimous. He and the new Boar9
knew nothing further about the financial condition.
OF the company other than the information gained
from the report OF the old Board. He presumed
that this report was correct having been passes
that The audit should not be formally made, as re-
quired by their rules He also stated that 1t w0u'1
require the written consent Of the holders OF three
f0urths OF the Pacific and Atlantic stock to e1ece
O transfer or lease with the Western Union.
1t is also learned that arrangements have beem
Atlantic and Pacific. which also includes tina
Franklin lines The Atlantic and Pacific lines ex-
ton; from New York, via Abany to Chicago; tlencS
to Omaha and San Francisco; also from New York;
by the Midland Railroad to oswego, cleveland and
lines at Detroit. They secured q large number Oh
side lines, such, for instance, as the Great Vest
SIN, Iowa and other Western States, the lines
owned by the Reading Railroad Company and on
their other roads amounting to about one thousan1
miles.