The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-08
THE WESTERN UNION SPECULATION.

President Orion Speaks-His Reasons
for His Prompt Action in Buying the
Cuban Cable-Tho Executive Commit
tee in Harmony with IIim-Thc "Bear''
Side Of the story.
The Wall street sensation about Western Union
Telegraph stock has sensibly abated. The distinc-
tive spectators loud in their prophecies as to
the row there would be about the matter among
the directors Of the western Union Company.
There is no doubt that speculations have been
going on largely in this stock in Wall street during
the past week, and 1t is generally believed that
corner was preparing which has been knocked or
the head, and in which the gentlemen who were
getting 1t up have been somewhat w0rsted by the
action OF Messrs orion and Horace F. Clark.
With tho intention OF hearing
THE TRUE FACTs
OF the case reporter OF the HERALD called on Mr..
william orion, the President OF the Western Union
Company, yesterday.
Mr.. Orton received the reporter, and on being
informed OF the object OF the visit gave the facts Of
the CASE he seemed to feel somew what annoyed by
the talk which the matter had created, and anx.
ious to give the details Of the operation 1t really
was. He said -
''The Executive Committee passes upon this
matter tomorrow, and then wen see whether all
this talk is true or not. The Executive Com.
mittee Of the company meets once week. and ia
it are submitted all matters OF sufficient impor.
lance to engage its attention. OF course this mat
ter will be presented among Others"
''Have you any idea what that action will be2'
'There Is not the slightest doubt on the subject.
or course the committee Will entirely sanction tho
action have taken. Over year ago
THE COMMITTEE EMPOWERED ME
to get control OF the Cuban cable ir possible. Soma
time ago tried to do So but was lo'led, and ne
chance had presented itself since to do anything IN
the matter until last Saturday. when found that
had the opportunity OF communicating the arrange,
Ti,of hnUh had In 10 nv nd
1t had not been done by that time 1t would have
failed. There were certain combinations in Ions
don which obliged the transfer and payment imme.
diately, that 1t should be known there ~
having been done by Wednesday. Twas In Chicago
on Saturday and Mr. Horace +. clark was IN Wash
ingt0n. telegraphed him, apprisng OF the mat
ter as 1t stood and advised him what to do. He
agreed with me in every particular and did 1t.
$50 that his action received Jour entire ap-
"Of coarse We are and have been in entire har.
the purchase Of The Cuba line Of cable depended on
its being done Immediately. could not walt 70
receive
which did not meet until Saturday. took the
matter into my own hands and know that shall
Executive Committee except one. when matter
of this kind has to be done cannot go running
around to each member OF the committee separately
to obtain his sanction. knew was doing right
$50 that now the company owns the Cuban Tele.
ayes" said Mr.. orion, somewhat jubilantly. I'VE
own the Cuban Telegraph, which we have been
seeking to get hold Of for over year. presume
THE MONEY Is ALREADY PAID
for 1t. 1t has already gone out OF the company's
hands, anyway"
"Why,n said Mr.. Orton, smiling, 81 believe that
disturbed some little speculation in Wall street,
and they have set up howl about 1t. or course 1
am very sorry to have done anything like this but
can hardly be expected to disturb the operations
Of the company to accommodate these gentlemen.n
F. Clark, but found he was still In Washington.