The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-05-10
OCEAN TELECRAPHY.
Uprising OF the People Against the Cable
MOnOply-cnthu siastic Action OF the
Cotton EXCHANGE.

OprIsInS Oh the fcOpIc Against the cable
Monoply-Enthus iastic Action OF the
Cotton Exchange.
meeting Of the Cotton Exchange was held
yesterday to consider the proprety OF aiding the
American press in laying a new ocean cable across
the Atlantic-S. D. Harrison in the chair. Mr..
George Blayden acted as secretary.
CHARLES A. EASToN stated that many OF the
members signing the call spend as much as
600 per year in telegrapning. AT the old
rate the cotton interest paid $1,oo0,OoO per
year for cable telegraphing, and under the new
tariff IL would amount to 81 250,000. He said they
could reduce the rates one-half by taking stock or
promising their business to the opposition COM
pany proposed to be constructed. He offered the
following resolutions, with view Of starting the
movement
Resolved That we, as an Exchange heartily welcome
the proposition of the press OF America TO build new
cable as II Is the only means OF freeing US from the pres
Resolved That we will aid the new enterprise as much
as possible by subscribing TO the stock of the
Resolved That we will pledge ourselves to do all our
business over the new line
by the business OF the other exchanges of the South
Mr.. CRIMsHAw moved as a substitute the ap-
pointment OF committee OF i've to confer with
other exchanges, with view Or aiding the war
against the cable monopoly.
Mr.. Crimshaw's substitute was adopted. and the
Chair announced that he would hereafter name the
committee by posting IL in the Exchange.
letter from John NJ. Jacobson, giving esti-
mates for laying cable by the Allen system, was
Mr.. SToDDARD, Secretary or the American Allan
tic Cable Company, addressed the meeting, stating
that they had secured certain franchises Tor
dependent cable direct across the Atlantic had all
the money required and were now having the first
cable manufactured 1t Is to extend direct nom
the west coast OF Ireland to New Hampshire. The
company had the exclusive grant from Congress
for twenty years to land cables in this country.
Mr., EASTMAN, another otfcer OF the company,
explained the intentions OF the company. and said
he would like to have the support OF the American
press and people OF the United States. All oil the
capital one million three hundred and fifty thou
sand pounds sterling, had been taken In England
TO lay the first cable. Mr.. Eastman stated
that he had no doubt their company. which on this
side is called the American Atlantic Gable Com
pany and In England the Direct United States
Gable Company, would willingly combine with the
Anne rican press and different CONNIE exchanges
TO lay second cable the capital OF which could be
taken by the American press and commercial ASSOC
cations and thus American interests would be
protected against combinations OF monopolies such
as the one that has just been perfected.
On motion OF Mr.. RANGER, the committee OF Five
was instructed to confer with the American Allan.
tic Gable Company on the subject OF cooperation
In laying a second cable. The meeting adjourned
subject TO the call OF the chair.