New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-12-17
THE FRANKLIN TELAGRAPH COMPANY

CONFIRMATION OF TIE LEASE or THE LINES TO TIE
ATLANTIC AND PACIFIC COMPANY-A STATEMENT
OF TIE FINANCIAL CONDITION OF THE COMPANY.
BOsTON, Dec. 16.-The action of the meet
ing OF tho Franklin telegraph Company today takes
away the last hope Of the minority unless the Supreme
Court shall interfere aud grant their application for
receiver The meeting called In response TO pet'-
ton OF minority OF the stockholders representing 37lo
shares. for tue purpose OF considering tho suect OF
leasing the property the Atlantic and Pacific leie-
graph Company for the sum Of $4,000 W. j. sym''
President Of tho Company called the meeting TO oruer
and the records Of the last meeting were read.
John H. Bullrd Of Dedham took exceptions to the rec
Ords and cOnended that he offered protest verbally
the lease the lines and then reduced to
Writing. Ho insisted that his protest should have been
entered In the order In which II was oferod The vote
on amending the records 1G4j shares to 6i2 ana
they were approved. A motion was then offered ap-
proving he lease tho Atlantic ana Pac1c 8t S7ooo
per annum. George r. williamson asked for the
reading OF o letter In which he claimed that he had,
in behalf OF certain parties, made An ONT 10
lease the line for $4,000 per year. payable semanhuay'
and protesting against the leasing OF the line 10 any
parties for q less than $4,000 The President LOOK
the ground tina, no offer had made by MI william
son. Mr. williamson read reply to his ietIer' ID "hc"
Mr. LYONS stated that he had no power TO lease ire inc
70 any other parties than Atlantic and Pacific Tee
read letter addressed by him to J. 3. Brown In which
he said:
think that II Is greatly to the interest Of the Frank
In Company to lease upon the terms that pave pro-
the Company show that net profit of sll9lO Is nas
been earned during the years commencing ApIH ~
line the Company mad tho signal Service bls
ness which thrp mad not before, have not now. ahu
extra S' cost TO the cSmpa Of s2oo Tor sxpenses
wni"n. reduced leave, $4,000 to be Geducted from tue
OF ne Compnny for the ycar whchls about $4,000
per can only find that all that time Two aiv
has "a round debt OF 5000 unpdi :. To reply,
1t can be said that ths books do show that
duel for spi ,py.rs bnincs, now lost $4,000 lcss
II, expense sy Sc oOo the result VIII be for mat ear
:23OO0, much es amount than has been O"hiI,u iol
the Company ny lcasngIt TO the Atlantic anu fdG.nc
Company ON tho ,eras IN tae lease eo, inS
IN N,vembrr INSTRUCTED TO lease at not
less rhaa s25OoO. found, upon the record oa =,
IN Octaber, 1873 rosOiItlon passed TO Lease 10 tie
Atlantic Pacific Company. the Franklin Line at not
OF the Atlantic ana PACt COMPANY, That the 'dHh
In Company mad IncLrrcd Indebtedness oy reason 81
Beach To BOSTON, also. hnsAIg 0l linz rom frVFIu1 acc
New p"rG, and some exteuNi"hs III NowJof''y' ,,
perhaps $4,000. Tor wnien Tue f,."G Gd
snonId become vested. as the Compa"y n.n
syne Indebtedness yet 10 pay besd5 the rem. hG"'loh'
for tDat reason the rental Oi me Company 7ho"u
increased To s-jOJ per year, "hich was don", i'ni
clause lhstflcu tHai II u :,
more line, had to be Quit then the Franklin Company
hal the right to Judd the same ana get pc, per
cent additional Tent tho amount cHl"hi,u,
W to rental Of $4,000 per aunuLl. ia.
IL the stockhoicrs % INC Ff.nkln lit not not
wish build incur any hOe d'nl, inc
Atlantic and Pacific Company mad thc paw "i
0nilIng cocc nag revenue or rem theic'foh' lhc
present JcUt Oi CJpiny Without the bOhi - i"'ut
10000 Win the UOGG, under 5000; ana S-',oh Prr
anun Tor 90 years Inh, IA NV opilIo" Is hhnit Oct
Ter than Franklin Company h-s ever zone anu more
tLan the OOasc pO-oiJiy snow IT 10 DC "Ortu.
A vain attempt was made to stave off vote. after
which the vote was taken vi the following result; In
favor Of rafyng the lease, $40 shares opposed p
shares and the lease was declared cODilfmed.