The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-07-17


On the Goth Of last month n meeting of the
shareholders of the Direct United States
Gable Company was held in London for the
purpose of considering the scheme proposed
by the financial Ring which controls At
lantic biography. by which that powerful
combination hopes TO crush tine only oppos-
tion to the cable monopoly which has hith-
crtu existed.
This scheme consists in the liquidation of
the Direct Gable Company, and its recon-
structiun with the clause omitted from its
charter which has hitherto prevented any
amalgamation with the monopoly compa-
mics. As majority of votes had already
been secured 10y the Ring. the issue of the
meeting was not doubtful; the unprecc-
denied proposal that a company earning n
seven per cont dividend should be liquidat-
cd was easily carried: and two days ago
We were informed that the second meeting
to ratiiy the proceedings OF the former one
had been held. and that the resolutions then
passed were confirmed. This second meet
ing was mere formality required by law.
but the proceedings 80 far show that no
further resistance j. attempted 10y the
minority. who find themselves Ovcrpowcrcd,
and are rcvenging themselves by availing
themselves of their legal right and demand
ing the full amount of their shares at par,
which j. nearly double their present ruling
price in the market
II l. thus evident that unless some power
ful influence steps IN to save Us, the public
upon this side Of the Atlantic are again to
bc handed over to the tender mcrcics of the
monopuli-ts. and We shall see rates put back
tOa dollar word. and the various minor
privileges which competition has secured To
the public swept away. We publish IN an
other column an article from a London
paper. from which it VIII appear that the
proceedings Of the Cable Ring have excited
the utmost hostility in that city. The Lon
don Times which does not usually indulge
in violent language. goes 50 far n to call
Mr. PENDER and his gang "wrcckcrs; - aud
the proceedings at the meeting elected some
sharp and not very complimentary conn
ments upon the motives and character of the
leading spirit ia the nciarious intrigue 10y
which the Direct Company has been cap
turcd and practically destroyed. 1t remains
to lee seen whether the English courts will
consent To- the liquidation of the company;
but 1T IL a. well that the public of the United
their own Government would suffice To
knock the whole scheme on the head
The Direct Cable Company was allowed 10y
our Government to land Ia the United States,
because they had pledged themselves 10y
clause ia their charter never to anal .gamatc
with any existing cable companies. BY vir-
tue Of this pledge alone, which was a sol
cmn legal aud moral obligation. that they
would maintain their Independence, they
secured the priv ilcgc OF landing on the coast
Of New Hampshire. They now are about
deliberately a. violate this obligation. and,
| 10y Il subicriugc. they hope 10 cNadc the law
/ in England, while they boldly defy the att
| thority of TIE United States Government.
| They cannot plead that they have not been
/ warned of the Consequences of this act, for
the late Secretary OF state expressed himself
| very decidedly on the subject in a letter adj
| dressed to Gen. EgKrRr, President of the
A. and =. Telegraph Company, which was
published at the time in the London Times.
! We wish the commercial community of
| New York therefore clearly to understand
that if they find themselves before long pay
ing dollara word, it will bc due entirely Ia
the supinencss of the present Administra-
cable monopoly will theu rest entirely on
their shoulders.
Our Government have simply 10 inform
/ Mr.. PENDER and his colleagues that the
Direct Cable will not he allowed to operate
on American shores day after the violation
of the companys pledges has been CONSUME
mated 10 make it impossible for that gem
tlcman TO 90 on with his project. The re-
suit would hc another meeting of the share
holders. Mr.. pISDER and his board would
hc -ummaIiy elected 10y the large mnjorit y
of those who arc practically independent
though they have been quilted into adopting
i-pulicy in ignorancrof thccomplicatio t'
which il would probably lead. Ihrold board
would b" rc,'~tabh-hcl. and the old compc
titiOn once more sot ON foot. Unfortunately
the Government and the public of the
United States seem to have acquired Tho
habit Of submitting to the financial no lc-'
than To- the political indignitics which for
cignors may choose 10 heap upon them, Will
a calmnc-s and oquauimity which coniras
strongly with their temper of former years
I his is one of the disastrous consequence"
Of the lat" stold and nuathctic Admni-lra
tion. How long this influence ia 10 last, an,
to what cNtcut we are tohc made the victims
Of its inherited incupncity, rcmuin- to 10
proved, and Will be lorcihly tested by th
policy of the present Government on tn
| Atlantic cable question.