New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-02-13
THE STRUGGLE OF THE CABLE COMPANIES.
LONDON, Monday Feb. H. 1877.


The ordinary general meeting of the Anglo
American Cable Company was held on saturday at the
City Terminus Hotel viscount Monck. the chairman.
in moving adoption OF the report said that, notwn-
standing the fact that there had been transacted during
year large business teegraphy across the
Atlantic as in the year preceding, the company how
ever had not obtained the shareholders had felt in
then dividend. the full amount Of the busness-a fact
attributable to the existence Of competitive company,
which Of course, by carrying q portion OF the
business, had to that extent deprived them
Of their profits The obvious and ordinary
mode Of meeting competitive rival In the bed would
war with him Til they had brought him such a
dition would induce him TO come to an ainleaDe ar
rangement such a course, however. would involve
certain loss OF revenue both companies and having
the their minds they desired TO exhaust every
their disposal for arriving at an anicaDie ar
rangement with tn r competitors before they drew the
sword" and embarked in hostile competition NIL
not 10 embark In any hostile competition Wild
the Direct Cable Compssy as soon as that
company had begun work. he, though representing the
senior company requested interview with the chair
Of the Direct Cable Company, and asked II they
could not 10 some terms enabling them both 10 I'VE
without expanding the capital and money OF their share
holders ! hostile competition. The proposition was
repudiated, but ne was bound TO saS me SPOKE from
memory but his memory was pretty correcp tat ~ Was
OF the Globe Company was not, namely, tnat
they could not DO IT, The chairman Of the
blank refusal to DO what he proposed, but he did not tell
him that impossible. That was subsequently us
covered This point however, was now 10 ny
a court law the directors had come 70 the coDcu-
SION that they should wait and how the question
was decided before they adopted any alteration III their
policy ViscOmt MOnck further said that an expedition
would this year repair the cable or 1862
The cable recently broken but IN very shall
low water and nc believed the break was capable OF
easy repair. ,,,
The chairman moved the reelection OF Lord William
Montague Hay, but tie motion was eRergeucally OPP
posed on the ground that he was connected with TOO
many companies. A poll was taken, however and LORD
Hay declared elected.
The Timess money article Of Saturday Feb 10, re-
ferring to meeting Of the AnglOAmercan Cable Com
pany says: In connection with the meeting or the
stockholders of the AngloAnerlcan Telegraph Company,
held to-day IL il worth calling attention 20 the disnct
threat uttered by the chairman against the Direct Cable
Company that he and his board were deter
mined 10 institute what he called an lnicrneclne
war; till the weaker went 10 the wall should the attempt
now being made by the Globe Telegraph ana trust
Company party destroy the Direct Cable Company
fail He frank enough 70 tell the shareholders Dst
THE might be costly, but none the less u the
determination OF his board TO have no rival II nghs
could destroy that rival"
The Obserre's financial article says application has
been made for a mandamus compel the Direct United
states Cable COmpanys Board OF Directors 10 recognize
the votes which the chairman OF the late meeting OF
shareholders decided invalid and declare the resou-
tOns of Mr.. Pender (wbO represents the amagamaton-
issJ adopted IL is believed that decision WILL Dc 0D-
tanned within fortnight"