Daily globe., 1879-04-21
WALL STREET GOSSIP.
The Railroad Telegraph BiU-Its Probable
EFect-WiH Vanderbilt Unload Western
Union Stock?

the railroad telegraph bill and its probable
effects.
''There can be no doubt that this move in
Congress has produced CONSERVATION in the
ranks of the Western Union magnates," said
one of the brokers, ''and that the passage of
the bill will sound the knell of this hydra
headed monopoly, 4. e., the telegraph COM
pany and the Associated Press. I do not
mean that it will produce collapse or be
sudden in its effects, but it will be the COM
mencement of certain disintegration-
beginning of the end. Those behind the
scenes in telegraph matters well know that
the Baltimore and Ohio railroad officers are
burning for the opportunity to give the
Western Union people a slap, while Mr..
Franklin B. Cowen, in his efforts to advance
the best interests ef the stockholders of
the Philadelphia and Reading railroad,
knows how to appreciate the Importance of
such an addition to the revenues of his COM
pany as the commercial and press telegraphy
yields. His desire and determination to free
his institution from the ''clutch of the bar
nacles'' was we'll illustrated in his recent
desperate struggle with the Adams Express
in which, it is hardly necessary to add, he
was victorious. The Baltimore & Ohio COM
pany had also seen fit to hurl back the Ex-
press company which it claimed, had been
fattening on it's substance. We also learn
of several companies over the country who
have purchased an outfit of sleeping coaches
of their own, rather than allow this revenue
to 60 to other than their own stockholders.
With strong public sentiment against the
whole race of bloodsuckers; with railroad
stockholders working against these things;
with such gigantic breach in the center of
4Io IT, !, 11o1 So h.
Baltimore & Ohio and Philadelphia & Read
ing lines will make, besides numerous inde-
pendent lines springing up, as for instance
between Chicago and st. Louis, Chicago and
Milwaukee, New York and Philadelphia,
Philadelphia and Washington, &c., what may
be expected of the future of the Western
Union system?
"It is also worthy of note that General
Eckert, that valiant man of ability who
built up the Atlantic and Pacific company
against the overshadowing opposition of the
Western Union company, has retired. He
is an honorable man of great ability, and
aside from his disgust at Jay Gould's hellish
lust of gain, which was carried to such an
extent as to rob the country of an opposition
company, after being placed by Eckert,
Bates and Chandler on staunch basis of
success, in selling out his controlling inter-
est in the stock to their competition fearing
opponent, his pride and feelings we're wound
ed at petty affronts from ambitious young
officers of the controlling company. These
he could not stand, and he left the service of
either or both companies, and is now free
to bring his great knowledge of telegraphy
anc executive powers to bear in gathering
up and weaving the many scattered threads
of the opposition into great cable of
strength
''Do you think the bill will surely pass
Congress?" I ssked of one of the brokers.
81 have no doubt about it. The votes
taken show conclusively that the Western
Union people have no standing in Congress
and that the opposition are almost omnipo
tent there
'sThe Southern members seem to be
strongly in favor of the measure. How do
you account for this?"
''They can not get rid of the idea that the
running mate, the Associated Press, form a
political team Of great power and infu-
ence."
"Do you believe that they prostitute their
mission of supplying news?'
81, as Jacksonian Democrat, believe and
say that these two always have been, are
now, and always will be a Republican po-
litical machine. Do you notice with what
astonishing regularity their press dispatches
come up from the South about election
times? Mark you! always about election
times, laden to the very guards with South
ern outrage fables, negro massacres, etc.
"Ha! You surprise me-"
"Why, the agent of the Associated Press
at Chicago, one William Henry Smith,
makes the boast openly that he secured the
nomination, and, of course, subsequently the
election, of R. B. Hayes to the Presidency
of the United States by deftly manipulating
the wires of the Western Union company,
and sending cunningly devised messages
broadcast over the country day by day. I
tell you, sir, the tune he can play on those
wires is more subtle, and at times fatal, than
the legendary strains from the 'Lorelei,' who
sat on the rocks o'erhanging the Rhine.
Now, what power is this to place in the
hands of one man? Do you think the Demo
cratic majority will tolerate this? Smith, as
reward for the work above described, has
been given the collectorship of the port of
Chicago. Who knows but what his ambition
may vault still higher next time, and he may
see fit to give himself a higher station or lift
some other friend into power, as he did Il. B.
Hayes? Have not things come to pretty
make Presidents? Do you think Demo-
cratic Congress will permit this thing to 90
on any longer? The truth of the matter is,
the requirements of the country are such
| that there is more need of postal telegraphy
than there is for postal service for letters.
| Everything in this country tends toward
speed. The admirable management of the
| postofice department., too, is sufficient evil
| dence to thinking men that the telegraphic
department would be we'll managed and a
wonderful blessing to the people. This sud-
den change is hardly to be expected now,
but we may depend on the present Domo-
cratic Congress to, at least, give US the tele-
| graph railway bill, if for no other reason
than to protect the Democratic party of the
country from the instrument now welded
by the Republicans"
''Who is the present controller of the
| Western Unions destinies?"
| s:Vanderbilt holds the majority of its stock
at present; and right there is another bone
of contention in the system, as his bitter
rivals in the railroad business, viz, Scott,
Garrett and Jewett, do not like to pour the
wealth of their lines into his Golfers to use
against them again in his cut-throat rail
road competition It is not difficult to see
that when the legal knot has been cut by
Congress these discordant elements will fall
apart"
''Vanderbilt's wealth must be immense, il
he can hold the control of so many cor
porations having enormous capitals" re.
marked the correspondent.
eyes; he is very rich man, but he is al
the same time the largest individual Dor
rover on the American continent. I have
known him to have borrowed on Wall street
at one time $2O,OOO,OOO.''
''Twenty-two Millions said another
broker.