New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-13
A PRELIMINARY AGREEMENT SIGNED.

1he reported union OF the Telegraph compaWes
was the principal topic OF conversation IN wan
Street yesterday. 1t was asserted positively on the
floor of the Stock Exchange that the basis Of con-
sodatiou has been fixed and that the agreement
had been already signed BY officers of the companies
Il was announced on the authority of President
Green, of the Western Union Company, that the
preliminary agreement for consolidation OF the
companies had been signed. President Green was
engaged with committees of the western union
Companies, but inquiries were referred to w. Is.
SOmervc, superintendent OF the Press Bureau OF
the company, who had been authorized by him to
make public whatever the officers of the company
were willing to publish.
Mr. Somerville replied to the inquiries Oh IRiB
UNE reporter about the proposed consolidation that
he had been informed by President Green that the
consolidation had been agreed on; that the details
had not been arranged but that the counsel of the
company was engaged perfectng them, and that
a fnl meeting OF the Board had been called for next
Wednesday to ratlfy the compact Mr. S0mer-
VILE added that he had understood, IN general
way that the Western Union was to absorb the
other companies by an issue of stock, but tbat
Jay Gould would be allowed representation in the
Board of Directors of the consolidated
company But these points dennite
information could not be given, because
the terms of the consolidation had not been COM
pleted On close inquiry Mr.. Somerville said that
he should be obliged to consult President Green;
and from him he brought in few minutes mes
sage 10 the effect that the president did not feel
authorized to give the basis Of coDso daon because
il was subject to approval by the directors of the
other companies
Mr. Somcryillc was asked who represented the
American Cnlon Company in the legal conference
which was supposed to be then in progress. He ex-
pressed his ignorance but volunteered TO ascertain
He soon returned second time to his rooH and SAID
that Mr. Lowrey, the counsel of the Western Union.
had gone away and that the clerks in the office had
replied to his inquiry that they did not think any
o,e :, nresenting the Amerlcan Union had been pres
ent at all.
The following message was sent out yesterday by
tb, New. York Associated Press: 1t is announced,
on authority, that the terms OF consolidation be-
tween the Western Union and American Union lei
egraph Companies have been agreed upon. aud the
preliminary papers signed"
AT the Offices Of the American Union Company no
definite Information could be obtained. First Vice
President -. II. Bates was i'll Philadelphia in con-
sultation with the counsel of the Pennsylvania
Railroad Company, IN regard to the hearing of the
Injunction obtained recently by the Western Union
Company. which has been set down for January H.
General Eckcrt president Of the company. when seen
at the conpanys Office. was unwilling to enter on
discussion of the subject. Later in the evening he
was sought at the Windsor Hotel. but the reply was
made that General Eckert not at home.
Iuoniry at Mr. Vanderbits house was met with
tbe intelligence that Mr Vanderbilt was dining out
and Jav Gould's servant learned on inquiry that
Mr. Gould, with his son. had just stepped out. AT
the Windsor Hotel, an intimate friend sad that Mr.
Gould was not feeling well and that he had refused
To any one.
Samuel f. Barger. director OF the Western Union
Company. was entertaining dinner party, which
included some friends who arc connected with the
company. and Wilson G. Hunt, another member of
the Board. was not mt home.
o. H. Palmer. director of the Western Union
Company. beng questioned by TRIBUNE reporter
concerning the negotiations pending between the
two companies replied:
81 uuderstand the companies arc to bc conso-
dated, but do not know that anything has been
dsne yet beyond discussing the subject. The COM
panics cannot be united unless their stockholders
agree to IT, end no meeting Of stockholders has been
held yeti
Has any such meeting been calsI?'
"Not vet | believe, although l understand that
such a meeting will be called soon. have no doubt
the companies will be consolidated, but the matter
is not accomplished yet"
"You do not know upon what terms the consoi-
datiOn will be etlectcdT
al do not"
Have papers been drawn up and signed by rep
resentatves of the two companies preliminary to
the consolidation
IL do not know. Indeed know very litto about
the matter-no more than have told you."
"Well, have yon heard anything about a pro-
spcctye increase of the capital stock OF the Western
Union C6mpanyY'
Il have not. do not think that any will be
made. certainly do not know anything aoout any
such proposition"
The reporter called at the houses of Harrison
Durkee and ID. o. Mills, in Flfth-ave, but neither
gentleman was at homo. Ex-Governor e. D. Nor
c,n WAS called upon but asked to be excused from
talking upon the subject Cornelius Vanderbilt
was not feeling well and felt unable to see the re-
porter
T.. ID. Worcester, at the ST. James Hotel when
asked concerning the terms OF tho CONSOLIDATION
the probable meeting of stockholders and the
rumored intention of increasing the capta STOCK ol
the Western Union Company, replied:
"I have only some very general information on
those points and could say nothing sufficiently dell
mite Ia be of use to you have nothing to say con-
cerning these matters"
r. L. Kennedy was found at his home. No. %
F,fth-avc. Regarding the consolidation he said
understand that the companies VIII be con-
solidated, but cannot tell you upon what terms or
when. The matter has been under consideration
for some time, but nothing has yet been hnaily
done. am told there IL to be call for meeting
of the stock holders Of the Western Union COMPANY
soon but do not know when. The CALL uhder-
stand. il being prepared now. do not know or
proposed increase OF tile capital stock OF the west
ern Union Company"
+. i. Sanford one of the Board OF Directors oil
the Western Union Company, was found by IRiB-
uxE reporter last evening at his home In Brooklyn