Morning journal and courier., 1881-01-20
NEW YORK.
The Tsiegraph MonoBo1ys Ratification
 of the AgreenseIit = A MonoPo1y of

The 1'eiegraph MonoPo1yS Ratification
 of the Agreement - MoifoPo1y O I News.
 NEW YORK, Jan. 19.-Meetings of the di
 rectors of the three telegraph companie'
 were held today and a plan for consolida ton considered. Each board ratified tht
 agreement, and the consolidation may now
 be considered as fact as all that remains if
 for the ratification of the directors by vote oi the majority of the stockholders. Az the l directors control the majority of stock, the result is the same as accomplished. The ! American Union directors met at il o'clock,
 the Western Union at 12 o'clock, and the Att I lantic & Pacific at o'clock. In each case the vote for ratification of the agreement was ! unanimous. After the meeting of Western Union directors Dr. Green, president of the Company, presented the following memoran- l dunn to members of the press
 s"The agreement has been unanimously ratified by the American Union and Western Telegraph boards, and will be by the Atlantic & Pacific board this afterhoon. The board considers it still unfinished business, and only the general outlines already known will be given to the pubEc.''
 Apropos of the consolidation of the tele-
 graph companies the Duly Graphic this af-
 ternoon says some of the daily papers, and
 noticeably the Herdzd of yesterday morning,
 are beginning great outcry on the subject of
 monopoly in telegraph affairs, but no allu-
 sion is made to the attempted monopoly of
 intelligence which these same papers have
 been trying to enforce for many years. It Is
 understood that the papers connected with
 the New York Associated Press and It's tribu-
 tary associations in different parts of the
 country are endeavoring to get the new con-
 solidated company to commit itself to the pol
 icy of restriction or prohibition of rival
 news associations and to give them mono
 poly, and it is also stated on the best author ity that the conductors of these same papers have boasted that their franchise in the press
 organization of which they are members is worth much increased price because the consolidated telegraph company will stop competition by prohibitory action against ex- isting rivals. In the same breath these pa- pers raise an outcry against monopoly. As far as telegraphic monopoly is concerned, the only interest the public of this country has is confined to two points, namely the price of messages and the facilities for transmission. If the cost is low and transmission prompt there is no cause for interference. In plain words what the public demand is the means of accomplishing these results. One compa- ny working under one set of expenses, under one management can do this business for the people at much cheaper rates and in much better form than two or three compa- nies with rival interests and multiplied ex- penses for which the public must pay. To show the opportunity for development of the telegraphic business of the country it is only necessary to cite the fact that even last year, when business was much greater than that of any previous year, over 1000, 900 more messages had been sent than in any previous year. There was one message for every two of population, that is to say ze en lI. number of messages between all parts of the country was 2s,OOO, 900, including regular and special press messages of all associations and correspondents of newspapers. As to the desire of certain papers to secure mo- nopoly of the business of transmitting in- tellgence, we assume then that they are far ther away from the purpose they would achieve than formerly. Certain papers which have complained of watering stock should go back into their own history. Papers that were started on a few thousand dol lars now have stock valued at million dollars, having doubled, tribled, etc., the amount of Arizona stock, notably the Tunes and HerGSd. According to their own argu- ment, they must give the papers to the pub lie at much less rate, two for a cent. A man who insures to the public of this coun- try transmission for the future of telegraphic messages at 8 minimum cost, with maxi mum of celerity, will be regarded as public DeuoIaCIOr, no maLG0F Wn6Gn6f ne OO6S It Dy the consolidation of three companies in one or in any other way. But the man who at tempts to monopolize the carrying of intelli- gence will be execrated as conspirator against. mankind
 The text of the agreement, which was read at each meeting, is very long. It is careful ly guarded and it is announced that the terms upon which each company enters the pooling arrangement will not be made public until a special meeting of the stockholders called for Saturday, February 5. Notices have been sent to the stockholders of each company. Meetings will be held simultane- ously on that day. It is, however, stated that the capital of the consolidated company will be $8O, ,OOO, ,O09, and that the division will be about as follows: Western Union 37 800 shares, American Union 24, $50 shares, and Atlantic and Pacific 15, $50 shares. But as the Western Union already holds half of the $15, 100000 of Atlantic and Pacific stock, the former will really have at pro rata valuation about 47,720 shares of the joint stock. The effect of the announcement of the ratification gave an upward tendency to all stocks in Wall street today