Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-02-06
NEW YORK.
Meeting of the Stockholders of the
Western Union. &c.


Western Union, &c.
New York, Feb. 5.-The stock
holders of the Western Union Tele
graph Company met to-day at nool
for the purpose of ratifying The
agreement of the consolidation.
| Rufus Hatch was present with his
counsel, ex Judge Fullerton.
At one o'clock the meeting was
still in session.
The A. & P. Telegraph stockhold
ers will hold a meeting at 2 O'Clock
this afternoon for the same purpose
It was not known at the Office OF
the American Union Telegraph Com
pany whether there would be meet
ing of the stockholders to~day OF
, uot.
The meeting of the Western Union
Telegraph Company adjourned about
half past o'clock, when it was stated
that a majority of the stock, 748 of
the whole amount, had been repre-
! sented. Two resolutions were voted
upon, one approving the contract en-
tered into on the 10Th Of last month,
and the other approving the action
of the stockholders at a meeting held
on the Sd inst; 307,2Z5 shares voted
III favor of the resolutions, and 900
voted against them: 397, ,1S9 were
voted upon in favor OF increasing the
capital stock Of the company to $50,
100000, and 100 shares voted against
that measure.
When the stockholders adjourned
the board Of directors went into ses
sion. 1t was stated that Rufus Hatch,
who was present with his counsel for
a short time during the proceedings,
had entered a protest against the ac~
ton of the stockholders in ratifying
the consolidation agreement.
At the meeting Of the directors Of
the Western Union Telegraph Cons
pany this afternoon Mr.. Hamilton
Nick Iwombly resigned as director
and vice-president, and Chester ",
Chapin resigned as director,
Jay Gould was elected director in
the place of David Jones, deceased,
and takes Mr. TwombIys place on
the executive committee. Russell
Sage was elected in the place of Mr..
Chaplin, and General Eckert was
elected director, vice-president and
general manager Of the company
The stockholders of the Atlantic
and Pacific Telegraph Company at
I meeting to-day ratified the tele-
graph consolidation. Over 100000
out Of 100000. shares were repre~
sented.
The committee on telegraphic IA
cilities of the Cotton and Produce
Exchanges met this evening, when
propositions of Chicago merchants
to build line between this city and
Chicago was discussed, and the Cot
ton Exchange committee expressed a
desire that this line shall be extended
to other cities, principally Southern
ones, as the line running to Chicago
only it would not be of much benefit
to them. The Produce Exchange
committee finally passed the resolu
tion, the Cotton Exchange commit
tee voting against it and favoring the
opening of a telegraph line between
here and Chicago, and that sub
scription book be opened with re-
strictions that q certain per cent. of
the stock be placed in the hands of
the trustees. This is done with a
view of preventing the line from
being consolidated wHh the Western
Union Telegraph Compay.
The meeting then adjourned, sub
ject to the call Of the chairman.
Tue Cotton Exchange commit
tee met subsequently and
passed some resolutions adding to it
clause providing that it was the
purpose to extend the system to
other principal cities and centers of
the United States. The result of
the meeting was conveyed to the
committee that had come on from
Chicago, and they promised to notify
that body which appointed them,
and to report the result to the New
York committee. Later the com.
mittee subsequently appointed the
following subcommittees to take any
further steps that may be Dessary in
behalf of the Produce Exchange:
A. G. Orr, ". A. Cole and E. r.
Livermore and ON behalf of the
Cotton Exchange, ". d. Fielding,
ID. @. Watts and Henry Peutz.