Savannah morning news. [volume] (Savannah) 1868-1887, 1881-02-07

NEW YORK. February 5.--The meeting
of the Western Union Telegraph Company
adjourned about half-past one O'Clock,
when 1t was stated that majority OF stock
-74A of the Whole amount-had been rep
resented. Two resolutions were voted up-
on-one approving the contract entered
into on the 10Th of last month, and the
other approving the action OF the stock
holders held on the Sd inst; 500, ,225 shares
voted In favor of the resolution and 900
voted against them; 307, ,1S9 shares were
voted upon in favor of increasing the capi-
tai stock of the company to $50, 600, 900, and
100 shares voted against that measure.
When the stockholders adjourned the
Board of Directors went Into session.
1t was stated that Rufus Hatch, who was
present with his counsel for q short time
during the proceedings, had entered pro-
test against the action of the stockholders
In ratifYing the consolidation agreement.
Lateral meeting of the directors Of
this afternoon, Mr.. Hamilton Mex.
Twombly resigned as director and
Vice President, and Chester W. Chaplin
resigned as director. Jay Gould
was elected director in place Of David
Jones, deceased, and takes Mr.. Twombly's
place on the Executive Committee. Russell
Sage was elected in place OF Mr.. Chaplin,
and General Eckert was elected director,
Vice President and General Manager.
The stockholders Of the Atlantic and
Pacific Telegraph Company, at a meeting
to-day, ratified the telegraph consolidation.
Over 5000 cut of 10000 shares were rep
resented.
The committee on telegraphic facilities
of the Cotton and Produce Exchanges
I
sitions of the Chicago merchants to
build a line between this city and Chicago
was discussed, and the Cotton Exchange
committee expressed a desire that the line
should be extended to other cities, princi-
pally to the.SOuth, as the line running to
Chicago only would not be of much benefit
to them. The Produce Exchange commit
tee finally passed a resolution, the Cot
ton Exchange committee voting against
it, favoring the opening of telegraph line
between here and Chicago, and that SUBJ
seription books be opeDed, with the restrio-
tion that so per cent. of the stock shall be
placed in the hands OF trustees. This is
done with a view OF preventing the line
being consolidated with the Western Union
Telegraph Company. The meeting then
adjourned, subject to the call of the Chair.
The Cotton Exchange COMMITTEES met
subsequently and passed the same resoln-
tion, adding to it q clause providing
that 1t was their purpose to extend the
system to other principal cities and centres
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. The
latter committee subsequently appointed
the following subcommittee to take
any further steps that may be necessary in
behalf of the Produce Exchange: A. E.
Orr, w. A. Cole aud +. r. LlVermore, and
on behalf of the Cotton Exchange, M. d.
Fielding, D. ?. Watts and Henry Pentz.
COLUMBUS, o., February 5.-The Legisla-
ture has passed through both houses bill
to prevent the consolidation of telegraph
companies, except by the method already
provided by law for the consolidation of
railroad companies. The bill is now law.