New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-02-06
CONFIRMING THE CONTRACT

CONFIRMING The CONTRACT.
The stockholders of the Western Union and At
lautic and Pacific Telegraph Companies met yester.
day to complete the work of consolidation with the
American Unicn. The Western Union tockholders
met at ~ o'clock. Among those present were f. ID.
Morgan. Norvln Green, Governor Cornell, Augustus
Schell. Wilson G. Hunt, Samuel +. Barger and
Moses Taylor. The polls remained open until
o'clock, but nearly all the voting was done by
proxy. 1t was announced at the close of the meet
ing that 7494 per cent of the stock of the company
was represented. and that 307, ,225 shares voted in
favor OF consolidation. rather in favor OF
ratfyng the action of the Board Of Directors taken
January 10 and February 3. The opposition was
represented b. 600 shares of which 500 were owned
by Rufus Hatch. On the proposition to increase the
capital stock to $50 600, 900 there were 3O7. .1S9
shares recorded in favor amt 100 shares against it.
Immediately after the stockholderJ meeting had
adjourned the Board of Directors met. In addition
to the directors of the company the following per
sons were present jay Could Russell Sage and Gen
eral Thomas T. Eckert. Hamilton Mex Twombly
resigned as vice president and director Of
the company, and Chester w. Chaplin resigned
as director. Jay Gould was elected
director in place of David Jones' deceased and wa.
made vice president and member of the Executive
Committee in place of Mr.. Twombly. R1sssll Sage
was elected director In place Of Mr.. Chaplin, and
General T. T. Eckert was elected director ia place
of Mr. Twombly, and vice-president in place
of General Arson Stager, resigned. Mr.. Eckert
was also made general manager OF the company. II
was announced yesterday that these were al
the changes made in the Board of Directors. though
it was understood that other changes would follow
soon. w. II. Vanderbilt was not present at the
meeting. but was represented by proxy. 1t was
porte that his resignation is now in the hands OF tho
said Mr.. Vanderbilt had not resigned. The follow
ing persons are members Of the Executive Commit
tee as 1t now stands: Norvn Green, E.
b. Morgan. W. H. Vanderbilt. Jay Gould
W. G. Hunt, Augustus Schell, Samuel F.
Barger and Russell Sage. After the adjournment o.
the Board of Directors, Jay Gould and the other
present extended congratulations to each other oveI
the termination of the telegraph hostties and tn,
scene from the outside had very much the appeag
ance of happy family gathering.
PROTEST FROM MR. HATCH.
Ex-Judge Fullerton, counsel of Rufus Hatch, fled
the following protest with the Board of Directors:
To The President and Directors Of The Westera Cnto
GESTLEMEN on behalf of the stockholders Of tn,
say that protest against the consummson OF the pro
posed agreements between said company and tie Ameri
Pacic Telegraph COMPANY on the GROUND tha he sanls
is ega ant against the interests Of the stOckholde
whom represent.
am also instructed to that the directors OF thiI
asd er % 81 Sev ay votl fr sun con
bring about the same will be he'd responsible Tor the
sm also Instructed to aud do protest against the Ia
crease OF tue capital stock OF the Western Unlon Com
The agreements between said companies and to STATE
further that the directors will be held personally and
seyersy liable TO pay to the company full amount
any capital stock Issued by the company for which Il
shall not receive the full amount Of the value thereby
property at It's fair market valuc or In cash.
CLOSING UP ATLANTIC AND PACIFIC.
Immediately after the adjournment of the West
ern Uuon directors, Messrs. Schell. Morgan and
others went to the Atlantic and Pacific telegraph
Office where meeting of the directors of that CONF
pany was held. The votng was done almost wholly
by proxy, the following form being used. which in.
dlcaes sale Of the rights privileges and franchises
of the company:
That we. the undersigned stockholders Of the Atlantic
and Pacific Telegraph Company do hereby respectively
gan and Augustus sche or either OF thcm attorney
and proxy for U.s. and each of u.s. and IN our respective
ing, of the stockholders q said company. 70 B.
5h % ss saS CITY rebruaSs ss snd Sn
adournmens Of said meeting, upon any and all ques
The ns the prop.
erty rights privileges and franchises q the Atlantic
f9S paS' 1eSSSn @
and empower our said .si,.Sa sttOrneys y,,,,o3 81
OF such SALE and authorize such other acts nstru
ments as may be deemed requisite or convenient I'd
By Vote Of tie a. such @sens
or times to which the meeting may be continued
BY any adjournment or adjournments thereof.
Nearly O4, 600 of the 100000 shares Of the stocs
of the company were represented. and they all
cast in favor of ratifyng the sale OF the property
and franchises Of the company TO the western
Union.
The stockholders meeting of the American Unor
Company will be held on Monday, but it will bs
merely formal affair, as the requisite consent ol
the company has already been gwen.
The work of uniting the various Offices Of tn,
company will begin at once, but much VIII be leif
to be decided upon hereafter. ~
"We have branch office in the Fifth Avenue
Hotel" said Secretary Green yesterday, and
found that neither of these branches. although they
are so near together could be prOttably dispensed
with 1t may be the same With the various offices OF
the consolidated companies. Much will be neces.
sarily left for future determination" .,..
General Eckert will have the management Of this
work, aud he will consolidate the branch offices
when practicable
ATALK WITH RUFUS HATCH.
Mr.. Hatch returned TO his office after the stock.
holders meeting, in happy mood apparently. In
speaking OF the meeting he said:
"lt was one of the most solemn
of stockholders that ever
There were about seven stockhold'
ers present and seventeen ex judges. As sat there
waiting for the meeting to be called to order, Full
erton reached over and whispered, Hadn't you
better ask the Rev. Dr. Jay Gould TO open the meet
ng with prayerf' knew that couldn't do any'
hing without hymn-book. so began to loos
around for one but saw nothing but lot of formal
ZEN rts of the Western Union. / turned around TO
could and a. ,ked him why he wanted to inject this
ZIG, 600, 900 Of watered stock at this time de
simply answered me that it was hard-earned money.
i bey ratified the consolidation, Notwithstanding my
pro test" 49, ,
An officer of the Atlantic and Pacific Company
SAID he thought it PROBABLE that there would be
reduct lon in the force of employees. rs would DC
necessary to make eight per cent tue $50 00O,O
IF capital.
ANsoN srAGER's RESIGNATION.
In his letter of rcsiguatiou vlce-presidenh
Inn Il