Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1881-03-17

| WV loi.. LINES.
The Joint committees of tic produce.
cotton, and petroleum exchanges on i'm.
proved telegraph facilities have united
upon an address to the various CONNER.
cal organizations throughout the United
States, and it has been approved BY The
boards OF managers of the three cx.
changes. II is rs follows:
The commercial community of the
country views with grave suspicion the
action o. tie prominent telegraph. com
panies IN consolidating their interests
INTO one vast monopoly, which consoli.
dation their directors say is intended to
conserve the pntllc good, but which we
DtaeVc, based ns 1t is on u largely swo.
len ara fictitious capital, cannot be 9th
crwlsc than hurtfnl and in the highest
degree injurious 10 every interest en-
pioyins the facilities Of tclesraphic com
munlcGtlon throughout the length and
breadth of the land. 10 the arestion Of
Their right to consolidate we offer no ar
gmment, and we oppose the plan only
| because We believe our interests demand
such opposition, and because we believe
further the power TO overcome suci. mo-
nopoly is resident IN the people. And
our purpose is to sec whether or not the
power OF the people can be ,nobiiizei in
such manner as to make it cifcciual
against the efforts Of gigantic monopn!ics
to absorb and crush out of existence
every effort to oppose their schemes 10
this end We advocate the creation of a
new telegraph company, whose constitu-
ton s!Iaii embrace such provisions and
conditions rs will preclude its consolida-
ton or absorption by any rival interest.
we propose, therefore. that the voting
power on over One-half Of its stock shall
be permanently vested in board OF
trustees, OF whom majority shall be Sc
lected from among the prcaidcntsof sucl.
commercial associations or exchanges as
shall be hereafter designated, and who
shall be eX-oiiicio members OF tie aai!
board. This plan OF trustcesllip will, il
Is believed, prove an etfcctual barrier
against any effort to subvclt the compa-
ny we propose 10 cseato by any act or
plan alien to It's interests or foreign to
the purposes herein set forth. 1t is be-
iievad that .SlO,U00,00O properly cx-
pended will give rs ultimately rs
perfect a system Of teiegraphy Us
that now represented by SS6.iNO,uO3. Ii
this estimate is reasonable as we believe
1t IS, how unappreciative OF the common
sclesc Of the business commnites OF the
United States is it for Il monopoly to
claim that its consolidation into one
company with an enormously waterel
capital ii; in conservatism of the public
good. We do not desire, however, 20 he
understood as advising SO vast Q project
as that OF itablishing new telegraph
company on any basis of scntimenta.is!n.
We propose: with conserving the OBJ
jects We have in view, that it shall be a
profitable Investment to stockholders,
and We believe that it would at once on
its completion, by reason Of its ccnnec-
ton with the commercial bodies OF the
country as proposed, command such VOL
ume OF patronage as would insure its f.
naNclal success. 1t should be part of the
plan also, after providing for reasonable
dividends and such contingencies as
might arise in administering the affairs
OF the company in the interest and 70.
tie convenience OF the public. that 4 ncr-
centaGe OF any surplus earnings. The
| amount to be determined hr the board
OF directors, Should be divided pro rats,
| among its patrons who are stockholders.
1t is not deemed necessary at this time
to cover by further. details the byslaws
that should govern the organization. 1t
is sufficient TO say that they will be in
telllSently framed by o,tr commercial
brotherhood. with such legal aid as .lay
te necessary, locking to honest adn1iuis-
| tratlon, low rates OF service, and reason
able profit. On this basis VIC invite your
| cooperation in our desire to be
relieved FROM the bondage OF
a monopoly that is destructive
not only OF our commercial interests, bat
is in its policy of absorption OF ali RIVAL
~ tItpr,1srt fi,, ,,f
len gains cShaustinS the patience aud
energies OF the people. Should our pur-
pose meet with yourap approval we respect
rally suggest the appointment. OF COM
mittee OF conference from your body
with the view OF perieetiuS the plan
herein iorcshadowed, aud that books ot
subscription to the stock Of the proposed
company may be opened at as early q
date us possible thereafter upon The com
mercial exchanges throushout-t.-, conn
try