New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-16

Exchange the advantage OF our D9alu VI
Trade wires and produce merchant ~ bal}
to Chicago and does not receive an answer Ia nan
an hour is full of wrath. Wen, we snau ue oio W
the classification OF the wires o. the unioeu Uo "
panfs to give similar yantages 10 s1S vS, have
The Stock Exchange. Ibe now company Wa" ""''
over SOC, 900 miles of wire" = .,o oonai.
" II would be probably violation OF the conu,i
lions of this conversation TO inquire Your personal
nnnon in regard TO the OF this scheme, was
the reporters last statement. c 10
II can see nothing at present." DR.. Green re-
nl,sbment of the plan STILL it is impossible to say
what complications may arise peIore tno les"i "p
prevail of the union"
MEETING AT THE COTTON EXCHANGE
meeting was held at the Cotton Exchange yes
terday to protest against the proposed teieerapn
combination and was we'll attended. Robert IAN
nahill presided In stating the object OF the meet
ing be said hs heartily concurred with those VINO
had signed the petition. He did not Deh,Ve the'e
was n member of the Exchanre or merchant IN the
,ountry that did not look with alarm on the pro-
posed consolidation of the telegraph interests The
nembers Of the Exchange had gathered net only to
protest against the scheme, but to take action to
protect Themselves against so gigantic monopoly:
Il had been remarked that there was great deal OF
ong and IT, question nsd peer o asT ikea, w Was
exactly the object of the meeting, ana he would De
Had, he said, to hear suggestions from the menl-
= Ranger. Of the firm of Fatman g. Co., said that
hose present all knew that they had been heavily
axed by the telegraph companies, and the CONSOLE
iatiop of the lines was matter that ahected every
bs mber of thc Exchange. The Western llOn now
wanted to paw dividend on $S0,000,00O capital
which was largely inflated by water, The question
was whether the merchants were willing TO pay the
prices which would lie asked by the new combna-
tion or whether they would take action against it.
In Orcer that the Exchange might put itself IN com,
muncation with other Exchap ges IN New-York ana
elsewhere, and take some definite action III the
matter. she offered the following resolutions:
Whereas The press Of this city has announced that the
have entered into scheme consolidation and that
the counsel for the different cooanies are now drawing
basis Of largely increased capital Ovsr the present ex
bessive capital BY which they are now represented rs
Resoired. That this Exchange. owing 90 its members
and their being very large patrons ms from
dency toward monopoly Of the teefraphlc system OF
the country in the proposed scheme ss likely to result
dividends the bloated capital proposed; be 1t fur
Resolved That committee Of eleven tho president Of
the Cotton Exchange to constitute ono OF the
same be appointed by the ohairmsn who VIII confer
with the Cotton Produce and other Exchanges through
Ouf the country, we'll as with bankers merch ns and
others opposed TO any monopoly Of the
vent its being absorbed BY or consolidated with any
other company.
William Woodruff then said:
I think we would better leave out the appointment
Of the committee aud content ourselves with de-
cord with the resolutions far the denunoiaon Is
ponoerned think the union Of such interests IL terri
big balloon sd Win IN MATER ar s or ss
per cent and then little company which cost about
eIn TnoD comes down and says can't
pay dividend Of butte per cent what arc we 70 DO
Il Was only little while ago that we paid IS
ing message to New Orleans we bought the sonth
message can Be sent for about dollar and quarter.
Does any body suppose We w stand and see this
Capital WIN not stand il. have been asked to become
one OF the corporators Of new telegraph company
can depend upon it, there win he another company i'm
nediatey II will not be sixty days before you hear OF
this day and the opposition this monopoly Will be be-
gun The Western Union has bought eyey tele
sy Wiz np 6s able to Sy e'
ALL ahi think It Is right to call on other EXCHANGES
necessary to appoint the COMMITTEES. The new company
Is IN process Of formation and ten times the AMOUNT Of
he object this meeting. There is doubt abou the
bead Of It who are possessed Of very great wealth
s. Gruner said that he would like the committee
appointed and, II necessary to have the members
cooperate with the new company. He thought the
new company would be glad to hear that the Ex-
changes would give it their business.
Henry Hentz stated that he viewed with alarm
the consolidation, it simply proposed to tax mer-
plants more heavily for sending their messages. He
then asked to have the following letter read:
NV YORK, Jan. 10, 1881.
TEMPORARY OFFICE, No. 81 WILLIAM.sr.}
10 HENRY HENTz, Esq.
DEAR SIR: We would ask you to inform the Cotton
Exchange at the meeting which we understand IS 20 be
held to-day on the telegraph business OF the country
that the tes sbH Sca and as
this country and ocean telegraph cables With Great
peted; mat the NECESSARY authority from the state
from General for the land lines and from
Of the Government land lnes there. have been OBJ
tanned The board Of directors consists OF well-known
ans OF the company will in few days be presented to
tue public and subscriptions will be asked. 10 this way
Of the country and one that shall be American in all its
plans and details. and which is fully alive 10 the hls
men, will be formed. The lard lines of this company
connecting the principal EXCHANGES Of the country with
lbe great the moment and OF the futurea trust
worthy system Of telegraph communication. aid at
all other lines and outside combinations am very re-
spectfuy your obedlen. servant, s.,,rn
Secretary Of the n. Y. L. ana o. T. Co.
The chairman then read the following letter
which ne said he had received:
We take the liberty Of introducing Edwin Reed.
president OF the American Rapid Telegraph Company.
corporation in which We have had an interest for some
me and which believe IS destined 10 IA. an mpor-
ant place in the teegraphy o. his country Very truly
yours, hIDDER, PEABODY 20.
The resolutions were adopted in full, and the fol-
lowing committee was appointed: Solomon Kan
II. b. Fielding, John b. Leach. Stephen ID.
Harrison. G. G. Watts Henry Hentz, X. NJ. Murchi-
,on, Theodore Fachirl, and the President of The
Efforts W. made to learn something Of the new
telegraph company about which MT. Woodruff
poke, but no information could DC obtained. MIR.
Woodruff declined TO give any turtle. Attenuation
n regard to the matter.
AT the Office of The New-York Land and Ocean
Telegraph Company. No. u Wiilam-st., it was
tated that the company had been formed over
had been working quietly 10 have
he company on firm basis before II was brought
o public attention. Authority had been received
rom the State and General Governments to build the
ines and after much opposition permission was re-
eIved from Great Britain TO lay ocean cable from
he English shores. The line intended pIinc-
ally TOR the use of husness men. and the cOlpanY