, 1881-01-23

mo, hut out ct
THE FEELING CAUSED NJ TIE coNsoL1DA-
;, rIoN
OF a.! NJ th9 lInes There il no competition how,
anu too western Union c;ln fix whatever rate 1t
en- oses, and will probably continue charvinu
half dollar a message, when We can do the
MorA Tor % or 20 cents aud make money An
n|s,1 !nae1penoent line tsouid not be expensive. II
YORK and the Board OF Trade here, and thcro
would be no expense for delivering messages.
ne We could therefore, afford to take them cheaper
.ae, eao mArkct quotations at = very much raduced
aate. "a Iho object is to send messages cheapy
Will you have branch Offices here and in New
IT practicable"
~ The Company could cover the stock busi-
~CertGialy."
ona,a lon ,a cannot tell when tho lines will be in
The matter is to be pushed and Offices opened
Tor business assoon us possible"
- All the cApttal needed Is p!e1ged?"
~, es, ana mere are applications for double
WIN tho stock DO taken la larqe blocks?"
NJ; the plan Is to distribute it and let no ono
stock-t0obfng company Or to form O corstr,lc-
a<5u conIany uud divide tho proceeds, but to
f1sa be1 s nc e ce4ply f Is possible be-
business men and others by giving them cheap
rates. Ne want to show that Chicago can be in
Ernphy us she is in the matter Of railroads.
Another gcEt1cmun Intimately ntsCtlainto
with the plans OF tho projectors Of the new line
!norH:ug last tsut number OF capitalists and
buSihe;s- men met IN the office OF Messrs George
~ ths1 MatkSr r ta' On L. ;'allc street PREVIOUS
Nirt Dexter requesting him tn dr7tw up papers
for the articles OF incorporation Of q new to!c-
for mercantile purposes between ChicNgo and
New York. Mr. Fa1rbank hnd in view tho cstab-
nshng OF line and securing Stockholders att
storm prevailed in tho East, and no dispatches
OF commercial character of any tccour1t
reached Chicago from. New York. The result
not at alt suit The ' gen sen1cmea. "aen They 10Y
en as Pclrs a4S H. snt N und
e. Walker, John Williams. G. S. Van OrtwIck,
George L. Dunlap. Samuel johnson, and Others
determined to establish commercial telegraph
line. They proposed to secure nil Incorporation
under the State laws, aud gu bead and i,iild I'M
underground telegraph lino if it was feasible.
other storms. Tho capital stock. to begin with
was to be <+s00.GsN. To be increased, II it was
necessary, to aHy atnuunt that would place the
liAc iu working condition aud ready for busi-
ness. And just here is where there canle Il new
Development and Il very important one ut that.
The oppostIo;' to monopoly bud already tukcn
afternoon but one little dispatch had been re-
ceivcd here in rexari to the condition Of the
H.
deed, and, though it showed that stocks were
steady, it gave but little satisfaction and less in
formation.
Previous to the attempt madr 70 organize
company by Nj. Fairla.lk, MIR. Sidney 1. Rent,
Mr.. john q. Kent, aud several other ilrEe{y-in-
tcrc5ted MERCHANTS and business .nca had
called upon Mcssrs. F. H. Kales nnd MIR Perry
H. Smith, ,Jr., Of the law tirn1 Of knles j. Smith.
end requested them 10 draw up articles OF in-
corporation Tor
TIE CHICAGO l. INTERNATIONAL gELE-
which should have its raulttcatIons ultimately
nil over the United States and Canada. ind per-
hapS an ocean cable to Europe. This t2rm drew
they were forwarded 10 Springfield yesterday.
The work WIS douc rapidly and without much
noise. and II IS very apparent that Tho new Cosn-
names which arc connected with this new enter
prise
AI.. PERRY II. SMITH
WAS calicd upon by TRIBUNE reporter last
" Dir. smith, can you give me any Information
IN regard u the newly projected telegraph
II can tell you but very little about It. It
was only Yesterday friday morning that Mr.
Fairbank, MeSSrs. George {. Walker, john Will
samncl e. Johnson md .,ei oters taea ii f % eettins
up company TOR operating line between New
York and Chicago which could not be affected
agreed to start with $54U,uD, but yesterday
lnorning we found that tiE. Sidney 4. Eent aud
Mr.. john Il, Lyon aud other wel-known Eentle-
men ha1 asse1t1y engaged MGssra+ hl5eS II
Smith to draw up the necessary articles Of In
cnspnrntion for a company with capital Of
with that. That is ali that know about it,
The reporter. in searching for further facts.
met Il gentleman who, upun the assurance TINT
Yes sir." said he. ian organization will soon
the interest of commerce. ltcnnnot be- doubted
but that merchants and boards Of Trl.ic A,ltl
patrons OF that sort will be :,li1 to bc relieved
Of monopoly. This organization forbids its
members from selling out to rival or competing
corporations. 1t aimf restrict its stock nto:lx
its lines In q manner to Promote the interests OF
Its patrons
THE OBJECT rs PURELY Cooperative,
and is not based on stock speculation ut NIL.
So fur as can learn such men us litulry W.
kiTse sidney 4: ks.lt, Perry =. s,n!ta, !seor};e
Lyon. and other gentlemen OF equally high
character and t,lsil,ess standing are interested
in it. and will push it along rs rapidly as possi-
''As to its capItalf'' qrcrled the reporter.
ave hardly like to tell that but the capital to
start on will be $i.Gooe0, with an understand
ing TINT it cat be Increased to any amount nee
essary to carry through the enterprise, the oh
jects OF which are us stated. Its projectors have
acknowledgements, te!cpbonic, or
otherwlse-from Chc,'go to every point in the
United States and to Europe"
's'rhen tho line will be iarcrnatjonal:'
':The first line Is projected to New York. The
Company viii take advantage of every known
Improvement in tclegrAEhy, The wires will be
above ground. because an underground liue
would Gust TOO much, but the number OF wires
will not be restricted. The reliance upon its
extension will be largely based upon the ap-
prevail which the new limo will receive from
businessmen throughput the country"
''Ipu nrc going 1n fight moEopoy. then?"
This fiuc aims not so mitch to be q mere
opposition to the existing lines rs it does TO
meet the general wants Of tho business cOl1-
tntnity ut low rates With prompt service, and to
be abtc to meet all the cxiycnclcs which Ar!se
in the demand for teegrnnhic Communication.
without relying solely upon an acknowledged
monopoly"
"Wner will you open books Of subscription
to yrur stnclS?
'sThc organization will he promptly effected.
md the new enterprise has the confidence OF
the businessmen of Chicago. The stock will
be oifcrpt. in small blocks among the friends Of
tho enterprise nluug its line. 50 that It will at
o.ro be relieved Of amy stock speculation Of
those engaged III it.
The gentleman further stated that Messrs.
KaIcs L Smith were the legal advisers OF the
new corporations, and be continued:
This organization by its by llws will forbid
tho sne OF ITS franchises and Interests to rival
or competing corporations. Its object is II,
sympathy with the mercantile community. and
its orsaniza.io IL brnadencd out 50 as tn in.
cludc all who desire to purtuke Of Its benefits"
cAnnTiNc 6EERhY