New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-02-06
ACTION OF THE EXCHANGES.

MHETfHG OF COMMITTEES FOR THE CHICAGO AND
NETWORK PRODUCE AND COTTON EXCHANGES
PLANS FOR A NEW TELEGRAPH COMPANY.
The committees from the Produce and Cotton En-
changes in this city and the committee from the
Chicago Exchanges, appointed to discuss measures
for q new telegraph company, held JOINT meeting
yesterday morning in the Produce Exchange. DaViu
Bingham of New-York, was chairman. MIR. crosby
of the Chicago committee described the plan of the
Merchants Telegraph Company of Chicago ana thls
led TO q general informal discussion. E. r. Llv-
ermore said that he thought it would be
wise 70 strengthen the new Chicago Company
In some way so that it could not eventually get into
ths hands of other people who would be III favor or
ronsOldatingi it with other companies. III the STOCK
was mt In the open market it might be secured Dy
persons vino would not work to the interest OF inc
commercial men of the country. tie proposed tnat
half of the stock be placed i'll the hands OF trustees
who would be the presidents prominent officers OF
the leading Exchanges in the country The only
right the trustees would have in
the stock would be to vote at
the elections. and those to whom the
certificates were issued would receive dividend on
the stock in the hands of the trustees In this way
mo set of persons could get control without the con-
sent of the trustees who would of course watch the
interests of commercial meu. Only half the stock
could then he current in the market, for no matter
how much it changed hands the trustees portion
would remain fixed. He further explained that by
This method person who subscribed for fifty shares,
while he would receive dividend on that amount,
could only vote on twenty-five shares.
This proposition, which has been discussed good
deal among the members of the Produce Exchange,
WAS received favorably by that committee. The
members of the Cotton Exchange were in favor OF
the plan also provided that the lines should be ex-
tended to the South, where most of their business
was transacted. Mr.. Crosby. of tie Chicago COM
mit(ee said that although Le thought the plan
good oae 1t would cause more or ieSs deiay III
forming he company. Already poOOVoo nhu oegn
suhscri Jed IN Chicago, aud II q provision was u'ue
to Mac. half tue stock III the hands or trlse
might bo necessary to begin all over again. lie
could say for the Chicago merchants that theE were
opposed to delay in the matter. There might DC
soine legal objections in tile way OF using te money
already subscribed IN forming such company aS
was proposed. . D.ou
and Mr. Harrison. The following resolution was
finally adopted:
P,solced That the Committee on Telegraph Facilities
of the NewYork Produce Exchange recommends 10 the
Roard ibr opeuing OF SUBSCRIPTIONS to the Merchants
Telegraph COMPANY OF Cheago Win tne 10 re- b
that so per cent OF the stock subscribed ior W oe
placed IA trustees hands as hereafter Designated
Mfr. Crosby took the resolution and said he would
Law it before che organizers OF the company, am
would send the committees an answer next "eek
Sub.comm, tees from each Exchange were then dp-
pointed TO continue their investigation ABOUT 'e'e
graph facilities for merchants. :: -
The committee from the Produce Exchange Is as
follows: A. f. Orr, h. X. Lvermore ana W. a. Cole'
Henry HentZ and ID. q. Watts.
I'm thc afternoon the Cotton Exchange COMMITTEE
met and adopted the same resolution passed by the
Produce Exchange Committee, with the following
amendment
Provided it 10 the purpose extend the system to the
principal cities and centres IN the united otatee