The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1881-01-23
oPposiFIoN rELEaRAPMY.
The Cotton Exchange ApPOiata n
Committee 10 Confer with the
0tnes Exchanges About New
Companies

New York, Jan. 2l.-Ata large meeting
ofmsuoers Of tls cotton exchange held yes
t,rday 10 protest sgainst the telegraph CON
s,lilsuoa, Mr. Robert TannalilJ, prelidant
or the exchange, OCCUPIED the chair. Ar.
T0nnahill said that he heartily favored the
object for which tae meeting had been called.
He did net think that any Of the exchanges
in tho country, or any CT the merchants or
BANKERS Of tho ceuntry Eould quietly sub
nit 10 such consolidation Of telegraph
companies withouta protest or active pro-
motion of now company that could not DO
consolidated. The meeting was called, he
remarked, to SEQ if means for the promotion
Of such q nsw company could no, be
adopted.
MIR. Solomon Ranger, of the irul Of Fat
man d. o., said that the cotton trsde Is one
of the largest patrons Of teegrsPhy and
conDlaised that The tax of telegrSphy is
enc of tho heaviest in the cotton exchange.
Farmerlv they had been contributors to-
ward paying the dividends on S4OOOO,0OO,
but now they asked to help to pay dividends
on $50 100000. He hoped the members of
ths exchange would como TO seine under
standing for their joint benefit ald not be
gnv longer the fc,ols OF raonOpolics. lie had
not bean able TO devise the ways and means
TO do this but he Yves in favSr of appointing
a committee to confer WITH all the exchanges
in the country to devise means Whereby
thoy might be- free Of the monoSolIes. lie
thea efiarsd the following prsmAbis "la fSs-
luiions:
"Whemas, The press of this city have
announced that the three largest Ieiegfsph
companies Of tho United STATES have enter,
ed into aschems for their consolidation, aud
that tho counsel for the different companies
are now drawing up the necessary papers 10
carry out tho SAME on the basis OF largely IN
creased capital eyer tbs present excessive
capital by whicBo Aey are ROW represented as
compared with SEXUAL cos. OF constructors;
bolt u-
bers and their correspondents bcog very,
yery largo patrons from necessity Of the too
or9pb. looks with alarm q. the tendency TO-
ward q monopoly Of the telegraphic system
of the country in toe proposed scheme as
likely to result 10 their injury BY an increase
OftE ralss EocesaSry o earn dlyidenus on
the bloated capita PROPOSED; be 1t lurIoer
"Beeolvel, rhata committee Of eleven
the president Of She Nea York Cotton ES'
ebapra 10 consulate one Of the SANS --oe APP
noinie3 by the clsirman, WHO will confer
with tho cotton, produce md ether eN-
CHANCES thrsughol. tho ceuairY rs well rs
with bankees, merchants u others oppressed
10 aue monopoly Of the tGl1gfa HE BUSINESS
ofthe United SMes. VITA a 7isw 20 ahFin5
toiograpuic services performed by q CON-
pany so organized rs 10 prevent lts penn
absorbed by or c9uaol dated with any .e'her
Gem any,
Mr. William Woo3wsre said he WIS IN
fav5r of treating the matter ia business
way. lie did not tbin6tbe Exchange should
build up telegraph company for
the people, in general bat be
was in favor ofdanouncing this sotlon On the
part of the present compasies 10 the strong
est possible manner, The Western Union
telegraph company, . few months ago, bad
declared scrp dividend Of II per cent
and sAort tine Afterwards WAS selling out
It's property, and only bscaWae little com
pany, which cost less tbsn S5,O00,OOO,
came into competition. The remedy Tor
the consolidation was a new company which
could be created by outside capitalists st
very little cost Once it cost 1925 to send
o messsg9 to New Orleans, and then the
merchants bought up a little company
known ss the Southern Atlantic and the
rate dropped 70 81 % in no time, In view
Of this experience he wanted to know if
any one there was going TO stand the
consolidation. The brokers all cried NO."
and Mr. Woodward went on to say taat
only that morning he hsd beon asked to be-
come trustes Of new telegraph company,
ut tue back of which wore men of uadonia.
Bile standing aad wealth. This company he
guaranteed would build lines to compete
with The Western Union il it Was promised
the support of the exchanges and merchants.
and if tho promise was made would build n
line to Chicago in sixty days. This en-
terprise had been set on foot slS
rOady, and subscriptions 10 any
amount had been rendered. BE therefore
thought that the Exchange should content
itself with denouncing tho monopoly ard
offered an amendment striking out the clause
appointing committee. Before taking bis
seat he said: 1.-The Westeld Union has
bought up the various companies at q great
deal more than their value. This line
("They will buy t." shouted broker) 70
they will not b0 ablo 70 buy. (ApplsusC
and cries of "Oh ~ "0hp0 No, gentlemen
$8000O,0 600 is aboutas large as il will stand
Mr. George Stsber said he would rather
tao Exchange indersed the new company
which MIR Woodward assured them WAS &c
DO built. and ha offered Nn amendment tc
Mr.. WoodwMd'a amendment 20 that effect
but the chairman ruled il out of order.
Mr. S, G uner says he thought it would b
of great benefit to appoint committee K
get the corporation Of the other Exchanges
and as to the company, they would no d0ub'
DO glad 10 give it hearty and continuous
support. Mr.. j. r. Brown also spoke tC
the same effect, and Mr. Woodward with
drew his amendent.
Mr.. Henry Heniz said that he was one O.
The promoters Of the BUYING up Of tht
Southern Telegraph by the merchants. aut
hO submitted letter from tue New YorA
Land aud Ocean. Telegraph company, which
has temporary oflca nj No. ~ William
street, and claims 60 haye the necessary au
th0rity from The stqte and from the genera
government! for tina land lines, and from
Great Britain for ih9 landing of cables snC
use OF government land lines Frederick A
Sawyer who signs the letter, is secretary o
tho company.
The president also read from Kidder
Peabody IL Co., introducing Mr.. Reed, pres
ident Of the American Rapid telegraph com
pany, which has line TO Boston, and which
n Al. L. 2 4 n