Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1882-11-01
Wall Streef.

The stock market opened irregular
but the changes were only fractional
Immediately after opening Norfolk
and Western preferred tell off J pei
cent; St. Paul, Minneapolis and Mani
toba I per cent, and Texas Pacific
per cent, after which the market be.
came firm aud at II o'clock sold up / to
per cent, led by the Western Union,
Wabash preferred and Louisville and
Nashville.
Wheat dull and slightly in favor Of
buyers.
A new turn was taken this forenoon
in Mutual Union affairs, which stors
the new pooling scheme. 1t created
some excitement in financial circles,
and possibly disappoints the hopes Of
those who expected to profit by the
proposed arrangement. That arrange
mcnt, as made public yesterday, was
that the stockholders had placed a
majority Of the stock with George w.
Baker, Of the First National Bank
George w. Ballow and A. Il. Potter,
Of Boston, as trustees for five years,
with full control for voting purposes,
but the stock was to be deposited with
the Central Trust Company, of this
city. The wonder was how this
could have been carried out while
there was previous pool in
which Baker and Jay Gould we're the
co-trustces of the controlling stock.
The inner facts were developed this
morning by legal proceedings before
Judge Van Brunt, of the Superior
Court. Application was made by
Norvin Green, President Of the West
ern Union Telegraph Company, the
holder of 81 600 shares of stock, and
by Mr.. Gould, one Of the trustees of
the original pool, for an injunction.
After reading the papers Judge Van
Brunt issued the order. 1t transpires
that the Mutual Union Telegraph
Company, finding difficulty to
meet its indebtedness and pay in
terest on bonds, applied to Mr.. Gould
for help through Mr.. Baker. There
were some ugly suits pending, also, in
cluding the validity of the Page patent
which the Mutual Union was anxious
to have disposed Of. The result wis
an agreement between Baker and
Gould. 1t was arranged that Gould
should purchase of John G. Moore &
Co., Is, 800 shares of stock at about an
average of eight dollars and that sc, 600
shares should be put up for the pool.
In connection with this Mr.. Gould
also bought from Mr.. Baker,
who had a like amount, 1900
shares, which, with other stock held
by various persons named, amounted
to more than the necessary fifty thou.
sand needed for the pool. Mr.. Gould
transferred to the Western Unior
most of his stock, and the money
derived from his transaction went tC
pay debts for construction. Sub
sequently bonds were taken by the
Western Union and the money used tc
pay on the interst due recently, and
after Baker had been elected Direc
tor Of the Western Union, appli.
cation was made by the Mutual Union
for more money to pay the interest
The committee Of the Western
Union refused to authorize it and
thereupon Baker put in the hands
of Gould his resignation. How
Baker is going to explain his action
Co Gould and his company trustee and
to the court remains to be seen; as
the case now stands he and his asso-
ciates are bound in the original
contract and are indebted to the
Western Union for money paid
Judge Van Brunt is familiar with
telegraph law and affairs, having sal
in the hearing Of the case Of Benedict
VS.. Atlantic & Pacific & Western
Union Companies in 1873. He ther
| Il.:l.L ....Lainann A. G. -