The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1882-11-02
kW.N LI.A,WED UP.
The Western unlOu Takes In The Nut unl
,1 4, Union Company. .iurL t,g ,ylT


Union Company.nnG4 ~
New YoEK, November Title new turn
taken this forenoon in Mutual Union al
fairs, which Stops the new pooling scheme,
creates some excitement in financial cir.
c!es, and possibly disappoints The hopes ol
those y no expected to profit by the pro.
posed arrangement. The arrangem ent, as
made public yesterday, WIS that the stock.
holders had placed the majority Of the
stock Will, George F. Baker, OF the Fris,
National Bank, George W. Ballou and A.
T. Potter, Of Boston, 'as trustees, for five
yeats, with full control for voting purposes,
but the stock was to be deposited with the
Central Trus.. Company, Of this city. The
wonder was how Ibis could; be donewhile
there was q previous pool in which Haker
and Jay Gould were trus!ets, Of ,hcJcon.
trolling stock. The inner iacls were de.
veloped this morning by legal proceedings.
before Judge Van Brunt, of the Superior
Court. Application was made by
DIR. Norvin Green, President ot
the Western Union Telegraph Com.
pany, the holder of 81 900 shares of stock,
and byn Mr.. Gould, one OF the trustees oi
the trustees Of the original pool, fof anIin
junction. Alter reading the papers Judge
Van Brunt issued the order. 1t ,ranspires
that the Mutual Union Company, finding
adiiiculty to meet its Indebtedness and
puy interest OH the bonds, applied to,.Alr.
Gould inr help through Mr.>B:ker.\ There
were ugly suits pending also, Including The
validity Of the Page patent, which the
Mutual Union.is anxious to have disposed
OF. The result was III agreement between
Baker and Gould. 1t was arranged that
Gould should purchase Of Jno. G. Moore
4 20. 1880 shares OF stock, ut an average
Of about eight dollars, and that $4,000
shares should be put up for the pool. LII
connection with this Mr.'Gould also bought
from Baker, who bad n like amount, lS 5OO
shares, which, W It'll the other stock held by
the various otherpcrsons named, amount
ed to more than tho necessary 10000
needed for. the : pool. !: Mi Gould
has transferred to the Western. Union
most OF his stock. The money derived
from this transaction ] went 10 pay .ior
debts for construction. Subsequently the
bonds were taken by the. Western Union
and the money used to pay. interest due.
Recently, and after Baker had bcen elected
q director OF the; Western Union, ,an.appli.
cation was made by the Mutual Union for
more money to pay interest," The com.
mittee OF the Western Union refused to
authorize it, and thereupon Baker put in
the hands OF Gould his resignation. This
led 10 an effort to form new pool, which
has been stopped by the injunction. How
l,akerHis going to explain his 'aotiou Ito
Gould, Ills! co.lrlstee. and Ito tho lcourrt1,
remains to be seen, As the case stands he
and his associates are bound in the original
pool, and are indebted to the Western
Union for money paidJ Judge Yam; Rruut
Is familiar with the telegraph law and the
affairs, having SIT in hearing OF the case Of
Benedict IS: ::Atlantic !" Pacific 'ahtl West.
ern Union companies in 1875 a,He then
decided in sustaining the pool y