Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-11-11
THE HERALD CABLE.
What James Gordon Bennett Says About
His Latest Enterprise-All the
Money Subscribed,
And the Work to be Pushed Forward
as Rapidly as POssible-A Fight
Against Monopoly.

NEW YORK, November 10-J ames Gordon
Bennett sailed for Europe Thursday. The
following is part of a World interview with
him: He was asked whether he had accom-
plished his purpose in organizing his cable
enterprise. He replied: 1T was accom-
plished before 1 left Paris" He was then
asked if it was true that he subscribed
81 600, 900 to the enterprise, to which he an
swered that he had subscribed as much as
was necessary, and would make it s., 000, 900,
or So 600, 600, if that sum was required.
"What Geographic arrangements have
you made. Mr.. Bennett, on this side of the
Atlantic!"
"Wait and see," he replied, and after
moment added: "The Herald will show that
we have knocked the bottom on, of the
Western Union monopoly. The Herald will
batter it down, batter it down."
Sand put up the Mutual Union?"
To this Mr.. Bennett answered: "The Mu-
tual Union be hanged; we shall run it as
part OF my system, but what are you talking
about" he went on. as this an interview?
/ will not be interviewed"
Yesterdays Herald says: "The public has
been informed by the organs of great mo-
nopolist that a number Of gentlemen, in
Guiding the proprietor of tho Herald, pro.
pose TO lay a new cable between the United
States and Europe. The gentlemen who have
engaged in THE enterprise were not con-
cerned to make their project public at this
time. They did not want for money, they
did not need to ask for general subscrip-
lions, and they were content to embark
their venture without any preliminary
flourish of trumpets. They believe, in COM
mon with the public, that the rates of the
cable monopoly sre very much too high, and
they conceive that they will be serving their
own and the public interests by laying an
independent cable. We desire to say that
the new cable is going to be laid, and that
messages will he going through it next
summer; that it is to be built, not on credit,
but for cash, thereby saving it's stockholders
some 81 100000 or 100000.
"The people who build the new cable are
to be paid in cash, not in shares, which will
be further saving 10 the stockholders. For
further information of the public we will
add that SO far from its being difficult to get
subscriptions, the trouble has rather been
to keep out a number of people anxious
to subscribe, including some per-
sons who were the bosom friends of
Mephisto and his cause. The money 1s
now all subscribed. The cable will be
laid at much less cost than any one of
those now under the control of The monopoly,
because it is TO be constructed and laid on
solid cash basis with no watering stock and
no middle men TO pocket commission. 1t is
perfectly true that the proprietor OF the
Herald subscribed in 'exasperatiou,' but
not in any greater evaporation than has
long been experienced by the public, who
are forced to pay the high rates ex:orted by
the cable monopolists"
The Herald also says: Son the supposition
that the Western Associated Press were
really DESTROYS to improve the system Of col
lectiDg and distributing Dews, the Herdid at
yesterdays meeting offered resolu-
ton that not merely the Western
Press, but also the New England Press
Association, the New York State Asso-
ciated Press and the Philsdelphia and Balti-
more Press Associations be admitted TO MEM
bershIp in the Associated Press. This
would unite all the prominent journals OF
the Northern and Western States in one or
gsnization for mutual benefit, and we will
add that the Herald would be very glad TO
admit also a Southern press association as
soon ss one shall be formed.
"To enhancement this proposition was
opposed by certain journals, and the votes
of these were sufficient to cause it to fail,
Such comprehensive plan does not appear
to meet Gou.d's views. He wants the New
York Associated Press 10 form a partner
ship with the Western association alone,
TO the exclusion of the New Englan the
New York State, and the Pennsylvania and
Maryland press. Why, we do not pretend
10 know. But it is curious and interesting.
Some of Mr.. Gould's friends say he owns
shares in a considerable number of Western
papers. But we do not believe he owns or
controls such papers "a the leading journals
of Cincinnati and Chicago, though the fact
that some of these have co.opersted with
him in his plans against the Associated Press
does not look well"