Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1883-08-26

The silver King elected In the
Postal Telegraph Company.

The silver King elected In the
Postal Telegraph Company.
Ne,o Fork World. Aug. Is.
As announced BY the World yesterday,
John W. Mackay has Joined the Postal
Telegraph Company. and was elected .
Director at the meeting OF the Board dur
ing the afternoon.
Mr.. Mscksy took the place 10 the Board
OF Joel B Erhardt, who after . brief con-
nection with the company as President,
extending over . period OF only . few
weeks. resigned, together with Mr.. Jewett
Of the Erie Railway and Mr.. Dickson Of
the Delaware and Hudson Canal Company.
All three severed their connection with
the company owing to . Disagreement as
to the policy to be pursued, it being
alleged that Mr.. Jewett desired to have the
rates advanced to the prices charged by
the Western Union Telegraph Company.
All the business transacted by the Board
yesterday was to accept b resignation Of
Mr.. Erbardt and to elect Mr.. Msckay In
his place.
Vice President Cummins yesterday said
that Mr.. Mackay would not be President
Of the company. 1t is not Mr.. Mackay's
custom TO accept such positions. He ia
not even President Of his own bank or OF
hto OWA nlAuluk COoPAul0ss al ~
is to be on the Board of Directors, where
he can watch the operations Of the CON-
pany and give counsel as to its policy.
The position Of President will for the
present remain vacant. no choice having
yet been determined upon.
Mr.. Cummins said that immediate steps
will be taken to extend the system. The
company has now two copper wires ex-
tending to Chicago. built, it is said, in the
most substantial manner.
The fret step will be 70 stretch additional
wires on the Chicago line. Then q line
will be built from the main line to Toledo.
As soon as this can be don't wires will be
constructed to st. Louis and to Pittsburg
and the oil fields. The work OF con-
struction will not stop here, but will
continue until the wires extend from
Maine to California.
1.-The company" Mr.. Cummins said
further, twill not now lack money. The
capital stock of the company is $21 900. 900.
of which $40. 900. 900 has been issued. or
this S12. 000. 900 is in the hands of George
8. Coe, President Of the American Elk
change Bank and Director OF the company,
as the representative of q pool. Hereafter
this stock will be, it is understood. in the
hands of Messrs. Coe aud Mackay jointly.
The company has also issued $40, DOC. 900
first mortgage bonds. bearing 6 per cent
interest and extending 80 years. To
secure these they have filed a mortgage OF
$40. 600, 900, covering the factory OF An
sonia, Conn, and all the wires, equip
ments, ETC., Of the company, and this
mortgage has been filed in each county
through which their wires pass"
Three millions Of the bonds have been
issued, which has created q working CAPT.
tai that will last atleast for twelve months.
The remainder Of the bonds remain in the
treasury. One million of the bonds were
subscribed by John W. Mackay. n. l..
Horton, the banker, and Geo. D. Roberts.
1t is expected that the company's receipts
for the coming month will show q surplus
over all expenses.
The line to Chicago was opened Aug. 6.
On that day 438 messages were handled.
On Monday last the number was 1854.
The present tariff, Is cents for 20 words,
will be maintained.
The announcement that John W. Mackay
had Joined the Postal Company was the
subject of widespread comment yesterday
on the street. and those who have been
disposed not to regard the Postal Company
with much favor, were willing to admit
now that Mr.. Mackay had backed the
enterprise with his wealth there was .
strong probability that the company would
become q strong competitor Of the Western
Union.