New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-16
TELEPHONE CONSOLIDATION.
THE PEOPLES SAID TO HAVE ABSORBED
THE CITIZENS AND THE NETWORK
AND EASTERN COMPANIES.

A special meeting of the stockholders Of the Peo-
pies Telephone Corporation was held YESTERDAY
afternoon at the rooms Of the Board OF Trade ana
TRANSFORMATION. No 2O3 Broadway AT the close OF
the meeting Secretary Frank S. Gardner refused
absolutely TO say anything about the nature Of the
business transacted.
Tho call which was sent out for yesterdays meet
ing said In part:
written proposition was submitted to this com
Revnolds for the purchase by this company Of the
certain properties and rights mentioned IN sald
shares Of the common stock, amounting at par to
81 10000 and 400 shares of the preferred stock OF
issued therefor as fully paid. The Board Of
Directors appointed special committee 70 exam
ported favorably and advised the purchase OF the
herpeupo5 at aG the tG meeting held on July H. @
Board voted 10 accept said proposition 10
the said properties to issue me bn racation
and approval Of the stockholders In the manner
provided by statute anq TINS b of passing
upon the action Of the directors thus taken
It was said yesterday afternoon by prominent
sockholder that the proposition referred to IN the
call contemplated the absorption by the People s
Telephone Corporation of the Citizens Telephone
Company and the New-York and Eastern Telephone
and Telegraph Company. and that at the meeting
Yesterday which was attended by more than three
nfths of the stockholders. the acceptance OF the
proposition was voted. Messrs Mildenbere ana
REYNOLDS II was added had been prominent in the
organization OF the Peoples Telephone Corporation
about year ago, but in the present TRANSACTION
were acting as the direct representatives Of tho
Citizens and New-York and Eastern companies.
All three of these corporations were formed with
a view to operating within the limits of the present
city Of New-York in opposition TO the telephone
companies controlled by the American Bell Iele-
phone Company and all have rights and privileges
which are potentially valuable. The diihculty mas
been that the consent Of the city authorities Tot
LAYING the necessary wire could not be OBTAINED.
The Peoples Telephone Corporation secured pledges
from seven thousand would-be subscribers, ana
then declined to accept any more until II could see
its way clear TO beginning the work OF constructing
It's lines and installing its service. The stock
holder quoted above said yesterday that the com
| pany OF which Darwin r.. James is president
wond I'm ali probability soon begin legal proceed
| ings to compel the Commissioner Of Highways TO
| grant the company permit TO lay It's wires.
! Others were of the opinion, however, that an APP
neal 10 the courts might not be necessary, their
Understanding Of the situation being that certain
prominent Democratic politicians OF this city were
! thinking of becoming stockholders In the company
! The Peoples Telephone Corporation was lncorpoo-
rated AT Albany on october r. 1898. Its capital is
! 81 6sn 900 of which 100000 is preferred stock and
| "a on 600 common, that One-hat or us common
stock and about Is per cent of the preferred stock
| have been voted for the object designated IN the
| nroposition submitted by Messrs. Midenberg and
| Pa,F