The Montgomery advertiser., 1907-02-18

kay. Wil1inm ". Cook. George e. Ward, Dumonf Clarke and Edward CT rI1tt were re-e1ectsd The two new trustees elected are Mfr. Pliny Fisk. who is at the heHd Of the banEirx house of Harvey. Fisk & Sons, New York city. and Mir. R. 4. Smith. who Is member of the banking house of Osler & Hammond, Toronto. Canada. The annual report of thel trustees of the Mackay companiez was isued to- day It's essential features are as fol- lows; "The Mackay companies owns the whole or part of the capital stock of 102 prosperous cable. telephone and telegraph companies in the United States, Canada and Europe, including the entire capital stock of the Com
 mercial Cable Company and the various companies constituting the land line system, known as the Postal Telegraph. The investments include stocks in submarine cable companies in the Att Iantic an1 Pacific Oceans. and In the Postal Telegraph land line system. and stocks in the best telephone companies. The Mackay companies are by far the largest stockholder in the American Teicphene and Telegraph Company, commonly known as the Bell Teierhone Company. it's holdings beirg more than four times those of any other stock holder In that company.
 The Commercial Cable Company dur ing the year 1906 laid submarine ca bles tnf China and Japan. and those cables are now in complete working order. The land lire sys tenn fThe Pos- stantly extended and also shows sub- (stantial increase in gross receipts and net profits over the previous years.
 On December 6, 1906. the forty-year monoroly of all teiegraphic and cable business between Cuba and the United States granted by the Spanish Govern
 ment in 1866 70 the InternationafO Ocean Company and later acquired by the
 Western Union Teleerarh Company. came to an end by the expiration of the forty years The report states that the trustees, deeming 1t important that that part of the V orld should be reached by the cable and telegraph system, applied to the American Gov- ernment, in charge of the provisional government of Cuba. for the usual per-
 init for the landing and operation of . submarine cable between the two coun- tries. and such permit has been grant, ed. The first plan was to pursue the same route as that of the Western Union Telegraph Company. namely. a land line system from New York city to Florida, and a submarine cable from Florida to Havana In order, however, to make this Cuban service of the Commercial Cable Company in the Att iantic Ocean, and the Commercial Ca- ble comnanv in the Pacific Ocean, and the Postal Telegraph Company through out the United States the trustees havs decided to lay submarine cable di+ rect from New York to Havana. there by giving 1t a three minute service. as against an average thirty minute service. The entire cost If thls irn- rortant extension to Cuba will be paid out of current profits.
 Attention is called to the fact that on January 1. 1907. all free passes were abolished on the Postal Tele- graph system. and that during the past year there has been inaugurated plan whereby the employees of the or eanization are given an opportunity to purchase preferred shares In the Mackay companies. and to make pay ments therefor by installments. A large number of she employees have availed themselves of this opportunity and the plan has been so Euccesful that arrangements have been made to continue 1t in order that the relations between the ,mpioyes and the compa- nies may be that of cordial co-onera- tion and nut lai benefit and support.