Show Postal Telegraph Company New York 16The election of Mackey as director of the Postal Telegraph Tel-egraph company was announced on the board at 2 oclock The announcement was aleo made that the capital of the Postal Telegraph company had been fixed at 21000000 of which 19000000 ad been issued to be sold and that oi this large amount to be offered for sale 12000000 had been placed in the bands of Georgo COP president of the American Exchange National Bank The working capital H said to have been raised by the sale of 3000000 first mortgage bonds on the present and future property to J W Mackay H L Horton and Georga D Roberts New York 16 Russel Sage said today to-day when asked what he thought of the prospects of the Postal Telegraph company com-pany This new blooi wont amount to anything I know both Mackey and Robert Mackey has considerable wealth and his name will go a great way in that respect For the sake of stock holders hope they will fare better than did those who were in the Consolidated Virginia and California mines with him I and several of my friends were interested inter-ested in them with Mr Mackey The great trouble with us stockholders was that we could not see so far into a rock as Mr Mackey could so we got left and Mr Mackey got rich I hope the stockholders stock-holders in this telegraph scheme will be better able to see into the rock than I was into the mining scheme II But supposing the Postal Company takes in southern merchants and bankers 1 and the American Rapid company also I forms a new system wont that make a formidable rival It might prove a rival like some we have had before All of these have come to us however and have been anxious anx-ious to sell out and we have accommodated accommod-ated them so far I dont know what course we shall lake in case a new rival eprincs up |