Show THE WESTERN UNION arc tells something about it NY feb lo 10 anthe matter of aba hearing before the senate cammille com mille on miscellaneous corporations concerning a bill prohibiting hi tho consolidation of telegraph companies on february ath dr norvin MR CHAIRMAN AND OF ans first thanking this committee for tho courtesy extended us by awarding a full discus ion and hearing in una question qu astion I propose with the indulgence of the committee to make a few remarks on the practical business aspects of tho matters sought to be reached and effected by the bill now under consideration leaving tho legal ment to the counsel who represent the several interests involved awe are here to try and persuade the committee that this legislation ought not to be had not because of any effect it will have on the particular transaction at which it is probably aimed we believe and are so legally at no time ince the in tro duclion of this bill would its passage be effect el in the least by the completeness of the contract of pur chase which had been made and ratified by the required majority of ill rectors and stockholders the company according to the law it izands I say we are here to try to persuade the committee that what is proposed is bad legislation and bo cause of the animus which adems to lave promoted its being legislation to tho great interest which we represent and we think without sufficient cause now if you leave the stock speculation out of consideration in this matter there is absolutely nothing left to complain of because there ia one man who ii said to made a great deal of money in stock operations connected with the transactions and a number of men who have lost money a furore of indignation is boiled up and spread all over the country and all sorts of antagonistic legislation it prompted no doubt in the belief that there is a general demand for it the sum and substance of that stock speculation is simply this an opposition telegraph lino to the I represent was projected and with a great deal of talk and nourish as to what they proposed to do the stocks ot our companies was thereby run down to a great deal less than its intrinsic as all sorts of threats were nde and a war on rates and that sort of thing was being constantly male ma le which materially affected us thereby we cut down our expenses and trimmed up our sails for a lone fight the larger stockholders of our company unloaded what they could afford to keep during the fight we expected another bews yews warlane war lare when to our surprise it was ascertained that the ether party had accumulated a large part of our stock and then announced to us that they were ready for ment we were taken by surprise if we had considered in a speculative sense we had only to say we were no ready thereby compelling a re ceding of the market value of the stocks we were prepared for another years fight but there were 2000 stockholders in who were not speculators and the property would have been run down in its market value and they would have been induced or compelled to sell it at a sacrifice we could not afford to for go the opportunity ly offered and we accepted the negotiation tia tion that was the whole of it it so happened that a number of speculators were following closely on the trail of the great leader helping him to sell the stock by selling charca they did not own every thing was goin lovely and they were persuaded their stock wai good for 10 to 20 per cent more decline when the wily leader doubled on his track and the whole pack ran by so anent upon the chase that they did not see him as he passed back picking up chicken aa they were dropping and before they had found the trail in the direction they felt sure bo was running he was securely in his den enjoying his chicken cuppet seasoned with ghares then of course there w a great howl and they rushed forward to mr batch to procure an injunction and the court told him everything done was strictly legal they came before the attorney general and he told them he had no authority to act in the matter that what had been done hod been in accordance with law it was done and complete thoe complainants reminds me a good deal of a friend of senator bright of indiana during the mormon war troop wore sent oat to protect and aid the governor of course for supplies were to be furnished A largo flour contract was to be awarded to the gentleman from indian lie went to see his sens tor about getting the contract lie vai a little man and some other ftp canta who were already there met him and told him dont you put in a bid yet wo are going to have a meeting and arrange thing so to get a good price for the flour they shut him off and put off their meeting until one morning aba pa per announced that the contract bad been let the senator met his friend and baying I see that contract bi been let la that all right it is if I am in but I am not in its a damned swindle and now that n about the way the people who are nore under this stock speculation have fell about it in the injunction I believe it was proved tant aler thair order for the sn junction waa man who obtained it carried it in hi pocket that day trying to get a bid to hue what they would giro bim if lo 10 would let the matter drop but ittiline in it lie served it at in lie afternoon of this element b there anybody complains ins about the service it is remarkable that 11 that haa beba ad aad atu bos been written aud all that bati appeared in taci i press on the subject not tingle newspaper newt paper or a single voica bu been baited thai we ro not rendering a good fair and reasonable hatm I irate berei a an old and practical telegrapher that there i not eccli a telegraph la the world ftfe we are rendering in the united to day and chero ia not anywhere in tho world o cheap A borrico except in the dominion of yanda rt il we send a message miles for ISO there is not another service in the world where meg siges are sent bat at these rates athe uni foria rates of great brit ain and france cover only a small area and when TOU come to tend a message miles under their service comparing all charges you find the rate lo 10 be about wo send a message from portland to san finns cisco for 10 and in less than half the birne a message can be sent that distance anywhere else in the world the wise legislation and laws of this stole have enabled the company to consolidate companies reaching all OT r the country so ilat business can be bandied without repeating or de lay there is no relaying no counting or entering or transferring frona one company to another but it is all upon the continuous line which has been studied to bring it in BO there can be no friction and no delay and I assert that th telegraph service in the united states has been brought to its present usefulness and perfection ana the present low rates have been made possible by means of n when I went into iho business in 1854 a message sent from new york to new orleans had to go over tho linea of four different companies and no one expected an answer the same day they called our line the line because we bad to work all night to get the business of one day down there and work all day to get that accumulated up from there if they got their message the next day after it ra sent they thought they were doing well now if a cotton firm sends a message to new orleans from new york and ilont get an answer within an hour they raise a row about it our company has spent over within eighteen months to leei tho increased executions made by the pub lie upon the compain to render a better service that which would satisfy most of our customers two years ago they would raise a row about now I have known meas agea to bo sent over wires from the produce exchange in new york to chicago and the answer would come before the sender had left the coun ter and if they dont get an answer within half an hour at the raise a row and it is because of the increased facilities obtained through the means of these consolidations that a service ef this perfect character bos been obtained |