Publication: The Electrical Engineer
New York, NY, United States
THE POSTAL TELEGRAPH CO. NOT TO SELL OUT.
A statement has been published that Jay Gould had purchased a controlling interest in the Postal Telegraph Cable Company. This report is so far denied. One of the officials of the company says:
"The report is entirely unfounded. Our stock is not listed on the stock exchange and there is none to be bought. This company was formed for the purpose of carrying on a legitimate business and not for the purpose of compelling the Western Union to buy us out.
"During the past two years we have built more than 4,000 miles of line, and we are now pushing rapidly toward New Orleans. As soon as that link is finished our system will extend from the Atlantic to the Pacific and from the great lakes to the Gulf of Mexico. We have direct connection with the Commercial Cable Company and the Canadian Pacific Telegraph. The gentlemen who own a controlling interest in this company do not wish to sell, nor do the Western Union Company wish to buy our property, for they recognize the fact that should they gain control of our system a new company would be formed within three months."