network, controlling lines on more than a dozen railroads with further expansion on the embracing Boston, Washington, New Orleans, Kansas City, Omaha, Chicago, St. Louis, and all substantial intermediate cities. By the end of 1880 American Union operated with only a small loss on the balance sheet, and Eckert believed that in one more year the by this time also included Western Union’s relationships with the Atlantic cable companies. Western Union’s position on Wall Street steadily worsened as the war with American Union caused its stock price to fall and dividends to shareholders dry up. Before the close of 1880 million a year. The market quickly caught on to the situation, and Western Union stock alarmed and began to demand terms of peace with American Union. Jay Gould continued to buy Western Union stock, and by the end of 1880 he was the largest stakeholder in Western Union. Gould’s second war on Western Union had reduced stock value by one- quarter, giving him an opportunity to buy back in at a substantial discount. By this time
Norvin Green was likely unaware how far Gould had come into ownership of Western Union a settlement. By this time Vanderbilt had been selling out of Western Union to buy into Western railroads. With Gould and Vanderbilt ready to “harmonize” their telegraph interests, they met at Vanderbilt’s mansion, where heated negotiations ensued for two days. As the largest stockholder in Western Union, Gould was in the proverbial catbird seat during negotiations. If Vanderbilt refused to consolidate, Gould was in a position to take control of Western Union’s board and settle the issue from inside Western Union. Gould and Vanderbilt, however, came to terms for consolidation to be considered by Western Union’s Executive Committee. The Executive Committee approved the terms of consolidation and forwarded to the Board 1881. According to the agreement forged at Vanderbilt’s than twice what it had been under William Orton. American Union at the delivery of its property showed a mileage of 10,701 miles of poles and 46,422 miles of wire. The Atlantic & suits and court hearings. By this time, Jay Gould had assumed control of Western Union, installing his old friend Thomas Eckert as General Manager and rebuilding Western Union’s board of directors with his allies. In the end, William Vanderbilt surrendered a large part of
William Vanderbilt 46 Crown Jewels
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