He got the refusal of the lease of the Dominion Company and to some extent his plans were approved by the Western Union and of which they were more or less informed. He then made his purpose known to the Directorate of the Montreal Telegraph Company, that they should hand over their business to his company on a 99 years’ lease and a compensation of 8 per cent. per annum on the paid-up capital stock of $2,000,000 would be paid, guaranteed by the Western Union Telegraph Company.
The Directors, as a matter of course, were aghast with astonishment at the audacity of the proposal.
A company with a nominal capital, recently formed, with no one of standing in its make up to suggest the idea, was too preposterous. However, Mr. Wiman coolly told them they had better think it over, that unless his terms were accepted his Company, the Dominion and the Western Union, behind them, would go into competition with them for Canadian business. A meeting of shareholders decided, after a stormy and exciting discussion, to accept the terms offered.
The transfer was made on July 1, 1881.
The big fish swallow the smaller usually, but in this case it was the extraordinary feat of a small fish swallowing a bigger one.
When the agreement took effect Mr. James Dakers resigned and was succeeded as Secretary by Mr. D. Ross Ross.
Mr. Dwight was appointed General Manager of the Great North-Western Company and most of the officials and employees of the Montreal Telegraph Company were retained by him. Owing to his able management the Company has been successful in every way; all its obligations have been met with punctuality and regularity.
Mr. Wiman resigned the Presidency some ten years ago and Mr. Dwight succeeded him.
In 1902 it had 17,838 miles of line, 35,721 miles of wire, over 2,000 offices and transmitted 2,795,278 messages, not including press despatches.
Recently Mr. Dwight resigned the management and was succeeded by Mr. I. McMichael.