The Hickman courier., 1868-08-15
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R~dD8WeCduaS~ Sc
1t win be seen by the statement herein
contained that the organization OF TINS COM
pany wm necessity growing our Of inc
comm ercial and business wants OF the couh-
try imperatively demanding an increase o.
telegraph facilities at reasonable rates
Competition persus Monopoly
I. The whole telegraph system of the U.
States is now in the hands of one company.
The evils inseparable from such a gigahtlo
and dangerous monopoly are already num-
erous and increasing. Relief can be found
only in legitimate competition.
Distribution Of Stock.
II is proposed that the benefits Of this
company shall be enjoyed, not by few IA
yored persons, but by the business men OF
the country, whose interest 1t is designed
to promote, and whose liberal patronage
will insure its success To tins end II Is
decided to place the Stock at all commercial
poipts. 1t will be distributed to Bankers
Merchants, Manufacturers, and others IN
limited amounts.
The Capital Stock.
f3AIs Ten Millions Of Dollars, divided into
shares of One Hundred Dollars each
oaII-Horc to be Made.
4.one per ct of the stock will be required
on Ulbscribing, and subsequent calls, not 10
exceed FIVE per cent per month, VIII oe
made by the Beard of Directors, from time
TO time, as may be necessary 10 supply
funds TO construct and equip the lines; but
-ocalIs win be made after the one per cent
Is paid until the entire capital stock shall
have been subscribed.
Attual Capital Required.
s. The company confidently believe that
thirty-fve per cent of the capital stock "lIl
construct and fully equip Twenty-Five Thou
sand miles Of Wire, which viii connect all
the commercial centers and important places
in the United States. This oPinioN rests
mon the most reliable estimates and re
sponsible offers to construct and equip the
lines.
elm all cases the net earnings of this com
pany viii be applied to the payment OF dlYi
dena- on its capital stock, ana In no eEeh @
IN IN: earninss 10 diverted TO the construc
tlon OF new lines.
Income.
Z. With the stock in hands Of the aetiv
s9zlS : % - g s,s 49,
Wire equipped and in operation, the comr..~
believe that, at re0sonabiss T--- ~4 IT'S en-
ness viii pay lfbn~
tire cssss:1 1teasons for The Bet;et
(8) May be found in the enormous profits ot
every considerable telegraph line operated
on this continent The present tclegraph
monopoly has "watered' its stock to the ex.
tent of over one thousand per cent on the
amount paid in; and still it pays on the
stock thus inflated, satisfactory dividends
Our company viii duplicate all the emun-
erative lines now operated by the Monopo-
", and subscribers viii pay for cur stock
only the exact cost of our lines.
Additional Reasons.
9. The existing telegraph monopolies have
never sought to supply adequately the de-
mand for the use of the telegraph much
less have they attempted TO stimulate such
demand by an increase of facilities and a
reduction of rates. While their facilities
have remained about constant their rates
have steadily advanced, until the use of the
telegraph has come TO be a predictions tax
up& the commercial necessities OF, the coun-
try. An advance in rites is their uniform
expedient for limiting the amount of their
business to their restricted facilities
Increased Facilities and Lolrsr Rates.
10. Every intelligent man knows that an
enterprise founded upon the necessities Of
trade has healthier and more durable basis
when it aims to Go constantly increasing
business at fair rates than when il does
merely restricted business at exorbitant
and increasing rates. The success of cheap
postage in Europe and America seems never
10 have been thought of by the telegraph
nOnopolists. 1t is believed that If ten
times the present telegraphic facilities we're
furnished to the public at one-tenth Of the
present rates, the increase of business
would Justify the change.
Orr Proposed Tslegraphic Range.
II. Trunk lines throughout the United
States and Territories, which shall ultimate
ly connect with lines to Europe, Asia, and
South America.
Ehen 10 be Done.
10 Within one year from the time the
capital stock is subscribed the company ex-
pect to--ave finished twenty-five thousand
miles of wires of the best materials equip
ed with instruments of the latest improve
ments, aud the whole range in successful
operation.
13. 1t is provided that every stockho1der
in addition to his regular dividends, shall
receive an equitable rebate the amount of
business furnished by himself, payable an
nuallyf57thus, the stock being widely dis
tributed, and every stockholder having al
special interest to augment the business of
the company, success is deemed inevitable. /
Distri5ation Of Directors.
IA. To secure in the management an eouit- /
able representation Of the stockholders /
throughout the country, the large CONNER
elal centers will be represented in its Board
Of Directors, and local agents viii be ap-
pointed on the Recommendation ef the stock
holders in the various localities, and the
operations of the company thus become gen
crai in its management as we'll as its bust
ness.
The compeAy Permanent
Is. Heretofore every new teiegraphic en-
terprise has sooner or later been absorbed
by the domino Mt monopoly; but the third sec
tion of the act of Congress which confers
upon this company its valuable franchises
absolutely requires il TO maintain separ-
ate spd independent existence. [See the
Act below.
The Oh System.
16. Under il telegraphic companies have
been organized by few wealthy capitalists;
thsse companies have been consolidated I'M
dU one Board of Management; they are
made up Of opposition companies, with par
aliel, lateral, and useless routes. costly to
maintain. Their liabilities are heavy. and
they employ a multiplicity of officers who s
receive large salaries; yet they pay large
dividends. With their capital stock largely :
watered, amounting now in the aggregate
TO Forty-two Millions Of Dollars they seek
TO monopolize the business at exorbitant
rates, and thus benefit The few at the cx-
pense OF many.