New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-09

factory for the past By mOntns 80 ~
Investment The apparatus made az this factory grea1
eAcels Other m1nn1ct ~ TINS coahly' a
the superior quality Of tue material anu "ofhil,s
rather than ito SAVING W the cost or the instru'h
wAich constituted the great inducements Tor eslaD
lug 1t. - ..r.,
Tn. ,vaI,o o. T., 81 500 600 Of bonf. issued 'h-
n'iee s zeal ei,' At l' '"'.'i % 9s9 CO
Accrued interest received dd2tg 9l
's',.' Or o,, ~ s 5I - 1900 90
rl received M 70 JOY l. ,5i4oC5 %
E5P'9are rnEe'e 81 s J corner $4,000 90
Interest on bonds w ~
intere's, On 6.es coa,laet........;..... $3.50 10
Commission sale aal csPea,e Of pc --o,,.
APo.i pan, To- sie All tu,ri.. 22JClS Oh 3eoo9l 20
r,1 s-3. 92i 9sl 10
me ,-o.S ON tnc uudu bias NOT progress a rapidly
as was expected. ana 30 VIII be impossible 10 occupy !.
ae ORIGINALLY contemplated i'm the rrIIX OF lbti ~
SI,,- ros Noon orcae.orcd wholly by the inability 20
procure the granite within tho time required. some
change lave neen made in the original plan, oY wmen
The cost will be somewhat Increased. All she
work 10 beng done IN me most lHoaouh ,
and substantial manner, aud the building prom
ises 10 be- when completed ono or the hnest ID tu55
city The total cost Ior iaud ant building iuinisDeu
and equipped with the MiSu'''s anu ppao Tie
ouirtd by the Company, VIII De ahout sl.V3oJC luo
Mo FIRST second 20 least one other story viii Dc OF
eTed for rent. il is not expected tnht the annual cost
10 tie Company in excess OF tho income rom rehts VIII
De much VI any; greater u Che new building Than h4s
bcon maid Tor the pre- misses now occupied VINE we 81 "a
nave double the space aAl superior ACCOMMODATIONS -
'' tee sT ' 5a;a o. tie consolidation with the American
Telegraph Company, july I, 1870 the capilaI "a vne
Western UuonC ompauy Issued 40" hao 10 90 Ss''o. We"
as now is nUl54lu ado Company VAS tlen ia puelo7
sion OF about 75lJJ mi. OF Wi'ei on Wh''n w @
miited during tho year following Ghout S,'C''O'o nv
eac.. al tpa, lime Oh Ola. l.ts Uu Ito fac Ic COAST
and nearly all in the States oI IOWA, llADuis anu ~
Northern Missouri, although "oitinS IN ooL,oS
wilh ours, were owned ANA controlled Uy Oshef comp"
NEE. Although the western Dhoh NOLP,'l o"nou =
line between The Missouri river aud SAT lake C,J ~
which MONT Connection was Had win tue CALIFORNIA Ai
Pacific Coast lines It's business if1H CHCt-o so to ~
sour river was Obliged To pass over the lines OF aQhel
COMPANY Since taa- time NC nave acquired, D. lease
and purchase, the lines Oh the lhnus anu wv
Cnpn3uy which occupied Tue States OF Illinois aud Iowa.
OF tlir Cicago and Mississippi COMPANY, winch Occu-
pied Northern Missouri aud oi toe CdiIO Lld Sttte
On the ist OF july 1913, the Western Union Company
controlled ana operated tudu 1000 miles OF wire,
and owned the controlling interest III COMPANIES OP-
During ;he period OF seven years. IN which the Com
pauys lines and have ugcn doubled IN extent, ana
the capital stock outstanding has been reduced by more
l8n 500 ana other pr Dcrty quired representing
In Inc aglgeLats more tAau s506JU0J. tile volume OF
business Las IuCrcsrt 1rOu less tIh OOJUJJ messages
-, ia ia aGont 100000 ln 1875 The gross receipts
du.luc tine same peuOd have grown rom sGJoO0O 10
Sy55OJ but tue pIohs have not increased ellnei IA
ceus the excess OF 1873 1867 being but al put
SI3OOOJ A brief statement o! tAo causes Wlch nave
produced this result seems proper ~ tnis ii-Ae IEoy
Inc enhanced cost Of labor Of polrs. wire, snd al
materials used AZ constructing, mtiHt@Ihh6' ana o,ia'
T. The reduction Of rates rendered necessary by the
action Of nc competing MIaalos uetNteu st@,Os on
reduction other sections IN order 20 equz- rates
and thereby remove tho InGucoMent Ior competing Ats
Nonlhic business OF equal importance is 50 sensitive
TO competition as that Oh tuc Telegraph AID Win no
other can competition DE 4haukala11I d. tno 0usihy
relatively or 50 su&iI AN amount o- Ddp''l., W
OF persons arc always interested ia promoting Iele-
graphic c0mpcudours,, those VINO organize the cJi-
ptu ana mop. 90 pJ-t W CONT net1 4OI w u
OF tus uos by stock bonuses and commission on tue
sales Of stocks; and second ie sehAef' OF mes'se'
who are willing 10 rak 10 rhh iAe Income lrom MJ'',
crate Investment II thereby larger sun can DC
annually nom Tie reduction OF telegraph VIs winch
connecting line is expected 90 secure.
Iuls5C the only telegraph limos M tho country com
pouug VITA the Western UAon were those OF Two eOhi-
ptue-OLc eX icndlS FROM Boston % Washington, ana
Inc other from NeW4 urt TO siugtOu. Tne latter let
Zoe remark elukug ia capital OI si5OOJ, was eOId
afterward leased by purchaser III, Western Union
per cent per aunum ON That sJn. but IN 1861 ana
1875 several new coupa-Ies were organized, ANA
the Work Ot constructing competing lines
was pushed with much earuostne-s dur-
ing the next three years, parties willing 10
suDscIDe literally the capital STOCK OF these COM
pancs were readily formed, some Influenced by the
1se OF ten Der cent annual dividends on the par Of
cent aud that IL quarterly usWmenls, ana oilers 10y
the argument ihal reduced rates prom ssd, "a
hand ono profit would result from the saving 1 ther
own messages, even iT no dividends paid on the
capital The eject OF this competition upon tine
BY an inspection OF the results ut 1910, compared with
1.el Fr the latter wear the gross r.cepts we're about
S75OolO ana the net profits sli5JU9, while for 1870, a.
though tlc gross receipts were nearly the same the
profits were than the previous year by tnau
s5gOJ00, AMI u not until ls2 that profits e1
cceIed tu0sc Of 1859, aud then by only $4,000.
time that competition his been operating
rates ana increase the expenses, nave
been called uUDn &c every session OF Congress for the
four years 10 defend the policy ana management 81
the Company from charges made by members Of boil
Houses OF Congress, by officials Of the Government
and IN a few Instances by tne press The ehec
OF these hostile proceedings against the Company has
been to induce the Executive Committee 10 proceed
more rapidly with the WORK Of Increasing the facilities
and reducing the rates, than the actual condition " tat
Compauy's affairs maS.at frat sight 10 JUSTIFY
But little reflection viii, however, necessary IN Orde
to satisfy you OF the wisdom Of Their action
The scale Of rates fixed by competition the mOs
important routes and between the principal cities la
been applied recently 70 the whole country east OF the
Rocky Mountains that the luducemeut TO subscribe
capital for the extension OF competing lines In
secure the benefit or competing rates, lOnge
exists. Al the established IL Is impossible
for any competing company 70 realize profits and sOmt
OF them are known TO be, and all believed 20 be- Op
Grating at loss As result, the extension OF com
petng lines has ceased, aud IL Is not believed that Capi
tai cgu be found whercwith to inaugurae enter
prses IN any quarter The time not distant, there
substantial competitor IN the conduct of
which, Notwithstanding the enormous growth of th
last years, stll IS In It's infancy. With the ~
crease mines already provided and now m progress
the capacity OF which the Duplex Apparatus herein
before spoken OF viii be able tO double at small cost,
Is believed that the constantly Increasing Vol
ume OF business, the growth OF which Will b.
stimulated by the present low and uui
form rates. be successfully handled with less
nual Investment IN new construction than has hereto
forre been necessary that with competition checke
In OF being eXtingulshed, the
expenses be reduced, aud the patience of the soc
holders be rewarded ut an early day resumption
OF regular diyldends. Respectfully submitted
Al nj