The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-10-14
WESTERN UNION TELEGRAPH COMPANY,

ANNUAL MEETING AND ELECTION or pLREc-
ToRs-A STATEMENT TO THE STOCKHOLDERS
FROM THE PRESIDENT.
The above named company held meeting yesterday
m lis new building on Broadway The annual report
being then submitted 10 the stockholders. The direc-
amrs for tha coming wear elected and Mr. William
syton an, remains the President Of the corporation.
The only change In was the substitution OF Mr.
John Dun for Mr. Mumiord, deceased. Mr.. Dun has
heen identified with the onion Pacific Railroad for q
number of years ana is reported 10 represent the
BOSTON interest in Western Union. The inspectors
Of the election we're Messrs. George b. Pres
colt. Leonard Cox and William Arnoux, and
the following ticket was declared elected
william Orton, James H Banker, Aonzo Cornell,
Harrison Durkee, Norvn Green Joseph Harper, Ed
win d Morgan, Augustus scheI, ". R. Shorn G. Van
derbilt Frank Work, Chester W. Chaplin, Wilson G.
Hunt David Jones, G. Livingston, James Milliken,
John Dun, Levi P. Morton, o. II. Palmer, George N.
Pullman, E. s Sanford, John steward Moses Taylor,
Daniel Torrance W. H Vanderbilt ". B. Vermilye, Is
s. Wesley, d. o. Mills E. D. Worcester
ASSUAL REPORT
The following is the report the stockholders for
the fiscal year ending June 30, 1873
The gross receipts FOR the year rom all sources OK
cept proceeds OF bonds were g5o o14 6o the gross
expenses were 414 ~ the difference So 229 100 So
being net pront Compared with the preceding nscal
wear there was an Increase in the gross receipts or
1901 g20 81 decrease Ia the expenses Of $420 $40 o.
and an increase ID the net profit Of $722 oS There
were in operation at the end Of the year Y, S33
miles OF line 294 miles OF wire and d,565 Offices
The number OF messages transmitted during the
year 17,153 10 being an increase Of S24, 454
over the preceding year The capital stock Of the Com
now has in the Treasury 81, 2S5 s35 The difference
$3 1884, AIS Is the amount OF the capital stock outsand
ing which has been Increased 81 500 during the year
by the issue Of eighteen shares in exchange for the
stock OF companies leased 70 the Western Union and
which have small amounts Of capital outstanding on
which interest is paid rental The bonded debt Of
the company, July l. 1874 was S. 946, 600 Of which
ST. 498 600 is the per cent gold building bonds
and s. As 900 seven per cent currency bonds which
To provide for the redemption or the bonds falling
due in November, 1875 II decided in January last
90 sterling bonds bearing six per cent interest IN
gold, 10 an amount which would produce about
So 00O, 600 in currency and arrangements we're made
for the sale, OF these bonds Al 90 which, i was conf
IDENTITY expected would result in dsposng Of the entire
loan In Europe. But after purchasing these bonds,
amounting ST. COL loo the parties with whom the
rangement had been made avaed themselves Of OPP
tion In the agreement cancel IL Subsequently, It
decided the remainder Of the issue in
per cent currency bonds %, and the whole amount
subscribed tor within a few days. The entire
issue OF
sew BONDS WILL AMOUNT TO s5,o01,16o
and the product 10 81 ISL l02 in currency, OF which
81 AS 900 will be applied so far as II has not been
done already, TO the redemption Of the bonds amount
ing 10 that sum- which mature November l. next, and
the balance 1902 202 viii 20 income 10
store portion OF the disbursements on that account
for the new building in excess Of the loan As the
bonds maturing on the LIST OF November are now in
process Of redemption and the subscriptions TO the
bonds payable option Of the subscriber a. any
time before November l. it Is difficult TO state the
act present condition Of the bonded debt account but
when the pending transactions are completed the whole
bonded debt will stand as folows:-
Seven per cent gold dollars building
bonds, due May l. 1902 ..-...-..--.-. 49S, 900 90
Six per cent sterling bonds, due, March
l, 1900. lool, 100 90
i, 1900 ...........---...-.-.. 1000, 900 90
s64sa, 100 90
Less amount or sinking fund held by the
Union Trust Company, trustee ........ $1,000 90
Total funded debt................. So All, 500 90
The net profit Of the So 20, l59 So
has been applied as follows
For -four quarterly divi
dends Of per cent each
capital stock outstand-
ing Inclusive Of that
payable July Is, lSs5l... 81, TOE, 354 90
For interest on bonds. Az, S34 IS
8,l26, 6SS Is
Leaving surplus for the year Of. $l02 AL e.