The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-06-08
WESTERN UNION.


QUARTERLY REPORT OF THE TELEGRAPH con-
PANY--A DIVIDEND DECLARED.
Tho following is the report OF tho Executive Com
mittee OF the Western Union Telegraph Company sub
mittcd to the directors yesterday
The Executive Committee respectfully submit the fol-
loving Of the operations Of the company and
the condition Of its affairs
In the report presented by the committee
at the last quarterly meeting OF tbs Board,
held March :, 1876, tho net profits for tho
quarter ending March 81 February bust
ness being partially and March wholly es-
tiinated) stated at. $1,000 %
And the liabilities paid and accruine, Tor
which provision had not then been made CSC 3S7 -
Leaving surplus or .......... sss 6ss GO
The Official returns for the quarter ending March 81
showed the profits 10 be s7Ss 100 10 or S6S.776 ~ IN
The estimated surplus OF ss362o 90, as above,
gives slo2.492 50 us tho actual surplus April !, 1876
This what remained after providing tor six
months interest tho bonded debt, due May l. and
enc years appropriations Tor the sinking und and pay
ment OF all liabilities for the completion and furnishing
OF tho new building, all OF which have since been paid
The not profits for the current quarter end
ing June 80, inst, based upon official rc
turns for April. nearly complete returns
for May and estimating the returns for
June will be about $685. 4S8 u
Add dividend received ON the shares OF tho
International Ocean Telegraph Company,
held by TINS company 125, 900 90
And surplus April l. as above. ........ l02 4u2 81
Makes total surplus July l. 1870, off,. sso2, SOL 80
Interest the bonded debt
BILE till November l, 1870,
.is...................... s1l6,57o 90
One quarters proportion OF
sinking fund mot payable
TIL May !, 1870 is....... 10000 o. $3.50, $40 90
Dcductlng and setting this
aside leaves. xS26 Jl4 ~
In March last steps taken with the view 10
this company control OF the lines OF the South
and Atlantic Telegraph Company case II should
become desirable to do Early In May II became
pedicnt TO close the matter, which done BY pur
chasing majority OF tho stock lease OF tho lincs
has since been negotiated the details or winch have
been tantiay settled aud expected that
session will be given us in short time:
The amount OF the purchase Is about
500, 600 which, deducted from the bal
ance OF $500 3l4 40 as above, leaves. 5000 314
Tnorc has been expended for construction OF
new lncs from January to May l, 1876. 81. 200 q
Deducting this from balance Of surplus
above leaves ssss, AIS 50
A al. idend Of one and one half per cent
the capital outstanding requires 500, 100 90
Deducting which, leaves balance Of ESQ. COS 50
To avoid possible misrepresentation u may be stated
here al expenditures Tor reconstruction and
OF leased lines charged 10 profit and loss
expenses, aud deducted from gross receipts before
profits stated
Ia view Of the preceding statements, the committee
recommend the adoption by the Board OF tho follow.
ing
Resolved That dividend OF and one-half per cent
from he OF the three months ending June
he and the Is hereby declared the 10Th day
or July
Resolved That for the purpose Of dividend
afternoon Of the 10Th
inst and be reopcned the morning OF the nth ofJuy