New-York tribune., 1876-07-10
TIE WESTERN UNION DIVIDEND.
PRESIDENT OEION's AFFIDAVIT ~ NE DJWLEf

In the suit Of Levi \. DOwlcy against the
western tp,o. ], csaph Company 10 pIes-ut payment
o.a ulier.y dividend next Saturday Of = rer cent
the motion for tue injunction was argued on saturday 10
supreme CONT ChanI,J~, h fore Judge D"hOluc I'M
TgIB 81 uas already published TIE complaint 10 the .ut
and tn .flavt Of 5fr D.wl,y, setting cut that tne
alleged net oarungs ou Of when 'he dividend IniI'fs
t,lc declared have not been made.
W,liain Ortcns AFFIDAVIT presented on Saturday con
tans the suu ;lnce the Companys defense Iie de-
mes THAI the dividend Is uecluci Ou Of anything 'Neot
net oaIugs lie says tuat the Western Union Telegraph
Company is uoY ga possession OF rJo67-o, which re-
mains lcg the payment oi All expenses o. lie '!>!h 49,
ami AFTER raymcn. Of the prororIonatc s-aic FOR the
period covered BY said dividend of al accfuHs nd Died
ue.s The indebtedness Is represented ny bonds fpi
sGAg9IGO. layabe ar long periods Except tEe
bonded indebtedness, the Company is wholly free
from rdcbicfn ss. having no floating indcbtcdnes,
e suggests % doubt Whe her DoGicy i siochhOIsr IN
law as no stock appears in his name on the Compah!
bo,rs lie ss,s The Company is Of property,
incluug -J3 miles aud upH ara OF telegraph hhe and
l79294 miles aud upward of telegraph wire. represented
by capital stock OF 81 O73AlO, OF which the Company
owns by purchase thc market and pay nicut In cash c
amount Of about S72JUOOO, which stock t. held ~ iis
treasury subject to tn. list of the Company Whenever
neccs lry, and which, at the present market price, 5
nearly or quito sufficient iU piy all the Indebtedness OF
the Cunpau, besides other convertible assets not nc,c
worth about sijOoO0O Il is NOT trac that there WAS
deficit on the 3lst Of December, 1870, Of the sum OF
jl5-9 8J. Bat is true, as aet forh in the statement
uubIish,d by the directors at the needing held iaTch
:. 1876, that ucrc vas on thc 3lsL d'N ol
Dacguh-i, So nominal deficit Oi ~5io1~7 % sad
"a clt aid moi ieprcs nt bnJ conc lon.is H.
cheney iu thc property or Etsts uI the Company, but
merely The difference between tEc a2g.cgdtc oi al The
none, U.suulsrd by tLc Company iOi dividends interest
rnAine iuH', ana or coI,'H ti1h aH" li''L5e i h'"
prGp,ry hand, and the agSlo-Iis oi thc net
earnings oi the Company during tue zane !eii'h' To-
getncr win the sum o. 9""2@"- HeIl''A iIoA tIr s.
tie Company, bonds, cu iic OiLtI idhd ihif hhiu
ual IL ict made good out Oi hr net tbhihsS CI jan
uaIy, February, AMI 'pC4i, 70, ana p''H'7 lb.7 ana
aftoi pruNiiIi lur interest and sinking ibJ accfmHg
Ilning tnc period. There remained q surplus "i
9IO2,432 ~ use comm. uccmrHt oi tn" gnhr!cr en-
per urciJrru Junr Z, 1870 NJ Hri oI lhc
au o S3O2. 10. duTnrd irOu ,lc 5" ~ bydr 10 lS7j
Eas en,c cred MO ne accounts Tor the months 81 AP
Nay, and June, 1876.
IL is moi true ar Crton says, that large o. money
Nui.H tlr Company udd DeoIc thi 'nic OOiIohcd. or
that any -uu Whatever borrowed ai aug LWC Has placed
win the a.. income as j. tnr sdilc were taun d.
The net earnLGs Of the quarter al".ted II '' slid ~
the statcmout sohmied 80 tht dnteLGi' 90 ~, httIhe
OF the 7th OF June will uo aJou S75J.IsS 81 1t was
ai,O set forth la the ra.d statement tat t.o mctcst IN
the bun4cu debt Tor quarter moi payable uutl
Nov. !, 1870. aud quaITcl's pfop0 ton Oi siIk
in. iuud nut pay apc uniii Ma! l. lo' ~ "Oud totiisr
Che autSt alleges, that jtc sum ui @l21,UOO stated IA
Tie report published by order o he loard OF directors
dividend Itcciyrd tie shares of ne Internal IuIiu
Otcau telegraph Company. belonging To Tire Weston
Ihicn Company, was i"f li"c. cas- "i Ia. sde % -
change oI sIgy5OO Ol preferred stock IN sand Inter
national Ocean Telegraph COMPANY, nor tIt an annual
diydcud $4,000, o. mj o,Loi sum- Wa, guaranteed
sud stUck, nor that had pc-tIItd STOCK Nas tN-
changed for an equal amount 81 common stock, ugpn
when 10 dividends are payable or nhrlN To br lJlu,
ana it /, not uuo tnat tDorc paltns Win any
assets of the dcf,uuanIs Company.
AitrT hv iug tOunou JuuEo DOnOhue TOOK the papers,
rosCryiDg his decision