New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-07-21
MPERING WITH TELEGRAPH
FIGURES.

the l7th notice the following. 49,,
- ,o many GOOD friends OF the Western Union
rev% Conplny who reason that inasmucA as We
IS1a Of me Directors e quarter euded June 80
plainly tat the sum OIL $500 VIC sto~E
Selon,ny 10 western Union, and lnhSh1eA as - s %.
tiyely stated py persons ~ aid any dyidcrd what
eyr 1pon its stock IL would seem th;'t le ',h
G"lr Union owe TO themselves 10 prove the truth
y, tSe statement in their report or satisfactorily "a
plan it, .., ., o,o,a !
that in asmuch as the statement OF the Western Union
directors therein referred has subsequently been con
6rr,ed by the President of that Company uhd'r
oath would it not be well for the ANONYMOUS
"pcrsons in position TO know the lacS WIN
deny this statement to at least MAKE 'hein-
selves known to the public before calling upon the b'-
rectos Of the Company to furnish additional PROOF oi INC
truth of that which has already been fully prevent
In the financial column OF the 18TH the following ap-
pearcd: .,..
The evidence Of the Auditor of the Company given ON
,"soi in Tie stock showing II does that the Compdys
current earnings for the quarter ending June 80 pro
OF D. as has been paid out for dividend.
NAV trespass further upon your space and patience
70 saw The evidence OF the Auditor shows that the net
profits of the quarter about S735000, whereas, to
pay dividend of q per cent requires only S5o6OOoi
and after providing for one quarters proportion OF
annual interest aud sinking fund.- there remains nearly
100000 fear malicious person has wlfulIy I'M
posed upon the temporary occupant OF HE IRiBUNLs
financial chair Very respectfully, WILLIAM ORION.
Eaecu!pe Oeice w. Z. TEL Co., Ae,o York. July 1876
THE gratuitous impertinence of the last sentence
would warrant us i'll showing Mr.. William orion to
the door without a hearing. The temporary occu-
pant of the financial char" in TIE TRIBUNE has
been in continuous charge OF 1t not 50 very lat
from as many years rs Mr.. orion mas oeen
in charge of the Western Union Telegraph Perhaps
he may be better able to decide, year OF TWO
hence whether that is to be regarded rs tempo
rary occupancy This Editor is Mr. John r. CleNc-
land the brother-in-law of Horace Greeley, a
gentleman honoraby known i'll every posi-
too he has ever filed esteemed i'll New
York before Mr.. William Orion ever heard
Of here and likely to be-well, as long as Mr. orion
is He has won the repute he enjoys by understand
ing his own business, and minding tim example
which it would, many times, profit Mr.. William
Orion to follow.
The statement in The TRIBUNE Of the 18th, to
which Mr. Orton objects, was received from promi-
nent Western Union Director. IL IS not HE IhlB-
ust's fault if the people who own Western Union
tell one story and its President tells another. Bnt
with all respect for the testimony OF It's "Prcai-
dent under OATH" we fail to find therein
the same statement made in the report
of the 9TH of june when not under oath, namely,
that the S125 600 referred 10 was received as
diridend on the International ocean Telegraph Stock
1t is possible that The TRIBUNE was mistaken IN
saving that this Company had never PAID
q dividend to its stockholders; but ii it
did it is quite certain that it was not
paid during the past two or three years Inc facts
seem to be that the million and hall capital stock
Of this Company until recently, consisted OF $500
600 of common stock and S6JO,0OO preferred OF
guaranteed ) per cent stock that the Company has
redeemed its entire issue of guaranteed stock by the
issue of common stock share for share, and the
payrnept of % per cent in cash bonus for such
exchange The Western Union owned a little les,
than 5000 shares of the guaranteed stock,
which it has exchanged for common stock,
getting the cash bonus of about Sl21,VoO. lhls
was so set down in the Western Union re-
port of June T. Instead of being a dividend, and
SO fairly applicable to the earnings of one quarter
year. it was received as boot" in the exchange of
. better for poorer security. The President of
Western Union may call this 4" dividend but
honest people call it tho result of doubtful trade
in assets.
As to the Auditors figures, they must speak for
themselves THE TRIBUNE is not answerablc for
their accuracy. Here they are:
MT Van Every furnished following exhibit, showing
the expenditures months Of April, May, aud Juue
1876 of June beng estimated as to current eH
penses and construction:
Current Expenses for Operating Maintaining the LINES cn9
for C1rrying on Of TIE Company eIciusre o.
T.1es Esnt Of LeaSed Lines, and Reconstruction
1876 -
fe err same q. pSriod @ l9O425
oS bo o and M sinking funds same period IsG57g
Total ............ 81. O2j,50O 80
TIE receipts for the same period were as follows:
Amount from International Telegraph Company l25O0o 90
Total ,99228i II
BY the foregoing the receipts Tor the
quarter 50, 3G7,2S5
Deduct expenses ESTIMATED even 50; late
as July ~, other payments and pro-
portions for sinking fund and interest. 2O25,50l
Balance ...................... $341,764
II this sum is not about 1 per cent on about
S33 $50 900 of outstanding stock of the Western
Union Company it certainly is not ll2 per cent.
Even if the ia 81, 900 received from |. O. i. Co.
he called earnings and considered as all ap-
pcabe to the last quarter, the balance
will be S4G67S4, sum less than that re-
oured to pay dividend of $j06,70 by nearly
$4,000 1t is perhaps not worth while further to
discuss this subject by way of guessing how near
the exacIthing may be the estimates of the Audi
tor of the expenses for the month of June" but
single discrepancy between his exhibit to The
Court and the Presidents report Of June is per-
haps worth attention. The President said: 81 There
has been expended for construction from
Jan. ] 10 May /, $32,900;' and made
no mention of any other expenditure for such pur-
pose while the exhibit of the Auditor says, Con
struction for April, May. and June, S75.9taw
We believe there is no sort of speculation or
combination, OF, bull OF bear movement, at present
in Western Union; that the leading operators are
al out Of town and that the brokers have pretty
nearly shut up shop. Under these circumstances,
it VIII be less easy for officers trembling
for tbsir nIacos and On Interested i'm decciving