Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1883-10-13
WESTERN UNION.
Annual Report OF President Green.
Election OF Directors. EtcJ

NEW YORK, Oct THE annual report of
President Green, Of the Western Union Tele-
graph company, shows the company to be in
a very fattering condition financially. The
company holds securities in various telegraph,
telephone and other companies, the market
able value of which is now over $4,000, 900,
and according to the report most of
these securities are approaching rapidly
in value These securities do not represent
stocks in telegraph companies leased to the
Western Union company. Most of them are
owned by it, aggregating some So, 600 900
more. The company has 432, 726 miles of
wire and 2,917 offices Forty million six hun
dred and eighty-one thousand one hundred
seventy seven messages were handled during
the year, the receipts from which were Sl9,-
454, 902 0S, against ST., ia, 1852 last year.
The expenses for the year just closed
were S1l, 794, 553, leaving net profit of ST.
go, 6495S. The report calls attention to the
growth and increase of the property and the
business of the company since January, 1865
During this period the lines have been in
creased four-fold, with nearly six times as
much wire facilities and six times as many
Offices handling seven times as many mes
sages, earning three times as much gross rev.
enue, and making three fold as much net
profits in one year, Notwithstanding that the
average rate per message to the public has
been reduced from $1.O47 in 1866 to 6S
cents in 1888.
The past year exhibits an increase of 49,
234 miles of line, or about 10 per cent, and
of So, 35S miles of wire, being 155 per cent
over the previous year, while the earn
ings show an increase of $3.50, 937.06, or
about IA per cent, and the net profits
an increase of S542, 27H. So or about per
cent. over the year preceding, the increase of
81, 79S, 1878, being Is per cent. on the gross
expenditures, is because of rentals paid for
the American cables, the Cuba cables, and
and the Gold and Stock Telegraph company,
all the rentals paid by the company being
charged in current expenditures, while these
rentals were paid for only small per cent of
the preceding year.
The percentage of cost of operating the
land lines of the company has been steadily
reduced. The company is pursuing the policy
of steady reducing the rates to the pub
lie, and has extended the rate of 25
cents per message to and from New
York city until that rate covers
larger area than is embraced in the whole
of Great Britain. The net earnings for the year
were over 9per cent on the capital stock above
fixed charges, and this the management be-
ieves will be considerably increased for the
current year. In conclusion, the president
congratulates the stockholders of the success
full ending of litigation against the company,
and says it only remains to be determined to
what extent the persons who have maliciously
tried to embarrass its operations and depre-
ciate its property can be held answerable to
the company for the loss and damages it has
thereby sustained.
The following board of directors was
elected 624, ITO shares being voted upon out
of the total of 800, 600; Norvin Green, Thomas
T. Eckert, John T. Terry, John Vanhorne,
Augustus Schell, Harrison Durkee Jay
Gould, Russell Sage, Alonzo B. Cornell, Sid
ney Dillon, Cyrus W. Field, John
Fender, NJ P, Henry Weaver,
Percy R. Payne, Robert Lenox
Kennedy, Hugh J. Jewett, j. Pierre
pont Morgan, Frederick L. Ames, John Hay,
William d. Bishop, C. P Huntington, George
B. Roberts, Frank Work, Samuel Sloan,
Erastus Wyman, John j. Aston, George j.
Gould, Channcey NJ Depew, James w. Glen
denim, Christopher G. Baldwin.
The changes are John Hay in place Off. D,
Worcester, and Frank Work in place of z.
G. Simmons.