New-York tribune., 1912-02-16
TIE MAcKAY COMPANIES,

Tho report Of the MaCkdy Companies for
| the fiscal year ended February /. 1872, was
| issued Yesterday. The investments IN other
| companies aggregate $9l 1888. the income
| OF the Mackay Companies from which in
! the fiscal year was &12S491. Dividends
were paid Of S2.091D0 on the preferred
stock and S20tg,520 on the common, ana
| operating expenses were S2Hl, the bal
| ance carried forward being S7Si9.
| The Sl2,oOl0J realized about two years
| ago from the sale Of American Telephone
| and Telegraph Company stock Is still pre-
served intact, in cash and i'm the higuest
class of securities, the report says, and ~
| ready for emergencies. extensions OF the
! taking up OF a new line Of business.
| The gross income of tho POstHlS toie-
graph and cable system in 1910 was the
| largest in its history. In 1911, uotwith-
standing the temporary interruption Of the
! telegraph company's business 10 and from
! Texas, Arkansas. Oklahoma and parts OF
! the adjoining states by reason OF the
| action OF Texas telegraph company the
gross income or the Postal land line ana
| ocean systems. separately or combined,
! was almost exactly the same "a IN 1910.
| The expenses, however. increased, owins
! chiefly to the higher wages paid 20 IN"
| skilled operators and other employees en-
| gagged I'm tho fast service.
| As to the might letter service instl-
! tuted by the Western Union Company two
! years ago, the report says that the Postal
! Telegraph Company iS giving tins KIND ul
! service. but is not seeking H. ana ilat
careful study Of its cost. as compared WIN
/ the average toll received. shows that II Is
| carried on without profit and probably
! at q loss. Tho cutting OF rates on cahl"
messages IN plain. unabbrcVlated language
| 20 certain specified countries TO One-hSi !
| the rate previously charged, the report
! SAYS. the Commercial cable Company docs
| not regard ~ new source of tratic VI
/ does not expect that tho tram" WIZ -
either large or profitable aud TINS eEp-g'a
/ tion j. borne out hy rho returns 10 cate.
Bccau4c Of tho acquisition by the Amori-
! can T.lcp' pr- and TcleEraph Company %
control iud' pendent Texas l'l'
graph ,Hur. with which the Postal
/ land lin. .vstcm had had q contract for
| the eN"haug" Of business. the report con,
| iinucs. II became necessary for tho losiAl
I tn extend its system In the southwest ~
"The work has been done with phc
uonenal speed \ FIRST class line has been
I Oklahoma and TaNas. through Fort WORTH
! Dallas and Houston 10 Galveston neaT''
thousand miles Another line ha- D.
huiIt from Baton Rouge. La. westward 'r
Houston. Tex Still another line is rapidly
| approaching completion from point opp",
site Memphis 10 Little Rock, Ark- ana
| Dallas Tex. Connection has been mao
with Austin aud San Antonio. Tex, NJ
merous spurs and branch lines have AIS"
| been completed The result IS that thai
vast territory has been covered with n''
work Of Postal lines and wires ana com
petitivc service vs. now given In the full
/ sense Of the word With the completion ol
that system the receipts of the Postal from
| telegraph business To and from thai par,
| OF tho United states are increasing rapidly.
The repOrt refers TO three lltgauonS
which the Postal Telegraph Company IN
/ stituted on account of alleged discrimina
| tIons bv the Bell Telephone and Western
| I 'nion companies, and which have resulteh
| I'm favor OF the Postal Telegraph Company
No bonds. notes or stock have been lsSll"h
| and no debts incurred during tho year, bh'
| there has been substantial growth OF i've
! ocean and land line systems. During IN"
| ureseut year Important extensions and I'm
proyemcnts 90 the system VIII be nanr.
! The companies were never in better coudl-
! tior physically financially or I'm tho cfi-
cheney and enthusiasm of tho stan. tho re-
port notes.
! Boston Feb Il. Clarence H. Mackay'
! president Of the Mackav Companies; IN
! Boston to-day at the annual stockholders
meeting said -
Some may bc disposed to criucisc our
attitude of open rivalry with the Nmerican
! Telephone and itJ confederate. The West
! nrn I'rion. have been told thai our
| monthly Postal Telegraph publication. IN
which the oppressive methods 81 the Wirc
! trust we've I'm part exposed was COSTING
| MS the friendship Of some ot our stock
! holders Ny only answer Is that We have
! TODAY more shareholders than ever before.
| For every one We lose We gain three. NG
have to-day between seven thousand ana