Year: 1875

NEW YORK, Dec. 4, 1876
To THE EDITOR OF THE HERALp:-


notice that the President OF the Western Union
Telegraph Company has just issued, in pamphlet FORM
his annual report 20 the stockholders made at their
meeting October 49, 1875, but upon carefully looking
II find that great many items OF interest have
been entirely omitted, items too that would nat
uray suppose that stockholders entitled to know
For instance, there is one word said about tho
amount Of cash the company had hand the date
Of the report


II is true they state that the company's earnings
for the past year were. ...-....... SS,229 1859 sS
OF which they paid Tor divi


dends and interest ..... So, l26 6SS Is


And for contribution 10


sinking fund ......... 80, 900 CO. 3,l56 6ss 1s


Leaving balance or. f.................. S72471 IS
which, presume, represents their cash on hand al
though nothing is said about IL in the report. But
read in the HERALD this morning, Eve months


than the date Of the report that the company has
floating debt which s causing some discussion among
the directors some Of them desiring dividends to be-
withheld until this floating debt IS paid OF, while
others inclined 10 trust TO luck and future earnings
and go paying dividends .tt~


Now, tho question OF to the stockholders is
How much Is this floating debtG Had the Presidents
report been as full and explicit as It should have been
the answer TO the question would have been before US
But now want light on IL


Why does not the company cancel the 70 $50 shares
OF its stock that It now holds and thereby relieve in
tercsted parties from the fear Eh some day il NAV be
thrown on the market for sale and Inside parties
this knowledge IA their possession be enabled 70 make
large sales Of the stock, very much 10 tho
dctrment Of the actual stockholders In
this connection cannot you use the influence OF
your paper 20 insist upon all the railroads and other
corporations complying with the suggestion OF the stock
Exchange aud forwarding periodically TO the Secretary
Of that institution for publication a statement OF their
earnings and cxpcnsesf


II we could have once week statement from each
company OF the amount OF their earnings tho
past week, and the 10th OF each month corrected
statement OF their earnings and the amount Of their
total expenses for the month"; properly verified by one
OF their officers stockhoders aud Investors would
certain data which would enable thom 10 form
opinion OF the value Of the securities they buying
and loaning money upon, and the chances would be
very materially lessencd OF their waking up
morning when the condition OF the corporations
has been made public, and finding their securities
almost worthless at the Stock Exchange as has been
the case number Of times during the past few years.


May ask you through your valuable paper TO urge
the New York Stock Exchange TO insist that all cor
porations whose shares dealt In az the Exchange
mako these reports, and la case they decline TO do
strike them from the sts2


lt IS OF the utmost Importance that this be done not
only To the members Of the Ste K Exchange, but TO
every bank trust company, capitalist and lender Of
money and when II is done the business OF the Ex-
change will be two TO ten times greater than
al present and incomoaraby safer.


sT0CKH0LDER