| CAPITAL STOCK. | |||
|---|---|---|---|
| At the date of the Report of January 1, 1868, the Capital Stock of the Company, issued, was, | $41,008,800.00 | ||
| It has since been increased as follows:— | |||
| By exchange for United States Telegraph Stock, | $10,800.00 | ||
| By exchange for American Telegraph Stock, | 2,400.00 | ||
| By exchange for House Telegraph Stock, | 100.00 | ||
| By fractions converted, | 600.00 | ||
| 13,900.00 | |||
| Total Capital Stock issued May 1, 1868, | 41,022,700.00 | ||
| Of this there is owned by the Company, | 675,000.00 | ||
| Balance on which dividends are payable, | $40,347,700.00 | ||
| BONDED DEBT. | |||
| Bonds outstanding December 1, 1867, | $4,946,800.00 | ||
| Bonds of 1875 since purchased and cancelled, | 56,300.00 | ||
| Balance of Bonded Debt May 1, 1868, | $4,890,500.00 | ||
| Maturing as follows: In 1873, | $89,500.00 | ||
| Maturing as follows: In 1875, | 4,801,000.00 | ||
| $4,890,500.00 | |||
| PROPERTY ACCOUNT. | |||
| Telegraph Lines and Property, December 1, 1867, | $47,733,640.68 | ||
| Since added, | |||
| By exchange of Stocks, as per Stock Account, | $13,300.00 | ||
| By Application of Profits:— | |||
| Construction Account, | $103,592.13 | ||
| Purchase of Telegraph Stocks, | 23,806.66 | ||
| Purchase of Real Estate, | 3,011.14 | ||
| $130,409.93 | |||
| $143,709.93 | |||
| Total Property Account, May 1, 1868, | $47,877,350.61 | ||
| STOCK, BOND, AND PROPERTY BALANCES, MAY 1, 1868. | |||
| Assets. | Liabilities. | ||
| Telegraph Lines, Equipment, Franchises, etc., | $47,051,358.49 | ||
| Western Union Telegraph Stock owned by Company, | 667,342.50 | ||
| Productive Stock in other Telegraph Companies, | 52,471.81 | ||
| Real Estate, | 106,177.81 | ||
| Capital Stock, | $41,022,700.00 | ||
| Fractional Shares, | 15,110.00 | ||
| Bonded Debt, | 4,890,500.00 | ||
| Bond and Mortgage, Buffalo Property, | 15,000.00 | ||
| Profits used for Purchase of Property, and Redemption of Bonds, | 1,934,040.61 | ||
| $47,877,350.61 | $47,877,350.61 | ||
| STATEMENT OF INCOME AND EXPENSES FROM JULY 1, 1866, TO NOVEMBER 1, 1868. | |||
|---|---|---|---|
| 1866. | Gross Receipts. | Expenses. | Net Profits. |
| July, | $562,292.97 | $410,382.40 | $151,910.57 |
| August, | 548,716.96 | 346,742.31 | 201,974.65 |
| September, | 556,955.95 | 298,931.99 | 258,023.96 |
| October, | 623,528.31 | 344,245.07 | 279,283.24 |
| November, | 571,036.02 | 322,508.66 | 248,527.36 |
| December, | 551,971.40 | 302,596.41 | 249,374.99 |
| January, | 580,560.53 | 341,104.71 | 239,455.82 |
| February, | 483,441.77 | 314,617.26 | 168,824.51 |
| March, | 530,642.66 | 297,076.59 | 233,566.07 |
| April, | 545,586.30 | 320,869.41 | 224,716.89 |
| May, | 525,437.94 | 326,829.83 | 198,608.11 |
| June, | 488,754.55 | 318,100.99 | 170,653.56 |
| July, | 536,156.89 | 360,917.53 | 175,239.36 |
| August, | 570,676.85 | 375,970.17 | 194,706.68 |
| September, | 601,548.79 | 375,641.50 | 225,907.29 |
| October, | 628,836.74 | 393,459.92 | 235,376.82 |
| November, | 583,723.66 | 370,429.57 | 213,294.09 |
| December, | 576,135.19 | 379,291.35 | 196,843.84 |
| 1868. | |||
| January, | 539,794.00 | 366,446.02 | 173,347.98 |
| February, | 600,183.32 | 345,855.52 | 254,327.80 |
| March, | 587,962.23 | 335,947.64 | 252,014.58 |
| April, | 602,257.05 | 356,349.18 | 245,907.87 |
| May, | 597,374.47 | 349,165.41 | 248,209.06 |
| June, | 579,911.00 | 353,375.50 | 226,535.50 |
| July, | 601,730.61 | 396,163.66 | 205,566.95 |
| August, | 602,304.73 | 376,452.03 | 225,852.70 |
| September, | 630,665.36 | 372,197.50 | 258,467.86 |
| October, | 680,311.81 | 410,604.17 | 269,707.64 |
| $16,088,498.86 | $9,862,272.31 | $6,226,225.75 | |
STATIONS, LINES, AND EMPLOYEES OF THE WESTERN UNION TELEGRAPH COMPANY.
The Western Union Telegraph Company alone has
| 3,331 | Telegraph Offices, |
| 50,760 | Miles of Line, |
| 97,416 | Miles of Telegraphic Wire, |
| 265 | Submarine Cables, |
| 6,389 | Skilled persons in its employ. |
ENGLISH AND AMERICAN TELEGRAPHS COMPARED.
It has been shown that, several years before there is any record of regular public telegraph business in continental Europe, the system in the United States was in popular use. There can be no question that what restrained its use in Europe for so many years was governmental jealousy of its power, and not ignorance of its capacity. The subject was freely canvassed in the public prints, and was familiar to the learned men of all European nations. Even in England, whose government aided its introduction through private enterprise, the employment of the telegraph was hindered by a tariff so high as to shut it out from general use. Respecting this latter fact, so as to give in more marked contrast the early history of the telegraph on the two continents, a few details are given.
The Electric Telegraph Company of England was incorporated in 1846, and seems to have made its first work in the connection of the railway stations, post-office, police, admiralty, Houses of Parliament, Buckingham Palace, &c. As late as 1851 only eighty stations in the provinces, including the chief cities and outposts, had been opened. Priority of service was secured to the government, and the Secretary of State was empowered, on extraordinary occasions, to take possession of all telegraph stations and hold them for a week, with power to continue so to do.
The tariff of charges adopted was, for twenty words, including address and signature, one penny per mile for the first fifty miles; one half-penny for the second fifty; and one farthing for any distance beyond 100 miles. The lowest charge was 2s. 6d., sterling. This tariff existed as late as 1851. Compare these rates with those of the American lines at the same period.
From London to York, a distance of about 230 miles, the charge was 9s., equal to $2.25 gold.