Press enter after choosing selection

An Immense Success

An Immense Success image
Parent Issue
Public Domain
OCR Text

The rise and progresa of the Western Union Felegraph Company is thus set forth in a prospectus issued by a rival company : IJeginning as the House Printing Company, with a capital of $:iiso,0i)0, On the Ürst of Jauuary, 1803, by stock bonuses, and tlie pinchase of other Unes, its capital was increased to $3,000 000. On tlm 2d of Mareh, 18B3, thi.s was wateml by exactly doubling its capital and presenting the additiona! sliarts to stockliolders, tlms raibi:ig it to .(i,000,000. May 28, 1864, it wüs further increased, by purehase and exu-naiuM of lines, $5,000,0,0, inakingits capital cash and extensión of lines, $11, 000,000, and at the same time the whole of its stock was again doublwl by an issue of 100 per cent bonus to its stockholders, making its capital $-; 000,000. From Ibis period wp i January, 1808, it took In the Uuitei States Telegraph Company at $3,333 :!:!:!, and absorbed th:r American Tele graph Company, with a capital oí onl $2,000.000, taking it in at $11,818 800 and by bonuses and extensión of linea etc.its capital was increasöd to $41.00 800 ; and recently it absorbed the Atl.u tic . nd P.iciüc Telegrwph Compam whose lines cost not more than S2.rob 000, and the American Union Tele graph Company, with its lines, whic costlittle more than $2,000,000, takin them in at $35,000,000, and at the sam time issuiug a stock bonus of Sl.i.ooi 000, thus bringiug its capital up to 00),000. In addition to all this it san $8,000,000 in the abandonment of tli Kussian 'IVlegiaph, and neavly as uiuch more by the abandonment of th California lines and contracts for line parallel to the Pacific Raüroad, and i alsobonowed $tyOOOtOQe for the pui chaseof real estáte in Xew York, an pays $5,000 per annum rental for th California State Telegraph Company $85,000 per annum rental for the 111 inois State Telegraph Compavy; pur cliased a ïuajority ol the Pacitic tu Atlantic Southern Atlantic, an( Franklin Telegraph cocupanles, an gaarantèe perietual dividenilson mit ority of the stock ;íiu) recently lease the Northwestern Telegraph Compai;) and pay a large rental on a stock an bondad c ipital really about $1,000,000 000. Tue increase in tlie volume of it business and theamountof its earning have kept pace with its mcrease o capital, until now its trallic is oyei;0 000,000 of messages, gross rcceiptsove $15 ,000.000, and net earning over $0 000,000 per annum; and all this wit no improvenaent in method and bu little irnprovement in appliances ove the flrst line coi structed foity ye; n ago ; moreover, this gigantic moiK pol; touching and inflnencing every branc of commerce and indnstry, is contfóTle by one man, whose sole oljtct is selt ngs?randizementOne of the inmates of the Jackson County IJoorhouse, naiued Murphy, was several years ago trial for the crime of murder, convicted and sentenced to solitary continement in State Prison for life. He remained in his cell about eight years, and nieantime became demented, when facts were developed proving that at the time the deed was committed he was between 100 and 200 miles in another direction. The poor fellow, broken down in body and in mind, was discharge!, and afterward admitted to our county house. Subsequently eundry citizens, notably Dr. W. II. Palmer visited Lansing and brought the matter to the attention of members of the Iegislature in the hope that some provisión would be made for his relief, but the great wrong was never in any degree righted.Murphy has been a public charge for perhaps eight years or more, and this county, withouthaving been in the K-ast degree instrumental in reducing him to the wreek that he is, linds ilsself forced to support and care for him during his natural life. It is a Bad case, but by no means without a parallel. And, in common justico it must be conceded chat the state should make ampie provisión for the vietims of such mistakos, and not cast tüem ruined out upon the world. Especially is it unjust and unreasonable lor the commonwealth to reduce a man to the condition of a pauper, allhough unintentionally, and then throw the bureen of his support upon a coi""uunity that had no hand in bringing nim to such a strait. Murphy was triod Tid convicted in another section of ti state. - Jackson Patriot. There is on Putah creek, Salimas county, Cal., anorchard of two hundred olive trees, 20 or 25 years old. From the fruit of these trees four hundred gallons of the finest oil were expresged ast year. Another orchard of six hundred young olive trees lias been set out this year. The trees Uear abundantly when 10 years old. The UBpardonable sin is to be hard on a tender child. - Collyer. Au autograph letter oí Mozart oïd tho other day in Paria foi $400. The will of the late General Pattier son. oi1 Phlladelphia, givea liis e.itat of 12,000,000 a;i to his relatives


Old News
Ann Arbor Democrat