Publication: Electrical World
New York, NY, United States
The Affairs of the Montreal Telegraph Company.
The annual report of the Montreal Telegraph Company was issued in that city, Jan. 7. It contains the following:
"In view of the very full explanatory statement of the position of the company and the nature of its agreement with the Great Northwestern and Western Union telegraph companies, your directors do not deem it necessary to enlarge thereon at this time, further than to put again on record their undiminished confidence in the validity of the security which the company holds for the due fulfillment of the terms of the contract on the part of the Great Northwestern and Western Union telegraph companies.
"Owing to delays that might occur in the payments by the Great Northwestern Company, your directors decided to make the dividends payable on the 3d of February, 3d of May, 3d of August and 3d of November.
"The accounts show the assets, including lines and cables, office equipments, real estate and cash, to be $2,235,772.41, and the liabilities, including capital, $2,000,000; dividends (unpaid and due), $42,525.77. The surplus of property over capital not available is $151,823.85, and the available surplus is $41,422.79. The total mileage to the end of last year was 2,031 miles, and 183 miles have been added this year, making a total mileage of 2,214 miles."
The report also contains a statement of the negotiations with Mr. Erastus Wiman in reference to the proposed reduction of the dividends from 8 to 6 per cent.