ELIEF

May found in the enormons proilts of every i

considerable telegraph line o|>erate<l on this coiiii- I

nent. The present telegraph monoiK>ly bas"vv4s

TKRKh” iis Stock to the extent of over ON'K

TIIOrSANI) PKR CKN T on the amount paid In;

and still it naye. on the etock thus Inflate 1.

factory dividend.**. Our Company will duplicate

all the remunerative lines now operated bv the

monopoly, aud sni»scrU>ers will pa>’ for 5ur Stock

only the exact coat of our Hues.

IX.

ADDITIONAL REASONS.

TliP existing telfgrapb monopolies have never

PGiight In supply adequately tbe demaud for the

use of the telegraph, much less have tliey at-

lenipted to stimulate such demand by an increase

of facilities and a reduction of rates. While tbeir

facilities have remained aliout constant, tbeir

rates have steadily advanced, until the use of the

telegraph has come to lie a pro<ligloiis tux upon

tbe commercial m-ctswltlea of tbe country. .Vn

advance in rale. Is their uniform ez|>e<lteii9 for

limiting tbe amount of their business lo their re-

stricted facilities,

X. .

INCREASED FACILITIES AND LOW-

ER RATES.

Krcry intelllffent man kiiow's that an eiiterprine

foundfd upon the ncre*iH{tlc$of trade liOHahealth-

Icr and more durable haHi*i when it alma to do a

conHtantly Increafl ug buAine^a at fair rates than

when It di>es merely a restricted harness at ezor>

bltant and Increasiog rates. The sacc(*S4 of ch«®ap

postage in Etiroi>e and America seemn never to

Lave been thought of by the telegraph mouopo«

Hats. It Is Udleved that If ten timt*s the present

telegraphic facilities were furoi^^heil to tbe public

at one-tenth ot the present rates, the lucreo-seof

busineM would justify the change.

XI.

OUR PROPOSED TELEGRAPHIC

RANGE.

Trunk lines throughout the rXIT KI> .^T.VTK^

AND TKBIUToKIKS, which Hhall ultmiaiely

r«»nnect with lines lo KURUPK, *\SI.V, AND

SOUTH AMKUICA.

xir.

WHEN TO BE DONE.

WithiD one yrar from the time th8Capltai Stock

is sutxwrllMsI. Ih. (Xirapanv czpK-t to bav. tlu-

Ishcd TWENTY FIVE TIIOCSAXD MlLF.Sof

wires of the beat materials, equipped with instru-

ments of the latest improTcmeat, aud the whole

range Id successful operation.

XIII.

CERTAINTY OF SUCCESS.

It la provided that every Stockholder, in adtli-

tlon to hia regular dividends, shall receive an

equitable rebate on the amount of business far*

nished by himself, payable annually; thus, the

SKK’k being widely u strlbnted. and every .stock*

holder having a special Interest te augment tbe

business of the Company, succon U deemed inev-

itable.

XIV.

DISTRIBUTION OF DIRECTORS.

T

teru and Important plucr. In the Unlted.Htatm.

This opinion r.alA uik>u tbe most reliable entl-

niaie. Mid le-ponalble offei. to cuuAtruct aud

tuuip tbe Hue.

VI.

DIVIDENDS.

In .II CMC tbe net earning, of thli Company

will be applied to the payment of dividend, un lU

lapital stcA-k, and lu no event will eanilngAhe

diverted to the conatructlon of new lines.

VII

INCOME

With the stock Id tbe hand, of tbe active hnsi-

iiem men of ihecounir}-, exertinc their Induence

to augment ll. hn.lnera. and with a range of

TwmvvFivg Tiior. * .-« D M I LKa or Wire e<iuip-

ped and In operation, the Company believe that,

at reasorahle rate., Ihe hu.lnewi will pav liberal

dividend, uu Ita ENTIRE CAPITAL STOCK.

VIII.

REASONS FOR THIS BELIEF

May he found In Ihe enormon. proilla of avery

I i-tm.lderahie telegraph line operate*! on thi. conti-

nent. The prewnt telegraph monopoly ha. "WA-

' TKBRP'’ II. SKx-k to Ihe extent of over ONE

TIIOl'H.AND PER CKNTon the amount paldin;

and .till It pay., on Ibe aCock thns inflatej, wkiia-

fnetory dividend.. Our Company will dupllrata

ail Ihe remnnerative line, now operated hv the

monopoly, and .utnerlbers will pay for our Stock

only tbe exact coat of our Itnea.

IX.

ADDITIONAL REASONS.

The existing telegraph monopolies have never

sought to supply aaequstelv tbe demand for the

, U9e of the telegraph, murb less have they jat-

I ten.pted to stimulate such rieiiiand by an increase

i of fai'ilities and a retluctiou of rates. While tbeir

I facilities bav(* remained about constant, their

I rates have steadily advanced, until the use of the

tej* graph has come to be a pnidlgloas tax upon

Ihe c(»nimerclal neccOTltlcs of the coantry. An

* advene*® in rates is their uniform expedient for

, lluilting tbe amount of their business to tbeir re-

stricted facilities.

I X.

j INCREASED FACILITIES AND LOW-

ER RATES.

I Every IntellliOTnt man knows that an enterprlvs

fbumlfd upon the neceOTltle^of tnale baas health-

ier and more durable ba.'^is wh«’a it aims to do a

1 constantly Increasing businees at fair rates than

when U does merely a reatrlcted boslnaas at exor-

bitant and tnci^aaing rates. The snccess of cheap

postage In Rurope and America leems never to

have been thought of hy the telegraph monopo-

]IM«. It la believed tbat If ten tim»-.s the present

telegraphic facilities were forntshed to the puMte

at one-tenth ot the present rates, the Increase of

business would Justify the change.

XI.

OUR PROPOSED TELEGRAPHIC

RANGE.

Trunk UnM throngheut the UNITED STATE.S

AND TKh RITOUIE-S, which .hall ulIimMcIv

connect with lino, to EUROPE, AHIA, AND

bOUTII AMERICA.

XII.

WHEN TO BE DONE.

Within one }'car from tbe time the (. apital stock

IK suherrlhed. the Companv expei't to have fiu-

ished TWF.NTY'-fIVE TrtOI'HAXD MILES of

w-irc of the b4-.t material*, miulpiwd with l•l'.lru-

n-.enta of tbe iRte.t Improvement, and the whole

range In .ncceeaful operation.

xin.

CERTAINTY OF SUCCESS.

It la provided that every Stockholder, in addi-

tion to his regular dividend.^, shall an

equitable rebate oo the amount of huslnesn fhr-

nished by himself, payable anoually; tbns. the

Stock being widely (I’strlhnted, and every Stock-

holder having a special interest te augment tbe

bnsiness of the UompaDy* succeae la deemed luev-

ituble.

XIV.

DISTRIBUTION OF DIRECTORS.

Ti> M'cure In the manaeemeot an e«|Oitable repre-

rentatlon of the Stock holders throughout thecu^in-

tiy.ilie large commercial ceotera will be repre-

■^ute^lin lie Board of Directors, aod local agents

wi I n>e appointed on the recommeodailou ot tbe

Stockholders In tbe various localities, and the

operMtlnns of the Company bus become general in

Us liiauai^ement a*i well as Its busiuees.

XV.

THE COMPANY PERMANENT.

Heretofore every new telegraphic enterprise has

KCHjiH'f or later been absorli**d by ihe dominant

nionopiv; but the third section of the act of Con-

gresK w’btc b confers upon this Company Its valua-

ble francMses ab«olat»ly requires it to maintain a

m*i'urrfte uud iuuependeut ealstencv. ..see the Aci

U’ow.j

XVI.

THE OLD SYSTEM.

Under it telegraphlccom|»aolefi have been ortraa-

lz»d by a few wealthy capiu»bst»; thesecoiuoa-

niea have been consolidaled iioder one Roarri of

Management; they are m.ade up of oppOHiUou

companies, with p> raiiei, latenU, and uaeless

routes, COTtly to maintain. Their liabilities are

heavy, and they emplo

ADDITIONAL REASONS.

existing telegraph monopolies have never

sought to supply ode.|tiately the demand f r the use

ol the telegraph, mu* h less have th* y attempted to

stltaiilate such demand I. o an increase ..f facilities

and a reduction uf rates. While in- .r f»« i.inea have

remained aoout constant, their rates have steadily

advanced, unu. the ..so of tb*- te,.-<ra|.h h. .- n .

to rea pro.lgl..us tax npoa tne . oinm. r.-iol »..-■ .

allies ot the country. An advance in rates Is their

uniform expedient for limning Hi- aluoani of Ihc.r

businoss lo in.-lr restricted f-. u.i'.s

s\.

INTRl.ASED FACILITIES AND LOW-

Elt RAT KS.

renters and Important places in tbe United estates.

This opinion rests ui>ou the most reliable esti-

mates and ie*^i>ousibie offers to coutUucl and

equip the lines.

DIVIDENDS.

In sll rasps the net rarnlr.irft of this Company

will bp appllpd U) tt.p paympnt of dlvidandson its

Capital Mork, and In no event will earnlncsbe

diverted to tbe construction of new lines.

VII

INCOME.

With the Flock In the bands of tbe active basl-

nrssmenot the country, eiertiuft their InHiience

ti- atiijnu-nl its bnsiness. ami with a raur* of

Tw KNv v-Fivb TnorssNP Miles of Wirk equip-

ped and In operstuin, the Company bi-lleve thot,

a* re.Konable rates, tbe boftln-si will |isv liberal

dlvldinds on lla ENTIRE CAPITAL STOCK.

VIII.

REASONS FOR THIS BELIEF

May he found In the ennrmons profltftof every '

considerable teleitroph line operated on this contl-

nent. The present telegraph mnnopoly has “w s- i

TKRFD" Its stock to the extent of over ONE

THOI-4AN1) PER CEN r on the amount paUlIn;

and still it pays, on the stock thus totlatel, satl.-*

factory dlviuends. Onr Company will duplicate

a!l the remnneratlve lines now operated hv the

montipoly. and aobscrlbers will pay for our Stock

only tbi exact cost of onr lines.

IX.

ADDITIONAL REASONS.

The existing leUgrsph monoi>oMf»s hara n<‘var

scught to supply adequately the demaod fur the

u«t* of tbe telegraph, much less have th**y at-

tempted to stimninte such demand by an fn^reafte

of facilities and a rednclUm of rates. While their

facllUies have r 4 'ma*ced abimt constant, tbeir

laten have steadily advanre< 1 , until tbe of the

telegraph ha-s come to be a prodtglou* fi-XUiNm

the ct'Dimercial iiectvsliles of the coaiiiry. An

advance In rates !s ihHr uniform exf>e<lleiit f»>r

IlmitlnK the amount of their business to their re-

Mrlcted facilities, ^

INCREASED FACILITIES AND LOW-

ER RATES.

Fverv Intelllj^nt man knows tbat an enterprise

ffiundf d upon the n$»ce>altie 4 of troile ha^ a health-

ier and more durable basis when it alms to do a

constantly Increas’ng bnslnefui at fair rates than

w hen it does merely a restricted bnslnesa at exor- i

Idtant and increasing rates. The sacces 4 of ch**ap I

postage in Kuro(>e and America aeeius never to

have been thought of by the telegraph moaopo-

llPts. It Is believed tbat if tea times the present

telcgruphlc facilities were fiirnL«>he<i to the pnblic

at one-tenth ot the prec^nt rates, tbe lncrea3eof

hUHlucts would Justify the change.

XI.

OUR PROPOSED TELEGRAPHIC

RANGE.

Trunk lines thmoghoul the UNITKD ^TATKH

AM> TF.RKlTuUILS. which «fthall uUimaifly I

confiect wi’h lines to EUROPK, ^VSIA. ANI>

tOUTH AMEUIUA.

XXL

WHEN TO HE DONE.

M'ltbln one year from thi-tln>* th*l'ap!ta! stock

in .nhrcrlb"!. th* Companv *xpi*ct to hftv* hn-

Ishfd TWENTY-FIVE THOI SANI) MILKS of

wlret of tbf-bcftt materials. *qu‘pp*d with lii.tru-

Dicnts of the latt-st Improvement, and the n hole

range In euccvMlul operation.

XIII.

CERTAINTY OF SUCCESS.

It Is provided that every .Stockholder, In a<ldl-

tion lo bift reeular dividends, shall receive an

equitable rebate on tbe amount of buslnefts tor-

msbed by himself, payable annually; thns. the

Stock belra widely d'strlbnted. and every .stoek-

bolder having a special Interest te augment th*

busiueae of the Gompany, success Is deemed luev-

Ituble.

XIV.

DLSTRIBUTION OF DIRECTORS.

To secure In the manugemept an *<ial'able repre-

rentation of tbe Stockbuldeistl.ruugf.out tbecuuu-

tiy. tb* large commercial center- will i.e r-er*-

sent*d In It* Board of IHrtctors. aiel 'oc.wl a<entft

will be apiMiinted on th* ret-umnien-latl.ui ol the

siockboiders In Ihe vartotis 1 . .b'. e*. aud the

0 |i*railnns of th* Company hus h*-. ome general in

its management oa well as its bu-iinoai.

XV.

THE C05IPANY PERMANENT.

Heretofore every new telegraphic enterprise has

sooner nr Ister lieen alisorbed by the duminaut

moiioply: hut tbe third stction or tbeaclofCon-

ertss which confers npoii this Company Its ra ua-

ble rrancbls-’s afrolutelyreoiipes It to maintain a

si'pnrrte aud independent existence. |i4ee the Act

beluw.,

xvr.

THE OLD SYSTEM.

I'nder It telegrayb'ccompiinles have been organ-

ized by a few wealthy i-apltallsta: theft* enmpa-

niea buv* he*u runsotidal.d under one Boar I of

Jlanagemenl; they are made op of opposition

companies, wUh p.-rallel, lateral, and iiseli-fta

rouU-s, costly to maintain. Their llabilili-ft are

heavy, and they emplo