JAS. H. OLIPHANT & CO. 
3 
Capitalization comprises $72,651,000 bonds, $1,771,000 sub- 
sidiaries’ stock, and $99,786,530 Western Union stock. Earnings 
for the stock have risen along with the equity : against 8% average 
1911-17 the net was 13.2% in 1922, 13.6% in 1923, 13.4% in 1924, 
15.29% in 1925, and the same in 1926. 
No set dividend rate has long been kept by the company (although, 
formed in 1851, it has paid something each year since 1874) and 
the 7% standing since April, 1918, has just been supplanted by an 
89, rate. 
The web which is Western Union involves approximately 213,400 
miles of pole lines, 3,300 miles of land cables, over 28,800 miles of 
ocean cables, and 25,000 separate offices. It does 85% of all land mes- 
sage business and this gives 92% of the company’s net income, a 
fact dispelling radio fears. Over 66% of messages are handled 
automatically now (eight messages can go over one wire) and so 
the labor hazard constantly lessens. 
The business has been brought to a point where employes are 
receiving ‘‘income participation’’ (a total $9,200,000 charged 
expenses therefor in six years; last year supplanted by offering of 
stock on favorable terms, 30,000 shares subscribed for by 8,700 
employes) and stockholders perhaps may look for something addi- 
tional (possibly subseription ‘‘rights’’) above the strongly protected 
89, dividend. 
F. W. Woolworth Co. 
Reinvestment of profits has provided the entire financing of the 
expansion of F. W. Woolworth Co. from a pioneer enterprise with 
$52,616,000 sales and $14,925,000 net tangible assets in 1911 to its 
present rank as a leading merchandising company with sales $253,- 
645,000 and net tangible assets $114.804.000 last year. 
Since formation in 1912 by merger of six non-competitive ‘‘five 
and ten cent’’ chains, the development has been one of America’s 
industrial romances. viz: 
Stores 
1926..... .1480 
1023.... 1260 
1920... 1 
a17 a 
+ 
1912. 
7 
631 
Sales 
$253,645,000 
193,447,000 
140,919,000 
98,103,000 
69,620,000 
60.558.000 
Net Earnings 
on Sales on Stock 
129, *$10.85 
10.70 31.84 
7 13.87 
16.72 
10.87 
R73 
7 *On $25 par changed from $100 par in 1924 by issue of four shares 
or one. 
[80]