The gross receipts of the Western Union Telegraph Company from July 1, 1866, to November 1, 1868,—two years and four months,—were $16,088,498.86, and the gross expenses $9,862,272.31; leaving $6,226,225.75 as the net earnings, being an average of over seven per cent per annum on the capital of the company, which is $40,347,700. After applying $1,934,040.61 of the receipts of the past two years towards the construction of new lines, and the redemption of the bonds of the company, it has made, with one exception, regular semiannual dividends of two per cent. Such a property as this, if situated in England, or any other country in Europe, would be regarded as so valuable that its stock would be held at par, and yet it is selling in our markets at the present time at sixty-four per cent discount, or at thirty-six dollars per share! At this price the entire property, including payment of the bonded debt, would only cost $19,415,672. Now what is the explanation of this singular distrust of the value of this great property as shown by its insignificant present market value? Less than four years ago the stock sold at above par, and its earnings and prospects were then inferior to what they are at the present time. An examination of the tables on page 39 will show that the gross receipts and net earnings have constantly increased during the past two and a half years, and there is every reason, so far as the management and prosperity of the company is concerned, why its market value should have increased instead of depreciating. The explanation for this singular state of things is to be found in the constant agitation in Congress of various schemes for the construction and operation of government telegraphs, at prices very much lower than the cost of the service. Let any industry be thus constantly menaced, and it must necessarily suffer in public estimation as a safe investment. We trust the subject will be effectually settled during the present session of Congress, and the incubus which has so long rested upon this important enterprise be removed. ERRONEOUS ESTIMATE OF THE VALUE OF THE WESTERN UNION TELEGRAPH COMPANY’S PROPERTY. Mr. Washburne says:— “The statement furnished by the officers of the telegraph companies, for the information of the Postmaster-General, and by him forwarded to Congress as his reply to the call for information, is well calculated to remove all doubts as to the value of this kind of property. Among other items of information is the following:— “The length of wire owned by the Western Union and United States companies is 60,000 miles.[13] The average cost, as based on the now united capital, is $450 per mile. This embraces, besides the poles, wires, and apparatus, the following:— Footnote 13: