The Lowell Sun from Lowell, Massachusetts • Page 15

THE SUNDAY SUN, LOWELL, MASS OCT 26., 1975 A 15 The week on the American Stock Exchange irlcan 5lrjr.it, Enchdnqt a AMEX index slips, 13't 4 'IiS AP average up 2 cSniy'V Cp i Com walerJ NEW YORK At the American Stock li Exchange, the market value index slipped to aa.uy. Mt S4 3 24 3 i ,4 IV, I rT. i ii! 1 l'v IS A IS I2V4 17 1314 J4 i 'I '3S 1 I tJVi SACrompm 2U Allr Allei 14 IV, IV, 441, B41 i il 13 .117 i5i i)i! mit lir'm'cv s5 U'A 2 'SbO J23 IIH 14 74.111 JjJ 4ftinCMII.ua 14 7i 7I njJ' 13 a jA Jj Is SiDplli 7.M 72 71 72 1 33M 27 SJillW 7.IS 7 10 311, 3114 J1V, l(i 3V1 liSsrjcnl Ind 4 73 2H ltk 1J4 71 IS r73 32 70'A JOVi Vlk sVm'le'r1 'i 'l'o 3'A 1'' ii II The Associated Press 60 stock average 'I if" climbed 2.0 to 265.7. Western Union 131 is" tl'A'y 14A in 4ft S'A 1DH 7ft Annul' nil 44 rp 18 IS IH "A "i hi 2 141,4 14'A I4A (Ll'DlwrlVy'cS 145 IjS llS I3l5 162 74 444 7 I 3'A Erodynr Cp 13 Jrt 7 Jiii ElfoInO Kl 3 If ITrt 17 17 Vi 1 Ed mm Corp 37 374 21. 314 'A IVpEfl: Corpt 1.1 .544 il y.

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714 snou.co 4'A 6.4 6'a 'a jriiSi ,1 jj4 I'SfaAlsiTl ,1 3J 11'' IjSwtlS" lll ll'l l'i''A''S it "i 'r ct 31 rs js ik HrsrVtS is 5jks: 'isus nt Va lit is js USA (Ll'mcpym JO IS SU 6ft 'I IS 3S JS li J1JJ I 'A J9'A MonPjl j(i .,275 lJV, 3ia 39'A l'i '5; 1 RStn Crp $7 3 (ij A I'A JA ill wilico 45 5 'A HV 7 ''aioojiSc .60 4 "ji IT1 1,1 9 1 RnroTaTpp 2 )l vi IS .1 JU )i jJJ Jjio'fs 11) 'j A JVTar' 4 IS 1 thrust into space age world By ROBERT METZ (c) New York Times PJEW VORft The Western Uninn a company that many associate with rlnmg mesECnger boys, has Bpent 10 years and JJ1.5 billion thrusting itself into the world of space age communications. But the company, which has its own satellite network, has incurred heavy debt along; the way much of it at high interest rates and its earnings have been persistently disappointing. The situation has been discouraging for years and few analysts have (allowed the stock on a regular basis. But Robert E. Pearl, a special situations analyst for Blyth Eastman Dillon Si had dceided that Western Union has emerged from ita troubles to the point that the stock has become an attractive turnaround" candidate.

Pearl called Western Union's 10 year modernization program a "do or die" effort that succeeded. He pointed to the expansion and completion of an 8,000 milo microwave communication system as an accomplishment comparable to Its initial development of a national telegraph service and called "Weslar" the first domestic private satellite system equally significant. THE TELEGRAM, guaranteed for messenger delivery in five hours in major cities, was once the compnay's pride, Relatively uneconomic in a world of many competitive services, the telegram service has been scaled down to a point where it accounted for just 15.4 per cent of 1974 revenues. Meanwhile, the Mailgram, a message transferred electronically to post offices for delivery on a priority basis by letter carriers, is an innovation" that is beginning to fill (he role once held by the telegram, frfailgrams accounted for 4.4 per cent of Western Union's 1974 revenues. These and other advances were not accomplished without difficulty, says Pearl.

He noted "considerable financial strains" during the 10 year period, "Particularly in 1874 when a substantial nonrecurring writeoff" was taken. He was referring to the JJ2B.5 million write off equal to $2.06 a share for Gift America. Gift America was a marketing method by which the company tool! orders for gifts to be delivered at Christmas and on other special occasions at areas of the country distant from that of the sender. WESTERN UNION announced on Tuesday that net income for the third quarter of 1975 was equal to 60 cents a share, down from 63 cents In the 1974 quarter, The latter figure does not include the Gift America write off. Nevertheless the company has "continued to pay and in our opinion will continue to pay its $1 40 per share annual common slock dividend." Pearl writes, Headdedthat since 1868, during the period of heavy construction, the dividend had been considered a tax free return on capital.

The 1975 dividend would be "only partially taxable," Pearl said, adding that it was likely to be fully taxable in futureyears, Douglas Robertson, who follows Western Union for Argus Research, thinks the outlook is "encouraging" but is concerned by the company's deht heavy balance sheet. Western Union's funded debt and other long term obligations totaled 670 million on Dec. 31, 1S74. Robertson notes that the company had to pay 12.5 per cent in issuing S50 million of 6 year notes distributed last August to reduce bank debt. The company has an additional S75 million in Bank losns falling due in 1976.

Robertson believes Western Union will he able to rollover the bank borrowings, but the costs will depend upon how well Western Union has spruced up" its operations and balance sheet. The and O.M.YTlir.Sun in NorltVrn Middlesex home delivers to lis. suhsnrihers ncoinplcie stuck market prices as late ar 2 noon Why be without it?.