Those who expressed skepticism when the American Telephone & Telegraph Co. raised the dividend rate on its common stock to $9 were confuted by the Company's earnings for 1923. The annual report of the Company shows net income of $81,692,181 after charges and federal taxes, or $11.35 a share on the $719,964,600 average amount of stock outstanding in 1923. This compares with net income of $66,170,428 or $11.14 a-share on the $594,009,500 average amount of stock the year before. Current surplus last year was $15,417,793, against $8,199,176 in 1922.
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