Business & Finance: No Telephone Melon

Four hundred and twenty thousand persons own the American Telephone & Telegraph Co. As stockholders, they have been delightfully anxious for six months. So have brokers in Wall Street. The company in six months has earned much money. Wherever two or three traders have been gathered together it has been whispered that the company would "cut a melon," market jargon for an increased dividend.

Last week sparse-haired, big-browed Walter Sherman Gifford, nervously alert A. T. & T. President, told a convention of railroad and utility commissioners at Dallas, Tex., that to cut a melon...

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