Business: Faults Found

Every man who ever fumed about the phone bill had reason last week to be pleased. Every man accustomed to getting $9 a share in annual dividends on his American Telephone & Telegraph Co. common stock had reason to be anxious. For, in the most far-reaching and drastic report of its kind ever submitted to Congress, Federal Communications Commissioner Paul Walker recommended that telephone rates be cut 25%, and that FCC be given more absolute control over A. T. & T. than any Government agency has ever held over any U. S. industry except...

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