Since 1920, with a nudge or two from its bankers, J. P. Morgan & Co., and the friendly encouragement of well-wishers like American Telephone & Telegraph Co. and ex-King Alfonso of Spain, International Telephone & Telegraph Co. has installed nearly 1,000,000 telephones in ten countries. Assets on its books tot up to $537,000,000 and once in 1929 its common stock sold for $149.25 a share, 49 times earnings. Last week it sold for $6.75 a share, six times 1938 earnings, and in his annual report I. T. & T.'s amiable President Sosthenes Behn described the hardships of international capitalism.

In 1937...

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