For weeks, word was whispered around Wall Street that Western Union Telegraph Co. common was a good buy, although the company had not made a profit for two years. Wall Streeters snapped up the stock so eagerly that it rose to 28, a 33% advance since the first of the year. Last week, the good news came out: although Western Union's operating revenues were off almost 5% to $42.3 million, the company had a net profit of $236,766 for 1950's first quarter v. a $2,550,878 loss for the quarter in 1949.

The chief reason for these chipper tidings from the...

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