Busy Signal

One of the few certainties in Wall Street's uncertain world is that American Telephone & Telegraph Co., the "widows' & orphans' stock," will always pay its $9 yearly dividend. A.T.&T., which has not missed a dividend in 50 years, has been paying $9 since 1922 when the rate was upped from $8.50. But last week Wall Street's faith in "Telephone" trembled for a moment. When A.T.&T.'s President Leroy A. Wilson asked his stockholders to okay a 10,000,000-share increase in stock (to 45,000,000 shares), traders began to wonder if Telephone could pay that...

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