Business: Against the Current

Performing as if there were no recession, three of the biggest U.S. companies posted record earnings last week:

¶ American Telephone & Telegraph, the world's biggest company, scored the highest profits ever made by any company in a twelve-month period. Net for the year ended Nov. 30 was $1,244,000,000, or $5.52 per share, v. $5.16 per share the previous year (former record: General Motors' $1,189,000,000 in 1955). Fourth-quarter earnings were $1.40 per share v. $1.33. The company's operating revenues were also a record, $7.9 billion, up from $7.4 billion. Reasons: an increase of 2,800,000 in Bell telephones in use to a...

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