A. T. & T.

During recent months, the American Telephone & Telegraph Co. issued $151,157,000 par of additional common stock. Nevertheless, the Company's report for the first nine months this year ending Sept. 30 shows that on the average amount of stock outstanding during that period, earnings were $8.56 per share. For the last or third quarter this year they were $2.84 per share. Though the stock is paying a 9% dividend, these figures, nevertheless, indicate that the Company is comfortably earning it. In other words, as fast as new capital...

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