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Chairman of General Telephone & Electric's executive committee will be Elisha Walker, Chairman of Transamerica's executive committee. Last week he expounded the reasons that make this deal logical, reasons realized by Ivar Kreuger when he bought into Ericcson Telephone, a similar deal. Said Mr. Walker somewhat verbosely: "It deserves to be noted that in an era distinguished not infrequently by industrial overproduction, there has been no excess of production by manufacturing plants producing the requirements of telephonic communications systems overseas. . . . We may anticipate, I believe, a continuing development in telephonic communications overseas."
Almost simultaneous with announcement of the deal, Associated Telephone declared an extra dividend of $1, its second extra this year.