A. T. &T. Earns $11.35

Those who expressed skepticism when the American Telephone & Telegraph Co. raised the dividend rate on its common stock to $9 were confuted by the Company's earnings for 1923. The annual report of the Company shows net income of $81,692,181 after charges and federal taxes, or $11.35 a share on the $719,964,600 average amount of stock outstanding in 1923. This compares with net income of $66,170,428 or $11.14 a-share on the $594,009,500 average amount of stock the year before. Current surplus last year was $15,417,793, against $8,199,176 in 1922.

Capital stock has increased from $715,083,854 in 1922 to $753,501,506 on Dec. 31, 1923. However, funded debt during the same period increased by $83,220,000 from $226,604,800 in 1922 to $309,824,800 last year.

"American Tel. & Tel." is the largest utility company in this country, if not in the world, in the total assets of $1,306,702,232. It challenges comparison with the New York Central among the railroads and of U. S. Steel among the industrials; if figures for its associated subsidiary companies are added in, it is a $2,000,000,000 concern and easily the largest in the world. Its stock is more widely distributed than that of any American corporation; since 1920 it has doubled the number of its shareholders, who on Dec. 31, 1923, numbered 281,149.