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 is poured into the Company, the latter is able to earn a very good return upon it.

"Tel. & Tel." now has what is probably the largest stockholders' list in the world, with over 300,000 names upon it. When the Company wants additional capital, the existing shareholders are given first chance at the new stock.

According to President H. B. Thayer, the Company's last stock issue was the largest transaction of its kind in history. To the 316,046 stockholders as of June 30, 1924, was given the "right to subscribe" at par for one new share on the basis of every five shares already held. There were slightly more than 193,000 of such subscriptions, averaging 7.7 shares each. Nearly 175,000 of the subscriptions were made by former stockholders, and over 18,000 by investors