More Telephones

In 1935 some 466,500 U. S. residents put in new telephones or re-subscribed for telephone service. Although the 13,844,000 telephones reported by American Telephone & Telegraph and its 23 associated companies as in service at the close of 1935 were 1,746,000 below the peak telephone census of 1930, Bell Telephone users made an average of 61,000,000 calls per day in 1935, a little more than 4% increase over 1934. The Bell System took in $934,371,000. Profit was $132,795,000, about $21,627,000 better than the previous year. A. T. & T. paid its usual $9 common dividend, earned $7.11 a share, charged the remaining $42,000,000 to surplus. The 1934 earnings were $5.96 a share. Telephone stock sold at $172 last week, about 24 times earnings. But the $9 dividend on a $172 investment was returning better than 5.2%, a high yield in current low-interest days. A. T. & T.'s 1935 dividends of $167,960,000 went to about 657,000 stockholders.

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