Salt Lake Telegram | 1938-10-15 | Page 13 | Phone Company Earnings Drop

PHONE COMPANY EARNINGS DROP NEW EW YORK Oct Oct 15 The A-The The American Telephone and Telegraph company reported Saturday for the three months ended September 30 net income of equal to a share on its capital stock compared with wih or a ashare ashare ashare share in the corr corresponding 1937 period For the three months ended June Jine 30 10 net income was equal to a share The net income for 12 months ended September 30 SO the company reported was equal to a share against 1017 or 1029 a share in the preceding 12 months Earnings fell fel short of dividend requirements which amounted to 9 a share annually annually an an- on the shares out out- standing Operating revenues of the Bell Bel system for the three months ended August 31 totaled compared compared compared com com- pared with ith in like 1937 months Operating expenses de declined de de- dined about but the decline de de- de- de dine cline was offset by an increase in taxes to compared with wih in the three months ended ended ended end end- ed August 31 last year Walter Waler S. S Gifford president of the parent company said the Bell Bel system in the first nine months of this year had a net gain of telephones compared with in the similar period last year The third quarter increase of 1200 he noted represented some improvement improvement improvement improve improve- ment in the rate of gain Toll Tol and long distance conversations conversations conversa conversa- tons he added also showed better than seasonal improvement in the third quarter but for the nine months were about 25 per cent under the 1937 figure