The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1909-04-11

Without any further comment. this
would show the hold that the business
has on the public, and warrants the
statement contained in the report that
1T has become the nervous system OF
the business and social organization
Of this country graphic smile Of
| the relation it holds with the public.
Attention is called to the misleading
statements made by mistaken people
for various reasons, all to the detri-
ment Of property rights and public
benefit; and to the fact that the claims
Of the Bell people that service could
not be given for some Of the prices
or on the terms promised had been
proven by the failures, reconstructions
and other troubles Of the companies
exploited on those promises. In other
words, the Bell authorities could not
Be criticised. or called antagonists
for calling attention to the fact, that
what they claimed would happen, did
happen.
Another feature Of the business is
the wide dispersion Of the interests
in the companies composing the sys-
TEN.
In the American Telephone and
Telegraph Company, with over 26'31OI
shareholders, holding an aggregate Of
l,sS4,766 shares, 1928 held an aver
age of 43 each, while there we're 153
shareholders with an average holding
Of 2,i4O and 4 shareholders holding a
total of l2l,000.
In these days Of large concentra-
ton of power this certainly is a
unique corporate situation; and what
ever the concentrated power or posi-
ton of the company in the field Of
operation, it is still an aggregation Of
individuals self-controlled.
Taking the associated and connect
ed companies together with the
American Telephone and Telegraph
Company, there ars some 10000 in
. dividual ownerships-or nearly as
+ many as there are total employees,
r which is given at $4,000 in the United
i States, If the Bell Of Canada and the
: Western Electric Company were in
cluded, there must be l25,0O0 employ
: ees who are dependent on and contri-
5 butte to the welfare of the Bell system.
J, So far the Bell system as a whole
a has been considered. Taking the
!. American Telephone and Telegraph
r Company by itself, its showing must
: be satisfactory one to those inter
!. ested. The net revenue increased
from over $16,0000OO to over $4,000
: 600 while after paying $l2,4so,ls6 IL
: dividends, against $1094S644 last
S year, an increase of $lslssl2 there
e remained an increased surplus more
t than sufficient as is stated, without
It any increase in net revenue during
It the current year, to take care OF any
It additional burden which may be i'm
posed by the conversion of all out
/ standing convertible bonds and still
Z leave a handsome surplus.
e Another feature Of the report i
that the company is financed to NEE
q all of its current obligations up t
/ and including 1910, included in whicl
are $3l000,0oO in short term note
n Of the American Telephone and Tele
n graph Company and Of the Westeri
of Telephone and Telegraph Company.
y In confirmation of the statement Il
y last years report that the Bell Com
le panies had nothing to conceal an,
nothing to apologize for the repor
Of further calls attention to their exper
n fences Of the past year with the pub
Of lie bodies, stating that frankness an
s candor on the part Of the Bell Com
II panies had been met with appreciation
st and desire to ascertain the real cor
ditions and to meet them fairly.
ct