The evening world., 1922-03-01
AMERICAN TEL. & TEL. INCOME
FOR 1921, PALTRY $11O,742,772;
54,OO2,7O3 FOR DIVIDENDS
An Increase Over 1920, but Earnings Per Share
of Stock Trif1e Less-Bell System Controls
All Important Wireless Phone Inventions
and Will Use Them Commercially.

For the year ended with the close
Of last December, income of the
American Telephone and Telegraph
Company amounted to $nO, ,T7",
/ according to it's annual report issued
To-day.
After deducting expenses, including
provision for depreciation and taxes
and after deducting interest charges
there remained a balance of $54, ,O02,-
7o3 available for the payment of divi-
dends. In 1920 the total income Of
the company amounted to $103, ,946,9S0
and the balance available for divi-
hends was S51,S21 ,215.
Applying the dividend balance to
share capital outstanding, it is found
that last year the company earned
411.1O for each share of stock, conf
pared with $11.75 in the previous
year. The reason for the slightly
smaller balance per share is that at
the close of 1921 the company had
S632, ,216, 253 stock outstanding, inclu'.
ing instalments, compared with $5l',-
493, ,4O7 at the close of 1920.
After paying out $42,S7 ,4OS in divt-
dends, and after approTriating $1,000
eco for contir |"no'r~ W" company
was able to u..., ,.... o.
cumulated surplus account.
Because the American Telephone
and Telegraph Company is largely a
holding company, it is necessary TO
examine earnings of subsidiary COM
panies in order to gain an accurate
idea of its true earning power. 1t Is
found that last year the revenues OF
the Bell system as a whole amounted
to no less than S497, 0SS, 2S3, an in
I crea6e of nearly 10 per cent. over
fS2d and that after making extremely
liberal charges against earnings Tor
maintenance, depreciation, &c. ana
after the payment of taxes. interest,
&c there was a balance available
for Z. ,rdend payments Of $67.42l l,6S3.
an increase of S19.G39.Gl over the
preceding year. And after increasing
dividend payments by $7,SiS,Sl5, there
was a surplus remaining of S19, $40, =
. 2S9, compared with $7,7S5,4S6 in 1870.
= At the close OF the year net cash
eassets exceeded current liabilities by
SAC, ,314. 900
1t is shown by the report that the
company now has S91f,155 telephone
stations, and including those con-
nected with the Bcll system there
are 1S,3SO,219.
During the last year a daily aver
age of 35,027, 900 exchange and toll
connections were made, an increase
of 1,S65, 900 daily over the average OF
1920.
This increased business was han
died, although the number Of employ
es at the end of 1871 was 224.2SS. a
decrease of 7,02S compared with the
close Iof 1920. Miles of underground
and lerial wire operated now mum
Der 27.S19,S2l.
In 1900 there was one telephone
station to every 80 people in the
United States. At the close of last
year there was one station to every
people.
n 1t is stated in the report that "the
ell system has available all the i'm
portant inventions with reference to
commercial wireless telephony and
expects to make use of them in every
possible way for the extension, bet
terment and CheapCn.ng of tNr ser
vice as ways Of doing SO develop.
"rhe number OF wave lengths avail
able for this radio telephone service
Is limited, but we are preparing to
furnish this broadcasting service to
uch an extent as may meet the com
mercial demands OF the public, sub
ject to that limitation"
With regard to regulation by COM
missions President Thayer states In
part: "The company is in favor OF
regulation by any legally constituted
body performing its functions within