. Bell telephone magazine . ARE OF A. T. & T. CO. STOCK DOUARS 150 — 100 J 50 DOLLARS — 150 n SURPLUS © PREMIUMS PAR VALUE 1920 1925 1930 End of year(T) Consolidated Surplus Applicable to A. T. & T. Co. Stock. TT T X 100 50 , , 0 Figure 8 sion and war years, the Systems earn-ings on the investment of the stock-holders in the business have percent. Thats the average forthe long period from 1920 to some uncertainty exists, itlooks as though earnings somewherebetween those for the period whenthe System successfully sold most ofthe stock () and the average market from an
. Bell telephone magazine . ARE OF A. T. & T. CO. STOCK DOUARS 150 — 100 J 50 DOLLARS — 150 n SURPLUS © PREMIUMS PAR VALUE 1920 1925 1930 End of year(T) Consolidated Surplus Applicable to A. T. & T. Co. Stock. TT T X 100 50 , , 0 Figure 8 sion and war years, the Systems earn-ings on the investment of the stock-holders in the business have percent. Thats the average forthe long period from 1920 to some uncertainty exists, itlooks as though earnings somewherebetween those for the period whenthe System successfully sold most ofthe stock () and the average market from another stockholderwho wants to sell. The other is tobuy it from the Company at the timeswhen the Company offers it for sale. The first method doesnt providethe Company with additional moneyto build new plant. The secondmethod does. But the person who buys stockfrom the Company wants to feel that 1945 Reasonable Earnings to Insure the Best Service 149 MARKET PRICE and BOOK EQUITYPER SHARE OF CO. STOCK. 1»45 DATA MAR KET PR CES -ARE SHOWN THROUGH AUGUST. CON SOL DA TED BOOK EQU mr -SHOV ^H FOR AUG. 31 . 1925 1930 1940 Figure 9 PER CENT RETURN on NET WORTH BELL SYSTEM COMPARED WITH LEADING MANUFACTURING CORPORATIONS® PER CENT 14 ,. \^T^, y\ / \ *•• \ . / \ L ^ \ BELL SYSTEM rsl LEADING \} V •^ AVERAGESFOR PERIOD LEADING MANUFACTURINGCORPORATIONS BEllSYSTEM - 1 1 1 1 \ 1 1 I ( *.:. 1 1 I92S 194419421944 6 219 9 7 716 7 , , , , 1 , , , , PER CENT14 12 10 1920 1925 1930 * 1935 1940 (T) Approximotely 1,300 companies. Compiled by The Notionol City Bank of New York. 1945 Figure to I50 Bell Telephone Magazine AUTUMN the Integrity of his investment will bemaintained. To give him that assur-ance, the average price he can get onthe market ought to be at least some-what higher than the money repre-sented bv his investment in the busi-ness. During the last 25 years, the stock-holders investment in the businesshas averaged $ per share. $10 more than t
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Keywords: ., bookauthoramerican, bookcentury1900, bookdecade1920, bookyear1922
