File:Bell telephone magazine (1922) (14568736427).jpg

Identifier: belltelephonemag00vol2930amerrich (find matches)
Title: Bell telephone magazine
Year: 1922 (1920s)
Authors: American Telephone and Telegraph Company American Telephone and Telegraph Company. Information Dept
Subjects: Telephone
Publisher: (New York, American Telephone and Telegraph Co., etc.)
Contributing Library: Prelinger Library
Digitizing Sponsor: Internet Archive

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billions it needed in the next fewyears. That was what enabled usto borrow huge sums on reasonable-terms; because our credit was first-rate, we could prudently increase ourmortgage for the time being tomeet the situation. Now we are looking to the future—a future loaded with important andnecessary work, calling for additionalheavy construction and the investment of still more capital. We shall needmore money from investors, in largeamounts. We have already increasedour debt. Experience has provedthat the foundation of our ability toserve the public well is to keep ourcredit good. What, then, should beour future course? We Must Obtain Stork Moneyand Pay Off Debt To ME, it is clear as sunlight that weneed to attract investment by hun-dreds of thousands of people in A. T.& T. stock. We must plan to restrictour borrowing, to keep paying off onour mortgage. We need to get more i<8 Bell Telephone Magazine AUTUMN Postwar Growth Has Created TremendousBell System Need for More Capital
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The number of Bell System telephones has more than doubled since 1940 people to buy into the business—orto increase their present ownership—instead of merely lending us theirmoney. The decision of an investorto buy stock in a particular companyis made in consideration of how muchthat companys earnings, dividends,and general prospects appeal to himwhen compared with other compa-nies. In our case, it isnt a matter ofmaking our situation and prospectsattractive merely to a few investors.We must appeal to hundreds of thou-sands of new investors, as well as tothe million stockholders we already have. Why so many? Because weneed such tremendous sums of moneyto build new facilities and expand andimprove the service. These facts simply bring out thatour investor appeal, if I may callit that, must be excellent. But in re-cent years our income has not beenadequate. Earnings on our capitalhave been low at a time when theearnings of the other industries withwhich we compete for investors dol-

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