Business: A. T. & T.

This week some 332,000 employes of the American Telephone & Telegraph Co. (the Bell System) were celebrating the 50th anniversary of the invention of the telephone.†

Last week they had heard their new President (quiet, deft Walter Sherman Gifford) announce with pleasure that 57,000 employes* (with an average of 10 shares each) would share with the 362,179 shareholders of the company in the $107,405,046 net profits of 1925. This amounts to $11.79 a share on the $911,181,400 average stock outstanding, against the $11.31 on the $805,145,900 of 1924....