National Geographic : 1921 Feb
KIDDER PEABODY& r a During a period when more than usual care should be exercised in the selection of investments, we advise the purchase of shares of the AMERICAN TELEPHONE & TELEGRAPH CO. Listed on the New York, Boston and Chicago Stock Exchanges. Free from Normal Federal Income Tax. This Company (after making adequate provision for depreciation and obsolescence) has always earned its interest and dividend require ments and a surplus besides. Dividends have been paid by this Company, and its predecessor, the American Bell Telephone Company for the last 39 years at not less than 71 2%, and for the last 14 years at 8%. It has earned these dividends during five distinct periods of business depression when various standard railroads and industrials have been forced to reduce their payments or discontinue them entirely. Pays $8.00 per share each year, and therefore at $100 per share, it yields 8%. We shall be pleased, on request, to give further information regarding the company. KIDDER, PEABODY & CO. 115 DEVONSHIRE STREET, BOSTON 18 BROAD STREET, NEW YORK "Mention The Geographic-It identifies you"