Downturn Fails to Halt Bell Growth
Mass.Mutual..... New Eng. Mutual. Conn. General. 7.7 Mutual Benefit... Penn Mutual..... Conn. Mutual..... Lincoln Nat'I</br></br>American Telephone & Telegraph Co., first giant industrial firm to report first-quarter earnings in this recession year,, said yesterday that the nationÛªs general business decline has slowed but by no means halted its growth.</br></br>Bell System companies installed 450,000 new telephones in the first three months this year compared with about 775,000 a year ago. Long distance calls are running about five per cent above a year ago ÛÓslightly less than the average annual increase over the years.</br></br>AT&T (the corporate parent and holding company) said its net income for the first three months rose to $178,440,000 equal to $2.76 a share from' $165,912,482 or $2.63 a share fob the same period of 1957.</br></br>For 12 months ended March 31, AT&T reported record earnings of $698,590,000 or $10.88 a share, compared with $634,347,055 or $10.66 a*share for the preceding 12 months.