Word: kappel
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Dates: during 1960-1969
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...there was little comfort in all the new records. The nation worried about a host of new economic problems for which there were no quick solutions; at home and abroad, it was buffeted by the winds of profound change. Frederick R. Kappel, president of American Telephone & Telegraph Co., spoke for many U.S. businessmen when he said: "We have more problems than we realized we had." As it entered 1961, the U.S. was caught in a business downturn so mild by past standards that economists vied with each other to give it a new name. But, mild or not, the recession...
...this excitement was caused by an announcement from President Frederick R. Kappel that the company would raise the annual dividend to $3.60 a share, from $3.30, effective in July. It was the second increase in two years, after the company had gone for 37 years without touching its dividends. Furthermore, Kappel announced that in February each shareholder will be given the right to buy one share of stock for every 20 held. He did not say what the price would be; but judging from Telephone's past performance on such offerings, it will be at least $20 below...
...consumer-are enjoying better business than ever. The biggest U.S. business, A.T. & T., installed 700,000 new telephones in the third quarter to push the total in use past 60 million. The number of long distance calls climbed 6%. The result, announced A.T. & T. President Frederick R. Kappel, is that his company's earnings rose 10? per share from last year to $1.40 for the third quarter...
Before some 11,000 expectant stockholders, American Telephone & Telegraph President Frederick R. Kappel rose to applause for his fine 1959 and first-quarter 1960 earnings report (TIME, April 18). ⅛But when President Kappel explained what was on his mind, the cheers turned to groans. Contrary to all hopeful' rumors, said Kappel, A.T. & T. was not considering an immediate boost in the $3.30-per-share annual dividend. "The time since the dividend was last increased was very short-one year-and this is not a long enough period to tell us what we need to know about the future...
...Billion Expansion. What started the rumors of a bigger dividend? Nothing more than a hope among Wall Streeters. They reasoned that since A.T. & T. was in the best cash shape in years, it should be able to pass on a boost to stockholders. No such luck. President Kappel said that A.T. & T. needs the cash for expansion. In 1960, said he, A.T. & T. plans to spend $2.6 billion on capital improvements, the largest sum ever...