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The telephone industry benefited at first from-the Depression, as phone calls between stockholders and brokers as well as those resulting from a sudden loss of jobs shot up. By December 1930 there were more than fifteen million Bell telephones in service, translating into comfortable earnings for AT&T shareholders. The following year, however, the number of lines began to fall-as more businesses closed. Within another year another 10 percent of the phone services would be cut. The worst off within the Bell system was Western Electric, which eventually laid off almost 80 percent of its workforce. In 1933 business started picking up again; eighty-five thousand new lines were installed in the last quarter of the year, and within four years service stood at the same levels as in 1930.
Source: John Brooks, Telephone: The First Hundred Years (New York: Harper & Row, 1975), pp. 187-197.
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This section contains 148 words (approx. 1 page at 300 words per page) |
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