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6/19/34
N. Y. MAYOR PUTS WNYC ON PROBATION
Mayor LaGuardia has given Station WNYC, the New York Municipal Station, until January 1st to justify its existence. Apparently he had thought of abandoning the station. The Mayor expressed displeasure over advertising he heard in a program and said that he objected to the city selling advertising time. Several offers had been made to him by private interests desiring to acquire the station, Mayor LaGuardia said.
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RMA OPPOSES LABOR LEGISLATION
The Radio Manufacturers' Association joined with the National Association of Manufacturers and other organizations in successfully preventing action, before Congress adjourned, on the Wagner Labor Bill. Chairman Paul B. Klugh, of the RMA Legislative Committee, brought the original Wagner Bill before the Associa¬ tion's Board of Directors on June 11 and telegrams of protest were sent to Vice President Garner and Speaker Rainey for considera¬ tion of theCongressional Committees.
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I. T. & T. IN QUARTER EARNED $898,767
The International Telephone and Telegraph Corporation reported last week for the first quarter of 1934, a consolidated net income of $898,767 after all charges, taxes and depreciation. This was equal to 14 cents a share on 6,399,002 no-par capital shares in the hands of the public. It contrasted with a net loss of $854,251 for the same period of 1933. Net profit in the final quarter of 1933 was $933,348.
Notes and loans payable to banks were reduced about $2,300,000 between January 1, and May 31, amounting to $32,419,409 at the latter date, the statement said.
Gross earnings for the first quarter were $20,047,078,. against $15,539,853 for the 1933 period. Of the total in the first quarter this year, $17,960,590 consisted of operating revenues of communications companies and grossprofits on sales of manufactur¬ ing companies; $1,056,596 was interest and dividends received frcn the Spanish Telephone Company, and the balance was other interest, dividends and miscellaneous revenue.
Operating expenses were $16,012,578, compared with $13,550,023 in the 1933 period, leaving net earnings of $4,034,49'.' against $1,988,930 for the first quarter last year.
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