"c           VAR 0061      09003 NET INC 3R 933-948               MD= 1E-37   "
"c           REF 0061         LOC  510 WIDTH  9             DK   8 COL 71-79  "
"c                                                 EXP DEC=  2                "
"c                                                                            "
"c              NET OPERATING INCOME, PRINCIPAL TELEPHONE COMPANIES           "
"c              ---------------------------------------------------           "
"c                                                                            "
"c              NBER SERIES:  09003                                           "
"c              AREA COVERED:  U.S.                                           "
"c              UNITS:  MILLIONS OF DOLLARS                                   "
"c              ANNUAL COVERAGE:  NONE                                        "
"c              QUARTERLY COVERAGE:  NONE                                     "
"c              MONTHLY COVERAGE:  01/1933-12/1948                            "
"c              SEASONAL ADJUSTMENT:  NONE                                    "
"c              SOURCE:  FEDERAL COMMUNICATION COMMISSION FIFTH ANNUAL        "
"c              REPORT, P.149, FOR 1933-1938 DATA.  THERAFTER, DATA WERE      "
"c              FURNISHED BY THE FEDERAL COMMUNICATION COMMISSION             "
"c              ACCOUNTING, STATISTICS AND TARIFF DEPARTMENT, OPERATING DATA  "
"c              FROM MONTHLY REPORTS OF PRINCIPAL TELEPHONE CARRIERS.         "
"c                                                                            "
"c              NOTES:  SERIES 09003 IS PRESENTED HERE AS THREE               "
"c              VARIABLES--(1)--ORIGINAL DATA, 1915-1933  (2)--ORIGINAL DATA, "
"c              1933-1948  (3)--ORIGINAL DATA, 1948-1961.                     "
"c                   THIS VARIABLE IS FOR"LARGE" CARRIERS HAVING ANNUAL       "
"c              OPERATING REVENUES OF MORE THAN $250,000, ACCOUNTING FOR      "
"c              ABOUT 96 % OF GROSS REVENUES OF ALL TELEPHONE CARRIERS IN     "
"c              1937 (97 COMPANIES IN 1941).  DATA COMPILED BY THE            "
"c              INTERSTATE COMMERCE COMMISSION PRIOR TO 1934.  BECAUSE OF     "
"c              CHANGES IN ACCOUNTING CLASSIFICATIONS, THIS VARIABLE IS NOT   "
"c              COMPARABLE TO THE INTERSTATE COMMERCE COMMISSION SERIES OF    "
"c              OPERATING INCOME, EXCEPT FOR 1932 THROUGH MAY, 1934.          "
"c                   DATA FOR MAY, 1934 AND NOVEMBER AND DECEMBER, 1935 ARE   "
"c              RETURNS WHICH REFLECT ADJUSTMENTS COVERING ESTIMATED          "
"c              REFUNDS.                                                      "
"c                   DATA FOR JUNE, 1936 AND JANUARY AND DECEMBER, 1937 ARE   "
"c              RETURNS WHICH REFLECT DEPRECIATION ADJUSTMENTS ON PROPERTY    "
"c              IN NEBRASKA.                                                  "
"c                   FOR THE YEARS 1941-1942, A NUMBER OF MONTHLY REVISIONS   "
"c              WERE TAKEN FROM THE SURVEY OF CURRENT BUSINESS, 1947 AND      "
"c              1951 STAT. SUPPLEMENTS.                                       "
"c                   NOTE THAT DATA FROM 1943 THROUGH 1951 REFER TO THE       "
"c              CONTINENTAL UNITED STATES.  THE FEDERAL COMMUNICATIONS        "
"c              COMMISSION SHOWS DATA WHICH INCLUDE OPERATIONS OF 3           "
"c              COMPANIES OUTSIDE THE U.S., BEGINNING IN 1943 (BACK DATA      "
"c              AVAILABLE FOR 1942). THE FIGURES SHOWN HERE ARE FROM THE      "
"c              COLUMN CALLED"INSIDE THE UNITED STATES" IN THE MONTHLY        "
"c              REPORT.  THESE ARE ALSO THE DATA SHOWN THROUGH 1951 BY THE    "
"c              SURVEY OF CURRENT BUSINESS FROM 1952 ON, REPORTS BY           "
"c              COMPANIES IN HAWAII AND PUERTO RICO HAVE BEEN INCLUDED.       "
"c                   AFTER DECEMBER, 1948, DATA HAVE A NEW BASIS.  THE DATA   "
"c              FOR 1948 ARE FROM"CURRENT" REPORTS, AND ARE UNREVISED.        "
"c                                                                            "
"c              CHECKED MANUALLY; NO CORRECTIONS NECESSARY.                   "
"c                                                                            "
"c           ...............................................................  "