"c           VAR 0063      09003 NET INC 3R 948-961               MD= 1E-37   "
"c           REF 0063         LOC  528 WIDTH  9             DK   9 COL 26-34  "
"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:  01/1948-12/1961                            "
"c              SEASONAL ADJUSTMENT:  NONE                                    "
"c              SOURCE:  DATA FURNISHED BY THE FEDERAL COMMUNICATIONS         "
"c              COMMISSION ACCOUNTING, STATISTICS AND TARIFF DEPARTMENT,      "
"c              OPERATING DATA FROM MONTHLY REPORTS OF PRINCIPAL TELEPHONE    "
"c              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                   BEGINNING WITH JANUARY, 1949 MONTHLY REPORT (BACK DATA   "
"c              GIVEN FOR 1948) ABOUT 60 COMPANIES WHICH PREVIOUSLY REPORTED  "
"c              ON A VOLUNTARY BASIS HAVE BEEN OMITTED.  BASED ON ANNUAL      "
"c              OPERATING REVENUES, THE REDUCTION IN THE NUMBER OF COMPANIES  "
"c              AFFECTS THE COMPARABILITY OF THE DATA BY LESS THAN 3% (SEE    "
"c              THE MIMEOGRAPHED NOTE ON"REVISIONS OF THE MONTHLY TELEPHONE   "
"c              STATISTICS" (UNDATED, NO. 35573) BY THE F.C.C.,               "
"c              SUPPLEMENTING THE JANUARY, 1949 ISSUE OF THE"OPERATING DATA   "
"c              FROM MONTHLY REPORTS OF 53 DOMESTIC TELEPHONE CARRIERS WHICH  "
"c              FILE ANNUAL AND MONTHLY REPORTS," F.C.C. (SEE ALSO THE        "
"c              SURVEY OF CURRENT BUSINESS, OCTOBER, 1949, PP. 5-23).         "
"c                   FROM 1952 AND THEREAFTER, HAWAII AND PUERTO RICO ARE     "
"c              INCLUDED.                                                     "
"c                   THE NUMBER OF COMPANIES (NBER SERIES 09003) REPORTING    "
"c              MONTHLY TO THE F.C.C. VARIES FROM ABOUT 58 (1952) TO 38       "
"c              (1954-1956) TO 42 (1957 AND FOLLOWING).  THIS AFFECTS THE     "
"c              FIGURES VERY LITTLE, AND THE SERIES IS CONSIDERED TO BE       "
"c              COMPARABLE.                                                   "
"c                   DATA AFTER MARCH, 1959 IS SUBJECT TO REVISION.           "
"c                   APRIL AND MAY, 1959 FIGURES ARE ADJUSTED TO ONE MORE     "
"c              DECIMAL. CLASSIFICATIONS, THIS VARIABLE IS NOT COMPARABLE TO  "
"c              THE INTERSTATE COMMERCE COMMISSION SERIES OF OPERATING        "
"c              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 U.S.. THE FEDERAL COMMUNICATIONS COMMISSION       "
"c              SHOWS DATA WHICH INCLUDE OPERATIONS OF 3 COMPANIES OUTSIDE    "
"c              THE U.S., BEGINNING IN 1943 (BACK DATA AVAILABLE FOR 1942).   "
"c              THE FIGURES SHOWN HERE ARE FROM THE COLUMN CALLED"INSIDE      "
"c              THE UNITED STATES" IN THE MONTHLY REPORT.  THESE ARE ALSO     "
"c              THE DATA SHOWN THROUGH 1951 BY THE SURVEY OF CURRENT          "
"c              BUSINESS FROM 1952 ON, REPORTS BY COMPANIES IN HAWAII AND     "
"c              PUERTO RICO HAVE BEEN INCLUDED.                               "
"c                   AFTER DECEMBER, 1948, DATA HAS A NEW BASIS.  THE DATA    "
"c              FOR 1948 ARE FROM"CURRENT" REPORTS, AND ARE UNREVISED.        "
"c                                                                            "
"c              CHECKED MANUALLY; NO CORRECTIONS NECESSARY.                   "
"c                                                                            "
"c           ...............................................................  "