AT&T; may raise its dividend next year...

AT&T; may raise its dividend next year for the first time since the breakup of the Bell system five years ago, securities analysts said after hearing a presentation by company Chairman Robert Allen. He told the analysts that the firm would not consider increasing the dividend, now at $1.20 a year, until American Telephone & Telegraph Co. could lower its common stock payout ratio to 40% or 45% of earnings, down from the current 55%.