American Telephone & Telegraph AT&T History and Information

About the United States business American Telephone & Telegraph or AT&T, their history and other information.

AMERICAN TELEPHONE & TELEGRAPH

NITTY GRITTY

Location-Headquarters at 195 Broadway, New York City, N.Y. 10007.

How Created-Alexander Graham Bell spilled acid on himself and, without thinking, picked up the gadget in front of him, yelling, "Mr. Watson, come here; I want you."

That 1st telephone conversation came a week after Bell had been granted a patent for his invention in 1876. As Bell worked on his invention, he interested 2 wealthy men, Thomas Sanders and G. G. Hubbard, in his progress. These 3 formed the basis of the American Telephone & Telegraph Company.

The original patent ran out in 1894, but any struggling competitor who challenged Bell found himself involved in costly harassment suits, or the price of his service drastically undercut by Bell.

But AT&T did not become the power it is today until it became highly centralized. In the early 20th century, AT&T officials spread the rumor that the company was faltering. Panicky investors sold their stock in the companies under contract to AT&T. AT&T bought up the stock and established nationwide control.

Size--AT&T is the biggest monopoly in the world. It holds assets of over $60 billion, which is more than the combined Gross National Products of every country in Africa. Only 7 countries, including the U.S., have GNPs larger than the assets of AT&T. Net income in 1973 was $2.993 billion.

Population--Over 1 million employees (1973: 1,023,000): white, 87%; although of the management population, 96% is white.

Who Rules-A 19-member board of directors, 18 of whom are white and 18 of whom are male.

Who REALLY Rules--The Executive Policy Committee.

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