National Geographic : 1935 Jun
OLD -FA SHIONED SIMPLICITY TELEPHONE SERVICE in this country is mod ern. It leads the world. Yet there is an old fashioned simplicity about the Bell System. This applies to capital structure and financial methods as well as to the nation-wide plan of decentralized operation under centralized control. The American Telephone and Telegraph Company has only one class of stock and that stock is not watered. It has 675,000 stockholders living in every corner of the land. Their average holding is twenty-eight shares. No individual or organization owns as much as one per cent of the stock. There are no secret reserves or hidden assets. This structure is not of recent origin, but dates back many years to the early days of the telephone. It has lived on because it is right and in the best interest of the public. It has been fundamental in making the Bell System a distinctive American business. Research for the Bell System is carried on by Bell Laboratories. Manufacturing,purchasing, distrib uting by Western Electric. Both help in giving the country good, economical telephone service. BELL TELEPHONE SYSTEM .fc:u..4L'.r "i m.. . . . . ... : , .< .. "..ce. a >...<.