Business & Finance: Downtown

¶ A year ago last March Congress ordered the Federal Communications Commission to look into American Telephone & Telegraph Co., largely because it never had been investigated before. An original $750,000 appropriation became $1,150,000, and FCC investigators began to find out all there was to know about the monopolistic Bell System. One thing they found out was that over a 22-year period A. T. & T. had earned 10.9% on its long-distance business. Last January A. T. & T. "voluntarily" reduced rates on night and Sunday long-distance calls, knocked $4,000,000 off the U....

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!