American Telephone & Telegraph Co. and the Bell System last week proudly announced the greatest twelve-month profits in their 65-year history. The system's total: $339.5 million ($12.44 a share on A.T. & T.'s common stock), an increase of 52% over the previous twelve months. Four days later, the Federal Communications Commission, which had been looking over A.T. & T.'s records, was not so pleased, said A.T. & T.'s subsidiaries might be making too much money. FCC said that on long-distance and overseas calls, on which it controls the rates, Bell had earned 6.08% in 1949 and was earning at...

Want the full story?

Subscribe Now


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

Learn more about the benefits of being a TIME subscriber

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