CORPORATIONS: 100-Ton Mailbag

Even for American Telephone & Telegraph Co.. second biggest U.S. corporation, it was a staggering job. Last week, to raise cash for expansion, A.T. & T. offered its 1,380,000 stockholders the opportunity to buy $637 million in convertible debentures, the largest private financing ever undertaken. To handle the job, A.T. & T. had to set up a special division, bigger than many U.S. corporations. To every stockholder went a warrant,* a letter from the president, a 32-page prospectus and a stamped return envelope. The mailing weighed 100 tons, cost $120,000 in postage alone.

To handle the mailing and sale A.T.&T....

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