Bluest of the Blue Chips

To millions, the picture of Alexander Graham Bell on each share of American Telephone & Telegraph Co. stock is as soothing and comforting as that of George Washington on the dollar bill. The firm's 812.8 million shares are owned by 3,026,000 people and institutions, more than the population of Los Angeles or more than the stockowners of any other U.S. company. General Motors is not even a close second with almost 1.2 million.

The great majority of AT&T shareholders are small investors. Only 139,038 people and organizations own more than 600 shares each, while...

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