SECURITIES: The Right Number

The American Telephone & Telegraph Co., the world's wealthiest corporation ($10 billion in assets) wants to make all of its 600,000 workers stockholders. Last week, as A.T.& T. authorized a $200 million bond issue for sale to the public, it also offered 600,000 shares of common stock for sale only to employees, at $20 below the market price (145½ last week). A.T.& T. hopes to raise more than $60 million, plans to spend the money on new telephone installations. This is the third postwar stock offering to A.T.& T. employees ; there are already 80,000 A.T.& T. worker-stockholders...

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