UTILITIES: Parceled Postal

Out of a four-and-a-half-year reorganization last week came what was left of the late Clarence Mackay's Postal Telegraph communications system.

The old Postal system had two main units: the "Land Line System," with a domestic telegraph business, and a cable and radio system to Europe and Latin America. In 1928, Clarence Mackay decided that music was a more interesting medium of communication, sold the system to International Telephone & Telegraph. By June 1935, I. T. & T. was fed up with advancing Postal cash to pay the $2,500,000-a-year interest on its bonds,...

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