In a courtlike Washington chamber last week, there began a hearing that very directly affects the fortunes of the world's biggest corporation and 2,840,500 investors. The Government's long-awaited investigation of the American Telephone & Telegraph Co. was under way. For perhaps the next two years, the seven-member Federal Communications Commission will hear hundreds of witnesses and weigh tons of documents to determine what should be reasonable rates and profits for a company that is really a tolerated monopoly. Last week Bell got in first licks. Far from earning an excessive profit,...
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