Word: bells
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Dates: during 1970-1979
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...York Stock Exchange, AT&T shares fell 2 points in two days of trading, to 43%, representing a loss of $1.1 billion to Bell stockholders. Washington's move came just as Bell had launched a massive $600 million bond issue; the company was forced to withdraw the offering until the capital markets could quiet down. Many investment analysts echoed Wall Street's Joel Leff: "You don't help by going out and attacking the widest-held and bluest-chip stock in the whole economy. You need to stimulate confidence in capitalism at this time, not stick pins...
...traffic; in return, AT&T accepts regulation by the Federal Communications Commission and various state agencies, which set phone rates and thus control the company's profit level. Except for some defense work, Western Electric is almost totally engaged in supplying about 90% of the equipment that the Bell System buys...
...trustbusters argue that increased competition could eventually bring down communication costs. That contention is hotly disputed by Bell's de-Butts, who protests that the Justice suit "could lead to fragmentation of responsibility for the nation's telephone network. If that happens, telephone service would deteriorate and cost much, much more." That, essentially, is the "single system" argument. It holds that "vertical integration," with everything from manufacture of phones to collection of bills in the hands of a central management, is the most efficient way to operate a complex telephone system. Many outside observers agree. Says Wall Street...
...Bell also says that blacks have greater difficulty in gaining the confidence of students. He says that the white professor earns the respect of his class simply because he is white; the black teacher, on the other hand, must win this respect every time he greets a new group of students...
...Bell says this is particularly true of women, although he says he feels it is more true for all blacks than for women as a group. Not only is this the case at Harvard, but according to Bell, the situation prevails at predominantly-white universities across the country...