Word: breakups
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...Year's Day deadline for the breakup of the giant Bell System draws closer, both the company and the Government are maneuvering like wide receivers before the ball is snapped, in most cases causing great confusion. Last week three pre-breakup decisions were announced. One will delay until April a scheduled rise in local phone bills...
What will the 930 million shares of American Telephone and Telegraph be worth after the Jan. 1 breakup of the company? That is no idle question for the 3.2 million stockholders who make AT&T the most widely held firm. Because of its steady and solid dividends ($5.40 per share during the past year), Ma Bell has long been called the perfect investment for widows and orphans. Last week AT&T closed at $66.75. But the future course of the company after its dismemberment looks murky, and many bewildered shareholders are wondering whether they should buy, sell or hold. Says...
...some of Wall Street's biggest firms are forming trust funds that will take over the management of an individual's AT&T shares. The trusts are nicknamed "Humpty-Dumpty funds" because they try to put AT&T stock back together again after the breakup. Under the plans, shareholders can exchange their AT&T stock for shares in one of the funds. By combining the shares of all eight companies into one security, the funds make it easier for stockholders to hedge their investment bets. In addition, the broker handles all the paperwork, so the stockholder gets only...
...were any speeches devoted to the breakup of the black family, as much a cause of black poverty as anything else, plunging children into ignorance and crime, so far thwarting many efforts to improve the quality of their lives. Hardly a word was uttered about the obsolescence of heavy American industry, the spread of high technology and the growth of overseas competition, which together have cost thousands of Americans their jobs. Despite their claim to be a "Coalition of Conscience," the marchers on the Mall were not proposing to restrain their demands in favor of less fortunate groups or even...
...contract also sets out a new formula for employees forced to quit because of the Jan. 1 breakup of the Bell System or who lose their jobs because of automation. For example, ousted workers with 25 years of seniority can get up to 45 weeks' pay. Other provisions will delay for 36 months any pay reductions that come about because of the divestiture or job reassignment. Still another one will allow for up to $2,500 in relocation pay for displaced people. In short, the new contract is really trying to prepare workers for more and more automation...