Word: comsat
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Dates: during 1960-1969
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...pictures (most network TV programs are transmitted over A.T.&T.'s telephone lines), A.T.&T. is reconnoitering the frontiers of technology and expanding man's inventory of knowledge. It built Telstar in its labs, and will play a major role in the new Comsat Corp., which plans to ring the earth with communications satellites within two or three years. This fall it will start laying a fourth cable to Europe beneath the ocean, and last week it completed the first telephone cable to Japan. In typically prudent fashion, the telephone company is preparing for just about any eventuality...
...meeting in Hot Springs, Va., he deplored increasing regulation of business by Government, and he believes that A.T.&T. could have moved much faster toward creating a large network of Telstars if the Government had only given it permission to go ahead. As it is, the ownership of Comsat Corp.-whose shares were approved for listing two weeks ago by the New York Stock Exchange-will be divided among the public and the nation's communications companies. The size of A.T.&T.'s stake has not yet been determined, but it will be substantial...
What to Orbit? The first task of Comsat's directors will be to decide whether to use a system of medium-level satellites-such as A.T. & T.'s Telstar...
...Washington, six big U.S. firms submitted proposals for four possible satellite designs for Comsat to choose from. The six: A.T. & T. and RCA acting jointly, I.T. & T. and Thompson Ramo Wooldridge, Hughes Aircraft, and Ford's Philco subsidiary. In Rome at a meeting with top Comsat officers, skeptical European officials were finally convinced that the company was moving ahead so rapidly that they should work along with it-or see the U.S. monopolize space communications. In about two months, Comsat will put $200 million worth of its stock on sale; with the capital it raises, it will start experiments...
...Comsat is a somewhat tortured compromise between private and Government interests. Half of its stock, which will start out at $100 per share, will be sold to "common carriers," varying from giant A.T. & T. to the Rochester Telephone Co., the rest to the public. The 15-man board will consist of six members from the communications companies, six from the public, and three named by the President. Comsat will be run by its $125,000-a-year chairman and chief executive officer, Leo D. Welch, 65, former Jersey Standard chairman, and its $80,000-a-year president, Dr. Joseph...