Word: fcc
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Dates: during 1930-1939
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...investigation of A. T. & T., recommended sweeping reforms (TIME, April n). For two months before this, A. T. & T. stock was under sharp market pressure, fell from $149 to $111. As soon as the Walker report was out, A. T. & T. bounced up $9.75 in two days. To FCC and SEC this looked suspicious; last week both launched investigations...
...share in annual dividends on his American Telephone & Telegraph Co. common stock had reason to be anxious. For, in the most far-reaching and drastic report of its kind ever submitted to Congress, Federal Communications Commissioner Paul Walker recommended that telephone rates be cut 25%, and that FCC be given more absolute control over A. T. & T. than any Government agency has ever held over any U. S. industry except in time...
...pages of indictment and proposals are the result of three years' investigation. They would still be the Commission's secret had not the Commission learned that communication circles had somehow "tapped its wires." Rather than give A. T. & T. a chance to prepare a counterpunch while FCC studied the report, lively little Chairman Frank R. McNinch decided to make Commissioner Walker's findings public at once. But he specifically told Congress that it "is not a report by the Commission, but is instead a report submitted to the Commission and is now being studied by the members...
...these sweeping recommendations into effect, Paul Walker asked that the Communications Act of 1934 be amended to give FCC authority: 1) to "review, approve or disapprove all Bell System policies and practices promulgated by the central management group"; 2) to "permit regulation of the Western Electric Co. by the FCC as a public utility"; 3) to "fix temporary rates whenever it appears that the return on net book cost is excessive"; 4) "to regulate Bell System financing"; 5) "to limit the scope of Bell System activities to the communications field" (Bell System at various times has been involved in radio...
...Therefore, in making his annual report last week, A. T. & T. President Walter S. Gifford took care to get his word in first. "This country," observed Mr. Gifford, "is entitled in good times and bad to the best possible telephone service at the lowest possible cost." Referring to the FCC report: Said he: "This investigation . . . has been one-sided throughout. The company was denied not only the right to cross-examine investigation witnesses and to be heard in its own behalf, but was denied the right to have included in the record written material which it had prepared and considered...