Word: telegraphs
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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...
...three striking unions, the Communications Workers of America, the International Brotherhood of Electrical Workers and the far smaller Telecommunications International Union, won a modest first-year maximum 5.5% wage increase vs. the 2.7% offered originally by American Telephone & Telegraph. That would mean $26.13 a week for the highest-paid, most experienced workers. With cost of living increases plus another 1.5% wage hike during the contract's second and third years, the union calculates that workers would get total pay raises of 16.4%. Formal ratification by the workers is expected in early October...
Charles Brown, chairman of American Telephone and Telegraph, admitted that the decision had been arrived at "reluctantly" and might be considered a "cave-in." But the alternative would be more court battles and uncertainty and, said Brown, "we're anxious to get the decks cleared and eager to go forward." So, without further argument or appeals, AT&T announced last week that it had agreed to give up its historic Bell name and blue-and-white telephone logo. Federal Judge Harold Greene had ruled last month that the trademarks should belong to AT&T's local operating companies...
...touch everybody for an additional $2 a month for a residential line, rising to $3 in 1985 and $4 in 1986. The increases come on top of other new charges sought by local phone companies as a consequence of their upcoming January 1 spin-off from American Telephone & Telegraph. Result: the basic charge for phone service, now about $10 a month across the U.S., will probably double in the next three years...
...local companies have already applied to state public service agencies for steep rate increases. In Texas, Southwestern Bell wants to boost rates by $1.2 billion, claiming that the AT&T breakup will cut its revenues 45% while reducing operating expenses only 15%. In California, Pacific Telephone & Telegraph is seeking an increase of $1.2 billion, which would double the current monthly charge of $7 a household. Some observers, like FCC Chairman Mark Fowler, consider the requests opportunistic. Said he: "I suspect a hefty portion of these proposed increases may be an effort by the local companies to use the dramatic changes...