Dial Three for One

Some 12,000 stockholders gathered in a Bronx armory last week for the annual meeting of American Telephone & Telegraph Co., by far the biggest such meeting in history. Previous record: 4,700 at Standard Oil (N.J.) meeting last year. The big drawing card: a vote on the proposed three-for-one stock split. On hand to keep the proceedings moving smoothly were 250 ushers and hostesses, plus a catering staff of 200 that served box lunches (ham, beef and nut-bread sandwiches, cottage cheese salad, frozen peaches and cake).

Although some stockholders arrived in chauffeured limousines, the great majority, as in past years, trudged up from the subway stops. In the crowd were retired couples and young marrieds, vacationers and a greying, modestly dressed Boston woman who took three days' work leave ("I got such a kick out of the Standard Oil meeting last year that I had to attend this"). A young matron explained: "I'm between leaving my job and having my baby, and if they vote the split, I may have it here." An attractive, late-fortyish widow confided to a neighbor beside her: "My first two husbands left me 240 shares. I hope to do better the next time."

Behind the carnival atmosphere was a sober desire by the world's most widely held corporation (1,629,607 stockholders) to call more attention to its growing markets and profits in the highly competitive scramble for investment capital. After the split was announced last December, the stock started up from 202, opened at 250 the day the stockholders met. The stockholders overwhelmingly approved the split; the stock jumped to 263 1/8. Answering a question from the floor, President Frederick R. Kappel said A. T. & T. has $1.2 billion on hand for expansion, plans no major financing right away.

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