Stock Certificate, issued/canceled1940'sJeffries Bank Note CompanyThe item shown is representative of the one you will receive
The Associated Telephone Company
was incorporated in California and had offices in Long Beach. In 1926, Sigurd Odegard, of the Commonwealth Telephone Company, secured an option to purchase the company and proceeded to devise a plan for a holding company, to be named Associated Telephone Utilities Company. An aggressive acquisition program was quickly launched in eastern, midwestern, and western states, with the company using its own common stock to complete transactions.
During its first six years, Associated Telephone Utilities acquired 340 telephone companies, which were consolidated into 45 companies operating more than 437,000 telephones in 25 states. By the time the stock market bottomed out in October 1929, Associated Telephone Utilities was operating about 500,000 telephones with revenues approaching $17 million.
In January 1930 a new subsidiary, Associated Telephone Investment Company, was established. Designed to support its parent's acquisition program, the new company's primary business was buying company stock in order to bolster its market value. Within two years the investment company had incurred major losses, and a $1 million loan had to be negotiated. Associated Telephone Investment was dissolved but not before its parent's financial plight had become irreversible, and in 1933 Associated Telephone Utilities went into receivership.
The company was reorganized that same year and resurfaced in 1935 as General Telephone Corporation, operating 12 newly consolidated companies. John Winn, a 26-year veteran of the Bell System, was named president.
In 1959 General Telephone and Sylvania
Electric Products merged, and the parent's name was changed to General Telephone & Electronics Corporation
(GT&E;). The merger gave Sylvania - a leader in such industries as lighting, television and radio, and chemistry and metallurgy - the needed capital to expand. For General Telephone, the merger meant the added benefit of Sylvania's extensive research and development capabilities in the field of electronics.Bell Atlantic
merged with GTE on June 30, 2000, and named the new entity Verizon Communications.CA-California Telephone and Telegraph Companies Under $10