Largest Corporation

Ever since its organization in 1901, the U. S. Steel Corporation has ranked as the largest corporation in the world, with common and preferred stock totaling $868,583,600. Of recent years, however, the rapid growth in the capitalization of the American Telephone & Telegraph Co. has been creeping up, while Steel's capital stock has remained unchanged. Now, by issuing $150,000,000 of additional common stock, A. T. & T.'s capitalization has finally passed Steel's previous record, and amounts to $898,398,000. This makes the Telephone Company the world's largest corporation in point of stock capitalization.

It is a tribute to A. T. & T.'s recent prosperity and high credit rating that it can continue to finance itself by selling common stock rather than by overloading itself with a corresponding amount of bonded indebtedness. The 300,000 shareholders of the Company will be given the right to subscribe to the $150,000,000 new shares at par; since the stock now sells at about 125, these "rights to subscribe" possess in themselves a value of about $3 apiece. "Tel. & Tel.'s" President, Harry B. Thayer, began his career as a shipping clerk in the Western Electric Co., back in 1881. After proving him self a success in the shipping, manufacturing, engineering, buying, sell ing, accounting, legal and other departments of Western Electric he was appointed its New York Manager, in 1902 a Vice President. In 1908 he became President of the Company and in 1919, after 38 years' service with it, he resigned to accept the Presidency of the American Telephone & Telegraph Co. Of medium size, stocky, he has a bristly moustache and keen, kindly eyes which shine through his glasses. A year ago last January he sat at his desk on the 26th floor of his Manhattan offices and, talking quietly into a telephone, was distinctly heard in London. A successful demonstration of radiotelephony, it constituted the first transatlantic oral communication ever achieved.