American Telephone & Telegraph Company

American Telephone and Telegraph is widely known for the dispersion of its stock; its stock is probably the most widely held of all corporate securities. At the end of 1971 there were reported to be 3,009,768 holders of common stock and 696,545 of preferred. Thus it is not surprising that the percentage of total stock held by the top 30, 7.5 percent, is substantially under the percentage held in other utilities or in corporations generally. The largest single block of stock is that held by the Chase Manhattan Bank (through three nominees), totaling 5,906,510 shares, or 1.1 percent of the 549,310,000 shares of common outstanding. Eight New York banks held a total of 3.0 percent of AT&T common. Merrill Lynch, Pierce, Fenner and Smith held in its own account 4,363,971 shares or 0.8 percent of the total. However, if the 2,894,746 shares held for it by Cede and Company were added to the amount in its own account, the total of 7,258,717 would be 1.3 percent and would make Merrill Lynch, Pierce, Fenner and Smith outrank Chase Manhattan as the chief holder of AT&T's common stock.

55 7

2, 563, 227

2,563, 227

20. 4

ever, according to AT&T, Cadre & Co. was from 1969 until June 1, 1973, the nominee for First National City Bank, for the account of shares held for participants in AT&T's dividend reinvestment plan, operated for shareholders. Since June 1, 1973, this stock is listed in the name of AT&T Company as agent for participants in the shareowner's Dividend Reinvestment and Stock Purchase Plan.

Includes preferred stock with voting right.