File:Bell telephone magazine (1922) (14755871832).jpg

Identifier: belltvol20elephonemag00amerrich (find matches)
Title: Bell telephone magazine
Year: 1922 (1920s)
Authors: American Telephone and Telegraph Company American Telephone and Telegraph Company. Information Dept
Subjects: Telephone
Publisher: (New York, American Telephone and Telegraph Co., etc.)
Contributing Library: Prelinger Library
Digitizing Sponsor: Internet Archive

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ive preparations for a con-vertible bond offer had been startedin the Comptrollers, Legal, andTreasury Departments and in the Sec-retarys office during the early spring.The first concrete step, however, wasthe submission of a proposed ProxyStatement to the Securities and Ex-change Commission early in May,1941, to provide for a possible meetingof stockholders for the purpose of au-thorizing such an offer. Thereafter, itwas a question of working early andlate on the mass of detail involved inbringing the project to a successfulconclusion. The rigid time-table ofprintings, SEC filings, executive ac-tions, and stockholder mailings was norespecter of persons. On many occa-sions lights were kept burning longinto the night at 195 Broadway, suchas when the Comptroller and those as-sociated with him in preparing theRegistration Statement and Pros-pectus were faced with an importantdate in the SEC filing schedule. At the annual meeting of stockhold- 1 9 I I Thi: 19 U Convertibli; Bund Issue 223
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Special Training The Treasury Departments supervisor of methods explains things to one of the groups receiving two weeks of preparatory instruction ers in April, President Gifford had an-nounced that, due to the growing de-mand for telephone facilities resultingfrom the national defense program,construction requirements in the BellSystem for 1941 would approximate$400,000,000 and that some financingwould be necessary to meet these re-quirements. On May 21 the Boardof Directors took action, recommend-ing that the financing be undertakenthrough a convertible bond offer andcalling a special meeting of stockhold-ers for June 25 to act on the recom-mendation. Nearly two-thirds of thestockholders were represented at thismeeting, either in person or by proxy,and over two-thirds of the outstandingstock was voted in favor of the offer. SECURING the return of sufficientproxies to be sure of the necessarytwo-thirds favorable vote of the stockrequired to authorize the proposed is-sue presented so

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