A PYMNTS Company

US: Letter resulting in nation’s last monopoly celebrates centennial

By  |  December 19, 2013
US: Letter resulting in nation’s last monopoly celebrates centennial

This week marked the 100th anniversary of a monumental letter penned by then-AT&T vice president, a note that reached up to President Woodrow Wilson and resulted in the nation’s last and most powerful monopoly: AT&T.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The letter, written in 1913, aimed to quell competition concerns held by President Wilson, who was threatening legal action against AT&T for its aggressive acquisition spree of rivals.

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    As the government threatened to break up the company, the 1913 letter written by Nathan C. Kingsbury quelled any concerns the government had, leading officials to drop the conflict and allowing AT&T to maintain its dominance of the telco industry. Kingsbury had agreed to operate the company as a public utility, say reports, a settlement that eventually became law for all telecommunications companies in the country. The letter’s impacts can still be felt in today’s modern industry.

    Full Content: Washington Post

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.