Show A publicly owned institution what is real public ownership the public utility companies of the united states electric light and power gas telephone and street railway have answered the question walter S gifford Gi flord executive vace pres american telephone and telegraph coi in an address entitled A publicly owned institution explains briefly and clearly what public ownership ot of an industry Is as compared with government ern ment state or municipal ownership of an industry Is as compared with government state or municipal ownership which can be more rightly termed political ownership he says the american telephone and telegraph company has about stockholders some of 0 our associated companies have over preferred stockholders in addition there are many hundreds ot of mill lans of bonds and debentures owned by several hundred thousand individuals and corporations po rations lons our business is one which ch you may say is publicly owned business has changed a good deal in the last twenty or thirty years the ownership has greatly widened nobody owns as much as one per cent 0 of the capital stock ol of the american telephone and telegraph graph company it Is not controlled or owned by a small group of 0 wealthy people it is owned throughout the united states by stockholders it Is an institution an american institution grown up under american laws plans and ideals which is really publicly owned engaged in rendering a public service to the entire country without competition under public regulation we have always welcomed regulation we recognize the necessity tor for it but wel believe belleve that in rome respects like everything else it can be improved and we also believe it will be in this brief statement mr air gifford has summarized the layout and organ leation ot of the modern public util utility ity while the telephone company is larger than any other single utility company Is larger than any other single utility company in the world and has been a leader in developing the idea ot of customer and employed own ownership ersh p the electric companies have been following hose upon its heels and one man ownership Is rapidly becoming a L thing of the past as their stocks are absorbed more and more by customers and employed emp loyes of 0 the companies in the territories they serve thus by a process ot of evolution are the great pupils service corporations oe od this country becoming in fact publicly owned |