A year or so ago the Congress enacted Public Law 199, which cut down the weight of parcel post shipments and thereby helped considerably in reducing the parcel post deficit, which I think is still up around 100 millions. Now the boys who use parcel post at the partial expense of the general taxpayers want 199 repealed, and have introduced HR 2685 to that effect. It also raises the poundage to 70 pounds. . . I understand HR 2685 has been sent to a Committee of which you are a member. . . I should like to know your and the Committee's reactions thereto. . .
This week's Newsweek says to not be surprised if there's a postal-rate increase before long—perhaps a 4 cent rate for most first-class mail. Well, why not, if it takes that or 5 cents or whatever amount, to break slightly more than even? If my letters or packages aren't more than paying their way—and I mean just that—then let me pay more, or quit writing or sending, or else just deliver them myself. I don't want some fellow at Stonebluff paying any part of it. . . Cordially,
AT&T DIRECTORS BETTER STOCK UP
April 4, 1953
To the Board of Directors of American Telephone and Telegraph
Company:
Gentlemen: Your April, 1953, Notice of the Annual Meeting would seem to indicate there are 19 of you Directors. . . To my utter amazement, I seem to find out that I own a few more shares of your excellent Capital Stock than a majority of your Directors individually own. A shocking revelation to me. Something must be wrong. Either I own too many or that majority owns too few. I think the latter is the case. So, what to do?
Therefore, in all Hoosier modesty, I suggest we adopt an Incentive Stock Option Plan for our Directors only, patterned after that proposed by Standard Oil (Indiana) for Key Executives. We must do something for our financially hard-pressed Directors, and I am one to help.
Please understand this communication is confidential between me and 18 of you Directors. I want to leave out that 30-share man because he is fairly well-up in an organization whose System pass I have proudly carried for lo, these many years. In righteous indignation he might rise up and take that pass away from me . . .
So let's centralize on our 25-share Director, Mr. W—, as the example. He needs help—and badly. And who knows? If I should be the Good Samaritan to start him up the AT&T stock ladder, maybe he in gratitude would have me appointed Special Attorney for the Atlantic Coast Line and Louisville and Nashville Railroads (to avoid any Federal complications), and that way I could get to that American Shangri-La, Florida, for free. The possibilities of my strategy are intriguing.
But let it be clearly known to each of you (except the 30-share man) that if our 25-share man does not up his holdings to at least the low 30s between now and next year's Annual Meeting, and he is up again for re-election, and I am there which I won't be, and he is there which he should be, and is pointed out to me, I shall strike him for those two passes before all and sundry. He will refuse, and then I'll publicly expose his puny holdings in our most excellent Company. The Chairman of the Boards of two big Railroads has no business humiliating us by such niggardly holdings in our fine Company. And I am the angel with the temerity to say so. He can't get at me (The 30-share man can— that is why I am laying off him). As to the 25-share man, I carry none of his passes, I am not a candidate for office, and am standing no stud hosses. Other than being a Presbyterian, I am a free man.
This is no threat, but always remember that if matters come to the worst, I might come to some Annual Meeting, pull my Odd Fellows membership on Mr. Bell, my Farm Bureau card on Mr. Forbes, my Notarial Commission on Mr. Root, Jr., my Kiwanis standing on Mr. Craig, My Law School diploma on Mr. Taylor, my Masonic associations on one or more big stockholders who aren't Catholics, etc.; nominate myself for Director; conduct another whistle-stop campaign, and——?. Then wouldn't our splendid Company be in a pickle, with a Hoosier farmer, and a Democrat at that, on the Board, and maybe a double-jointed Railroad Board Chairman or some other worthy individual thrown into the discard?