Synonym for reducing or consolidating
Alexander Graham Bell was the founder of what became the Bell System in the USA and Bell Canada in Canada.For an interesting article on Alexander Graham Bell, please read the following:"'If ever there was a year when effective decision making was needed--and fast--1907 was it; the AT&T ship was perilously poised between the Scylla of the independent phone companies and the antitrust movement on the one hand and the Charybdis of socialization and government takeover on the other.'" The year was 1907, and the American Telephone and Telegraph Company was having its troubles, with the public, dissatisfied with the kind of service it was getting; with the financial community, where AT&T bonds were no longer finding a ready market; with the independents, whose telephones now outnumbered those of the Bell System; and with its own employees, whose morale had sunk to a low ebb.The Bell System was the largest employer in the USA with great job security for its employees especially when compared with todays corporate climate of downsizing, mergers and outsourcing.Company loyalty on the part of employees was the norm back then.The small group of investment bankers who had gained financial control of the company no longer could ignore the deteriorating state of affairs.And so it was that they went hat in hand to the man they had spurned 20 years before 62-year-old Theodore Newton Vail to beg him to take over the company from which he had sadly resigned in 1887.It was a time of overexpansion and reckless speculation and an ominously sagging stock market.
The excellent quality of telephone equipment that Western Electric was known for is no longer an attribute of today's phones made by Lucent (the new name for Western Electric), now AVAYA.Though much of this legislation proved ineffective or was declared unconstitutional, an important principle had been established: the right of the government to regulate public utilities.The Populist movement of the 1890's took over where the Grangers left off. Let the bloodhounds of money who have dogged us this far beware!If you wanted a secure job and one that you felt you could put your blood, sweat and tears into, the Bell System was the place to be.The Bell System, known for providing high quality equipment and top-notch service to the customer, came to an end in 1984.