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Vail’s vision of a national utility controlled by a single company could not be fulfilled without a major shift in strategy. Vail believed that Bell Telephone’s future would be secure if it could build a national network and function as a national utility before its exclusivity ran out. This was an expensive proposition, but it would be even more expensive for a viable competitor to build out a network to challenge Bell Telephone. Even at 62, Vail was fully committed to making his vision a reality. He’s now worth an estimated $18.5 billion, according to Bloomberg’s Billionaires Index, making him the 80th richest person in the world and the wealthiest person in the industry. The industry has generally welcomed these provisions, and attention is now focused on upcoming EU regulations that may cover staking, non-fungible tokens (NFTs), and decentralized finance (DeFi). Now he and Sanders formed a company to sell this new invention to the world: the Bell telephone.
Independent businesses paid a fee to deliver Bell telephone service in a specific territory. Long-distance service had grown, but slowly. They had just started offering their own telephone service using Bell telephones. Orton passed, dismissing the telephone as an electrical toy. Morgan finally won control of American Telephone & Telegraph in 1907. (Bell Telephone’s new name as of 1899.) One of his first acts was to return Theodore Vail to the position of chairman. At first the telephone got quite a bit of attention as a technological wonder, debuting at the Philadelphia Centennial Exhibition on July 25, 1876. But the initial excitement waned and customers were scarce. He received the call from the telephone. The telephone was becoming a part of American life. Vail’s response was to set what many considered an impossible goal: a transcontinental telephone line stretching from New York to San Francisco. The distance needed to achieve a New York to San Francisco connection was impossible to overcome with available technology. The New York to Chicago line was one-sixth of an inch thick.
The electrical signal traveling down a copper line will weaken as the length of that line increases. In order for the transcontinental line to work, AT&T would have to invent something which would amplify the signal as it went. Bell had a simple microphone to pick up his voice and Watson had the speaker to recieve the signal. A group of high-level AT&T engineers put the word out that whoever developed a method to amplify phone signals would recieve a huge reward. Companies like AT&T stick around for so long because they have great products and know how to treat their customers. He seemed to control the entire financial system with his companies and his cash. Up to that point, Bell Telephone had functioned on a franchise system. By the end of the century, Bell Telephone had to vie against 6,000 competing companies, serving 700,000 customers. At the end of this process, you’ll set your file’s properties (Optional).