. Bell telephone magazine . they sayexchange and exchange when theysay redeem. Such correspondencehas to be handled in a spirit of under-standing that combines both intuitionand patience. In addition to answering specificquestions about the terms of a givenbond, it often proves necessary toinclude some elementary instructionregarding bonds in general. The in-quiries disclose varying degrees of be-wilderment, and our replies must befactual, clear, and contain some sales-manship—trying to sell the idea thatbonds are not boobytraps, as onecorrespondent indignantly describedthem. A reply to a mode
. Bell telephone magazine . they sayexchange and exchange when theysay redeem. Such correspondencehas to be handled in a spirit of under-standing that combines both intuitionand patience. In addition to answering specificquestions about the terms of a givenbond, it often proves necessary toinclude some elementary instructionregarding bonds in general. The in-quiries disclose varying degrees of be-wilderment, and our replies must befactual, clear, and contain some sales-manship—trying to sell the idea thatbonds are not boobytraps, as onecorrespondent indignantly describedthem. A reply to a modest bond conver-sion service of this type speaks elo-quently for itself: The courtesy of a telephone call fromthe office of the Treasurer of the Companyto a prospective purchaser of only six sharesof stock—a person-to-person call fromNew York to St. Louis—is big a minister of the Gospel with fifty-oneyears of service, I could wish that theChurch might see the value and practicesuch art of public This group of telephone specialists can handle more than1000 telephone contacts a day Since 1941, the Company has hadfour issues of debentures outstandingwhich have been convertible intoshares of stock under certain termsrequiring cash payments in variousamounts. In the intervening years,there have been several occasionswhen the market prices of some ofthese bonds and of the stock createdopportunities for the bondholderswishing to convert to sell their bondsand buy stock on the market at lessactual cost than converting in the pre-scribed manner. During these inter-mittent periods, the Company calledattention to this situation when suchbonds were surrendered for conver-sion, and many bondholders werethus able to save considerable sums inindividual transactions. The aggre-gate saving is not known, but it is be-lieved to exceed $500,000, and bene-fited several thousands of our stock-holders. This service has broughtmany expressions of appreciation, onebondholde
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