Each day, Benzinga takes a look back at a notable market-related moment that happened on this date.
What Happened: On this day in 1877, the Bell Telephone Company was founded in Boston as a common law joint stock company.
Where Was The Market: The founding of the company predates the Dow Jones Industrial Average.
What Else Was Going On In The World? The first Wimbledon tennis tournament began in London, and battles between settlers and Native Americans continued to rage.
A Juggernaut Is Born: The firm was founded by Alexander Graham Bell’s father-in-law to hold the patents of Bell and his partner.
It was officially incorporated on July 30 and over the years underwent a series of reorganizations and mergers. In the 1880s, the entity birthed subsidiary AT&T Inc. (NYSE: T), which eventually came to acquire the parent.
AT&T now dominates the telecom industry with subsidiaries including DIRECTV, Time Warner and Warner Bros.
Image: Bell System logo, 1889
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