ROBERT MARSHALL WILDERNESS FUND 
          38 EAST 57TH STREET              NEW YORK 22, N. Y. 
 
 
Tot      The Trustees 
rozGeorge Mashl, Kanager 
 
bjct      Aerican Telephone and Telegraph Debentures 
Date.    Oetober 350 1947 ... 
 
 
               I believe you have received from the New T*k Trust 
Cmay , lrtter dated October 29tb in regar     to the rGight of the Wildeimess

liE to subecribe to American Y,1ephone a    Teleerip    mpay 4ebetures 
on the basis of capital stok of that Cocy now hald by the Fuml, In 
the e  t that you have not releTed the Now Yor Taq Compny letter, 
I shl   sumaize the main facts. 
 
               .he Vilderness -und holds 75 ars of Americen Telephone 
ean Tlegaph Company capital stock. On the b asie of this, it will 
rcetve ubscriptnm warrants about Noveer 10th eawi't.la      it" to subscribe

to $1,0, imneriou Telephone and Telr         Oowpany onvertible 2 3/41% 
debentures dEe Septeber 15, 1957,and in addition, rihts for a fractional

of $50* We have to either sell or eoxorcise theav subscription Varrants 
before December 15, 1947, 
 
              This ts regarded as a legal iuvestwet for Tinist funds and

rwe a.e entitled to phase these debentires If we so desire. The 
Wilderness 8ud prviously thrmigh excerciuzin  its AT Company & a 
purchsed $1,00. A  ican Telephone t-d Telegraph Cpany 2 /4 debentures 
due, De* br 1.5, 1961. Mation s that the WiU.ess Fund 
omeraise its right to pS =         34    bentures daue Deoember 15, 195 
I     further recmend that w  purchase a fractional debenture of $0. and
to 
embine this with the fractional Aebanture of $0.)*ich we will reeeive)in

orer to subscribe to an addtions.lOO     T   debentur., This would roud 
ont the Wilderness ftnd holdias of this type of security to $8,500. 
 
              If you agre with this reccimnmation, pleas. sign and =All 
the !elosed form letter to the New York Trust Cpay. If you believe 
-    other course is more desirable please write    fully.