Walter Sherman Gifford
Encyclopedia
Walter Sherman Gifford was born in Salem
Salem, Massachusetts
Salem is a city in Essex County, Massachusetts, United States. The population was 40,407 at the 2000 census. It and Lawrence are the county seats of Essex County...

, Massachusetts
Massachusetts
The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...

, United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

. He is best known as the president of the AT&T Corporation from 1925-1948.

Biography

Walter Sherman Gifford was born in Salem, Massachusetts on January 10, 1885. He graduated from Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...

 in 1905. In July 1906 he joined the Western Electric Company in Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...

 as Assistant Secretary and Treasurer. After three years he became Chief Statistician of American Telephone & Telegraph
American Telephone & Telegraph
AT&T Corp., originally American Telephone and Telegraph Company, is an American telecommunications company that provides voice, video, data, and Internet telecommunications and professional services to businesses, consumers, and government agencies. AT&T is the oldest telecommunications company...

, the job he held until 1916, when he went into war work
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...

.

During the war he became Supervising Director of the Committee on Industrial Preparedness of the National Consulting Board, Director of the U. S. Council of National Defense and Advisory Commission, and Secretary of the U. S. Representation on the Inter-Allied Munitions Council. After the war he returned to AT&T and soon became a Vice President. In 1925, at the age of only 40 years, he became the president of the AT&T Corporation when the existing president Harry Bates Thayer
Harry Bates Thayer
Harry Bates Thayer , U.S. was an electrical and telephone businessman. He designed an electrical punched card machine in 1887 at Dartmouth College....

 was made chairman of the board of directors. That same year he established the Bell Telephone Laboratories
Bell Labs
Bell Laboratories is the research and development subsidiary of the French-owned Alcatel-Lucent and previously of the American Telephone & Telegraph Company , half-owned through its Western Electric manufacturing subsidiary.Bell Laboratories operates its...

 as a separate entity which would take over the work being conducted by Western Electric's engineering department's research division. In 1927, Gifford became the first to have a video telephone
Videophone
A videophone is a telephone with a video screen, and is capable of full duplex video and audio transmissions for communication between people in real-time...

 conversation with Herbert Hoover
Herbert Hoover
Herbert Clark Hoover was the 31st President of the United States . Hoover was originally a professional mining engineer and author. As the United States Secretary of Commerce in the 1920s under Presidents Warren Harding and Calvin Coolidge, he promoted partnerships between government and business...

, then Secretary of Commerce, through AT&T's pioneering technology in television transmission over wire. He was awarded the Vermilye Medal in 1943.

During Gifford's presidency lasting 23 years, AT&T experienced tremendous growth. Gifford increased operating revenue from $657 million to $2.25 billion. In 1927, Gifford relaunched his firm's overseas operations and by 1948, 72 foreign countries were linked by wire and radio with AT&T lines. In 1950, he retired from the post of chairman of AT&T which he occupied from 1948-1950. By then he had served AT&T for 45 years.

Other information

Kenneth Bilby (1986) tells of Gifford's courage in business:
..despite his conservative orthodoxy, there were elements of daring in Gifford's character, and he was innovative in corporate finance. In 1919, when utility bond
Bond (finance)
In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...

 issues were not in great favor in Wall Street, he persuaded his management to go directly to market with a $90-million offering of its own securities. It was a gargantuan sum at the time, larger than any ever raised without the underwriting support of investment bankers. But the over-the-counter
Over-the-counter (finance)
Within the derivatives markets, many products are traded through exchanges. An exchange has the benefit of facilitating liquidity and also mitigates all credit risk concerning the default of a member of the exchange. Products traded on the exchange must be well standardised to transparent trading....

 offer was quickly subscribed, and AT&T received the full amount without payment of large brokerage commissions.


In 1922 Gifford was became one of the founding trustees of the Grand Central Art Galleries
Grand Central Art Galleries
The Grand Central Art Galleries were the exhibition and administrative space of the nonprofit Painters and Sculptors Gallery Association, an artists' cooperative established in 1922 by Walter Leighton Clark together with John Singer Sargent, Edmund Greacen, and others...

, an artists' cooperative established that year by John Singer Sargent
John Singer Sargent
John Singer Sargent was an American artist, considered the "leading portrait painter of his generation" for his evocations of Edwardian era luxury. During his career, he created roughly 900 oil paintings and more than 2,000 watercolors, as well as countless sketches and charcoal drawings...

, Edmund Greacen
Edmund Greacen
Edmund Greacen was an American Impressionist painter.He was born in New York City, New York. He graduated from New York University. After traveling around the world he entered the Art Students League of New York. He also took classes at the New York School of Art, where he studied with William...

, Walter Leighton Clark
Walter Leighton Clark
Walter Leighton Clark was an American businessman, inventor, and artist based in Stockbridge, Massachusetts and New York City. Among other achievements, in 1923 he founded with John Singer Sargent the Grand Central Art Galleries, located within New York City's Grand Central Terminal, to offer...

, and others. Also on the board were the Galleries' architect, William Adams Delano
William Adams Delano
William Adams Delano , an American architect, was a partner with Chester Holmes Aldrich in the firm of Delano & Aldrich. The firm worked in the Beaux-Arts tradition for elite clients in New York City, Long Island and elsewhere, building townhouses, country houses, clubs, banks and buildings for...

; Robert DeForest, president of the Metropolitan Museum of Art; Frank Logan, vice-president of the Art Institute of Chicago; Irving T. Bush
Irving T. Bush
Irving T. Bush was an American businessman. His father was the wealthy industrialist, oil refinery owner, and yachtsman Rufus T. Bush. As founder of the Bush Terminal Company, Irving T...

, president of the Bush Terminal Company
Bush Terminal
Bush Terminal now known as Industry City is a historic intermodal shipping, warehousing, and manufacturing complex on the waterfront in the Sunset Park neighborhood of Brooklyn, New York City...

; and Clark. Gifford served as secretary and treasurer for the organization.

After his retirement from AT&T, Gifford served as the U.S. Ambassador to Great Britain
Great Britain
Great Britain or Britain is an island situated to the northwest of Continental Europe. It is the ninth largest island in the world, and the largest European island, as well as the largest of the British Isles...

 from 1950-53.

External links

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