On this day, March 3, in 1885, American Telephone and Telegraph Company (AT&T) was incorporated in New York. The company was the first of its kind, creating a nationwide long distance network. It was formed by the managment of American Bell, which was founded by ALexander Graham Bell, and various financiers. By the end of 1899, AT&T had bought the assets of American Bell. AT&T eventually became a national monopoly, after it began purchasing competitors.