Headquartered in New York City, the J. Walter Thompson advertising (see entry under 1920s—Commerce in volume 2) agency is one of the world's largest, with more than 250 offices and affiliates in 88 countries. For half a century, from 1922 to 1972, it led the industry in billings (the amount of business done by an ad agency within a certain period of time). Founded in 1864 as Carlton & Smith, the agency was originally a broker of advertising space in religious periodicals. In 1877, William James Carlton (1838–1902), one of the original owners, sold the business to one of its employees, James Walter Thompson (1847–1928), for $500, plus $800 for the furniture. Over the next two decades, the J. Walter Thompson Company became the first full-service advertising agency. As a full-service agency, the company offered creative services like ad design and placement, package design, and logo design to its clients. One of its...