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[ found in MacBriefs, Vol.1#2, page 14 ]

TIP: CALL WAITING ZAPPED by Tom Edwards, mini'app'les, 8/10, Oct 1, 1985, p12

Your "smart" modem goes to answer a second call while you're on-line,
downloading something.  The program jumps out of receive mode and tells you
FILE TRANSFER UNSUCCESSFUL.  CARRIER LOST.
To avoid this, phone company suggests:  1) prefix your dialing with 1170 (for
pulse dialers,  *70 (for tone dialers).  2) continue by dialing the number that
you want to reach; dial straight through the 'fast busy' signal you hear.

[ given this problem, I don't have the Call-Waiting feature.  so I can't
  verify that this works.  Also, while I've seen several postings warning
  people about the problem and asking for solutions, I've never seen anyone
  mentioning *70 or 1170.  Does this work everywhere?  Does anyone know
  other, potentially, useful 11xx/*xx codes?  ---Werner]

{Cancel-Call-Waiting has been carried in previous digests, but is worth
 mentioning again.  It only works in offices where the software is
 installed, on ESS and DMS switches.  You can test for it -
 dial *70; if you get a confirmation tone and then dialtone, you
 have the feature. -elmo}
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