Although AT&T's New York City station, WBAY (now WFAN) took to the airwaves as scheduled, the company's second station would actually be WCAP in Washington, D.C., not Saint Louis. And after this point, instead of building additional outlets in other cities, AT&T would develop its radio network by linking together its stations with those of other owners. Also, the initial ban on all but the most indirect "advertising" would eventually disappear.
Telephony, April 15, 1922, page 23:

Bell  Experiments  Looking  to  Nation-Wide  Radio  Service.

    The Bell telephone system will inaugurate a radio toll service in New York City within two weeks, according to a recent report from New York. A second station will be opened in St. Louis in May, with stations in as many cities in the United States thereafter as traffic warrants.
    The Bell radio service at first will be toll broadcasting for radio fans anywhere to pick up. It is understood that if certain experiments that are to be conducted with the toll apparatus are successful, a nation-wide Bell radiophone service will result. These experiments will have nothing to do with "scrambling and unscrambling" broadcast messages, so that Bell telephone subscribers may talk by air anywhere in the United States with secrecy.
    The new broadcasting toll service will be available for all uses except advertising. It is understood that political speeches are acceptable for transmission and that any business concern may employ this utility for the entertainment of "the public on air," being allowed a "by courtesy of" announcement.