Feist Publications, Inc. v. Rural Telephone Service Co.
499 U.S. 340 (1991) - full text opinion
Even though this case made it clear that the information compiled in phone directories are not copyrightable, fifteen years later, many phone books still contain copyright notices. Both Feist and Rural Telephone still exist, and Feist continues to publish telephone directories covering Kansas, Oklahoma and the Texas panhandle.
The very first telephone book was published in 1878 by the New Haven District Telephone Company. It didn't contain any numbers, as the operators would connect any calls. In 1886, Reuben Donnelly published the first version of the Yellow Pages, and the company he founded still competes in the phone book market.
While most people merely discard or recycle their old phone books, some people actually collect them while others use them to create art. The Library of Congress also keeps old phone books, both foreign and domestic.