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American Telephone & Telegraph Co., seven other U.S. companies, a Canadian company and 20 European telecommunications concerns yesterday announced plans to build the first fiber optic transatlantic cable.</br></br>In an application filed with the Federal Communications Commission, the partners said they have signed a $335 million construction and maintenance agreement. Under that agreement, AT&T will build about 87 percent of the system, a construction contract worth about $250 million.</br></br>Construction of the U.S. land segment of the project is to begin in 1986 and the laying of the undersea cable is scheduled to start the following year. The cable will be able to handle 40,000 simultaneous conversations when scheduled service begins in mid-1988.</br></br>The eight U.S. companies (which include RCA Global Communications and ITT World Communications Inc.) and Teleglobe Canada will have a 50 percent interest in the cable. The other 50 percent will be held by 20 European phone administrations.</br></br>The federally owned Consolidated Rail Corp. (Conrail), which the government is trying to sell, yesterday reported the most profitable year in its checkered eight-year history with net income of $313 million on revenue of $3.1 billion.