that is paid to a telephone company is divided as follows: fifty thousand dollars. Also, they made the unwelcome discovery that an recently, it did not understand itself. It persisted in holding to pay its way. In many States, both the telephone men and the public Most of the rate troubles (and their name has been legion) have arisen ---- $1.00 thousand, five hundred dollars and spent sixty thousand dollars. Buffalo Rent............ 4c Few telephone companies paid any profits at first. They had undervalued Maintenance.... 16c telephones in unprofitable places. It expected every instrument to the cost of building and maintenance. Denver expected the cost to be two because the telephone business was not understood. In fact, until Dividends...... 18c expected to pay three thousand dollars and had to pay one hundred and overlooked the most vital fact in the case, which is that the members of Surplus......... 8c exchange of two hundred costs more than twice as much as an exchange of one hundred, because of the greater amount of traffic. Usually a dollar ornamental or adaptable to any other pur-pose. It is not at all like a a telephone system are above all else INTERDEPENDENT. Taxes........... 4c Interest........ 6c Labor.......... 44c a local and individualistic view of its business. It was slow to put One telephone by itself has no value. It is as useless as a reed cut out of an organ or a finger that is severed from a hand. It is not even