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long-distance telephony, the expense of a message dwindles when it is the railway fare would be four dollars. From New York to Chicago a talk waiting by day and night, so that it will be ready the instant he needs it. This system may have cost from twenty to fifty millions, yet it telephony even in the largest American cities. For five cents whoever the stock that was retired. clear million out of the telephone." There are not apt to be any holders of Bell stock, is an exaggeration that has been kept alive by get-rich-quick for-tunes made in corporations that issue no watered not believe," says Theodore Vail, "that any one man ever made a may be hired for one-eighth the cost of renting an automobile. Even in the recent consolidation of Eastern companies, under the presidency of To say what the net profits have been, to the entire body of people who million, seven hundred thousand dollars more than the par value; and in compared with the price of a return railway ticket. A talk from New Omaha." York to Philadelphia, for instance, costs seventy-five cents, while For lack of a seven and one-half cent coin, there is now five-cent Union N. Bethell, the new stock was actually eight millions less than stock and do not capitalize their franchises. On the contrary, up said, "I can't get from my home to the depot for the price of a talk to costs five dollars as against seventy dollars by rail. As Harriman once guess. The general belief that immense fortunes were made by the lucky wishes has an entire wire-system at his service, a system that is kept to 1897, the holders of stock in the Bell Companies had paid in four the promoters of wildcat companies. No such fortunes were made. "I do have invested money in the telephone, will always be more or less of a