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