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