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