Show TELEPHONE STANDS FOR A BILLION DOLLARS tU At time the time of Its first appear appearance ance who would have ventured the I predIction that Were was a dollars In the telephone It II Is not mau many years cars since time telephone was wasa a novelty Now that Instrument Is the of a i combInation which represents In bonds null and stocks of oC ono concern and in and stocks of oC another It is a source of oC regret that time thc United States failed to prevent tits tint of the tho tele telephone phone business In the earlier stages of oC Its development There are those who hmo even now maintain that the gO should bould build trunk lines and carry on a telephone business in ha con connection with the as Eng Englund lund laud and other countries do wIth the telegraph fbi Is the transition period from telegraph to Long us tance telephones are arc supplanting the telegraph Instruments I and mall many rears yeats will not pass until the tale lele graph I Is relegated For some time the tho change will haVe a disturbing effect In telegraph offices where the present skilled op opera era orators tors will he forced to give wa way to those less skilled and the trainIng of shall serve sere to but little mUe pur purpose pose lose in holding positions Our mod modern modera era ern complex commercial life is work working working ing just such changes In nearly every occupation so that a trade no longer longcr in 13 the security It once was In Ia the holding of employment |