Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1893-04-07
A Correction.

proposition made by the Southern
Bell Telephone Company to bust
ness men interested in telephone
line between Monterey and Staun-
ton. 1t seems that in drawing our
conclusions as to the advantages
set forth in a subscription list sent
out by that company we mlscon-
strued it's true meaning and gave
as our version that if anything
should be lost the subscribers would
be the losers, but if any amount
was gained they were not to share
in it.
This statement inadvertently
made was erroneous and the pur-
port Of the subscription paper,
which we now believe fair enough
is as follows:
The people to be benefited by the
enterprise will show their faith Ill
the success of the same and at the
sametime insure moderate income
te the company from the use Of
the line during a period OF two or
three years bv subscribing certain
amounts ranging anywhere from
five dollars upwards, to pc expended
during the term Of years in the
use Of the line, that they will put
up the capital necessary for the
construction Of the line. The sub
scription paper provides that the
amounts thus subscribed shall not
be paid to the telephone company
until after the line has been con-
structed and is in operation. Then,
and not until then, each individual
whose name is found on the sub
scription paper will be given sup
ply of coupons to the full amount
Of his subscription which coupons
will be accepted III the payment of
tolls for the use Of the line during
the period specified in the subscrip-
ton paper, usually two years,
sometimes three years.
Thus the subscribers run no risk
whatever; their money cannot be
paid over to the Telephone Com
pany until the enterprise has been
carried to completion; and after
that the coupons given them in
lieu Of their money subscriptions
arc just as good in payment for
conversations over the line as the
money. and they are given a term
Of years in which to use up their
coupons. They thus run no risks
whatever of loting their money in
the first instance until the line is
in operation, and after that they
can recopp themselves to the full
extent of their subscriptions in use
of the line. All the Telephone
Company gains by the execution OF
such subscription paper is to know
that there is demand for such a
line, and that they will certainly
derive certain revenue from it
during a period of two or three
years. If the aggregate amount
of the subscriptions are sufficient
to make up fair proportion Of the
revenues which the line must bring
in order to afford a moderate inter-
est on the investment the Company
would then come forward and in
vest their money in the enterprise.
Otherwise they would believe that
there was not suficle rent demand for
line to justify them in investing
their money. If the people Of
Monterey and the adjacent terri
tory are sufficiently interested in
the establishment Of such a line
this is the cheapest way in which
they can secure it; and while they
have no share in The profits that
may be derived from such a line,
they are, on the other hand, not
asked to assume any risk, whatever,
but the amounts Of their subscrip-
tons are merely put up as loan
to the Telephone Company to be
repaid to them in service.
The dangers of the ocean, though
lessened by many modern appliance
e8 for safety, still remain terrible
reol;tv The w bite Star freipht