The midland journal. (Rising Sun, Md.) 1885-1947, 1911-04-14

VAIL FOR REGULATION A8 WELL
As PUBLICITY.
SAYS BOTH HERE TO STAY
Frank Recognition o. Public Rights
BY the presiden& of Western
Union and Telephons
Companies.


Public regulation Of public service
]. corporations has come to stay. II
ought to have come and 1t ought to
stay. That Ii the nat and unequivocal
assertion Of Theodore N. YAH, presi-
dent Of both the American Telephone
and Telegraph company and the
Western Union Telegraph company.
It came in the form OF his annual re-
port to the seventy thousand stock
holders Of the two great corporations
Although Mr.. Wallis advocacy OF full
publicity In connection with the affairs
Of such concerns was well under
stood, nobody In financial circles had
anticipated 40 frank an avowal Of
full public rights In the shaping OF
their genera. conduct It came conse-
Quently as . surprise. not only bo-
cause Of it, novelty and sQuareness,
but also on account Of the unqualified
acquiescence Of = board OF directors
comprising such eminent and conserv-
alive hnanciers az Robert Winson OF
Kidder, Peabody a Co. and Henry L.
Higginson Of Boston, Henry p. Davi-
son OF .. p. Morgan q CO.; Senator
w Murray Crane. George r. Baer, r.
Jefferson Coolidge Jr.. Norman W.
Harris, John I. Waterbury and others.
President Wallis declaration is her
sided as the first recognition by those
In high corporate authority Of the jus.
tice of/the demand that the public
be regarded as virtual partners in all
matters that pertain to the common
welfare. He goes directly to the
point.
Public coatrol or regulation OF
public service corporatiorp BY perma-
nent commissions" he says. has
come and come to stay. Control, or
regulation. to be effective means pub
licity; 1t means semi-pubiic discus
sion and consideration before action;
It means everything which is the OPP
posite Of and inconsistent with effec-
tive competition. Competition ag-
gressive. effective competition means
strife, Industrial warfare; 1t means
contention: 1t oftentimes means TAX
Ing advantage OF or resorting to any
means that the Conscience OF the cons
ltestanta or the degree of the enforce.
snnents Of the laws win permit
Aggressive competition means
duplication Of plant and investment.
The ultimate object OF such competi-
ton 10 the possession Of the field
wholly or partially; therefore IL
means either ultimate combination on
ouch basis and with such prices as
will cover past losses, or it means
loss Of return on investment, and
eventual loss Of capital. However Ii
results. ell costs Of aggressive, un-
controlled competition are eventually
borne. directly or indirectly, by the
public. Competition which IL not an
gressive. presupposes cooperative ac-
tion. undergraduates. agreements,
which result In general uniformity or
harmony Of action. which. In fact, il
not competition but IL combination.
unstable. but for the time effective.
When thoroughly understood 1t viii
be found that control" will give
more Of the benefits and public adj
vanfages. which are expected to be-
obtained through such ownership. ana
viii obtain them without the public
burden OF either the public once
holder Or public debt or operating
deficit.
When through . wise and Judi
cious state control and regulation al
the advantages without any OF the
disadvantages Of state ownership
are secured. state ownership il
doomed"
II Mr.. Vail u right. says Earper's
Weekly, In concise summing-up,
"then II seems pretty plain that We
are entered upon new era In bota
economies and politics. And II ID high
time We did II evolution Is to sup
plant revolution 90 an efacient forcs
e. - L. -. 4 -. q