Turner County herald. (Hurley, Dakota [S.D.]) 1883-19??, 1911-04-13
FOR Publ. CONTROL.
VAIL FOR REGULATION As WELL
as PUBLICITY.
SAYS BOTH here 70 STAY
Frank Recognition Of Pusic Flights
by the President of Western
Union and Telephone
COMPANIES.

PuAllc regulation Of public service
corporations has come to stay It
ought to have come and 1t ought to
stay That is the fiat and uneQuivocal
assertion OF Theodore ~ Vail. presi-
deat OF both the American Telephone
and Telegraph company and the
Western Union Telegraph company
1t came in the form of his annual re-
port 10 the seventy thousand stock
holders of the two great corporations
Although Mr. Walls advocacy of full
publicity in connection with the affairs
Of such concerns was we'll under
stood, nobody in financial circles had
anticipated go frank an avowal of
fuA public rights in the shaping Of
quently as surprise. not only be
cause of its novelty and squareness,
but also on account of the unqualified
acGuiescence OF board of directors
comprising such eminent and conserv-
attve fnanciers as Robert Winson OF
kidder, Peabody G Co. and Henry L.
Higginson OF Boston. Henry p Davi-
son Of j. P. Morgan & Co, Senator
W. Murray Crane. George f. Baer, T.
Jefferson Coolidge Jr, Norman w.
Harris, John /. Waterbury and others
President Wallis declaration is her
aided as the first recognition by those
IN high corporate authority of the JUS
uce of the demand that the public
De regarded as virtual partners in all
matters that pertain to the common
welfare. He goes directly to the
point.
Public control or regulation of
public service corporations by perma-
nent commissions, he says. has
come and come to stay. Control, or
regulation, to be effective means pub
licity; 1t means semi-public discus
sion and consideration before action;
1t means everything which is the op.
posite OF and inconsistent with effec-
tive competition. Competition-ag
gressive, effective means
strife. industrial warfare; it means
contention; 1t oftentimes means tax.
ing advantage of or resorting to any
testants or the degree OF the enforce.
mcnt OF the laws will permit.
Aggressive competition mean.
duplication OF plant and investment
The ultimate object OF such competi
ton is the possession of the field
wholly or partially; therefore 1,
means either ultimate combination on
such basis and with such prices as
VIII cover past losses. or 1t means
loss OF return on investment, and
eventual loss Of capital However IL
results. all costs Of aggressive, un.
controlled competition are eventually
borne. directly or indirectly, by the
public Competition which is not az.
gressive. presupposes cooperative ac.
ton, understandings, agreements,
which result in general uniformity or
harmony OF action, which, in fact. ia
not competition but is combination.
unstable. but for the time effective.
When thoroughly understood 1t will
be found that control will give
more of the benefits and public ad.
vantases. which are expected to be
obtained through such ownership. and
WIZ obtain them without the public
burden OF either the public office.
holder or public debt or operating
deficit
When through a wise and judi
cious state control and regulation all
the advantages without any of the
disadvantages of state ownership
are secured. state ownership is
doomed"
III Mr.. Vail is right" says Harper's
Weekly. in concise summins-up.
then 1t seems pretty plain that we
are entered upon new era in both
economies and politics And it is high
time we did II evolution Is to sup
plant revolution as an efficient force
IN the doyo10ppopt ~ o{,,&l,..<;1.