The Coalville times. [volume] (Coalville, Utah) 1894-1923, 1911-04-14
FOR PUBLICC CONTROL
VAIL ron REGULATION AS WELL
AS PUBLICITY
SAYS BOTH HERE TO STAY
Frank Recognition Of Public Rights
by the President Of Western
Union and Telephone
Companies.

Public regulation Of public service
corporations has come 10 stay II
ought 10 have come and Il ought 90
stay. That is tho nat and unequlVocal
assertion OF Theodore ~. Vail. presi.
dent Of both the American Telephone
and Telegraph company and the
Western Union Telegraph company
II camo In the form Of his annual r..
port 10 the seventy thousand stock
holders Of the two great comoratlons.
Although MIR Wallis advocacy Of full
publicity In connection with tho AFFAIRS
% such concerns was we'll under.
stood, nobody IN financial circles had
anticipated so frank an ayowal ~
full public rights In tho shaping OF
their general conduct II came conse-
quently as surprise. not only be.
cause OF IT, novelty and Hquarcness.
but also on account Of tho unqualified
acqulosconco Of board OF directors
comprising such eminent and conscry.
alive hnanclera as Robert wlnson Of
klfder. Peabody q Co. and Henry L..
lllgginson OF Boston. Henry =. Davl.
son OF J. T. Morgan a Co: Senator
w Murray Crane. George =. Baer. 7.
Jefferson Coolidge Jr. Norman W
Harris. John Waterbury and others.
President Vail's declaration IL her.
aided IA the frst recognition by those
in high corporate authority Of tho Jus.
tlco OF the demand that tho public
be regarded as virtual partners In all
matters that pertain 10 tho common
welfare. Ito goes directly to tho
point.
Public control or regulation Of
public service corporations by pcrma.
mont commissions" he says. has
come and como TO stay. Control. or
regulation. 20 be- effective means pub
llclty: II means semi public discus.
sion and consideration before action:
II means everything which n the op.
poslte OF and inconsistent with cffoc.
tive competition Competition ne
rrcHslve. effective competition means
strife. industrial warfare: II means
contention: II oftentlmea means TAX
Ing advantage Of or rcsortlng 10 any
means that the conscience Of the con.
teatants or tho degree OF tho enforce.
ment OF the laws will permit.
Aggressive competition means
duplication Of plant and investment.
Tho ultimate object Of such competi.
tion II tho possession OF tho field
wholly or partially; therefore II
means either ultimate combination on
such basis and with such prices as
will cover past losses. or II means
loss Of return on Investment. and
eventual lots OF capital. However II
results, all costa OF aggressive. un.
controlled competition are eventually
borne. directly or Indirectly. by tho
public, Competition which IN not ag.
gressivo. presupposea cooperative nc.
tion, Understandings, agreements.
which result In general Uniformity or
harmony Of action. which. In fact. Ia
not competition but Ia combination.
unstable. but for tho time effective.
When thoroughly understood II will
be found that control" will give
more OF tho dement's and public ad.
Nantagea, which are expected to be
obtained through such ownership. and
will obtain them without tho public
burden OF either the public office.
holder or public debt or operating
deficit.
When through wise and judi.
cious state control and regulation all
the advantages without any OF the
disadvantages OF state ownership
are secured, state ownership IA
doomed"
III Mr. Vail Is right" says Harpor's
Weekly. In concise summlngup.
then II seems pretty plain that we
are entered upon new era In both
economies and politics, And Il In high
time We did II evolution ls TO sup
plant revolution ns an efficient force
In tho development OF civilization"