The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1911-04-14
FORPUBL|CC0NTROL
VAIL FOR REGULATION AS wilt
AS PUBLICITY.
SAYS BOTH HERE TO STAY
Frank Recognition Of Public H'sn'S
by the President of Western
Union ard Telephone
Companies.

pnhlic regulation of public service
rorporations has come 10 eVa!'
oueht to have come and IT oush' "
stav That IS the fiat and unequlVocai
o.oertion Of Theodore N. Vail, presl-
dent Of both the American Ielepnone
and Telegraph company ana inc
western Union Telegraph company
7. coma in the form of his annual re-
wort n the seventy thousand stock
holders of the two great corporations,
Although Mr. Wallis advocacy OF lui'
publicity in connection with the ahairS
If such concerns was well uilue'
stood nobody in financial circles lao
.r+icinated so frank an aVo"ai u
trn nnblic rights in the shaping D
their general conduct. 1t came colse
cre.tlv as a surprise, not only DC
cause of its novelty and squareness
hut also on account of the unqual'ile'
ooouiascence of a board G" dlrecto'
5 comnrising such eminent and cohseF'
3 alive financiers as Robert Wlnsoh {
Eidder Peabody & Co., and Henry
vigginson of Boston, Henry r. Da'
!. SON Of J. P. Morgan & Co.; Senate
u W Murray Crane George F. Baer'
Jefferson Coolidge Jr, Norman '
HARRIS John |. Waterbury and otner
IS President Wallis declaration is ne
rt aided as the first recognition by tho'
If IN high corporate authority OF the 1t
+,ce If the demand that the puol
be regarded as virtual partners IN
or matters that pertain to the COMM
ly welfare He goes directly to I
n point. ,.,ou
public control or regulation
rnblic service corporations by perm
ed nent commissions" ne says, I
Ter come and come to stay. Control
he regulation, to be effective means p
licitv: it means semi-public disc
sion and consideration before actl'
IDS It means everything which Is the
'ay nosite of and inconsistent with en-
in. tive competition. Competition
gressive, effective competltion-me
strife industrial warfare; 1t me
we contention; it oftentimes means
ent ing advantage Of or resortng 10
Use, means that the conscience OF the
testants or the degree or the emo
ment of the laws will permit
Uni Aggressive competition me
d to publication of plant and inVestm
ssia The ultimate object Of such com
stu ton lis the possession OF the
wholly or partially; therefore
means either ultimate combinatlo
for such basis and with such price
ap- will cover past losses, or 1t m
GERS. loss of return on investment,
no eventual loss Of capital. Howev
results, all costs Of aggressive
controlled competition are event
men borne, directly or indirectly, by
aesar public. Competition which is no
riding gressive, presupposes co'operatlV
oever ton. understandings, agreen
which result in general uniformi
harmony of action, which, In ia
) said not competition but is compin
ay be unstable, but for the time enc
nit to When thoroughly understood II
yentu' he found that control Will
more of the benefits and publ
vantages. which are expected
print obtained through such ownershl
ted to will obtain them without the
n the burden of either the public
own it holder or public debt or ope
deficit.
when through wise ano
opposes rious state control and regulat
Then rho advantages without any
nautlcs disadvantages of state OWL
sailing are secured, state ownersf
doomed"
"If Mr.. Vail is right" says II
ge VIII Weekly, in a concise SUNNI
s, says then it seems pretty plain I
ucK LOT are entered upon a new era
o wear economics and politics. And 1t
time we did if evolution is
plant revolution as an ef1lcler
by her n tho DEVELOPMENT of civiliza
Venus"