The Fulton County news. [volume] (McConnellsburg, Pa.) 1899-current, 1911-04-13
ORPUBL|C CONTROL
VAIL FOR 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 to stay "
ought 10 have come and II ought to
stay. That is the nat and unequivocal
assertion OF Theodore n. Vail. presi-
dent OF both the American Telephone
and Telegraph company and the
Western Union Telegraph company
II came in the form OF his annual re-
port TO the seventy thousand stock
holders Of the two great corporations.
Although MIR Wallis advocacy OF full
publicity In connection with the affairs
OF such concerns was well under
stood, nobody in financial circles had
anticipated so frank an avowal OF
full public rights in the shaping OF
their genera conduct. II came conse.
quently as a surprise, not only be-
cause OF its novelty and squareness,
but also on account OF the unqualified
Acqulescence OF a board OF directors
comprising such eminent and conserv'
Kidder. Pea body & Co. and Henry l..
Higginson OF Boston. Henry p. Davl-
son OF j. p. Morgan G. Co; Senator
w Murray Crane. George F. Baer, 7.
Jefferson Coolidge Jr., Norman ".
Harris. John l. Waterbury and others.
President Wallis declaration is her.
aided as the first recognition by those
In high corporate authority Of the Jus
tlce OF the demand that the public
be regarded as virtual partners in all
matters that pertain 10 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.
llcity; II means semipubllc discus
sion and consideration before action;
It means everything which is the op.
posite OF and inconsistent with effec-
tive competition. Competltlon-ag-
sressive. effective competition-me means
strife, industrial warfare It means
contention; II oftentlmes. means TAX
ing advantage OF or resortlng to any
means that the Conscience Of the con
testants or the degree OF the enforce
ment OF the laws will permit.
Aggressive competition means
duplication OF plant and investment.
The ultimate object OF such competi.
tion is the possession Of the 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 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 ag-
gresslve. presupposes cooperative ac'
ton, understandings, agreements,
which result In general uniformity or
| harmony OF action. which. in fact. is
| rot competition but is combination.
unstable, but for the time effective.
When thoroughly understood II will
be found that control" will give
more OF the benefits and public ad-
vantages. which are expected to be
obtained through such ownership. and
will obtain them without the public
burden OF either the public Office.
holder or public debt or operating
/ deficit
When through wise and Judi.
cious state control and regulation al
tie advantages without any OF tie
| Disadvantages OF state ownership
ere secured, state ownership is
| doomed"
~ Mr.. Vail is right" says Harper's
Weesly. In concise summingup,
then II seems pretty plain that we
are entered upon new era in both
economies and politics. And II is high
time we did II evolution Is TO sup
plant revolution as an efficient force
In the development OF civilization"