Kingsbury County independent. (DeSmet, Kingsbury County, S.D.) 1894-1929, 1911-04-21
FOR PUBLIC CONTROL
VAIL FOR REGULATION As WELL
As Pu1LIcITY.
SAYS BOTH HERE TO STAY
Frank Recognition of Public Fights
by tho President Of Westcrn
ua!ss and T~s.SFhsH=
Companies.

Public regulation OF public servfca
corporations has come TO stay. ~
ought to have come and Il ought Co
stay. That 10 the fat and unequivocal
assertion OF Theodore N. VAN. presi4
dent OF both the Amcrie"- Telephone
and Telegraph company and tho
Western Union Telegraph company
II came In the form Of his annual reI
port to the seventy thousand stock
holders of the two great corporations.
Although Mr.. Wallis advocacy OF full
publicity In connection with the afyairs
OF such was well under.
stood. nobody In financial circles had
anticipated 80 frank en- avowal of
fun public rights In the shaping OF
their general conduct, Il came conso-
Qucntly as a surprise, not only bes
cause OF It's novelty and s~Quarencss.
but also on account Of the unqualified
acQuiescence OF q board OF directors
comprising such eminent and conservs
atfve 1nanciers as Robert Winson OF
Kidder, Peabody q Co., and Henry Ia
Htgginson of Boston, Henry p. Davf.
90. q Morgan 6 I. senator
W. Murray Crane, George r. Haer, r.
Harris, John I. Waterbury and others.
President Wallis declaration IL hors
aided as the nrst recognition by thoss
In high corporate authority Of the Jus
tice OF the demand that the public
be regarded as virtual partners In all
matters chat pertain to tho common
welfare. He les directly to the
point.
Public control or regulation OF
pubNc service corporations by perma.
nent commissions" he says. han
come and come to stay. Control, or
regulation, to be effective means pub
licity; 1t mean semi-public discus.
sion and consideration before action;
It everything which Is the OPP
posite Of and inconsistent with effsc-
tive competition. Competition-ag.
gressive. effective compctition--meana
strife. Industrial warfare; It means
contention. IL aftentimeS means tak.
ing advantage Of or resorting TO any
means that the Conscience of the con4
testants or tho degree OF tho enforce
ment OF tho laws will permit
Aggressive competition means
duplication OF plant and investment,
The ultimate object OF such competi-
ton 10 the possession Of the field
wholly OF partially; therefore n
means either ultimate combination on
such basis and with such prices an
will cover past losses. or It means
loss Of return on investment. and
eventual loss Of capital. However "a
results. all costs of aggressive. un-
controlled competition are eventually
borne. directly or Indirectly. by tho
public. Competition which Ia not az.
gressive, presuppo1ce cooperative aca
ton. understandings, agreementss
which result In general uniformity oN
harmony of action. which, In fact, In
not competition but il combination.
unstable, but for the time effective.
When thoroughly understood 10 viii
be found that control" will give
mor OF the benefits and public nd.
vantages. which are expected to be
obtained through such ownership. ana
viii obtain them without the public
burden OF either the public Office
holder OF public debt or operating
deficit. ~
When through 4 wise and Judk
eious state control and regulation all
the advantages without any OF the
disadvantages Of state ownership
are secured. state ownership II
doomed" I
IT Mr.. Vail is right" rays Harper,s
Weekly. In q concise summing-up.
then II seems pretty plain that We
are entered upon a new ara In both
economics and politics. And It IN high
time we did II evolution 10 70 sup
plant revolution as an efficient force
In the development Of civilization"