The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1911-04-14
RPUBL|C CONTROL
VAIL FOR REGULATION AS WELL
AS PUBLICITY.
SAYS BOTH HERE TO STAY
Frank Reeoe milton OF Public Rights
by the President OF Western
Union and Telephone
Compa niles.

Public regulation OF public service
corporations has come TO stay. II
ought TO have come and II ought TO
stay That is the fat and unequivocal
assertion OF Theodore n. Vail. presi-
dent OF BON the American Telephone
and Telegraph company and the
Western Union Telegraph com pany.
IL came In the form OF his annual re-
port 10 the seventy thousand stock
holders OF the two great corporations.
Although Mr. Wallis advocacy OF full
publicity In connection with the fairs
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
acqui essence OF a board OF directors
comprising such eminent and conserv-
alive flnanciers as Robert Winson OF
Kidter. Peabody E. Co. and Henry L.
Higginson OF Boston. Henry P. Davi-
w Murray Crane. George F Baer, T.
Jefferson Coolidge Jr.. Norman W
Harris. John I. Waterbury and Others
President Wallis declaration is her
aided as the first recognition by those
In high corporate authority OF the Jus
tice OF the demand that the public
be 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 commits sions." he says. has
come and come TO stay Control or
regulation, to be effective means pub
hcity; 1t means semi-public discus
sion and consideration before action;
II means everything which is the OPP
pcsite OF and inconsistent with efec-
tive competition Competition az
gressive. effective competition-means
strife. Industrial warfare; II means
conten ton; IL often times means TAX
ing advantage OF or resorting to any
means that the conscience OF the con-
testants or the degree OF the enforce
rent 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 It
means either ultimate combination on
such basis and with such prices as
will cover past losses or It means
loss OF return on investment and
eventual loss OF capital However II
results. all costs of aggressive. IN.
controlled competition are eventually
borne. directly or indirectly. by the
public. Com petition which is not az
gressive presupposes cooperative ac-
tion understandings. agreements,
which result in general uniformity or
harmony. OF action. which. in fact. is
not competition but is combina ton.
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 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 a concise summin Cup,
then IL seems pretty plain that we
are entered upon new era in both
economics and politics And II is high
time We did If evolution is TO sup
plant revolution as an efficient force
4 ih.. - IL.