Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-03-15
U. 5. NEVER IN BETTER
CONDITION BASTCALLY,
SAYS THEODORE VAIL
President Of American
Telephone and Telegraph
Company Asserts Incul-
cation Of Sound Ideas
Will Remove Obstacles.
Normal Business Conditions
Would Be Restored, He De-
clares, if Investors Were
Made Confident - Defines
Proper Regulation.

Theodore n. Vail, president of the
American Telephone and Telegraph Com
pany, in his annual report to the stock
holders of the company issued today.
says that in his opinion the United States
has never been In better condition basl.
cally and only combined effort to lnocu.
late sound ideas and true understanding
is necessary for the prompt removal Of
obstacles which now bar the way TO
general and permanent business improve
ment.
He points out that industrial conditions
could be balanced and shops and fac
tories again filled with orders II there
was restoration of conditions which
would make for confidence. Normal con.
dltions of employment and business soon
would be restored he holds. II confidence
were inspired sufficiently to bring about
the expenditure OF even part OF the
81, 600 100000 capital needed to put indus
tries in position to meet the demands
of the country.
"'The most vital of all present econ
omic problems" says Mr., VAIL "is the
relation between the public and public
service utilities, particularly that of In
terchange and intercourse.
REGULATION, BUT RIGHT SORT
Mr. Vail says further:
"Thcre is q lack of consistency in the
understanding respecting enterprise and
initiative and tho relations between cap
ital and labor, the employer and the en-
plove.
"'rhere are many ideals and beautiful
theories which in time we hope may be
realized But commerce and Industry are
dependent upon the purchaser and con-
sumer, and so long as the human factor
of self-interest as II no wNcists controls
them in their dealings, so long must the
effect of that same existing human factor
be taken into consideration by commerce
and industry in their relations with both
producer and the worker
"The entire public, working ;.invest-
ing, should stand by and uphold a con-
troll and regulation which will be thor
ough and effective and Mt the same time
equitable. just and practical. But has
the public ever remained complaisant
when brought face to face with disturb
ance, uncertainty and unemployment
caused by too drastic action or too radical
legislation upon economic conditions or
Industrial enterprises?
Control and regulation can become de-
structive instead of constructive: they
can by delay paralyze commerce; they
can through decreases of inexperienced
officials impose unnecessary burdens and
unnecessary expenditures upon corpora
tionsi they can require too many regula-
tons and theories of operation and too
many undeveloped experiments in plant
and equipment; they can very easily run
into operation. Demands of labor for i'm
creased wages and shorter hours, and de-
mands of tho public for increased serv-
Ice. must be met by increased revenue
produced by increased rates"
Mr.. Vail holds that these things should
serve as guides to trade and public serv-
ice commissions composed of the most
able and experienced men to be obtained
TYPE OF COURT NEEDED.
ITO reap the greatest benefit from both
courts and judges" he says, they should
be of sufficient number to avoid all delay
and give each question prompt hearing
and decision. The judges should have a
sufficient tenure of office to enable them
to become familiar with the questions
upon which they have to pass, and with
the practice, the precedents and economic
laws controlling them. And above all, If
there are to be courts of commerce or
commissions, then the settlement of all
matters which have been referred TO such
courts by the Legislature should be left
to them.
1T is for the public" he, declared, ito
combine to encourage. support and sus-
tain all these courts, commissions and the
judges and members of commissions, and
above all to abandon condemnation OF all
conclusions when they differ from selfish
desires or opinions based on one-sided and
insufficient information"
Mr.. Vail says that although great
progress has been made in placing tele-
phone wires under ground the time is a
long way off when all wires will be under
ground. The number Of stations OF the
Bell system in the United States at the
end OF the last year was 993, an IN
crease OF 5l5,976, including l6S,l7 connect
ing stations.
STATISTICS IN REPORT,
The principal figures in the annual re-
port of the American Telephone and
Telegraph Company for the year ending
December 81, 1914. compared with the
previous year, are as follows
1914. 1913.
Dividends received ,.,. S25 6aS, ,2O5 500 l22, 5I2
Interest and other rev.