Show I I 1 I FOR PUBLIC CONTROL VAIL FOR REGULATION AS WELL AS PUBLICITY SAYS BOTH HERE TO STAY Frank Recognition of Public Rights Right I by the President of Western Union and Telephone Companies Public regulation on of public publio service corpora corporations s has come to stay It ought to have come and it ought to stay That is the flat and unequivocal assertion of Theodore N N. Vail Van president president president dent of both the American Telephone and Telegraph company and the Western Union Telegraph aph company It came cam in the form of his annual report re- re reI report re re- port to the seventy thousand stockholders stockholders stock stock- holders of at the two great corporations Although Mr vans Vall's advocacy ad of full publicity in connection with the affairs of such concerns was well understood understood understood under under- stood nobody in financial circles had anticipated so frank an avowal of full tuU public rights In the tho shaping of their general conduct It came consequently consequently conse conse- q as a surprise not only because because be be- cause of its novelty and but also on account of the unqualified acquiescence of a board of directors comprising such eminent and conservative conservative conservative financiers as Robert Winson of Kidder Peabody Co and Henry L L. Higginson of Boston Henry P. P Davison Davison Davi Davi- son of J. J P P. P Morgan Co Senator W. W Murray Crane George F F. Baer T T. Jefferson Jetterson Coolidge Jr Norman W. W Harris John I. I I Waterbury and others l President Vans Vall's declaration is herl her her- aided as the first reco recognition lon by those In high corporate authority of the justice justice jus jus- jus- jus tice of at the demand that the public b 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 at public service corporations by permanent permanent perma perma- nent neat commissions he says has hascom come com and come to stay Control or regulation to be effective be-effective means publicity publicity pub pub- it means semi public discus discussion sion sloe and consideration before action actton it means everything which is the opposite opposite opposite op op- op- op of and inconsistent with effective tive Uve competition Competition Competition-ag ag aggressive effective competition means competition means strife strite Industrial warfare I It means contention It oftentimes means takIng taking tak tak- ing advantage of or resorting to an any means that the conscience of the contestants conS con or the degree of the enforcement enforcement enforce enforce- ment went of the laws will permit Aggressive competition means meang duplication of plant and Investment The ultimate object of such competition tion is the possession of the field wholly or partially therefore It m means ns either ultimate combination on such basis and with such prices as aswill aswill will cover past losses or it means I loss of ot return on estment and eVeD even resu coat cont b born lie not gres ha hanot tIon uns ans Wh be mor morvan or orvan van will willbur willbur bur hold ec led ed d. d Mr 1 Vail Van Is right says Harpers Harper's lyv y in a a. concise summing up it t seems pretty plain that we entered upon a new era in both omits and politics And it is high we did if 11 evolution Is to supt sup- sup t revolution as an efficient force forcee 10 e development of at civilization |