Proceedings of the Annual Convention of the Investment Bankers Association of America (Volume 12)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1918 edition. Excerpt: ...that co-ordination in the national interest of national effort to a common end may be effected by national agencies, through general consent and co-operation, without government ownership or operation, or the exercise of the powers of absolute control. With the firm establishment of the principles that the public is entitled to the most efficient public service at the lowest possible cost, and that efficient, adequate and expanding service from private capital and operation under public control can be had only by ample protection of the solvency and credit of public service enterprises, both the public interest and private investment will be protected; and under these conditions the public and their representatives may be expected to deprecate the use of public funds in expanding public service even to the large dimensions required to meet this great nation's needs in the coming era of industrial struggle for world trade. State regulation and supervision is sufficient for local service. National supervision, and not only supervision, but encouragement and support, may be urged, as public service becomes increasingly national in scope, and is better understood in its relations to such subjects as power supply, fuel conservation, labor economy and the distribution of population and of wealth-producing agencies in industry. If our national representatives take up the consideration of federal aid or supervision of public utilities, as their importance to the whole country becomes more apparent, they will approach the subject with full knowledge of the effects on the industrial efficiency and the capacity of the country of the loss of credit of the steam railroad companies resulting from restrictive legislation and repressive regulation by the...