The great objection to the type of regulation constituted by the New York Public Service Commission Law is that it tends to deprive the peculiarly capable industrial manager of any sufficient opportunity to turn his abilities and experience to good account.

It places him under the tutelage of public officials, responsible to a public opinion which has not yet been sufficiently nationalized in spirit or in purpose, and in case this tutelage fails of its object (as it assuredly will) the responsibility for the failure will be divided.

The corporation manager will blame the commissions for vexatious, blundering, and disheartening interference.

The commissions will blame the corporation manager for lack of cordial cooeperation.

The result will be either the abandonment of the experiment or the substitution of some degree of public ownership.