PUBLIC OWNERSHIP YERSUS PUBLIC CONTROL 8ll
a public official than an attempt to " pack " the Supreme Court with political or corporate favorites.
It might be expected from all too familiar experience else- where that the power of revoking franchises would be in constant use as a club for blackmail extortion; and with a less active public conscience than still prevails, for the most part, in Massa- chusetts, it probably would be. But in the Bay State a liberally managed, law-abiding corporation is practically as sure of fair treatment and a long lease of life as if its franchises were absolute for twenty, thirty, or fifty years. In fact, the half-century of experience with revocable franchises was so satisfactory to all concerned that in all the hearings before the investigating com- mittee of 1897 no request to change this feature was made by any municipality or corporation in the state.
Other public-service corporations are likewise under strict provisions of public control. Gas and electric-light companies are under the supervision of the State Board of Gas and Electric Light Commissioners, who have the power of examining accounts, etc. Telephone and telegraph corporations, and water companies, are under the state commissioner of corporations, who is also the commissioner of taxes. All issues of stock or bonds of any such corporations must be approved by these commissioners respec- tively, as the case may be, and must be on the basis that the amount is " reasonably necessary for the purpose for which such issue of stock or bonds has been authorized." Whenever the mayor of a city or selectmen of a town, or twenty customers, complain as to the price or quality of gas or electric light furnished, the Board of Gas and Electric Light Commissioners must notify the cor- poration and order a public hearing, and after the hearing may order such reduction of price or improvement in quality as the facts brought out may warrant. The price so fixed may not be increased, except that any corporation may apply for a new hearing, if it considers itself aggrieved.
The annual expenses of the Board of Railroad Commissioners and the Board of Gas and Electric Light Commissioners are charged upon the various railroad and gas and electric-light cor- porations, respectively, in proportion to their gross earnings.
