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IT has been characteristic of public utility regulation in the United
States to defer governmental interference with private management
until abuses have become too flagrant to be ignored. Statutory
control as established by Munn v. Illinois came only after reckless
rate practices of railroads had goaded shippers of the middlewest
into disorderly political agitation. Subsequent extensions of governmental
authority have followed in the wake of newly discovered
abuses. Improvident capitalization endangering the interests of
consumers and investors has led to the supervision of security issues.
Inadequate, if not misleading, corporate records have resulted in the
prescription of uniform systems of accounting.- And the recently
disclosed malpractices of holding companies have at last demonstrated
the necessity for restraints upon intercorporate affiliations.

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public utility, private management, government regulation