ABSTRACT
For over twenty-five years privately owned public utilities have been subject to a substantial degree of regulation by state and federal governmental agencies. These businesses, “affected with a public interest,” are recognized as unique in character; before a special tribunal the consumer has equal opportunity with the company to present his side of disputed questions. Such regulation is based partly on the theory that “utilities” are essentially monopolistic in character and therefore cannot operate satisfactorily under competitive conditions, and partly on their close connection with the protection of life, health, and property. 1 The scope of regulation has expanded continuously until at the present time about one-fifth of the total productive national wealth is included. 2
