Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-12-22
STREET TAKES ALARM
Worried Over Possible Legis-
lative Conditions.
MR., GARFIELD'S REPORT
GAVE IT CONSIDERABLE OF A
FURRY.
Conservative Lawmakers Also Were
Much Surprised at the Recon-
MR.. GARFIELD'S REPORT

Wall street seems to be having case or
nerves these days over Washington.
Every few days the "street" takes alarm'
or processes to find occasion for apprehen-
sion over legislative conditions, present OF
prospective, at Washington The specu-
lators who want to force prices down seized
upon President Roosevelts raflroad-rate
message as an excuse for furry.
No sooner had these timid souls been re-
assured and convinced that the President
was not after the railroads with an ak, and
would not stand for the charge that he
was, than along came Commissioner Car
fields report yesterday, and scared them
pretty near to death again. The street pre-
tended to get awfully frightened over his
recommendation that the government
should control interstate commerce by IL
censing all those engaged in 1t. Prices fell
off several points, and today continued
weak.
"Wall street Is always ready to shy at
white stump on the roadside" remarked
business man in Congress today. 1.-THE
fright is not always real, however. But to
tell the truth, business interests have been
a little bit dubious about this bureau OF
corporations all along, and ready to take
alarm at the least sign Of activity in that
quarter.
No Alarm Need Be Felt.
"In my opinion the street will learn after
awhile that the bureau, as conducted by
this administration, is not going to be a
menace to business interests. Already
there is a change Of sentiment toward the
bureau, and as soon as men get better ac-
quainted with it their fears will be dissl-
pated. l observed the other day that the
New York Sun. which reflects very ;.ccur-
ately the sentiment of the high financial
circles of the east, came out in an earnest
editorial in behalf of conservative admin
istration of the bureau and the support OF
the business men for such policy"
Commissioner Garfields recommendation
was widely discussed today In official and
legislative circles here. The most interest
attached TO that part of his recommenda.
tion which read:
1.-THE granting of a federal franchise OF
license to engage in interstate commerce.
1.-THE imposition of all necessary require
ments as to corporate organization and
management as a condition precedent t6
the granting of such franchise or license.
''The requirement of such reports and re-
turns as may be desised as a condition OF
the retention of such franchise or license
1.-THE prohibition Of all corporations and
corporate agencies from engaging In inter.
state and foreign commerce without such
federal franchise or license.
There was a gasp Of surprise among the
lawmakers over this radical recommenda-
| ton 1t was declared all sides to be
| lust about the limit of governmental con-
| troll of private business. At first blush II
aroused incredulity as to the likelihood OF
its enactment into law. But at the same
time II has set the statesmen to thinking
and will arouse endless discussion.
Mr.. Garfeld's Recommendations.
The conservative men in Congressman ir
| this instance that term Is applied to the
class of statesmen who want just as little
| legislation as possible, and who hesitate tc
| put any kind Of new law upon the statute
| books-said that the recommendation die
| not have the ghost of show of enact
ment. To that class the idea seemed to bt
| almost preposterous. and they doubted Il
| II would be given serious consideration
| But this view was not entertained by ever,
| one Some thoughtful men said that Com
| missioner Garfield had opened up a ver,
| important subject and that his recon-
| mendation could not be whistled down ti1
wind.
| Two questions were raised against t.
| however. First, that perhaps a constitu.
| tional amendment might be necessary to
copper-rivet the plan, and therefore delay
! would kill II. Another was that 1t would be