The St. Louis Republic., 1904-12-26
Coupled With RoOsevelt's Plan to
Stretch Federal Control. 1t
ASSUMES Important Aspect.
PROBLEM Fer WALL STREET.
Vital Issues Aroused Cause Re.
taxation in Industrial World
believed That Proposed
Changes Will Not Cause
Violent Fluctuations.

| EF'fJI!.,;' SPECIAL.
| New York. Dec. 2J.-Contrasted with
| conditions prevailing one year ago. Wall
| street has much to b" thankful for at this
| IN" holiday season. II is true that certain
| problems loom up in the market and to
| many speculative holders OF securities the
| season is not as merry as II promised TO
b" at tho outset OF the month aud before
| m" recent collapse in prices
| Stll. there never yet was time when
| the security market was without prob
| lem 10 deal with pcs!,it" the break and
| tn" losses which havc fallen upon many
srccul rtors. much that threatened i'll A
icar ago has been put behind us and
inventory values in the hands of all in
N@storS ard Institutions are greatly i'm
proved
Faf-siGht.d mon. with scarcely an OK
cepti"n. one year ago expressed the con-
hd'nt belief that the year would prove
one of recuperation following the cata-
clEsm in the markets OF 1876. There were
problems in the market then as now. but
each was taken up in turn and solved
with satisfaction.
What proportion of last weeks dullness
III the financial market was traceable to
the holiday season. a period of normal in
activity in speculative and staple lines.
and what proportion was due to other
causes such as the Lawson episode Com
missioner Garfields report on corporation
affairs and the like. is OF course. impossl-
BILE TO determine Both played some part
and contributed in some degree to the
married contraction in dealings and TO the
irreGularity and general heaviness in the
speculative quarter Of the market.
Whatever else Mr.. lawson may have
done. he has contributed somewhat in
knocking some false notions In the head
1t ought TO be quite clear TO many per
sons that speculative stock markets are
unstable and that high prices are not per-
rnanent prices. In the revelations concern
Ing manipulation some OF the romance
ought. for a time. 10 be eliminated from
Wall street
Following on the heels Of the Presidents
recommendation Of enlarged powers for
the Interstate Commerce Commission dis
cussion OF which for and against the
plan MI newspaper columns to overflow
ing, comes the report of Commissioner
James K. Garfield of the Bureau of Cor
porations favoring a system of Federal
licenses for industrial concerns engaged
IN interstate business. 1t IL true, as one
of the country's leading bankers said dur
ing the week: We never eat our soup as
hot as II is served 10 US
Few persons believe that Congress will
DS StdI!iP"ueu OF lndt radical statutes VIII
be adopted. either in the case of Federal
control Of the railroad rates or Of corpora
tons. That Is not the point, however. at
this time II is In fact admitted by many
bankers. railway and corporation officials
that Federal charters. II they could be
obtained. would in many cases be prefer
able to State charters, in view of the
great diversity OF State corporation laws.
II is, also admitted In high quarters that
President Roosevelt and Commissioner
Garfield have not overstatcd the abuses
and evils which at present exist in trans
portation and corporation affairs
To many TIE suggestion OF reform
through enlarging Federal authority over
transportation and industrial affairs ap-
peals ~ a tremendous step in the direc
ton of state socialism.
This. following hard upon the Federal
election. at which the Socialistic candidate
for President received a remarkably large
vote. is regarded as showing a dangerous
tendency.
1t seems not unfavorabIe then that the
speculative market should have quieted
down. affortling needed, opportunity for
the community to consider what is good
and i'll In the present situation AS al
problem TO deal with. In this connection.
however many veteran observers In tn.
Wall street district have recalled the dis
turbance originally created by the pro-
posal and passage OF ihe interstate COM
merce act. All persons know how mild V
il worked out IN practice as compared with
the alarm ensendered at the outset. 1t is
suggested. and not without good reason.
that II anything comes out OF Commission
or Garfield's proposal. the results are like
ly 10 be similar.