Evening star., 1913-11-25
EYES OF BUSINESS
WORLD ON CAPITAL
General Interests Apprehen-
sive Over Legislation Soon
to Be Enacted.
FREIGHT RATE ADVANCES
NOW MOST PROMINENT
Effects of New Currency Law and
Expected Prosecution of Trusts
Factors in Unrest.
BY N. o. MESSENGER.


The tenor of anxious not to say ap-
prehensive inquiries from important finan
cial, commercial and Industrial sources,
addressed to statesmen on Capitol Hill
would indicate that Washington is to loom
large on the map this winter in the eye
of the business world
These communications disclose solici-
tude on the part of general business in
terests upon four main points. namely:
The truth or falsity of widely circulated
and generally credited reports that Con-
gress is to enter upon a crusade of active
and radical anti trust and anti-corpora-
ton legislation:
The outlook for a new currency law
and especially its proha bic nature: that
is to say. whether 1t is to be ''conserv-
alive or radical"
Trust Prosecution Factor.
The reports. similarly spread and be-
lieved. that the Department OF Justice is
girding for a far-reaching campaign of
trust and corporation prosecution:
Whether the interstate commerce conf
mission. sensing the wishes of the admin
iStratfon, Will grant or refuse demanded
increases in railroad freight rates. grow
ing out Of the hearings commenced yes
terday.
For the moment perhaps the deepest in
terest centerS in the question of freight
rate advances. Considered OF Importance
by the railroads. declared by them to be
vital in relation to future payment or
non-payment of dividends. the question
has a side of interest to the shippers.
to merchants and to the general public.
As a section of the latter. the railway
employees. seeking better pay, also are
deeply concerned.
President Daniel Willard OF the Balti-
more and Ohio. speaking for the allied
trunk lines of the east, yesterday broadly
intimated TO the interstate commerce COM
mission that refusal to grant the in
creases would open a pathway for steps
in the direction of government owner
ship and operation of railroads.
''The problem in broad and true
sense" said Mr.. Willard, affects all in
terests, and the outcome of tbis particu-
lar case whichever way II is decided. will
mark an epoch, because 1t will. In effect.
largely determine whether we shall az IN
the sastr ozHllne g. le1ks g I private Iva e. cap.
porfatfon requirements or be compelled
finally to accept the only alternative pos
sibles, s,--f,seaning. of course, government
ownership. 80
the rate hearing case. congressman are
utterly unable to advise their correspond
ents upon the probable action of the COM
mission. It Is thought that decision can
not be reached until after months OF
hearing. argument and deliberation.
Industrial Stagnation Feared.
In the meantime. railroad development,
it is feared by some, will come to a halt
and hundreds of industries allied to rail-
road building and improvement show
signs of stagnation. Listed stocks in con-
Germs engaged in manufacturing railway
supplies are weak and inactive.
Whether with or without foundation in
fact. it is not to be denied that the i'm
preston is broadspread that the admins
tration proposes vigorous antitrust leg 5.
lation. The alarmists have expanded
their fears to include anti-corporation
legislation also.
President Wilson is expected, however.
message to Congress. 1t is the general
idea in congressional circles that he will
clearly outline. IL not in his opening mes
sage, then in special communication
shortly to follow. his views and wishes
upon this feature of legislation.
Only "Bad' Trusts Sought.
The assumption Is that he will make it
clear that his recommendations relate
only to changes in the laws which will
reach trusts that are inimical in their
operation to the public welfare and that
he will distinctly dinerentiate between
such as objects of the proposed legislation
and corporation. however large. which
work within the law and are not inimical
to the common veal
Business men, writing to their legisls-
tors here declare that the more speed
lily and emphatically President Wilson
does this the better will be the effect
upon business at large.
The idea also has become firmly fixed
in the mind of business men that the
Department Of Justice Is contemplating
a crusade of prosecution or trusts and
near-trusts. Intimations to this effect
are constantly appearing In Washing
ton dispa tches. and the business inter-
ests of the country have taken them
seriously 1t is not quite clear to the
men in Congress how the administra-
ton can disclose Its program upon this
point. since it is not the habit of the
Department Of Justice to herald its ap-
preaching suits.
Interest In Currency Unabated.
Interest in prospective currency
legislation continues unabated, and the
mails of senators and representatives
are flooded with inquiries as to the
character of the bill which is finally to
become law.
Senator Owen. chairman or the bank
ing and currency committee, tersely out
lines the differences existing in his COM
mittee which are supposed to reflect the
divergence of orinion i'm the Senate:
And these differences. he said, ARE
based upon two schools OF thought. one
section OF the committee having a strong
tendency toward the centra, bank idea
administered by q central board. and the
other section of the committee believing
in independent district federal reserve
banks administered by the board of di
rectors caosen by the banks representing
the several districts.
Compromise Is Expected.
These two SCHOOLS OF thought" are to
be represented in the debates on the bill
in the Senate Out of the discussion is
expected to crystallize some time in Janu-
ary or February compromise repre-
senting the Senate's decision, which will
be presented to the House for its ac-
auiescence.
and to soma members of the executive
branch of the government interested in
the welfare of the country and its re-
lstfon to the success of the democratic
admins tration, the point of all these
is the question whether
business and industry Is to slack down
pending the outcome; and IL so. will IL
not devolve upon them and the admin
istration to proceed to conclusive ac-
ton with the utmost possible dispatchf
4