Show ELECTION PROVED NATION POLITICAllY SANE n AND BETTER BEHER TIMES ARE EXPECTED SOON I Henry HenrJ Clews Clews' Weekly Lotter Letter NEW NE V YORK Nov No Tho rho 16 The elections ire are re now out of the tUo way The fact that one political al party was severely defeated de do and arid that another secured a much greater victory than was expect expected d should have only a temporary effect upon the tho security markets Tha plain lessons of the election are arc that the tho country desires real tariff revision and andis andis is tired of radicalism in iu its various form Jud Judging ing by the tho types of men who havo have been successful in iu the tho present present pres ent election the tho country is is politically sand sano and prefers prefer leaders of proved intelligence in in- character and sobriety to those who stir up discontent and prou dice It must now bo be accepted that the tariff will bo boa a i leadin leading issue who the now new congress convenes convener No immediate revision however is likely bc because ause the now members do not take their seats scats until a year hence and the approaching session of congress will bo be a short one largely confined to routine affairs Another impediment to prompt revision will J be o party rivalry as to methods of revision each side striving to secure credit for obeying the mandate mandato of the people Under these conditions there thore is little livelihood of any final legislation until 1912 The Tho interval will of course be filled with more or less a agitation that may restrain business and enterprise in any way affected by tariff sched sched- ules The protective sentiment of the country is so strong stronE that radical changes seem improbable Tho The south once free trade is now largely protectionist protectionist and the Pacific coast is also much in favor faor of a high tariff The country however is in earnest about more revision downwards It does not want freo free trade but does desire deb de b sire ire re sonic some change in iu schedules that willaid will willaid aid in lowering the cost of living give hc manufacturers cheaper raw materials and promote commerce with other nations na na- especially Canada At the moment mo ment mont the most feasible changes chantres in the tariff seem to be such as would remove excesses and promote reciprocity w Rational Toward Corporations President Tafts Taft's policy of changing one schedule at a time should receive the support of all an business men who wish to see the tariff re reduced with as little disturbance as possible Another effect of the election will be to insure insure a more rational attitude o towards towards to to- wards corporations and railroads We Weare Weare are arc likely to see a less hostile attitude on tho the part of the administration to the latter and aud now that the campaign is over the security markets will once more be governed by natural conditions politics having baying been eliminated for the time bein being at least Wednesdays Wednesday's reaction in the market simply shows that the event bad had been C and sharp profit raking followed in consequence on Tho The chief ob obstacle obstacle ob- ob stacle stacIe to a a strong stock toc market marlet just now is JS the tIle money situation Reserves are low and the banking situation is I Inot not entirely satisfactory BA A more active act act- ive demand for curren currency y is observable in the west a ad interior banks s hav havE been compelled to draw upon their New York balances Within a 3 week or two funds should begin to return from the interior but the immediate situation is one that encourages encourages en en- firmness in rates A favorable favorable favor favor- able development was wag the Bank of England's Eng Eng- land lands land's s 's exhibit this week which sug BUg that gold might be imported in incase incase r I case of emer emergency Await Presidents President's Message After the tIle first of the tho year easier easier conditions con con- should prevail pre in the money mar mar- ket keto a factor which is already having havinga a favorable influence upon the bond outlook In fin financial circles the disposition is isto isto isto to await developments Con Congress will open in three weeks and arid the presidents president's messa message e will be read with especial interest in view of the recent election Taft will wiH probably renew his recommendation for tariff revision one schedule at a time As already said no important legislation i lation need be expected from the coming comin r session of con congress ress which will end March 4 Another element ele eJe ment meet of important uncertainty should soon be settled and that is is th the oil and tobacco cases on which the supreme court will shortly render its decisions The interstate commerce commission now that the election is over o will be free to take un up the tho railroad rate problem lcm leni with a view to early settlement There is now much less fear of these two latter questions bein being treated in a radical spirit than there was a few months ago ao It Tt begins to look Jook as an if the corporations and the would he be given iven a fair chance l but the market is in no mood to discount such and at present is inclined to wait for actual dt developments |