Show I REVISION OF TARIFF IS CONFIDENTLY EXPECTED I Reformation of Taxation Also Abo Believed to Be Assured Assured As As- II Says Clews I Discussing the fact that the tho executive execute and legislative branches of the ment will wi be in the tho hands of the Re ne- publicans Henry Clews In his latest marIet market mar mar- hot ket letter Jeter says This means that the tle deadlock which has existed during the p past st two years I at Washington has been broken and I that It will wi accordingly be bo possible to take some definite steps In advance on I pending economic questions It 11 I is al al- al I ready predicted that that revision revision of the tariff tar tar- 1 iff reformation of taxation and antI of course some readjustment of foreign re relations relations re- re lations to bring the present unsatisfactory condition of things to a a. close will wI be tile tiro Ue earliest earlest matters to be taken under advisement advIsement advisement ad ad- and it I is probable that an extra session of congress will wi be called caled soon after ter t March 4 for this purpose ENCOURAGING RAILROAD OUTLOOK While awaiting the development of definite legislative prospects on a D nUmber number number num num- ber of questions the railroad system of the tho country is likely to proC immediately from the tho election electon results I This Is because the country as a a whole undoubtedly regards the result as foreshadowIng foreshadowing foreshadowing fore fore- shadowing continuation and support of the policy outlined In the transportation act of 1920 That hat the government wilt will wi continue to maintain the policy of providing providing pro pro- viding adequate revenues for the railroads railroads rail rail- rai- rai roads has been definitely pledged by Senator Senator Senator Sen Sen- ator ator Harding during the campaign Reports Reports Reports Re Re- ports of various vanous lines for September busIness business bus bus- iness are are now beginning to come to hand While some do not show very brilliant earnings earnings' results it Is to be remembered that during the first few weeks after the termination of government guarantees guarantees guaran guaran- guarantees tees there was was a disturbed period partly partly part part- Ily ly the result of congestion while I i I moreover it had not nOl yet jet been possible to toI Introduce any economies and Improvements Improvements improvements Improve Improve- ments in operation of the kind which are now being put into effect The early ealy earnings reports are therefore optimistic tic tc rather than otherwise and the market marIet market mar mar- ket Iet has regarded them as being so o Good investment demand for railway railway rail rail- raI- raI way stocks has accordingly Iy become a feature of the market and this is likely to continue and to become more pro pro- J I INDUSTRIAL PROSPECTS Most authorities concur In regarding the process of price revision as Further changes of prices find nd further adjustment m in l a number of di directions directions di- di are looked for Not only is this true in retail trade but it is 15 also stated upon good aut authority CrUy that automobile manufacturers and others who have cut prices in a decided degree are ore now at attempting attempting at- at attempting tempting to pass on these price cuts to the other elements in the manufacturing process Ona larga maker of automobiles for example is 13 insisting that those who give him his supplies shall proceed without without with with- wIh- wIh out delay to cut their prices m itt the same measure that he has cut his This may result resul In evening matters maters up more mor morr sible promptly r I Pila Meanwhile than gi giOt would Ot there reo otherwise has i been n be an p pos pos- en- en I improvement In the position of not a few industrial enterprises which has been reflected in the case of oC some I Inot in better beter stock market marlet quotations The holding back of crops which has been in progress in the West Vest and South is not likely to be long continued and as soon as 50 it is terminated a more effective buying buy buy- ing movement n may y be e expected to de deVelop develop de- de itself Even v a as th things stand re retail retail re- re tail ti trade has shown an increase over last year although the usual fall fail fal ex expansIons expansions expansions ex- ex in business has been lacking I i I I INVESTMENT IMPROVEMENT The growth in demand for securities has continued during the past week or more with wah the result resul that at last the better beter classes of railroad and other bonds appear to be bo passing into the hands of long term holders Foreign financing is being talked of on an extensive scale and investment bankers report that tha the public Is la turning with wih more and more Interest to foreign securities Should this attitude be maintained it would result in solving many of our foreign trade dir dif by funding the tho outstanding balances bal hal ances which have grown so 50 large into actual securities to be taken up and held by the investor This is a good deal more than a mere mete investment question queston it i goes gos to the very root of our foreign trade trace since without its further expansion we cannot expect to keep up our export situation continues unchanged with a a strong demand for our goods on the part of all aU countries which we are willing to finance Such financing must be done during the reconstruction period if I these foreign buyers u are to be e enabled to go goon goon on taking our 1 products U In ln n the leco domestic sf I field feld the of railroad bonds al already already al- al I ready referred to to is believed likely to foreshadow a period of more satisfactory borrowing conditions on the part of the This is reflected als ala in the securities of not a few pub pub- l lic lc ie utilities concerns many of which have already shown better etter demand and higher high high- er or prices than prevailed some time ago The optimistic outlook which results from froma a conservative verdict at the polls tends I to establish a better beter mood of mind on the part of the investor generally and t therewith herewith to create a favorable background background back back- ground for good business I |