The Cairo bulletin., 1910-11-14
Special.
LNew York, Nov. IL, l9IO

New York, Nov. Il, 1910.
The elections are now out OF the
way. The fact that one political par
ty was severely defeated and that
another secured a much greater vic
tory than was expected should have
only temporary effect upon the
security markets. The plain lessons
of the election are that the country
lesises real tariff revision and -
tired Of radicalism in its various
forms. Judging by the types Of men
who have been successful in the pres
nnt election, the country is pollt-
cally sane and preferc leaders Of
proved intelligence, character and so
briefly to those who stir up discon-
tent and prejudice. 1t must now be
accepted that the tariff will be a
leading ISSUE when the new congress
conyenes. No immediate revision,
however, is likely, because the new
members do not take their seats UNI
til year hence and the approaching
session of congress will be short
one, largely confined to routine al
fairs Another impeachment to prompt
revision will be party rivalry as to
methods of revision, each side striv-
ing TO secure credit for obeyng the
mandate of tine people.
Legislative Outlook.
Under these conditions there is
little likelihood Of any final legisla
.tion until 1912 The interval will of
course, be filed with more or less
agitation that may restrain business
and enterprise in any way affected BY
tariff schedules, The protective sentt
ment of the country IS so strong that
radical changes seem improbable.
The soutn, once free trade, Is now
largely pratectionist, and the Pacific
Coast Is also much in favor Of q higA
tariff. The country, however, is in
earnest abort more rev sion down
wards. 1t does not want free trade,
but does desire some change in scao,
dulles that will aid in lowering the
cost Of living give manufacturer
cheaper raw materials and promote
commerce with other nations. espel
tally Canada At the moment thu
most feasible changes in the tariff
. seem to be such as would remove ey
cesses and promote reeip GETTY. Pres
dent Taft's policy o. changing one
schedule at a time Should receive the
support of all business men who W s
/ to see the tariff reduced with as little
4 disturbance as possible Another Of
feet Of the election viii be TO insure
more rational attitude towards cGr
/ pofations and IA lroacs. We are Ike
/ ly to see a less hostile attitude CO the
| part Of the administration to the
latter, and now tnat the campaign Is
/ over the security markets. will ones
lmore be governed by natural cond
tons. polite having been eliminate,
for the time being at least.
The Money Situation.
Wednesdays reaction in the mar
ket shows simply that the event ha,
| Teen oyer-dsuOuuted and sharp pro
! fit taking followed IN consequence
The chief obstacle 10 a strong MAJ
ket just now is the money situation
Reserves are low and the banAln
situation is not entirely satisfactory
A more active demand for curreac.
is obseryabue in the west, and inter
ior banks have been compelled t,
draw upon their New York balances
within a week or two funds Shout
begin to return from the interior, b.
the immediate situation Is one thS
encourages firmness IN rates. fa'
orable development was the Bank c
England's exhibit this week, wac
suggests that gold might be importe
in case of emergency. After the frs
| ~ tha ,,aar anaiar ann .lit iouQ OH oul