New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-09
anti.Administration Vote
Assists in Restoring Pub
lie Confidence.
SECURITY PRICES
SHOW RECOVERY
More Business Done Through
Stock Exchange Clearing
House-Money Easier.

rhe election returns were the most
favorable financial development OF the
wcsk Voters had been urged TO re-
,urp 70 Congress supporters Of the ad-
-.;nistrstion as an Endorsement Of It's
,o,,e;ss. so their failure was naturally
lacked upon SIS 8 rebuke. Though the
p-ssident has announced that with the
o,s.ace Of the antitrust bill his pro-
CANINE Of business regulation WINS
somplete. the financial district well
srr,eS positive assurance that the
Country disapproved of corporation
Ss;t;rc and wished no more OF Il Even
,Ss State of Missouri refused to ap-
,rove full crew law submitted for
popular vote
rubliely traded IN advanced, and the
rolpr,e Of business was much greater.
transactions through the Stock Eek.
rbsnge clearing house increased, and
his included dealings in a fair
smount Of stocks AZ not lower than the
6psl figures Of July 81. Short term
rotes and first class commercial paper
were actively purchased. Monetary
conditions improved. with s per cent
he general rate on new loans. Ster--
ling exchange rates were maintained
81 the more reasonable levels Of the
week before
Early in the summer, with business
slsckenirc IN spite Of the Presidents
synressions Of solieitude for CONNER
cisl prosperity. il was felt that unem-
rloymen. would bring out an snti-ad-
rs;nistratior vote in November. The
tariff had disturbed unwisely the great
industries Of the country, and in spite
q the assistance Of the income tax had
failed 70 produce adequate revenues.
Constant assaults on corporations,
through which the business Of the
country Is conducted, restricted enter
mise Later the outbreak Of the war
sbroad. overturning the whole worlds
Industry, seemed likely 70 becloud the
cause Of our own difficulties.
War Shows Trades Importance.
Tuesdays vote, however, showed that
the people were more Discriminating
han had been supposed. Here as well
ss IN Europe the present crisis has en-
phasized the basis Of industrial pros
rerity. on which national strength is
bounded. Great Britain is planning,
through is ability 10 raise funds when
rs opponents are exhausted, to end the
var with @ silver bullet" Continental
nations are reporting with pride their
success In relief measures for industry
and finance. Here il is becoming more
: clearly understood that business must
rrosper and that those concerned in
Is conduct must be encouraged.
L is true that restrictive legislation,
enacted through pressure by the ad-
ninistrstion, remains on the statute
books. Still, federal regulation is rea-
sonsble or not. according to the pur-
pose Of those who enforce II, and fed
eisl authorities. consciously or uncon-
eiously. follow public opinion. Some
C. the provisions Of the new laws, such
Is those forbidding interlocking dfrec-
,orstes, do not 20 into effect at once
and NAV be modified before they are
enforced The lowered tariff means less
e American industry than the calling
70 arms Of European competitors and
he closing OF the seas 70 some OF the
warning nations.
The end Of the week saw confidence
growing and a spirit Of cheerfulness
Spreading. Steel trade publications be-
gan 10 predict that the turn upward IN
that depressed industry might be IN
sight Some OF the smaller companies
had already started 70 reduce wages
and salaries, but the chairman of the
Steel Corporation denied that IL had
any such step under consideration.
Domestic buying Of finished steel has
50 long been restricted that it will - e
! little 70 make a demand felt at the
mills. As for the present, production
this month has been on lower scale
than In October, and pig iron capacity
was some - per cent beneath that at
the beginning Of the month before.
Buying Power Accumulates.
Business generally is still going
4 backward. Shrinking bank clearings