PRESIDENTIAL ELECTION

Evening Star, Issue 18833, 6 January 1925, Page 5

PRESIDENTIAL ELECTION

RESULTS REVIEWED. A CONSERVATIVE SUCCESS. Few American elections of recent years {wrote the correspondent of the ‘ Argus, November 10) lend themselves so well to analysis or reveal such interesting aspects and sidelights as the test at the polls just ended. .U had been feared early in the campaign that tho inclusion of a third party would confuse issues and becloud the outcome. It had been affirmed that a single simple question, extiemely serious in import, however, would tend to dominate the contest and stop American political progress until it was answered. Honesty in government, it was said, would for the'time put aside important economic ! considerations. Whatever the beginning of the campaign may have presaged, us enduin' clearly reversed the earlier outlook. The expected and unexpected mingled in a curious manner in the verdict of November 4. ... Mr Coolidge won, it seems, because Jus own honesty was unquestioned and because his opponents either pressed the issue of governmental honesty too much or made suggestions for economic and governmental change so radical that they frightened the electorate. Mr Davis’s charges that there were no honest men in Washington, and Mr La Follette’s promises to nationalise railways and 'natural resources, and shear the Supreme Court of some of its _ major powers as concerns tho interpretation of laws passed by Congress, inevitably brought to the surface the innate conservative feelings of the American people. They turned quickly and definitely to Mr Coolidge. Forgotten were alleged Republican corruption in office and the iniquities of an unevenly balanced tariff. A radical weekly newspaper, commenting on the outcome of the elections, said : “ Busi- ■ ness wins’” That is an accurate statement I of fact. Existing institutions and existing prosperity in industry, commerce, and finance were too precious to risk. The people voted to conserve them. Local issues everywhere were the subject of passionate contention, but nationally agreement was fairly general. It must be*remembered that the traditional Democratic stamp of (he so-called “solid South ” was the only thing that retarded the Republicans from capturing an over■vvhelming popular majority. Tt was an open seeret that many sections of the Smith that had clung stubbornly to Mr MJAdno during tho protracted fortnight’s fight at the Democratic Convention were against Mr Davis. Yet they voted for him at tho polls, only because he was a Democrat. This is cited to indicate that the 12,000,000 or so non-Republican votes cast were not alt against. Mr Coolidge. Many a convert to the Coolidge “gospel ” voted for Mr Davis because the Republican Party .bad prosecuted the Civil War many years ago. EXCITEMENT IN WALL STREET. Immediately after the election every phase of business life showed great evidence of restored faith. Foreign exchange went up, sterling leading the list with a gain of nearly 10 cents. The New York Stock Exchange indicated a revival greater than at any time during the last five years. Mr Harding’s victory in 1920 was conclusive, hut Mr Coolidgo’s victory in 1924 is more potent, in its effects. The buying movement at the present writing is still tremendous. The turnover of securities on the exchange to-day aggregated 2,226,220 shares, and trading on the kerb market was proportionately ns largo. A total ,of 526 separate issues was dealt in, the largest number handled on a. Single day in tho history of the Stock Exchange. Nor was the movement, confined to the securities market. Wheat, maize, cotton, wool, textiles, steel, and other commodities rose to new heights. Wheat for May delivery reached i.6ogdol per bushel. The ‘New York Times’s ’ financial editor, commenting on the situation, said: “Tho wave of speculative enthusiasm engendered by the election and by the possibility of improvement in every line of business during tho next few months did not appear to have reached its crest. . . . The market was literally filled with sidelights which provided cheer and some basis'" of actual fact for the advancing prices. One of these was a. gain of slightly less than 52,000 tons in the unfilled orders of the United States Steel Corporation. Just about such a figure had been expected, but nevertheless Wall street hailed it as a tremendous upward movement aiyl bought the steel stock accordingly. . . . Evidence has cropped out in the last few days that a great deal of foreign capital is coming into American stock and bond markets, favoring the railway issues particularly. There has been considerable increase, particularly in orders from England and Holland. Most ot the securities are purchased outright, and are being shipped abroad. How'long the present violent market will last is a matter of speculation. In many conservative honking quarters it is believed that the market lias been travelling too fast, and that, while in potential value most stocks are worth what they arc soiling for. there is danger of the markets getting out of bond. Should the ‘boiling’; markets continue, it is suggested that banking institutions and wealthy individuals will servo as an actual brake to speculative enthusiasm. Another probability is that some sort of artificial brake, possibly through the money market, will be applied." PRESIDENT'S INTENTIONS. Mr Coolidge informed the While House correspondents that he considered the present upward movement as indicative of continued prosperity throughout the country. He felt confident that business would continue to thrive, since confidence had been restored. It is worthy of note that the conservative imprint, has been placed on all matters dealing with his coming administration. As a matter of economy, ho announced that the inauguration ceremonies would be simple and inexpensive. There would be no inaugural ball. He did not favor the early reassembly of Congress, because immediate and new legislation might prove a disturbing factor in business activities. He therefore vetoed all suggestions for an extraordinary session of the Legislature, and announced that the chief items for consideration for the new Congress at its regular session would be further decreases in income and surtaxes, so as to remove the burden on largo business capital, and further reduction of the Budget by at least 600,000,000d01. Internal issues and not foreign affairs would be his major concern. He would appoint a commission to determine tho inequalities existing in the present tariff law, but protection would be continued. All attempts to increase national expenditure—such as the proposed increase in the pay of post office employees—would bo vetoed. The Prohibition law would be more strictly enforced because it is the law. The Government, would withdraw from all fields of business enterprise as soon as possible. Wavs and means for turning the shipping fleet back to private ownership would be determined as early as possible. LA FOLLETTE PARTY. It, seems indicated, also, that wherever Mr La Follette showed strength he did so chiefly at the expense of Mr Davis. According to the popular vote in fourteen western States, Mr Davis received 400,000 fewer voles that Mr Cox in 1920; while Mr Coolidge received only 189,000 fewer votes in these same States than did Mr Harding. In the so-called southern border States—Missouri, Oklahoma, _ Kentucky, and Tennessee —Mr Davis received 255,000 fewer votes than did Mr Cox; while Mr Coolidge received only 215,000 less than did Mr Harding. In some twelve States Mr La Follette ran second to Mr Coolidge, with Mr Davis third. Mr La Follette’s total popular vote of. some 4,100,000 was much less than his opponents had feared ha would receive. Both the Democratic and Republican leaders had privately conceded his approximately 5,000,000, and early in the campaign would not have denied the possibility of Ids receiving as many as 10,000,000. It was for that reason that the danger of having the election deadlocked, and, as a result, thrown into the House of Representatives, was at first so vehemently discussed. On the basis of the organisation he had mustered, however, Mr La Follette’s showing is by no pieaus negligible, Jn many States Jala

name could not appear on the ballot. It is virtually impossible to create comprehensive campaign machinery within a few short months or with little money—Mr La Follette's followers contributed not much more than 200,000d01. Nevertheless, ho received the endorsement of more than one-seventh of the electorate. That is one of the peculiar and important results of the election.